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1H1 2025 results | August 2025 Financial Results H1 2025 6th August 2025
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2H1 2025 results | August 2025 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. 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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 six-month period ended June 30, 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. 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3H1 2025 results | August 2025 Today’s Presenters Konstantinos Alexandridis CFO Georgios Stassis Chairman & CEO
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Q1 2024 results | May 2024H1 2024 results | August 2024 Agenda Highlights of the period & Outlook 1 Financial performance2 AppendixA Konstantinos Alexandridis Georgios Stassis Final Remarks and Conclusions3Georgios Stassis
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Q1 2024 results | May 2024H1 2024 results | August 2024 Highlights of the period & Outlook Georgios Stassis Chairman & CEO 1
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6H1 2025 results | August 2025 Operational Profitability Key highlights of Η1 2025 performance Sustainability Investments €1bn Adj. EBITDA +7% vs H1 2024 Strong Q2 2025 mainly driven by improved integrated business €1.3bn Further acceleration expected in H2 2025 90% towards RES, flexible generation and Distribution Lignite output representing 14% of energy mix On track to become lignite free by 2026 Energy mix 6.3GW capacity and another 3.7 GW in the U/C, RTB and TP stage ~ 0.9GW projects entered the Under Construction phase Renewables
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7H1 2025 results | August 2025 RES at 50% of PPC total capacity with continued growth across key pillars of our strategy 1. Including Large Hydro 2. H1 2025 figures include 35MW operating assets from the project Aegean, the acquisition of which is expected to be concluded in 2025. 3. Scope 1 emi ssions divided by total electricity generation 0.7 4.0 H1 2024 0.02 0.03 1.3 4.9 H1 2025 4.7 6.3 +1.6 RES capacity (GW)1,2 H1 2024 H1 2025 0.47 0.49 +4% CO2 emission intensity (tons CO2/MWh)3 RES, Distribution & Flexible generation investments (€bn) H1 2024 H1 2025 0.8 1.2 +44% 41% of total PPC capacity 50% of total PPC capacity
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8H1 2025 results | August 2025 Strong output and market position, with RES leading the transition 33% 32% Market Share¹ o/w 1.1TWh International Generation (TWh) 4.7 2.7 1.8 2.3 Jun. 2024 6.3 2.7 1.8 1.7 Jun. 2025 11.5 12.5 +1.0 Installed capacity (GW) RES Gas Oil Lignite CO2 Emissions (m tons)3 H1 2024 H1 2025 4.4 4.8 +0.4 3.1 (33%) 3.1 (33%) 1.7 (18%) 1.5 (16%) H1 2024 3.1 (32%) 3.7 (38%) 1.6 (16%) 1.4 (14%) H1 2025 9.4 9.8 +5% RES Gas Oil Lignite 14% 23% Market Share¹’² Flexible generation at 52% of total output +1.6GW of RES Slight increase due to the commissioning of Ptolemais V unit and higher Gas output 5.9GW of flexible hydro and Gas capacity o/w 1.4GW International Mkt. share increase in Romania driven by higher capacity Source: Company Information. 1. Market Share H1 2024 based on actual figures and H1 2025 on provisional data. 2. Market Share in RES excl. Large Hydro. 3. Refers to Scope 1 emissions.
