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PPC S.A. Investor Presentation 2026
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Financial Results FY 2025
19th March 2026
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" or the "Company", together with its consolidated subsidiaries, the "Group") for information purposes only and it has been approved by the Board of Directors of the Company. This presentation may not be disclosed, reproduced, disseminated, quoted or referred to, in whole or in part, without the prior written express consent of the Company and may not be used for any other purpose. None of the Group, or any of its affiliates or employees, directors, representatives, officers, agents or advisors (collectively, the "representatives"), shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. The information contained in this presentation is provided as at the date hereof and is subject to change without notice. The information contained in this presentation may be updated, completed, revised and amended and such information may change materially in the future.
The information contained herein should not be construed as legal, tax, accounting or investment advice, representation or a personal recommendation. This presentation is not intended to form the basis of any investment decision, financial opinion or investment advice.
This presentation contains forward looking statements, and neither the Group nor our representatives make any representation or warranty, express or implied, as to the achievement or reasonableness of such forward-looking statements, including future projections, operations, strategy, plans, objectives, goals, management targets, economic outlook, estimates and prospects. Actual events or conditions are unlikely to be consistent with, and may materially differ from, such forward-looking statements, and the Group and our representatives do not undertake any obligation or responsibility to update any of the information contained in this presentation.
These forward-looking statements are subject, among other things, to (i) business, economic and competitive risks, (ii) macroeconomic conditions, (iii) fluctuations of the Euro against the U.S. Dollar and Romanian Leu exchange rate, (iv) oil, natural gas and electricity prices and the price of CO2 emission rights, (v) changes in the market, legal, regulatory and fiscal landscape, (vi) evolution of bad debt and (vii) other uncertainties and contingencies, which relate to factors that are beyond PPC's ability to control or estimate precisely and that could cause actual events or results to differ materially from those expressed therein. Accordingly, undue reliance should not be placed on these forward-looking statements, which speak only as of the date of this presentation.
Certain information contained in these materials, including future EBITDA, earnings, expenditures and other financial measures for future periods, constitutes "forward-looking statements," which are based on current expectations and assumptions about future events, and that may be identified by the use of forward-looking terminology such as "may," "will," "should," "except," "anticipate," "project," "estimate," "intend," "continue," or "believe" or the negatives thereof or other variations thereon or comparable terminology or other forms of projections, forecasts or targets or generally as all statements other than statements of historical facts included in this presentation. Financial metrics for future periods are based on present reasonable and good-faith assumptions and we provide no assurance that such financial metrics will be achieved. Past performance does not guarantee or predict future performance.
PPC does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation. For a more detailed description of the main risks and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements, please refer to PPC's financial report for the twelve-month period ended December 31, 2025, which can be found on the Company's website at www.ppcgroup.com.
This presentation also includes certain unaudited and unreviewed preliminary interim financial information prepared by the Group. Undue reliance should not be placed on the inclusion of such unaudited and unreviewed preliminary interim financial information and it should not be regarded as an indication of future events. The inclusion of such financial information in this presentation should not be regarded as a representation or warranty by the Group or our representatives or any other person as to the accuracy or completeness of such information's portrayal of the financial condition or results of operations by the Group and should not be relied upon when making an investment decision. This presentation does not purport to contain all information required to evaluate the Group and/or its financial position. Market and competitive position data in these materials has generally been obtained from industry publications and surveys or studies conducted by third-party sources and estimates prepared by the Group on certain assumptions. There are limitations with respect to the availability, accuracy, completeness and comparability of such data. While the Company believes that the industry and market data from external sources is accurate and correct, the Company has not independently verified such data and can provide no assurance of its accuracy or completeness.
Certain financial data included in these materials consists of "non-IFRS financial measures". These non-IFRS financial measures, as defined by the Company, may not be comparable to similarly-titled measures as presented by other companies, nor should they be considered as an alternative to the historical financial results or other indicators of the performance based on IFRS. Certain statements in these materials regarding the market and competitive position data are based on the internal analyses of the Company, which involve certain assumptions and estimates. These internal analyses have not been verified by any independent source and there can be no assurance that the assumptions or estimates are accurate. Accordingly, undue reliance should not be placed on any of the industry, market or the Company's competitive position data contained in these materials.
