Public Power Corporation S.a. · ATHEX:PPC
Public Power — Public Power Corp Greece — FY 2025 Earnings Presentation
50 slides from Public Power's earnings presentation, Mar 19, 2026
Slide 1: Financial Results FY 2025
Financial Results FY 2025 19th March 2026 FY 2025 results | March 2026 1
Slide 2: Disclaimer
Disclaimer This presentation and the information contained herein (unless otherwise indicated), including any accompanying oral presentation, question and answer session and any other document or materials distributed at or in connection with this presentation, has been prepared by PPC S.A. (“PPC” o
Slide 3: Today's Presenters
Today’s Presenters Georgios Konstantinos Stassis Alexandridis Chairman & CEO CFO FY 2025 results | March 2026 3
Slide 4: Agenda
Agenda Georgios Stassis 1 Highlights of the period & Outlook Konstantinos Alexandridis 2 Financial performance Georgios Stassis 3 Final Remarks and Conclusions A Appendix Q1 2024 results | August H1 May 2024 2024
Slide 5: Highlights of the period & Outlook
Georgios Stassis Chairman & CEO 1 Highlights of the period & Outlook Q1 2024 results | August H1 May 2024 2024
Slide 6: Strong results in 2025 laying the foundation for future growth
Strong results in 2025 laying the foundation for future growth Targets met for another year leading to higher profitability and increasing returns for our shareholders €2.0bn €0.45bn 3.2x €2.8bn Adj. Net Leverage Adj. EBITDA Investments Income Ratio Operational Growing bottom line Balance sheet Capi
Slide 7: Investments in line with key strategic pillars leading to greener, more flexible energy mix
Investments in line with the key pillars of our strategy are leading to a greener and more flexible energy mix RES, Flexible generation and RES1 & Flexible capacity (GW) Lignite Capacity (GW) Distribution investments (€bn) 80% of % of total investments 85% 87% +1.7 total PPC capacity 70% of 9.9 2.6
Slide 8: RES capacity growth leads lignite phase-out, improving emissions profile
RES capacity growth leads lignite phase-out, improving emissions profile Installed capacity (GW) Generation (TWh) CO2 Emissions (m tons)3 34% 32% +1.7GW of RES Market Share 1 Reduction driven by lignite 24% phase out progress -1GW of Lignite 16% Market Share1,2 Mkt. share increase +0.8 -0.1 in
Slide 9: Strong progress in RES in Q4 2025 adding ~0.8GW
Strong progress in RES in Q4 2025 adding ~0.8GW (+1.7GW FY2025) Construction Completed Construction Completed + 546 MW - Greece + 272 MW - International + 460 MW (PV) + 263 MW (PV) + 50 MW (BESS) + 9 MW (BESS) + 36 MW (Wind) FY 2025 results | March 2026 9
Slide 10: Significant progress in RES roll-out with major projects concluded in Greece
Significant progress in RES roll-out with major projects concluded in Greece in Q4 2025… GRE Project: Ptolemaida (PV) Project: Amyntaio (PV) Project: Megalopoli (PV) Project: Karkaros (WP) Project: W. Macedonia cluster 1 Location: Ptolemais Location: Amyntaio Location: Megalopolis Location: Fokida (
Slide 11: … but also in Romania, Italy and Bulgaria
… but also in Romania, Italy and Bulgaria ROM Project: Kinisi (PV) Project: Gamma (PV) Projects: Ciorani (PV) Project: Calugareni (BESS) Location: Calugareni Location: Prahova Location: Ciorani Location: Calugareni Region : South Muntenia-Romania Region: South Muntenia- Romania Region: South Munteni
Slide 12: Further maturing RES pipeline being on track for 2028 target
Further maturing RES pipeline being on track for 2028 target Snapshot of RES projects maturity December 2025 (Delta vs Sep. 2025) 1.8 12.7 GW 0.2GW to U/C 1.4 0.4GW to RTB / TP 5.5 GW 1.7GW additions 2.3 5,0 needed within 2025 0.8GW Completed for 2028 target +0.8GW 7.2 +0.9GW 6.4 1,7 5.5 1,4 Interna
Slide 13: Resilient retail position despite softer demand and competition
Resilient retail position despite softer demand and competition Electricity Sales evolution (TWh) Customer base (m) Domestic Demand (TWh) 51% 50% Greece (Country2) Greece (Mainland3) -1.3% -0.8% 16% 15% Market Share1 57.1 56.4 51.8 51.4 -1.9% 32.5 31.9 8.8 8.6 Gas 0.3 0.3 customers 7.7 7.4 2.9 2.8 2
Slide 14: Broadening our customer engagement, offering exceptional experience