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9H1 2025 results | August 2025 Significant progress in the RES roll out plan in Q2 2025 from projects in various technologies Construction completed (83MW) + 83 MW - Greece from the Ptolemaida project Project: Ptolemaida (PV) • Capacity: 550MW • Completion status in Q 2’25: 450MW • To be completed: 1 00MW in 2025 82% Completion Additional projects entering in the Under Construction stage (871 MW) + 372 MW (PV) + 544 MW - Greece + 327 MW - International + 71 MW (Wind) + 98 MW (BESS) + 4 MW (Hybrid) + 233 MW (PV) + 85 MW (Wind) + 9 MW (BESS)
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10H1 2025 results | August 2025 Selected RES projects currently Under Construction: Solar Project: Ptolemaida Capacity: 100 MW PV Project: Kinisi Capacity: 130 MW Project: Italy cluster 1 ( Carunchio ) Capacity: 5.5 MW Project: Megalopoli Capacity: 250 MW Project: Mosteni 4 Capacity: 80MW Project: Italy cluster 1 (Sessa Aurunca ) Capacity: 22MW
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11H1 2025 results | August 2025 Selected RES projects currently Under Construction: Solar & Hybrid Project: Comacchio Capacity: 12 MW Project: Colosseum ( Chirpan ) Capacity: 165 MW (PV)+25MW (BESS) Project: Kapana Capacity: 88 MW Project: Astypalaia Capacity: 4 MW HybridPV
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12H1 2025 results | August 2025 Selected RES projects currently Under Construction: Wind Project: Prowind North Capacity: 140MW Wind Project: Karkaros (Wind) Capacity: 36.4 MW Project: Rodopi Capacity: 60 MW
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13H1 2025 results | August 2025 Selected RES projects currently Under Construction: BESS Project: W. Macedonia cluster 1 (Ptolemaida 4) Capacity: 50MW BESS Project: W. Macedonia cluster 1 (Meliti 1) Capacity: 48 MW Project: Calugareni Capacity: 9 MW
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14H1 2025 results | August 2025 Snapshot of RES projects maturity end of H1 2025 (Delta vs Mar. 2025) Further maturing RES pipeline with ~0.9GW additional projects entering in the Under Construction stage GW ~85% of the capacity for 2027 target already secured 1. Including 35MW operating assets from the project Aegean, the acquisition of which is expected to be concluded in 2025. 1 Installed Capacity (June 2025) Under construction (U/C) Ready to build (RTB)/ Tender Process (TP) Permitting & Engineering (P&E) 2027E 6.3 2.3 1.4 1.7 11.8 1.4 4.9 4.4 7.4 1.4 4.1 Installed Capacity (Dec.2024) International Greece 5.5 +0.8GW 3.7 GW U/C, RTB and TP 83MW Completed 173MW to U/C Additional projects matured 698MW to U/C
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15H1 2025 results | August 2025 Resilient retail position amid stable demand trends 1. Average retail market share for H1 2025 in both countries – in Romania, market share is based on provisional data for Third party sales” for May and Jun. 2025 as ANRE has not published these data as of today. Excluding Universal Service Supplier Customers. 2. Mainland and Non-Interconnected Islands based on PPC estimation. 3. Domestic Demand in Mainland based on IPTO’s provisional data for H1 2025 and actual data for H1 2024. 4. For Romania: Based on Transelectrica data - H1 2024 based on actual figures and H1 2025 on provisional, based on latest available figures. Electricity Sales evolution (TWh) Domestic Demand (TWh)Customer base (m) 0.3 Jun 2024 0.3 Jun 2025 8.8 8.7 2.9 5.6 2.9 5.5 Market Share1 Gas customers H1 2024 H1 2025 26.2 26.2 +0.1% H1 2024 H1 2025 26.9 26.9 -0.2% Greece (Country2) H1 2024 H1 2025 24.6 24.7 +0.6% Greece (Mainland3) Romania4 15% in Jun. 2025 53% in Jun. 2025 50% 50% 15% 16% 3.6 11.6 H1 2024 3.7 11.6 H1 2025 15.2 15.4 +1.1%
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16H1 2025 results | August 2025 High Value Key metrics H1 2025 Retail performance supported by strong positioning, new products, and Value Added Services Channels & Loyalty CB Churn rate by value segment B2C PPC GR, % Launches 22 Renovated Stores 54 New Partners Base Health - Penetration of bad debt customers 50% 3% 16% 3% Electricity Gas Market Share Total 2022 2023 2024 H1 2025 H1 2025 5.5% 11.9% 19.9% 24.3% 47.5% 2021 2022 2023 2024 June 2025 20% 20% 19% 17% 16% Gas & VAS Penetration Low Value Medium Value High Value 15.5% 5.1% 5.9% 6.1% 5.4%
