Mytilineos’ renewables EBITDA zooms 384% Y/Y in 2022

Greek industrial group Mytilineos SA (FRA:MYH) on Thursday posted a 384% year-on-year surge in EBITDA for its renewables and storage development (RSD) business in 2022, mainly thanks to growing margins.

The division brought earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 105 million (USD 114.5m), up from EUR 22 million a year before. EBITDA margin more than doubled, coming at 16.6%.

The RSD unit 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. Mytilineos explained that the division’s strong results came on the back of growing turnover and higher profit margin, coupled with the greater revenue contribution of BOT projects than engineering, procurement and construction (EPC) orders from third parties.

Revenues at the RSD unit in 2022 totalled EUR 630 million, up 73% on a yearly basis. The amount accounted for 10% of the group’s total turnover for the past year.

Mytilineos had 9.1 GW in the portfolio of its RSD unit at the end of 2022, including 539 MW of capacity in operation, 1 GW under construction and 2.2 GW of projects nearing the shovel-ready status. The bundle also consists of over 5 GW of schemes in less mature stages of development.

Additionally, the Greek firm is developing 1.1 GW of energy storage projects at home, it said.

(EUR 1.0 = USD 1.091)

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