Public Power Corporation S.A. · ATHEX:PPC
Public Power — PPC — Investor Presentation (November 2025)
75 slides from Public Power's investor presentation, November 2025
Slide 1: Corporate Presentation November 2025
Corporate Presentation November 2025 Corporate Presentation | November 2025 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: Agenda
1 Introduction 2 Building a Modern Regional Champion 3 Group Financial Targets 4 Final Remarks and Conclusions Α Appendices Q1 2024 results | August H1 May 2024 2024
Slide 4: Introduction
1 Introduction Q1 2024 results | August H1 May 2024 2024
Slide 5: We are a leading player across SEE, with strong positioning in our core markets
We are a leading player across SEE, with strong positioning in our core markets Distribution Integrated business New growth Retail Generation markets 100% 31% #1 #1 51% #1 50 MW in operation with Building a further 1.5 GW under leading SEE Market position / Market position / Market position / develo
Slide 6: Delivering on our targets underpinned by solid results
Delivering on our targets underpinned by solid results Delivering on our financials Delivering on our strategy Delivering value to shareholders €bn 2025 Target1 On track Becoming greener and more Total shareholders return L3Y 4 predictable EBITDA Adj. (€bn) ~2.0 168% Committed to phase out of lignite
Slide 7: Our distribution networks continue to grow and modernize thanks to significant investments
Our distribution networks continue to grow and modernize thanks to significant investments Cumulative capex (2022-25E) Key highlights RAB-based model with remuneration based on WACC 18% WACC of 7.05% for Greece in 2025 (with Grid reinforcement and expansion pending decision for the 2026-2028 of s
Slide 8: Successful integrated business delivering steady and sustainable growth
Successful integrated business delivering steady and sustainable growth Installed capacity (Sep-25) Integrated business EBITDA evolution1 (€bn) 22% FY21-24 CAGR: 26% RES RES installed capacity Gas reaching >50%, 51% 12.5GW corresponding to a ~20pp 14% Oil increase vs. 2021 levels Lignite 1.2 13% 1
Slide 9: PPC is active in the rapidly evolving SEE region
PPC is active in the rapidly evolving SEE region GDP growth (%, yoy) Credit ratings 2.1% 2.2% 1.8% 1.5% 1.1% 0.7% BBB BBB- Stable Negative 2025E 2026E Spreads of 10Y government bonds against selected countries (bps) Baa3 Baa3 vs Italy vs Germany vs Germany Stable Negative 411 434 445 161 62 BBB BBB-
Slide 10: Power demand evolution & key drivers
Power demand evolution & key drivers Greece and Romania demand expected to grow by ~25% between 2024A-2035E Strengthening of the Acceleration of data Growing demand Driven by more Electrification of Changes in climate Greek industrial centre power from the transport stringent climate residential heat
Slide 11: Building a Modern Regional Champion
2 Building a Modern Regional Champion Q1 2024 results | August H1 May 2024 2024
Slide 12: PPC Integrated Model is Well Positioned within Energy Transition
PPC Integrated Model is Well Positioned within Energy Transition Building grids, renewables and Customer Clean and flexible assets to serve centric retail resilient generation customers in SEE services portfolio Integrated Region, Model leveraging on AI Modernizing our distribution revolution networ
Slide 13: Strategic DNA
Strategic DNA Generation Vertical integration Regional as a natural hedge Distribution play Retail AI & Digital Technology Solar Wind BESS Customers as an diversification anchor for growth Pump Hydro Gas Hydro Corporate Presentation | November 2025 13
