**Summary**
Metlen Energy & Metals PLC has updated its 2025 guidance, announcing that its EBITDA will be approximately 25% lower than initially targeted. This revision is primarily due to unanticipated cost overruns and delays in its M Power Projects (MPP) business, particularly at the Protos project in the UK. Additionally, the timing of closing certain transactions in the M Renewables asset rotation plan contributed to the shortfall. Despite these challenges, Metlenโs core business performed robustly, and underlying profitability (adjusted for MPP losses) would have met prior guidance of โฌ1 billion EBITDA. The company maintains a strong balance sheet with liquidity above โฌ4 billion and adjusted net debt of around โฌ2 billion at the end of 2025. Metlen reaffirms its medium-term outlook, targeting โฌ1.9โ2.08 billion EBITDA through organic growth, with potential M&A decisions expected soon. The company has implemented enhanced operational controls and integrated MPP into the new MRES-ET segment as part of its "Big 3" transformation. Performance in 2026 has started positively, supported by strong market trends and core business growth. Full-year 2025 results are scheduled for release on March 31, 2026.
| Metric | 2025 | 2024 (H1) | Change / Notes |
|---|---|---|---|
| EBITDA | ~โฌ750 million (c. 25% lower than target) | Target: โฌ1 billion | Missed target due to M Power Projects (MPP) cost overruns and timing of asset rotation transactions. |
| Adjusted Net Debt | ~โฌ2 billion | ~โฌ2 billion (H1 2025) | Broadly in line with H1 2025. |
| Liquidity | >โฌ4 billion | Not specified | Strong liquidity position at end-2025. |
| Underlying Profitability (excl. MPP losses) | In line with prior guidance (โฌ1 billion EBITDA) | Not specified | Core business performed robustly, unaffected by MPP challenges. |
| Medium-Term Guidance (EBITDA) | Unchanged: โฌ1,900โ2,080 million | โฌ1,900โ2,080 million (announced April 2025) | Reaffirmed through organic growth and potential M&A. |