The facts, opinions and expectations stated herein have not been independently verified, and neither the Group nor any of its representatives makes any representation or warranty, express or implied, as to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns contained herein, as to the accuracy, completeness or reasonableness of this presentation or any of the information or opinions contained herein, or the assumptions on which they are based or any other written or oral communication transmitted or made available to the recipient or its representatives, and they should not be relied upon as such.
The Group, its affiliates and their respective representatives expressly disclaim, to the fullest extent permitted by law, any and all liability based, in whole or in part, on this presentation or any information contained herein or any other written or oral communication transmitted or made available to the recipient or its affiliates or representatives, including, without limitation, with respect to errors therein or omissions therefrom. By receiving these materials, you will be taken to have represented, warranted and undertaken that you have read, understood and fully agreed to be bound by the terms and limitations set forth in the disclaimer above.
PPC
FY 2025 results | March 2026
Today's Presenters
Georgios
Stassis
Chairman & CEO
Konstantinos
Alexandridis
CFO
Agenda
- Highlights of the period & Outlook
- Financial performance
- Final Remarks and Conclusions
- Appendix
Georgios Stassis
Chairman & CEO
1 Highlights of the period & Outlook
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
Adj. EBITDA
Operational profitability
+ €0.2 bn vs 2024 | €0.45bn
Adj. Net Income
Growing bottom line profitability
+ €0.1 bn vs 2024 | 3.2x Leverage Ratio
Balance sheet discipline
Leverage ratio below 3.5x threshold despite significant investment plan | €2.8bn Investments
Capital deployment
87% in RES, Flexible generation and Distribution |
| --- | --- | --- | --- |
| EBITDA up driven by higher contribution of the Integrated activities in Greece and Romania | Growing DPS to €0.60 / share in 2025, aligned with our commitment to returning value to shareholders | Committed to maintaining a prudent approach | Growth focused capex to further increase profitability |
- Analysis of adjusted figures is provided in Alternative Performance Measures in the Appendix II
PPC
FY 2025 results | March 2026
Investments in line with the key pillars of our strategy are leading to a greener and more flexible energy mix
RES, Flexible generation and Distribution investments (€bn)
RES¹ & Flexible capacity (GW)
Lignite Capacity (GW)
- Including Large Hydro
ppc
FY 2025 results | March 2026
RES capacity growth leads lignite phase-out, improving emissions profile
8
FY 2025 results | March 2026
Source: Company Information. 1. Market Share FY 2024 based on actual figures and FY 2025 on provisional data. 2. Market Share in RES excl. Large Hydro. 3. Refers to Scope 1 emissions arising from power generation installations covered by the EU ETS.
Installed capacity (GW)
Generation (TWh)
CO₂ Emissions (m tons)³
PPC
Strong progress in RES in Q4 2025 adding ~0.8GW (+1.7GW FY2025)
ppc
FY 2025 results | March 2026
Significant progress in RES roll-out with major projects concluded in Greece in Q4 2025...
GRE
Project: Ptolemaida (EY)
Location: Ptolemais
Region: West: Macedonia
Capacity: final: 30MW were completed
Status: 550MW Construction Completed
- Construction completion of remaining 30MW (550MW full project's capacity) in Q4 2025
Project: Amyntnio (EY)
Location: Amyntaio
Region: West: Macedonia
Capacity: final 623MW were completed (305MW attr. to PPC)
Status: 315MW in Operation & 623MW Construction Completed
- Construction completion of remaining 623MW (~305 attr. to PPC) of total Capacity 938MW (~460 attr. to PPC) of all 3 Clusters
Project: Megalopoli (EY)
Location: Megalopolis
Region: Peloponnese
Capacity: 125MW (1% part of ~0.5GW)
Status: Construction Completed
- 1st Cluster: 125MW Construction completed in Q4 2025
- 2nd Cluster: 125MW under construction
- 3rd Cluster: 240MW will start construction in 2026
Project: Karkaros (AP)
Location: Fokida
Region: Central Greece
Capacity: 16.4MW
Status: Construction Completed
- Construction completion of the 36.4MW in Q4 2025
Project: W. Macedonia cluster 1 (Ptolemaida 4) (BESS)
Location: Kozani
Region: West: Macedonia
Capacity: 50MW
Status: Construction Completed
- Construction completion of our first BESS Project in Greece of 50MW in Q4 2025
PPC
FY 2025 results | March 2026
10
...
