Interim / Quarterly Report • Sep 9, 2025
Interim / Quarterly Report
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National Storage Mechanism | Additional information RNS Number : 4974Y Metlen Energy & Metals PLC 09 September 2025 Table of Contents I. Declaration by the persons responsible II. Board of Directors Interim Management Report III. Independent Auditor's Report IV. Interim Condensed Financial Information 1. Information about METLEN Energy & Metals 2. Additional information 2.1 Basis for preparation of the Interim Condensed Financial Information 2.2 Amended standards adopted by the Group 3. Segments 4. Property, plant and equipment 5. Intangible assets 6. Contract balances 7. Inventory 8. Trade and other receivables 9. Issued capital 10. Dividends 11. Financial assets and financial liabilities 12. Provisions 13. Trade and other payables 14. Alternative Performance Measures 15. Capital management 16. Financial Income/expenses 17. Earnings per share 18. Cash Flows from operating activities 19. Number of employees 20. Management remuneration 21. Related party transactions according to IAS 24 22. Contingent assets and contingent liabilities 23. Post - Balance sheet events 24. Approval of Interim Condensed Financial Information The designees: Evangelos Mytilineos, Chairman of the Board of Directors and Chief Executive Officer Spyridon Kasdas, Vice - Chairman A' of the Board of Directors (non-executive member) Dimitrios Papadopoulos, Executive Member of the Board of Directors CERTIFY As far as we know a. the Interim Condensed Financial Information (Consolidated and Separate) of the Group and Company "METLEN Energy & Metals S.A." for the period from 01.01.2025 to 30.06.2025, drawn up in accordance with the applicable accounting standards, present fairly the assets and liabilities, equity and results of "METLEN Energy & Metals S.A." , as well as of the businesses included in Group consolidation, taken as a whole and b . the enclosed report of the Board of Directors is fair, balanced and understandable and reflects in a true manner the development, performance and financial position of "METLEN Energy & Metals S.A." and of the businesses included in Group consolidation, taken as a whole, including the description of the principal risks and uncertainties. Maroussi, 8 September 2025 The designees Evangelos Mytilineos Spyridon Kasdas Dimitrios Papadopoulos Chairman of the Board of Directors Vice - Chairman A' of the Executive Member of the and Chief Executive Officer Board of Directors Board of Directors The current "METLEN Energy & Metals S.A." Board of Directors Interim Report relates to the first half of 2025. It has been prepared in accordance with the relevant provisions of law 3556/2007 (GGI 91A/30.04.2007) and the executive Decision No. 8/754/14.04.2019 of the BOD of the Hellenic Capital Market Commission , in order for the Company to comply with its obligations as an entity listed on the Athens Stock Exchange as at the interim period end date of 30 June 2025. It must be noted that after the interim period end date of 30 June 2025, "METLEN Energy & Metals PLC" (hereinafter called "METLEN PLC") acquired all (100%) of the shares issued by the Company, pursuant to (i) the voluntary share exchange tender offer that METLEN PLC submitted on 25 June 2025 in accordance with Law 3461/2006, as in force ("Law 3461"), and (ii) the right of squeeze-out exercised by METLEN PLC in accordance with Article 27 of Law 3461 and the decision 1/644/22.4.2013, as in force, of the Board of Directors of the Hellenic Capital Market Commission (the "HCMC"), the process of which completed on 29 August 2025. As a result, METLEN PLC has become the direct parent of the Company and the ultimate parent company of the Company's Group. METLEN PLC's share capital in ordinary registered shares amounts today to ���1,573,252,780.00 and is divided into 143,022,980 ordinary registered shares, admitted to trading on (a) the Main Market of the London Stock Exchange (the "LSE") and (b) on the Regulated Securities Market of the Athens Exchange (the "ATHEX"). Following the aforementioned acquisition, the Company has submitted a written request to the HCMC to approve the delisting of the Company's ordinary registered shares from the Athens Exchange, in accordance with Article 17, paragraph 5 of Law 3371/2005, as in force. The report contains financial and non-financial information, as well as information necessary for understanding the impact on issues relating to the solvency of the Company, its subsidiaries and associated companies (hereinafter called the 'Group' or "METLEN", jointly with the company) for the first half of 2025. It also describes significant events that took place during this period and their impact on the Interim Condensed Financial Information report. Finally, it presents the significant transactions between the Company and its related parties. i. The table below shows an analysis of the Group operational result per sector as well as other items. 01.01-30.06.2025 01.01-30.06.2024 01.07-31.12.24 01.04 - 30.06.2025 01.01-31.03.2025 Turnover 3,607.5 2,482.0 3,200.9 2,058.7 1,548.8 Energy 2,916.3 1,988.2 2,583.5 1,688.4 1,227.9 Metallurgy 479.6 412.0 445.1 251.7 227.9 Infrastructure & Concessions 211.7 81.9 172.3 118.6 93.1 Group EBITDA 445.3 474.0 606.0 268.8 176.5 Energy 288.5 322.4 430.9 197.1 91.4 Metallurgy 129.5 142.1 154.7 58.4 71.1 Infrastructure & Concessions 31.2 12.2 37.5 17.8 13.4 Other (3.9) (2.7) (17.0) (4.4) 0.6 (-) Depreciation / Amortization (78.6) (76.9) (85.9) (35.8) (42.8) (+ - ) Net Financials (76.6) (51.5) (118.5) (56.2) (20.4) (+) Share of profit of associates 0.6 0.2 0.9 0.3 0.3 (-) Tax (29.7) (60.5) (57.1) (9.0) (20.7) (-) Minoritiy Interest (7.3) (3.3) (12.9) (2.9) (4.4) Net Income attributable to parent Shareholders 253.8 281.9 332.6 165.3 88.5 ii. The table below shows an analysis of cash flows and the change of net debt for the period. (Amounts in mil ���) 01.01 - 30.06.2025 Group EBITDA 445 (-) 2024 Lead Items (Relates to operating activities of 2024) (160) (-) Working Capital (178) Funds from operations 107 (-) Tax (31) (-) Interest (65) Operating Cash Flow 11 (-) Maintenance Capex (48) (-) Growth & Productivity Capex (416) Free Cash Flow (453) (-) Other Financial / Investment Cash Flows 160 Net Debt Change (293) The inauguration of the new president of the United States was followed by trade tensions and market volatility with global investors reacting cautiously as new tariff policies and protectionist rhetoric unsettled supply chains. Diplomatic relations with major economic partners, including China and the European Union, entered a phase of realignment, raising uncertainty around future trade agreements. The euro area experienced net inflows in capital markets in various asset clashes, reflecting investor confidence in European securities. In contrast, during 2025, the US dollar has become more volatile, influenced by persistent inflationary pressures and market perceptions of the Federal Reserve's commitment to maintaining its independence, which has contributed to its weakening against the euro. Geopolitical tensions have remained elevated throughout 2025, with the Middle East conflict undergoing multiple phases-from temporary ceasefires to renewed hostilities between the involved parties. Meanwhile, the Russo-Ukrainian war continues unabated, despite early hopes for de-escalation. Consequently, the energy landscape has experienced substantial volatility since the start of the year, contributing to an inflationary environment-particularly in Europe, where energy dependence remains a critical vulnerability. The US maintained a restrictive monetary policy throughout the first half of 2025, with the labor market showing resilience and inflation remaining slightly above target. In contrast, the European Central Bank (ECB) cut interest rates for the third consecutive meeting amid growing concerns over Europe's economic resilience and escalating downside risks to its growth outlook. The Greek economy outperformed the broader Euro area, expanding by 2.2% in the first half of the year compared to 0.7% growth across the region. This growth was driven by strong consumption buoyed by improving consumer confidence, renewed investment, and a robust recovery in the tourism sector. Steadily rising employment also contributed to a reduction in unemployment, which fell to single-digit levels, reaching 8% as of July 2025. The year 2025 has marked a turning point for METLEN, following a successful share exchange offer that paved the way for a primary listing on the London Stock Exchange, while retaining a secondary listing in Athens. This strategic move embodies METLEN's long-term vision to broaden its international investor base, improve liquidity, and align with global capital market standards. Additionally, it reinforces our corporate structure and elevates our market visibility, underpinning our growth objectives for the years ahead. Earlier this year, Metlen hosted its Capital Markets Day at the London Stock Exchange, where the company unveiled its medium-term growth strategy, introducing new strategic pillars designed to enhance long-term value creation. Key initiatives include a new gallium production line capable of meeting Europe's entire demand, the development of Circular Metals-an innovative process for recovering critical raw materials-and an ambitious expansion into the defense sector through the establishment of new production facilities. In the first half of 2025, METLEN reaffirmed its strategic vision by delivering robust financial performance and advancing pivotal initiatives across key sectors. The Group demonstrated strong results in its Metals division and accelerated growth within the Energy segment, where its Renewables and Utility businesses, combined, achieved record-breaking semi-annual performance-despite a one-off adverse impact from the M Power Projects segment. By capitalizing on its operational excellence and leveraging cross-sector synergies, METLEN adeptly navigated a challenging and volatile market landscape while steadfastly pursuing its strategic expansion objectives. The Company's integrated and synergistic business model has proven exceptionally resilient in the face of ongoing macroeconomic pressures and geopolitical uncertainty, enabling METLEN to secure critical strategic partnerships and further solidify its leading position across both the Energy and Metals industries. Review per Sector 1.1. Energy Sector amounts in m. ��� H1 2025 H1 2024 �� % Revenues 2,916 1,988 47% EBITDA 288 322 -11% Margins (%) ��(bps) EBITDA 9.9% 16.2% -632 Energy Sector reported a turnover of ���2, 916 million, representing 81% of the company's total turnover. Earnings before interest, taxes, depreciation and amortization stood at ���288 million, reflecting an 11% decrease from ���322 million in H1 2024. Energy Sector's split Sales EBITDA amounts in m. ��� H1 2025 H1 2024 �� % H1 2025 H1 2024 �� % M Renewables 989 623 59% 221 143 54% M Energy Generation & Management 595 379 57% 106 91 1 7 % M Energy Customer Solutions 781 513 52% 41 58 -29% M Power Projects 203 243 -17% (132) 12 - M Integrated Supply & Trading 618 409 51% 52 18 1 95 % Intersegment (269) (179) 50% - - - Total 2,916 1,988 47% 288 322 -11% RES - METLEN's Global portfolio Power ( GW) RES in Operation 0.9 RES U nder Construction 1 .7 RES RTB & Late stage of Development 2. 9 RES Early Stage of Development 6.6 Total 1 2. 1 * Includes projects of all technologies (photovoltaic, energy storage, wind), excluding the projects in Canada and also the projects that are included in the deal with PPC Project ready to be Build (RTB) or that will reach RTB stage within the next ~ 6 months As of the end of the first half of 2025, METLEN's mature and operational portfolio reached 5.5 GW, representing a robust 15% increase compared to the corresponding period in 2024. The Group's total global portfolio, excluding the Canadian and PPC-related transactions, expanded to 12.1GW, reflecting a year-on-year increase of approximately 1.5GW (14%). This figure also includes a pipeline of early-stage development projects with a total capacity of 6.6GW. Global electricity generation of the Group from renewable energy sources amounted to 854GWh in H1 2025, marking a 35% increase year-on-year. Of this total, 317GWh were generated from domestic (Greek) RES assets, with the remaining 537GWh produced by international operations. This impressive performance underscores METLEN's accelerating growth trajectory and its expanding footprint in the global green energy landscape. In line with its asset rotation plan strategy, METLEN proceeded with the sale of projects totaling 788MW during the period (compared to 531MW in H1 2024), with the majority of divestments comprising Chilean assets, and the remainder located in Europe (Italy, Romania, and Bulgaria). These transactions reflect the company's ongoing commitment to enhancing portfolio efficiency and capital recycling. Supported by a geographically diversified operating model and the successful deployment of its asset rotation plan, METLEN continues to strengthen the profitability of the M Renewables Segment. The Company leverages its extensive international experience and strategic partnerships-operational across more than 20 countries-while optimizing access to financing tools. As a result, METLEN maintains a self-funded development model in the RES sector, ensuring low financial leverage and a strong credit standing. With regard to its domestic pipeline, in 2024 METLEN commenced construction on 0.4 GW of photovoltaic (PV) projects and 13 MW of wind projects, all supported by resources from the Recovery and Resilience Facility (RRF). During H1 2025, construction progressed on a further 0.3 GW of PV projects and an additional 48 MW of BESS capacity. In the BESS segment, METLEN is actively expanding its project portfolio with developments underway in Greece, Chile, Italy, Spain, and Romania, all expected to become operational in the coming years. These projects are poised to consolidate METLEN's leadership position in the energy storage space, which is increasingly critical to enabling the global energy transition. Furthermore, METLEN recorded significant momentum in third-party activities during the period, reinforcing its position as a leading contractor in the renewable energy sector. In H1 2025, new agreements were signed for PV projects totaling 0.8 GW and BESS projects totaling 0.3 GW / 1.3 GWh, spanning Greece, Chile, Bulgaria, and the United Kingdom. Additionally, PV and BESS projects totaling 0.5 GW / 0.9 GWh are currently in the final stages of contractual negotiation. As of the close of the first half of 2025, METLEN's contracted backlog stood at ���654 million, with a further ���201 million under advanced negotiation . Greek Market Data - H 1 202 5 Production per Unit type [TWh] H1 2025 H1 2024 H1 2025 % of mix H1 2024 % of mix Lignite 1 . 4 1.5 6% 6% Natural Gas 10 .7 9.0 43 % 37% Hydros 1. 5 1 .8 6 % 7% RES1 11. 9 11.8 48 % 4 8 % Total Production 25.5 2 4. 2 10 3 % 99 % Net Imports/(Exports) - 0 . 8 0.3 -3% 1% Total Demand 24 . 7 2 4. 5 100% 100% 1 Renewable Energy Sources METLEN Generation (TWhs) H1 2025 H1 2024 ��% Thermal Plants 4 .2 3 . 9 7 % RES 0.3 0.3 -3 % Total 4.5 4 . 2 6 % The first half of 2025 marked a significant milestone in Greece's energy landscape, as the country transitioned to becoming a net exporter of electricity. This trend, which commenced in the second half of 2024, gained further momentum with electricity exports reaching 0.8 TWh in H1 2025, compared to 0.3 TWh of imports during the corresponding period in 2024. This reflects an increase of over 5% in Greek electricity production year-on-year. Within this context, METLEN recorded a power generation increase exceeding 6% from both thermal and renewable energy sources (RES) units. This development is poised to serve as a pivotal turning point in Greece's energy strategy. Moving beyond a sole focus on meeting domestic demand, Greece is now positioned to expand its role as a regional energy hub. This transition enhances the country's strategic standing within the broader energy market, paving the way for increased regional influence. Looking forward, rising demand in neighbouring markets, coupled with ongoing enhancements to export infrastructure, is expected to drive further growth and expansion of domestic power production. These factors will continue to underpin Greece's evolution into a leading energy exporter within the region. The most pronounced increase in electricity generation compared to H1 2024 was observed in natural gas-fired thermal plants, which rose c.18% to 10.7 TWh. This growth accommodated the country's export requirements alongside weaker hydropower and lignite production. METLEN's portfolio of three Combined Cycle Gas Turbine (CCGT) plants and one high-efficiency Combined Heat and Power (CHP) plant generated a total of 4.2 TWh in H1 2025, up from 3.9 TWh in the same period of 2024. This represents an approximate 7% increase in the company's total thermal production. Notably, METLEN's thermal generation accounted for roughly 39% of Greece's total electricity output from natural gas-fired units. METLEN - Energy & Natural Gas Supply �� 1 20 2 5 �� 1 202 4 ��% Market share 20. 7 % 16.7% 24% Regarding the electricity supply activity, Protergia continues to solidify its position in the retail market, with its electricity market share reaching approximately 21% at the end of June 2025 (HEnEx market shares, including Volterra's share), up from 16.7% at the close of H1 2024. Equally noteworthy is METLEN's consistent ability to expand market share while maintaining robust profitability, with margins sustained above the 5% threshold. METLEN is progressing swiftly toward its strategic objective of capturing a 30% share of Greece's energy consumption, thereby establishing itself as an integrated "green" utility with a growing international footprint. In pursuit of this goal, METLEN aspires to become the "Utility of the Future"-an integrated energy provider attuned to the demands of a transitioning energy landscape. The operational synergy and coexistence between the Energy and Metals Sectors considerably enhance the Company's overall integration and operational flexibility. These strengths enable the formulation of a stable and competitive pricing policy, even amid significant market volatility. Protergia's pricing strategy has maintained stable electricity rates for thirteen consecutive months since last July, delivering competitive prices to consumers while fostering innovation within the energy sector. Concurrently, Protergia's customer base has expanded steadily, now approaching 711,000 meters, up from 580,000 at the end of 2024. Protergia is also reinforcing its presence in the Greek natural gas supply market, having increased its market share to approximately 26% by the end of June 2025, compared to 19.5% at the end of H1 2024. Beyond the Greek market, METLEN has achieved substantial penetration in other Southeastern European markets through natural gas supply and trading, in line with the company's broader internationalization strategy. By maintaining significant natural gas volumes, METLEN has emerged as a key regional player in the supply and trading of natural gas across the Balkans and wider Southeastern Europe. This accomplishment has enabled the Company to secure competitive natural gas prices, the benefits of which are disseminated throughout METLEN's operations via its synergistic business model. In the first half of 2025, the Company's natural gas imports totalled 13 TWh, with METLEN accounting for approximately 37% of Greece's total natural gas imports. Power Projects METLEN H1 2025 Backlog of contracted projects ���1. 0 billion The M Power Projects Segment is steadily enhancing its international presence by delivering projects that align with the Energy Transition and Sustainable Development objectives. By the close of H1 2025, the contracted project backlog reached ���1.0 billion, with only c.10% attributable to domestic projects in Greece. The vast majority of the portfolio is focused on foreign markets, predominantly the UK and Poland, where significant expansion is anticipated. Furthermore, the European Recovery Fund offers considerable growth potential, particularly for Greece, which benefits from the highest allocation relative to its GDP among participating countries. During the first half of 2025, M Power Projects' performance was driven by challenges encountered in the Protos project, where unforeseen issues disrupted execution, resulting in increased costs and extended timelines beyond initial expectations. Specifically, a major workplace third-party accident played an important role in further exacerbating these disruptions, causing substantial delays and multiple work stoppages. These challenges were compounded by the bankruptcy of a key subcontractor and the subsequent withdrawal of another from all its regional operations. In July, an updated project timeline was agreed, the budget was carefully reassessed, and annual losses were recorded following the conclusion of negotiations. The Company continues to monitor and actively manage these issues and, consistent with its prudent and transparent approach, has fully accounted for their financial impact in the period's results and for the entire financial year 2025. 1.2. Metal s Sector amounts in m. ��� ��1 2025 ��1 2024 �� % Revenues 480 412 1 6 % EBITDA 129 142 -9% Margins (%) ��(bps) EBITDA 27,0 % 34,5% -7 4 9 Sales EBITDA amounts in m. ��� ��1 2025 ��1 2024 �� % ��1 2025 ��1 2024 �� % Alumina 104 84 23% 47 30 5 6 % Aluminium 349 313 11% 74 108 -31% Other 27 14 87% 8 4 1 08 % Total 480 412 16% 129 142 -9% * Includes manufacturing facilities Total Production Volumes (ktons) H1 2025 H1 2024 ��% Alumina 426 431 -1.2% Primary Aluminium 9 0 91 -0.6% Recycled Aluminium 2 8 29 -2.8% Total Aluminum Production 1 18 120 -1.1% Aluminium & Alumina Prices ($/t) H1 202 5 H1 202 4 ��% 3�� LME 2,544.0 2,401.7 5.9% Alumina Price Index (API) 4 35 .5 401 . 