Metlen Energy & Metals is seeking to recover part of the additional costs incurred on major projects in the U.K. and Poland, as the Greek industrial and energy group moves closer to completing contracts that weighed on its financial performance last year.
The company has submitted, or is preparing to submit, claims to clients on certain projects for costs incurred beyond its original expectations, according to Metlen’s first-half financial report. The claims hadn’t been recognized in the company’s accounts as of June 30, 2026, meaning any potential recoveries have yet to benefit its reported financial results.
The projects are mainly tied to the former M Power Projects business, which has since been integrated into Metlen’s M RESET unit. They include the Protos project in the U.K. and the Grudziądz project in Poland, both of which have reached advanced stages of construction.
ΔΙΑΒΑΣΤΕ ΕΠΙΣΗΣ
Metlen said it made progress during the first half of 2026 on existing contracts that had negatively affected its 2025 results. As the projects moved toward their final stages before handover, however, the company recognized further costs required for completion.
The additional expenses have contributed to a sharp increase in provisions for onerous contracts—agreements under which the expected cost of fulfilling contractual obligations exceeds the economic benefits expected from them.
Metlen’s provisions for onerous contracts rose to €153.38 million ($181 million) at the end of June, from €96.69 million at the end of 2025, an increase of nearly 59%.
Total provisions climbed to €244.95 million as of June 30 from €186.94 million six months earlier, an increase of about 31%.