... but also in Romania, Italy and Bulgaria
ROM
Project: Ente (PV)
Location: Caligarieni
Region: South Muntenia-Romania
Capacity: 130MW
Status: Operating
- 130MW Operating
Project: Comma (PV)
Location: Prahova
Region: South Muntenia-Romania
Capacity: 20MW
Status: Operating
- 20MW Operating
Project: Caragol (PV)
Location: Ciorani
Region: South Muntenia-Romania
Capacity: 65MW
Status: Operating
- 65MW Operating
Project: Caligarieni (BSSS)
Location: Caligarieni
Region: South Muntenia-Romania
Capacity: 9MW
Status: Construction Completed
- Construction completion of our first Romanian BESS Project of 9MW in Q4'25
IT
Project: Italy Master – Comicchio (PV)
Location: Comacchio
Region: Abruzzo-Italy
Capacity: 5.5MW
Status: Operating
- 5.5 MW in Operation
Project: Italy Master – Comacchio (PV)
Location: Comacchio
Region: Emilia – Romagna -Italy
Capacity: 15MW
Status: Operating
- 12MW Operating
BG
Project: Nova Zagora (PV)
Location: Nova Zagora
Region: Southeastern Bulgaria
Capacity: 30MW
Status: Operating
- 30MW Operating
PPC
FY 2025 results | March 2026
Further maturing RES pipeline being on track for 2028 target
-86% of 2028 target capacity already secured
ppc
FY 2025 results | March 2026
Resilient retail position despite softer demand and competition
Electricity Sales evolution (TWh)
1. Average retail market share for FY 2025 in both countries - in Romania, market share is based on ANRE published data for Dec 2025. 2. Mainland and Non-Interconnected Islands based on PPC estimation. 3. Domestic Demand in Mainland based on IPTD's actual data for FY 2024 and FY 2025. 4. For Romania: Including network losses, based on ANRE data as of Dec 2025 and on latest available figures from Translectrica.
Customer base (m)
Domestic Demand (TWh)
PPC
FY 2025 results | March 2026
Broadening our customer engagement, offering exceptional experience
Key metrics Full Year 2025
Market Share
CB Churn rate by value segment B2C PPC GR (%)
VAS Penetration on Customer Base
Channels & Loyalty
Launches
Base Health - Penetration of bad debt customers
PPC
FY 2025 results | March 2026
Synergies are already visible by our customers
Joint white-label Heat Pump proposition
- Novair, the first white-label offering from PPC & Kotsovolos, with 360° services around heating & cooling
- Integrated journeys & customer support across all PPC & Kotsovolos channels
- Delivery by Kotsovolos field-force
Joint Field Services Proposition Fix- It and Electrician Pass
- Energy certificate released by PPC and delivered by Kotsovolos field-force
- Technical emergency support for PPC customers utilizing K field-force and expanding service portfolio
Product & service corners across PPC stores
- Product corners already available in 14 PPC stores, targeting full rollout next year
- Shaped across compelling areas: energy, connectivity, mobility
- Leveraging Kotsovolos systems & supply chain, together with PPC sales capabilities
Extension of PPC energy consulting tool
Competitive Kotsovolos offers accessible from PPC Energy Coach, targeted to households' needs
Enrichment of PPC Rewards program
Kotsovolos Coupons for PPC customer segments (Students, Families,...) with targeted rewards
PPC
FY 2025 results | March 2026
Strong distribution investments driving RAB growth and network digitalization
Distribution CAPEX (€m)
Distribution RAB (€bn)
Reliability indices
Improvement reflecting continued progress in network reliability
Smart Meters penetration
Source: Company Information.