Slide 14: Renewables growth whilst optimising flexible generation
Renewables growth whilst optimising flexible generation Integrated AI & DSO Business Digitalisation Increased reliance on renewables within our portfolio… …And rapid lignite decommissioning Installed capacity (GW) % RES % RES Gross Lignite 3.7 Capacity 77% 1.7 58% (GW) 0.7 0.0 2019A 2024A 2025E 2026
Slide 15: Visible organic renewables and batteries growth
Visible organic renewables and batteries growth Integrated AI & DSO Business Digitalisation ~80% of the capacity for 2028 target already secured Increasingly diverse energy mix Snapshot of RES projects maturity (GW) 9M2025 2028E Other Hydro Hydro 1% 26% RES 51% Solar Storage Capacity by 6.4GW 24% ~1
Slide 16: PPC looking to benefit from more complex market dynamics
PPC looking to benefit from more complex market dynamics Integrated AI & DSO Business Digitalisation Renewables Curtailments in a typical day – Greece Battery pack prices ($/kWh, real 2024) (GWh) Curtailment without new storage 1000 1,436 800 600 Curtailment is a source of value 108% 400 463 200 113
Slide 17: Flexibility is the new source of competitive advantage in SEE markets
Flexibility is the new source of competitive advantage in SEE markets Integrated Business DSO AI & Digitalisation Different technologies are compensated for different timeframes Flexibility supply by technology 100% Ramp up rate 100% 80% Batteries CCGT PHS 60% Peaker Demand reponse gas Batteries 50%
Slide 18: Batteries are the next frontier of high value assets
Batteries are the next frontier of high value assets Integrated AI & DSO Business Digitalisation Stand alone batteries Co-located batteries – imbalance optimisation • The increasing uptake of variable solar and wind 140 coupled with old, inflexible and inefficient Avg DAM thermal fleet in SEE make batt
Slide 19: Gas power in SEE – diverse needs, shared opportunities
Gas power in SEE – diverse needs, shared opportunities Integrated AI & DSO Business Digitalisation Gas < 15 Gas to provide bulk generation yrs old 32% Coal/lignite • New, high – efficiency CCGTs are needed to deliver 51% Status of current volume in markets with old, inefficient and unreliable therma
Slide 20: Sizeable flexible generation fleet supports system and provides upside to PPC
Sizeable flexible generation fleet supports system and provides upside to PPC Integrated Business DSO AI & Digitalisation Increasing flexible generation fleet Future-proofing our integrated model Flexible Generation capacity1 (GW) and electricity generation (TWh) • Battery storage at the forefront of PPC
Slide 21: Regional play … trading opportunities & portfolio hedging
Regional play … trading opportunities & portfolio hedging Integrated AI & DSO Business Digitalisation ross-border trading Our Energy Management activity ensures: Energy corridor with potential for value creation • Optimization of generation assets • Earnings protection of integrated portfolio (gener
Slide 22: Strong retail position allowing accelerated transition to renewables
Strong retail position allowing accelerated transition to renewables Integrated Business DSO AI & Digitalisation 2025E 2028E Wind Storage 6% Storage 5% RES split Wind 1% 8% (% of installed Hydro Solar Solar capacity) 59% Hydro Greece 34% 45% 42% 24 24 Generation 18 19 and retail RES 5 RES 11 positio
Slide 23: Customer-centric retail position helps PPC curb churn and retain high value customers
