PPC S.A. — Share Issue/Capital Change 2026

May 20, 2026

ppc

Announcement - Regulated information

Athens, 20 May 2026

IMPORTANT NOTICE - DISCLAIMER

THIS ANNOUNCEMENT IS NOT ADDRESSED TO, AND IS NOT TO BE RELEASED PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR TO THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN

PUBLIC POWER CORPORATION SOCIETE ANONYME

OFFERING PRICE AND FINAL NUMBER OF THE NEW, ORDINARY, REGISTERED, VOTING, DEMATERIALIZED SHARES OF THE "PUBLIC POWER CORPORATION SOCIETE ANONYME" AND SALE OF TREASURY SHARES.

In accordance with Articles 17, par. 2 and 21, par. 2 of Regulation (EU) 2017/1129, as amended, PUBLIC POWER CORPORATION SOCIETE ANONYME (the "Company"), further to its announcements dated 18.05.2026 regarding the share capital increase and the offering of new ordinary, registered, voting, dematerialized shares of the Company, each having a nominal value of €2.48 (the "New Shares") through (i) a public offering in Greece to retail investors and qualified investors (the "Greek Public Offering"), and (ii) a private placement outside Greece, and in each case subject to the applicable exemptions from the obligation to publish or use a prospectus across borders, as provided for in the Regulation (EU) 2017/1129 and/or other provisions of national law of the relevant jurisdictions, including the United States of America under Rule 144A (the "Institutional Offering" and, together with the Greek Public Offering, the "Combined Offering"), and further to its announcement on 20.05.2026 regarding the target price and size of the Combined Offering following strong demand received during the book-building process, announces the following:

(a) The share capital increase was supported by cornerstone investments from the Hellenic Republic (represented by the Minister of National Economy and Finance) and Aeolus Holdings S.à r.l. (an entity owned by funds advised by CVC Advisers Greece S.M.S.A. and/or its affiliates), which subscribed for approximately €1.3 billion and €1.2 billion, respectively. In addition to the cornerstone commitments, the offering attracted significant incremental anchor demand from a number of global, blue-chip long-term institutional investors, as well as sovereign wealth funds such as Qatar Investment Authority (QIA) and K Group Capital Partners (the QIA-backed investment fund focusing on investment activities in Greece). Ultimately, the New Shares offered to the market (i.e. excluding the irrevocable commitments from the Hellenic Republic and Aeolus Holdings S.à r.l.) were multiple times oversubscribed, with most of the New Shares expected to be allocated to existing shareholders.

---

(b) Based on that demand, on 20.05.2026, the Board of Directors of the Company, decided to:

(i) accept offers for New Shares for an amount of €4.25 billion; and
(ii) set the final offer price for the New Shares offered in the Combined Offering at €18.63 per New Share (the "Offer Price"). The Offer Price is the same in the Institutional Offering and the Greek Public Offering.

As a result, an aggregate of 228,126,677 New Shares are expected to be issued.

Detailed information on the outcome of the Combined Offering is expected to be announced on 25.05.2026.

In addition, on 20.05.2026, the Board of Directors also authorized the sale via one or more private placements of up to 13,419,217 treasury shares, in order to meet excess demand expressed in the book-building process of the Combined Offering. The sale price of such shares will be €18.63 per treasury share. The proceeds from such sale are intended to be used for the same purposes as the proceeds from the Combined Offering.

For further information please contact:

Investor Relations Division
30, Chalkokondyli str., 104 32 Athens
T: +30 210 529 2153
+30 210 529 3665
+30 210 529 3207
ir@ppcgroup.com

The announcement may be accessed on the website of Public Power Corporation S.A. (www.ppcgroup.com) at the "Investors Relations" section.

IMPORTANT NOTICE - DISCLAIMER

This announcement constitutes a public disclosure of inside information by the Company under Article 17(1) of Regulation (EU) No 596/2014.

There can be no assurance that the Combined Offering will be completed or, if completed, as to the terms on which it will be completed.

This announcement does not constitute an offer to sell or issue, or any solicitation of an offer to purchase or subscribe for, any securities, including the New Shares, in any jurisdiction in which such offer or solicitation is unlawful. The New Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration under the U.S. Securities Act or an applicable exemption from the registration requirements of the U.S. Securities Act. Subject to certain exceptions, the New Shares may not be offered or sold in Australia, Canada, South Africa or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada, South Africa or Japan. The securities referred to herein have not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada, South Africa or Japan.

In the European Economic Area (the "EEA"), this announcement is directed only at persons who are "qualified investors" within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the

---

"Prospectus Regulation"). This announcement is not a prospectus for the purposes of the Prospectus Regulation and is not intended and shall not constitute a public offer or advertisement of securities or an invitation to make offers to purchase any securities within the meaning of the Prospectus Regulation. This announcement has been prepared on the basis that any offer of the New Shares in any Member State of the European Economic Area ("EEA") (each, a "Relevant Member State"), other than in Greece, will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of the New Shares. Accordingly, any person making or intending to make any offer in that Relevant Member State, other than in Greece, of the New Shares may only do so in circumstances in which no obligation arises for the Company or any of the managers to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 16 of the Prospectus Regulation, in each case, in relation to such offer. Neither the Company nor the managers have authorized, nor do they authorize, the making of any offer of securities in circumstances in which an obligation arises for the Company or any managers to publish a prospectus for such offer.

In the United Kingdom ("UK"), this announcement is directed only at persons in the UK that are "professional investors," as defined in paragraph 15 of Schedule 1 of Public Offers and Admissions to Trading Regulations 2024 (the "POATR"), who are persons (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) falling within Article 49(2)(a) to (d) of the Order, and/or (iii) to whom such investment or investment activity may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). This announcement has been prepared on the basis that any offer of the New Shares in the UK will be made pursuant to an exemption under the POATR from the prohibition in the POATR on offers of the New Shares in the UK. Accordingly, any person making or intending to make any offer in the UK of the New Shares may only do so in circumstances in which the offer falls within an exemption from the prohibition on public offers in Part 1 of Schedule 1 to the POATR. Neither the Company nor the managers have authorized, nor do they authorize, the making of any offer of securities in the UK in circumstances in which an obligation may arise for the Company or any managers to publish a prospectus for such offer.

Persons who are not "qualified investors" in the EEA or Relevant Persons in the UK should not act or rely on this announcement or any of its contents.

3