8 8.4% Metals Sector reported turnover of ���480 million, representing 13% of the company's total turnover, posting a 16% increase on a year-on-year basis. Earnings before interest, taxes, depreciation and amortization stood at ���129 million, decreased by 9% compared to H1 2024. During the first half of 2025, electricity costs rose significantly compared to the same period in 2024. Since 2024, METLEN has been actively transitioning its aluminium smelter's electricity supply toward greener sources by increasing the share of RES in its mix. This strategy includes both developing METLEN's own renewable assets and establishing long-term agreements with third-party RES producers, with the goal of covering the vast majority of the smelter's electricity needs. Looking ahead, the smelter is expected to benefit from more stable electricity prices and significantly lower costs, as renewables-particularly PVs-currently offer some of the most competitive levelized costs of electricity (LCOE) in the market. The average 3-month LME aluminium price for the first half of 2025 stood at 2,544$/t, marked by higher-than-average volatility, amid uncertainty over tariffs and geopolitical developments. During Q1 2025, prices trended upwards, surpassing $2,700/t, before dipping below $2,300/t in early April. This decline was mainly driven indirectly by trade war tensions and related tariffs, raising concerns about a potential global economic slowdown. These fears, combined with a surplus in the primary aluminium market during Q1, weighed on prices. Prices began to recover in spring, following the initial easing of U.S. tariffs. The market shifted into a deficit in Q2 2025, further supporting the rebound. Additional factors bolstering the rally included a weakening U.S. dollar and a sharp decline in available LME inventories. In June, the U.S.-China trade agreement further boosted market sentiment, with the LME 3-month aluminium price closing Q2 around $2,600/t. Thanks to its effective hedging strategy, the Metals Sector remained largely insulated from these price fluctuations. European aluminium billet and slab premia remained elevated in H1 2025, averaging >$500/t. Over the past 18 months, premia have shown reduced volatility, consistently trading within the $500/t-$600/t range-reflecting sustained demand for European aluminium Value-Added Products (VAPs). Persistently high energy and raw material costs across Europe have also supported elevated premium levels, as producers seek to offset rising production expenses. In the first half of 2025, the average API alumina index price came in at $435/ton, marking a slight increase compared to $402 per ton in H1 2024. Prices were pushed higher in the second half of 2024 due to geopolitical tensions, including heightened conflict in the Persian Gulf between Israel and Iran, fears of a potential closure of the Strait of Hormuz, and uncertainty stemming from the Guinean government's signals of reduced bauxite availability. In 2025, global alumina supply rose, particularly from Asian producers such as Indonesia and India, while demand remained subdued, putting moderate pressure on prices. The major new investment initiative-focused on expanding alumina production capacity and establishing a state-of-the-art gallium production facility-is advancing according to the planned timeline. The alumina expansion will enhance the Company's vertical integration and supply chain security, while the new gallium plant is set to tap into growing demand driven by emerging technologies, including semiconductors and advanced electronics. Both developments underscore METLEN's commitment to innovation, sustainability, and long-term value creation. 1.3. Infrastructure and Concessions Sector amounts in m. ��� ��1 2025 ��1 2024 �� % Revenues 212 82 159% EBITDA 31 12 155% Margins (%) ��(bps) EBITDA 14.7% 14.9% -18 The Infrastructure and Concessions Segment sustained performance in line with management's projections, achieving more than a twofold increase in turnover during the first half of 2025 compared to the corresponding period in 2024. All projects are advancing smoothly and according to schedule. METKA ATE has swiftly established a strong market presence, securing a substantial portfolio of projects and proactively capitalizing on emerging opportunities within the sector. By leveraging its technical expertise and strategic positioning, METKA ATE is consolidating its role in the infrastructure domain and making a meaningful contribution to the creation of long-term shareholder value. As of the end of H1 2025, the outstanding infrastructure project backlog stood at ���1.1 billion, increasing to over ���1.4 billion when including projects at an advanced contracting stage. (Note: For projects executed through joint ventures, only METKA ATE's proportional share is included.) The key developments of the first half of 2025 include the contract signed, in April 2025, with the Ministry of Infrastructure and Transport for the project "Restoration of the Athens-Thessaloniki double railway line, from the exit of Domokos station (km 288+600) to the entrance of Krannonas station (km 328+840), following the 'Daniel' and 'Elias' weather events". The project budget amounts to ���134,400,000 plus VAT. In May 2025, the TERNA-METKA joint venture signed a contract with the Technical Chamber of Greece for the Information System for the Delimitation of Watercourses, while during the same month a contract was signed with the Olympic Athletic Center of Athens "Spyros Louis" for the project "Static and Functional Restoration of the Roof Structures of the Main Stadium and the Velodrome at OAKA". The budget is ���61,355,005. The "Thessaloniki Inner Ring Road Upgrade (FlyOver)" PPP project, the "Upgrade of the existing Proastiakos Railway Line of Western Attica", as well as numerous other public and private projects, are progressing smoothly. For H2 2025, METKA anticipates strengthening its figures through the intensification of works on its existing backlog, the commencement of works on contracts signed in the first half of 2025, as well as the signing of contracts for which it is currently the preferred bidder. In the medium term, the prospects of the construction sector in Greece are particularly positive, both for public and private works, as well as for Concession and Public-Private Partnership (PPP) projects, in which the Infrastructure Sector (METKA ATE and M Concessions) has already begun to play an important role. At present, several major infrastructure projects are at various stages of tender, both as pure public works (e.g., extension of Athens Metro Line 2, railway projects in Northern Greece) and as PPP projects (road works, building works), in which METKA ATE, both independently and as the construction arm of its affiliated M Concessions, aims to play a significant role, delivering tangible results to its parent company. Total impact on Group Sales and Group Results Specifically, the effect on the Group's turnover, EBITDA and Net Profit during the first half of 2025, compared to the first half of 2024, is presented below : A. Sales Sales (Amounts in mil ���) Group Total Energy Metals Infrastructure & Concessions Group Total Sales H1 2024 2,482 1,988 412 82 2,482 Intrinsic Effect 747 Volumes 272 2 - 274 Renewables 372 - - 372 Projects (40) 10 128 97 Other - 2 2 4 Market Effect 372 Organic ���/$ eff. (6) (5) - (11) Organic ���/�� eff. 0 - - 0 Prices & Premia 331 52 - 383 Hedging 7 - 7 - 7 Sales H1 2025 3,608 2,916 480 212 3,608 B. Group EBITDA Group EBITDA (Amounts in mil ���) Group Total Energy Metals Infrastructure & Concessions Other Group Total Group EBITDA H1 2024 474 322 142 12 (3) 474 Intrinsic Effect 5 4 Volumes 69 - - - 69 Renewables 80 - - - 80 Power Projects (144) 4 16 - (123) Other 4 23 3 (1) 29 Market Effect ( 56 ) Premia & Prices - 56 - - 56 Raw Materials prices - (15) - - (15) ���/$ rate effect (1) (4) - - (6) ���/�� rate effect (0) - - - (0) Natural Gas Price (91) 13 - - (78) CO2 (1) 7 - - 6 RTBM / Day Ahead Market 80 - - - 80 Net Energy Cost (28) (71) - - (99) Other (0) 0 - - (0) Hedging (28) (1) (27) - - (28) Group EBITDA H1 2025 445 288 129 31 (4) 445 C. Net Profit after minorities (Amounts in mil ���) Energy Metals Infrastructure & Concessions Other Group Total Net Profit after Minorities H1 2024 282 Effect from: Earnings before interest and income tax (EBIT) (40) (16) 29 (3) (30) Net financial results (25) Investments results 0 Minorities (4) Income tax expense 31 Net Profit after Minorities H1 2025 254 D. Sales and Earnings before interest, taxes, depreciation and amortisation per Business Unit (Amounts in thousands ���) Energy Sales M Renewables M Energy Generation & Management M Energy Customer Solutions M Power Projects M Integrated Supply & Trading Intersegment Total 01.01-30.06.2025 988,942 594,734 781,376 202,529 617,920 (269,230) 2,916,271 01.01-30.06.2024 623,154 379,495 513,284 242,825 408,689 (179,212) 1,988,235 EBITDA 01.01-30.06.2025 221,184 105,989 41,298 (131,764) 51,749 - 288,456 01.01-30.06.2024 143,261 90,880 58,289 12,460 17,556 - 322,446 The Companies which are consolidated with equity method and own Renewable Energy Units with capacity of 1,7MW are not included in the amounts of RES . The Intersegment Eliminations concern the elimination of turnover of common MWh between the activities "Power Generation'' and ''Electricity Supply'' which are part of the Energy sector of the Group. (Amounts in thousands ���) Metals Sales Alumina Aluminium Other Total 01.01-30.06.2025 103,625 349,139 26,7 88 479,55 2 01.01-30.06.2024 84,350 313,300 14,300 411,95 0 EBITDA 01.01-30.06.2025 46,831 74,187 8,436 129,454 01.01-30.06.2024 30,000 108,000 4,059 142,059 (Amounts in thousands ���) Infrastructure & Concessions Sales METKA ATE Concessions Intersegment Total 01.01-30.06.2025 223,682 8,002 (20,004) 211,680 01.01-30.06.2024 97,374 - (15,513) 81,861 EBITDA 01.01-30.06.2025 30,534 675 - 31,209 01.01-30.06.2024 12,762 (543) - 12,219 (Amounts in thousands ���) Sales Other Total 01.01-30.06.2025 - - 01.01-30.06.2024 - - EBITDA 01.01-30.06.2025 (3,852) (3,852) 01.01-30.06.2024 (2,680) (2,680) The reconciliations of Alternative Performance Measures (APMs) to the most directly reconcilable line item are included in Note 14. New Large-Scale Mining, Metallurgical, and Industrial Investment by METLEN for the development of an integrated production line for Bauxite, Alumina, and Gallium METLEN Energy & Metals Secures Long-Term Strategic Agreements with Rio Tinto in Bauxite and Alumina. Rio Tinto will supply bauxite over an 11-year period (2027-2037) and METLEN will supply Rio Tinto with Alumina over an 8-year period (2027-2034) with an optional 3-year extension (2035-2037) METLEN strengthens its strategic presence in the Defense sector with new expansions at its industrial complex in Volos. METLEN has signed a preliminary agreement for the acquisition of a 19-acre property within the Volos A' Industrial Zone, with industrial facilities covering 5,000 m2 METLEN in the Dow Jones Best-in-Class Emerging Markets Sustainability Index and the S&P Global Sustainability Yearbook for the Third Consecutive Year METLEN's investment in gallium production is officially included in the EU's selected strategic projects for critical raw materials METLEN and Glenfarne seal landmark deal for Solar and Battery Energy Storage Systems in Chile with total installed capacity of 588 MW and energy storage capacity of 1,610 MWh METLEN signs 10-year PPA with Iliad to supply solar energy from two Italian plants. The plants will guarantee to iliad 20 GWh of clean electricity annually Jinko ESS and METLEN signed a Frame Agreement cementing their strategic partnership in utility-scale Battery Energy Storage Systems (BESS) of total energy storage over 3GWh across Chile and European markets METLEN Hosted Capital Markets Day in London, Unveiling Strategic Roadmap Towards ���2 Billion targeted Group EBITDA in the medium term and New Growth Pillars Principal risks and uncertainties METLEN Energy & Metals considers risk management an integral part of business operations to identify risks and opportunities and ensure business resilience. Enterprise risk management is integrated into our decision-making, market analysis, and business continuity, enabling us to continuously identify and assess existing and emerging risks and opportunities on a company and business level. An analysis of the principal risks that METLEN faces including the description and potential threats of each risk are presented below. Geopolitical risk: METLEN's activities, access to markets, and operational continuity face potential disruptions stemming from various forms of political instability, including terrorism, war, crime and social unrest. Such events can undermine the stability of the regions in which METLEN operates, causing delays in project execution, increased security risks, and heightened operational costs. Furthermore, frequent changes in policies, regulations and legislation, short-term changes in demand and/or trade requirements could potentially impact key markets for METLEN's products, projects and services. Moreover, ongoing geopolitical developments, such as military conflicts, trade disputes, sanctions, and political disruption, can have an impact on METLEN. These dynamics can disrupt business plans and investment decisions due to increased uncertainty, fluctuating commodity prices, etc. Macroeconomic risk: Through its business activities that expand in various economies, METLEN is exposed to a wide range of macroeconomic trends and factors that could potentially threaten its activities, financial stability and long-term viability. METLEN could face negative impacts from various macroeconomic pressures, such as significant reductions in customer spending, delays in investment plans, and inflationary pressures that erode profit margins by increasing the underlying cost base. Additionally, political instability and aggressive monetary and fiscal policies could adversely affect the achievement of METLEN's strategic objectives. More specifically, a variety of macroeconomic indicators may alert the business and financial targets, e.g. an increase in unemployment rates could negatively affect demand/default rates in retail businesses, primary surplus can have an impact on public investments and demand for infrastructure projects, high interest rates may affect the overall financial goals of the business since the interest rate increase aims to slow economic activity and is likely to lead to lower demand for goods and services as well as to increase the borrowing costs making credit and investment more expensive and having an impact on the overall liquidity. Energy supply risk: METLEN operations face potential risks stemming from high energy prices and availability constraints caused by disruptions in the energy market. These disruptions can arise from geopolitical tensions, supply chain interruptions, or volatility in energy commodities, creating challenges for the organisation's ability to secure reliable and cost-effective energy sources. Potential failure to effectively plan and manage the energy sources (electrical power, natural gas, etc.) in terms of quantity, pricing, and costs could lead to delays and disruptions in the production process of the Metals Sector, the participation of thermal units of the Energy Sector in the energy mix, additional costs, and inability to achieve operational and financial goals as well as client needs. Finally, the ability to maintain a balanced mix of electrical power (RES vs Thermal) is important to meet sustainability and financial targets. Commercial & competition risk: METLEN's Energy segments are exposed to significant commercial and competition risks that could impact profitability, market share, and operational efficiency. In the retail energy segment, intense price competition, customer retention challenges, and regulatory pressures pose substantial risks. Rivals offering lower prices or more attractive service packages can erode market share, while regulatory changes may increase operational costs or constrain pricing strategies, further compressing profit margins. In the renewable energy segment, competition for lucrative contracts, government incentives, and prime project sites is fierce. Fluctuating costs of raw materials, such as solar panels and batteries, as well as delays in project timelines, threaten operational efficiency and profitability. Additionally, securing long-term power purchase agreements (PPAs) with competitive terms remains critical to financial viability and the ability to scale operations. The power projects segment faces risks tied to securing contracts amid competitive bidding processes, with fluctuating material and labor costs adding financial pressure to project budgets. Potential delays in projects can lead to financial penalties and escalating costs which could render projects unprofitable. The energy management segment is exposed to market volatility, pricing inaccuracies, and geopolitical factors, all of which can disrupt supply-demand dynamics and lead to financial losses or missed opportunities in optimising energy portfolios. Lastly, in the natural gas segment, risks stem from securing favorable supply agreements and maintaining competitive market positioning. Price volatility, driven by geopolitical tensions, supply disruptions, and seasonal demand fluctuations, further complicates operations and can strain financial performance. Long-term resources availability risk: The demand and supply dynamics of long-term resources are closely related to our ability to produce the expected economic output and support social initiatives. Our business activities are dependent on the expected supply of raw materials (e.g. bauxite) and energy sources (e.g. natural gas) that can be affected by various external factors such as competition, regulations, government policies, price speculation as well as by internal factors such as production targets and operational efficiency. The availability, quality, and cost of critical raw materials and energy sources affect METLEN's financial and operational targets. More specifically, disruptions in the bauxite production or the bauxite supply in terms of type, concentration of iron minerals, and price could negatively or positively affect the business objectives of the Metals Sector. These disruptions may either negatively or positively affect METLEN's ability to meet its strategic goals, depending on market conditions and supply agreements. Furthermore, the security and availability of natural gas are paramount for the operations of thermal power units, the uninterruptible Aluminium of Greece (AoG) operations, and METLEN's participation in the energy and gas markets. Any disruption in natural gas supply - such as those caused by geopolitical tensions, sanctions, tariffs, or market shortages - could severely impact METLEN's objectives. These challenges may lead to increased operational and financial costs as METLEN seeks alternative means to secure the necessary quantities of natural gas to sustain operations. Investments decisions risk: Investment decisions, particularly those involving mergers, acquisitions, and major transactions, are critical to METLEN's strategic growth and sustainability. While such activities present opportunities to expand operational capacity, enhance market competitiveness, and increase market share, they are inherently accompanied by significant risks that could affect METLEN's financial health, market position, and overall reputation. One important risk lies in valuation inaccuracies, where misjudging the worth of acquired assets or companies can lead to overpayment, ultimately straining financial resources and reducing the return on investment. Such missteps can also diminish shareholder confidence and limit METLEN's ability to allocate capital toward other growth opportunities. Moreover, unforeseen liabilities pose another considerable risk. Acquired companies or assets may bring hidden issues such as unresolved legal disputes, environmental responsibilities, or unrecorded financial debts. These liabilities can have a lasting impact on METLEN's balance sheet, creating financial burdens and reputational challenges. Integration inefficiencies represent another significant challenge, especially following mergers or acquisitions. When acquired entities or assets are not seamlessly integrated into METLEN's operations, inefficiencies can arise, disrupting workflows, creating bottlenecks, and delaying the realisation of synergies. This can lead to operational underperformance and failure to achieve the strategic benefits anticipated from the transaction. Additionally, market conditions and economic factors play a crucial role in the success of investment decisions. For example, while selling PV solar parks may generate cash inflows, fluctuating demand and buyer interest could impact pricing, placing pressure on profit margins. These external factors underscore the importance of timing and market analysis in transaction planning. Health & Safety risk: METLEN is exposed to health and safety risks due to the nature of its operations. These risks include minor workplace accidents, accidents resulting in lost workdays, occupational diseases, and, in the worst cases, fatalities. Managing these risks is critical not only for safeguarding the physical and mental well-being of employees, subcontractors, and business partners but also for ensuring METLEN's business continuity and reputation. The potential failure to manage health and safety risks effectively could result in severe consequences. Beyond the immediate human impact, such incidents can lead to litigation, regulatory fines, increased insurance premiums, operational issues due to equipment damage or work stoppages that can halt production or delay project timelines, replacement costs and reputational