Customer-centric retail position helps PPC curb churn and retain high value customers Integrated Business DSO AI & Digitalisation Customer centricity is key for PPC to retain high margin customers and expand Value Added Services Customer mix has steadily …as PPC is able to retain high value … while
Slide 24: Synergies from Kotsovolos integration ensuring impact & scalability
Synergies from Kotsovolos integration ensuring impact & scalability Integrated Business DSO AI & Digitalisation Kotsovolos assets Activated synergy streams 1 Procurement capabilities & logistic assets Joint white-label Heat Pump proposition, with Kotsovolos as procurement & delivery arm 2 Consolidat
Slide 25: Telecom: exploring opportunities in new activities in fiber cable business
Telecom: exploring opportunities in new activities in fiber cable business Integrated Business DSO AI & Digitalisation PPC Telecom business Overview Business evolution and targets Establish leading position as a national wholesale provider through nationwide fiber 2025E 2028E infrastructure platfor
Slide 26: Solid growth and regulatory updates in distribution
Solid growth and regulatory updates in distribution Integrated AI & DSO Business Digitalisation Key metrics 2025E 2028E Regulatory update 5.6 6.5 1.5 RAB 1.5 RAB-based model with remuneration based on WACC (€bn) 4.1 5.0 4-year regulatory periods supporting increased cash flow security Regulator
Slide 27: Investing in our distribution networks
Investing in our distribution networks Integrated AI & DSO Business Digitalisation Cumulative Capex evolution (€bn) Capex breakdown 2026 -2028 Smart meters penetration +40% Digitalization Grid enhancement 10% 46% €1.9bn 33% 2.6 18% Smart meters 1.9 2% 10% 4% Other Maintenance 2021A-2024A 2025E-2028E
Slide 28: From digital transformation to enterprise-wide AI reinvention
From digital transformation to enterprise-wide AI reinvention Integrated AI & DSO Business Digitalisation Non-exhaustive Launch digital Build the digital foundations & digitally Launch AI Reinvention transformation transform PPC Group 2021 (Q4) 2022 2023 2024 2025 2026 Onwards Launch Digital Build t
Slide 29: Becoming an AI-reinvented utility…
Becoming an AI-reinvented utility… Integrated AI & DSO Business Digitalisation Employees Corporate Services Core Business New Business Customer Empowerment Reinvention Optimization Acceleration Reimagination Upskill PPC Reconfigure PPC’s Embed AI across Unlock new growth Deliver a seamless employees
Slide 30: Becoming an AI-reinvented utility…
Becoming an AI-reinvented utility… Integrated AI & DSO Business Digitalisation 03 02 Reinvent at Scale 01 (Year 3+) Accelerate Value (Year 2) • Scale up the next wave of AI Activate AI technology across the entire PPC • Expand AI use cases across more (Year 1) PPC business units and subsidiaries. gr
Slide 31: Utility as an infra provider for AI
Utility as an infra provider for AI 12 GW Data center gap in Europe by 2030 Integrated DSO AI & Business Digitalisation Global Data center demand expected to more than double by … however, Europe still faces substantial unmet demand for 2030, exceeding 160GW, with Europe accounting for ~28 GW … Data
Slide 32: Utility as an infra provider for AI
Not part of current Utility as an infra provider for AI plan to 2028 Integrated AI & DSO Business Digitalisation PPC - Kozani projects overview PPC data center strategy Located in a major connectivity hub Key operating figures Preconditions and benefits of a data center investment decision 2,580 MW Po
Slide 33: PPC's projects in Kozani region
