PPC S.A. — Investor Presentation 2026

May 12, 2026

Pinancial Results Q1 2026

12th May 2026

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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," "expect," "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.ppc.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
Q1 2026 results | May 2026

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Today's Presenters

Georgios
Stassis
Chairman & CEO

Konstantinos
Alexandridis
CFO

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Georgios Stassis

Konstantinos Alexandridis

Georgios Stassis

Agenda

1. Highlights of the period
2. Financial performance
3. Final Remarks and Conclusions
   A. Appendix

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Georgios Stassis

Chairman & CEO

1 Highlights of the period

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Strong start in 2026

6

£0.7bn

Adj. EBITDA

Operational profitability
+ €0.2 bn vs Q1 2025

Strong Q1 2026 mainly driven by higher contribution of the Integrated business

£0.2bn

Adj. Net Income

Growing bottom line profitability
+ €0.1 bn vs Q1 2025

Strong underlying earnings growth to support DPS increase to €0.80 / share in 2026

£0.5bn

Investments

Capital deployment
82% in RES, Flexible generation and Distribution

Growth focused capex to further increase in the coming quarters

3.0x

Leverage Ratio

Balance sheet discipline
Leverage ratio comfortably below 3.5x threshold

Improved Leverage Ratio driven by step up of operational profitability

1. Analysis of adjusted figures is provided in Alternative Performance Measures in the Appendix II

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Q1 2026 results | May 2026

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Delivering a greener and more flexible energy mix through targeted investments

Investments (€m)

RES & Flexible capacity (GW)¹

CO₂ emission intensity (tons CO₂/MWh)²

1. Including Solar, Wind, Hydro, Gas and BESS. 2. Scope 1 emissions divided by total electricity generation

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Q1 2026 results | May 2026

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RES-led generation growth offsetting thermal output decline while maintaining resilient market share

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Q1 2026 results | May 2026

Installed capacity (GW)

Generation (TWh)

CO₂ Emissions (m tons)³

Source: Company Information. 1. Market Share Q1 2025 based on actual figures and Q1 2026 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.

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Accelerating RES rollout in Q1 2026 through BESS and solar project delivery in Greece and Italy

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Q1 2026 results | May 2026

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Strong pipeline visibility toward our 2030 RES target

~74% of 2030 planned capacity already secured while projects maturity covers more than 110% of the target

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Q1 2026 results | May 2026

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Resilient market position despite weaker electricity demand trends

Electricity Sales evolution (TWh)

1. Average retail market share for Q1 2026 in both countries - in Romania, market share is based on provisional data for Feb and Mar 2026 as ANRE has not published this data as of today. 2. Mainland and Non-Interconnected Islands based on PPC estimation. 3. Domestic Demand in Mainland based on IFTO's actual data for Q1 2025 and provisional data for Q1 2026. 4. For Romania: Including network losses, based on ANRE actual data for Q1 2025 and provisional data for Q1 2026 as Feb and Mar 2026 data has not been published yet.

Customer base (m)

Domestic Demand (TWh)

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Q1 2026 results | May 2026

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Strengthening customer engagement through innovative retail offerings

Key metrics Q1 2026

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

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Q1 2026 results | May 2026

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Continued investments in distribution drive RAB growth and network digitalization

Distribution CAPEX (€m)

Continued investments in Distribution leveraging on attractive regulatory framework

Reliability indices

Reliability indices impacted by unexpected network disruptions due to extreme weather conditions in Western Greece in Q1'26

Smart Meters penetration

Increasing penetration of Smart meters in both countries

Source: Company Information.