damage. Sustainability risk: METLEN faces sustainability and climate-related risks that could disrupt its operations, financial performance, and long-term strategy. Sustainability challenges stem from inefficient business practices, outdated equipment, and inadequate processes, which hinder the organisation's ability to manage and protect natural resources such as water, air, plants, and animal species. This could lead to environmental degradation, increased carbon emissions, resource scarcity, and non-compliance with environmental regulations, exposing METLEN to legal liabilities, fines, and reputational damage. Furthermore, climate-related risks, both physical and transitional, further compound these challenges. Physical risks, including water stress, extreme weather events, and rising temperatures, may disrupt raw material supplies, increase production costs, and create capacity constraints. Meanwhile, transitional risks, such as stricter regulations, compliance costs, and the pressure to meet decarbonisation goals, require rapid adaptation to evolving market and policy demands. Failure to manage these risks could result in financial losses, reputational damage, and loss of the social and regulatory license to operate. Addressing these sustainability and climate related risks is critical to maintaining operational resilience, protecting ecosystems, and securing stakeholder trust. Commodities risk: METLEN operates in global markets with exposures to market driven commodity price fluctuations that are determined by demand and supply dynamics, economic growth, inventory balances, speculative positions, regulatory affairs, government policies, etc. Potential failure to plan or manage unfavorable fluctuations in commodity prices could adversely impact METLEN's future financial performance. More specifically, through its business activities, METLEN is mainly exposed to risks arising from price fluctuations in Aluminium (AL), Aluminium Oxide (OX), natural gas, CO2 emission allowances and scrap aluminium. These types of exposure could negatively affect both revenues (e.g., metal prices at LME) and costs (e.g., natural gas prices). Credit risk: Credit Risk entails the potential failure to effectively manage credit incidents arising from METLEN's business and financial market transactions. In more detail, credit incidents and credit exposure may arise from the sale activities of the Energy and Metals Sectors and the subsidiaries, the trading transactions in derivatives and other financial transactions such as deposits, loans, etc. METLEN is exposed to credit risk through the possibility of a counterparty default, a credit rating downgrade and/or an adverse credit environment in general. As a result, credit risk related to non-performance by customers, suppliers, and counterparties could disrupt revenue and cash flows and increase the cost of collection, settlement and replacement. Moreover, concentration on specific counterparties, customers, suppliers or affiliated entities could have a significant impact on METLEN's financials in the rise of a credit incident, thus exposing itself to reputational and operational risks as well as to financial risks through an increase to spreads, unfavorable prepayment obligations, borrowing terms and cost of financing. Furthermore, credit risk could be realised through an inability to efficiently collect receivables that would cause significant bad debt expense and/or excessive days receivables outstanding. Finally, if any factors of credit risk were to materialise, METLEN's financial condition, revenues and cashflows could be negatively impacted. The analysis below of the balance of the Group's net trade receivables on 30.06.2025 and 31.12.2024 as well as the simple average collection days (DSO, based on the annual Turnover) is shown in the following table: METLEN ENERGY & METALS GROUP (Amounts in thousands ���) 30.06.2025 31.12.2024 Net trade receivables 765,316 936,874 Sales 3,607,503 5,682,956 Simple calculated DSO (w/o VAT adjustments) 38.7 60.2 Interest rates risk: METLEN faces interest rate risk arising from interest bearing balance sheet items, such as liabilities (financing) and assets (deposits/investments), as well as from project financing activities and financial derivative transactions. Moreover, macro developments and policy decisions at a regulatory level (e.g., European Central Bank) may affect METLEN's exposure to interest rate risk. Foreign exchange risk: METLEN is exposed to foreign exchange risk arising from balance sheet items, such as liabilities (financing) and assets (deposits/investments), as well as from project financing activities and financial derivative transactions in currencies other than the Euro. Moreover, macro developments and policy decisions by various governments in the territories in which the Group operates may affect METLEN's exposure to foreign exchange risk. Liquidity risk: Liquidity risk is related to METLEN's need to finance its operations, meet payment obligations, and borrow funds at an acceptable cost to support the strategic transactions, and investment programs. In more detail, the risk may arise from various sources and activities within the business model of METLEN, such as inadequate cash flow management, business disruption, increase in operational costs, unplanned capital expenditures, inadequate management of working capital, inadequate monitoring of debt payments, ineffective collection processes, etc. The effect of liquidity risk in the event that it becomes material may be multi-dimensional, such as leading to an inability to meet growing capital expansion plans, breaching bank loan terms and covenants, failure to procure critical material/resources, mandatory prepayments of outstanding loans, reduction of available credit lines, inability to pay wages, etc. In addition, liquidity risk may affect METLEN evaluation by rating agencies and thus increase the cost of financing its investment plans or limit METLEN access to Capital Markets or alternative funding sources. On the other hand, the effective management of liquidity risk is an integral part of potential: a) improvement of net profitability through reduced interest expense; b) implementation of METLEN business expansion initiatives through the ability to secure financings with more competitive terms (enhanced terms with financiers and suppliers); c) improvement of METLEN's credit standing & outlook from credit rating agencies, etc. As a result, the relevant liquidity requirements are the subject of continuous management through the meticulous monitoring of outstanding debt, of any other long-term financial liabilities, and of cash inflows and outflows. People risk: METLEN relies on its employees and talent to achieve its business, financial targets and objectives. The ability to attract, develop, and retain a variety of skilled employees with the right mix of soft and technical skills is critical to maintaining our leading position in the market, compete and grow. Low levels of employee engagement, high employee turnover rates, and inability to create a positive working environment could lead to a loss of "know-how" and skills, to business disruptions, affect the continuation of critical operations due to insufficient succession planning, and reduce the confidence within the market and among stakeholders. In addition, the expansion of METLEN through acquisitions and its presence in multiple geographical areas may create challenges to onboarding new resources effectively, adjusting to societal expectations and norms, and effectively communicating our mission and purpose. If this risk were to materialise, it could adversely impact the success of METLEN's strategic objectives and threaten its reputation and the timely achievement of its commitments. Project planning & execution risk: METLEN's growth and expansion have led to a significant increase in the volume and complexity of projects and partnerships with sub-contractors / third parties. This expansion inherently raises METLEN's exposure to risks associated with ineffective project management, planning, and execution. Inefficient management could lead to delays, cost overruns, quality and safety issues, all of which negatively affect project outcomes and client satisfaction. A failure to meet client expectations can escalate into legal disputes, particularly over breached contractual terms, which may result in financial penalties and strained business relationships. Moreover, delays or the inability to deliver projects with significant exposure not only affect immediate client relationships but also damage METLEN's reputation. This damage can erode trust and reliability in the market, potentially leading to the loss of future business opportunities. Operational efficiency risk: METLEN faces operational efficiency risks that challenge the effective functioning of its power plants, with potential impacts on reliability, performance, and cost-effectiveness. Inefficiencies in equipment maintenance, for instance, can lead to higher operating costs, unplanned outages, and reduced energy output. Delays in routine maintenance, inadequate monitoring of critical systems, or reliance on outdated technology can intensify these risks, resulting in equipment failures that cause downtime and revenue loss. Over time, operational inefficiencies can also accelerate equipment wear and tear, increasing asset depreciation and inflating long-term operational costs. Given these types of risks, managing operational efficiency is essential to ensuring the smooth operation of METLEN's power plants, meeting energy demand, and sustaining profitability in a highly competitive market. Corporate governance & ICS risk: As METLEN grows and faces greater regulatory scrutiny, compliance with governance provisions, such as the UK Corporate Governance Code, and effective governance by the Board of Directors become increasingly critical. Failure to adhere to Governance provisions due to weak Board oversight, insufficient director independence, or ineffective risk management can expose METLEN to legal, financial and reputational risks. Additionally, METLEN's expansion increases operational complexity, raising the risk of ineffective internal controls. Weak controls can lead to financial inaccuracies, fraud, non-compliance, and poor decision-making. If not addressed, these issues can escalate into regulatory penalties, material misstatements, and reputational harm, eroding stakeholder confidence. These governance and internal control system failures may undermine investor confidence, profitability and growth, damage stakeholder trust, and impact business relationships, ultimately affecting long-term growth and sustainability. Contractual risk: METLEN's diversification of activities and global expansion have resulted in an increased volume of business deals and contractual obligations with partners, clients, and vendors, exposing it to contractual risks. These risks may arise from ineffective internal processes, such as insufficient engagement with end-users, incomplete review and assessment of contract terms, inability to evaluate project complexity and risks, lack of monitoring mechanisms to ensure conformance with contract terms, or inadequate coordination between legal and business teams. Poorly negotiated or ambiguous contract terms, such as those related to force majeure clauses, change orders, or performance guarantees, can result in disputes, delays, or financial losses, ultimately affecting project timelines, risk allocation, and overall competitiveness. Potential failure to manage contractual risk may affect METLEN in multiple ways, trigger other risk categories, and significantly impact its overall risk profile. More specifically, the contractual risk may create financial losses due to revenue losses or cost overruns, damage METLEN reputation, affect its bargaining power, lead to lawsuits and regulatory fines, and increase the operational effort to manage this risk. Compliance risk: Compliance risk poses a significant challenge to METLEN as regulatory expectations continue to grow, with new legal requirements being introduced and a more aggressive enforcement stance adopted across various markets. The evolving regulatory landscape demands that METLEN adhere to a wide range of laws and standards, including anti-corruption, anti-money laundering, global competition, human rights, data protection, and economic sanctions. A failure to embed a robust business integrity culture or a breach of these laws and company policies could result in substantial financial penalties, operational disruptions, and reputational damage. Non-compliance could erode stakeholder trust, hinder access to global markets, and lead to the loss of business opportunities. Moreover, the complexity of navigating overlapping regulatory frameworks across jurisdictions increases operational burdens and necessitates ongoing efforts to enhance compliance systems, employee training, and monitoring practices. These measures are critical to safeguarding METLEN's reputation and maintaining its competitiveness in an increasingly regulated environment. Significant related party transactions The commercial transactions of the Group and the Company with related parties during the first half of 2025, were realised under the common commercial terms. The Group has not entered in any transactions with its related parties that were not on an arm's length basis and does not intend to participate in such transactions in the future. No transaction was under any special terms and conditions. The tables below present the compensation of key management personnel of the Group and the Company, as well as intercompany sales and transactions between the Parent Company and its subsidiaries, associates for the period ended 30 June 2025. Compensation of key management personnel of the Group and Company For the purposes of this analysis key management personnel are deemed to be the members of the BoD of the parent Company, CEOs of major subsidiaries, head of business units and other departments. Total compensation of key management personnel recognized in the Income Statement are presented below: METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 30.06.2025 30.06.2024 30.06.2025 30.06.2024 Wages 4,341 5,986 2,884 3,739 Tax and insurance service costs 404 291 270 116 Long-term benefits 6 , 087 5 , 826 6 , 087 5 , 826 Total compensation of key management personnel 1 0 , 832 12 , 103 9 , 241 9 , 681 Transactions and balances between the Parent Company and its subsidiaries METLEN ENERGY & METALS S.A. (Amounts in thousands ���) Sales of goods 01.01- 30.06.2025 KORINTHOS POWER S.A. 82 , 382 EFA ENERGEIAKI ETAIRIA FYSIKOU AERIOU AE 7 , 086 EP.AL.ME. S.A. 6 , 577 PROTERGIA ENERGY S.A. 4 , 417 PROTERGIA ENERGY ALBANIA LTD 4 , 211 PROTERGIA ENERGY DOOEL Skopje 1 , 204 EUROPEAN BAUXITES SINGLE MEMBER S.A. 1 , 091 VOLTERRA ANONYMH ETAIREIA PARAGOGIS & EMBORIAS ENERGEIAS 1 , 031 Other 1 , 644 Purchases of goods 01.01- 30.06.2025 EUROPEAN BAUXITES SINGLE MEMBER S.A. 26 , 251 EP.AL.ME. S.A. 6 , 376 SERVISTEEL S.A. 925 Other 1 , 294 Services Sales 01.01- 30.06.2025 MYTILINEOS FINANCIAL PARTNERS S.A. 42 , 587 KORINTHOS POWER S.A. 3 , 907 METKA-EGN LTD 2 , 036 PROTERGIA ENERGY S.A. 1 , 030 Other 1 , 779 Other Transactions 01.01- 30.06.2025 METKA-EGN LTD 2 , 721 Other 297 Services Purchases 01.01- 30.06.2025 ELEMKA S.A. 1 , 905 MYTILINEOS FINANCIAL PARTNERS S.A. 1 , 048 Other 1 , 310 Receivables from Related Parties 30.06.2025 MYTILINEOS FINANCIAL PARTNERS S.A. 1 , 663 , 825 METKA-EGN LTD 270 , 777 MYTILINEOS HELLENIC WIND POWER S.A. 34 , 065 METKA INTERNATIONAL LTD (RAK) 23 , 990 EP.AL.ME. S.A. 20 , 207 EGNATIA ERGO ENERGY SINGLE MEMBER S.A. 17 , 309 KORINTHOS POWER S.A. 13 , 576 VOLTERRA ANONYMH ETAIREIA PARAGOGIS & EMBORIAS ENERGEIAS 12 , 500 MYTILINEOS CONSTRUCTION SINGLE MEMBER SOCI��T�� ANONYME 7 , 239 SPIDER S.A. 7 , 070 J/V MYTILINEOS S.A. - ELEMKA S.A. 6 , 197 RENEWABLE SOURCES OF KARYSTIA S.A. 6 , 118 ZEOLOGIC S.A. 5 , 048 PROTERGIA ENERGY S.A. 4 , 923 METKA RENEWABLES LIMITED 3 , 761 AIOLIKI SAMOTHRAKIS S.A. 3 , 572 ELEMKA S.A. 3 , 373 EFA ENERGEIAKI ETAIRIA FYSIKOU AERIOU AE 3 , 354 HELLENIC SOLAR S.A. 3 , 004 METKA POWER INVESTMENTS 2 , 079 EGNATIA EK.A. MONOPROSOPI S.A. 1 , 922 POWER PROJECT SANAYI INSAAT TICARET LIMITED SIRKETI 1 , 616 EUROPEAN BAUXITES SINGLE MEMBER S.A. 1 , 555 SOMETRA S.A. 1 , 525 IKAROS ANEMOS S.A. 1 , 208 CHRISOS HELIOS ENERGEIAKI S.A. 927 Other 9 , 730 Payables to Related Parties 30.06.2025 POWER PROJECT SANAYI INSAAT TICARET LIMITED SIRKETI 177 , 894 MYTILINEOS FINANCIAL PARTNERS S.A. 50 , 522 EP.AL.ME. S.A. 11 , 228 ELEMKA S.A. 11 , 052 KORINTHOS POWER S.A. 6 , 161 EGNATIA EK.A. MONOPROSOPI S.A. 3 , 644 ZEOLOGIC S.A. 2 , 893 RENEWABLE SOURCES OF KARYSTIA S.A. 2 , 500 SERVISTEEL S.A. 2 , 436 MC17 SCHOLEIA KENTRIKIS MAKEDONIAS A.E.E.S. 2 , 341 EGNATIA WIND M.A.E. 1 , 353 SPIDER S.A. 1 , 014 METKA INTERNATIONAL LTD 969 Other 3 , 700 Transactions and balances between the Group and the Company and its associates for the Interim period of 30.06.2025 presented in the table below: (Amounts in thousands ���) Associates Group Company Services Sales KEDRINOS LOFOS S.A. 27 , 849 - Receivables from Related Parties KEDRINOS LOFOS S.A. 14,987 14 , 695 Payables to Related Parties KEDRINOS LOFOS S.A. 1 4 ,579 - Post Balance Sheet events Since the interim period end date of 30 June 2025, "METLEN Energy & Metals PLC" (hereinafter called "METLEN PLC") acquired all (100%) of the shares issued by the Company, pursuant to (i) the voluntary share exchange tender offer that METLEN PLC submitted on 25 June 2025 in accordance with Law 3461/2006, as in force ("Law 3461"), and (ii) the right of squeeze-out exercised by METLEN PLC in accordance with Article 27 of Law 3461 and the decision 1/644/22.4.2013, as in force, of the Board of Directors of the Hellenic Capital Market Commission (the "HCMC"), the process of which completed on 29 August 2025. As a result, METLEN PLC has become the direct parent of the Company and the ultimate parent company of the Company's Group. METLEN PLC's share capital in ordinary registered shares amounts today to ���1,573,252,780.00 and is divided into 143,022,980 ordinary registered shares, admitted to trading on (a) the Main Market of the London Stock Exchange (the "LSE") and (b) on the Regulated Securities Market of the Athens Exchange (the "ATHEX"). Following the aforementioned acquisition, the Company has submitted a written request to the HCMC to approve the delisting of the Company's ordinary registered shares from the Athens Exchange, in accordance with Article 17, paragraph 5 of Law 3371/2005, as in force. Post balance sheet events are listed in Note 23 of the Interim Financial Information. Evangelos Mytilineos Spyr idon Kasdas Chairman of the Board of Directors & Chief Executive Officer Vice-Chairman A' of the Board of Directors Report on Review of Interim Financial Information To the Board of directors of Metlen Energy & Metals S.A. Introduction We have reviewed the condensed company and consolidated statement of financial position of Metlen Energy & Metals, as of 30 June 2025 and the related condensed company and consolidated statements of Income Statement, Comprehensive income, Changes in Equity and Cash Flow statements for the six-month period then ended, and the selected explanatory notes that comprise the interim condensed financial information and which form an integral part of the six-month financial report as required by L.3556/2007. Management is responsible for the preparation and presentation of this condensed interim financial information in accordance with International Financial Reporting Standards as they have been adopted by the European Union and applied to interim financial reporting (International Accounting Standard "IAS 34"). Our responsibility is to express a conclusion on this interim condensed financial information based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, as they have been transposed into Greek Law and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information is not prepared, in all material respects, in accordance with IAS 34. Report on other legal and regulatory requirements Our review has not revealed any material inconsistency or misstatement in the statements of the members of the Board of Directors and the information of the six-month Board of Directors Report, as defined in articles 5 and 5a of Law 3556/2007, in relation to the accompanying condensed interim financial information. Athens, 9 September 2025 The Certified Chartered Accountant PricewaterhouseCoopers SA Leoforos Kifisias 65 151 24 Marousi SOEL Reg. 113 Socrates Leptos-Bourgi SOEL Reg. No 41541 We confirm that the attached Interim Condensed Financial Information (Consolidated and Separate) is the one approved by the Board of Directors of METLEN Energy & Metals S.A. on 8 September 20 25 and ha s been published to the website www.metlengroup.com according to the International Financial Reporting Standards (IFRS) as adopted by the European Union . METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) Notes 01.01-30.06.2025 01.01-30.06.2024 01.01-30.06.2025 01.01-30.06.2024 Sales 3,607,503 2,482,047 2,190,609 1,595,878 Cost of sales (3,246,687) (2,067,895) (2,077,965) (1,355,115) Gross profit 360,816 414,152 112,644 240,763 Other operating income 95,372 95,761 43,417 57,749 Administrative expenses (64,472) (55,861) (51,392) (47,382) Other operating expenses (13,856) (35,040) (67,720) (35,376) Credit losses on trade and other receivables (11,169) (21,872) (8,896) (13,766) Total operating profit 366,691 397,140 28,053 201,988 Financial income 1 6 13,941 10,621 51,316 38,096 Financial expenses 1 6 (92,952) (61,244) (67,472) (39,005) Other financial results 2,434 (875) 52,434 4,635 Share of profits / (losses) of associates 620 170 - - Profit before income tax 290,734 345,812 64,331 205,714 Income tax expense (29,650) (60,517) 8,488 (49,887) Profit after income tax 261,084 