During his opening address at Capital Market Day, Evangelos Mytilineos, Chairman and CEO of Metlen, highlighted the company’s remarkable transformation — from a small Greek firm with EBITDA of less than 10 million euros in 1995 to a listed company on the London Stock Exchange, now targeting EBITDA of 2 billion euros within the next five years.
Specifically, Mytilineos emphasized that the company’s journey was particularly challenging, “weathering many storms” before becoming one of the world’s leading companies — a prime example of the synergy between the energy and metallurgy sectors — with a presence in 40 countries across five continents. He also noted that Greece is not an easy place for doing business, acknowledging that the company’s success in such an environment stands as a testament to its resilience.
Four Key Milestones
In financial terms, the company’s journey is marked by four key milestones, beginning in 1995 when its EBITDA stood at just under 10 million euros. The first major milestone (“Big One”) came in 2017 with EBITDA reaching 306 million euros, followed by the second milestone in 2022 with EBITDA at 822 million euros, and the latest in 2024 with EBITDA at 1.08 billion euros. Today’s event marks the beginning of a new chapter in the company’s evolution, with a breakdown of its new targets to be announced on June 3.
Reflecting on the company’s overall journey, Evangelos Mytilineos emphasized the particular value of a personal philosophy he embraces — one that also mirrors the company’s strategic model. Speaking about the challenging period of the pandemic and the subsequent energy crisis, Mytilineos stressed, among other things, that the critical issue in life is not whether difficulties arise, but how they are faced.
“When a problem arises, the point is not just to solve it and move on, but to try to resolve it by deploying all our resources and doing our absolute best — always with the aim of gaining something, achieving something in the process.”
The Next Chapter
Wrapping up his introductory address, Mytilineos highlighted three key areas that will be elaborated upon during Capital Market Day.
The first concerns the company’s intention to strengthen its existing sectors, where it already holds significant activity, deep experience, and strong technical expertise. Such a case is the retail electricity market, where the goal of increasing Protergia’s market share to 30% from its current 20% remains both relevant and achievable.
The second pillar of this “next chapter” focuses on leveraging the company’s accumulated know-how in the fields of defense, critical metals, and most notably, circular metals. Circular metals, in particular, have drawn the company’s strategic interest, with management recognizing their potential as a market or even game changer.
The third major focus for the company’s strategic planning going forward is corporate transformation — a process deemed essential for METLEN to adapt effectively to new realities and rising demands as it becomes a listed company on the London Stock Exchange. In this direction, the target of achieving 2 billion euros in EBITDA remains firmly intact, with a timeline of three to five years.
