METLEN ENERGY & METALS Α.Ε.

Table of Contents

1. Objective and Basis for the Preparation of the Annual Integrated Report ............................................................1

2. Chairman’s Message...............................................................................................................................................2

3. Representation of the Members of the Board of Directors ...................................................................................4

4. Business Profile & Highlights 2024 .........................................................................................................................5

5. Annual Board of Directors Management Report..................................................................................................11

6. Explanatory report .............................................................................................................................................334

7. Statement of Corporate Governance .................................................................................................................338

8. Report on the activities of the Audit Committee ...............................................................................................417

9. Independent Auditor’s Report ...........................................................................................................................429

10. Annual Financial Statements..........................................................................................................................438

11. Availability of Financial Statements ...............................................................................................................550

12. Appendix I - Unbundled Financial Statements of Energy Segment METLEN Energy & Metals S.A. - Group of

Companies ..................................................................................................................................................................551

13. Appendix II - Annexes of the Sustainability Statement .......................................................................................558

1. Objective and Basis for the Preparation of the Annual Integrated Report

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

The objective of METLEN's first Integrated Report is to provide a comprehensive and transparent picture of the company's

strategy, performance and prospects, focusing on both financial results and environmental, social and governance aspects of its

business. This report highlights how METLEN creates value for its shareholders and other stakeholder groups by highlighting the

interconnection between financial and sustainability elements.

In addition, this report covers the requirements of the new European Corporate Sustainability Reporting Directive (CSRD), which

has been incorporated into national law, and which requires companies to report the impacts, risks and opportunities of their

business activities in relation to sustainable development.

In the context of this new regulatory approach, METLEN publishes the chapter "Sustainability Statement", within the Annual

Management Report of the Board of Directors, which henceforth replaces the issuance of separate Sustainability Reports

published by the Company, until 2023.

The consolidated Financial Statements have been prepared in accordance with the applicable International Financial Reporting

Standards, as adopted by the European Union and the Sustainability Statement in accordance with the European Sustainability

Disclosure Standards (ESRS).

1. Objective and Basis for the Preparation of the Annual Integrated Report

2. Chairman’s Message

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

Message from the Chairman and CEO of METLEN Energy & Metals, Evangelos Mytilineos, on the 2024 Annual Report

With great pride, we present the Annual Report of METLEN Energy & Metals, which also marks the Company’s First Integrated

Annual Report. It provides a comprehensive and balanced overview of our strategy, business initiatives, financial performance,

and overall approach to sustainable development, enhancing transparency and clarity in analyzing the challenges, opportunities,

and factors that shape our course.

The year 2024 was another year filled with significant challenges, characterized by tectonic changes and escalating geopolitical

tensions worldwide. Amid this unstable global environment, METLEN Energy & Metals demonstrated resilience, solidified its

position in the sectors and markets in which it operates, and continues to move forward steadily, with a clear plan, vision, and

ambition.

The past year was a milestone, as we achieved major accomplishments, secured significant agreements, completed targeted

acquisitions, and further strengthened our position in the Energy and Metals sectors. It was also the year that marked the full

completion of our second major transformation, the impact of which is now clearly reflected in our performance, with a vision

to establish our company as a global leader. With foresight, we addressed the major challenges of our time: the energy transition,

the digital revolution, industrial transformation and green excellence, the circular economy, the development of emerging

markets, the increasing demand for energy, the rising cost of goods and services, and the new requirements of the labor market.

With stability and determination, we managed to turn these challenges into opportunities, completing a significant cycle to open

a new chapter for our company. We are now ready to face the challenges of the future with the same determination and vision.

We changed our name after 116 years, looking toward the future while respecting the long history and legacy of all that we have

achieved together on this journey. We renewed our corporate identity, transitioning from MYTILINEOS Energy & Metals to

METLEN Energy & Metals, shaping a new era characterized by strategic foresight and operational excellence. Our only constant

is evolution—driven by passion, vision, and unwavering commitment to our goals.

Our goal is the further internationalization of our Company. In this context, we are also pursuing a listing on the London Stock

Exchange, a process we have already set in motion. Our international presence, combined with our continuous evolution into a

company with high expertise and innovation, enables us to chart a clear roadmap for establishing and expanding our presence in

one of the world’s leading companies. Our core pillars: Energy and Metals.

Today, METLEN Energy & Metals is a leading international player in the Metals sector and the largest fully integrated producer

of bauxite, alumina, and aluminum in the European Union. With the completion of the acquisition of IMERYS Bauxites and the

creation of "European Bauxites," alongside "Delphi-Distomon," we have established the largest bauxite producer in Europe.

Additionally, we have integrated Gallium into our industrial production—a critical material of strategic importance for Europe's

future. Furthermore, we recently announced an iconic investment plan with a total budget of €295.5 million, aimed at

significantly increasing our production capacity for bauxite, alumina, and Gallium.

Similarly, we aim to expand our activities in bauxite mining and alumina production with the license we obtained for Bauxite

Exploration and Exploitation in Ghana, a region estimated to have geological reserves of 300 million tons of bauxite. The

"Integrated Bauxite & Aluminum Project in Ghana" has been included in the European Union’s flagship projects list, “Global

Gateway,” receiving substantial support—an acknowledgment of the project's strategic significance. At the same time, this

confirms METLEN’s role as a catalyst for sustainable investments that strengthen Europe’s strategic autonomy in critical raw

materials.

Moreover, we have reinforced the Metals sector and are moving forward with the creation of a new, large-scale, high-tech

industrial unit for specialized metal constructions in Magnesia, aiming to expand the range of produced goods and leverage all

possible synergies with our existing facility in Nea Ionia, Volos.