285,295 72,819 155,827 Attributable to: Equity holders of the parent 1 7 253,764 281,953 72,819 155,827 Non-controlling Interests 7,320 3,342 - - Basic earnings per share (in Euro) 1 7 1.8116 2.0418 0.5198 1.1285 Diluted earnings per share (in Euro) 1 7 1.7848 2.0 118 0.5122 1.1 147 The notes on pages 33 to 67 are an integral part of Financial Information. METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 01.01-30.06.2025 01.01-30.06.2024 01.01-30.06.2025 01.01-30.06.2024 Other Comprehensive Income: Profit after income tax 261,084 285,295 72,819 155,827 Items that may be reclassified subsequently to profit or loss: Exchange differences on translation of foreign operations (36,714) 9,412 - - Other comprehensive income from associates (net of tax) 2,793 2,397 - - Net loss on cash flow hedges (33,345) (30,477) (4,524) (30,935) Deferred tax on cash flow hedging reserve 3,070 7,130 317 6,802 Other comprehensive loss for the period (64,196) (11,538) (4,207) (24,133) Total comprehensive income for the period 196,889 273,757 68,612 131,693 Attributable to: Equity holders of the parent 189,568 270,415 68,612 131,693 Non-controlling Interests 7,320 3,342 - - The notes on pages 33 to 67 are an integral part of Financial Information. METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) Note s 30.06.2025 31.12.2024 30.06.2025 31.12.2024 Assets Non-current assets Property, plant and equipment 4 2,475, 798 2,517,314 1,2 44 , 754 1,216,881 Goodwill 279,495 279,495 - - Intangible assets 5 366,035 500,405 106,507 232,854 Investments in subsidiary companies - - 604,003 607,781 Investments in associates 9,689 6,324 7,013 7,013 Other investments 20 22 - - Deferred tax assets 56,277 100,891 - - Other financial assets 11 168,516 187,891 168,410 180,619 Derivatives 11 55,845 53,919 5,130 10,699 Contract assets 6 471,520 514,207 - - Other long-term receivables 8 25,417 71,367 22,846 52,748 Right-of-use assets 201,242 199,288 133,917 135,290 Total non-current assets 4,109, 854 4,431,123 2,2 92 , 580 2,443,885 Current assets Inventories 7 1,1 67 , 393 1,590,106 230,004 297,202 Contract assets 6 1,949,360 866,551 301,02 4 257,808 Trade and other receivables 8 2,027,362 2,327,550 3, 535 , 141 3,464,759 Financial assets at fair value through profit or loss 11 40,780 23,443 40,574 23,237 Derivatives 11 51,808 34,089 47,311 28,183 Restricted cash 19,303 13,486 - - Cash and cash equivalents 1,296,687 1,381,772 630,475 488,182 Total current assets 6, 552 , 693 6,236,997 4, 784 , 529 4,559,371 Total assets 10, 662 , 547 10,668,120 7, 077 , 109 7,003,256 Liabilities & Equity Equity Share capital 9 138,815 138,604 138,815 138,604 Share premium 124,701 124,701 124,701 124,701 Convertible loan equity reserve 9 - 1,945 - 1,945 Treasury shares 9 (69) (110,565) (69) (110,565) Reserves 218,422 257,643 (129,756) (150,273) Retained earnings 2,6 49 , 747 2,578,418 1, 613 , 553 1,722,919 Equity attributable to equity holders of the parent 3, 131 ,61 6 2,990,746 1,7 47 , 244 1,727,331 Non-controlling Interests 109,454 102,134 - - Total equity 3, 241 , 070 3,092,880 1,7 47 , 244 1,727,331 Non-current liabilities Long-term debt 11 3,938,313 3,371,331 2,961,411 2,486,788 Lease liabilities 205 , 997 203,677 141 , 535 141,715 Derivatives 11 11,643 5,565 5,662 2,614 Deferred tax liabilities 21 0 , 332 261,086 13 8 , 150 142,396 Liabilities for pension plans 9,642 9,532 6,682 6,372 Other long-term payables 102,877 113,276 51,443 46,153 Provisions 12 5 2 , 845 96,018 3,622 7,783 Total non-current liabilities 4, 531 , 649 4,060,485 3, 308 , 505 2,833,821 Current liabilities Trade and other payables 13 2, 330 , 065 2,519,9 04 1,7 52 , 607 1,817,242 Contract liabilities 6 111,711 146,828 82,643 118,169 Current tax liabilities 3 9 , 992 116,5 55 - 70,180 Short-term debt 11 109,164 375,887 84,373 317,345 Current portion of long-term debt 230,833 299,999 61,234 86,551 Lease liabilities 13 , 934 10,782 8 , 005 6,340 Derivatives 11 53,026 44,354 32,498 26,277 Provisions 12 1,103 446 - - Total current liabilities 2 , 889 , 828 3,514,755 2, 021 , 360 2,442,104 Total liabilities 7, 421 , 477 7,575,240 5, 329 , 865 5,275,925 Liabilities & Equity 10, 662 , 547 10,668,120 7, 077 , 109 7,003,256 The notes on pages 33 to 67 are an integral part of Financial Information. METLEN ENERGY & METALS GROUP (Amounts in thousands ���) Share capital Share premium Convertible loan equity reserve Treasury shares Reserves Retained earnings Total Non-controlling Interests Total Balance at 01.01.2024 138,604 124,701 1,945 (81,299) 246,503 2,176,952 2,607,406 91,153 2,698,559 Transactions with owners Dividends to shareholders - - - - - (214,337) (214,337) - (214,337) Treasury share purchases - - - (13,386) - - (13,386) - (13,386) Increase / (decrease) of share capital - - - - - (16) (16) 26 10 Transactions with owners - - - (13,386) - (214,353) (227,739) 26 (227,713) Net profit for the period - - - - - 281,953 281,953 3,342 285,295 Other comprehensive income: Other comprehensive income - - - - (11,538) - (11,538) - (11,538) Total comprehensive income for the period - - - - (11,538) 281,953 270,415 3,342 273,757 Transfer to reserves - - - - (104) 104 - - - Impact from acquisition of subsidiary - - - - - (448) (448) - (448) Balance at 30.06.2024 138,604 124,701 1,945 (94,686) 234,861 2,244,208 2,649,634 94,521 2,744,155 Balance at 01.01.2025 138,604 124,701 1,945 (110,565) 257,643 2,578,418 2,990,746 102,134 3,092,880 Transactions with owners Dividends to shareholders - - - - - (214,662) (214,662) - (214,662) Equity-settled share-based payment - - - - 4,936 (993) 3,942 - 3,942 Convertible bond loan - - (1,945) - - - (1,945) - (1,945) Treasury share s urrender - - - 110,497 - 53,470 163,967 - 163,967 Increase / (decrease) of share capital 210 - - - (210) - - - - Transactions with owners 210 - (1,945) 110,497 4,725 (162,186) (48,699) - (48,699) Net profit for the period - - - - - 253,764 253,764 7,320 261,084 Other comprehensive income: Other comprehensive income - - - - (64,196) - (64,196) - (64,196) Total comprehensive income for the period - - - - (64,196) 253,764 189,568 7,320 196,889 Transfer to reserves - - - - 20,250 (20,250) - - - Balance at 30.06.2025 138,815 124,701 - (69) 218,422 2,649,747 3,131,617 109,454 3,241,070 The notes on pages 33 to 67 are an integral part of Financial Information. METLEN ENERGY & METALS S.A. (Amounts in thousands ���) Share capital Share premium Convertible loan equity reserve Treasury shares Reserves Retained earnings Total Balance at 01.01.2024 138,604 124,701 1,945 (81,299) (137,974) 1,611,583 1,657,560 Change In Equity Dividends to shareholders - - - - - (214,337) (214,337) Treasury share purchases - - - (13,386) - - (13,386) Transactions with owners - - - (13,386) - (214,337) (227,723) Net profit for the period - - - - - 155,827 155,827 Other comprehensive income: Other comprehensive income - - - - (24,133) - (24,133) Total comprehensive income for the period - - - - (24,133) 155,827 131,694 Balance at 30.06.2024 138,604 124,701 1,945 (94,686) (162,108) 1,553,073 1,561,529 Balance at 01.01.2025 138,604 124,701 1,945 (110,565) (150,273) 1,722,917 1,727,331 Change In Equity Dividends to shareholders - - - - - (214,662) (214,662) Equity-settled share-based payment - - - - 4,936 (993) 3,943 Convertible bond loan - - (1,945) - - - (1,945) Treasury share s urrender - - - 110,497 - 53,470 163,967 Increase / (decrease) of share capital 210 - - - (21 0 ) - - Transactions with owners 210 - (1,945) 110,497 4,725 (162,185) (48,698) Net profit for the period - - - - - 72,819 72,819 Other comprehensive income: Other comprehensive income - - - - (4,207) - (4,207) Total comprehensive income for the period - - - - (4,207) 72,819 68,612 Transfer to reserves - - - - 20,000 (20,000) - Balance at 30.06.2025 138,815 124,701 - (69) (129,756) 1,613,551 1,747,244 The notes on pages 33 to 67 are an integral part of Financial Information. METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) Notes 01.01-30.06.2025 01.01-30.06.2024 01.01-30.06.2025 01.01-30.06.2024 Cash flows from operating activities Cash flows from operating activities 1 8 107,787 48,276 (200,083) (8,915) Interest paid (65,170) (59,369) (36,523) (33,515) Income taxes paid (31,250) (41,041) (25,669) (26,283) Net cash flows from operating activities 11,367 (52,134) (262,275) (68,713) Cash flow from investing activities Purchases of property, plant and equipment (581,816) (299,701) (57,932) (77,585) Purchases of intangible assets (24,157) (11,736) (18,700) (11,736) Proceeds from sale of CO2 and other assets 141,642 - 137,976 746 Dividends received from associates/subsidiaries 613 - 11,173 - Purchase of financial assets at fair value through profit and loss (13,970) (6,687) (13,970) (6,687) Acquisition of subsidiaries, net of cash (33,228) (16,092) (27,006) (17,925) Interest received 5,187 4,312 12,690 11,953 Net receipt of government grants 235 6,235 440 1,570 Other - (145) - - Net cash flows used in investing activities (505,494) (323,814) 44,671 (99,664) Cash flows from financing activities Payments for share capital increase in subsidiaries - - - (5,050) Dividends paid to owners of parent (117) - (117) - Proceeds from borrowings 986,325 318,193 695,858 153,018 Repayments of borrowings (508,444) (58,723) (277,130) (24,188) Payment of principal portion of lease liabilities (6,912) (4,998) (3,477) (2,556) (Payments) / proceeds (for) / from (acquisition) / sale of treasury shares (6,324) (16,221) (6,324) (16,221) Net cash outflows used in financing activities 464,528 238,251 408,810 105,003 Net (decrease) / increase in cash and cash equivalents (29,598) (137,697) 191,206 (63,374) Cash and cash equivalents, net of bank overdrafts at beginning of period 1,276,228 877,574 389,215 424,578 Exchange differences in cash and cash equivalents - (19) - - Net cash at the end of the period 1,296,687 747,631 630,475 361,293 Bank overdrafts (50,057) (7,773) (50,054) (89) Cash and cash equivalent net of bank overdrafts 1,246,630 739,858 580,421 361,204 Cash and cash equivalents, net of bank overdrafts at the end of the period 1,246,630 739,858 580,421 361,204 The notes on pages 33 to 67 are an integral part of Financial Information. General information METLEN Energy & Metals S.A. (the "Company" and, together with its subsidiaries, "METLEN" or the "Group"), (formerly MYTILINEOS S.A.) is a global industrial and energy company focusing on the Energy and Metals Sectors. The Company, which was founded in 1990 as a metallurgical company of international trade and participations, is an evolution of an old metallurgical family business which began its activity in 1908. The Group's headquarters are located in Athens - Maroussi (8 Artemidos Str., P.C. 151 25) and its shares are listed on the Athens Stock Exchange since 1995. On 29 August 2025, "METLEN Energy & Metals PLC" (hereinafter called "METLEN PLC") acquired all (100%) of the shares issued by the Company, pursuant to (i) the voluntary share exchange tender offer that METLEN PLC submitted on 25 June 2025 in accordance with Law 3461/2006, as in force ("Law 3461"), and (ii) the right of squeeze-out exercised by METLEN PLC in accordance with Article 27 of Law 3461 and the decision 1/644/22.4.2013, as in force, of the Board of Directors of the Hellenic Capital Market Commission (the "HCMC"). As a result, METLEN PLC has become the direct parent of the Company and the ultimate parent company of the Company's Group. METLEN PLC's share capital in ordinary registered shares amounts today to ���1,573,252,780.00 and is divided into 143,022,980 ordinary registered shares, admitted to trading on (a) the Main Market of the London Stock Exchange (the "LSE") and (b) on the Regulated Securities Market of the Athens Exchange (the "ATHEX"). Following the aforementioned acquisition, the Company has submitted a written request to the HCMC to approve the delisting of the Company's ordinary registered shares from the Athens Exchange, in accordance with Article 17, paragraph 5 of Law 3371/2005, as in force. The Interim Condensed Financial Information (Consolidated and Separate) for the six month period ended 30.06.2025 (along with the respective comparative information of 30.06.2024), was approved by the Board of Directors on 8 September 2025. Nature of activities METLEN is a global industrial and energy Group with a strong presence in all five continents covering two business Sectors, the Energy Sector and the Metals Sector. The Group is strategically placed at the forefront of the energy transition as a leading and integrated green utility, with an international presence, while establishing itself as a reference point of "green" metallurgy in the European landscape. METLEN Energy & Metals is active in the entire spectrum of energy, from the development, construction and operation of thermal units and RES projects to the design and construction of electricity infrastructure projects, retail supply of electricity and natural gas, supply and trading of natural gas, provision of competitive energy products and services. METLEN Energy & Metals is a leader in the Metals industry. Operating the only vertically integrated bauxite, alumina and primary aluminum production unit in all of Europe with privately owned port facilities and the largest electricity cogeneration unit, METLEN has dynamically entered the sector of recycled aluminum and zinc lead recycling. Group structure The Group's Structure is presented in the 2024 "Integrated Annual Report". Group structure changes as of 30 June 2025 are presented in the following table: Newly incorporated subsidiaries - Full consolidation 30 June 2025 31 December 2024 Company Name Ownership Interest % Ownership Interest % Direct Indirect Direct Indirect Cyprus PROTERGIA ENERGY CYPRUS LTD 100.00% 0.00% 0.00% 0.00% Newly incorporated SPVs * 30 June 2025 31 December 2024 Company Name Ownership Interest % Ownership Interest % Direct Indirect Direct Indirect Australia ALLIGATOR BESS HOLDINGS PTY LTD 0.00% 100.00% 0.00% 0.00% ALLIGATOR BESS PTY LTD 0.00% 100.00% 0.00% 0.00% CARYINA BESS HOLDINGS PTY LTD 0.00% 100.00% 0.00% 0.00% CARINYA BESS PTY LTD 0.00% 100.00% 0.00% 0.00% EMU PARK ENERGY HOLDINGS PTY LTD 0.00% 100.00% 0.00% 0.00% EMU PARK ENERGY PTY LTD 0.00% 100.00% 0.00% 0.00% Canada HANOVER INTERMEDIATE HOLDCO LIMITED 0.00% 100.00% 0.00% 0.00% HANOVER SOLAR INC 0.00% 100.00% 0.00% 0.00% HOMESTEAD INTERMEDIATE HOLDCO LIMITED 0.00% 100.00% 0.00% 0.00% Italy METLEN ITA PROPERTY COMPANY SRL 0.00% 100.00% 0.00% 0.00% MYT BUTERA STORAGE S.R. L 0.00% 100.00% 0.00% 0.00% MYT CARINOLA S.R.L. 0.00% 100.00% 0.00% 0.00% MYT ERCHIE CAVE S.R. L 0.00% 100.00% 0.00% 0.00% MYT GENERAL BETON S.R.L. 0.00% 100.00% 0.00% 0.00% MYT GG LATINA 1 S.R.L. 0.00% 100.00% 0.00% 0.00% MYT GG LATINA 2 S.R. L 0.00% 100.00% 0.00% 0.00% MYT SAN PANCRAZIO S.R. L 0.00% 100.00% 0.00% 0.00% MYT SCANDALE S.R.L. 0.00% 100.00% 0.00% 0.00% SOLAR UBH 1 S.R.L. 0.00% 100.00% 0.00% 0.00% SOLAR UBH 2 S.R.L. 0.00% 100.00% 0.00% 0.00% SOLAR UBH 3 S.R.L. 0.00% 100.00% 0.00% 0.00% SOLAR UBH 4 S.R.L. 0.00% 100.00% 0.00% 0.00% United Arab Emirates DEMETER INVESTMENT HOLDINGS (DIFC) LIMITED 0.00% 100.00% 0.00% 0.00% * Special Purpose Vehicles (SPVs) relate to the Energy Sector (M Renewables Segment) and are incorporated or acquired to facilitate the development, construction and disposal of renewable energy projects (primarily photovoltaic parks). The net assets of these SPVs, after intra group eliminations, are classified within inventory as they are part of the Group's Asset Rotation Plan. New Group branch: Croatia METKA EGN GREECE SINGLE MEMBER S.A. - PODRUZNICA ZAGREB 2.1 Basis for preparation of the Interim Condensed Financial Information The Interim Condensed Financial Information (Consolidated and Separate) of the Group and Company for the 6-month period of 2025 (hereinafter referred to as the "Financial Information") has been prepared in accordance with the International Financial Reporting Standards ("IFRS") as adopted by the European Union in particular in accordance with the provisions of IAS 34 Interim Financial Reporting, and in compliance with the Greek law. No standards have been applied prior to the date of their application. The Interim Condensed Financial Information has been prepared under the historical cost convention, except where otherwise stated and are presented in Euros, being the currency in which the Group trades in the normal course of business. All values are rounded to the nearest thousand (���'000), except when otherwise indicated. The accounting policies used in the preparation of the Financial Information are consistent with those used in the 2024 annual financial statements, except for the adoption of applicable amendments to accounting standards effective as of 1 January 2025. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The critical accounting judgements and key sources of estimation uncertainty are detailed below. Actual outcomes could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period; they are recognised in the period of the revision and future periods if the revision affects both current and future periods. Management regularly reviews, and revises as necessary, the accounting judgements that significantly impact on the amounts recognised in the Interim Condensed Financial Information and the estimates that are 'critical estimates' due to their potential to give rise to material adjustments in the Financial Information. Management's identified critical judgements and estimates are detailed below (Note 2.3). The Financial Information is unaudited but has been reviewed by the auditors and their review opinion is included before the Financial Information. The official language of this Financial Information is Greek. Should there be any differences in the text between the Greek original version of the Financial Information and this English translation, the Greek language text prevails Going concern The Directors have assessed that they have a reasonable expectation that METLEN will continue to meet its liabilities as they fall due for a period of at least 12 months from the date of approving Financial Information and have adopted the going concern basis in preparing these financial statements. On 30 June 2025, the Group had cash and cash equivalents, net of overdrafts, of ���1,247 million (see Interim Condensed Cash Flow Statement) and borrowings of ���4,278 million (see Note 15) of which ���340 million is current. The Directors have also considered the macroeconomic and geopolitical risks affecting the economies of the Group's operations as part of their assessment. The Directors assessment has involved the review of cash flow forecasts for the assessment period for each of the Group's segments. Having reviewed the Group's cash flow forecasts, the Directors consider that the Group is expected to continue to have available liquidity headroom under its finance facilities and operate within its financial covenants over the going concern period, including in a severe but plausible downside scenario. The Directors consider this to be appropriate after consideration of METLEN's capital commitments, budgeted cash flows and related assumptions, including appropriate stress testing of the identified uncertainties (primarily commodity prices) and access to undrawn credit facilities and monitoring of debt maturities. This process involved constructing scenarios to reflect the Group's current assessment of its principal risks, including those that would threaten its business model, future performance, solvency or liquidity. Under all scenarios modelled, and taking into account mitigating actions available to the Board, where appropriate, the Group is forecasted to maintain sufficient liquidity and continues to remain in compliance with its covenants. The Directors have also considered any significant events, including any committed outflows beyond the period of assessment, through to 30 June 2026, in forming their conclusion. The going concern assessment primarily focuses on cash flow forecasts, available liquidity and continued compliance with banking covenants over the period assessed. Significant events and changes in the current period 1. On 22 April 2025, the Group and Glenfarne Asset Company, LLC have entered into a share purchase agreement ("SPA") for the latter to acquire a portfolio of Solar ("PV") and Battery Energy Storage System ("BESS") assets in Chile. The transaction involves operational solar projects with total capacity of 588 MW, combined with co-located BESS facilities with storage capacity of 1,610 MWh. Construction for the BESS facilities is ongoing and expected to be completed within a year. The headline consideration of the acquisition is agreed at USD 815 million, which includes an amount arising from an earn-out mechanism of USD 50 million. The closing of the transaction is planned to occur when the BESS becomes operational, regulatory approvals are obtained and certain financing and other customary conditions for this type of transactions are fulfilled. The above transaction was treated according to the Group's accounting policies and judgements for Asset Rotation Plan transactions, as described in the Group's 2024 Annual Financial Report. The earn-out amount was determined by prices derived from power price curves (PV and BESS) applicable in the market in Chile. In terms of quantities, management based its estimates on the assumption that the parks will operate at full capacity. Management���also applied a 10% sensitivity to the quantities (downgrade), resulting in an estimated impact of ���4.6 million. According to the SPA, the earn-out amount will be repaid over a period of 10 years, resulting in a finance cost of ���12.5 million being recognised in the period to reflect the discounting impact (see Note 16). ��� 2. The EBITDA of the M Power Projects business unit amounted to a loss of ���132 million for the current period. These losses relate to certain projects resulting, among others, from delays incurred due to connectivity issues and increased project costs due to higher than expected inflation. During the first half of 2025, M Power Projects' performance was driven by challenges encountered in the Protos project, where unforeseen issues disrupted execution, resulting in increased costs and extended timelines beyond initial expectations. Specifically, a major workplace third-party accident played an important role in further exacerbating these disruptions, causing substantial delays and multiple work stoppages. These challenges were compounded by the bankruptcy of a key subcontractor and the subsequent withdrawal of another from all its regional operations. In July, an updated project timeline was agreed, the budget was carefully reassessed, and annual losses were recorded following the conclusion of negotiations. The Company continues to monitor and actively manage these issues and, consistent with its prudent and transparent approach, has fully accounted for their financial impact in the period's results and for the entire financial year 2025. Where possible the Group has initiated legal actions in order to be compensated for damages incurred outside its responsibility. Management considers these losses to be project specific, rather than pervasive for the M Power Projects business and that it has already enhanced controls around its M Power Projects contracts and projects to ensure that such instances are identified timely and managed appropriately. 