Greek industrial groups Metlen Energy & Metals and Viohalco posted higher revenues, operating profits, and investments in the first half of 2026. The results strengthened the position of both companies in European industry and international markets, technical analysis and investment strategy manager Apostolos Manthos reported in Kephalaio newspaper.
Metlen Energy & Metals recorded historic high performances in revenue, operating profitability, net profit, and cash flows while improving its financial position in the first half of 2026. Turnover rose 11 percent to €3.987 billion, while earnings before interest, taxes, depreciation, and amortization reached €550 million, up 23 percent. Net profit after minority interests increased 23 percent to €313 million, and earnings per share rose to €2.18. The company's EBITDA margin expanded to 13.8 percent from 12.3 percent in the previous period.
Net operating cash flows increased to €734.9 million from €11.4 million a year earlier. This cash flow allowed Metlen to finance investments exceeding €219 million, increase cash reserves to €2.59 billion, and cut adjusted net debt by approximately €728 million. The company lowered its leverage ratio to 1.7x from 3.1x while continuing investments across energy, metals, and infrastructure.
Metlen energy and metals divisions
Profitability across Metlen's divisions remained balanced during the six-month period. The energy sector generated €331 million in EBITDA, the metals division produced €149 million, and infrastructure together with concessions contributed €82 million, more than doubling its operational profitability. The company's project backlog approached €2 billion, offering long-term revenue visibility.
In the energy sector, Metlen expanded its renewable energy portfolio to 12.3 GW and completed 0.4 GW of storage projects in Greece and Italy. Retail subsidiary Protergia increased its market share to 21.5 percent in electricity and 29.3 percent in natural gas. Total natural gas supplies reached nearly 32 TWh, with sales to third parties growing by more than 45 percent.
In the metals division, management hedged aluminum sales and most alumina production for 2026, 2027, and 2028, along with energy costs, to secure margin predictability. An initial gallium off-take agreement also secured 25 percent of future production. Metlen maintained its 2026 EBITDA guidance of €1.0 billion to €1.15 billion and reaffirmed its medium-term EBITDA target of €1.92 billion to €2.08 billion. Following the announcement, the stock broke above €48 to reach €52, with a potential break above €52 opening space for €57 to €60.
Viohalco half-year results
Viohalco reported a 14 percent increase in consolidated turnover to €4.3 billion for the first half of 2026. Adjusted EBITDA rose 18 percent to €446 million, while pre-tax profit grew 62 percent to €370 million. Higher sales volumes, favorable metal prices, and stronger performance across nearly all operating sectors drove the earnings growth.
Capital expenditure at Viohalco increased 24 percent to €237 million during the period. Despite the higher capital spend, net debt remained essentially flat at €1.505 billion, and the leverage ratio fell to 1.9x from 2.1x at the end of 2025 and 2.4x a year prior.
Viohalco sector performance
The cables division served as the main driver of operational earnings, with adjusted EBITDA rising 35 percent to €166 million and margins widening to 20 percent from 17 percent. The sector's order backlog reached a record €3.4 billion following a €1.15 billion framework agreement with Independent Power Transmission Operator ADMIE. The backlog supports manufacturing plant expansions in Greece, Romania, and the United States.
Viohalco's aluminum sector recorded a 16 percent increase in turnover to €1.333 billion, adjusted EBITDA of €109 million, and an 88 percent rise in pre-tax profit to €115 million. Growth was driven by higher sales of products for transportation, rigid packaging, electric vehicles, and an expanded presence in the United States. The copper division generated turnover of €1.139 billion on record metal prices and a shift toward higher value-added products.
The steel pipes sector maintained an adjusted EBITDA of €52 million with a backlog of about €500 million, while the acquisition of the Hartlepool unit expanded presence in energy infrastructure and carbon capture projects. In the steel sector, pre-tax profit rose 220 percent and adjusted EBITDA reached €50 million due to the recovery of Stomana Industry and Greek operating units. The real estate sector doubled turnover to €47 million and increased adjusted EBITDA by 41 percent to €16 million, with Noval Property managing a portfolio valued at €707 million after a 17 percent increase in rental income. On the stock market, Viohalco shares held support at €16.64 and were positioning for a move above €20.