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17H1 2025 results | August 2025 FTTH retail launch leveraging on the fastest growing Fiber Network in Greece • Competitive pricing: €17.90/month (500 Mbps) & €19.90/month (1 Gbps) • Guaranteed speeds and high upload performance • Fast, no-cost installation with tailored equipment setup for every HH • Launch of internet-only services via PPC FiberGrid FTTH network Retail launch • Ultra high-speed connectivity via a fully 10Gbps capable network architecture designed for even higher future capacities • Dedicated fiber line from each HH to the cabinet, ensuring high availability today and full future scalability FTTH network roll out 377k 650k H1 2024 2024 H1 2025 1,262k 885k # HHs Passed Targets – 2025 Year End > 1.5m # HHs Passed Households’ coverage (k) Service availability Available in more than 600k HHs & businesses in the Attica region
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18H1 2025 results | August 2025 Source: Company Information. 1. Actual figures for H1 2024 and provisional data for H1 2025. 0.78 1.15 0.72 0.96 SAIFI (times) Scaling up distribution networks investments with solid regulatory foundations in Greece & Romania 37 36 59 58 H1 2024 H1 2025 Reliability indices1 11% 51% H1 2024 16% 58% H1 2025 Smart Meters penetration1 134 303 410 287 H1 2024 H1 2025 RES additions in the Distribution networks (MW)1 SAIDI (minutes) Distribution CAPEX (m) 95 113 369 469 H1 2024 H1 2025 464 582 +25% Major ramp up in Distribution capex leveraging on attractive regulatory framework Improvement reflecting continued progress in network reliability Increasing penetration of Smart meters in both countries Higher additions recorded in Romania
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19H1 2025 results | August 2025 ESG ratings improve, reflecting progress in sustainability and risk reduction Previous upgrades 2023 2024 2025 42.2 41.2 38.3 [100 – 0 (Best)] PPC’s overall ESG score further improves to 38.3 Risk profile improvement moving from ‘Severe risk’ category to ‘High risk’ category Improved performance mainly in: • Community Relations (Engagement with communities) • Carbon - Own Operations (Management of risks linked GHG emissions) • Occupational Health and Safety • Product Governance (Management of the entire lifecycle of products) • Land Use and Biodiversity Latest upgrade Further improvement expected as we progress with the lignite phase out
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Q1 2024 results | May 2024H1 2024 results | August 2024 Konstantinos Alexandridis CFO Financial performance2
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21H1 2025 results | August 2025 Energy related commodity prices increased in H1 2025 amid continued volatility TTF • After a bullish trend in early Q1 2025, gas prices turned bearish due to weaker demand, warmer weather , U.S. tariffs and Russia -Ukraine peace talks . • TTF prices rose in early May amid uncertainty over US tariff s and the future of Russian flows to Europe, the Israel -Iran conflict which threatened LNG supply security but eased as tensions subsided . • Average TTF price in H1-25 was up by 39% y-o-y. CO2 • Strong bullish start in 2025, but after mid- February, prices moved downward until mid-April due to new round of U.S. tariffs and gas price evolution . • After mid-April, EUA prices began to rise again with some volatility, supported by the U.S.- Chinα tariff reduction agreement, Israel -Iran tensions and then dropped, closely tracking gas prices . • Average EUA price in H1-25 was up by 10% y-o-y. Day Ahead Market price • In Jan. and Feb., European power prices rose, driven by higher gas and carbon prices . However, prices fell after mid-Feb. amid power demand drop, solar production increase and decrease in commodity prices . • Weather variations caused spot price volatility from mid-Mar. to late-Apr. Prices rose in May, tracking TTF and EUAs, but stayed stable — though elevated —in June despite geopolitical tensions, thanks to record RES output . • In H1-25 the average DAM price in GR was up by 37% y-o-y, while in RO was up by 43% y-o-y. H1 2024 H1 2025 0 50 100 150 200 250 300 J F M A M J H1 2024 H1 2025 33.8 154.9 241.9 H1 2024 H1 2025 0 50 100 150 200 250 J F M A M J H1 2024 H1 2025 36.9 207.3 154.9 H1 2024 H1 2025 40 50 60 70 80 90 J F M A M J H1 2024 H1 2025 60.9 83.9 H1 2024 H1 2025 20 30 40 50 60 70 J F M A M J H1 2024 H1 2025 31.5 Day Ahead Market price (DAM) (€/MWh) 3 Greece Day Ahead Market price (DAM) (€/MWh) 4 Romania 1. Source: EEX 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 M+1, as published by ICI S Heren (“Heren Monthly indices”) TTF (€/MWh_th) 1 +11.6 (+39%) +28.9 (+37%) CO2 (€/tn) 2 65.8 +6.8 (+10%) 72.6 108.0 79.1 41.1 29.5 76.8 109.7 +32.9 (+43%) 58.6
