Mytilineos is continuing to deliver on its transformation into a simpler structure based on two pillars, Energy and Metals, with its strategy focused on realizing synergies in the group and building its renewable energy sources (RES) business. The company announced in April 2024 that it is considering a potential international listing on the London Stock Exchange within the next 12–18 months, while retaining its listing on the Athens Exchange.
Cyborg Score Rationale
The company has shifted to EBITDA levels sustainably over €1bn per year, with Q1 2024 showing a 10% year-over-year increase in net profit and 12% EBITDA growth to €252m with a 22.1% margin. Adjusted net debt to EBITDA stands at approximately 1.6x, in line with investment-grade companies. The company is expanding its global renewable portfolio with a 1.4GW Canadian solar acquisition expected to complete in 2026–27.
Top Insights
Key strategic driver: €2bn cooperation agreement with PPC Group for construction and sale of a 2GW solar portfolio over the next three years.
Total solar pipeline at 13.7GW as of end of Q3 2023, representing more than six times current operating and construction capacity.
Dominant position in Greek power: Q1 2024 production represented roughly 18% of Greece's total electricity demand and 49% of the country's natural gas plant production.
February 2026 strategic partnership: signed MoU with Shell on February 24, 2026 for energy collaboration.
Named Competitors
Renewable Energy Solutions — European renewable energy developer
Aluminum Production — Integrated aluminum and renewable energy producer
Natural Gas & Power — Integrated energy company
Lithium/Energy — Renewable energy solutions component supplier
Recent Developments
(February 2026) Shell partnership – MoU signed with Shell for strategic energy collaboration
(April 2024) LSE listing plans – announced consideration of London Stock Exchange listing within 12–18 months
(Q1 2024) Strong earnings – 10% year-over-year net profit growth (€158m) with EBITDA at €252m
(2024-2026) Canadian solar expansion – 1.4GW Alberta portfolio acquisition with €1.16bn capex and completion expected 2026–27
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