Metlen has returned to a growth trajectory in 2026. After the results for fiscal year 2025, which were in line with revised expectations, the results for the first quarter of 2026 in May demonstrated a strong start to the year, with the guidance for EBITDA for fiscal year 2026 at €1.0–1.15 billion following immediately on May 21, an Edison report on the listed company notes.
The strong results for the first half of 2026, on August 6, which reflected strong momentum in all three business sectors, led to the reiteration of the guidance for fiscal year 2026, despite management’s acknowledgment that it is conservative. The medium-term EBITDA guidance was also confirmed.
The upcoming catalysts include the proposed spin-off of Metlen's concessions and PPP activities, a potential IPO of METKA and successful execution across all business sectors, including growth in critical (gallium) and rare earths, as well as in defense equipment. The firm's approach leads to an indicative value of €75.3 per share, implying upside potential of about 60%.
The results of Metlen for fiscal year 2025 were in line with the revised guidance issued on February 6, while the results for the first quarter of 2026, on May 7, showed that Metlen had a strong start to the year.
At the General Meeting on May 21, management provided guidance for EBITDA for fiscal year 2026 of €1.0–1.15 billion, which, as it acknowledged during the conference call for the first half of 2026, appeared conservative relative to the strong first-half results, including EBITDA of €550 million, up 23% year-on-year, and group revenues of €3.99 billion, up 11% year-on-year.
The medium-term guidance for EBITDA of €1.9–2.08 billion, which was initially given in April 2025, has been consistently reiterated by management.