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22H1 2025 results | August 2025 Solid operational profitability for the first half of 2025 1. Analysis is provided in Alternative Performance Measures in the Appendix ΙΙ . 2. After Investments and Dividends. 3. For 2025, Leverage is based on LTM EBITDA as of June 2025 Revenues ( €bn) Key Highlights Romania Contribution: ~22% Key Financials Adj. EBITDA 1 (€bn) Adj. Net income after minorities 1 (€bn) Investments (€bn) FCF2 (€bn) Net Debt (€bn) / Net Leverage 3 Romania Contribution: ~22% 31.12.2024 30.06.2025 5.1 6.0 H1 2024 H1 2025 1.1 1.3 2.8x 3.2x H1 2024 H1 2025 4.0 4.6 H1 2024 H1 2025 -0.33 -0.50 H1 2024 H1 2025 0.9 1.0 H1 2024 H1 2025 0.18 0.20 Revenues increase mainly driven by higher energy prices Adj. EBITDA at €1bn supported by strong Q2 2025 performance Adjusted Net Income at €0.2bn Negative FCF driven by significant investments Leverage at 3.2x in line with the provisions of the Business Plan
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23H1 2025 results | August 2025 Revenue growth mainly driven by higher power prices in both Greece and Romania H1 2024 H1 2025 4.0 4.6 +15% 75% 25% Total Revenues (€bn) H1 2025 €4.6bn Revenues increase mainly due to: • higher power prices , driven by higher gas and carbon prices • contribution of Kotsovolos (since Apr. 2024) Greece International
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24H1 2025 results | August 2025 Adj. EBITDA performance in growth trajectory despite seasonal delays • Integrated business offsets lower profitability in the Distribution activity (mainly in Greece) • International contribution in terms of EBITDA stands at 19% of the group’s operating profitability in line with projected performance 81% 19% Greece International EBITDA H1 2025 €1.0bn 0.41 0.52 H1 2024 0.14 Integrated Business -0.07 Distribution 0.34 0.66 H1 2025 Distribution Integrated Business 0.93 1.00 +7% Adj. EBITDA Evolution by Business (€bn)
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25H1 2025 results | August 2025 Integrated Business remains strong in line with projections 0.52 H1 2024 0.13 Greece 0.01 International H1 2025 0.66 +27% • Integrated Business performance stable mainly affected by weak wind conditions in Q1 2025 • Recovery of wind conditions in Q2 2025 Adj. EBITDA evolution (€bn) Greece • Higher wholesale power prices • Continuous improvement in our collections rate International
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26H1 2025 results | August 2025 Seasonal effects on Distribution, expected to normalize in H2 2025 H1 2024 -0.06 Greece -0.01 International H1 2025 0.41 0.34 -18% Adj. EBITDA evolution (€bn) Greece • Delay in the implementation of new network usage charges • Recovery in H2 2025 - new network usage charges already implemented as of July 2025 International • Slight decrease mainly due to seasonality in Q1 2025 in Romania • Improved performance in Q2 2025 driven by higher distributed volumes and lower network losses cost due to lower power prices
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27H1 2025 results | August 2025 Adj. Net Income increase driven by increased operating profitability 1. Analysis is provided in Alternative Performance Measures in the Appendix ΙΙ. 59Adj. for Special items¹ 0 Adj. Net Income -21Minorities 11 D&A Adj. Net Income after minorities Adj. EBITDA 4Special items¹ Adj. to minorities for Special items¹ EBITDA -558 -221Net financial expenses -4Other¹ Profit before Tax -69Tax Net Income 996 Adj. to tax¹ 217 148 206 195 1,000 H1 2024 H1 2025 • Increased operating profitability • Higher D&A due to new assets and revaluation of fixed assets • Increased net financial expenses driven by debt increase albeit lower financing cost • Adj. Net Income after minorities up by 9% y- o-y • Adj. EPS increase by 13% y-oy Adj. EBITDA to Adj. Net Income after minorities (€m) 927 -48 879 -447 -181 -1 251 -62 189 49 -11 228 -64 16 179 0.50 Adj. EPS (€) 0.56
