The Apostle Manthus
The economic results of the first half gave two of the country's largest industrial groups the opportunity to present their true dynamics. Metlen and Viohalco presented results that combine Development, high operating profitability and ongoing investment activity, strengthening their position in both European industry and international markets.
Metlen Energy & Metals (MTLN) completed the first half of 2026 with historically high performance in revenue, operating profitability, net profits and cash flow, while presenting a significant improvement in its financial position. Turnover increased to EUR 3,987 billion (+11%), EBITDA was formed in EUR 550 million (+23%), net profits after minority rights reached EUR 313 million (+23%), while profits per share were increased to EUR 2,18. Even more valuable is the rise in the EBITDA margin in 13.8% out of 12.3%, an indication that profitability improves faster than sales.
The largest differentiation compared to previous uses is in cash flow. Net operating cash flow fluctuated to EUR 734,9 million, compared to only EUR 11.4 million a year ago , allowing the company to finance investments over EUR 219 million, increase its availability to EUR 2.59 billion and at the same time reduce the adjusted net debt by around EUR 728 million. The leverage ratio declined to 1,7x from 3,1x, development very important for a group that continues to aggressively invest in energy, metals and infrastructure.
The balance of profitability is another positive indication. The energy industry produced EBITDA EUR 331 million, metal EUR 149 million and infrastructure along with concessions EUR 82 millionWith the latter more than doubled its operating profitability. At the same time, the unworked projects are approaching EUR 2 billion, offering high visibility for the years to come and strengthening the contribution of a sector which until recently had less participation in the overall results.
In energy, METLEN continues to widen its imprint. RES portfolio now stands at 12.3 GW, while some storage projects were completed 0,4 GW in Greece and Italy. Protergia strengthened its share of the electricity market in 21,5% and natural gas in 29,3%, while total gas supplies touched on 32 TWh, with sales to third parties increasing above 45%.
In the metal industry, management already has offset aluminium sales and most of aluminium for the years 2026, 2027 and 2028, as well as energy costs, ensuring greater predictability in profit margins. At the same time, the first French marketing agreement already covers 25% of future production.
The strongest message of the results is in the overall size composition. Higher profitability, strong liquidity creation, significantly lower leverage, normally-promoted investments and maintaining the Guidance for EBITDA 1,0-1.15 billion euros in 2026 form a basis that enhances the visibility of subsequent uses and maintains the medium-term EBITDA objective of EUR 1,92-2,08 billion at the heart of investment attention. Chartularly the share after the announcement of the results split upwards the 48 euros by striking even the EUR 52Possible upward split of 52 euros will give room for 57 to 60.
Viohalco (BIO) presented a first half characterised by a simultaneous growth in volumes, profitability and investment activity, a development that enhances the quality of its results. Unified turnover increased by 14%, EUR 4.3 billion, the updated EBITDA was configured in EUR 446 million (+18%), while profits before tax were ejected by 62%, EUR 370 million. This improvement was based on higher sales volumes, favourable metal prices and stronger performance in almost all business sectors.
The financial picture of the group probably hides the most important finding of the semester. Despite the capital expenditure of 237m euros, increased by 24%, net lending remained virtually unchanged at 1.505m euros, while the leverage ratio declined to 1.9x, 2.1x at the end of 2025 and 2.4x A year ago. The coexistence of high investment and fixed lending reflects a strong creation of operational cash flows and offers greater flexibility to finance the next development phase.
The cable industry developed into the main lever of operational profitability. The adjusted EBITDA increased by 35%, to 166m euros, with the margin widened to 20% of 17%, the result of the disciplined execution of projects and the favourable mix of production. Even more important is the outstanding outstanding orders of EUR 3.4 billion, the highest in the history of the industry, following the framework agreement with IPTO EUR 1,15 billion. This size ensures high visibility for the coming years and supports the continuation of investment expansion in the units of Greece, Romania and the United States.
In the aluminium industry, the increase in turnover by 16%, EUR 1,333 billion, accompanied by an increase in the adjusted EBITDA in EUR 109 million and ejecting pre-tax profits against 88%, EUR 115 million. The greater participation of products for transport and rigid packaging, along with strengthening presence in the United States and in electric vehicle applications, improved the sales mix and created higher operational efficiency.
Copper achieved turnover EUR 1,139 billion, utilizing the historically high prices of metal and turning to higher value added products. Steel tubes kept EBITDA adjusted EUR 52 million, with unexecuted approximately EUR 500 million, while the acquisition of the Hartlepool unit strengthens the presence in energy infrastructure and carbon capture projects. In steel, pre-tax profits increased by 220%, while the updated EBITDA reached EUR 50 million, thanks to its recovery Stomana Industry and the strong performance of Greek units.
A separate contribution was made to the real estate sector, where the turnover doubled in EUR 47 million, adjusted EBITDA increased by 41%, EUR 16 million, Noval Property now manages a fair value portfolio EUR 707 million, increased 17% revenue from rents. Viohalco enters second semester with strong unexecuted projects, improved leverage, increased productive potential and investments enhancing profitability over the coming years. Chartically the share stepped on the 16.64 euro support and is preparing to move at prices above EUR 20.
* Apostolos Manthos is responsible for technical analysis & investment strategy
** The content of the Article may in no way be regarded as advice or suggestion or recommendation or invitation to purchase or sell any share or investment or financial product traded on an organised or non-market.
***Republished by Chapter newspaper
