The unveiling of the next chapter for Metlen will be made shortly in London by the Chairman and CEO of the Group, Evangelos Mytilineos, who will also outline the roadmap for the Group’s listing on the London Stock Exchange (LSE) through a dual listing with the Athens Stock Exchange (ASE).
At Metlen’s Capital Markets Day in London, Evangelos Mytilineos is expected to highlight the expansion of the Group’s international footprint, revenue diversification, the enhancement of counter-cyclicality, and sharp reflexes as part of its business DNA.
Mr. Mytilineos has repeatedly emphasized the strategic objective of doubling the company’s size by 2028, a target toward which he is currently focusing on organic growth. However, well-informed sources do not rule out the possibility of acquisitions and strategic deals that would allow for an immediate boost in valuation.
At the event taking place at the London Stock Exchange headquarters (LSE), which will be attended by over 100 analysts and representatives from major investment houses, the Group’s leader is expected to lay out the roadmap that will guide Metlen into its new era, focusing on internationalizing its operations with key drivers being the defense industry, metals, and, of course, energy.
The attention of the investment community is focused on two strategic moves that the Metlen Chairman has previously announced he will unveil today, which will set the tone for further growth. This presentation acts as a precursor to the roadshows that will follow in preparation for Metlen’s listing on the LSE, which, along with organic growth, will serve as the main levers for achieving the Group’s target of €2 billion in EBITDA within the next three years or even sooner.
These developments come as investment firms raise the price target for Metlen’s share on the ASE, just ahead of the submission of a public offer for delisting—marking the first step in the dual listing process, with the primary market being the City of London and the ASE serving as the secondary.
Even before Evangelos Mytilineos’ announcements, Metlen’s stock reached a historic high of €44.1 per share, with its market capitalization now exceeding €6.3 billion.
A Road Paved with Deals
With the turning point being the rebranding from Mytilineos to Metlen, the Greek Group has been on a trajectory toward an LSE listing since early 2024. Following the name change, the Group embarked on a spree of deals aimed at establishing the company under its new brand as an international player with a strong presence outside Greece and dynamic characteristics unmatched by other established companies in the sector.
Operating in three sectors and demonstrating geopolitical and geo-economic adaptability, the Group’s management outlines the profile of a flexible, resilient, and dynamically growing conglomerate, with strong counter-cyclical characteristics that ensure its sustainability and profit retention.
The Deals
Just last week, Metlen announced a deal worth $815 million for the sale of its entire portfolio of operating photovoltaic (solar) assets with batteries in Chile to a subsidiary of the American firm Glenfarne. This move—similar to prior actions in Australia—demonstrates the Group’s sharp reflexes and consistent focus on capitalizing profits and creating added value from its international operations.
Dynamic Entry into Defense
Following a series of political and geopolitical maneuvers by Evangelos Mytilineos, Metlen announced three strategic initiatives to enter the defense sector in Greece and Europe, leveraging over €150 billion mobilized by the European Commission through the ReArm EU initiative. This mirrors the company’s approach during the energy transition, when Mytilineos swiftly moved to build a position that allowed the Group to grow within the continuously evolving energy landscape.
Specifically, in defense, Metlen announced the expansion of its defense hub in Volos, along with two deals with European defense companies and potential participation in the upcoming order of frigates, laying the groundwork for revenue and profit enhancement through diversification. These include collaboration with KNDS for the production of the French 8×8 armored vehicle “Philoctetes” and a partnership with Iveco Defence Vehicles (IDV) for joint participation in the Hellenic Ministry of National Defense’s program concerning the renewal of its military truck and armored vehicle fleet.
The Deal with Watsa
Preceding these moves was the agreement with Prem Watsa for the issuance of a convertible bond worth €110 million, through which Fairfax’s total stake in Metlen will rise to 8.35%, as it will acquire an additional 1.92% of the Group’s share capital.
Revealing the true metal is made of
In the metals sector, Metlen announced the establishment of a new alumina production line, which also includes a gallium production line, positioning the Group as a significant geo-economic player, particularly within the context of trade tensions and the EU’s declared efforts to achieve strategic autonomy.
Metlen has secured uninterrupted bauxite supply, both through the acquisition of IMERYS and a new agreement with the Ghanaian government, along with a supply agreement with Rio Tinto for its new plant in Boeotia.
Energy
In the energy sector, Metlen operates in both upstream and downstream segments. In retail, it aims to increase market share through aggressive pricing strategies and possibly acquisitions in a later phase. In upstream, the company is working to expand capacity in both renewables and natural gas, aiming to secure a catalytic role in the EU energy market, which would provide greater profit margins and influence.
In the past, there have been rumors of a potential acquisition or strategic partnership that would allow Metlen to establish a presence in the UK electricity retail market. However, this prospect has neither been confirmed nor denied thus far.
