Metlen Energy & Metals, formerly Mytilineos, switched its primary listing from Athens to London last August, securing a swift FTSE 100 promotion. The Greek industrials group sought broader capital access and international profile for its metals and energy operations.

Its pitch soured quickly. A month post-LSE debut, Metlen revealed a €132mn one-off loss tied to the troubled Protos energy-from-waste project in Cheshire, years behind schedule. Problems at M Power Projects, its development arm, triggered a February warning that 2025 Ebitda would fall 25% short of a €1bn target.

Weaker results and auditor PwC's extended review delayed full-year reports. Management blamed M Power Projects' risky ventures, promising a refocus on core grid and data centre work. Yet persistent concerns linger over cash conversion and debt. End-2025 net debt hit €3.1bn, yielding a reported leverage ratio of 3.1x Ebitda, with complex accounting around legal claims and asset rotations clouding the true picture.