PPC
FY 2025 results | March 2026
16
Significant improvement in ESG ratings
PPG
FY 2025 results | March 2026
17
Konstantinos Alexandridis
CFO
2 Financial performance
Commodity prices rose y-o-y in 2025 due to gas supply shifts, tight European gas storage levels and geopolitical tensions
TTF (€/MWh_th)¹
CO₂ (€/m)²
Day Ahead Market price (DAM) (€/MWh)³
Greece
¹ Source: EER TTF Daily Spot prices. ² Source: ICE EUAs Daily Futures (Dec-24 & Dec-25 accordingly). ³ Source: HENEX. ⁴ Source: OPCOM Note: The gas supply contracts in Greece are priced based on the previous month's average on the TTF AM, as published by Ioni Haren (Hieren Monthly indices)¹
Day Ahead Market price (DAM) (€/MWh) /Bermuda
Cayman (€/MWh)²
TTF
- TTF trended downward in 2025, despite Q1-Q2 spikes driven by tNG supply concerns amid the Israel-Iran conflict.
- Later in the year TTF prices deescalated hitting a yearly low in December due to weaker demand, looser EU storage targets and milder weather y-o-y.
- Average TTF price in 2025 was up by 5% y-o-y.
- Since the beginning of Mar-26, TTF has surged by more than 60%, driven by the closure of the Strait of Hormuz and military escalation in the Middle East.
CO₂
- EUAs started 2025 strong but fell from mid-Feb to mid-Apr on U.S. tariff concerns.
- After a U.S.-China deal in tandem with Israel-Iran tensions, they peaked in mid-June.
- EUAs were steady in July-August, then rose till year-end on tighter supply and strong speculation, hitting the year's high on the last trading day of 2025.
- Average EUA price in 2025 was up by 12% y-o-y.
- Since Feb-26, EUAs fell sharply, as policy uncertainty and competitiveness debates triggered a bearish sentiment shift
Day Ahead Market prices
- Prices spiked early 2025 (higher TTF/EUAs), eased in Q1 on weaker demand and strong solar; remained elevated but stable in Q2, supported by record RES output
- In H2 2025, prices rose steadily, driven by weather related demand and lower renewable generation
- In 2025, the average DAM price in GR was up by 3% y-o-y, and MWh/THG was up by 4% y-o-y.
ppc
FY 2025 results | March 2026
Strong profitability in 2025 in line with guidance
Key Financials
Revenues (€bn)
Adj. EBITDA¹ (€bn)
Investments (€bn)
FCF² (€bn)
Adj. Net income after minorities¹ (€bn)
Net Debt (€bn) / Net Leverage
Key Highlights
Revenues increase mainly due to higher power prices driven by higher gas and carbon prices and contribution of Kotsovolos (since Apr. 2024)
- Adj. EBITDA at €2.0bn &
- Adjusted Net Income at €0.45bn in line with guidance
- Negative FCF driven by high investments
- Leverage at 3.2x in line with Business Plan
¹ Analysis is provided in Alternative Performance Measures in the Appendix II . 2. After Investments and Dividends.
PPC
FY 2025 results | March 2026
Revenue growth primarily driven by higher power prices in Greece and Romania
Total Revenues (€bn)
Revenues increase mainly due to:
- higher power prices, supported by higher gas and carbon prices
- contribution of Kotsovolos (since Apr. 2024)
ppc
FY 2025 results | March 2026
Improved Adj. EBITDA on the back of the Integrated business activity growth
- Solid growth of Integrated business drives overall profitability at a higher level
- International contribution in terms of EBITDA stands at 22% of the group's operating profitability
PPG
FY 2025 results | March 2026
Improvement in Integrated Business activity driven by strength in Retail and RES expansion
PPC
FY 2025 results | March 2026
23
Greece
- Improved Retail segment performance
- Greener energy mix resulting to increased profitability
- Fixed cost elements reduction of lignite operations as phase-out progresses
International
- Improved Retail segment performance
- Increased performance, mainly driven by RES additions in Romania
Resilient performance on Distribution
Adj. EBITDA evolution (€bn)
Greece
Performance broadly in line with 2024 levels despite the impact of lower demand in the country
International
Adjusting for €5m construction cost that has already been included in the 2026 tariffs, performance is higher than 2024
ppc
FY 2025 results | March 2026
Higher operating profitability drives adj. net income growth
- Analysis is provided in Alternative Performance Measures in the Appendix II.
