Public Power Corporation S.a. · ATHEX:PPC

Public Power — Public Power Corp Greece — Q3 2025 Earnings Presentation

39 slides from Public Power's earnings presentation, Nov 18, 2025

  1. Slide 1: Financial Results 9M 2025

    Financial Results 9M 2025 18th November 2025 9M 2025 results | November 2025 1

  2. 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

  3. Slide 3: 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 dri

  4. Slide 4: RES at 51% of PPC total capacity with continued growth across key pillars of our strategy

    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.

  5. Slide 5: 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

  6. Slide 6: 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

  7. Slide 7: Broadening our customer engagement, offering exceptional experience

    Broadening our customer engagement, offering exceptional experience Key metrics 9M 2025 Market Share Channels & Loyalty 51% Electricity 3% 16% 3% Gas 28 Renovated Stores 62 New Partners CB Churn rate by value segment B2C PPC GR, % Launches End of Price 8.3% 6.2% Cap effect High Value Total Base Heal

  8. Slide 8: Scaling up distribution networks investments with visible regulatory frameworks 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

  9. Slide 9: ESG ratings improve, reflecting progress in sustainability

    ESG ratings improve, reflecting progress in sustainability Previous upgrades Latest upgrade - MSCI overall ESG score to “A”  PPC’s overall ESG score further improves to “A” from “BBB”  Improvement of indicators in the areas of environmental management, renewable energy sources and corporate govern

  10. Slide 10: 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 (

  11. Slide 11: Commodity prices rose y-o-y in 9M-25, driven by gas supply risks, tariff shifts, and geopolitical tensions

    Commodity prices rose y-o-y in 9M-25, TTF • After a bullish trend at the beginning of the year driven 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

  12. Slide 12: 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%

  13. Slide 13: 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

  14. Slide 14: 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

  15. Slide 15: 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

  16. Slide 16: 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

  17. Slide 17: 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

  18. Slide 18: 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

  19. Slide 19: 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

  20. Slide 20: 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 o

  21. Slide 21: 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

  22. Slide 22: Appendix I: KPIs and operational data

    Α Appendix I: ΚPIs and operational data 9M 2025 results | November 2025 22

  23. Slide 23: 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

  24. Slide 24: 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

  25. Slide 25: 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%

  26. Slide 26: 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

  27. Slide 27: 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. 9M 2025 results | Novembe

  28. Slide 28: Appendix II: Definitions and reconciliations of Alternative Performance Measures

    A Appendix II: Definitions and reconciliations of Alternative Performance Measures (“APMs”) 9M 2025 results | November 2025 28

  29. Slide 29: 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

  30. Slide 30: 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

  31. Slide 31: TABLE A - EBITDA

    TABLE A - EBITDA (Operating income before depreciation amortization and impairment net financial expenses and taxes) GROUP Amounts in € m. 01.01-30.09.2025 01.01-30.09.2024 Total Turnover (1) 7,268 6,582 less: Operating expenses before depreciation and impairment (2) 5,568 5,356 Payroll cost 778 681

  32. Slide 32: TABLE B - Operating expenditure before depreciation and impairment without special items

    TABLE B - Operating expenditure before depreciation and impairment without special items GROUP Amounts in € m. 01.01-30.09.2025 01.01-30.09.2024 Operating expenses before depreciation and impairment (2) 5,568 5,356 less special items: Provision for employee severance incentive due to service 28 - te

  33. Slide 33: TABLE C – Adj. EBITDA

    TABLE C – Adj. EBITDA (Operating income before depreciation and impairment net financial expenses and taxes) GROUP Amounts in € m. 01.01-30.09.2025 01.01-30.09.2024 EBITDA (1) 1,699 1,226 Plus Special items (2): (30) 122 Provision for employee severance incentive due to service 28 - termination (Gai

  34. Slide 34: TABLE D – Adj. Net Income/(Loss)

    TABLE D – Adj. Net Income/(Loss) GROUP Amounts in € m. 01.01-30.09.2025 01.01-30.09.2024 NET INCOME AFTER TAX (A) 380 199 plus special items (1): (Gain)/Loss from valuation of electricity purchase and sale contracts (58) 122 Provision for employee severance incentive due to service 28 - termination

  35. Slide 35: TABLE E – Adj. Net Income/(Loss) after Minorities

    TABLE E – Adj. Net Income/(Loss) after Minorities GROUP Amounts in € m. 01.01-30.09.2025 01.01-30.09.2024 Adjusted net income (Β) 445 305 minus: Minorities (1) 43 77 plus Adjustments to minorities for special items (2): Gain from valuation of power purchase agreements 9 13 Provision for employee sev

  36. Slide 36: TABLE F – Adj. Earnings per share

    TABLE F – Adj. Earnings per share GROUP 01.01-30.09.2025 01.01-30.09.2024 Adjusted Net Income after Minorities (1) (Amounts in € m.) 406 241 Over: Weighted average number of shares (2) (Amounts in m.) 349 360 Adjusted Earnings per share [(3)=(1)/(2)] (Amounts in €) 1.16 0.67 9M 2025 results | Novemb

  37. Slide 37: TABLE G – Net Debt

    TABLE G – Net Debt GROUP Amounts in € m. 30.09.2025 30.09.2024 31.12.2024 Long-term borrowing 6,258 4,813 6,233 Short-term borrowing and Current portion of long-term 1,871 1,343 923 borrowing Restricted cash and Cash and cash equivalents (1,585) (1,627) (2,161) Financial assets measured at fair valu

  38. Slide 38: Glossary

    Glossary Adj Adjusted k Thousands AI Artificial Intelligence km Kilometer ANRE Romanian Energy Regulatory Authority KPIs Key performance indicators app Application LTM Last twelve months ATHEX Athens Stock Exchange m Million B2C Business-to-customer mins Minutes bn Billion MSCI Morgan Stanley Capita

  39. Slide 39: 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 9M 2025 results | November 2025 39

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