Que: Could you provide an overview of MYTILINEOS' role in the energy transition and its position within the global industrial and energy sectors?

Ans: In the dynamic landscape of the global energy sector, MYTILINEOS Εnergy & Metals is at the forefront as a pioneer of versatile and comprehensive energy solutions. MYTILINEOS is active in over 40 countries and in five continents. Its energy activities include grids, power plants, thermal technologies and renewable energy sources (RES), contributing to a sustainable and dynamic energy future. Regarding Metals, MYTILINEOS is the largest bauxite producer in Europe and operates the only integrated plant for the production of bauxite and aluminium in the European Union, with aluminium recycling accounting for around a quarter of total production in 2023.

MYTILINEOS stays committed to a future in which energy is not only accessible and inexpensive, but also sustainable. With innovation at its core, MYTILINEOS continues to enable the future of energy, contributing to a world where sustainable solutions thrive.

At MYTILINEOS, we strategically invest in sustainable growth. Through our synergistic business model energy & metals, we focus on safeguarding energy security in the European region, raising critical raw materials’ significance for the digital and “green" transition and advocating globally for supporting efforts against climate change.

Que: How does MYTILINEOS ensure alignment with sustainability goals while pursuing growth opportunities in the energy and metallurgy sectors?

Ans: As mentioned earlier, MYTILINEOS is a diversified company active in Metallurgy and Energy business. The target is to produce green and sustainable aluminium products which will be implemented via a twofold strategy, first by increasing the recycling aluminium output in the total output mix and second by having a more extensive use of renewables in the electrification of aluminium smelter. It is, also, worth mentioning that the Metallurgy Sector has one of the lowest production costs, owing to synergies with the Energy Sector and MYTILINEOS’ position as the EU's largest vertically integrated aluminum manufacturer. This specific cooperative operating model is our main advantage over the competition.

On the other hand, renewables side of business with a significant pipeline across different asset classes including but not limited to Solar PV, BESS, Wind Onshore will continue to shape the energy landscape in Southeastern Europe and accelerate the energy transition. This also is highlighted by the ambitiously set Net Zero policy, for example 30 percent reduction of CO2 by 2030 which is comprised from 50 percent reduction of relative CO2 in from Energy business units and 65 percent reduction in total CO2 emissions within Metals business unit.

Que: How does MYTILINEOS plan to leverage its expertise in renewable energy projects to ensure the successful development and construction of the solar projects?

Ans: MYTILINEOS is a diversified company and is active in two pillars of economy – metallurgy and energy with a focus on energy transition. Renewables are becoming a great part of the generation portfolio of the utility business both in Greece and the Region, as well as in the international development business. Total capacity of the operational and mature global portfolio of M Renewables, which is dynamically expanding in all five continents, is now ~4.8 GW, while including projects in early and middle stage of development, with a capacity of ~5.7 GW, MYTILINEOS' global portfolio now approaches 10 GW at the end of first quarter of 2024. Due to the Company’s expertise in renewable energy projects, it is strategically positioned to ensure successful development and construction of solar projects through a multi-faceted approach. Leveraging extensive experience in project management, engineering, and construction, MYTILINEOS can meticulously plan and execute each phase of solar project development, from site selection and feasibility studies to permitting and grid connection.

MYTILINEOS, along with the geographic diversification of the projects, offers a balanced, twofold RES profitability model, operating assets along with an asset rotation model. The latter, allows the company to crystalize value at favorable market conditions, thus offering a CAPEX - light model with good leverage control as it recycles capital into its own operating RES fleet.

Secondly, MYTILINEOS’ expertise extends to technology selection and integration, allowing the company to deploy cutting-edge solar technologies tailored to specific project requirements. By staying abreast of advancements not only in solar technology but in BESS, wind, and hydrogen.

Que: Can you discuss MYTILINEOS' broader growth strategy for its renewables sector, including its international portfolio and expansion into new markets like Italy and Canada?

Ans: The Company’s growth strategy for its renewables sector focuses on diversification, innovation, and strategic partnerships. Following the historically high 2023 performance, MYTILINEOS, in 2024, maintains its strong growth trajectory.