Not part of current PPC’s projects in Kozani region plan to 2028 Integrated AI & DSO Business Digitalisation Proximity to DH to Amindeo Thessaloniki (1.5h) PVs 1,200MW CCGT 440 MW BESS 300MW DH to Eordaia S.C 450 MVar PHS 240MW PVs PHS 320MW 80MW BESS CHP Gas HV Line S.C 430 MVar GRID DH Line 400KV/
Slide 34: Group Financial Targets
3 Group Financial Targets Q1 2024 results | August H1 May 2024 2024
Slide 35: Market Dynamics in SEE
Market Dynamics in SEE Key commodities affecting… … Power prices evolution Significant growth potential TTF Power prices (€/MWh) DAM power prices (€/MWh) Greece power demand (TWh) 2.4% CAGR 40 106 103 108 97 100 95 34 32 65.8 27 27 29 38 101 99 97 95 34 88 89 57.0 29 27 27 27 2025E 2026E 2027E 2028E
Slide 36: EBITDA growth to >€2.9bn by 2028…
EBITDA growth to >€2.9bn by 2028… 2023A By business (€bn) Drivers of EBITDA growth to 2028 2024E – 2027E 6% 2023A – 2028E 2023A – CAGR: 14.2% CAGR: ~18% 2028E 94% CAGR Integrated business model 2.9 2.4 2028E New RES capacity expansion Other Geographies 2.0 1.8 2.0 ~70% ~23% ~3% ~22% Flexible g
Slide 37: …Mainly driven by the renewables and distribution growth
…Mainly driven by the renewables and distribution growth Drivers of EBITDA growth to 2028 Key highlights €bn ~46% Strong EBITDA evolution growth mostly driven by the integrated business model 0.1 2.9 0.2 0.7 RES growth of 6.3GW between 9Μ2025-2028 2.0 being the main driver Strong impact from 2
Slide 38: Growing net income 1.5x in 2026 and 2.0x by 2028
Growing net income 1.5x in 2026 and 2.0x by 2028 Net income evolution1 Drivers of net income growth to 2028 and key consideration by activity EPS(2) €p.s. €bn 2.5 ~29% CAGR €bn 0.9 2.1 0.2 0.9 0.3 0.7 0.4 <0.1 0.7 1.3 0.4 0.4 1.0 0.4 2025E Distribution Integrated Lignite Phase- 2028E 0.7 0.4 Busines
Slide 39: Dividend per share of €1.2 commitment by 2028
Dividend per share of €1.2 commitment by 2028 Fastest DPS growth in the European Utilities industry (2023-2028E CAGR 37%) Key highlights EPS(1) €p.s. 2.5 Targeting dividend policy to a 1.2 DPS in 2028 of €1.2 2.4 2.1 1.0 0.8 New DPS target in line with 1.3 previous dividend policy 0.6 guidance 1
Slide 40: Growth focused capex plan of €10.1bn in 2026 - 2028
Growth focused capex plan of €10.1bn in 2026 - 2028 Significant investment plan1 €1.5bn contributing Investment split 2026 – 2028 by segment to EBITDA after 2029 Supply / E-Mobility / Other €10.1bn €bn Digitalization & AI 7% Wind and Solar ~66%, 3% Storage ~12%, Telecom Hydro ~2%, 3.8 3.4 4% Flexible
Slide 41: Strong operational cash flow generation helps fund majority of growth investments
Strong operational cash flow generation helps fund majority of growth investments Sources and uses of funds (2026-2028) (€bn) Key highlights ~10 Dividends FFO of ~€7bn include: 0.8 • EBITDA: ~€8bn 0.7 0.4 • Δ in WC3: ~€1bn 0.4 • Net Fin. Exp and Tax: ~€(2)bn 2.1 ~7 Net CAPEX 1.1 The total investme
Slide 42: Maintaining our leverage discipline despite a significant investment plan
Maintaining our leverage discipline despite a significant investment plan after a new successful bond issuance Liquidity position (€bn)2 Leverage evolution Today 3.5x 3.5 x Cash 33% 3.0x 3.0 x BB- €4.3bn 2.5x 2.8 x 2.0x 2.0 x Available Credit Lines 2023 2024 2025E 2026E 2027E 2028E BB- 67% Leverage T
Slide 43: Final Remarks and Conclusions
4 Final Remarks and Conclusions Q1 2024 results | May H1 2024 August 2024
Slide 44: Our key pillars and business drivers are confirmed