3. Group net debt increased by ���293 million due to the financing of the Group's operations especially in Renewables in Greece, as part of the Group's plan for the green energy transition. 4. The revenues of the Group increased by 45% compared to the same period last year driven primarily by the aforementioned Asset Rotation Plan transaction in Chile, higher natural gas prices compared to the comparative period last year and the increased activities of the Infrastructure & Concessions sector. (Note 3). 2.2 Amended standards adopted by the Group One amendment became effective as of 1 January 2025 and was adopted by the Group. The adoption of this amendment did not have a significant impact on the Interim Condensed Financial Information. Amendment to IAS 21 - Lack of Exchangeability: This amendment specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendment also requires disclosure of information that enables users of its financial information to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows. When applying the amendment, an entity cannot restate comparative information. 3. Segments For management purposes, the Group is organised into business units based on its products and has three operating sectors, which are also the Group's reportable segments, as follows: The Energy Sector, which is active in the development, construction and operation of thermal units and RES projects, design and construction of electricity infrastructure projects, retail supply of electricity and natural gas, supply and trading of natural gas, and the provision of competitive energy products and services. The Metals Sector, which is active in the extraction, processing, and refining of various metals and minerals. This includes the development and operation of mining sites, the implementation of advanced metallurgical techniques, and the production of high-quality metal products. The Infrastructure and Concessions Sector, which is active in engineering, procurement and construction. The support function of the Group's reportable segments is unallocated to any segment and is included in the Group's reconciliation. The CEO is the Chief Operating Decision Maker ("CODM") and monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. The CEO uses a measure of Group EBITDA (see Note 14) to assess the performance of the operating segments. The CEO also receives information about the segments' revenue and assets monthly. For reference, intersegment transactions represent transactions that take place between different reportable segments within the Group. These transactions involve the transfer of goods, services, or other resources from one segment to another and are eliminated upon consolidation. This is included, where relevant, within the segment information below. The totals that are presented in the following tables reconcile to the related accounts of the Interim Condensed Financial Information. Income and results per operating segment for 30.06.2025 and 30.06.2024 are presented as follows. Group EBITDA METLEN ENERGY & METALS GROUP Group EBITDA Energy Metals Infrastructure & Concessions Intersegment Total (Amounts in thousands ���) 01.01 - 30.06.2025 288,455 129,454 31,209 (3,852) 445,266 01.01 - 30.06.2024 322,446 142,059 12,219 (2,676) 474,048 G roup's sales per activity The following table provides a summary of revenue disaggregated by sales activity and business units from the Group's contracts with customers. METLEN ENERGY & METALS GROUP Sales (Amounts in thousands ���) 01.01 - 30.06.2025 01.01 - 30.06.2024 Alumina 103,625 84,350 Aluminium 349,139 313,300 Infrastructure & Concessions 211,680 81,861 M Renewables 988,942 623,154 M Energy Generation & Management 594,734 379,495 M Energy Customer Solutions 781,376 513,284 M Power Projects 202,529 242,825 M Integrated Supply & Trading 617,920 408,689 Intersegment (269,230) (179,212) Other sales 26,788 14,300 Sales 3,607,503 2,482,047 Within the table above, adjustments and eliminations relate to intersegment sales that are eliminated upon consolidation. Intersegment eliminations include the elimination of turnover from the generation and supply of energy within the Group between "M Energy Generation & Management" segment unit and "M Energy Customer Solutions" segment, which are part of the Energy sector. Revenue by Sector is analysed as follows: (Amounts in thousands ���) Energy Metals Infrastructure & Concessions Total 01.01 - 30.06.2025 2,916,271 479,552 211,680 3,607,503 01.01 - 30.06.2024 1,988,236 411,950 81,861 2,482,047 In the following table, revenue is disaggregated by primary geographical market and segment. (Amounts in thousands ���) Energy Metals Infrastructure & Concessions Total 01.01-30.06.2025 Greece 1,228,979 225,292 211,213 1,665,484 European Union (excluding Greece) 845,572 236,185 - 1,081,757 Other countries 841,720 18,075 467 860,262 Total 2,916,271 479,552 211,680 3,607,503 (Amounts in thousands ��� ) Energy Metals Infrastructure & Concessions Total 01.01-30.06.2024 Greece 951,449 186,842 77,626 1,215,917 European Union (excluding Greece) 755,716 207,515 3,841 967,072 Other countries 281,071 17,593 394 299,058 Total 1,988,236 411,950 81,861 2,482,047 The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) associated with the backlog of projects as at the period end, excluding Asset Rotation Plan projects, that is expected to be recognised in future periods was as follows: 30.06.2025 up to 1 year 1-3 years 3-5 years > 5 years Total (Amounts in thousands ���) Revenue to be recognised for M Power Projects 513 , 452 431 , 969 41 , 733 673 987,8 27 Revenue to be recognised for M Renewables 583,421 70,896 - - 654,317 Revenue to be recognised for Infrastructure & Concessions 750 , 226 3 30 , 313 6,750 - 1,0 87 , 289 Total 1, 847 , 099 833 , 178 4 8 , 483 673 2,7 29 , 434 31.12.2024 up to 1 year 1-3 years 3-5 years > 5 years Total (Amounts in thousands ���) Revenue to be recognised for M Power Projects 484,098 529,299 67,858 24,653 1,105,908 Revenue to be recognised for M Renewables 413,320 49,800 - - 463,120 Revenue to be recognised for Infrastructure & Concessions 453,130 456,847 67,852 - 977,829 Total 1,350,548 1,035,946 135,710 24,653 2,546,857 The transaction price allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) associated with the backlog of Asset Rotation Plan projects (M Renewables segment) as at the period end is expected to be recognised in future periods. Asset Rotation Plan (Amounts in thousands ���) up to 1 year 1-3 years 3-5 years > 5 years Total 30.06.2025 804,089 226,683 - - 1,030,772 31.12.2024 417,714 423,200 - - 840,914 The Group has not adopted the practical expedients permitted by IFRS 15, therefore all contracts which have an original expected duration of one year or less have been included in the table above. The estimate of the transaction price represents a contractually agreed amount and does not include any amounts of variable consideration which are constrained. Other Disclosures METLEN ENERGY & METALS GROUP Cost of Sales Energy Metals Infrastructure & Concessions Intersegment Total (Amounts in thousands ���) 2025 (2,696,033) (366,238) (178,452) (5,964) (3,246,687) 2024 (1,699,097) (285,705) (79,438) (3,655) (2,067,895) Assets & Liabilities The Group's non-current assets, Property, plant and equipment, Goodwill and Intangible Assets, are divided into the following geographical areas: METLEN ENERGY & METALS GROUP Non- Current assets (Amounts in thousands ���) 30.06.2025 31.12.2024 Greece 2,606,670 2,642,847 European Union (excluding Greece) 26,238 15,155 Other countries 488,420 639,212 Total 3,121,328 3,297,214 The Group's assets and liabilities per operating segment are presented as follows: METLEN ENERGY & METALS GROUP 30.06.2025 (Amounts in thousands ���) Energy Metals Infrastructure & Concessions Total Total Assets 8,375,695 2,271,094 516,598 11,163,387 Total Liabilities 3,232,288 368,390 239,081 3,839,759 31.12.2024 (Amounts in thousands ���) Energy Metals Infrastructure & Concessions Total Total Assets 8,948,597 2,256,614 467,933 11,673,144 Total Liabilities 3,942,433 507,824 220,627 4,670,884 Total assets (Amounts in thousands ���) 30.06.2025 31.12.2024 Total segment asset 11,163,387 11,673,144 Intersegment eliminations (794,987) (1,311,841) Unallocated Assets: Right of use Assets 123,087 124,103 Cash and cash equivalent 64,992 96,967 Financial assets at fair value through profit or loss 40,574 23,237 Property, plant and equipment 37,997 36,321 Other 27,497 26,189 Total Assets 10,662,547 10,668,120 Total liabilities (Amounts in thousands ���) 30.06.2025 31.12.2024 Total segment liabilities 3,839,759 4,670,884 Intersegment eliminations 22,251 (95,071) Unallocated liabilities: Debt 3,150,672 2,709,635 Lease liabilities 138,229 136,375 Provision for income tax liability - 67,189 Dividend payable 209,083 4,460 Other 6 1 , 483 81,768 Total liabilities 7,421,477 7,575,240 4. Property, plant and equipment Property, plant and equipment presented in the financial statements are analysed as follows: METLEN ENERGY & METALS GROUP (Amounts in thousands ���) Land & buildings Mechanical equipment Furniture fixtures and fitting Assets under construction Total Net book value at 31.12.2024 442,379 1,809,054 14,422 251,459 2,517,314 Gross book value 604,125 2,934,08 8 62,66 0 360,278 3,961,15 1 Accumulated depreciation and/or impairment (162,493) (1,273,521) (49,339) - (1,485,353) Net book value at 30.06.2025 441,632 1,660,56 7 13,32 1 360,278 2,475,798 (Amounts in thousands ���) Land & buildings Mechanical equipment Furniture fixtures and fitting Assets under construction Total Net book value at 31.12.2024 442,379 1,809,054 14,422 251,459 2,517,314 Additions 9,492 16,036 1,160 112,833 139,521 Disposals (1,461) (128,346) (9 40 ) (2) (130,74 9 ) Depreciation (10,538) (36,304) (1,397) - (48,239) Transfers 3,743 157 112 (4,012) - Net foreign exchange differences (1,983) (30) (36) - (2,0 49 ) Net book value at 30.06.2025 441,632 1,660,567 13,32 1 360,278 2,475,798 The table below provides a detailed summary of the composition of the Group's property, plant and equipment. METLEN ENERGY & METALS GROUP (Amounts in thousands ���) 30.06.2025 31.12.2024 Land 156,273 156,205 Metallurgy - Production plants 515,173 509,057 Metallurgy - Mining-Quarries 10,600 11,782 Thermal plants 601,677 627,313 Renewable Energy Sources 783,650 912,900 Other 48,147 48,597 Assets under construction 360,278 251,459 Total 2,475,798 2,517,314 Additions of the period are mainly related to the Metals sector plant expansion plan, as well as the development of Renewable projects in Greece with the intention to retain and operate. Disposals for the period include the sale of PV assets in Chile under the Group's Asset Rotation Plan. METLEN ENERGY & METALS S.A. (Amounts in thousands ���) Land & buildings Mechanical equipment Furniture fixtures and fitting Assets under construction Total Net book value at 31.12.2024 336,391 788,786 9,633 82,071 1,216,881 Gross book value 434,850 1,705,905 50,569 124,20 6 2,315,531 Accumulated depreciation and/or impairment (101,357) (927,807) (41,612) - (1,070,776) Net book value at 30.06.2025 333,493 778,098 8,957 124,206 1,244,754 (Amounts in thousands ���) Land & buildings Mechanical equipment Furniture fixtures and fitting Assets under construction Total Net book value at 31.12.2024 336,391 788,786 9,633 82,071 1,216,881 Additions 1,452 15,205 84 42,423 59,164 Depreciation (4,369) (26,050) (872) - (31,291) Transfers 19 157 112 (288) - Net book value at 30.06.2025 333,493 778,098 8,957 124,206 1,244,754 5. Intangible assets Intangible assets presented in the financial statements are analysed as follows: METLEN ENERGY & METALS GROUP (Amounts in thousands ���) Software Mining development Licenses Other intangible assets Total Net book value at 31.12.2024 2,706 24,408 190,702 282,589 500,405 Gross book value 15,753 96,931 249,931 291,55 6 654,17 1 Accumulated depreciation and / or impairment (13,564) (71,282) (64,601) (138,6 8 9) (288,13 6 ) Net book value at 30.06.2025 2,189 25,649 185,330 152,867 366,035 (Amounts in thousands ���) Software Mining development Licenses Other intangible assets Total Net book value at 31.12.2024 2,706 24,408 190,702 282,589 500,405 Additions 721 2,828 160 20,447 24,15 6 Disposals (890) - (40) (135,815) (136,745) Amortisation (348) (1,587) (5,492) (14,35 4 ) (21,78 1 ) Net book value at 30.06.2025 2,189 25,649 185,330 152,867 366,035 Licenses include licenses for operational RES, as well as licenses for conventional power plants. Other intangible assets mainly include CO2 emission rights, clientele, cost of obtaining customer relationships. Disposals of the period are mainly related to the sale of CO2 emission rights. The following table summarises the detailed composition of the Group's intangibles. METLEN ENERGY & METALS GROUP (Amounts in thousands ���) 30.06.2025 31.12.2024 Software 2,189 2,706 Metallurgy - Mining - Quarries 40,781 38,312 Renewable Energy Sources licenses and other 134,602 138,850 CO2 emission rights 44,864 181,539 Clientele 28,920 31,859 Cost of obtaining customer relationships 41,678 31,026 Thermal Plant licenses and other 66,118 67,358 Other 6,883 8,755 Total net book value 366,035 500,405 Clientele and cost of obtaining contracts with customers relate to the energy retail business unit of the Group. CO2 emission rights are designated to be surrendered for Metallurgy and Thermal Plants, according to the EU ETS system. The maturity stage of the licenses for Renewable Energy Sources in the Group's portfolio is presented in Inventory (Note 7). METLEN ENERGY & METALS S.A. (Amounts in thousands ���) Software Licenses Other intangible assets Total Net book value at 31.12.2024 1,512 51,825 179,518 232,854 Gross book value 13,155 92,933 132,087 238,17 6 Accumulated depreciation and / or impairment (11,863) (42,231) (77,575) (131,669) Net book value at 30.06.2025 1,292 50,702 54,512 106,507 (Amounts in thousands ���) Software Licenses Other intangible assets Total Net book value at 31.12.2024 1,512 51,825 179,518 232,854 Additions 22 101 18,463 18,58 6 Disposals - - (134,874) (134,874) Amortisation (241) (1,223) (8,594) (10,059) Net book value at 30.06.2025 1,292 50,702 54,512 106,507 6. Contract balances The following table provides a summary of contract assets and liabilities arising from the Group's contracts with customers. METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 30.06.2025 31.12.2024 30.06.2025 31.12.2024 Contract assets 2, 420,880 1,380,758 301,02 4 257,808 Contract liabilities 111,711 146,828 82,643 118,169 Trade receivables are included within the 'Trade and other receivables'. See Note 8 for further details. Contract assets are disaggregated by major business unit split between non-current and current classification: METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 30.06.2025 31.12.2024 30.06.2025 31.12.2024 M Renewables (Asset Rotation plan) 471,520 514,207 - - Total non-current contract assets 471,520 514,207 - - METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 30.06.2025 31.12.2024 30.06.2025 31.12.2024 M Power Projects (EPC) 347,165 312,469 301,02 4 257,808 M Renewables (Asset Rotation plan) 1, 285,427 266,865 - - M Renewables (EPC) 173,714 195,576 - - Infrastructure & Concessions 143,054 91,641 - - Total current contract assets 1, 949,360 866,551 301,02 4 257,808 Contract assets comprise unbilled balances not yet due on contracts where revenue recognition does not align with the agreed payment schedule related to the Group's construction activity EPC as well as from balances from development and construction agreements for renewable energy projects (Asset Rotation Plan). The increase in the contractual assets of the M Power Projects Segment in the Energy Sector primarily stems from the Group's EPC projects in Greece and the United Kingdom, where there was an increased time lag between the progress of work and the predefined contractual billing (mainly milestones). The total contractual assets of the M Renewables Segment in the Energy Sector as at 30 June 2025 amount to ���1,930,661 thousand (31 December 2024: ���976,648 thousand), originating from development and construction agreements for renewable energy projects (Asset Rotation Plan) as well as from construction contracts EPC in various countries worldwide. The increase in assets for this activity is primarily due to new development and construction agreements for photovoltaic parks mainly in Chile as well as Romania, Italy and Bulgaria (see Note 3). The long-term portion of the contractual assets pertains to projects whose development and construction agreements were signed between 2023 and 30 June 2025, with the majority of their receipts expected to be realised within 2 years. Finally, the increase in the Infrastructure & Concessions Sector is due to the increased activity of concession motorway and railway projects undertaken by the Group in Greece. Contract liabilities are disaggregated by major business unit as follows: METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 30.06.2025 31.12.2024 30.06.2025 31.12.2024 M Power Projects (EPC) 82,643 118,169 82,643 118,169 M Renewables (EPC) 25,564 22,765 - - Infrastructure & Concessions 3,504 5,894 - - Total current contract liabilities 111,711 146,828 82,643 118,169 Contract liabilities relate to consideration received from customers for the Group's construction activities, for which revenue is recognised based on the stage of completion of the contract. The balance reduces as revenue is subsequently recognised in the following periods, offset by further advanced consideration received. Reduction in the period relates to Power Projects in Poland. The contractual obligations are recognised as revenue in the income statement over a period of approximately 2 years, depending on the nature and progress of each project. The following table summarises the reconciliation of contract liabilities in each reporting period: METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 2025 2024 2025 2024 At 01 January 146,828 185,068 118,169 174,339 Deferred during the period/year 39,652 104,068 33,033 71,047 Recognised as revenue during the period/year (73,024) (137,209) (68,559) (127,217) Performance obligations satisfied in previous years (1,745) (5,099) - - At 30 June / 31 December 111,711 146,828 82,643 118,169 Comparatives relate to full year figures 7. Inventory METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 3 0 . 06 .202 5 31.12.202 4 3 0 . 06 .202 5 31.12.202 4 Metallurgy inventory 223,618 231,528 193,604 201,261 Asset Rotation Plan RES under development 8 91 , 775 1,247,540 - - Thermal plant spare parts 41,155 39,536 26,130 24,998 Natural gas 14,510 11,550 14,510 11,550 CO2 emissions rights - 63,633 - 63,633 Other 1,68 5 1,668 - - Total 1,1 72 , 743 1,595,455 234,244 301,442 Less : Provision for inventor y (5,349) (5,349) (4,239) (4,239) Total inventories 1,1 67 , 393 1,590,106 230,004 297,202 The decrease in the "Renewable Energy Sources under development" account is mainly attributed to the sale of a portfolio of photovoltaic parks in Chile by METKA EGN (M Renewables Segment), partially offset by the acquisition and development of new photovoltaic projects. Additionally, during the period the Group sold CO2 emission rights, classified within Inventory, amounting to ���64 million. The Group's total RES portfolio as at 30 June 2025 is analyses as shown below. The carrying amounts for these projects are classified within Property, Plant and Equipment for the projects operated by the Group and within Inventory for the projects that are part of the Group's Asset Rotation Plan. Global RES Portfolio - MW Global RES Portfolio MW In Operation 907 Australia 377 Greece 371 Ireland 14 Italy 13 Romania 58 South Korea 4 UK 70 Under Construction 1,712 Australia 150 Greece 817 Italy 145 Romania 363 South Korea 24 UK 213 Ready to Build 702 Greece 28 Ireland 19 Italy 167 Romania 365 Spain 99 UK 22 Late Stage of Development 2,175 Australia 528 Chile 494 Greece 52 Italy 771 Romania 227 Spain 88 South Korea 16 Middle Stage of Development 2,206 Early Stage of Development 4,407 Grand Total ** 12,109 Late stage of development, refers to projects that will reach the RTB status within the next c.6m Excludes Canada portfolio and PPC deal portfolio 8. Trade and other receivables METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 30.06.2025 31.12.2024 30.06.2025 31.12.2024 Receivables from third-party customers 889,903 1,051,675 744,545 661,094 Cheques receivable 5,373 5,260 2,669 2,693 Less: Allowance for expected credit losses (129,961) (120,061) (100,188) (93,431) Net trade receivables 765,316 936,874 647,026 570,357 Other debtors 229,373 279,879 305,323 276,856 Receivables from the State 146,554 141,832 102,480 87,074 Receivables from subsidiaries - - 1,742,276 1,712,561 Accrued income 117,313 160,344 51,550 68,764 Accrued income related to trading and energy generation activities 142,332 143,030 154,464 152,739 Accrued income related to Metallurgy 129,429 94,600 129,429 94,600 Unbilled retail revenue 207,530 213,293 181,378 197,809 Prepayments 295,647 361,759 226,865 307,511 Less: Allowance for expected credit losses (6,131) (4,061) (5,650) (3,512) Net other receivables 1,262,047 1,390,676 2,888,115 2,894,402 Total net trade and other receivables 2,027,363 2,327,550 3,535,141 3,464,759 Allowance for expected credit losses METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) Trade and other receivables Balance at 01.01. 