How one Greek company is using energy, metals and defense to prepare Europe and itself for a prosperous tomorrow.

As Europe scrambles to rewire its industrial engine in the face of energy insecurity and raw material scarcity, one Greek company is racing ahead with an audacious strategy. METLEN — born from the renaming of legacy firm Mytilineos — is wagering big on the convergence of energy, metals and defense manufacturing to cement its role in the continent’s economic resilience.

Backed by record financial results, a successful London Stock Exchange listing, and inclusion in the FTSE 100, METLEN isn’t just adapting to shifting geopolitical and energy dynamics — it is shaping them.

METLEN posted a record year in 2024

In a year marked by falling energy prices and global uncertainty, METLEN delivered its strongest results yet. Revenue reached €5.68 billion in 2024, up 3.5 percent from the previous year, while EBITDA rose 7 percent to a record €1.08 billion.¹ The company’s €1,900 to €2,080 million medium-term EBITDA target (based on organic growth, excluding any mergers and acquisitions), once ambitious, now looks within striking distance.

Chairman and CEO Evangelos Mytilineos said the results “affirm METLEN’s establishment at historically high levels,” hinting that the transformation is just beginning. Key to this trajectory: a capital plan prioritizing high-yield projects across energy, metals and now defense infrastructure.

Digital muscle for an industrial future

For a firm rooted in heavy industry, the digital pivot underscores its ambition to compete on both legacy and next-generation fronts.

Energy push goes global — with Europe at the core

The energy division remains METLEN’s revenue engine, with a portfolio spanning over 40 countries in highly competitive markets like the U.K., Canada, Italy, Southeast Europe, Chile, South Korea, Australia and beyond.

The U.K. has emerged as a strategic growth market. METLEN is leading a €2.5 billion slate of renewable and storage initiatives and is a core partner in the £2.5 billion Eastern Green Link 1 (EGL1), an undersea cable project to power two million homes.² It’s a bold play into U.K. grid modernization — one that places the Greek company at the heart of Britain’s decarbonization strategy. In Southeast Europe, a major joint venture with PPC will deploy two gigawatts in solar capacity, while Italy and Greece remain pillars of its power trading and renewables base.³

What sets METLEN apart, though, is its dual structure: an integrated utility model paired with an energy transition platform that designs and builds clean-energy projects. Together, the two business pillars form a model designed for scale, resilience and agility.

Metals: Europe’s new champion

As Brussels scrambles to shore up supply chains for critical raw materials, METLEN has positioned itself as one of the continent’s few industrial players with both resource control and refining capacity.

The acquisition of Imerys Bauxites Greece has made METLEN Europe’s largest bauxite producer.⁴ A new €295.5 million investment will scale production of bauxite, alumina and gallium — metals essential to energy, aerospace and tech. “This landmark industrial investment strengthens Europe’s self-sufficiency in critical raw materials and bolsters Greece’s strategic position,” said Mytilineos.

The company is also expanding internationally, joining Rio Tinto in an 11-year supply deal that will increase bauxite output.⁵ And in West Africa, it is working with Ghana’s GIADEC under the EU Global Gateway program to develop up to 10 million tonnes of bauxite annually.⁶

METLEN’s proprietary metal recovery tech was announced during its Capital Market Day last April and is coming to life after years of internal R&D investment allowed it to achieve zero emissions and full neutralization of industrial residues. If deployed at scale, it could redefine circularity for Europe’s hard-tech industries.

Defense reboot, made in Greece

In a lesser-known corner of its portfolio, METLEN is reviving its legacy defense business. A 60-acre advanced manufacturing complex is under development in its industrial base at Volos, Greece, to produce high-spec components for armored vehicles, building on experience that dates back to 1963. This isn’t a side project — it forms part of a broader strategy to establish a state-of-the-art defense manufacturing hub in the region, anchored by a new advanced metal structures unit.

LSE & FTSE 100: A new chapter for METLEN

METLEN’s listing on the London Stock Exchange and entry into the FTSE 100 mark a defining milestone in its global growth journey. As Chairman & CEO Evangelos Mytilineos stated, “2025 is a landmark year for METLEN, opening a new chapter of growth, international expansion, and stronger access to global markets.” With a clear strategy and strong performance, METLEN is cementing its position among the world’s leading industrial players.

As METLEN continues to advance its global footprint, its commitment to sustainability, innovation and industrial leadership make it one of the most exciting companies to watch in the years ahead.

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