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Q1 2026 results | May 2026

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Update on capital increase to capture growth opportunities

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Q1 2026 results | May 2026

Key terms of the envisaged equity raise

Transaction Overview

• Equity capital increase by way of issuance of new ordinary shares, to raise gross proceeds of ~€4bn to fund our capital investment program

Structure

• Fully marketed offering, non-pre-emptive
• International Institutional Offering and Greek Public Offering (including retail)
• Priority allocation for current shareholders participating in the Greek Public Offer, similar mechanism to apply in the International Offering
• Core shareholders full support for the offering
• Hellenic Republic to subscribe and retain 33.4% stake post capital increase
• CVC has expressed its interest to participate with a new investment of up to €1.2 bn in the offering
• Citigroup Global Markets Europe AG and Goldman Sachs Bank Europe SE are acting as Joint Global Coordinators and Joint Bookrunners

Key dates ahead

• Extraordinary General Shareholders Meeting approval expected on 14th May (starts 2pm Greek Time)
• Transaction pricing expected by late May
• 3-day Bookbuilding, concurrent for the Greek Public Offer and International Institutional Offer, to commence after Board of Directors approval
• Management will be available on a virtual roadshow during the 3-day bookbuilding
• Record date for the priority allocation in the offering, will be the day the bookbuilding starts

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Konstantinos Alexandridis
CFO

2 Financial performance

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Volatile commodity environment with lower average power prices in Q1-26

TTF (€/MWh_th)¹

CO₂ (€/tn)²

Day Ahead Market price (DAM) (€/MWh)¹
Greece

Day Ahead Market price (DAM) (€/MWh)¹
Romania

1. Source: EEX TTF Daily Spot prices.
2. Source: ICE EUAs Daily Futures (Dec-25 & Dec-26 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 M+1, as published by ICIS Heren ("Heren Monthly indices")

TTF

• Gas markets remained broadly stable early in Q1-26, supported by strong LNG and pipeline supply.
• Prices strengthened later in the quarter due to colder weather, higher storage withdrawals and Middle East-related supply disruptions.
• Average TTF price in Q1-26 was down by 15% y-o-y.

CO₂

• EUA prices rose above €90/tn in January, supported by colder weather, lower RES output and stronger gas prices.
• Prices later softened amid ETS reform speculation, fund liquidation and geopolitical uncertainty, before partially recovering.
• Average EUA price in Q1-26 was up by 3% y-o-y.

Day Ahead Market price

• Power prices increased sharply in January, driven by colder weather and higher thermal generation demand, particularly in SEE.
• Prices softened in February on weaker demand, stronger RES output and lower fuel costs, before partially recovering in March.
• In Q1-26, the average DAM price declined 28% y-o-y in Greece and 11% y-o-y in Romania.

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Q1 2026 results | May 2026

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Solid financial performance driven by higher profitability

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 decrease mainly due to lower volumes and lower power prices in Greece and Romania

Adj. EBITDA at €0.7bn up by 51% y-o-y

Adjusted Net Income at €0.2bn

Negative FCF driven by high investments and seasonal WC

Leverage improved to 3.0x in line with Business Plan

¹ Analysis is provided in Alternative Performance Measures in the Appendix II . 2. After Investments and Dividends.

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Q1 2026 results | May 2026

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Solid revenues supported by resilient operations despite softer demand and prices

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Total Revenues (€bn)

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Q1 2026 results | May 2026

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Strong EBITDA growth driven by integrated business and international expansion

• EBITDA up 51% y-o-y, supported by the strength of the integrated business model
• International activities contributed 21% of EBITDA, with Romania as a key driver

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Q1 2026 results | May 2026

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Integrated model delivering improved performance despite lower wholesale prices

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Q1 2026 results | May 2026

Greece

• Milder weather conditions in Q1 2026 have led to improved retail margin
• Improved profitability in Generation due to greener energy mix

International

• Improved Retail segment performance driven by lower power prices and lifting of caps on tariffs
• Higher profitability in Generation mainly driven by strong wind conditions

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Improved DSO performance driven by updated network tariffs

Adj. EBITDA evolution (€bn)

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Q1 2026 results | May 2026

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Strong conversion from EBITDA to net income

Adj. EBITDA to Adj. Net Income after minorities (€m)

1. Analysis is provided in Alternative Performance Measures in the Appendix II.

2. Increased operating profitability

3. Higher D&A due to new assets
4. Increased net financial expenses driven by debt increase despite lower financing cost
5. Adj. Net Income after minorities & Adj. EPS tripled y-o-y

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Q1 2026 results | May 2026

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Continued investment focus on networks, renewables and flexible generation

Investment Split by Geography

€478m Investments driven by:
- Distribution network modernization in Greece and Romania
- RES and Flexible Generation projects

1. Flexible generation includes, CCGT and conventional. 2. Renewables includes solar, wind, small hydro.

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Q1 2026 results | May 2026

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Robust FFO Performance - FCF aligned with Business Plan

Free Cash Flow evolution (€m)

• Positive FFO as a result of:
• Solid operational profitability
• Temporary negative WC impact driven mainly by the redemption of securitization program

• FCF in line with projections, attributed to increased investments

• Mainly relates to bad debt and Customer contributions for their connection to the Distribution network.