2024 91,467 86,470 P rovisio n of the period 28,594 6,961 Balance at 31.12.2024 120,061 93,431 P rovisio n of the period 9,900 6,757 Balance at 30.06.2025 129,961 100,188 In the net movement of provision amount of ���9.9 million, ���7.4 derives from MECS subsegment, ���1.9 from M Renewables and ���0.6 Infrastructure & Concessions. METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) Other Receivables Balance at 01.01.2024 1,840 1,888 P rovisio n of the period 2,221 1,624 Balance at 31.12.2024 4,061 3,512 P rovisio n of the period 2,070 2,138 Balance at 30.06.2025 6,131 5,650 Other long-term receivables relate mainly to collateral paid for leases and collateral given to transmission system operators of the Gas Trading business. The relevant decrease mainly stemming from the settlement of the latter, due to the normalization of the market conditions. 9. Issued capital As of 30 June 2025, the share capital of METLEN Energy & Metals S.A. amounts to ���138,814,916.17, divided into 143,108,161 issued and outstanding shares at a par value of ���0.97 per share. The movement in the number of ordinary shares, share capital and treasury shares are reported in the following table: Ordinary Shares Treasury Shares Convertible loan equity reserve (Shares in thousands) (amounts in thousands ���) (Shares in thousands) (amounts in thousands ���) (amounts in thousands ���) Outstanding at 0 1 .01.2 024 142,891 138,604 4,594 (81,299) 1,945 Treasury shares - Share buyback - - 908 (31,927) - Treasury shares - ���Awarded ���according to ���shared based ���programmes - - (139) 2,661 - Outstanding at 31 .12.2024 142,891 138,604 5,363 (110,565) 1,945 Convertible Bond Loan - - - - (1,945) Share capital increase 217 210 - - - Treasury shares - Share buyback - - 174 (6,324) - Treasury shares - Allocated to institutional investors - - (5,250) 110,750 - Treasury Shares - Distributed for acquisitions - - (235) 5,028 - Treasury shares - ���Awarded ���according to ���shared based ���programmes - - (49) 1,042 - Outstanding at 30 .06.2025 143,108 138,815 3 (69) - The Group's ordinary share capital reflects the total number of shares in issue, which are publicly traded. With respect to distribution of dividends and the repayment of capital, the provisions of Greek Corporate Law 4548/2018 apply. Treasury shares represent the holding of METLEN S.A.'s own shares. The shares held in treasury stock have no voting rights attached to them, and treasury shares are not included for purposes of quorum and the voting process in general meetings of shareholders. METLEN Energy & Metals S.A. has a share premium balance at 30 June 2025 of ���124.7 million (2024: ���124.7 million) consequently, there was nil share movement in the share premium account in 2025. During the period, 5,250 million treasury shares were allocated to institutional investors in settlement of convertible bond loans. The table above reflects the weighted average price at the date of sale. Treasury shares T he Extraordinary General Meeting of Shareholders dated 27 March 2024 approved to renew the approval and terms for acquisition of own shares for an additional twenty-four (24) months period, i.e. until 26 March 2026, with maximum number of Company shares to be acquired a total of up to 14,289,116, minimum price ���0.97 per share and maximum price ���50 per share and authorised the Board of Directors to implement the New Own Share Buyback Program. The own shares that the Company holds at any given time (including the own shares that the Company has already acquired and holds) are intended for any purpose and use permitted by and in compliance with the law (including, indicatively but without limitation, reduction of share capital and cancellation, or/and distribution to personnel or/and members of the management of the Company or/and of any affiliated company). The Board of Directors decided on 27 March 2024 to start implementation of the New Own Share Buyback Program by the Company. On 18 June 2025, a total of 48,746 own common registered shares with a total value of ���2,145,798.92, calculated based on the closing price of ���44.02 on the previous day, were awarded for free. These shares had been acquired from 1 June 2020 to 20 March 2025 under and in accordance with the terms of the Company's own share acquisition program, which was approved by the Extraordinary General Meeting of shareholders on 27 March 2020, 23 March 2022, 10 April 2023, and 27 March 2024. Also, on 18 June 2025, 235,295 own shares were transferred as part of the agreed consideration for the already announced share acquisition of the company WATT+VOLT - "Watt and Volt Anonymous Company for the Exploitation of Alternative Forms of Energy". Following the aforementioned transactions, METLEN holds in aggregate 3,206 treasury shares, equivalent to 0.002% of the total number of shares in issue. Convertible bonds On 10 February 2025, due to the exercise of the exchange right under the terms of the exchangeable bond loan issued on 7 February 2023 by METLEN, entities controlled by Fairfax Financial Holdings Limited (hereinafter: "FFH" or "Bondholders") acquired a total of 2,500,000 common registered voting shares of METLEN. Additionally, on 30 June 2025, due to the exercise of the exchange right under the terms of the already announced exchangeable bond issued on 28 March 2025 by METLEN, controlled entities by Fairfax Financial Holdings Limited acquired a total of 2,750,000 common registered voting shares of METLEN. As a result of the above, as of 30 June 2025, FFH holds 11,938,047 METLEN shares corresponding to a participation percentage of 8.34% of its total voting shares. The shares acquired by FFH were allocated from the treasury shares held by the Company. Other transactions The Annual General Meeting of METLEN's shareholders, held on 3 June 2025, resolved to increase the Company's share capital by ���210,490 through the capitalisation of an equal amount from distributable reserves, by issuing 217,000 new common registered voting shares of the Company, with a nominal value of ���0.97 each. Pursuant to this increase, 217,000 new common registered voting shares with a nominal value of ���0.97 each were issued, which will be distributed for free to key management personnel or/and higher officers of the Company or/and affiliated companies, or/and persons that provide services to the Company on a permanent basis, as part of the implementation of the Long-Term Program for Free Distribution of Shares, as approved by the Annual General Meeting of shareholders on 15 June 2021 and as amended by the Annual General Meeting on 4 June 2024, in accordance with the provisions of article 114 of Law 4548/2018. 10. Dividends Dividends distributed (for the period ended 30.06.2025) The Annual Regular General Meeting of the Shareholders of the Company, held on 3 June 2025, resolved, among others, to distribute a dividend in the amount of one euro and fifty eurocents (���1.50) per share. The final dividend amount that was paid out stands at ���1.5294240342 per share, increased by the dividend corresponding to 2,753,206 own shares that were held by the Company on 26 June 2025 (ex-dividend date). The dividend is subject to a 5% withholding tax, in accordance with the applicable tax provisions (with the exception or differentiation of such withholding for shareholders falling under special provisions). Therefore, the net amount of dividend which was paid to shareholders amounted to ���1.4529528325 per share. The ex-date was set to 26 June 2025 and payment of the dividend to the beneficiaries commenced on 2 July 2025. The beneficiaries of the dividend are the shareholders registered in the records of the Dematerialised Securities System (DSS) of the "Hellenic Central Securities Depository" on 27 June 2025 (record date). Dividends paid (for the period ended 30.06.2024) The General Assembly of the Shareholders (GA) of METLEN Energy & Metals S.A. on 4 June 20 24 approved the distribution of dividend of gross amount ���214.34 million or one euro and fifty eurocents (���1.50) per share. The payment of the dividend to shareholders was initiated on 2 July 20 24 . 11. Financial assets and financial liabilities a) Accounting classification The Group's exposure to various risks associated with the financial instruments as presented in 11d. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above. The Group & Company hold the following financial instruments: METLEN ENERGY & METALS GROUP 30.06.2025 31.12.2024 (Amounts in thousands ���) Amortised cost Fair Value Through Profit or Loss Fair Value Through Other Comprehensive Income Total Amortised cost Fair Value Through Profit or Loss Fair Value Through Other Comprehensive Income Total Cash and cash equivalents 1,296,687 - - 1,296,687 1,381,772 - - 1,381,772 Restricted cash 19,303 - - 19,303 13,486 - - 13,486 Trade and other receivables 2,027,362 - - 2,027,362 2,327,550 - - 2,327,550 Derivatives - Designated as hedges - 75,924 31,729 107,653 - 40,700 47,308 88,008 Other financial investments - 40,780 - 40,780 - 23,443 - 23,443 Other financial assets 168,516 - - 168,516 187,891 - - 187,891 Total of financial assets 3, 511,868 116,704 31,729 3, 660,301 3,910,699 64,143 47,308 4,022,150 Trade and other payables 2,330,065 - - 2,330,065 2,519,904 - - 2,519,904 Lease liabilities 219,931 - - 219,931 214,459 - - 214,459 Derivatives - Designated as hedges - 9,199 55,470 64,669 - 12,439 37,480 49,919 Debt 4,278,310 - - 4,278,310 4,047,217 - - 4,047,217 Total of financial liabilities 6,828,306 9,199 55,470 6,892,975 6,781,580 12,439 37,480 6,831,499 METLEN ENERGY & METALS S.A. 30.06.2025 31.12.2024 (Amounts in thousands ���) Amortised cost Fair Value Through Profit or Loss Fair Value Through Other Comprehensive Income Total Amortised cost Fair Value Through Profit or Loss Fair Value Through Other Comprehensive Income Total Cash and cash equivalents 630,475 - - 630,475 488,182 - - 488,182 Trade and other receivables 3,535,141 - - 3,535,141 3,464,759 - - 3,464,759 Derivatives - Designated as hedges - 20,748 31,693 52,441 - - 38,882 38,882 Other financial investments - 40,574 - 40,574 - 23,237 - 23,237 Other financial assets 168,410 - - 168,410 180,619 - - 180,619 Total of financial assets 4,334,026 61,322 31,693 4,427,041 4,133,560 23,237 38,882 4,195,679 Trade and other payables 1,752,607 - - 1,752,607 1,817,242 - - 1,817,242 Lease liabilities 149,540 - - 149,540 148,055 - - 148,055 Derivatives - Designated as hedges - 7,021 31,139 38,160 - - 28,891 28,891 Debt 3,107,018 - - 3,107,018 2,890,684 - - 2,890,684 Total of financial liabilities 5,009,165 7,021 31,139 5,047,325 4,855,981 - 28,891 4,884,872 b) Recognised fair value measurements Fair value hierarchy The following table shows the classification of the Group's & Company's financial instruments by valuation method in accordance with IFRS 13 "Fair Value Measurement": METLEN ENERGY & METALS GROUP 30.06.2025 31.12.2024 (Amounts in thousands ���) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Derivatives - designated as hedges - 36,189 71,463 107,653 - 38,776 49,232 88,008 Financial assets at fair value through profit and loss 40,780 - - 40,780 23,443 - - 23,443 Other financial assets - 168,516 - 168,516 - 185,306 2,585 187,891 Financial assets 40,780 204,705 71,463 316,948 23,443 224,082 51,817 299,342 Presented on the balance sheet as: Derivatives - current assets - 31,060 20,748 51,808 - 25,557 8,532 34,089 Derivatives - non-current assets - 5,130 50,716 55,845 - 13,219 40,700 53,919 Financial assets at fair value through profit and loss 40,780 - - 40,780 23,443 - - 23,443 Other financial assets - 168,516 - 168,516 - 185,306 2,585 187,891 Financial liabilities Derivatives - designated as hedges - 59,909 4,760 64,669 - 36,942 12,977 49,919 Financial Liabilities - 59,909 4,760 64,669 - 36,942 12,977 49,919 Presented on the balance sheet as: Derivatives - current liabilities - 48,266 4,760 53,026 - 31,377 12,977 44,354 Derivatives - non-current liabilities - 11,643 - 11,643 - 5,565 - 5,565 METLEN ENERGY & METALS S.A. 30.06.2025 31.12.2024 (Amounts in thousands ���) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Financial assets Derivatives - designated as hedges - 31,693 20,748 52,441 - 30,350 8,532 38,882 Financial assets at fair value through profit and loss 40,574 - - 40,574 23,237 - - 23,237 Other financial assets - 168,410 - 168,410 - 180,619 - 180,619 Financial assets 40,574 200 , 10 3 20 , 74 8 261,425 23,237 210 , 969 8,532 242,738 Presented on the balance sheet as: Derivatives - current assets - 26,563 20,748 47,311 - 19,651 8,532 28,183 Derivatives - non-current assets - 5,130 - 5,130 - 10,699 - 10,699 Financial assets at fair value through profit and loss 40,574 - - 40,574 23,237 - - 23,237 Other financial assets - 168,410 - 168,410 - 180,619 - 180,619 Financial liabilities Derivatives - designated as hedges - 33,476 4,684 38,160 - 28,353 538 28,891 Financial Liabilities - 33,476 4,684 38,160 - 28,353 538 28,891 Presented on the balance sheet as: Derivatives - current liabilities - 27,814 4,684 32,498 - 25,739 538 26,277 Derivatives - non-current liabilities - 5,662 - 5,662 - 2,614 - 2,614 The increase of financial assets at fair value through profit and loss relates mainly to purchase of shares of listed company. There were no transfers between levels 1, 2 and 3 of the fair value hierarchy in any of the periods presented. Valuation techniques used to determine fair values Specific valuation techniques used to value financial instruments include: ��� the use of quoted market prices or dealer quotes for similar instruments; ��� for interest rate swaps: the present value of the estimated future cash flows based on observable yield curves; ��� for foreign currency forwards: the present value of future cash flows based on the forward exchange rates at the reporting date; ��� for foreign currency options: option pricing models (e.g. Black-Scholes model); and ��� for other financial instruments: discounted cash flow analysis. All material resulting fair value estimates are included in either Level 1 or Level 2. There has been no changes in the valuation techniques used by the Group in determining Level 2 and Level 3 fair values. Valuation processes The finance department of the Group includes a team that performs the valuations of items required for financial reporting purposes, including Level 3 fair values. This team reports directly to the CFO and the Group's Audit Committee. Discussions of valuation processes and results are held between the CFO, the Group's Audit Committee and the valuation team at least once every six months, in line with the Group's half-yearly reporting periods. Effects of derivatives on the statement of financial position The fair value of derivative financial instruments is based on observable market data. For all derivative contracts, actual values are confirmed by the credit institutions or brokers with which the Group has entered into the respective agreements. ��� For commodity contracts (i.e., natural gas & aluminium), fair value is determined by reference to: Natural Gas: The Title Transfer Facility (TTF) price and Aluminium: The London Metal Exchange (LME) price. ��� For Interest rate contracts, fair value is determined by reference to the relevant interest rate benchmark index (i.e., EURIBOR/USD, SOFR/AUD). ��� For exchange rate contracts, fair value is determined by reference to the relevant price of USD/EUR. The Group & Company hold the following derivatives at the reporting date: METLEN ENERGY & METALS GROUP 30.06.2025 31.12.2024 (Amounts in thousands ���) Assets (Carrying Amount) Liabilities (Carrying Amount) Assets (Carrying Amount) Liabilities (Carrying Amount) Foreign exchange risk Foreign Exchange Contracts 18,766 (25,419) 12,245 (23,353) Swaps 2,626 (784) 165 (2,277) Price risk Futures 2,817 (3,542) 6,986 (3,646) Options - (1,792) - (2,338) Swaps 7,520 (25,545) 19,380 (2,413) Physical forwards 20,748 (4,683) 8,532 (538) Virtual PPAs 55,176 (2,177) 40,700 (12,439) Interest Rate Risk Swaps - (727) - (2,915) Total 107,653 (64,669) 88,008 (49,919) METLEN ENERGY & METALS S.A. 30.06.2025 31.12.2024 (Amounts in thousands ���) Assets (Carrying Amount) Liabilities (Carrying Amount) Assets (Carrying Amount) Liabilities (Carrying Amount) Foreign exchange risk Foreign Exchange Contracts 18,766 (1,994) 4,120 (20,081) Swaps 2,626 (784) 165 (2,277) Price risk Futures 2,780 (3,361) 6,686 (1,244) Options - (1,792) - (2,338) Swaps 7,520 (25,545) 19,380 (2,413) Physical forwards 20,748 (4,683) 8,532 (538) Total 52,441 (38,159) 38,883 (28,891) Transfers from the hedging reserve to the statement of profit and loss relate to the maturity of the positions and are presented below: METLEN ENERGY & METALS GROUP 01.01-30.06.2025 01.01-31.12.2024 (Amounts in thousands ���) Amount reclassified from hedging reserve to profit and loss Amount reclassified from hedging reserve to profit and loss Foreign exchange risk Foreign Exchange Contracts (5,775) 7,651 Options 1,942 (2,052) Swaps (1,810) (112) Price risk Futures 2,934 (1,893) Options 256 (18,768) Swaps 2,939 23,969 Physical forwards 8,071 - Total 8,558 8,795 METLEN ENERGY & METALS S.A. 01.01-30.06.2025 01.01-31.12.2024 (Amounts in thousands ���) Amount reclassified from hedging reserve to profit and loss Amount reclassified from hedging reserve to profit and loss Foreign exchange risk Foreign Exchange Contracts (7,790) 13,822 Options 1,942 (2,052) Swaps (1,810) (112) Price risk Futures 2,634 (1,934) Options 256 (18,768) Swaps 2,939 23,969 Physical forwards 8,071 - Total 6,242 14,925 The Group recognises any ineffectiveness relating to the hedging relationship immediately in the statement of profit or loss. During 2024 and in the six months ended 30 June 2025, no ineffectiveness was recognised in the statement of profit or loss. Gains (losses) recognised in other comprehensive income as at the end of the period are presented below: METLEN ENERGY & METALS GROUP 01.01 - 30.06.2025 01.01 - 31.12.2024 (Amounts in thousands ���) Gains (losses) recognised in other comprehensive income Gains (losses) recognised in other comprehensive income Foreign exchange risk Foreign Exchange Contracts 4,454 (18,614) Options - 2,052 Swaps 3,953 (2,001) Price risk Futures (9,462) 9,171 Options 546 2,522 Swaps (35,024) (6,923) Interest Rate Risk Swaps 2,188 (2,220) Total (33,345) (16,013) METLEN ENERGY & METALS S.A. 01.01 - 30.06.2025 01.01 - 31.12.2024 (Amounts in thousands ���) Gains (losses) recognised in other comprehensive income Gains (losses) recognised in other comprehensive income Foreign exchange risk Foreign Exchange Contracts 32,732 (29,782) Options - 2,052 Swaps 3,953 (2,001) Price risk Futures (6,765) 8,552 Options 546 2,522 Swaps (34,990) (6,923) Total (4,524) (25,580) Maturity analysis The following table presents a maturity analysis of the derivative liability positions of the Group for each of the years presented: METLEN ENERGY & METALS GROUP Maturity analysis < 6 months Between 6 and 12 months Between 1 and 5 years After 5 years Total (Amounts in thousands ���) 30.06. 2025 30,101 22,925 11,643 - 64,669 31.12. 2024 29,185 14,631 6,103 - 49,919 METLEN ENERGY & METALS S.A. Maturity analysis < 6 months Between 6 and 12 months Between 1 and 5 years After 5 years Total (Amounts in thousands ���) 30.06. 2025 16,513 15,985 5,662 - 38,160 31.12. 