PPG
FY 2025 results | March 2026
25
High investments with 87% for Distribution networks, Green Energy & Flexibility
- Flexible generation includes, CCGT and conventional. 2. Renewables includes solar, wind, small hydro.
Investment Split by Geography
€2.8bn Investments driven by:
- Distribution network modernization in Greece and Romania
- RES and Flexible Generation expansion
PPC
FY 2025 results | March 2026
Robust FFO Performance - FCF aligned with Business Plan
Free Cash Flow evolution (€m)
- Positive FFO as a result of:
- Solid operational profitability
- Positive WC impact of €161m driven by the CO2 rights and hedging
-
FCF in line with Business Plan, attributed to increased investments despite FFO performance
-
Mainly relates to bad debt and Customer contributions for their connection to the Distribution network.
Change in WC breakdown evolution (€m)
Positive WC impact of €161m driven by:
- Customers Trade Receivables increase mainly linked to State related entities, partially offset by improved collections in broader customer base
- CO₂ effect derives by our continuous efforts for WC management
- Hedging positive effect due to lower initial margin required and the wind-down of prior years' positions
- Timing effect in "Other" deriving by strong over-performance in 2024
ppc
FY 2025 results | March 2026
Liquidity position and debt profile
Liquidity position (€bn)
Long Term debt¹ - Analysis (€bn)
Long Term debt maturity profile¹ (€m)
Weighted Average Cost of Debt
¹ Back to 2026
¹ Back to 2026
¹ Excluding overdrafts / short term borrowings of € 190m
Weighted Average Cost of Debt keeps declining
Credit Ratings
S&P Global Ratings
BB-
Positive Outlook (Jan. 2026)
☑ Re-affirmed PPC's rating at 'BB-' in the context of the ongoing energy transition process.
☑ Revision of outlook from stable to positive. The positive outlook on the issuer credit rating indicates the expectation from PPC to continue to deliver on its strategic plan by successfully exiting lignite by end of 2026 and increase its renewable installed capacity while maintaining credit-rating related KPIs within the required range.
Fitch Ratings
BB-
Stable Outlook (Mar. 2026)
☑ Re-affirmed PPC's rating at 'BB-' reflecting transition towards a more balanced, integrated model, supported by the rapid renewable expansion, growing flexible generation capacity across its key markets along with increasing contribution from stable, regulated distribution activities and a planned full lignite phase-out by end-2026.
☑ Stable Outlook reflects PPC's management strong commitment to preserving a disciplined leverage profile according to target threshold, underpinned by solid liquidity and strong funding visibility.
PPC
FY 2025 results | March 2026
Solid financial position enabling growth and investment execution
- 2025 Adj. EBITDA stood at € 2.0 bn.
Key highlights
- Net debt increase in line with acceleration in investments
- Net Leverage at 3.2x, below the self-imposed ceiling of 3.5x
- Adequate headroom to proceed with significant investments going forward
PPG
FY 2025 results | March 2026
Georgios Stassis
Chairman & CEO
3 Final Remarks and Conclusions
Confident to achieve 2026 targets...
Adj. EBITDA (€bn)¹
Adj. Net Income after minorities (€bn)¹
Commentary
- Milder weather conditions in Q1 2026 have led to improved retail margin
- Better wind conditions across our generation fleet
- Better hydrological conditions vs budget as already recorded in Q1 2026
- Additional 1.8 GW RES in execution for 2026, already at a ~50% readiness
Delivery of 2026 targets very well on track
- Analysis for FY 2025 is provided in Alternative Performance Measures in the Appendix II.