Change in WC breakdown evolution (€m)

Temporary negative WC impact of €437m mainly driven by:
- Redemption of securitization program that is expected to be replaced with a new one within Q2 2026 with better terms
- Favourable Customers Trade Receivables decrease
- CO₂ effect mainly driven by variation margin due to lower CO₂ prices
- Hedging negative effect due to initial and variation margin

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Q1 2026 results | May 2026

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Strong liquidity and balanced debt structure (31.03.2026)

Liquidity position (€bn)

Long Term debt maturity profile¹ (€m)

Long Term debt¹ - Analysis (€bn)

Weighted Average Cost of Debt

1. Excluding overdrafts / short term borrowings of € 263m

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Q1 2026 results | May 2026

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Disciplined leverage with headroom to support growth trajectory

1. LTM 2026 Adj. EBITDA stood at € 2.3 bn.

Key highlights

• Net debt increase reflecting ongoing investment rollout
• Net Leverage at 3.0x, maintaining comfortable headroom below 3.5x ceiling
• Strong balance sheet supports continued execution of growth strategy

ppc

Q1 2026 results | May 2026

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Q

Georgios Stassis

Chairman & CEO

3 Final Remarks and Conclusions

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Q1 2026 performance sets the basis to achieve 2026E targets

Adj. EBITDA (€bn)¹

Adj. Net Income after minorities (€bn)¹

Key highlights

• Adj. EBITDA expected at ~€2.4bn fueled by growth investments
• Adj. Net Income after minorities at ~€0.7bn driven by increased operation profitability
• DPS growth for one more year, increasing to €0.80 from €0.60

Delivery of 2026 targets very well on track

1. Analysis for Q1 2026 is provided in Alternative Performance Measures in the Appendix II.

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Q1 2026 results | May 2026

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Concluding remarks

Transforming PPC into a champion in Central South East Europe with strong shareholder returns

Strong Q1 2026 results supported by growing Integrated performance and Distribution operations

£0.5bn Investments in Q1 2026 to accelerate in coming quarters, in line with the Strategic Plan

Full 1 year 2026 targets well on track
Adj. Net Income £0.7 bn

6.7GW new RES projects underway – ~74% of 2030 target capacity already secured

Full Lignite phase out of by end of 2026

£4bn equity raise in progress

To be concluded by end of May '26

ppc
Q1 2026 results | May 2026

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A Appendix I:
KPIs and operational data

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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	Q1 2026	Δ vs Q1 2025
RES capacity	7.2 GW	+1.0 GW
RES capacity on total	59%	+8.5 p.p.
RES production	3,644 GWh	+2,131 GWh
RES production on total	56%	+28.5 p.p.
CO₂ emissions intensity (Scope 1)¹	0.35 tCO₂/MWh	-36%
CO₂ emissions (Scope 1)¹	2.3 MtCO₂	-0.8 MtCO₂
SAIDI (Greece/Romania)	30/18 mins	+9/-0.4 mins
SAIFI (Greece/Romania)	0.38/0.44	+0.10/-0.02
Total network length (Greece/Romania)	254/136 k km	+2/+1 k km
Online penetration/myPPC app (Greece)	38%	+1.3 p.p.
Online penetration/myPPC app (Romania)	66%	+2.7 p.p.
Charging points installed (Greece & Romania)	4,359	+1,092

1. Refers to Scope 1 emissions arising from power generation installations covered by the EU ETS.

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Q1 2026 results | May 2026

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ESG Ratings

ESG ratings keep improving driven by Business Plan implementation and continuous engagement with all ESG rating agencies.

