Greece's Mytilineos enjoys 128% EBITDA growth at renewables, storage unit

Greek industrial group Mytilineos SA (FRA:MYH) today said it had registered a 127.8% year-on-year jump in the first-quarter EBITDA of its renewables and storage development (RSD) business unit driven by a 27.4% boost in revenues.

The division operates as a developer and contractor of solar and energy storage projects. In the solar segment, it mostly focuses on the development of projects under the build-operate-transfer (BOT) model.

In the first quarter of 2022, the RSD unit generated earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 12 million (USD 12.8m), up from EUR 5.3 million a year before. EBITDA margin almost doubled to 10%.

The unit’s profitability was fuelled by the growth in revenues, which reached EUR 119.9 million thanks to the sale of projects in Spain and the UK.

At the end of March, the division had roughly 5 GW of projects in various stages of development in its BOT portfolio. Its contracted backlog of third-party engineering, procurement and construction (EPC) projects amounted to EUR 214 million, while an additional EUR 69 million worth of orders were under negotiation.

Mytilineos’ renewable power plants generated 151 GWh of electricity in the first quarter, down from 160 GWh a year back.

(EUR 1.0 = USD 1.068)

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