PPG
FY 2025 results | March 2026
Concluding remarks
Delivering our strategy, accelerating performance, and unlocking sustainable growth
Strong FY 2025 results supported by growing Integrated performance
£2.8 bn investments in FY 2025 with 87% in RES, Flexible and Distribution projects
1.7GW additions within 2025 - ~86% of 2028 target capacity already secured
Lignite at 13% of energy mix - Full Lignite phase out of by end of 2026
Full Year 2026 targets well on track
Adj. Net Income £0.7 bn
PPG
FY 2025 results | March 2026
A Appendix I:
KPIs and operational data
Further improvement in key strategic areas of our activities
PPC strategic pillars
- Clean & resilient generation portfolio
- Modernizing our networks
- Customer centric retail services
| Sustainability KPIs | 2025 | Δ vs 2024 |
|---|---|---|
| RES capacity | 7.2 GW | +1.7 GW |
| RES capacity on total | 58% | +11.2 p.p. |
| RES production | 6,918 GWh | +727 GWh |
| RES production on total | 33% | +3.6p.p. |
| CO₂ emissions intensity (Scope 1)¹ | 0.47 tCO₂/MWh | -5% |
| CO₂ emissions (Scope 1)¹ | 9.8 MtCO₂ | -0.5 MtCO₂ |
| SAIDI (Greece/Romania) | 110/79 mins | -22/-3mins |
| SAIFI (Greece/Romania) | 1.64/1.98 | -0.04/-0.37 |
| Total network length (Greece/Romania) | 261/136 k km | +11/+1 k km |
| Online penetration/myPPC app (Greece) | 36.2% | + 6.2 p.p. |
| Online penetration/myPPC app (Romania) | 65% | +2.9 p.p. |
| Charging points installed (Greece & Romania) | 4,276 | +1,189 |
- Refers to Scope 1 emissions arising from power generation installations covered by the EU ETS.
PPC
FY 2025 results | March 2026
ESG Ratings
ESG ratings keep improving driven by Business Plan implementation and continuous engagement with all ESG rating agencies.
PPG
FY 2025 results | March 2026
35
Overview of PPC's Asset Portfolio (Greece)
Notes: 1. Including Large Hydro. 2. Only for NII. 3. Excluding generation from PPC's participation in JVs.
Installed Capacity as of 31.12.2025
2025 Generation Mix
PPC
FY 2025 results | March 2026
Overview of PPC's Asset Portfolio (Romania)
Romania - Asset Portfolio
Installed Capacity as of 31.12.2025
MW
2025 Generation Mix
GWh
Source: Company Information.
PPC
FY 2025 results | March 2026
37
Overview of PPC's Asset Portfolio (Bulgaria & Italy)
Bulgaria-Asset Portfolio
Installed Capacity as of 31.12.2025
2025 Generation Mix
Italy-Asset Portfolio
Source: Company Information.
PPC
FY 2025 results | March 2026
38
A Appendix II:
Definitions and reconciliations of Alternative Performance Measures ("APMs")
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 operating expenses before depreciation amortization and impairment. Calculation of EBITDA is presented in Table A.
Operating expenditure before depreciation and impairment without special items
This measure is calculated by subtracting the special items mentioned in the Adjusted EBITDA note below from the figure calculated for operating expenses before depreciation and impairment in the EBITDA measure. It is presented in Table B..
Adjusted EBITDA (Operating income before depreciation and impairment net financial expenses and taxes)
Adjusted EBITDA serves to better analyze the Group's operating results excluding the impact of special items. For the year 2024, the special items that affected the Adjusted EBITDA are the following: a) a provision for employee severance incentive due to service termination amounting to € 9m (negative impact) b) the valuation of power purchase agreements amounting to € 86m (negative impact). For the year 2025, the special items that affected the Adjusted EBITDA are the following: a) a provision for employee severance incentive due to service termination amounting to € 113m (negative impact) b) the valuation of power purchase agreements amounting to €98m (positive impact). Adjusted EBITDA is presented in Table C.