PPC

Q1 2026 results | May 2026

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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 31.03.2026

Q1 2026 Generation Mix

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Q1 2026 results | May 2026

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Overview of PPC's Asset Portfolio (Romania)

Romania - Asset Portfolio

Installed Capacity as of 31.03.2026

MW

Q1 2026 Generation Mix

GWh

Source: Company Information.

PPC

Q1 2026 results | May 2026

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Overview of PPC's Asset Portfolio (Bulgaria & Italy)

Bulgaria-Asset Portfolio

Installed Capacity as of 31.03.2026

Q1 2026 Generation Mix

Italy-Asset Portfolio

Source: Company Information.

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Q1 2026 results | May 2026

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Appendix II:

Definitions and reconciliations of Alternative Performance Measures ("APMs")

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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 three-month period ended 31.03.2025, the special items that affected the Adjusted EBITDA are the following: a) a provision for employee severance incentive due to service termination amounting to € 5 m for the Group (negative impact) and b) the valuation of power purchase agreements amounting to € 6 m for the Group (negative impact). For the three-month period ended 31.03.2026, the special item that affected the Adjusted EBITDA is the valuation of power purchase agreements amounting to €2 m for the Group (negative 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, the Depreciation from revaluation of fixed assets and the calculated tax on them have been excluded for the three-month periods ended 31.03.2026 and 31.03.2025. In addition, for the three-month period ended 31.03.2026, the bargain gain from subsidiaries acquisition and the tax on them have been excluded. The calculations are presented in Table D.

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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 item that affected Adjusted net income/(loss) after minorities for the Group for the three-month periods ended 31.03.2025 and 31.03.2026 was the 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 profit and loss and adding the unamortized portion of loans issuance fees and loan amendments IFRS 9. Calculation of Net debt is presented in Table G.

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TABLE A - EBITDA (Operating income before depreciation amortization and impairment net financial expenses and taxes)

Amounts in € m.	GROUP
	01.01-31.03.2026	01.01-31.03.2025
Total Turnover (1)	2,339	2,464
Less:
Operating expenses before depreciation and impairment (2)	1,654	2,022
Payroll cost	250	253
Merchandise	134	130
Lignite	4	1
Liquid fuels	78	126
Natural gas	187	308
Energy purchases	455	647
Materials and consumables	29	35
Transmission system usage	52	46
Distribution system usage	60	69
Utilities and maintenance	68	96
Third party fees	123	107
Emission allowances	172	214
Provisions/(reversal of provisions) for risks	(1)
Provisions/(reversal of provisions) for impairment of inventories	5	4
Provisions for expected credit losses	(13)	(91)
Other income	(20)	(17)
Other expenses	72	93
EBITDA (A) = [(1) - (2)]	685	442

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TABLE B - Operating expenditure before depreciation and impairment without special items

Amounts in € m.	GROUP
	01.01-31.03.2026	01.01-31.03.2025
Operating expenses before depreciation and impairment (2)	1,654	2,022
less special items:
Provision for employee severance incentive due to service termination	-	5
(Gain)/ Loss from valuation of power purchase agreements	2	6
Operating expenses before depreciation and impairment without special items	1,652	2,010

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TABLE C - Adj. EBITDA (Operating income before depreciation and impairment net financial expenses and taxes)

Amounts in € m.	GROUP
	01.01-31.03.2026	01.01-31.03.2025
EBITDA (1)	685	442
Plus Special items (2):	2	12
Provision for employee severance incentive due to service termination	-	5
(Gain)/ Loss from valuation of power purchase agreements	2	6
Adjusted EBITDA (3) = [(1)+(2)]	687	453

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TABLE D - Adj. Net Income/(Loss)

Amounts in € m.	GROUP
	01.01-31.03.2026	01.01-31.03.2025
NET INCOME AFTER TAX (A)	216	47
plus special items (1):
(Gain)/ Loss from valuation of power purchase agreements	2	6
Provision for employee severance incentive due to service termination		5
plus other figures (2):
Depreciation from revaluation of fixed assets	23	28
Bargain gain from subsidiaries acquisition	(1)
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)	1	9
Adjusted Net Income [(A)+(1)+(2)-(3)]	240	78