2024 14,344 11,395 3,152 - 28,891 c) Other financial assets METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 30.06.2025 31.12.2024 30.06.2025 31.12.2024 Opening balance 187,891 149 180,619 37 Other additions - - - 1,441 Vendor financing (1 2 , 209 ) 185,306 (12,209) 176,711 Other ( 7,167 ) 2,437 - 2,430 Closing balance 168,516 187,891 168,410 180,619 d) Group's debt by instrument The following table summarises the carrying value of the Group's total debt as at the dates presented: METLEN ENERGY & METALS GROUP 30.06.2025 31.12.2024 (Amounts in thousands ���) Maturity date Fixed/floating rate IRS Nominal value Deferred expenses Book value Nominal value Deferred expenses Book value Bonds 1,750,000 (19,570) 1,730,430 1,750,000 (22,826) 1,727,175 ATHEX 10.07.2030 Fixed 500,000 (7,103) 492,897 500,000 (7,711) 492,289 GREENBOND 30.10.2026 Fixed 500,000 (5,462) 494,538 500,000 (7,432) 492,568 GREENBOND 2024 17.10.2029 Fixed 750,000 (7,005) 742,995 750,000 (7,684) 742,317 Convertible Bonds - - - 50,000 (1,945) 48,055 FFH Fixed - - - 50,000 (1,945) 48,055 Long Term Loans 1,348,642 (9,689) 1,338,953 850,403 (11,009) 839,394 UBS Floating Rate 49,400 (2,764) 46,636 54,888 (3,339) 51,550 NBG BANK Floating Rate 100,000 (841) 99,159 100,000 (950) 99,050 NBG BANK Floating Rate 150,000 - 150,000 - - NBG BANK Floating Rate 2,700 (4) 2,696 3,600 (6) 3,594 PIRAEUS BANK Fixed 200,000 (1,693) 198,307 100,000 (1,890) 98,110 PIRAEUS BANK Floating Rate 50,000 - 50,000 - - - ALPHA BANK Floating Rate 81,250 (382) 80,868 87,500 (419) 87,081 EIB Fixed 70,313 (21) 70,292 78,125 (26) 78,099 EIB Fixed 120,000 - 120,000 120,000 - 120,000 EIB Floating Rate 120,000 - 120,000 - - - EBRD Floating Rate 60,938 (279) 60,659 65,625 (318) 65,307 EUROBANK Fixed 200,000 (958) 199,042 200,000 (1,086) 198,914 ERBK Luxembourg Floating Rate 43,658 - 43,658 37,334 - 37,334 ING Floating Rate 50,000 - 50,000 1,488 (1,488) - INTESA SANPAOLO Floating Rate 50,000 (2,747) 47,253 1,488 (1,488) - NBG BANK Floating Rate - - - 125 - 125 PIRAEUS BANK Floating Rate 125 - 125 54 - 54 EFG Floating Rate 260 - 260 177 - 177 Bridge Loans 97,305 (991) 96,314 83,271 (2,002) 81,267 EUROBANK Floating Rate 61,430 (945) 60,485 32,500 (903) 31,595 ALPHA BANK Floating Rate 21,400 (46) 21,354 15,400 - 15,400 NBG BANK Floating Rate 8,440 - 8,440 - - NBG BANK Floating Rate 6,034 - 6,034 25,275 (70) 25,205 PIRAEUS BANK Floating Rate - - - 10,096 (1,029) 9,067 Project Finance Loans 1,024,840 (21,392) 1,003,448 998,992 (25,370) 973,622 Australia and New Zealand Banking Group Limited Floating Rate Yes - - - 166,410 (4,161) 162,248 BNP Paribas Floating Rate Yes 71,666 (2,628) 69,038 81,981 (3,388) 78,594 INTESA SANPAOLO Floating Rate Yes 56,388 (2,067) 54,321 64,505 (2,665) 61,839 SMBC Floating Rate Yes 56,388 (2,067) 54,321 64,504 (2,665) 61,839 Rabobank Floating Rate Yes 40,277 (1,477) 38,801 46,075 (1,904) 44,171 Santander Floating Rate No 19,071 (94) 18,977 20,142 (229) 19,913 ALPHA BANK Floating Rate No 140,380 (401) 139,979 163,875 (1,963) 161,912 Westpac Banking Corporation Floating Rate Yes 123,398 (3,139) 120,259 66,319 (1,990) 64,329 Banco De Credito E Inveriones S.A., Miami Branch Floating Rate ���� 29,027 (1,064) 27,963 33,206 (1,372) 31,834 PIRAEUS BANK Floating Rate No 146,835 (4,139) 142,696 121,677 (2,642) 119,036 IBK Fixed Rate No 12,473 (760) 11,713 2,448 - 2,448 Deutsche Bank AG, Sydney Branch Floating Rate Yes 41,687 - 41,687 - - - Intesa Sanpaolo S.p.A., Sydney Branch Floating Rate Yes 57,267 - 57,267 - - - NBG BANK Floating Rate No 6,933 (142) 6,791 7,618 (169) 7,449 NBG BANK Floating Rate No 2,802 (208) 2,594 3,215 (265) 2,950 NBG BANK Floating Rate No 35,260 (240) 35,020 37,376 (787) 36,589 NBG BANK Floating Rate No 38,205 (1,098) 112,247 40,996 (1,170) 118,472 RRF Fixed No 66,169 53,212 NBG BANK Fixed No 8,972 25,433 RRF Fixed Rate No 32,159 (860) 55,964 - - - NBG BANK Floating Rate No 24,665 - - - PIRAEUS BANK Floating Rate Yes 14,818 (1,007) 13,811 - - - Overdrafts / Short Term Loans 109,165 - 109,165 121,825 - 121,825 NBG BANK Floating Rate 50,037 - 50,037 98,938 - 98,938 NBG BANK Floating Rate 625 - 625 13 - 13 NBG BANK Floating Rate 4 - 4 0 - 0 EUROBANK Floating Rate 10,216 - 10,216 8,000 - 8,000 EUROBANK Floating Rate 3,300 - 3,300 2,102 - 2,102 ALPHA BANK Floating Rate 3,031 - 3,031 3,039 - 3,039 ALPHA BANK Floating Rate - - - 192 - 192 ALPHA BANK Floating Rate 2,472 - 2,472 2,478 - 2,478 OPTIMA Floating Rate 800 - 800 46 - 46 PIRAEUS BANK Floating Rate 1,515 - 1,515 1,519 - 1,519 ATTICA BANK Floating Rate 2,529 - 2,529 2,535 - 2,535 PIRAEUS BANK Floating Rate 14 - 14 29 - 29 HSBC FR Floating Rate 34,320 - 34,320 ALPHA BANK Floating Rate 3 - 3 NBG BANK Fixed - - - 2,048 - 2,048 PIRAEUS BANK Floating Rate - - - 404 - 404 ALPHA BANK Floating Rate 300 - 300 300 - 300 EFG Floating Rate - - - 182 - 182 CO2 REPOS - - - 255,880 - 255,880 Total 4,329,952 (51,642) 4,278,310 4,110,371 (63,153) 4,047,217 METLEN ENERGY & METALS S.A. 30.06.2025 31.12.2024 (Amounts in thousands ���) Maturity date Fixed/floating r ate IRS Nominal value Deferred expenses Book value Nominal value Deferred expenses Book value Bonds 1,750,000 (19,570) 1,730,430 1,750,000 (22,826) 1,727,174 ATHEX 10.07.2030 Fixed 500,000 (7,103) 492,897 500,000 (7,711) 492,289 GREENBOND 30.10.2026 Fixed 500,000 (5,462) 494,538 500,000 (7,432) 492,568 GREENBOND 2024 17.10.2029 Fixed 750,000 (7,005) 742,995 750,000 (7,684) 742,316 Convertible Bonds - - - 50,000 (1,945) 48,055 FFH Fixed - - - 50,000 (1,945) 48,055 Long Term Loans 1,301,900 (9,685) 1,292,215 809,114 (11,003) 798,111 UBS Floating Rate 49,400 (2,764) 46,636 54,888 (3,339) 51,550 NBG BANK Floating Rate 100,000 (841) 99,159 100,000 (950) 99,050 NBG BANK Floating Rate 150,000 - 150,000 - - - PIRAEUS BANK Fixed 200,000 (1,693) 198,307 100,000 (1,890) 98,110 PIRAEUS BANK Floating Rate 50,000 - 50,000 - - - ALPHA BANK Floating Rate 81,250 (382) 80,868 87,500 (419) 87,081 EIB Fixed 70,313 (21) 70,292 78,125 (26) 78,099 EIB Fixed 120,000 - 120,000 120,000 - 120,000 EIB Floating Rate 120,000 - 120,000 - - - EBRD Floating Rate 60,938 (279) 60,659 65,625 (318) 65,307 EUROBANK Fixed 200,000 (958) 199,042 200,000 (1,086) 198,914 ING Floating Rate 50,000 - 50,000 1,488 (1,488) - INTESA SANPAOLO Floating Rate 50,000 (2,747) 47,253 1,488 (1,488) - Overdrafts / Short Term Loans 84,374 - 84,374 98,966 - 98,966 NBG BANK Floating Rate 50,037 - 50,037 98,938 - 98,938 PIRAEUS BANK Floating Rate 14 - 14 29 - 29 HSBC FR Floating Rate 34,320 - 34,320 - ALPHA BANK Floating Rate 3 - 3 - CO2 REPOS - - - 218,378 - 218,378 Total 3,136,273 (29,255) 3,107,018 2,926,458 (35,774) 2,890,684 The effective weighted average borrowing rate for the Group, as at the balance sheet date is 3.81% (31.12.2024: 4.13%). The financial covenants for compliance with certain ratios applicable to the Group's loan obligations are referred to Note 15. e) Financial and capital risk strategy The Group is exposed to various financial and capital risk factors that may affect its performance and equity position. The assessment of exposure to financial and capital risks is carried out regularly to support the decision-making process regarding the risk management strategy. The Group's policy aims to create a capital structure that supports the long-term continuity of its business activities. Against this backdrop, the Group has made dividend payments to shareholders of the parent with a total amount of ���206 million for the financial year 2023 during 2024, while for 2024 the Group has declared dividend payments to shareholders of ���215 million, while maintaining a debt profile that is suitable for its activities, with annualized spread over the years, thus avoiding a concentration on a specific period. The Board of Directors determines and oversees the management of financial risks with the support of the Capital Allocation and Project Advisory Committee, which ensures that the Group's financial activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group's policies and objectives. The Group has developed its strategy by taking an integrated view of the risks to which it is exposed. This considers not only the risks arising from the variables traded on the financial market (market risk) and liquidity risk, but also the risks arising from the obligations entered by third parties towards the Group (credit risk). The Group uses derivative financial instruments to protect its exposure against market risks arising from its operating, financing and investment activities. The portfolio of financial instruments is reassessed monthly, which enables the financial results and their impact on cash flow to be monitored. Risks Risk exposures Risk responses Market risk - Foreign currency exchange rates Financial instruments and other financial liabilities that are not denominated in Euro Swap and forward positions Market risk - Interest rates Loans and financing indexed to different interest rates Swap positions Market risk - Product prices and input costs Volatile commodity and input prices Forward positions and option contracts Credit risk Receivables, contract assets, ��� derivative transactions, guarantees, advances to suppliers and financial investments Portfolio diversification and policies and procedures and procedures for monitoring counterparty solvency and liquidity indicators Liquidity risk Contractual or assumed obligations Availability of revolving credit lines The investment of surplus cash is undertaken with the objective of ensuring that there is always sufficient liquidity, so that funds are available to meet liabilities as they fall due, whilst securing a return from invested funds and preserving the capital value of those funds within the Group's policies. These policies manage credit risk exposure by setting out minimum rating requirements and maximum investments with any one counterparty based on their rating and the maturity profile. Effects of derivatives on the statement of financial position The fair value of derivative financial instruments is based on observable market data. For all derivative contracts, actual values are confirmed by the credit institutions or brokers with which the Group has entered into the respective agreements. For commodity contracts (i.e., natural gas & aluminium), fair value is determined by reference to: Natural Gas: The Title Transfer Facility (TTF) price and Aluminium: The London Metal Exchange (LME) price. For Interest rate contracts, fair value is determined by reference to the relevant interest rate benchmark index (i.e., EURIBOR/USD, SOFR/AUD). For exchange rate contracts, fair value is determined by reference to the relevant price of USD/EUR. The Group applies hedge accounting to the aforementioned contracts and, since it has established that the hedging relationship entered into through these instruments is effective, the fair value gains or losses on the respective derivatives is taken to a hedging reserve through Other Comprehensive Income. The Group may from time to time enter into contracts for the sale of the electricity production over a period of time of existing operational or under construction RES power plants. To the extent such contracts are virtual (i.e., with no requirement for physical delivery of the electricity to the buyer), they are treated as derivative financial instruments and are also valued at fair value at the reporting date using market data, such as forecasted prices of renewable energy. The movement in the fair value of these contracts is taken to profit or loss. Finally, the Group may enter into physical forward contracts relating to natural gas. Similarly, with PPA, their fair value movement is taken to profit or loss. Market risk - Foreign exchange Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Foreign currency risk The Group's foreign currency risk is mainly in US dollar and results from business transactions in foreign currencies and from net investments in foreign companies. Therefore, changes in exchange rates could have a negative impact on cash flows, costs, projects' profitability and ultimately shareholder returns. The Group's cash flow is also exposed to the volatility of various currencies against the Euro and the US dollar. While most of our product prices are linked to the US dollars, most of our costs, expenses and investments are linked to currencies other than the US dollar, primarily the Euro. The Group uses hedging transactions to protect its cash flow from the market risks arising from its debt obligations and other liabilities - primarily currency volatility. The hedging transactions cover most of the debt denominated in US dollar. The Group uses swaps and forwards to convert debt and financial obligations linked to the Euro into US dollars, with volumes, flows and settlement dates similar to - or sometimes lower than - those of the debt instruments and financial obligations, depending on market liquidity conditions. There is an economic relationship between the hedged item and the hedging instrument as the terms of the foreign exchange swaps and forwards match the terms of our debt obligations and other liabilities. The Group has established a hedge ratio of 1:1 for this hedging relationship as the underlying risk of the foreign exchange swaps and forwards are identical to the hedged risk components. Hedging instruments with shorter maturities are renegotiated over time so that their final maturity matches or approximates the final maturity of the debt and financial obligations. At each settlement date, the results of the swap and forward transactions partially offset the impact of the exchange rate on the Group's obligations, thereby helping to stabilise the cash disbursements in US dollars. Market risk - Product prices and input costs The Group is also exposed to market risks in connection with the price volatility of commodities and inputs, in particular natural gas and carbon dioxide costs. In accordance with its risk management policy, commodity risk mitigation strategies are utilised to reduce cash flow volatility. These risk mitigation strategies include derivative instruments, primarily forwards, futures and options. There is an economic relationship between the hedged item and the hedging instrument as the terms of the commodity forwards, futures and options match the terms of the expected highly probable forecast transactions. The Group has established a hedge ratio of 1:1 for this hedging relationship as the underlying risk of the commodity forwards, futures and options are identical to the hedged risk components. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. To manage the credit exposure arising from cash investments and derivative instruments, credit limits are approved for each counterparty with which the Group enters into a credit exposure. In addition, the Group controls the diversification of the portfolio and monitors various indicators of the solvency and liquidity of the different counterparties authorised for trading. Cash and cash equivalents comprise cash in hand and short-term deposits. These are subject to insignificant risk of change in value or credit risk. All cash and cash equivalents are held with reputable financial institutions. The Group continually reviews the credit ratings of these financial institutions. There are no significant concentrations of credit risk, as the Group maintains deposits across multiple financial institutions. Market risk - Interest rates METLEN faces interest rate risk arising from balance sheet items, such as liabilities (financing) and assets (deposits/investments), as well as from project financing activities and financial derivative transactions. Moreover, macro developments and policy decisions at a regulatory level (e.g., European Central Bank) may affect METLEN's exposure to interest rate risk. METLEN implements a diversification strategy in terms of funding sources, including bank lending, bond issuance, project finance, and trade finance services, which are further diversified in terms of duration and fixed and floating interest rates. METLEN has established a policy for the management of interest rate risk arising from the assets and liabilities in its balance sheet. This policy includes: a) in regard to assets, investment of its cash mainly in short-term time deposits, so as to maintain the necessary liquidity while achieving satisfactory return for its shareholders; b) in regard to liabilities, structuring its funding portfolio in consideration of desired liabilities' mix between fixed and variable interest rates, market conditions, assessment of alternative interest rate risk profiles and market products characteristics (duration, type, etc.). This is achieved either through direct borrowing at a fixed rate or through the employment of interest rate derivatives. A significant portion of Group's debt holds either fixed interesting (Bonds) or incorporates interest hedging agreements. As a result, the market risk relating to interest rates is low. Trade and other receivables The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade and other receivables. The estimate of the allowance for expected credit loss is performed at each reporting date using either a provision matrix or a combined probability model, under the general approach, to measure expected credit losses. The receivables from Group's core operations relate to Energy, Metals and Infrastructure sectors are split in receivables groups of similar credit characteristics (considering the type of counterparties) and business activities. For the Group's Energy retail and Metallurgy (sales of aluminium) receivables, a provision matrix with ageing analysis for past due receivables, along with historical rates, adjusted for forward-looking factors specific to the debtors and the economic environment. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions. For the remaining receivable balances, a combined probability model is applied under the general approach methodology. The key model inputs are as follows: Probability of Default (PD) - the estimated probability of default occurring over the remaining duration of the receivable. The Group uses data from external credit ratings, issued by rating agencies, which are widely used measures of creditworthiness and are generally forward looking and incorporate a number of future macroeconomic scenarios. Exposure at Default (EAD) - an estimate of present value (discounted using the effective interest rate), if relevant, of future cash flows, to be realised from the receivables, based on contractual terms in each agreement for the sales performed. Loss Given Default (LGD) - the fraction of the total exposure that the Group estimates not to be recoverable in case of default. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group does not hold collateral as security. The Group only undertakes investment and derivative transactions with banks and financial institutions that have reputable credit ratings. METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 30.06.2025 31.12.2024 30.06.2025 31.12.2024 Trade receivables from third-party customers 895,276 1,056,935 747,214 663,787 Accrued income 117,313 160,344 51,550 68,764 Accrued income related to trading and energy generation activities 142,332 143,030 154,464 152,739 Accrued income related to Metallurgy 129,429 94,600 129,429 94,600 Unbilled retail revenue 207,530 213,293 181,378 197,809 Contract assets 2,420,880 1,380,758 301,024 257,808 Less: Allowance for expected credit losses (129,961) (120,061) (100,188) (93,431) Total 3,782,799 2,928,899 1,464,871 1,342,076 Liquidity risk management Liquidity risk arises from the possibility that the Group may not be able to meet its obligations on the due dates and may have difficulty meeting its cash requirements due to liquidity shortages in the market. The Group manages its funding requirements centrally to cover its operating requirements and long-term capital needs. As of 30 June 2025, the Group held ���1,316 million in cash and cash equivalents, including restricted cash, (2024: ���1,395 million), of which ���839 million (2024: ���621 million) were held as time deposits. These instruments are managed as part of the Group's liquidity management. The Group's policy is that the maturity of such positions shall be shorter than 3 months. Time deposits are normally available at shorter notice, subject to bank approval and potential break costs. To fund possible cash deficits, the Group will normally raise equity, long-term bond or bank debt in available markets. Financial liabilities, such as trade payables, except for derivatives, have a final maturity date within one year. Assets pledged The Group's assets pledges and other encumbrances for securing bank loans amount to ���1,107 million (2024: ���1,018 million). The assets pledged primarily consist of cash accounts, and other contractual pledges (e.g., for Power Purchase Agreements). There are no other significant terms and conditions associated with the assets pledged and other encumbrances. 12. Provisions METLEN ENERGY & METALS GROUP (Amounts in thousands ���) Decommissioning provision Other Total 01.01.2024 30,332 15,763 46,095 Acquisition of subsidiaries 11,575 16,386 27,961 Arising during the year 37,533 7,221 44,756 Accretion increases 2,152 - 2,152 Unrealised provisions reversal - (7,676) (7,676) Utilised provisions (482) (16,340) (16,823) 31.12.2024 81,110 15,354 96,464 Long -Term 81,110 14,908 96,018 Short - Term - 446 446 Arising during the year 561 1,602 2,163 Accretion increases 514 - 514 Disposal Chile SPV's (38,237) - (38,237) Utilised provisions - (6,955) (6,955) 30.06.2025 43,948 10,000 53,948 Long -Term 43,948 8,897 52,845 Short - Term - 1,103 1,103 METLEN ENERGY & METALS S.A. (Amounts in thousands ���) Other Total 01.01.2024 15,047 15,047 Arising during the year 5,492 5,492 Unrealised provisions reversal (6,961) (6,961) Utilised provisions (5,795) (5,795) 31.12.2024 7,783 7,783 Long -Term 7,783 7,783 Short - Term - - Arising during the year 497 497 Utilised provisions (4,658) (4,658) 30.06.2025 3,622 3,622 Long -Term 3,622 3,622 Short - Term - - The reversal of Decommissioning provision during the period includes the de-recognition of provision associated with the sale of PV assets in Chile, in the context of the Group's Asset Rotation Plan. 13. Trade and other payables METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 30.06.2025 31.12.2024 30.06.2025 31.12.2024 Deferred income- Grants 54,332 55,801 18,835 19,419 Customer advances 12,556 26,490 - - Energy retail guarantees 35,989 30,985 32,608 26,733 Total non-current trade and other payables 102,877 113,276 51,443 46,153 Trade payables 795,316 1,128,856 454,820 678,429 Customer advances 366,319 443,267 183,802 131,497 Liabilities to related parties - - 234,169 358,009 Accrued expense 427 , 398 506,931 274 , 574 337,678 CO2 emissions liability 272 , 010 127,660 204 , 310 85,190 Dividends payable 210,706 4,145 209,919 2,856 Other taxes payables and social security costs 182,810 175,180 130,386 124,171 Other payables 75,506 133,865 60,627 99,411 Total current trade and other payables 2,330,065 2,519,904 1,752,607 1,817,241 The CO2 liability has increased since 31.12.2024 as a result of the additional emissions incurred during the period, while no surrenders of emission rights have taken place with respect to prior period. Additionally, emissions that are not currently covered by emission rights held by the Group have been valued at market value which was higher than the previous carrying amount per unit of emission. 