In the Energy sector, Protergia—an integral part of METLEN—maintained stable and unchanged electricity tariff rates, providing

tangible support to consumers in a period of increased volatility. Consumer trust is reflected in Protergia’s continuously growing

market share in the domestic retail electricity market, now exceeding 20%, with a goal to reach 30%.

Significant projects were also undertaken by the Power Projects sector. In the United Kingdom and Ireland, we signed two long-

term Power Purchase Agreements (PPAs) with Keppel DC REIT, a leading provider of Data Centers in the country, to supply energy

to two of their facilities in Dublin from photovoltaic parks. In Poland, in a consortium with Siemens Energy Global GmbH & Co KG

and Siemens Energy sp. z o.o. (SIEMENS ENERGY), we undertook the construction of a 560 MW CCGT power plant with related

infrastructure at the Adamów power station in the Turek region of Poland.

In the Renewables sector, our Company maintained its focus on international markets, securing a landmark strategic agreement

with PPC for the development and construction of a solar project portfolio of up to 2,000 MW in Italy, Bulgaria, Croatia, and

2. Chairman’s Message

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

Romania, valued at up to €2 billion. Just eight months after the agreement between METLEN and PPC, our Company delivered

the first 32 MW in Italy. In Chile, we inaugurated our second solar park, Doña Antonia, a total investment of $65 million, with an

installed capacity of 90 MW, to provide 100% renewable energy for the country’s green growth. The park generates energy

equivalent to the annual consumption of over 85,000 households, reducing emissions by more than 80,000 tons of CO

annually.

The leading international expertise we have developed in renewables was recognized with €400 million in financing from the

European Investment Bank to support our strategy for renewable energy production across Greece and other EU countries.

Additionally, our Company issued a five-year "green" bond of €750 million at a 4% interest rate, marking a record amount for a

company listed on the Greek market. The issuance also saw participation from the European Investment Bank (EIB), marking the

first time the EIB has participated in a Greek green bond issuance.

Made of Metal and full of Energy, METLEN is shaping its future as a global leader in the Energy and Metals sectors. Through

strategic partnerships, international expansion, and responsible social and environmental practices, we continue to define the

future of sustainable development, setting a new standard on the global business map.

We have continued implementing key initiatives aligned with the Global ESG Goals. The "Learning to See the Human" program

contributed to combating discrimination and promoting inclusion, while our support for the FemStem initiative empowered

women in the field of science. Through the Data Youth program, we enhanced young people’s digital skills, preparing them for

the job market, and implemented reforestation initiatives to support environmental protection. The illumination of the Temple

of Poseidon in Sounion, as part of the “Journey to Light” program, highlighted our cultural heritage with respect for the

environment.

At the same time, METLEN has proudly reaffirmed its strong commitment to continuously improving its sustainability

performance. For the second consecutive year, we are in the LEADERS group of the MSCI ESG Rating index. We also remain the

only Greek company included in the Dow Jones Sustainability Index Best-in-Class (Emerging Markets) for the third consecutive

year, while achieving the highest score in the Multiline Utilities sector of the London Stock Exchange Group’s ESG Rating index.

Sustaining strong financial performance is essential to our ongoing growth, while our commitment to sustainable development

is at the core of our strategic operations. In this context, in 2024, METLEN’s Green EBITDA growth was remarkable, exceeding

€350 million in absolute terms and now representing one-third of the Company’s total profitability, compared to approximately

8% in 2021.

At METLEN, we work with strategic planning, vision, and ambition to reach even greater heights. With prudence and a deep sense

of responsibility, we are committed to maximizing the return on every resource—financial, human, natural, and social—that we

utilize to produce our products and develop our services. Our goal is to reward our shareholders' trust by creating lasting value

for them, our employees, our customers, and society as a whole. We are committed to strengthening our global leadership

position while ensuring sustainability and responsible growth for the benefit of future generations.

3. Representation of the Members of the Board of Directors

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

The

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

a. the enclosed Financial Statements of “METLEN Energy & Metals S.A.” for the period of 01.01.2024 to 31.12.2024,

drawn up in accordance with the applicable accounting standards, reflect in a true manner 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. as far as we know, 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, 12 March 2025

The designees

Evangelos Mytilineos

Spyridon Kasdas

Dimitrios Papadopoulos

Chairman of the Board of Directors

and Chief Executive Officer

Vice – Chairman A’ of the Board of

Directors

Executive Member of the Board of

Directors

3. Representation of the Members of the Board of Directors (according to article 4 of L. 3556/2007)

4. Business Profile & Highlights 2024

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

Profile

METLEN Energy & Metals (previously known as MYTILINEOS Energy & Metals) (onwards the “Company” or “METLEN”) is a global

industrial and energy company with a leading position in the metals and energy sectors, focused on sustainable development

and the circular economy. The Company has established itself as a benchmark for competitive "green" metallurgy at both the

European and global levels, while offering comprehensive energy solutions. It operates in markets across all five continents, while

listed on the Athens Stock Exchange, with a consolidated turnover of €5,683 million and a total of 7,620 direct and indirect

employees.

Our Vision

“Inspired and motivated by our Greek heritage, to lead our business to global success”.

Our Mission

“We operate in demanding local and international markets, with ingenuity, efficiency and respect for the environment and

society. We rely on the potential of our people and create value for our customers, shareholders, employees and the Greek

economy”.

Our Corporate Values

Effectiveness with Safety First.

Relentless struggle of our People for Competitiveness.

Respect and Important Role for each Employee.

Two success factors: teamwork and excellence.

Continuous Progress by Everyone in Everything We Do.