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28H1 2025 results | August 2025 Investments acceleration with 90% directed to Distribution networks, Green Energy & Flexibility 1. Flexible generation includes, CCGT and conventional. 2. Renewables includes solar, wind, small hydro. 280 436 464 582 146 261 66 3119 H1 2024 46 4743 H1 2025 RES Distribution Flexible Generation Telecom Digitalization/Efficiency Retail/E-mobility/Other 1,122 1,301 +16% 2 Investments by Activity (€m) Investments at €1.3bn driven by: • Distribution activity for the digitalization and enhancement of the networks both in Greece and Romania • Continuous efforts in RES & Flexible Generation roll-out 1 Incl. Kotsovolos Acq. €235m Investment Split by Geography 18% 82% Greece International
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29H1 2025 results | August 2025 FCF in line with projections Change in WC breakdown evolution (€m)Free Cash Flow evolution (€m) FY24 H1 2025H1 2024 Customer Trade Receivables -15 -38+98 CO2 effect +21 +271-11 Hedging -94 +23+2 Total +259 -195-263 996 617 -496 -12 -96 H1 2025 Adj. EBITDA -184 Non Cash Items & Adjustments -195 Δ in WC H1 2025 FFO -1,074 Capex 69 Interest Received Corporate Tax Acquisitions & Asset disposals H1 2025 FCF 1 3 2 Other +347-352 -452 • Positive FFO as a result of: Solid operational profitability Seasonal effects in WC driven by CO2 payment and settlement of the Greek State advance payment • FCF in line with projections, attributed to increased investments despite FFO performance 1. Mainly relates to bad debt and Customer contributions for their connection to the Distribution network. 2. Net of subsidies. 3. Including the net acquisition cost of new entities
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30H1 2025 results | August 2025 1. Excluding overdrafts / short term borrowings of € 650m Liquidity position and debt profile Liquidity position (€bn) Long Term debt maturity profile1 (€m) Long Term debt1 - Analysis (€bn) Weighted Average Cost of Debt Credit Ratings 1.8 3.4 63% 37% Fixed Floating Cash Available credit lines €5.2 bn €7.3 bn BB- Stable Outlook (Apr 25’) Re-affirmed PPC’s rating at ‘BB - in the context of the ongoing energy transition process, unaffected by the recent upgrade of Greece’s sovereign credit rating from BBB - to BBB. An upgrade of PPC to 'BB' might result from Greece being further upgraded to 'BBB+', if all else is equal, or from changing the stand -alone credit profile from ‘B+' to ‘BB -'. Stable outlook reflecting expectations for PPC to continue to deliver on its strategic plan with solid liquidity, improved margins supported by an acceleration in renewables and high investments. BB- Stable Outlook ( Mar 25’ ) 165 775 500 600 1,289 1,298 2,623 2025 2026 - 2027 1.299 2028 - 2029 2030 - 2044 2,064 1,798 3,223 Bank Loans & Other (including Bond Loans with Greek Banks) Senior Notes Re-affirmed PPC’s rating at ‘BB -’ reflecting the gradual shift to a more balanced integrated model of generation and supply, increased low -cost renewables production and expanding regulated distribution. Stable Outlook supported by PPC’s leverage headroom and management’s strong commitment to prioritize financial strength. 30.06.2024 31.12.2024 30.06.2025 4.5% 4.2% 3.9% Weighted Average Cost of Debt keeps declining
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31H1 2025 results | August 2025 • Net debt increase in line with acceleration in investments • Net Leverage at 3.2x, below the self-imposed ceiling of 3.5x • Net Leverage for YE 2025 projected to be below the 3.5x threshold Key highlights Strong Balance Sheet to support growth and significant investments 1. LTM Jun. 2025 Adj. EBITDA stood at € 1.9 bn. TBU 2.8x Net Debt/ LTM Jun.2025 EBITDA 1 3.2x Net Debt evolution (€bn) 0.08 Treasury shares Other 0.07 IFRS16 0.04 Interest Received -0.07 Financial Expenses 0.19 Acq. / Investments in Subsidiaries, Associates Capex 0.10 Corporate Tax 5.09 5.96 Net Debt 31.12.2024 0.011.07 FFO -0.62 Net Debt 30.06.2025 +0.9
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32H1 2025 results | August 2025 2025 Guidance Reaffirmed Adj. EBITDA (€bn) Romania Contribution: ~22% H1 2025 2025E 1.0 2.0 Adj. Net Income after minorities (€bn) On track to deliver full - year targets , supported by H1 results €0.60 DPS 2025 0.20 0.40 H1 2025 2025E > Targets Reiterated Αdj. EPS(1) € / share 1. Analysis is provided in Alternative Performance Measures in the Appendix ΙΙ. ~ 1.1 0.56 >
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Q1 2024 results | May 2024H1 2024 results | August 2024 Georgios Stassis Chairman & CEO Final Remarks and Conclusions 3