Our key pillars and business drivers are confirmed Our strategic pillars Our key financial targets 2026E 2028E Growing greener and flexible EBITDA Adj. (€bn) ~2.4 ~2.9 1 generation fleet across South East Europe Net Income Adj.1 (€bn) ~0.7 ~0.9 Continuous investment 2 towards strengthening power EPS2 (€
Slide 45: PPC is well prepared to face market volatility
PPC is well prepared to face market volatility Profitability in high / low price environments… Renewables/CCGTs / Peakers Customers Distribution Margins in Low Prices Using batteries / pumped hydro, PPC can benefit / arbitrage from more Regulated Predictable volatile pricing business growth Margins in
Slide 46: Strong management team with a wealth of experience
Strong management team with a wealth of experience Georgios Stassis Alexios Paizis Konstantinos Mavros Konstantinos Nazos Anastasios Manos George Karakousis Alexandros Paterakis CEO, Chairman Deputy CEO, Deputy CEO, Deputy CEO, Deputy CEO, Deputy CEO, Deputy CEO, Conventional Generation RES Energy M
Slide 47: Final Remarks and Conclusions
Final Remarks and Conclusions €2.9bn €1.2 EBITDA DPS €10.1bn 2028 €0.9bn 2028 Investments Net Income 2026-2028 2028 Vertically Integrated o/w €5bn business model discretionary 7.3GW €6.5bn Flexible RAB Leading player Generation 2028 in SEE region +6.3GW Coal 2028 RES Free YE2026 by 2028 >€3.2bn EBIT
Slide 48: Appendix I: Strategic Plan 2026-2028 additional info
Α Appendix I: Strategic Plan 2026 -2028 additional info Q1 2024 results | May H1 2024 August 2024
Slide 49: Attractive Returns for PPC's Strategic Plan 2026 - 2028
Attractive Returns for PPC’s Strategic Plan 2026 - 2028 Investment Discipline and Attractive Returns on Capex Invested Throughout the Plan Unlevered IRR Targets for Capex Plan Key Highlights Expected average return with a spread above WACC by at least 150 bps for the €10.1 bn capex 11 - 14% pipeli
Slide 50: Appendix II: Financial Results 9M 2025
Α Appendix II: Financial Results 9M 2025 Q1 2024 results | August H1 May 2024 2024
Slide 51: Key highlights of 9M 2025 performance
Key highlights of 9Μ 2025 performance Operational Investments Renewables Energy mix Profitability Sustainability €1.7bn Adj. EBITDA €1.9bn 6.4GW capacity Lignite output +24% vs 9Μ 2024 Further acceleration expected in +1.5GW vs 9M 2024 representing 13% of energy mix Q4 2025 Strong Q3 2025 mainly driv
Slide 52: RES at 51% of PPC total capacity with continued growth across key pillars
RES at 51% of PPC total capacity with continued growth across key pillars of our strategy RES capacity (GW)1 RES, Distribution & Flexible generation CO2 emission intensity (tons CO2/MWh)2 investments (€bn) 51% of +1.5 total PPC 6.4 capacity +35% 42% of 0.02 1.7 total PPC 0.03 capacity -1% 4.9 1.3 0.
Slide 53: Strong output and market position, with RES leading the transition
Strong output and market position, with RES leading the transition Installed capacity (GW) Generation (TWh) CO2 Emissions (m tons)3 35% 31% +1.5GW of RES Market Share¹ Slight reduction as lignite 22% Mkt. share increase is phased out in Romania driven 13% by higher capacity Market Share¹’² +0.8
Slide 54: Resilient retail position amid slightly lower demand
Resilient retail position amid slightly lower demand Electricity Sales evolution (TWh) Customer base (m) Domestic Demand (TWh) 50% 51% Greece (Country3) Greece (Mainland4) -0.8% -0.5% 16% 16% Market Share1 43.7 43.4 39.6 39.4 +0.7% 24.4 24.6 8.8 8.6 Gas 0.3 0.3 customers 5.7 5.6 2.9 2.8 9M 2024 9M 2
Slide 55: Scaling up distribution networks investments in Greece & Romania