Key Group Figures

€5,683 million

Turnover

9.4 TWh

Total power production

€1,080 million

EBITDA

11.1 GW

Global RES portfolio

(in all stages of development)

€615 million

Net Profit

18.5%

Market share - Supply of Energy & Natural

Gas

€4,788 million

Market Capitalization

238 ktons

Total Aluminium Production

(Recycled Aluminium: 23.5%)

7,627

Direct and indirect employees

865 ktons

Alumina Production

4. Business Profile & Highlights 2024

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

Business Sectors

ENERGY SECTOR

METLEN is currently the largest private company, along with its subsidiaries, operate across the entire energy spectrum,

functioning as a fully integrated energy utility. Its activities range from the development, construction, and operation of thermal

power plants and RES projects, the design and construction of electricity infrastructure projects to the retail electricity and natural

gas supply, natural gas procurement and trading, as well as offering competitive energy products and services.

In summary, the Energy Sector consists of five activities: M Renewables, which develops RES and energy storage projects

worldwide; M Energy Generation & Management, which manages power generation and energy plants; M Energy Customer

Solutions, which focuses on retail electricity and natural gas supply, as well as new retail products and services; M Integrated

Supply & Trading, which deals with the procurement and management of natural gas and other energy products for large B2B

corporate clients in Greece and abroad; and M Power Projects, which focuses on the development of large-scale energy projects

for electricity production, energy transition, and more.

Specifically, METLEN Energy & Metals is a global manufacturer and contractor of solar energy and energy storage projects,

offering reliable solutions across the entire development spectrum of these projects, from standalone projects to complex hybrid

systems. With strong expertise, international operations, and unparalleled responsiveness, it designs and implements high-

quality projects for its customers. The company also has a portfolio of RES (of all technologies) and storage projects, both in

Greece and abroad, totaling 11.1 GW.

Through Protergia, the company is active in the retail supply of electricity and natural gas, aiming to offer reliable solutions,

competitive products, and modern services to businesses, professionals, and households. METLEN's offerings extend to areas

such as energy efficiency, smart cities, facility management, Internet of Things/digital services, and more, addressing the needs

of its customers. METLEN Energy & Metals is the largest independent producer and supplier of electricity in Greece. The company

has in-depth knowledge of the electricity market and continuously implements environmentally friendly investments, positively

contributing to the Greek economy and employment.

With an energy portfolio of over 2 GW in thermal units, it boasts a strong Energy Management system, which includes the

management and operation of thermal power generation units, participation in market bidding & non-physical power trading, as

well as the management of generated energy from generation assets (thermal and renewable energy) and third-party PPAs.

Additionally, the company manages RES and develops green VBL products.

The company's activity in the Energy Sector is further strengthened by its involvement in the procurement and management of

natural gas and other energy products on competitive terms, customer-facing services, and the provision of innovative products

and services for large B2B corporate clients in Greece and abroad.

In addition, the Company is a leading international contractor in the construction of specialized, large-scale, and value-added

energy projects, undertaking the full spectrum of services required for the successful execution of the project. This includes

conventional power generation projects, energy transition projects (e.g., distribution networks, hydrogen, etc.), as well as

projects focused on energy savings, digital transformation, smart cities, and IoT platforms.

METALS SECTOR

METLEN Energy & Metals holds a leading position in the Metals sector. It operates the only vertically integrated bauxite, alumina,

and primary aluminium production unit in the EU with its own port facilities, and the largest cogeneration power plant.

Additionally, it has made a strong entry into the recycled aluminum market.

The Metals sector includes the Delphoi-Distomo facility for bauxite production, the Aluminum of Greece plant, the largest

independent producer of recycled (secondary) aluminum, EPALME, the Volos plant for heavy and complex metal constructions,

and the zinc and lead metallurgy plant, Sometra. In 2023, the company acquired IMERYS BAUXITES GREECE, and through its newly

named subsidiary European Bauxites, solidified its position as the largest bauxite producer in Europe.

The international business activity of the Sector is a driving force for the national economy, but also for the development of the

Greek periphery. The "Aluminium of Greece" plant, having completed almost 60 years of operation and more than 20 years of

continuous development, with investments that exceeded € 600 million for the technological modernization of its facilities and

the development of its production and productivity, is one of the strong pillars of Greek industry and has established itself as one

of the strongest representatives of the sector in the European Union, with an annual production capacity exceeding 180,000 tons

of primary cast aluminum and 865,000 tons of alumina. At the same time, METLEN continues to invest in the production of

recycled (secondary cast) aluminium, in which the circular economy is fully implemented, reaching a production capacity of

65,000 tons per year, significantly reducing total energy consumption per ton of production and carbon dioxide emissions. At the

same time, the new major investment announced at the beginning of 2025, aimed at expanding bauxite and alumina production

and constructing a new facility for gallium production, is expected to strengthen both Europe's autonomy in critical raw materials

and Greece's strategic position, along with that of the company, on the global stage.

METLEN procures two main raw materials used in the alumina production process: bauxite and sodium hydroxide (caustic soda)

and markets two grades of alumina products: anhydrous alumina and hydrated alumina. Moreover, METLEN markets two main

4. Business Profile & Highlights 2024

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

categories of aluminium products: columns and aluminium plates.

The majority of METLEN customers are manufacturers, but sales are also made to dealers. METLEN maintains long-term

relationships of more than 10 years with the majority of aluminium customers.