Broadening our customer engagement, offering exceptional experience Key metrics Full Year 2025 Market Share Channels & Loyalty 50% Electricity 3% 15% 3% Gas 44 Renovated Stores 81 New Partners CB Churn rate by value segment B2C PPC GR (%) Launches End of Price 10.9% 6.3% Cap effect High Value Total
Slide 15: Synergies are already visible by our customers
Synergies are already visible by our customers Joint white-label Heat Pump proposition Product & service corners across PPC stores Extension of PPC energy consulting tool • Novair, the first white-label offering from PPC & Kotsovolos, with 360° services around heating & cooling • Integrated journeys
Slide 16: Strong distribution investments driving RAB growth and network digitalization
Strong distribution investments driving RAB growth and network digitalization Distribution CAPEX (€m) Distribution RAB (€bn) Reliability indices Smart Meters 2,35 penetration +2% 1,98 SAIFI 1,043 1,064 (times) +0.7 1,70 1,64 5.7 4.9 19% 812 787 13% 132 SAIDI 4.2 110 3.5 (minutes) 55% 53% 61% 230 278
Slide 17: Significant improvement in ESG ratings
Significant improvement in ESG ratings Latest upgrades S&P Global CSA S&P Global ESG 65 97 C+ 51 A 50 44 57 BBB C 42 91 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 [0 – 100] [0 - 100] [CCC – AAA] [0 – 100] [D - A] PPC’s ESG rating above the 41-point PPC within the top 28% of all PPC’
Slide 18: Financial performance
Konstantinos Alexandridis CFO 2 Financial performance Q1 2024 results | August H1 May 2024 2024
Slide 19: Commodity prices rose y-o-y in 2025 due to gas supply shifts
Commodity prices rose y-o-y in 2025 due to TTF gas supply shifts, tight European gas • TTF trended downward in 2025, despite Q1–Q2 spikes driven by LNG storage levels and geopolitical tensions • supply concerns amid the Israel–Iran conflict. Later in the year TTF prices deescalated hitting a yearly
Slide 20: Strong profitability in 2025 in line with guidance
Strong profitability in 2025 in line with guidance Key Financials Revenues (€bn) Adj. EBITDA 1 (€bn) Adj. Net income after Key Highlights minorities1 (€bn) 2.0 9.0 9.7 1.8 0.45 0.36 Revenues increase mainly due to higher power prices driven by 2024 2025 2024 2025 2024 2025 higher gas and carbon pric
Slide 21: Revenue growth primarily driven by higher power prices in Greece and Romania
Revenue growth primarily driven by higher power prices in Greece and Romania Total Revenues (€bn) +8% Revenues increase mainly 9.7 9.0 2025 due to: Greece • higher power prices, 25% International supported by higher €9.7bn gas and carbon prices • contribution of 75% Kotsovolos (since Apr. 2024) 20
Slide 22: Improved Adj. EBITDA on the back of Integrated business activity growth
Improved Adj. EBITDA on the back of the Integrated business activity growth Adj. EBITDA Evolution by Business (€bn) EBITDA 2025 +13% 2.0 0.0 1.8 0.2 International 0.8 22% Distribution 0.8 €2.0bn 1.3 Integrated Business 1.0 78% Greece 2024 Integrated Business Distribution 2025 • Solid growth of Integ
Slide 23: Improvement in Integrated Business driven by Retail and RES expansion
Improvement in Integrated Business activity driven by strength in Retail and RES expansion Greece Adj. EBITDA evolution (€bn) • Improved Retail segment performance • Greener energy mix resulting to +23% increased profitability 1.3 • Fixed cost elements reduction of lignite 0.1 operations as phase-ou
Slide 24: Resilient performance on Distribution
Resilient performance on Distribution Greece Adj. EBITDA evolution (€bn) Performance broadly in line with 2024 -1% levels despite the impact of lower demand 0.8 0.8 in the country 0.0 0.0 International Adjusting for €5m construction cost that has already been included in the 2026 2024 Greece Interna
Slide 25: Higher operating profitability drives adj. net income growth
Higher operating profitability drives adj. net income growth Adj. EBITDA to Adj. Net Income after minorities (€m) 2024 2025 • Increased operating 1,813 Adj. EBITDA 2,046 profitability -95 Special items¹ -15 • Higher D&A due to 1,718 EBITDA 2,031 new assets and -928 D&A -1,111 revaluation of fixed -3