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34H1 2025 results | August 2025 Combining a growth story with attractive shareholders remuneration Dividend per Share Romania Contribution: ~22%2023 (paid in 2024) 2024 (paid in 2025) 0.25 0.40 Dividend per share increase to €0.40 (+60%) vs last yar Strong commitment towards the increase of distributable profits to our shareholders DPS in line with dividend policy guidance provided in Nov. 24 CMD A new share buyback program up to 10% of share capital (incl. the ~5% already owned) € / share +60% Steady DPS growth to 2027 underpinned by strong underlying earnings growth
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35H1 2025 results | August 2025 Concluding remarks Delivering Resilient Growth advancing our Strategic Vision in line with our financial commitments Solid H1 2025 results supported by strong Q2 2025 performance €1.3 bn investments in H1 2025 focusing on Distribution and RES projects Further maturing RES pipeline with ~0.9GW additional projects entering in the Under Construction stage On track to be Lignite free by 2026 Full Year 2025 targets reiterated Capital Markets Day in London in November 2025
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36H1 2025 results | August 2025 Appendix I: ΚPIs and operational data Α
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37H1 2025 results | August 2025 Further improvement in key strategic areas of our activities 1. H1 2024 performance based on actual figures . 2. Actual figures for H1 2024 and provisional data for H1 2025. Clean & resilient generation portfolio Modernizing our networks Customer centric retail services PPC strategic pillars Sustainability KPIs H1 2025 Δ vs H1 20241 RES capacity 6.3 GW +1.6 GW RES capacity on total 50% +9.6 p.p. RES production 3,143 GWh +48 GWh RES production on total 32% -1.0 p.p. CO2 emissions intensity (Scope 1) 0.49 tCO2/MWh +4% CO2 emissions (Scope 1) 4.8 MtCO2 +0.4 MtCO2 SAIDI (Greece/Romania) 2 58/36 mins -1/-1mins SAIFI (Greece/Romania) 2 0.72/0.96 -0.06/-0.19 Total network length (Greece/Romania) 253/135 k km +3/+1 k km Online penetration/ myPPC app (Greece) 33.5% +2.8 p.p Online penetration/ myPPC app (Romania) 64% +3.9 p.p Charging points installed (Greece & Romania) 3,509 +813
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38H1 2025 results | August 2025 ESG Ratings 2023 2024 BBB BBB 2024 2025 41.2 38.3 2023 2024 B- B 25 42 2023 2024 [CCC – AAA][100 – 0 (Best)][D- - A] [0 – 100] 2024 2025 3.2 3.0 [0 – 5] [D- - A] 2024 2025 C C+ 50 57 2023 2024 [0 - 100] 90 91 2023 2024 [0 – 100] ESG ratings keep improving driven by Business Plan implementation and continuous engagement with all ESG rating agencies. 37 44 2023 2024 S&P Global CSA S&P Global ESG
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39H1 2025 results | August 2025 Installed Capacity as of 30.06.2025 11,090 Notes: 1. Including Large Hydro. 2. Including 35MW operating assets from the project Aegean, the acquisition of which is expected to be concluded in Q3 2025 . 3. Only for NII. 4. Excluding generation from PPC’s participation in JVs. 24% 17% 15% 44% Gas Oil Lignite RES MW GWh Overview of PPC’s Asset Portfolio (Greece) 24% 42% 18% 16% RES Natural Gas Oil Lignite Greece - Asset Portfolio Lignite Mine Center Small Hydro Power Plant Lignite Power Plant Hydro Power Plant Gas-fired Power Plant Photovoltaic Power Plant Wind Park Oil Power Plant Hybrid (wind + SHPP) H1 2025 Generation Mix 8,727 1,2 3 4
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40H1 2025 results | August 2025 Romania - Asset Portfolio Source: Company Information. 92% 7% Wind Solar 2% Other H1 2025 Generation Mix 1,062 9% 89% Solar Wind 2% Other MW GWh Overview of PPC’s Asset Portfolio (Romania) Electricity distribution network Wind parks (WP) Photovoltaics (PV) Hydro 1,336 Installed Capacity as of 30.06.2025
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41H1 2025 results | August 2025 Bulgaria-Asset Portfolio Source: Company Information. Overview of PPC’s Asset Portfolio (Bulgaria) 100% Wind parks (WP) 18 Wind Installed Capacity as of 30.06.2025 Italy-Asset PortfolioItaly-Asset Portfolio Photovoltaic Power Plant 32 Solar 100% Installed Capacity as of 30.06.2025 MW MW
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42H1 2025 results | August 2025 Appendix II: Definitions and reconciliations of Alternative Performance Measures (“APMs”) A
