London, Feb 9, 2026, 10:24 GMT — Regular session
Metlen Energy & Metals PLC (MTLN.L) bounced roughly 4.8% higher in London Monday, clawing back some ground after last week’s drop. By mid-morning, the stock was trading at 37.50 euros, after slipping to 35.20 euros earlier—marking a fresh 52-week low. Market cap sits around €5.36 billion. 1
Traders are scrambling to assess the financial hit after the group slashed its 2025 earnings forecast and pointed to new operational problems in its energy projects arm. On Friday, Metlen cut its 2025 EBITDA guidance by roughly 25% versus its previous goal, citing cost overruns at M Power Projects and delays in closing some renewables asset-rotation transactions. 2
The stock plunged nearly 20% Friday following the warning, ranking among the FTSE 100’s worst performers that day. Monday has brought only a modest recovery, clawing back just a fraction of the loss. 3
Investors like EBITDA because it leaves out taxes, financing costs, and depreciation—a non-cash expense—so they use it as a quick gauge of operating cash flow.
Metlen, which runs aluminium and power businesses out of Athens and London, flagged fresh cost overruns and more delays at its M Power Projects division—it’s not the first time, with earlier trouble coming from the UK’s Protos venture. September’s update put 2025 EBITDA above 1 billion euros, while for 2024, the company reported EBITDA of 1.08 billion euros, according to Alliance News. 4
Asset sales are playing a key role here: Metlen’s been cycling projects out, but three deals—covering the UK, Spain, and Australia—are now pushed out past end-2025. The UK solar package? That changed hands on Feb. 4, with Schroders Greencoat picking it up. “Another important milestone” for their asset-rotation push, said Metlen’s renewables head Nikos Papapetrou. Over at Schroders Greencoat, portfolio manager Duncan Hale called the buy a “significant milestone” for UK pension savers. 5
Metlen shifted its main listing to London last autumn, joining the FTSE UK indices as one of the first euro-denominated names—a move that’s lifted daily liquidity but also leaves shares more exposed to sharp drops on negative headlines. The company described its core business as “robust” and said 2026 was “started well”, despite project overruns prompting a reduction in its top-line target. 6
Metlen pointed to a liquidity position topping 4 billion euros as of end-2025, while adjusted net debt sits near 2 billion euros. The company also stuck to its earlier medium-term EBITDA guidance—still calling for a range between 1.9 billion and 2.08 billion euros. 7
Yet buyers are coming in while the audit remains unfinished, with additional cost problems possible as these projects wrap up. If renewables deals stall again, or if metals and power markets take a bigger hit, shares likely stay weighed down.
Next up: Metlen’s preliminary full-year 2025 figures and its conference call, both set for March 31. Investors are looking for more detail on M Power Projects and what’s coming in renewables. The company has its annual report slated for April 9, and a trading update for the first three months of 2026 lined up for May 7. 8