14. Alternative Performance Measures METLEN makes use of the alternative performance measures Group EBITDA, Net Debt, Return on Capital Employed ("ROCE") and Return on Equity ("ROE"). These "APMs" are used by the Executive Committee to monitor and manage the performance of the Group, to ensure that decisions taken align with its long-term interests. ���The Directors believe these alternative performance measures are useful measures as they focus on core functional activities before the effects of capital structure, enabling periodical review of essential ���items for comparability and purposes of transparency. It is pointed out that the following indicators are Alternative Performance Measures (APMs), which are not defined in IFRS. The Group considers these figures to be relevant and reliable for the evaluation of the Group's financial performance and position; however, they do not replace other figures calculated in accordance with IFRSs. Operating earnings before financial & investment results, tax, depreciation & amortisation ("Group EBITDA") Group EBITDA is derived through adjusting Profit before income tax for the effects of any interest income and expenses, investment results, depreciation, amortisation and before the effects of any share in the operational results of associates when they are engaged in business in any of the business sectors of the Group, as well as for the effect of write-offs made in transactions with the aforementioned associates. "Group EBITDA" is an important indicator used by METLEN to manage the Group's operating activities and to measure the performance of the individual segments. The calculation of Group EBITDA may differ from the calculation method used by other companies/groups. However, Group EBITDA is calculated with consistency in each financial reporting period and any other financial analysis presented by the Group. Specifically financial results contain interest income/expense, while investment results contain gains/loss of financial assets at fair value through profit and loss, share of results in associates and gains/losses from the disposal of financial assets (such as subsidiaries and associates). Net debt The Group defines "Net Debt" as the total interest-bearing financial obligations of the Group (excluding lease liabilities), less the assets as presented in Note 15. Net Debt is an important measure used by the Group for capital management oversight and decisions, including the monitoring of its covenants arising from bank financing. Further details regarding covenants and the Group's calculation of Net Debt can be found within Note 15 which captures capital management. Return on Capital Employed ("ROCE") This index is derived by dividing profit before interest & taxes, to the total capital employed by the Group, being the sum of long-term debt, non-current lease liabilities and equity attributable to equity holders of the parent. Return on Equity ("ROE") This index is derived by dividing profit after tax and minority interests by the Equity attributable to the shareholders of the Parent. The above indicators for the presented period 2025, as well as for the previous year, are as follows: METLEN ENERGY & METALS GROUP (Amounts in thousands ���) 30.06.2025 30.06.2024 Group EBITDA 445,266 474,048 Net Debt 2,921,540 2,628,516 ROCE (%) 12.2% 14.0% ROE (%) 18.7% 20.5% Group EBITDA METLEN ENERGY & METALS GROUP (Amounts in thousands ���) 30.06.2025 30.06.2024 Operating earnings before income tax, financial results, depreciation, and amortisation ("Group EBITDA") 445,266 474,048 Definition of Group EBITDA Profit before income tax 290,734 345,812 Less: Financial income (13,941) (10,621) Plus: Financial expenses 92,952 61,244 Less: Other financial results (2,434) 874 Less: Share of profits of associates (620) (170) Less: Grants amortisation (1,829) (1,517) Plus: Depreciation 48,232 52,005 Plus: Amortisation 21,780 17,157 Plus: Depreciation of right-of-use assets 10,392 9,262 Group EBITDA 445,266 474,048 EBITDA METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 30.06.2025 30.06.2024 Operating earnings before income tax, financial results, depreciation, and amortisation ("EBITDA") 74,967 243,200 Definition of EBITDA Profit before income tax 64,331 205,714 Less: Financial income (51,316) (38,096) Plus: Financial expenses 67,472 39,005 Less: Other financial results (52,434) (4,636) Less: Grants amortisation (944) (549) Plus: Depreciation 31,291 29,530 Plus: Amortisation 10,059 5,734 Plus: Depreciation of right-of-use assets 6,507 6,498 EBITDA 74,967 243,200 Return on Capital Employed (ROCE) METLEN ENERGY & METALS GROUP (Amounts in thousands ���) 2025 2024 EBIT (A) 886,817 917,266 Equity attributable to parent's shareholders (B) 3,131,617 2,990,747 Non-Current Debt Liabilities (C) 4,144,311 3,575,008 ROCE [A / (B+C)] 12.2% 14.0% Non-Current Debt Liabilities is calculated as the sum of long-term debt and non-current lease liabilities Return On Equity (ROE) METLEN ENERGY & METALS GROUP (Amounts in thousands ���) 2025 2024 Profit after tax and minority interests (A) 586,398 614,587 Equity attributable to parent's shareholders (B) 3,131,617 2,990,747 ROE [A / B] 18.7% 20.5% 15. Capital management The primary objective of the Group's capital management is to ensure the continuous smooth operation of its business activities and the achievement of its growth plans, combined with an acceptable credit rating. The Group manages its capital structure and adjusts it considering changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group's borrowing's include financial covenants, to maintain certain ratios applicable to the Group's borrowing obligations, including that the "Net Debt to Group EBITDA" maintain a ratio below or equal to 4 and the "Group EBITDA to Net Interest Expense" maintain a ratio above or equal to 2.25. The Group manages these ratios in a manner that ensures creditworthiness in line with its growth and development strategy. For the purpose of calculating the Group's financial covenants, Net Debt excludes cash and cash equivalents, restricted cash and debt associated with project finance. Interest Expense is calculated as Interest Expense is calculated as bank loan interest, other banking expenses less Bank deposits interest. As of 30 June 2025, the latest applicable financial covenant testing date, there have been no breaches of the financial covenants of any of the Group's interest-bearing loans or borrowings. METLEN ENERGY & METALS GROUP 30.06.2025 31.12.2024 (Amounts in thousands ���) Long-term debt 3,938,313 3,371,331 Short-term debt 109,164 375,887 Current portion of long-term debt 230,833 299,999 Financial assets at fair value through profit or loss (40,780) (23,443) Restricted cash (19,303) (13,486) Cash and cash equivalents (1,296,687) (1,381,772) Group Net debt 2,921,540 2,628,516 Group EBITDA * 1,051,294 1,080,076 Net debt / Group EBITDA 2.78 2.43 Group EBITDA / Net Interest Expense 7.84 9.29 Group EBITDA and Net Interest Expense refer to annualised data To achieve this overall objective, the Group's capital management, among other things, aims to ensure that the financial constraints associated with interest-bearing loans and liabilities, which determine the capital structure requirements, are met. Violations in the fulfillment of the financial constraints would allow the bank to immediately demand repayment of the loans and liabilities. No changes were made in the objectives, policies or processes for managing capital during the year ended 31 December 2024 and the interim period from 1 January to 30 June 2025. 16. Financial Income/expenses METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 01.01-30.06.2025 01.01-30.06.2024 01.01-30.06.2025 01.01-30.06.2024 Financial income ��nterest on bank deposits 5,626 5,221 776 2,512 Interest on trade receivables 7,584 1,690 7,427 1,690 Interest from loans to related parties - - 42,587 31,580 Other interest 731 3,709 527 2,314 Total 13,941 10,621 51,316 38,096 Financial expenses Discounts of employees' retirement benefits liability due to service termination 62 88 62 61 Interest on bank loans 56,096 38,085 45,795 18,829 Loans to related parties interest - - 1,608 3,207 Commissions for letters of credit 7,546 4,533 6,519 2,993 Interest on factoring arrangements 5,577 2,841 5,168 2,436 Other banking expenses 4,011 3,775 3,488 2,851 Interest from operating/trading activities - 4,351 - 4,351 Earn-out discounting (Chile transaction) 12,540 - - - Unwinding of discount on long term decommissioning provisions 514 1,887 - - Interest on lease liabilities 6,606 5,685 4,831 4,277 Total 92,952 61,244 67,472 39,005 17. Earnings per share METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 01.01-30.06.2025 01.01-30.06.2024 01.01-30.06.2025 01.01-30.06.2024 Profit attributable to ordinary equity holders of the parent for basic earnings 253,764 281,953 72,819 155,827 Convertible bond - 885 - 885 Profit attributable to ordinary equity holders of the parent for basic earnings adjusted for the effect of dilution 253,764 282,838 72,819 156,712 - - Weighted average number of shares 140,081 138,089 140,081 138,089 Convertible bond - 2,500 - 2,500 Options 2,096 - 2,096 - Weighted average number of shares adjusted for the effect of dilution 142,177 140,589 142,177 140,589 Basic earnings per share 1.8116 2.0418 0.5198 1.1285 Diluted earnings per share 1.7848 2.0118 0.5122 1.1147 Basic earnings per share has been calculated by dividing the profit attributable to shareholders by the weighted average number of shares in issue during the period. Diluted earnings per share has been calculated after adjusting the weighted average number of shares used in the basic calculation to assume the conversion of all potentially dilutive shares. A potentially dilutive share arises from the convertible bond (see to Note 9���) and options (shared-based payments)���. The number of shares in issue used to calculate these amounts may not be representative of the number of shares in issue in the future. 18. Cash Flows from operating activities METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 01.01-30.06.2025 01.01-30.06.2024 01.01-30.06.2025 01.01-30.06.2024 Cash flows from operating activities Profit for the period 261,084 285,295 72,819 155,825 Tax 29,650 60,516 (8,488) 49,887 Depreciation of property, plant and equipment 48,235 52,263 31,288 29,530 Amortasation of intangible assets 21,781 16,785 10,063 5,734 Depreciation of right-of-use assets 10,424 9,620 6,507 6,498 Impairment of property, plant and equipment - 5,530 - - Provisions 1,245 (761) 1,867 (510) Income / loss from reversal / utilisation of prior year's provisions - 8 - - (Profit) / loss from change in fair value of other financial instrument through profit / loss (3,687) 18 (3,687) 18 (Profit) / loss from sale of financial assets at fair value - (4,656) - (4,636) Financial income (13,941) (10,621) (51,316) (38,096) Financial expenses 92,952 61,244 67,471 39,005 Dividends (613) - (50,613) - Grants amortisation (1,864) (1,757) (944) (549) 184,183 188,189 2,147 86,881 (Increase) / decrease in inventories 66,948 17,848 67,198 14,726 (Increase) / decrease in trade receivables (238,066) (622,153) (188,896) (379,710) Increase / (decrease) in liabilities (166,353) 178,838 (153,661) 113,218 Provisions (736) - - - Pension plans 727 267 310 143 (337,480) (425,202) (275,049) (251,623) Cash flows from operating activities 107,787 48,276 (200,083) (8,915) Changes in liabilities arising from financing cash flows A reconciliation of the movements in liabilities arising from financing activities for both cash and non-cash movements is provided below: METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) Borrowings Lease liabilities Total Borrowings Lease liabilities Total Balance 01.01.2024 2,929,207 182,789 3,111,996 1,766,669 150,392 1,917,061 Cash flow from financing activities 1,044,204 (23,249) 1,020,955 1,069,147 (14,492) 1,054,655 New leases - 43,822 43,822 - 3,948 3,948 Derecognition of leases - (827) (827) - (492) (492) Acquisitions of subsidiaries 3,360 - 3,360 - - - Interest expense - 12,428 12,428 - 9,198 9,198 Overdrafts 62,929 - 62,929 63,908 - 63,908 Other 7,517 (504) 7,013 (9,041) (498) (9,539) Balance 31.12.2024 4,047,217 214,459 4,261,676 2,890,683 148,056 3,038,739 Cash flow from financing activities 477,878 (13,341) 464,537 418,727 (8,319) 410,408 Effects of exchange rates (38,858) 174 (38,684) - (64) (64) New leases - 14,847 14,847 - 5,331 5,331 Derecognition of leases - (2,829) (2,829) - (306) (306) Interest expense - 6,621 6,621 - 4,842 4,842 Exchangeable bond with treasury shares (160,000) - (160,000) (160,000) - (160,000) Overdrafts (55,481) - (55,481) (48,913) - (48,913) Other 7,555 - 7,555 6,520 - 6,520 Balance 30.06.2025 4,278,310 219,931 4,498,241 3,107,018 149,540 3,256,558 19. Number of employees The average number of full-time equivalent employees at 30.06.2025 was 4,978 for the Group and 2,850 for the Company. Respectively, on 31.12.2024, the average number of full-time equivalent employees was 4,469 for the Group and 2,660 for the Company. *2,278 non-core business personnel (UNISON) is not included above (2024: 2,165). 20. Management remuneration For the purposes of this analysis key management personnel are deemed to be the members of the BoD of the parent Company, CEOs of major subsidiaries, head of business units and other departments. Total compensation of key management personnel recognized in the Income Statement are presented below: METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 30.06.2025 30.06.2024 30.06.2025 30.06.2024 Wages 4,341 5,986 2,884 3,739 Tax and insurance service costs 404 291 270 116 Long-term benefits 6 , 087 5 , 826 6 , 087 5 , 826 Total compensation of key management personnel 1 0 , 832 1 2 , 103 9 , 241 9,681 No loans have been granted to members of BoD or other management members of the Group (and their families). 21. Related party transactions according to IAS 24 Related Party Transactions are shown at the following table: METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 01.01-30.06.2025 01.01-30.06.2024 01.01-30.06.2025 01.01-30.06.2024 Sales of goods Subsidiaries - - 109,643 128,597 Total - - 109,643 128,597 Purchases of goods Subsidiaries - - 34,846 63,908 Total - - 34,846 63,908 Services sales & other transactions Subsidiaries - - 54,356 116,314 Asso c iates 27,849 - - - Other related parties 129 136 - - Total 27,978 136 54,356 116,314 Services purchases Subsidiaries - - 4,263 42,414 Management remuneration and fringes 1 0 , 832 1 2 , 103 9 , 241 9 , 681 Other related parties - 447 - 79 Total 1 0 , 832 1 2 , 550 1 3 , 504 5 2 ,174 METLEN ENERGY & METALS GROUP METLEN ENERGY & METALS S.A. (Amounts in thousands ���) 30.06.2025 31.12.2024 30.06.2025 31.12.2024 Receivables from related parties Subsidiaries - - 2,130,470 1,956,642 Asso c iates 14,987 - 14,695 - Other related parties 49 7 - - Total 15 , 036 7 2,1 45 , 165 1,956,642 Guarantees granted for related parties Subsidiaries 4,003,863 3,401,067 4,003,863 3,401,067 Total 4,003,863 3,401,067 4,003,863 3,401,067 Payables to related parties Subsidiaries - - 277,707 440,916 Asso c iates 1 4, 579 - - - Other related parties 59 43 59 25 Total 14,638 43 2 77 , 767 440,942 The above-mentioned guarantees refer to: ���167.7 million (2024: ���136.9 million) are Company guarantees for bank loans of the subsidiaries of the Group and ���3,836.1 million ( 2024: ��� 3,264.1 million) are Company guarantees on behalf of customers and suppliers of the Group. It is noted that the above amounts of guarantees issued by the Company on behalf of customers and suppliers of its subsidiaries refers to the maximum amount of the guarantee and the respective risk undertaken by the Company, regardless of the probability of realisation of said risk. 22. Contingent assets and contingent liabilities Unaudited tax years - Group's resident (Greek) subsidiaries There have been no significant changes since 31 December 2024 (as described in the 2024 Integrated Annual Report). Claims relating to Projects As part of the Group's activity in the M Power Projects sector, the Group has raised or is in the process of raising a number of claims primarily related to compensation for delays caused either by the clients of the projects or by the suppliers. These claims are based on the respective contractual terms, the applicable legal framework of each country, as well as on expert and other specialist reports. These claims have not been recognised in the Group's financial results, as the criteria for their accounting recognition had not been fully met by the date of approval of the interim Financial Information. The Group, through its legal advisors, is in the process of expediting the resolution of these claims. Arbitration Proceedings - Supply Contract Dispute In October 2024, METLEN S.A. submitted a request for arbitration to the International Chamber of Commerce in respect of a dispute with one of METLEN S.A.'s contractors on the basis of a supply contract entered into between METLEN S.A. and the contractor, with METLEN S.A. seeking compensation of approximately ���300 million due to defective equipment delivered to METLEN S.A. by the contractor. The agreed deadline for METLEN S.A. to submit its statement of claim is 30 September 2025. Petitions for annulment of Regulatory Authority for Energy (RAE) decisions - CHP plant The Company filed before the Council of State: (a) petition for annulment of RAE's decision no. 80/2016 entitled "Management of condensate heat during the calculation of cogeneration efficiency for the Approval of Special Operating Conditions of CHP plant"; and (b) petition for annulment of RAE's decision no 410/2016 entitled "Amendment of RAE's decision no. 1599/201, with which it was approved the Issue "Cash Specifications and Size Measurements at the request of the ministerial decision no ��6 / ��1 / ������.8786 / 06.05.2010 for the implementation of the System of Guarantees of Origin of the Electricity from RES and High Efficiency CHP and its Ensuring Mechanism". The Company also filed before the Athens Administrative Court of Appeal a petition for annulment of RAE's decision no. 334/2017 entitled "On the application of the soci��t�� anonyme ALUMINUM OF GREECE BEAE and the distinctive title "������" for the revision of RAE's decision no. 569/2016"; (b) of RAE's decision no. 569/2016 entitled "Efficiency Control and Determination of Special Operating Conditions of the Distributed HE-CHP unit of the soci��t�� anonyme ALUMINUM OF GREECE BEAE (SA)". From the combination of the above decisions, the cogeneration efficiency of the CHP plant of the Metallurgy Business Unit is negatively affected, as they change the calculation method for the amount of high efficiency electricity, including by subtracting the thermal energy contained in returnable concentrate, when calculating the total efficiency of the unit, resulting in a reduction in unit revenue. The decisions of the Council of State were issued, according to which the Company's petitions for annulment have been rejected. On the contrary to the decision no. 1652/2022 of the Supreme Court of Justice, the Company's application before the Administrative Court of Appeal of Athens for the annulment of no. 334/2017 of the RAE decision was accepted and the above decisions were deemed illegal and annulled. It is also noted that, on the one hand, the annulment decision has retroactive effect, resulting in the administrative act being annulled to be considered as if it never existed, while on the other hand, even an appeal against the decision has no effect of suspension. In view of the above, the decision RAE 569/2016 is considered as if it never existed and the duty to comply with the decision No. 1652/2022 of the Administrative Court of Appeal of Athens mandates that the pricing of electricity for the period from 12.1.2017 onwards be corrected immediately, based on the decisions RAE 700/2012 and 341/2013 and according to the specific provisions in the Appendix attached there to RAE filed an appeal against the above decision .The case has been heard before the court on 13.05.2025 and we expect the decision to be issued. 23. Post - Balance sheet events Since the interim period end date of 30 June 2025, "METLEN Energy & Metals PLC" (hereinafter called "METLEN PLC") acquired all (100%) of the shares issued by the Company, pursuant to (i) the voluntary share exchange tender offer that METLEN PLC submitted on 25 June 2025 in accordance with Law 3461/2006, as in force ("Law 3461"), and (ii) the right of squeeze-out exercised by METLEN PLC in accordance with Article 27 of Law 3461 and the decision 1/644/22.4.2013, as in force, of the Board of Directors of the Hellenic Capital Market Commission (the "HCMC"), the process of which completed on 29 August 2025. As a result, METLEN PLC has become the direct parent of the Company and the ultimate parent company of the Company's Group. METLEN PLC's share capital in ordinary registered shares amounts today to ���1,573,252,780.00 and is divided into 143,022,980 ordinary registered shares, admitted to trading on (a) the Main Market of the London Stock Exchange (the "LSE") and (b) on the Regulated Securities Market of the Athens Exchange (the "ATHEX"). Following the aforementioned acquisition, the Company has submitted a written request to the HCMC to approve the delisting of the Company's ordinary registered shares from the Athens Exchange, in accordance with Article 17, paragraph 5 of Law 3371/2005, as in force. 24. Approval of Interim Condensed Financial Information The Interim Condensed Financial Information for the period ended 30.06.2025 were approved by the Board of Directors of METLEN Energy & Metals S.A. on 8 September 2025. Maroussi, 8 September 2025 Evangelos Mytilineos I.D. No ���� 094179/2017 Chairman of the Board of Directors & Chief Executive Officer Eleftheria Kontogianni Spyridon Kasdas I.D. No ��00419969/2024 I.D. No ��P 1 04707/2022 Chief Finance Officer Vice-Chairman A' of the Board of Directors Ioannis Boumponaris Periklis Kazakos I.D. No �� M 499302/2014 I.D. No A01271813/2024 Finance & MIS Senior Director Financial Reporting & Controlling Senior Manager This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. 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