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Metlen FY earnings beat revised forecast despite project overruns
(Sharecast News) - Metlen Energy and Metals on Thursday posted better-than-expected annual earnings despite project cost overruns and delays. Core earnings for the year to December came in at €753m, down 30%, but better than the revised €750m forecast in February when the company had to slash estimates, citing unexpected cost overruns and the delayed closing of certain transactions.
Metlen added that on an adjusted basis profits would have exceeded €1bn without the project issues and the decision to not monetise some legal claims it had outstanding.
The main problems were at the Protos project in the UK which will process 500,000 tonnes of non-recyclable waste annually, generating 49.9 megawatts of electricity-enough to power up to 90,000 homes.
"In line with its track-record of safeguarding shareholder interests, Metlen successfully completed the irrevocable partial monetisation of a legal claim in 2025 for €130m," the company added.
"Metlen holds a number of similar legal claims arising from its ordinary operations and may monetise part of these claims while retaining the upside upon final resolution."
The London and Athens listed company last month delayed publication of the numbers by nine days on the request of its auditors, sparking a fall in its share price.
Reporting by Frank Prenesti for Sharecast.com
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