Slide 26: High investments with 87% for Distribution networks, Green Energy & Flexibility
High investments with 87% for Distribution networks, Green Energy & Flexibility Investments by Activity (€bn) Investment Split by Geography -8% 3.0 24% 0.3 2.8 Retail/E-mobility/Other 4% 0.1 0.1 0.1 0.1 Digitalization & AI 0.2 0.1 Greece Telecom 0.3 71% Flexible Generation 1 Romania Other Internatio
Slide 27: Robust FFO Performance - FCF aligned with Business Plan
Robust FFO Performance - FCF aligned with Business Plan Free Cash Flow evolution (€m) Change in WC breakdown evolution (€m) FY24 FY25 2.046 161 1.853 Customer Trade Receivables -15 -26 -354 CO2 effect +21 +178 Hedging -94 +101 Other +347 -91 121 5 -2,507 -75 27 -576 Total +259 +161 FY 2025 Non Cash
Slide 28: Liquidity position and debt profile, Credit Ratings
Liquidity position and debt profile Credit Ratings Liquidity position (€bn) Long Term debt1 - Analysis (€bn) BB- Positive Outlook (Jan. 2026) Cash 2.1 €6.7 1.8bn 3.4 4.6 51% €8.5 bn 49% Fixed Re-affirmed PPC’s rating at ‘BB-’ in the context of the ongoing Available credit lines Floating energy tra
Slide 29: Solid financial position enabling growth and investment execution
Solid financial position enabling growth and investment execution Net Debt evolution (€bn) TBU 2.8x 3.2x +1.4 Key highlights 0.24 6.48 0.37 -0.01 0.10 0.11 2.51 0.07 -0.03 -0.12 • Net debt increase in line 5.09 with acceleration in investments • Net Leverage at 3.2x, -1.85 below the self-imposed cei
Slide 30: Final Remarks and Conclusions
Georgios Stassis Chairman & CEO 3 Final Remarks and Conclusions Q1 2024 results | August H1 May 2024 2024
Slide 31: Confident to achieve 2026 targets…
Confident to achieve 2026 targets… Commentary Adj. EBITDA (€bn)1 Adj. Net Income after minorities (€bn) 1 Milder weather conditions in Q1 2026 have led to 2.4 improved retail margin Αdj. EPS(1) 2.0 € / share Better wind conditions across our generation 2.1 fleet 1.3 0.70 Better hydrological cond
Slide 32: Concluding remarks
Concluding remarks €2.8 bn Lignite at 13% of investments in Delivering our FY 2025 with 87% energy mix – Full Lignite phase in RES, Flexible 1.7GW additions strategy, Strong FY 2025 and Distribution within 2025 - out of by end of results supported 2026 accelerating by growing projects ~86% of 2028 t
Slide 33: Appendix I: KPIs and operational data
Α Appendix I: ΚPIs and operational data FY 2025 results | March 2026 33
Slide 34: Further improvement in key strategic areas of our activities
Further improvement in key strategic areas of our activities PPC strategic pillars Sustainability KPIs 2025 Δ vs 2024 Clean & RES capacity 7.2 GW +1.7 GW resilient RES capacity on total 58% +11.2 p.p. generation RES production 6,918 GWh +727 GWh portfolio RES production on total 33% +3.6p.p. CO2 emi
Slide 35: ESG Ratings
ESG Ratings ESG ratings keep improving driven by Business Plan implementation and continuous engagement with all ESG rating agencies. B 41.2 65 A BBB 57 B- 37.7 2023 2024 2024 2025 2024 2025 2024 2025 [D- - A] [100 – 0 (Best)] [CCC – AAA] [0 - 100] S&P Global CSA S&P Global ESG C+ 97 51 3.2 3.0 C 50
Slide 36: Overview of PPC's Asset Portfolio (Greece)
Overview of PPC’s Asset Portfolio (Greece) Greece - Asset Portfolio Installed Capacity as of 31.12.2025 Lignite Power Plant Hydro Power Plant MW Gas Gas-fired Power Plant 25% Oil Power Plant Lignite Mine Center RES 51% 1 10,735 Small Hydro Power Plant 18% 2 Photovoltaic Power Plant Oil Wind Park 6%
Slide 37: Overview of PPC's Asset Portfolio (Romania)
Overview of PPC’s Asset Portfolio (Romania) Romania - Asset Portfolio Installed Capacity as of 31.12.2025 MW Wind 76% 1,561 2% Other 22% Solar 2025 Generation Mix GWh Hydro 6% Solar 2,175 1% Other Wind parks (WP) Wind 93% Photovoltaics (PV) BESS Electricity distribution network Source: Company Infor
Slide 38: Overview of PPC's Asset Portfolio (Bulgaria & Italy)
Overview of PPC’s Asset Portfolio (Bulgaria & Italy) Bulgaria-Asset Portfolio Italy-Asset Portfolio Wind parks (WP) Photovoltaic Power Plant Photovoltaic Power Plant Installed Capacity as of Installed Capacity as of 2025 Generation Mix 2025 Generation Mix 31.12.2025 31.12.2025 Solar Solar Wind 1% MW