INFRASTRUCTURE & CONCESSIONS

Along with its two main business Sectors, METLEN Energy & Metals has created two new subsidiaries, utilizing the know-how and

international recognition that the Company has developed in the field of construction. These two companies gradually claim a

large share of the market for Infrastructure, Concessions and PPP projects that will be auctioned in the coming years, with more

than €20 billion of capital flowing to Greece, while our Company's goal is to expand its activity in this field abroad. Specifically:

METKA ATE, a subsidiary of METLEN, is dedicated to upgrade the infrastructure and construction sector by ensuring the necessary

management focus on these specific activities. At the same time, its operational efficiency is optimized as a distinct corporate

entity, and transparency in the presentation of financial data is reinforced. METKA ATE has extensive experience in the

infrastructure sector, holding a seventh-class contractor’s license. It now specializes in construction activities, undertaking

infrastructure projects such as roadworks, buildings, railway and port projects, as well as solid and liquid waste management

projects. The company is strategically positioned with advantages such as financial robustness, advanced technical expertise, and

personnel with extensive experience and knowledge. These assets enable METKA to take a leading role in the sector, contributing

significantly to the development of the country and the broader region. METKA ATE, continuing its strategic expansion plan into

the rapidly growing market of environmental projects, acquired 100% of the shares of M.T. ATE, a company engaged in the

undertaking and construction of public and private engineering projects, with a specialization in environmental projects.

M CONCESSIONS focuses exclusively on the pursuit, financing, design, construction, operation, and maintenance of

infrastructure, building, environmental, hydraulic, and energy projects. It also engages in other activities through its participation

in Public-Private Partnership (PPP) and Concession tenders. The company works closely with METKA ATE, which serves as its

construction arm. The business objective of M CONCESSIONS is to establish itself and secure a leading position in the sector of

co-financed projects, with an emphasis on sustainable investments that foster societal development and enhance the quality of

life for citizens.

International Presence

METLEN Energy & Metals has an extensive presence in markets across all five continents. The company operates in more than

40 countries, ensuring the continuous delivery of innovative solutions that address the modern challenges of the energy and

metals industry. METLEN’s global reach is supported by a strategic network of partners, facilities, and offices in key international

markets. From its advanced infrastructure in North America and Europe to the emerging markets of Asia, Africa, and Latin

America, METLEN plays a pivotal role in the development of sustainable energy solutions and the management of valuable

resources. Its broad geographic presence enables the company to adapt to the needs of diverse markets while maintaining a

strong focus on high standards of quality, safety, and sustainability

ESG Performance and Presence in International Sustainability Indices

4. Business Profile & Highlights 2024

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

International independent ESG rating agencies monitor METLEN's performance on an annual basis and, through different

methodologies, evaluate the practices applied to manage and minimize ESG risks and exploit the corresponding opportunities in

its operation. In 2024, the company received 15 ESG raitings, maintaining and further improving its already high performance.

As a result, METLEN remained in the top 10% of the best ESG performers in its field, according to 7 out of the 11 international

organizations that evaluate it.

SUSTAINABILITY INDICES & ESG RATINGS

ΜETLEN Energy & Metals’ presence

Sustainability Indices

2024

2023

2022

2021

2020

Dow Jones

Best-in-Class Emerging

Market Index

ΜETLEN Energy & Metals’ performance

Sustainability & esg

ratings

2024

2023

2022

2021

2020

MSCI

AAA

Sustainalytics

<10

16,5

18,7

22,4

S&P Global ESG

100

CDP

Climate

Water Security

B-

LSEG

100

EcoVadis

100

FTSE Russel

4,4

4,2

3,9

4,1

ISS Corporate

Α+

C+

ISS Quality Score

Environment

Social

Governance

Bloomberg

100

66,5

62,8

Ideal Ratings

AAA

ESG BOOK

Performance Score

100

70,5

74,2

66,2

62,4

Risk Score

100

73,0

72,2

72 (UNGC

Performance)

71 (UNGC

Performance)

70,9 (UNGC

Performance)

4. Business Profile & Highlights 2024

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

Participation in Initiatives & Organizations

METLEN Energy & Metals plays a leading role in international business initiatives and organizations, with a strong focus on

sustainable development and responsible entrepreneurship. Recognizing its responsibility towards the environment, society, and

the economy, the Company actively participates in global collaborations that promote the principles of sustainability, innovation,

and transparency. [GRI 2-28]

Since 2008, METLEN has consistently declared its

commitment to the ten principles of the UN Global

Compact by disclosing its performance on an annual

basis.

Since 2016, METLEN has been supporting the

achievement of the Global Sustainable

Development Goals (2030 Agenda), contributing

to the respective national priorities .

Since 2019, METLEN has participated in the

international Aluminium Stewardship Initiative (ASI),

as a member of Production & Manufacturing.

Since 2012, METLEN has taken into account the

Principles of the International Standard of

Corporate Social Responsibility in its operation,

disclosing its progress and performance on an

annual basis.

As a founding member of the Council of the

Greek Federation of Enterprises (SEV) since

2008, METLEN is fully committed to the

relevant Code of Principles and actively

participates in its initiatives to promote and disseminate the

principles of Sustainable Development.

METLEN has been an ambassador of the

Greek Sustainability Code since 2015, having

actively contributed to its development,

either by submitting its views and initiatives

through the open consultation process in the context of the relevant

dialogue or by participating in the relevant working groups.

Since 2006, METLEN has been a principal

member of the CSR HELLAS Network, actively

participating in and supporting its various to

promote and disseminate CSR principles and

practices.

Through SEV, METLEN is part of the

Business Europe initiative, which aims to

promote growth and competitiveness at the European level and to

support European companies on the issues that most affect their

performance.

