Metlen Energy sees profits halve amid project delays and cost overruns
Profits at Metlen Energy nearly halved last year in the group's first set of results since switching its listing to London last summer. The FTSE 100-listed company reported a 48 per cent drop in pre-tax profits to €314million (£274m), because of project delays at its energy-to-waste plant in Cheshire and cost overruns. Ebitda fell 30 per cent to €753million (£656m), while net debt increased to €3.11billion (£2.71bn), up from €2.63billion (£2.29bn). Annual revenue increased by 25 per cent to €7.1billion (£6.18bn), driven by a 'record' performance of its renewables division. Metlen Energy said it had suffered losses in its Athens-based metal and energy firm's M Power Projects sub-sector, which designs and builds large-scale energy infrastructure projects for clients, and is now part of its renewables and energy transition arm. Earnings per share fell to $2.20 from $4.46 the previous year. A dividend of €1 per share was proposed to accompany the firm's set of results since listing on the London Stock Exchange in August 2025. It marks a drop from €1.50 the previous year. It comes just weeks after Metlen issued a profit warning, stating its Ebitda would be around 25 per cent lower than the €1billion it previously forecast. The firm blamed 'unanticipated cost overruns' in its power projects business and the timing of the closing of some transactions in its renewables arm for the profit downgrade. Listing: Metlen Energy was listed on the London Stock Exchange in August 2025Today, Metlen's executive chairman Evangelos Mytilineos called last year a 'historic year' for the business, but said its core markets were 'marked by geopolitical uncertainty, trade tensions and volatility'.He added that despite these external pressures on the business, the group delivered a strong performance across its core divisions.Last month, Metlen announced it would be delaying the publication of its annual results after a request from its auditors at PricewaterhouseCoopers. Shares in Metlen rose 0.8 per cent to €35.90 each in London on Thursday morning. DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
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Metlen Energy sees profits halve amid project delays and cost overruns