Slide 39: Appendix II: Definitions and reconciliations of APMs
A Appendix II: Definitions and reconciliations of Alternative Performance Measures (“APMs”) FY 2025 results | March 2026 39
Slide 40: Definitions and reconciliations of APMs (1/2)
Definitions and reconciliations of Alternative Performance Measures (“APMs”) (1/2) EBITDA (Operating income before depreciation and impairment net financial expenses and taxes) EBITDA serves to better analyze the Group’s operating results and is calculated as follows: Total turnover minus total oper
Slide 41: Definitions and reconciliations of APMs (2/2)
Definitions and reconciliations of Alternative Performance Measures (“APMs”) (2/2) Adjusted net income/(loss) after minorities Adjusted net income/(loss) after minorities serves to better analyze the results of the Group, excluding the effect of minorities, and minorities on special items. The speci
Slide 42: TABLE A - EBITDA
TABLE A - EBITDA (Operating income before depreciation amortization and impairment net financial expenses and taxes) GROUP Amounts in € m. 01.01-31.12.2025 01.01-31.12.2024 Total Turnover (1) 9,701 8,979 Less: Operating expenses before depreciation and impairment (2) 7,669 7,261 Payroll cost 1,123 9
Slide 43: TABLE B - Operating expenditure without special items
TABLE B - Operating expenditure before depreciation and impairment without special items GROUP Amounts in € m. 01.01-31.12.2025 01.01-31.12.2024 Operating expenses before depreciation and impairment (2) 7,670 7,261 less special items: Provision for employee severance incentive due to service 113 9 t
Slide 44: TABLE C – Adj. EBITDA
TABLE C – Adj. EBITDA (Operating income before depreciation and impairment net financial expenses and taxes) GROUP Amounts in € m. 01.01-31.12.2025 01.01-31.12.2024 EBITDA (1) 2,031 1,718 Plus Special items (2): 15 95 Provision for employee severance incentive due to service 113 9 termination (Gain)
Slide 45: TABLE D – Adj. Net Income/(Loss)
TABLE D – Adj. Net Income/(Loss) GROUP Amounts in € m. 01.01-31.12.2025 01.01-31.12.2024 NET INCOME AFTER TAX (A) 359 187 plus special items (1): (Gain)/ Loss from valuation of power purchase agreements (98) 86 Provision for employee severance incentive due to service 113 9 termination plus other fi
Slide 46: TABLE E – Adj. Net Income/(Loss) after Minorities
TABLE E – Adj. Net Income/(Loss) after Minorities GROUP Amounts in € m. 01.01-31.12.2025 01.01-31.12.2024 Adjusted net income (Β) 502 427 minus: Minorities (1) 64 35 plus Adjustments to minorities for special items (2): Gain from valuation of power purchase agreements 15 (26) Provision for employee
Slide 47: TABLE F – Adj. Earnings per share
TABLE F – Adj. Earnings per share GROUP 01.01-31.12.2025 01.01-31.12.2024 Adjusted Net Income after Minorities (1) (Amounts in € m.) 448 365 Over: Weighted average number of shares (2) (Amounts in m.) 349 360 Adjusted Earnings per share [(3)=(1)/(2)] (Amounts in €) 1.29 1.01 FY 2025 results | March
Slide 48: TABLE G – Net Debt
TABLE G – Net Debt GROUP Amounts in € m. 01.01-31.12.2025 01.01-31.12.2024 Long-term borrowing 7,743 6,234 Current portion of long-term borrowing 553 699 Short-term borrowing 190 224 Restricted cash (2,077) (1,999) Cash and cash equivalents (160) (163) Financial assets measured at fair value through
Slide 49: Glossary
Glossary Adj Adjusted IFRS International Financial Reporting Standards AI Artificial Intelligence IPTO Independent Power Transmission Operator ANRE Romanian Energy Regulatory Authority ISS Institutional Shareholder Services app Application k Thousands ATHEX Athens Stock Exchange km Kilometer B2C Bus
Slide 50: IR Contacts
IR Contacts What’s next? Date Event 12.05.2026 Announcement of Q1 2026 financial results 22.06.2026 Annual General Meeting of the Shareholders 20.07.2026 Ex-dividend date 21.07.2026 Record date 24.07.2026 Dividend payment for the year 2025 05.08.2026 Announcement of H1 2026 financial results 17.11.2
Public Power Corp Greece — FY 2025 Earnings Presentation on 6ix