Since 2010, METLEN has been a member of the

"Hellenic Association of Independent Power

Producers”. This initiative's main objective is to

promote and manage issues related to the

generation and distribution of reliable, cost-

effective, and environmentally friendly electricity, as well as the

deregulation of the market for all energy raw materials.

In 2024, METLEN’ Chairman and CEO

Evangelos Mytilineos was re-elected for a

second term, President of the Pan-

European Association Eurometaux, which represents the non-

ferrous metals industry at European level, including mining,

metallurgy, processing and recycling of base metals, precious metals

and secondary metals.

4. Business Profile & Highlights 2024

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

METLEN participates in European Aluminium, an

initiative that focuses on the role of aluminium

(essential for the production of renewable

energy plants, electricity cables, electric

vehicles, hydrogen electrolysis and so on).

METLEN participates in COGEN Europe, an initiative that

aims at cogeneration, i.e. the production of low-carbon

electricity and heat in the most efficient and sustainable

way.

METLEN participates in the Hydrogen Europe

initiative, the aim of which is to harness

hydrogen, which plays an important role in

decarbonizing the economy, especially in terms of the

decarbonisation of heavy industry.

Since 2022, METLEN has participated in the

Athens Stock Exchange initiative for the disclosure

of sustainability information and its

communication with relevant stakeholders,

aiming to improve transparency and sustainable

entrepreneurship.

5. Annual Board of Directors Management Report

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

The current “METLEN Energy & Metals S.A.” Board of Directors Annual Report relates to the 2024 fiscal period. It has been

prepared in accordance with the relevant provisions of Act 4548/2018, Act 5164/2024 (GGI Α202/12.12.2024), Act 3556/2007

(GGI 91Α/30.04.2007) and the executive decisions issued by the HCMC, in particular HCMC Board of Directors Decision No.

8/754/14.04.2019.

The report contains financial and non-financial information, as well as information necessary for understanding the impact on

issues relating to the solvency of “METLEN Energy & Metals S.A.” (hereinafter called the “Company”) and its subsidiaries and

associated companies (hereinafter called the ‘Group’ or “METLEN”, jointly with the company) for fiscal year 2024. It also describes

significant events that took place during this period and their impact on the annual consolidated report. Additionally, the report

describes the main risks and uncertainties that the Group's companies may face in the forthcoming year. Finally, it presents the

significant transactions between the Company and its related parties.

5. Annual Board of Directors Management Report

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

i. The table below shows an analysis of the Group operational result per sector as well as other items.

01.01-31.12.2024

01.01-31.12.2023

Turnover

5,683.0

5,491.7

Energy

4,571.7

4,425.5

Metallurgy

857.0

941.6

Infrastructure & Concessions

254.2

124.6

Other

0.0

EBITDA

1,080.1

1,013.6

Energy

753.3

766.5

Metallurgy

296.8

248.4

Infrastructure & Concessions

49.7

17.6

Other

(19.7)

(18.9)

(-) Depreciation / Amortization

(162.8)

(113.4)

(+ - ) Net Financials

(170.0)

(106.5)

(+) Share of profit of associates

1.1

(7.7)

(-) Tax

(117.6)

(160.4)

(-) Minoritiy Interest

(16.2)

(2.5)

Net Income attributable to parent Shareholders

614.6

623.1

ii. The table below shows an analysis in cash flow and changes in net debt in accordance with the statement of cash flow

of the financial statements (in statement of cash flow movements of restricted cash are not included):

(Amounts in million €)

01.01-31.12.2024

EBITDA

1,080

(-)

2023 Lead Items

(74)

(-)

Working Capital

(333)

Funds from operations

673

(-)

Tax

(123)

(-)

Interest

(135)

Operating Cash Flow

415

(-)

Maintenance Capex

(113)

(-)

Growth & Productivity Capex

(688)

Free Cash Flow

(386)

(-)

Other Financial / Investment Cash Flows

(255)

Net Debt Change

(640)

FULL YEAR 2024 REVIEW - PERFORMANCE AND FINANCIAL POSITION

5. Annual Board of Directors Management Report

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

2.2. STRATEGIC PRIORITIES & BUSINESS MODEL [ESRS2: SBM-1]

STRATEGY

METLEN Energy & Metals is strategically positioned at the forefront of the energy transition as a leading and integrated

provider (utility), while establishing itself as a benchmark of competitive "green" metallurgy at European and global level. It

has a dynamic presence in all five continents, is listed on the Athens Stock Exchange, with a consolidated turnover of €5.7bn

[ESRS2:SBM1-40_b] and with 7.627

direct and indirect employees in Greece and abroad [ESRS2:SBM1-40_a_iii]. The Group’s

main objective is the continuous and responsible development and improvement of competitiveness in all its activities, through

continuous reinvestment and synergies between them, to unlock value multipliers and ensure its viability and consistent returns

for its shareholders. At the same time, the Group’s dynamic business development is inextricably linked to the principles of

Corporate Responsibility and Sustainable Development. Its strategy in this field is expressed with the implementation / support

of important initiatives that contribute to the achievement of the UN Sustainable Development Goals and the corresponding

national priorities.

The Group’s main objectives can be summarized as follows:

a) Implementation of a modern functional and sustainable business model that further favours internal synergies, effective

decision making and effective internal communication.

b) Recognition of the Group’s true market capitalization and its further increase, while targeting the investment grade rating on

its debt.

c) Focus on the development of Human Resources, creating conditions for meritocracy-based advancement, with a clear value

proposition.

d) Further growth in activities presenting opportunities (e.g., Infrastructure & Concessions in Greece, new technologies, new

markets internationally).

