METLEN: Yesterday’s company meeting—the first held under the Anglo-Saxon system mandated by the LSE—brought to light a number of new developments that are significant for investors and, of course, for existing shareholders.
First, shareholders’ absolute confidence in management—and personally in Evangelos Mytilineos—was officially reaffirmed, as all decisions were made with “Stalinist” majorities. These ranged from… 94–95% to 99% on all items on the agenda.
This is particularly significant given that nearly 50% of the shareholder base consists of institutional investors and approximately 30% of individual shareholders.
The events surrounding the Protos project in the UK may have significantly impacted the stock, but they have not disrupted either the long-term relationship between the company’s strong leader and the shareholders who have followed him for 20 and 30 years, nor those who jumped on board during the company’s listing on the LSE and remain invested.
The strong guidance for 2026 EBITDA (from €1 to €1.15 billion) and the responses provided—through the detailed presentation and the Q&A session with investors and analysts—to key issues also played a significant role.
Such as debt, cash flow, and the contribution of individual sectors and operations to the company’s financials.
METLEN II: Although he was necessarily very cautious in his forecasts (due to LSE regulations), Mytilineos provided some key insights:
From what we understand, gallium production is expected to turn out not merely as a successful investment, but as a … gold mine with very high profit margins, due to low production costs (half the cost per unit compared to China) and a very sharp rise in price.
With the price of gallium already hovering around $2,500 per kilogram(up from $400 before the Chinese cut back on exports), it is striking to hear that prospective buyers of the 50 tons Metlen will produce are seeking long-term agreements, on the condition that there be at least a “ceiling."
And not close to the current price, as Metlen’s president said, but“ceiling, ceiling”—that is, much higher.
He did not specify a price for the ceiling; however, according to certain information from this column—which was somewhat difficult to verify—it could amount to as much as… a five-digit figure.
Second, as emerged from the context, the Greek company appears to be in discussions with the French giant EDF regarding significant collaborations involving data centers, photovoltaics, and batteries—areas in which Metlen has acquired significant expertise.
Third, without providing details, Metlen’s chairman clearly hinted that major news is expected soon in three additional sectors:
In cyclic metals (one of Metlen’s most important projects, spearheaded by Evangelos’s son, George Mytilineos), in defense, and in new projects by METKA, which is also preparing for a listing on the Athens Stock Exchange (ASE) under the right conditions.
METLEN III: The decision to repurchase shares on the LSE and in Greece, up to 10% of the share capital, is also of particular significance.
On the one hand, this indicates that management considers the stock to be clearly undervalued (as evidenced by the personal stock purchases made by the chairman and members of management), and on the other hand, it creates an additional barrier against the positions of short sellers who have taken positions in the stock.
The latest data we have analyzed show that total short positions exceeding 0.5% have decreased, mainly due to a reduction in positions held by funds with a purely“mechanistic” (Quant and Machine Learning) orientation.
However, there are still significant positions, which, as we have noted, were opened at €32–35 and may take time to close.
Management demonstrated at the meeting that it has a full understanding of the issue, while Mytilineos himself noted characteristically that“he who laughs last laughs best.”
KARISTIAOU: Justice, social cohesion, and economic prosperity. These are the three key points of her party’s founding declaration, which Maria Karistianou emphasized in her speech at yesterday’s political launch of “Hope for Democracy."
A large crowd gathered in Aristotelous Square, where Maria of Tempi, visibly moved, partially revealed her plans, outlining her priorities and ideological platform.
The main inspiration for the initiative is described as the struggle“for justice in Greece and Europe, following the tragic death of her daughter in the train tragedy.” Alongside her are“citizens who love their homeland, envision the proper functioning of the democratic system, and actively fight for its free operation.”
She herself sought to refute any characterizations attributed to her thus far regarding her relations with Russia (“Our country does not act as a vassal of any foreign partner”) as well as her ideological background.
“We have a clear intention and course of action to unite, regardless of background or origins, without false dilemmas or divisions,”she noted, and read out the 19 principles and objectives included in the declaration.
KARISTIAOU II: Specifically regarding the economy, Ms. Karystianou focused on the oversight of all public contracts, prioritizing those under the memoranda, on transparency in how banks operate by ending the deferral of their taxation and ensuring their equitable share of the burdens and taxes they owe, radical and productive industrial restructuring of the economy based on a national program, and support for small and medium-sized enterprises“which the new order seeks to wipe out.”
She also spoke of reforming all anti-cartel agencies,“which unchecked set prices, impose uncontrolled inflation, and impoverish citizens for their own profit.”
Essentially, the entire current political system came under her fire.“Society no longer fears them,”she emphasized, referring to the need for “clean hands” and“clear vision.”
She called on everyone to participate“in the historic effort of national and social rebirth... The saviors are gone; I ask you to believe again in the power of the people—only they can change the country,”she argued.
KARISTIAOU III: The event was moderated by her close associate, journalist Thanasis Avgerinos, who wore a black T-shirt featuring Dostoevsky, Tolstoy, and Chekhov, and announcing that“those who have committed crimes, their punishment is approaching.”
A surprise guest was actress Katerina Moutsatsou:“I was apolitical, but suddenly I realized that there is a system that has been fighting me. Now this is happening to all of us. Our problem is existential,”she emphasized.
Standing firmly by Maria Karistianou’s side was lawyer and former Niki party politician Maria Gratsia, while also present were Thanasis Papanikolaou, retired Air Force general, former aide-de-camp to Akis Tsochatzopoulos and director of Evangelos Venizelos’s military office,Vasilis Fouskas, professor of international relations at the School of Law and Economics at the University of East London, as well as former regional governor Panagiotis Psomiadis, who described“every new effort as promising.”