Scaling up distribution networks investments with visible regulatory frameworks in Greece & Romania Distribution CAPEX (€m) Distribution RAB (€bn) Smart Meters RES additions in the penetration1 Distribution networks (MW)1 +13% 818 +0.6 721 5.6 18% 4.9 12% 462 634 573 4.1 611 3.5 60% 53% 541 148 184
Slide 56: Commodity prices rose y-o-y in 9M-25
Commodity prices rose y-o-y in 9M-25, driven TTF • After a bullish trend at the beginning of the year by gas supply risks, tariff shifts, and gas prices turned bearish in late February due to weaker demand and warmer weather. Post April, geopolitical tensions prices rose amid concerns over LNG suppl
Slide 57: Solid operational profitability for the 9M of 2025
Solid operational profitability for the 9Μ of 2025 Key Financials Revenues (€bn) Adj. EBITDA 1 (€bn) Adj. Net income after Key Highlights minorities1 (€bn) 1.7 6.6 7.3 1.3 0.4 Revenues increase mainly due 0.2 to higher power prices driven by higher gas and carbon prices, contribution of Kotsovolos (s
Slide 58: Revenue growth mainly driven by higher power prices in both Greece and Romania
Revenue growth mainly driven by higher power prices in both Greece and Romania Total Revenues (€bn) Revenues increase mainly +10% due to: 7.3 9Μ 2025 • higher power prices, 6.6 Greece driven by higher gas and 24% International carbon prices €7.3bn • contribution of Kotsovolos (since Apr. 2024) 76%
Slide 59: Adj. EBITDA performance in growth trajectory despite seasonal delays
Adj. EBITDA performance in growth trajectory despite seasonal delays Adj. EBITDA Evolution by Business (€bn) EBITDA 9M 2025 +24% 1.7 -0.03 International 0.4 1.3 0.6 20% Distribution 0.6 €1.7bn 1.1 Integrated 80% 0.7 Business Greece 9M 2024 Integrated Business Distribution 9M 2025 • Solid growth of I
Slide 60: Integrated Business further increased on RES additions and higher power prices
Integrated Business further increased on RES additions and higher power prices Greece Adj. EBITDA evolution (€bn) • Improved Retail segment performance in Q3 +49% • Continuous improvement in our collections rate 1.1 0.04 • Roll out of new RES capacity 0.3 0.7 International Increased performance, dri
Slide 61: Improved performance on Distribution due to reversing seasonal effects
Improved performance on Distribution due to reversing seasonal effects Greece Adj. EBITDA evolution (€bn) Performance recovers in 9M 2024 levels -6% as network usage charges already 0.62 implemented as of June 2025 -0.04 0.59 0.01 International Improved performance in Q3 2025 reaching 2024 levels 9Μ
Slide 62: Adj. Net Income increase driven by increased operating profitability
Adj. Net Income increase driven by increased operating profitability Adj. EBITDA to Adj. Net Income after minorities (€m) 9M 2024 9M 2025 • Increased operating 1,348 Adj. EBITDA 1,670 profitability -122 Special items¹ 30 • Higher D&A due to 1,226 EBITDA 1,699 new assets and -684 D&A -848 revaluation o
Slide 63: Investments acceleration with 88% directed to Distribution networks, Green Energy & Flexibility
Investments acceleration with 88% directed to Distribution networks, Green Energy & Flexibility Investments by Activity (€m) Investment Split by Geography +19% 1,917 18% 64 Retail/E-mobility/Other Incl. 88 3% Kotsovolos 1,607 81 Digitalization & AI Acq. €235m 210 Greece Telecom 79% 280 Flexible Gene
Slide 64: FCF in line with projections
FCF in line with projections Free Cash Flow evolution (€m) Change in WC breakdown evolution (€m) 9Μ24 FY24 9M25 1,670 715 Customer Trade Receivables +8 -15 -205 -227 CO2 effect -210 +21 -57 -728 102 Hedging -9 -94 +68 -1,616 -45 -158 Other -567 +347 -533 -1,001 Total -777 +259 -728 9M 2025 Non Cash
