Greek companies report H1 2026 results: ΔΕΗ EBITDA €1.2B, Viohalco revenue €4.3B, METLEN EBITDA €550M

METLEN and ΔΕΗ lead Greek earnings season

METLEN reported record H1 2026 results with revenue of €3.987 billion, up 11% from €3.608 billion in H1 2025. EBITDA reached €550 million, a first-half record, compared with €445 million a year earlier. Net profit after minority interests rose to €313 million from €254 million, with earnings per share at €2.18 versus €1.81. The company confirmed its 2026 EBITDA guidance of €1.0 to €1.15 billion and its mid-term target of €1.92 to €2.08 billion. Strong operating cash flows reduced adjusted net debt by €728 million, bringing net leverage down to 1.7x from 3.1x at the end of 2025. METLEN also signed its first gallium offtake agreement with a leading US technology company, covering 25% of total production, and energized battery storage systems (BESS) of approximately 0.4 GW in Greece and Italy, with an additional 1.6 GW under development across Southern and Southeastern Europe.

ΔΕΗ (Public Power Corporation) reported adjusted EBITDA of €1.2 billion for H1 2026, up from €1.0 billion a year earlier, with adjusted net profit doubling to €400 million. The utility maintained its full-year targets of €2.4 billion EBITDA, €700 million adjusted net profit, and a dividend of €0.80 per share, up 33% from the prior year. Net debt stood at €2.7 billion as of 30 June 2026, with net debt to EBITDA at 1.2x. Total investments reached €1.4 billion in the first half, delivering approximately 50% of the annual EBITDA target and 55% of the net profit target. CEO Giorgos Stassis said the group is exploring retail market entry in Italy and expects an agreement on the Kozani mega data center before year-end. Recent acquisitions in Hungary and Poland will bring installed renewable capacity to 7.8 GW.

We remain fully on track to achieve our 2026 targets. The first half confirms that ΔΕΗ has entered a new phase of growth.

Viohalco and Cenergy Holdings

Viohalco reported H1 2026 revenue of €4.3 billion, up 14% from €3.7 billion, driven by higher sales volumes across all segments and rising metal prices. Adjusted EBITDA rose 18% to €446 million from €378 million, while pre-tax profit increased 62% to €370 million from €229 million. Net profit after tax reached €285.8 million. The cables segment led with a record order backlog of €3.4 billion, while copper revenue grew 20% to €1.14 billion and aluminum posted pre-tax profit of €114.6 million. Capex increased 24% to €237 million. Net leverage improved to 1.9x from 2.4x in H1 2025, with net debt essentially flat at €1,505 million.

Our companies recorded strong performance in the first half of 2026, confirming the dynamism of our diversified industrial portfolio in an environment of continued macroeconomic uncertainty and metal price volatility.

Cenergy Holdings, Viohalco's cables and steel pipes subsidiary, reported a record order backlog of €3.9 billion. H1 2026 investments totaled €165 million, with €137 million in cables and €28 million in steel pipes. The Maryland factory in the US is on track for completion by year-end, with operations beginning in 2027. The newly acquired Hartlepool plant in the UK is undergoing modernization and technological upgrades.

Eureka and market context

Eureka reported full-year 2025 results, with revenue of €74.4 million, up 2.2% from €72.81 million. EBITDA fell 14.4% to €8.32 million from €9.72 million, and net profit dropped 23.6% to €4.71 million, pressured by a 9% rise in distribution costs. The group invested over €3.66 million in fixed assets, including an industrial property in Volos covering 37.6 stremmata. Operations in Cyprus and Romania account for approximately 66% of total sales.

Separately, per a Dealroom report cited by Kathimerini, venture capital funds deployed over $500 billion in H1 2026, with roughly 77% directed to AI companies. Total investments for the year could approach $1 trillion.