Adjusted net income/(loss)
This Index serves to better analyze the results of the Group, excluding the effect of special items and the calculated tax on them. Furthermore, Impairment loss on assets and the Depreciation from revaluation of fixed assets and the calculated tax on them have been excluded for the years ended 31.12.2024 and 31.12.2025. In addition, for the year ended 31.12.2025, the foreign exchange losses on loans and borrowings, gain from remeasurement of investment in associates, the bargain gain from subsidiaries acquisition, the loss from sale of subsidiary and the tax on all of them have been excluded. The calculations are presented in Table D.
PPG
FY 2025 results | March 2026
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 special items that affected Adjusted net income/(loss) after minorities for the Group for the year ended December 31, 2025 were a) gain from valuation of power purchase agreements and b) provision for employee severance incentive due to service termination, while for the year ended December 31, 2024 this index was affected only by loss from valuation of power purchase agreements. The calculations are presented in Table E.
Adj. Earnings (Loss) Per Share
The adjusted earnings per share (Adjusted EPS) ratio reflects the Group's actual operating profitability per share, excluding extraordinary or non-recurring events, and is calculated as the quotient of adjusted net income divided by the weighted average number of shares. The calculation is presented in Table F.
Net debt
Net debt is an APM that Management uses to evaluate the Group's capital structure as well as leverage. Net debt is calculated by adding long-term loans the current portion of long-term loans and short-term loans and subtracting the total cash and cash equivalents restricted cash related to loan agreements and financial assets measured at fair value through other comprehensive income and adding the unamortized portion of loans issuance fees and loan amendments IFRS 9. Calculation of Net debt is presented in Table G.
PPG
FY 2025 results | March 2026
TABLE A - EBITDA (Operating income before depreciation amortization and impairment net financial expenses and taxes)
| Amounts in € m. | GROUP | |
|---|---|---|
| 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 | 939 |
| Merchandise | 633 | 428 |
| Lignite | 2 | 22 |
| Liquid fuels | 697 | 725 |
| Natural gas | 841 | 883 |
| Energy purchases | 1,886 | 1,722 |
| Materials and consumables | 149 | 147 |
| Transmission system usage | 189 | 180 |
| Distribution system usage | 199 | 198 |
| Utilities and maintenance | 395 | 319 |
| Third party fees | 608 | 548 |
| Emission allowances | 706 | 833 |
| Provisions/(reversal of provisions) for risks | (13) | (32) |
| Provisions/(reversal of provisions) for impairment of inventories | 26 | (2) |
| Provisions for expected credit losses | 63 | 47 |
| Impairment loss on Subsidiaries | - | - |
| Other income | (245) | (106) |
| Other expenses | 410 | 410 |
| EBITDA (A) = [(1) - (2)] | 2,031 | 1,718 |
PPG
FY 2025 results | March 2026
TABLE B - Operating expenditure before depreciation and impairment without special items
| Amounts in € m. | GROUP | |
|---|---|---|
| 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 termination | 113 | 9 |
| (Gain)/ Loss from valuation of power purchase agreements | (98) | 86 |
| Operating expenses before depreciation and impairment without special items | 7,655 | 7,166 |
PPG
FY 2025 results | March 2026
TABLE C - Adj. EBITDA (Operating income before depreciation and impairment net financial expenses and taxes)
| Amounts in € m. | GROUP | |
|---|---|---|
| 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 termination | 113 | 9 |
| (Gain)/ Loss from valuation of power purchase agreements | (98) | 86 |
| Adjusted EBITDA (3) = [(1)+(2)] | 2,046 | 1,813 |
PPG
FY 2025 results | March 2026
TABLE D - Adj. Net Income/(Loss)
| Amounts in € m. | GROUP | |
|---|---|---|
| 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 termination | 113 | 9 |