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TABLE E - Adj. Net Income/(Loss) after Minorities

Amounts in € m.	GROUP
	01.01-31.03.2026	01.01-31.03.2025
Adjusted net income (B)	240	78
minus:
Minorities (1)	18	12
plus Adjustments to minorities for special items (2):
Loss from valuation of power purchase agreements	12	11
Adjusted net income after minorities [(B)-(1)+(2)]	234	77

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Q1 2026 results | May 2026

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TABLE F - Adj. Earnings per share

	GROUP
	01.01.-31.03.2026	01.01.-31.03.2025
Adjusted Net Income after Minorities (1) (Amounts in € m.)	234	77
Over:
Weighted average number of shares (2) (Amounts in m.)	348	348
Adjusted Earnings per share [(3)=(1)/(2)] (Amounts in €)	0.67	0.22

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TABLE G - Net Debt

Amounts in € m.	GROUP
	31.03.2026	31.03.2025	31.12.2025
Long-term borrowing	7,733	5,716	7,743
Current portion of long-term borrowing	601	1,484	553
Short-term borrowing	263	421	190
Cash and cash equivalents	(1,800)	(2,401)	(2,077)
Restricted cash	(148)	(150)	(160)
Financial assets measured at fair value through other comprehensive income	-	(0.3)	(0.4)
Unamortized portion of loans issuance fees and loan amendments IFRS 9	215	124	231
TOTAL	6,864	5,194	6,481

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Glossary

Adj Adjusted
ANRE Romanian Energy Regulatory Authority
ATHEX Athens Stock Exchange
B2C Business-to-customer
BESS Battery Energy Storage Systems
bn Billion
CAPEX Capital Expenditure
CB Customer Base
CCGT Combined Cycle Gas Turbine
CDP Carbon Disclosure Project
CEO Chief Executive Officer
CFO Chief Financial Officer
CO₂ Carbon dioxide emissions
D&A Depreciation and Amortization
DAM Day Ahead Market price
DPS Dividend per Share
EBITDA Earnings Before Interest, Taxes, Depreciation, and Amortization
EEX European Energy Exchange
EPS Earnings Per Share
ESG Environment Social Governance
ETS Emissions Trading System
EU European Union
FCF Free Cash Flow
FFO Funds From Operations
FTSE Financial Times Stock Exchange
FY Full Year
GW Gigawatt
GWh Gigawatt hour
HENEX Hellenic Energy Exchange
ICE Intercontinental Exchange
IFRS International Financial Reporting Standards
IPTO Independent Power Transmission Operator

IRR Internal Rate of Return
ISS Institutional Shareholder Services
JV Joint Venture
m Million
MSCI Morgan Stanley Capital International
MW Megawatt
MWh Megawatt hour
NII Non Interconnected Islands
o/w Of which
OPCOM Romanian Electricity and Gas Market Operator
P&E Permitting & Engineering
PPC Public Power Corporation
PV Photovoltaics
Q1 First Quarter
RAB Regulated Asset Base
RES Renewable Energy Sources
RTB Ready-to-Build
S&P Standard & Poor's
SAIDI System Average Interruption Duration Index
SAIFI System Average Interruption Frequency Index
SEE South East Europe
SHPP Small Hydro Power Plant
ton Tones
TP Tender Process
TTF Title Transfer Facility
TWh Terrawatt hour
U/C Under Construction
VAS Value Added Services
vs Versus
WC Working Capital
WP Wind Parks
Δ Delta

PPC
Q1 2026 results | May 2026

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IR Contacts

What's next?

Date	Event
14.05.2026	Extraordinary General Meeting of the Shareholders
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

Note: Dividend distribution and the relevant dates, are subject to the approval from the General Meeting of Shareholders of PPC.

Stay informed on PPC

ppc
ppcgroup.com/en/investor-relations/
www.linkedin.com/company/ppc-s.a.
www.youtube.com/deigr

IR team - contact us

General contact
email: ir@ppcgroup.com
Phone +30 210 52 93 702

or request to be added to IR distribution list

ppc
Q1 2026 results | May 2026