METALS SECTOR

Year 2024

Αdditional data

Employees

1,662

Metals sector’s employees are employed in Greece and make

up 21.8% of the total number of employees.

Total Revenue

[ESRS2:SBM1-

40_b]

€857,042 thousand

The Sector’s revenue accounts for 15.1 % of the Group’s total

revenue.

Main products

1) Bauxite

2) Alumina (hydrated & anhydrous)

3) Aluminium (primary cast & secondary cast)

With its Metals Sector, METLEN holds a leading position in the metallurgy industry. It operates the only vertically integrated

bauxite, alumina and primary aluminium production plant in Europe, with privately owned port facilities and the largest

cogeneration unit and has made a dynamic entry into recycled aluminium and zinc lead recycling. The Sector’s international

business activity is a driving force for the national economy and for the development of the Greek periphery.

The "Aluminium of Greece" plant, after more than 55 years of operation and more than 20 years of continuous growth, with

large-scale investments for the technological modernization of its facilities and the development of its production and

productivity, is one of the major pillars of Greek industry and has been established as one of the industry’s strongest

As presented in the Annual Financial Statements of this Consolidated Report

The direct employees of the Group or the Group's Domestic Workforce

As detailed within the Workforce Concerned subsection of the Social Issues section of this Sustainability Statement

As presented in the Financial Information by Sector within the Notes to the Financial Statements of this IR.

BUSINESS MODEL

5. Annual Board of Directors Management Report

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

representatives in the European Union, with an annual production capacity exceeding 180,000 tons of primary aluminium and

860,000 tons of alumina.

At the same time, through its subsidiary EPALME, which operates fully under the principles of circular economy, METLEN

continues to invest in the production of recycled (secondary cast) Aluminium, reaching a production capacity of 65,000 tons per

year with the prospect of more than doubling this in the coming years, significantly reducing total energy consumption per ton

produced, as well as carbon dioxide emissions.

Strategic priorities

1) Continuous improvement and dedication in Occupational Health & Safety.

2) Continuous improvement of productivity and efficiency of plant processes.

3) Cost control to remain in the best possible position on the global alumina and aluminium production cost curve.

4) Increase of the total quantity of aluminium produced with the production of secondary aluminium.

5) Reduction of total CO

emissions (scope 1 &2) by 65%, and of specific production emissions per ton of aluminium by 75%

by 2030, using 2019 as the base year.

6) Improvement of the environmental footprint with continuous investments, the development of relevant know-how and

innovative solutions.

7) Ensuring supply and flexibility in the sourcing of raw materials.

8) Search for and integration of digital technologies.

9) Providing optimal products and solutions to customers, not merely selling goods.

10) Maximizing on opportunities for expanding the Metals sector into new fields of activity.

11) Reinforcing vertical integration or expanding to strengthen the Metallurgy sector.

12) Increasing competitiveness through strategic investments and hedging methods.

Key Products, Customers and Markets Serviced [ESRS2:SBM1-40_a_i]

a) Alumina

METLEN's Metals sector markets two grades of alumina products: anhydrous (calcinated) alumina and hydrated alumina.

Anhydrous alumina makes up about 55% of total alumina sales. The product is mainly used in the production of primary

aluminium. Most of anhydrous alumina is sold to aluminium producing customers through agreements with traders. Also, a

smaller amount of anhydrous alumina is sold for other uses (chemical industry, refractory materials, etc.). End customers are

located in different countries such as France, Germany, Romania, the Netherlands, Italy, and Slovenia. Hydrated alumina

accounts for approximately 42.1% of total alumina sales and is used by corporate customers operating in various industries

(aluminium fluoride production, plastics industry, chemical industry, paint and coatings industry, paper industry, etc.) who take

advantage of the properties of hydrated alumina, such as flame retardancy, coagulation properties and chemical stability, to

improve performance and safety of their products. Customers are mainly located in the Mediterranean region (Italy, France,

Spain, Turkey and North Africa) as well as in Northern Europe (Germany, Sweden, Finland). The Group maintains long-term

business relationships, lasting more than 10 years, with most of its customers for both products. [ESRS2:SBM1-40_a_ii]

b) Aluminium

METLEN's Metals sector markets two main categories of aluminium products: billets and slabs. Aluminium billets are used by

extrusion companies as raw material, converting them, through further processing, into shaped products such as: pipes, rods,

ducts and other special products used in various applications. Aluminium slabs are used by rolling companies where slabs are

compressed into thinner and larger surface products in the form of sheets, strips and other flat aluminium products used in a

variety of applications. The Group has approximately 30-35 customers, mostly manufacturing companies, but it also sells to

dealers. The Group maintains long-term relationships of more than 10 years with most of its aluminium customers. The

geographical breakdown of aluminium sales is as follows, without significant differences compared to the previous year.

Year

Type of product

2024

2023

Aluminium billets

162,363 tons

159,469 tons

Aluminium slabs

75,559 tons

79,770 tons

[ESRS2:SBM1-40_a_ii]

5. Annual Board of Directors Management Report

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

Major markets for Aluminium finished products [ESRS2:SBM1-40_a_ii]

Aluminium production serves various markets and industries due to the unique properties of the material, such as low weight,

high strength, corrosion resistance and recyclability. The main markets served are:

1. The automotive industry is one of the largest markets for aluminium which is used extensively in the manufacture of

lightweight and durable automotive components such as bodies, engines and wheels, helping to replace heavy materials and

save carbon emissions.

2. The construction industry absorbs significant amounts of aluminium in the construction of buildings, infrastructure and other

construction projects. The extensive use of aluminium in construction makes buildings energy efficient, and the strength to

weight ratio makes it possible to implement designs with excellent stability and modern architecture.