Slide 65: Liquidity position and debt profile (30.09.2025)
Liquidity position and debt profile (30.09.2025) Liquidity position (€bn) Long Term debt1 - Analysis (€bn) Cash Fixed 1.4 €4.3 1.4bn 2.9 2.9 62% €7.6 bn 38% Available credit lines Floating Long Term debt maturity Weighted Average Cost of Debt profile1 (€m) Senior Notes 3,401 4.3% 4.2% refinanced 3.8%
Slide 66: Strong Balance Sheet to support growth and significant investments
Strong Balance Sheet to support growth and significant investments Net Debt evolution (€bn) TBU 2.8x 3.1x +1.6 Key highlights 0.20 6.68 0.24 0.06 0.09 0.04 0.16 1.62 -0.10 • Net debt increase in line 5.09 with acceleration in investments -0.71 • Net Leverage at 3.1x, below the self-imposed ceiling of
Slide 67: 2025 Guidance Reaffirmed
2025 Guidance Reaffirmed Adj. EBITDA (€bn) Adj. Net Income after minorities (€bn) Fully on track to Αdj. EPS(1) meet FY2025 € / share 2.0 targets 1.7 On track to deliver full-year 1.16 ~ 1.1 targets, 0.41 > 0.40 supported by strong 9month €0.60 DPS performance 2025 9M 2024 2025E 9M 2025 2025E 1
Slide 68: Further improvement in key strategic areas of our activities
Further improvement in key strategic areas of our activities PPC strategic pillars Sustainability KPIs 9Μ 2025 Δ vs 9Μ 20241 Clean & RES capacity 6.4 GW +1.5 GW resilient RES capacity on total 51% +9.2 p.p. generation RES production 5,071 GWh +251 GWh portfolio RES production on total 33% +2.3p.p. C
Slide 69: Overview of PPC's Asset Portfolio (Greece)
Overview of PPC’s Asset Portfolio (Greece) Greece - Asset Portfolio Installed Capacity as of 30.09.2025 Lignite Power Plant Hydro Power Plant MW Gas Gas-fired Power Plant 24% 1 Oil Power Plant RES 45% Lignite Mine Center 11,068 Small Hydro Power Plant 16% Oil 2 Photovoltaic Power Plant Wind Park 15%
Slide 70: Overview of PPC's Asset Portfolio (Romania)
Overview of PPC’s Asset Portfolio (Romania) Romania - Asset Portfolio Installed Capacity as of 30.09.2025 MW Wind 89% 1,336 2% Other 9% Solar 9M 2025 Generation Mix GWh Solar Hydro 7% 1,506 2% Other Wind parks (WP) 91% Wind Photovoltaics (PV) Electricity distribution network Source: Company Informat
Slide 71: Overview of PPC's Asset Portfolio (Bulgaria & Italy)
Overview of PPC’s Asset Portfolio (Bulgaria & Italy) Bulgaria-Asset Portfolio Italy-Asset Portfolio Installed Capacity as of 30.09.2025 Installed Capacity as of 30.09.2025 MW 18 MW 32 Wind parks (WP) Wind Photovoltaic Power Plant Solar 100% 100% Source: Company Information. Corporate Presentation |
Slide 72: ESG ratings
ESG ratings ESG ratings keep improving driven by Business Plan implementation and continuous engagement with all ESG rating agencies. B 41.2 57 A BBB 50 B- 38.3 2023 2024 2024 2025 2024 2025 2023 2024 [D- - A] [100 – 0 (Best)] [CCC – AAA] [0 - 100] S&P Global CSA S&P Global ESG C+ 91 44 3.2 3.0 C 42
Slide 73: Glossary
Glossary A Actual EUA European Union Allowances OPCOM Romanian Electricity and Gas Market Operator Adj Adjusted EV Electric vehicle P&E Permitting & Engineering AGM Annual General Meeting FCF Free Cash Flow p.s. Per Share AI Artificial Intelligence FFO Funds From Operations PHS Pumped Hydro Storage
Slide 74: IR Contacts
IR Contacts Stay informed on PPC IR team - contact us ppcgroup.com/en/investor-relations/ General contact www.linkedin.com/company/ppc-s.a. email: ir@ppcgroup.com www.youtube.com/deigr Phone +30 210 52 93 702 or request to be added to IR distribution list Corporate Presentation | November 2025 74
Slide 75: Q1 2024 results | August May 2024 H1
Q1 2024 results | August H1 May 2024 2024