Basic events for the year 2025

CER recorded another strong performance for another year, achieving its Business Plan targets, with adjusted EBITDA rising to €2 billion., and adjusted net profit after minority interests at €0.45 billion, demonstrating the scale of the transformation and growth that has taken place in recent years.

Total investments amounted to €2.8 billion, of which 87% was directed to Renewable Energy Sources (RES) projects, flexible generation and upgrading of distribution networks, which are the key focus areas in the context of exploiting the challenges and opportunities of the energy transition.

Renewable installed capacity is set to 7.2 GW at the end of 2025 from 5.5GW in 2024, representing 58% of the Group’s total installed capacity. This large increase in installed capacity in renewables was also helped by the significant progress recorded in Q2 2025 with the completion of projects totalling 0.55GWin Greece and 0.27 GW in Romania, Bulgaria and Italy. The development of the green portfolio continues, with installed capacity expected to increase further in the coming quarters, as 3.7GW projects are under construction, ready for construction or in the tendering process (bidding). In addition, in Q2 2025, the Group completed the construction of its first based energy storage stations (BESS), namely 50MW in Greece and 9MW in Romania. These are projects which are of strategic importance as they promote flexibility and contribute to the balancing of RES and the optimal use of the energy they produce.

In terms of electricity generation, renewable energy generation recorded a 12% increase over 2024, due to higher production from wind and PV of 39% and 13% respectively over 2024 following the addition of new capacity. Large hydro generation was once again at a low level, remaining essentially flat at 3.4 TWh, with an improved picture in Q2 2025 compared to the same period last year due to increased rainfall. As a result, production from RES was 6.9 TWh, accounting for 33% of PPC’s total production. Lignite production decreased by 16% compared to 2024 to 2.7 TWh, representing 13% of PPC’s total production. 2026 is the last year of lignite-based electricity production, completing a key step in the de-lignification strategy and reinforcing PPC’s transition towards a more sustainable, flexible and efficient energy portfolio. At the same time, natural gas production remained essentially unchanged at 7.7TWh, representing 37% of total production. As a result, the intensity of CO2 emissions (Scope 1) decreased by about 5% compared to 2024.

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The Group’s strategic transition to a sustainable energy model and overall strengthening of its ESG performance is reflected in the new upgrades received from major international organizations and rating agencies throughout 2025:

  • MSCI: Upgrade rating to “A” (from “BBB”), recognizing progress in water and waste management, renewable energy expansion and corporate governance
  • S&P Global: Significant rise with S&P Global CSA rating up to 50 (from 42) and S&P Global ESG rating up to 51 (from 44)
  • EcoVadis: 8 points increase in score, with an overall performance of 65/100, placing the Group in the top 28% of global companies rated in 2025 and 3 points above the industry average.
  • ATHEX ESG: Achieving 97% in the “ESG Transparency Score”, which brings the Group to 6th position in the overall rating, and 2th position in the industry ranking
  • ISS: PPC’s overall performance score increased to 47.04 from 41.29 in 2024, leading to a rating upgrade to “C+” (from “C”).

Financial performance

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA)increased to €2 billion. from €1.8 billion, while adjusted net profit after deducting minority interests was €0.45 billion from €0.36 billion.

Strong financial position, despite high investments. The Net Debt/EBITDA ratio stood at 3.2x,reflecting the higher level of investment, but remaining below the 3.5x limit set by the Group as a ceiling in its financial policy, with net debt standing at €6.5 billion at 31 December 2025.

Proposed dividend of €0.60/share, up 50% compared to FY2024. The Board of Directors proposes to the Annual General Meeting of Shareholders to distribute a dividend of €0.60/share (taking into account the exclusion of treasury shares held by the Company that are not entitled to a dividend)

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Outlook for 2026

For 2026, PPC confirms the targets announced at the Capital Markets Day in November 2025 for adjusted EBITDA of €2.4 billion, adjusted net profit after minority interests of €0.7 billion and a dividend of €0.80/share.

Commenting on the results, George Stassis, Chairman and CEO of PPC said:

“The Group’s results confirm the consistent progress we are making in implementing our strategy and the steady strengthening of our operational and financial performance.

We continue to transform the Group, with a focus on developing clean energy sources, enhancing the flexibility of our energy portfolio and modernising our distribution networks through targeted investments. These initiatives enhance the Group’s long-term competitiveness and create sustainable value for shareholders, customers and the markets in which we operate.

Renewable installed capacity now stands at 7.2 GW, with projects totalling 3.7 GW under construction or in mature development, supporting the continued expansion of our portfolio in the coming years. At the same time, the Regulated Asset Base of our grid operations in Greece and Romania has reached €5.7 billion, enhancing the visibility of future cash flows.

For 2026, we remain committed to achieving our EBITDA targets of €2.4 billion. and a net profit of €0.7 billion.”

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