| plus other figures (2): | ||
| Impairment loss on assets | 14 | 207 |
| Loss from sale of subsidiary | 0.04 | - |
| Depreciation from revaluation of fixed assets | 120 | - |
| Foreign exchange losses on loans and borrowings | 13 | - |
| Bargain gain from subsidiaries acquisition | (5) | - |
| Gain from remeasurement of investment in associates | (7) | - |
| minus: | ||
| Adjustments to tax for special items/Impairment loss on assets/Depreciation from revaluation of fixed assets/Foreign exchange (gains)/ losses on loans and borrowings/Gain from remeasurement of investment in associates/Bargain gain from subsidiaries acquisition (3) | 7 | 63 |
| Adjusted Net Income [(A)+(1)+(2)-(3)] | 502 | 426 |
PPG
FY 2025 results | March 2026
TABLE E - Adj. Net Income/(Loss) after Minorities
| Amounts in € m. | GROUP | |
|---|---|---|
| 01.01-31.12.2025 | 01.01-31.12.2024 | |
| Adjusted net income (B) | 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 severance incentive due to service termination | (5) | - |
| Adjusted net income after minorities [(B)-(1)+(2)] | 448 | 365 |
PPG
FY 2025 results | March 2026
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 |
PPG
FY 2025 results | March 2026
TABLE G - Net Debt
| Amounts in € m. | GROUP | |
|---|---|---|
| 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 other comprehensive income | (0.4) | (0.3) |
| Unamortized portion of loans issuance fees and loan amendments IFRS 9 | 231 | 96 |
| TOTAL | 6,481 | 5,091 |
PPG
FY 2025 results | March 2026
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 | Business-to-customer | KPIs | Key performance indicators |
| BESS | Battery Energy Storage System | m | Million |
| bn | Billion | mins | Minutes |
| CAPEX | Capital Expenditure | MSCI | Morgan Stanley Capital International |
| CB | Customer Base | MW | Megawatt |
| CCGT | Combined Cycle Gas Turbine | MWh | Megawatt hour |
| CDP | Carbon Disclosure Project | o/w | Of which |
| CEO | Chief Executive Officer | OPCOM | Romanian Electricity and Gas Market Operator |
| CFO | Chief Financial Officer | P&E | Permitting & Engineering |
| CO2 | Carbon dioxide emissions | p.p. | Percentage Points |
| CSA | Corporate Sustainability Assessment | PPC | Public Power Corporation |
| D&A | Depreciation and Amortization | PV | Photovoltaics |
| DAM | Day Ahead Market price | Q4 | Fourth Quarter |
| DCM | Debt Capital Markets | RAB | Regulated Asset Base |
| DPS | Dividend per Share | RES | Renewable Energy Sources |
| DSO | Distribution System Operator | RTB | Ready-to-Build |
| EBITDA | Earnings Before Interest, Taxes, Depreciation, and Amortization | S&P | Standard & Poor's |
| EPS | Earnings Per Share | SAIDI | System Average Interruption Duration Index |
| ESG | Environmental, Social & Governance | SAIFI | System Average Interruption Frequency Index |
| ETS | Emissions Trading System | Scope 1 emissions | Direct emissions made by sources a company owns or controls |
| EU | European Union | SHPP | Small Hydro Power Project |
| EUA | European Union Allowances | ton | Tones |
| FCF | Free Cash Flow | TP | Tender Process |
| FFO | Funds From Operations | TTF | Title Transfer Facility |
| FTSE | Financial Times Stock Exchange | TWh | Terrawatt hour |
| FY | Full Year | U/C | Under Construction |
| GR | Greece | VAS | Value Added Services |
| GW | Gigawatt | vs | Versus |
| GWh | Gigawatt hour | WC | Working Capital |
| HENEX | Hellenic Energy Exchange | y-o-y | Year on Year |
| ICE | Intercontinental Exchange | Δ | Delta |
PPG
FY 2025 results | March 2026
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 |
| 17.11.2026 | Announcement of the 9M 2026 financial results |
| Date to be announced | Capital Markets Day |
Note: Dividend distribution and the relevant dates, are subject to the approval from the General Meeting of Shareholders of PPC.
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IR team - contact us
General contact
email: [email protected]
Phone +30 210 52 93 702
PPC
FY 2025 results | March 2026