As for the musical accompaniment of the event, it was primarily Mikis Theodorakis and Nikos Xylouris.
NEW DEMOCRACY: A few days after their immunity was lifted, the“blue”New Democracy MPs who are inthe “crosshairs”of the investigation into the OPEKEPE case are appearing today (in person or through their attorneys) before the European Public Prosecutor’s Office as suspects. Of these, only two— Katerina Papakosta and Kostas A. Karamanlis, are being investigated for felonies, given that the alleged fraud under examination exceeds 120,000 euros, while the remaining nine are being investigated for misdemeanors.
This comes as yesterday, with the votes of the governing majority, the Parliament rejected the opposition’s request to establish a preliminary investigation committee for the two former ministers, Spilios Livanos and Fotini Arabatzis.
It should be noted that two more New Democracy MPs, Charalambos Athanasiou and Tasos Hatzivassiliou, are under investigation for the misdemeanor of moral instigation in breach of duty, but their fate will be decided by the Public Prosecutor’s Office of the Court of First Instance.
The Maximos Mansion is trying to prevent political life and Parliament from turning into a“never-ending courtroom.”
No easy task, however…
LOCAL ELECTIONS: The Ministry of the Interior is putting an end to the second round of local elections. As provided for in the Unified Local Government Code, which was posted for public consultation until June 4, municipal authorities will be elected on the first Sunday.
More specifically, if the coalition receiving the most votes exceeds 42%, then the mayor or regional governor is elected immediately.
If the top coalition’s share of the vote is less than 42%, the second phase of the vote count begins. That is, the top two coalitions advance, and then the voters’ second choices are taken into account; at the bottom of the ballot, voters will have cast an additional, alternative vote in addition to their first choice.
The Code also includes, among other things, the option of electronic voting at special polling stations in the presence of a judicial representative, as well as the establishment of a consultative municipal referendum conducted via electronic voting.
The position of local government representatives, who have already expressed concerns about a number of issues, is awaited with interest.
The coming period is expected to be “heated” even outside the central political arena.
SUNLIGHT: An interesting“visit”from Cyprus took place, according to reports, a few days ago at the company’s factory in Xanthi. We are referring to the visit by approximately 20 member companies of SEAPEK, the Cyprus Renewable Energy Professionals Association.
What were the Cypriots looking for? The answer lies in energy storage solutions. The Cypriot market is facing a serious problem absorbing the growing output from photovoltaic systems. It is telling that, according to market sources, nearly half of Cyprus’ solar production in 2025 could not be utilized, as the grid was unable to absorb the generated energy.
At the same time, approximately 88,000 solar panel owners are entering a new operating regime, where, without a storage system, the ability to exchange energy with the grid for free is drastically limited.
Faced with this impasse, Cypriot industry professionals turned directly to Sunlight, a global leader in energy storage. According to sources, the visit to the company aimed to see firsthand how“behind-the-meter”storage solutions work and to explore ways to protect their customer base in a rapidly changing market.
Let’s not forget that the green transition now necessarily involves energy storage.
FTSE: The quarterly review of the FTSE Global Equityindices is being announced today. Any changes will take effect at the close of trading on June 19 (rebalancing).
It should be noted that a total of thirty Greek companies are included in the FTSE All-World Index.
PPC: The company accounted for nearly 60% of yesterday’s trading volume on the stock exchange in the wake of the highly successful share capital increase. A significant portion involved blocks of shares in which PPC’s own shares were transferred, through which, as was reported, an additional €250 million was raised.
Buying interest came from those who were unable to acquire the shares they desired from the combined offering, as evidenced by the stock’s performance on the board.
Opening at €20.42 (+2.51%), it rose to €21.74 (+9.14%) before finally closing at €21.36, or 7.23% higher.
Including block trades , the total value of transactions reached €422.2 million!
BANKS: The four systemic stocks providedthe “backing”for the General Index’s upward movement, whichwas drivenby the DEH rally, with the picture now showing significant variations in terms of annual performance.
Piraeus Bank continues to lead thepack, closing at €8.49 and posting impressive gains of +25.04% since the start of the year. And all this while it added another +3.84% yesterday, showing that momentum remains strong.
Eurobank is also in positive territory, trading at €3.724—up 8.89% since December 31—and in fact posting the largest daily gain among the systemic banks yesterday (+5.38%).
For its part, National Bank , at €14.02, is up +7.85% for the year.
Alpha Bank remains the exception. Closing at €3.53, it continues to trade slightly below its year-to-date opening levels, with a loss of -1.40%. Over the past twelve months, however, the return for shareholders is approaching 32%.
MERIT: Dionysis Leutakis announced his intention to sell the 153,928 shares of the brokerage firm he holds. The shares represent 2.4% of the share capital.
The minimum sale price was set at €3.50 per share, and the period for the sale of the shares was set from June 1, 2026, to August 31, 2026.
ELVALHALCOR: The group increased its sales volume in the first quarter, despite the increased tariffs imposed by the U.S., the listed company’s management noted while briefing analysts yesterday.
ElvalHalcor managed to make up for its lost revenue in the copper segment by replacing U.S. sales with European ones.
As noted, energy costs in the first three months of the year were lower than in the same period last year, but the trend will reverse for the remainder of the year. The listed group will be burdened primarily by electricity costs, but energy costs do not account for a significant portion of its total costs.
Overall, ElvalHalcor managed to increase its sales volumes and boost adjusted EBITDA by 4% during a very difficult period (the surge in net profits is due to accounting effects from rising metal prices).
Finally, despite the rise in metal prices and the resulting increase in working capital, ElvalHalcor maintained a strong level of liquidity (net debt to EBITDA at 2.6).