Her third transformation METLENannounced this week, is based on four key pillars – energy, metals, infrastructure and defense – that shape the group’s new business model.
Through investments in energy storage, critical raw materials, concession projects and defense equipment production, METLEN seeks to strengthen its position as a leading force in the new industrial age.
“It is not a simple organizational change, but a leap of maturity that will define the character of METLEN for the next decade”, Evangelos Mytileneos noted during the recent presentation of the transformationdescribing the new strategy as the basis for sustainable growth and international consolidation.
The new phase is accompanied by a restructuring of the management pyramid, with Christos Gavalas taking over as CEO of the group and Evangelos Mytilenaios remaining as executive chairman, focused on the company’s strategic development and international initiatives.
“When a group grows at high speed, it needs to re-examine its structures and priorities. If you don’t adapt, you can’t go further”, E. Mytilineos pointed out characteristically.
Four strategic growth pillars
METLEN’s new design focuses on four key areas: energy, metals, infrastructure and concessions, and defense. These are activities that, according to the management, will be the main drivers of the next phase of development, while strengthening the resilience and diversification of the group.
1. Energy: Investments in storage and RES
In the energy sector, the group prioritizes large-scale investments that enhance energy security and the green transition. For example, METLEN is developing in Thessaly one of the largest energy storage projects in Europe, with a capacity of 330 MW, which will act as a “digital battery” of the Greek system, balancing the production from renewable sources.
At the same time, the group is strengthening its position in Renewable Energy Sources and energy management services, aiming to exploit the interconnection of energy production with industry and metals – composing a fully vertical business model.
According to Mr. Mytilineos«energy and natural gas will remain in the energy mix for several more decades. The group invests realistically in the green transition, without ignoring the needs of industry and the economy”.
2. Metals and critical raw materials: American interest in gallium
METLEN remains a leading force in the production of aluminum and alumina in Europe, while vigorously advancing new activities in critical raw materials and circular metallurgy.
Particular interest has been caused by the American interest in purchasing METLEN’s entire gallium production for a period of 10 to 15 years, which was manifested during the visit of the high-ranking US political leadership to Greece, in the framework of the 6th Summit of the Transatlantic Energy Cooperation (P-TEC).
The group plans to produce 50 tons of gallium a year, when total production in the United States currently stands at just 30 tons. “Our expertise in critical raw materials and circular metallurgy is unique. We have patents that will be presented soon and will significantly strengthen our position”, said Mr. Mytilineos, adding that the specific projects will be the spearhead of the group.
As part of the strategic expansion, METLEN is also considering the acquisition of the aluminum production unit in Dunkirk, France, which belongs to an American investment fund. The application process ends on November 17, with the aim of strengthening the production base and further verticalizing the activity.
The logic of acquisitions, as explained by the company’s president, focuses on large, strategic assets that can add substantial value. METLEN is not interested in small businesses, but in moves that change the size and dynamics of the group.
3. Infrastructure and concessions: A new development chapter
The sector of infrastructures and concessions, which is developing into a third strong pillar of the group, also gains significant weight. The subsidiary activity is expected to double its operating profitability, from 50 million euros in 2024 to 100 million euros in 2025 and 150 million euros in 2026, while in 2026 it is likely to pass the gates of the Athens Stock Exchange.
“The company does not owe a single euro”, pointed out Mr. Mytileneos, characterizing the subsidiary as “model of healthy development”. As he explained, this activity now extends beyond energy projects, to building and civil engineering projects, with METLEN having evolved into the most sought-after company for major infrastructure projects in Greece.
The expansion of the concession portfolio is expected to provide stable cash flows and long-term value, counterbalancing the group’s more cyclical activities.
4. Defense: New units and Greek know-how
In the defense industry, METLEN is going strong, already having two production plants in place, with a third to be completed by Easter 2026, while two more have been acquired and discussions are underway for a sixth plant.
«They are starting to know us in Europe and recognize the quality of our products», noted Mr. Mytilineospointing out that the goal is not to limit the group to the role of a subcontractor, but to develop its own research and production (R&D) base, with the prospect of manufacturing the first Greek weapons.
This activity, as he mentioned, is not limited only to production, but also to the transfer of know-how and the development of partnerships with European agencies and manufacturers.
Outlook and MSCI
Referring to the recent drop of METLEN’s share by 5.87% to 43 euros, after its exit from the Greek MSCI index, Mr. Mytilinaios emphasized that the phenomenon is temporary, as it discounts the company’s imminent inclusion in the MSCI Europe index.
“The important thing is the long-term effect, not the short-term movements. Capital in developed markets is ten times higher than in emerging markets. Some who are selling now will rush to buy when the entry into the European index is near.”he said.
Goal: Doubling profitability and sustainable growth
With the new strategic planning, METLEN seeks to strengthen its management structure, exploit synergies between its activities and adopt international best governance practices, modeled after the London Stock Exchange (LSE).
The group, as underlined by its president, “it now rests on four pillars that ensure balance, resilience and perspective: energy, metals, infrastructure and defence”.
Achieving the €2 billion EBITDA target is not just a numerical prediction, but – as he said – “the result of a new, mature phase of development that will define METLEN’s position in the coming years”.