3. The packaging industry uses aluminium to manufacture packaging that contributes to the efficient production, storage,

distribution and use of products that require high protection and shelf life. In this industry it is very important that aluminium

is an ideal material for recycling. It is easy to separate among other recyclable materials, its sorting has a low cost, while there

is no limitation on how many times it can be recycled, always maintaining the quality of the raw material.

4. Electronic and electrical products where aluminium is widely used in the manufacture of mobile phones, computers, cables,

and components. Aluminium plays a significant role in this market, offering unique advantages such as high conductivity,

durability, and efficient heat management. The use of aluminium in cases, boards and battery components improves the

performance, safety and durability of electronics and electrical products, making aluminium an indispensable material for

innovation and development in the field of technology.

5. The Renewable Energy Sources market where aluminium is used in applications related to the production and storage of

renewable energy, such as solar panels and other energy solutions.

6. The pharmaceutical industry where aluminium is used in specialized packaging of pharmaceutical and medical products. The

use of aluminium in pharmaceutical packaging, containers, industrial equipment, and medical devices ensures the effective

implementation of quality standards regarding the safety of pharmaceutical products, contributing to the improvement of

patient health and well-being.

7. The sporting goods industry where aluminium is a key material, offering unique advantages such as lightness, durability, and

ease of processing. The use of aluminium in bicycles, rackets, climbing gear, sports vehicles and protective equipment helps

improve performance, safety and ease of use, making it essential for growth and innovation in the sports industry.

8. The aerospace industry where aluminium is used in the manufacture of aircraft components, such as wings, fuselages, and

engine components, improving aircraft efficiency and safety, and supporting the development of aeronautical technology.

ENERGY SECTOR

Year 2024

Additional elements

Employees

2,435

Energy sector’s employees represent 31.9% of the total number

of employees. Of these, 59.7% are employed in Greece, while

the remaining 40.3% are employed internationally.

Total Revenue

[ESRS2:SBM1-

40_b]

€4,571,735 thousand

The sector’s revenue accounts for 80.4% of the Group’s total

revenue.

Main

Services/

Products

1. Construction and sale of solar and energy storage projects.

2. Production and sale of primary energy.

3. Supply/Sale of electricity and natural gas and retail services to household, commercial, and industrial

consumers.

4. Construction and sale of energy transition projects and conventional power generation projects.

5. Supply/Trading and management of natural gas and other energy products.

As detailed within the Workforce Concerned subsection of the Social Issues section of this Sustainability Statement

5. Annual Board of Directors Management Report

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

METLEN, through its Energy Sector, stands as the largest private Group covering the full spectrum of energy as an integrated

energy utility. The Group operates in the development, construction and operation of thermal plants and Renewable Energy

Sources (RES) projects, the design and construction of electricity infrastructure, as well as the supply of electricity and natural

gas to the retail market. In addition, it is active in the trading of natural gas and the provision of competitive energy services, such

as energy efficiency, upgrading, smart city services and hydrogen infrastructure.

With Protergia, METLEN supplies electricity and natural gas to the retail market, offering reliable solutions and competitive

products to businesses, professionals, and households alike. In addition, it provides modern services such as energy efficiency,

smart cities, electromobility (installation, operation and maintenance of electric car charging stations), facility management and

Internet of Things (IoT) services.

The Group is the largest independent electricity producer and supplier in Greece, with significant investments in state of the art

plants and environmentally friendly solutions, contributing to the Greek economy and to employment. With an energy portfolio

of more than 2 GW, METLEN manages a significant part of the country's installed capacity from thermal plants and RES, also

offering bidding services in the Energy market (market bidding), non-physical power trading and management of Bilateral Power

Purchase Agreements (PPAs). The Group is also active in the supply and management of natural gas and other energy products,

offering innovative products and services to B2B customers in Greece and abroad, while it is a global manufacturer and contractor

of solar energy and energy storage projects, offering integrated solutions from standalone projects to hybrid systems. With strong

know-how and international presence, it designs and implements high quality projects while having a portfolio of 11.1GW of

renewable energy projects in Greece and abroad.

In addition, METLEN undertakes the construction of specialized large-scale energy projects, including conventional power

generation projects, energy transition projects (such as distribution grids and hydrogen), energy saving projects, digital transition,

(smart cities and IoT platforms), providing all the necessary services for the successful completion of the projects.

In summary, the structure of the Energy Sector has five segments: M Renewables for the management of the Group's total RES

portfolio, M Power Projects for conventional power generation projects, energy transition projects, etc., M Energy Generation

& Management for the management of production and energy units, M Energy Customer Solutions concerning the retail supply

of energy and natural gas as well as new retail products and services, and M Integrated Supply & Trading which operates in the

natural gas wholesale market (including the sale of natural gas to other suppliers, import and export activities of natural gas as

well as securing the gas needs of M Energy Customer Solutions, as well as the energy centres and the Aluminium plant). For

2024, total revenue from these activities amounted to €962.570 thousand

, (while revenue aligned with the European taxonomy

from related activities amounts to €1.175.926 thousand

) which contributes to strengthening the Group's financial position, while

advancing its energy strategy. [ESRS2:SBM1-40_d_i]

Strategic priorities

METLEN's Energy Sector, driven by the new opportunities emerging from increased competitiveness and dynamic developments

around energy, maximizes on the synergies between its segments and defines its strategic priorities based on five main Pillars:

1. Utility pillar: The largest vertically integrated private Group in the field of electricity and natural gas (utility) in Greece, with

presence as the leading private producer and supplier in the retail electricity market as well as a leader in natural gas imports

and trading. The Energy sector aims to further expand its market share in electricity and natural gas supply, increasing services

and products with a customer-centric approach as well as expanding power & gas trading in South-Eastern and Central

Europe.

