Gallium project = Leaning into critical minerals.

Research evidence excerpt

Gallium project = Leaning into critical minerals.

iQprofile SM Metlen Energy & Metals Plc

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(EUR Millions) Non-Ferrous-Aluminum & Light Metals

Sales 5,683 7,127 7,876 7,850 8,250

EBITDA Adjusted 1,080 753 1,151 1,270 1,366

Depreciation & Amortization (163) (190) (195) (200) (205) Company Description EBIT Adjusted 917 562 956 1,070 1,161

Net Interest & Other Income (169) (180) (217) (227) (228) Metlen is an integrated energy and aluminium business.

Tax Expense / Benefit (118) (57.3) (127) (169) (187) The company owns a c. 190 ktpa aluminium smelter in

Net Income (Adjusted) 616 314 593 653 722 Greece with vertical integration into alumina and bauxite.

Average Fully Diluted Shares Outstanding 140 143 143 143 143 On the energy side, the company is a major importer and

Key Cash Flow Statement Data trader of gas and also trades and supplies energy within

Net Income (Reported) 615 314 593 653 722 Greece. The company has a demonstrated expertise in EPC

Depreciation & Amortization 163 190 195 200 205 (Engineering Procurement and Construction) and develops,

Change in Working Capital (1,161) 342 (558) 74.9 (212)

operates and sells power plants both locally and globally. Deferred Taxation Charge 0 0 0 0 0

Other CFO 793 (401) 455 (130) 99.9

Cash Flow from Operations 409 446 684 797 815

Capital Expenditure (644) (628) (814) (754) (490) Investment Rationale

(Acquisition) / Disposal of Investments 0 0 0 0 0 We are bullish aluminium, calling it to $3500/t in 2027E

Other CFI (151) (55.5) 36.7 36.4 35.2 based on China supply-side discipline and strong demand

Cash Flow from Investing (795) (683) (777) (718) (454)

driven by long-term trends, including lightweighting and

Share Issue / (Repurchase) 0 0 0 0 0