Shares of Metlen Energy & Metals PLC (MTLN.L) climbed approximately 4.8% during London trading on Monday, February 9, 2026, recouping a portion of the significant losses sustained late last week. The stock traded around €37.50 by mid-morning, after earlier touching a new 52-week low of €35.20. The company's market capitalization stands near €5.36 billion.
Profit Warning Triggers Volatility
The rebound follows a sharp 20% decline on Friday, which positioned Metlen as one of the FTSE 100's worst performers. This sell-off was prompted by the company's announcement that it now anticipates its 2025 earnings before interest, tax, depreciation, and amortization (EBITDA) to fall roughly 25% below its previous target. Management cited cost overruns at its M Power Projects unit and timing delays on several renewable energy asset sales.
Metlen, an Athens- and London-based aluminum and power group, indicated that fresh execution issues and schedule delays were identified at M Power Projects. This follows earlier complications linked to its Protos venture in the UK. The company had previously projected 2025 EBITDA to exceed €1 billion, after reporting €1.08 billion for 2024.
Asset Rotation Strategy Faces Delays
A component of the revised outlook relates to the company's strategy of rotating renewable energy projects. Metlen reported that three transactions in the UK, Spain, and Australia have been pushed beyond the end of 2025. However, the company did complete the sale of a UK solar portfolio to Schroders Greencoat on February 4, which it described as a milestone for the strategy.
Despite the project setbacks, Metlen stated its underlying business performance remains robust and that 2026 has started well. The company sought to reassure investors by highlighting a strong balance sheet, with liquidity above €4 billion and adjusted net debt of around €2 billion at the end of 2025. It also reaffirmed its medium-term EBITDA target range of €1.9 billion to €2.08 billion.
Investor Focus Shifts to Upcoming Results
Analysts and traders are now assessing the potential for further cost issues as projects near completion. The stock remains sensitive to news, a characteristic amplified since Metlen moved its primary listing to London last autumn and joined the FTSE UK indices.
Market attention will now turn to the company's preliminary full-year 2025 results and accompanying conference call scheduled for March 31. Investors expect more detailed information on the M Power Projects situation and the renewables transaction pipeline. Further updates are anticipated with the annual report on April 9 and a Q1 2026 trading statement on May 7.
