Mytilineos is considering listing its shares on an international stock exchange, including the London Stock Exchange, within the next 12-18 months, taking into account its increasingly diversified and international geographic presence and aiming to increase the marketability of the share to the benefit of of investors.

This is what the company announced today, adding that regardless of the outcome of this strategic assessment, it remains committed to its contribution to the Greek economy and society, with significant and robust operations in Greece, the generation of tax revenues and with the expectation of maintaining its presence in Athens Stock Exchange, where it has been listed since 1995.

“As part of an extensive strategic review, Mytilineos will evaluate various organic and non-organic growth opportunities, its capital allocation model, its optimal balance sheet structure (capital structure) and the most suitable structure for trading its shares on an organized market (listing structure)”, the announcement emphasizes.

Earnings increase in the first quarter

In addition, the company announced an improvement in profits, despite a decline in turnover attributed to lower energy prices. In particular, the turnover recorded a drop of 16, with the Earnings before Taxes, Interest and Depreciation (EBITDA) increasing by 12%, to 252 million euros from 225 million euros in the first quarter of last year.

Net profits recorded an increase of 10%, amounting to 158 million euros, a performance that constitutes a record for the first quarter in terms of profitability. “This performance was achieved under the guidance of RES, assisted both by electricity production, which has been boosted by the operation of the new 826MW plant, and by the consistently high performance of the Metallurgy Sector. Mytilineos, making the most of its comparative advantages, it has now laid the groundwork to consolidate its profitability, steadily, at levels of more than 1 billion euros and is entering a new phase of strong growth,” the company says.

In terms of energy production, the company’s share in Greece, both from thermal and renewable units, amounted to 2.2 TWh, a quantity corresponding to 18% of the total demand.

In relation to retail, it is reported that at the end of the first quarter, Mytilineos represented 550 thousand electricity and natural gas meters, while its share in the electricity market in March 2024 exceeded 17%. “In the next period, Mytilineos aims to exceed 25% of Greek consumption, including the representation of Aluminum in Greece, creating an integrated “green” utility with an international presence”, he says.

The M Power Projects Division executes 35 projects in 11 different countries while at the end of the first quarter, the backlog of contracted projects amounted to 1.4 billion euros.

For the metallurgy sector, it is pointed out that despite the relatively weak environment in the aluminum market, Mytilineos, manages to maintain its profitability close to the historically high levels reached last year.

“Following the historically high performance recorded in 2023, Mytilineos at the beginning of 2024 remains firmly on a path of strong growth, successfully responding to a challenging period related to the weak price environment, intensifying geopolitical tension, which has an immediate impact in the energy markets, while lending rates still remain at the highest levels of recent years,” the statement stressed.