2. Renewable Energy Sources (RES) pillar: A leader in the field of RES, implementing a vertically integrated model as an

integrated developer and EPC contractor with a global footprint. The development of RES projects is based on an Asset

rotation model as well as on the further implementation of a significant portfolio of RES projects, contributing substantially

to the efforts of the power generation segment to increase the installed capacity of renewable sources and gradually start

operating in electricity storage projects, which is an important factor towards the increasing growth of renewable energy

production. Emphasis is on strengthening relationships and strategic partnerships with major investors in Greece and abroad

in the RES sector. The strategy to increase the renewable energy portfolio supports the target of reducing specific carbon

dioxide (CO

) emissions per MWh of electricity generation by almost -50% by 2030, using 2019 as the base year.

Reference to financial data

Reference to EU TAXONOMY

5. Annual Board of Directors Management Report

Integrated Annual Report for the period

from the 1

January to the 31

December 2024

3. Grid & Digital Solutions Pillar: Dynamic penetration in grid upgrade projects in Greece and abroad, both with Substations

projects, and with Interconnection and Transmission, distribution & grid projects, as well as Data Center construction projects.

4. New Technologies Pillar: Investigating the possibility of gradually entering the new developing markets of hydrogen

production (H2) and Carbon Dioxide Capture (CCUS), and maximizing the availability of the Group's thermal units, as well as

gradually integrating the possibilities offered by the progress of technological tools and especially with the development of

in-house customized IT tools for energy production and management.

5. Power Technologies pillar: Strengthening the Group's robust position in the EPC market for the construction of natural gas

power plants. The market has returned to the design and development of natural gas power plants, following the closure of

lignite-fired plants, to support increased electricity demand needs. The Energy sector with its experience in natural gas power

plants EPC projects aims to acquire a significant share of this market, with balanced expansion into new geographical areas

presenting significant growth prospects and enhancing its presence in countries where it currently operates.

Key Products, Customers and Markets Served [ESRS2:SBM1-40_a_i]

1. Construction of solar and energy storage projects: The M Renewables segment of METLEN's Energy sector has experience in

complex, large-scale solar and energy storage projects with presence and executed projects in many geographical areas across

all five continents. It provides integrated construction services for photovoltaic projects ranging from detailed design by its

own design department to construction with proven equipment from first-class manufacturers and long-term maintenance

services. It also provides industrial-scale battery energy storage (BESS) solutions, both in standalone energy storage projects

and as a combined service in photovoltaic and hybrid projects. Energy storage systems are generally supplied in a modular

design, with a scalable design and the ability to deliver multi-MW power systems. Global activity and strong partnerships

make METLEN's M Renewables a dependable long-term partner for leading investors in the renewable energy industry around

the world.

2. Energy Production and Management: With the Energy sector’s M Energy Generation & Management segment, METLEN

stands as the largest independent electricity producer in Greece, with private investments in state-of-the-art plants. For the

primary energy production, the Group uses Natural Gas-fired thermal units with a capacity of more than 2 GW, operated and

maintained by the Group itself using its own staff. It also has a strong Energy Management function to manage the energy

produced by its thermal plants and is equally active in international cross-border electricity trading, while managing the

energy portfolio intended to meet the needs of the retail electricity market, as well as the portfolio of energy intended to

meet the needs of the Metallurgy sector’s alumina and aluminium plant, i.e. the largest –by quite a margin from the second

– domestic electricity consumer with particularly demanding electrical characteristics. In addition, through the Aggregator

(FOSE) of Renewable Energy Sources (RES) / Storage projects, it manages the energy produced/absorbed both by its own RES

/ Storage projects and by third-party RES / Storage projects. In addition, it is active in the field of guarantees of origin (GOs),

and in demand-response through the Demand Response Aggregator.

3. Electricity Supply: With Protergia, the Energy sector’s M Energy Customer Solutions segment operates in the supply of

electricity and natural gas to the retail market, focused on offering reliable solutions, competitive products and modern

services to businesses, professionals and households, now also including services such as energy efficiency, smart cities,

electromobility, facilities management, Internet of Things /digital services, as well as programs for the installation of solar

energy production systems to individuals (Helios Value) and smart meters for measuring consumption and mapping the

energy profiles of individuals, in the context of New Energy Products (New Energy Products department), meeting the needs

of its customers.

4. Supply/Trading and management of natural gas and other energy products: The scope of the Energy sector’s M Integrated

Supply & Trading segment is (a) the supply and management of natural gas and other energy products, and (b) the interaction

with large corporate customers (B2B) in Greece and abroad (customer facing) and the provision of innovative products and

services.

5. Construction of conventional power generation projects, energy transition projects: The Energy sector’s M Power Projects

segment positions METLEN as the leading international contractor in the construction of specialized, large-scale, and value-

added energy projects, undertaking the full range of services required for the successful execution of any project, whether

conventional power generation projects, energy transition projects (e.g., grids, hydrogen, etc.), or electricity saving, digital

transition projects.

Overall, the Energy Sector serves quite a broad customer base having a variety of needs and requirements. From large commercial

and industrial customers to public organizations, as well as professional and residential customers, it covers the entire spectrum

of demand for Electricity and Natural Gas in Greece. Accordingly, given the Sector’s activity abroad, its customer base includes

Power Generation-Distribution companies, Institutional Investors, Industries and Private Investors interested in solar energy and

energy storage projects, from standalone projects to complex hybrid systems, as well as in the construction of specialized, large-