In Italy, MYTILINEOS seeks to capitalize on the country's ambitious renewable energy targets and favourable regulatory environment by developing and acquiring solar and wind projects but also having a strong focus on storage and hydrogen. By 2024 MYTILINEOS has already successfully incorporated the pipeline of approximately 4 GW with a majority stake in solar technology, but also in other technologies like BESS, hydrogen and onshore wind.

Regarding the Canadian market, MYTILINEOS has already acquired 1.4 GW Alberta Solar PV Portfolio from Westbridge Renewable Energy, which strengthened the company’s position in North America. This deal will allow to generate 2.1 TWh per year of renewable energy, equivalent to the electricity necessary to provide power to 200,000 Canadian homes for one year or eliminating 330,000 cars from the road for one year and avoiding the annual emission of 1,500,000 tons of carbon pollution to the atmosphere. This is the first transaction of MYTILINEOS in North America, following its international strategy to seek opportunities in countries and areas with high commercial interest and business-friendly environments.

Que: The Cooperation Framework Agreement between MYTILINEOS and PPC Group involves the development of solar projects across several countries. What drove the decision to collaborate, and what are the expected outcomes of this partnership?

Ans: The framework agreement between the two companies is a crucial step toward Greek enterprises taking a leadership role in the region and safeguarding Europe's energy security. The agreement is part of MYTILINEOS' successful strategic Asset Rotation Plan, which enables M Renewables to continue its profitable expansion while maintaining low leverage levels and an excellent credit profile that is just one notch shy of investment grade. The agreement's multi-level character (geographical scope, project timeframe) demonstrates the breadth of M Renewables' vast portfolio.

This agreement, part of MYTILINEOS’ broader strategy, is allowing us to capitalize on our overall planning for the establishment of energy corridors throughout the region. MYTILINEOS' track record in complex RES projects and past successful partnerships serve as a guarantee for the seamless and timely fulfillment of the agreement.

Que: The partnership with Powerledger aims to introduce energy provenance tracking and tracing solutions. Could you elaborate on how this technology works and the benefits it brings to consumers and the energy sector?

Ans: MYTILINEOS customers can now track, trace, and visualize where their energy comes from in near real time, as well as track their carbon footprint to the granular level, thanks to the Powerledger platform. They can also reduce their energy use by switching to a greener energy source or investing in storage systems. The platform can also assist businesses in making more informed procurement decisions, such as establishing Power Purchase Agreements (PPAs) that contribute to a more hybrid energy portfolio and better respond to their energy requirements.

Adoption of new technical solutions, such as Artificial Intelligence (AI), is required for the green energy transition to take place. In a fast-changing energy world, the mission of a significant energy company like MYTILINEOS is not only to keep up with advances, but also to drive them and create services and products that are beneficial and sustainable for all.

In this regard, MYTILINEOS launched "Avokado" in 2023, a startup company that aims to establish a worthwhile energy future through innovative services. It is redefining our perception of energy supply and constructing "smart cities" for "smart citizens" by combining AI, Data Intelligence, and emerging technologies such as Internet of Energy, Mobile, Social, and Blockchain.

Que: With a focus on sustainability and regional energy security, how does MYTILINEOS envision its role in shaping the future of the energy landscape, particularly in Southeastern Europe?

Ans: The recent strategic agreement - Cooperation Framework Agreement between PPC and MYTILINEOS, which concerns the development and construction of a portfolio of photovoltaic projects of up to 2,000 MW in Italy, Bulgaria, Croatia and Romania, is also of great importance and is a milestone for the leading role that Greek companies can play in the wider region. The value of the deal is estimated at up to 2 billion euros, with an implementation horizon of the next three years.

The agreement also significantly strengthens the energy transition goal, as the green energy projects that will be developed can meet the needs of 320,000 households and displace 3.4 million tons of CO2 pollutants from the atmosphere.
Regarding Greece, the development of the first phase ~300 MW of the ~1.5 GW of the Greek photovoltaic portfolio, is progressing smoothly, utilizing resources from the Recovery and Resilience Facility (RRF), and are gradually entering into operation. Simultaneously, the construction of the second phase of the Greek Portfolio, with total capacity of ~700 MW, commenced in 2024.

MYTILINEOS is committed to spearheading the transition towards a more sustainable and resilient energy landscape in Southeastern Europe, playing a proactive role in shaping a brighter and cleaner future for the region.