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43H1 2025 results | August 2025 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 six-month period ended 30.06.2024 the special item that affected Adjusted EBITDA was loss from valuation of electricity purchase and sale contracts of €48 million (negative impact) for the Group. For the six-month period ended 30.06.2025, the special items that affected the Adjusted EBITDA are the following: a) a provision for allowance for employees’ severance payments amounting to € 23 million for the Group (negative impact) and b) the valuation of electricity purchase and sale contracts amounting to € 27 million for the Group (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, concerning the Group, the Impairment loss on assets and the calculated tax on them has been excluded for the six-month period ended 30.06.2024 and 30.06.2025. In addition, for the six-month period ended 30.06.2025 for the Group, the Depreciation from revaluation of fixed assets, Foreign exchange (gains)/ losses on loans and borrowings, Gain from remeasurement of investment in associate, Bargain gain from subsidiaries acquisition and the tax on all of them has been excluded. The calculations are presented in Table D.
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44H1 2025 results | August 2025 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 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.
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45H1 2025 results | August 2025 TABLE A - EBITDA (Operating income before depreciation amortization and impairment net financial expenses and taxes) Amounts in € m. 01.01-30.06.2025 01.01-30.06.2024 Total Turnover (1) 4,646 4,026 Less: Operating expenses before depreciation and impairment (2): 3,646 3,147 Payroll cost 534 441 Merchandise 271 108 Lignite (2) 13 Liquid fuels 301 297 Natural gas 462 380 Energy purchases 968 658 Materials and consumables 73 68 Transmission system usage 95 89 Distribution system usage 107 82 Utilities and maintenance 176 137 Third party fees 269 240 Emission allowances 333 362 Provisions/(reversal of provisions) for risks (2) 6 Provisions for impairment of inventories 12 4 Provisions/(reversal of provisions) for expected credit losses (42) 116 Other income (90) (34) Οther expenses 181 179 EBITDA (Α) = [(1) - (2)] 1,000 879 GROUP
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46H1 2025 results | August 2025 TABLE B - Operating expenditure before depreciation and impairment without special items Amounts in € m. 01.01-30.06.2025 01.01-30.06.2024 Operating expenses before depreciation and impairment (2) 3,646 3,147 Less Special items: Provision for employee severance incentive due to service termination 23 - (Gain)/Loss from valuation of electricity purchase and sale contracts (27) 48 Operating expenses before depreciation and impairment without special items 3,650 3,099 GROUP
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47H1 2025 results | August 2025 TABLE C – Adj. EBITDA (Operating income before depreciation and impairment net financial expenses and taxes) Amounts in € m. 01.01-30.06.2025 01.01-30.06.2024 EBITDA (1) 1,000 879 Plus Special items (2): (4) 48 Provision for employee severance incentive due to service termination 23 - (Gain)/Loss from valuation of electricity purchase and sale contracts (27) 48 Adj. EBITDA (3) = [(1)+(2)] 996 927 GROUP
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48H1 2025 results | August 2025 TABLE D – Adj. Net Income/(Loss) Amounts in € m. 01.01-30.06.2025 01.01-30.06.2024 NET INCOME AFTER TAX (A) 148 189 plus Special items (1): (Gain)/Loss from valuation of electricity purchase and sale contracts (27) 48 Provision for employee severance incentive due to service termination 23 - plus other figures (2): Impairment loss on assets 1 1 Depreciation from revaluation of fixed assets 59 - Foreign exchange losses on loans and borrowings 10 - Bargain gain from subsidiaries acquisition (2) - Gain from remeasurement of investment in associates (6) - 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) 0.4 11 Adj. Net Income [(Α)+(1)+(2)-(3)] 206 228 GROUP
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49H1 2025 results | August 2025 TABLE E – Adj. Net Income/(Loss) after Minorities Amounts in € m. 01.01-30.06.2025 01.01-30.06.2024 Adj. Net Income (Β) 206 228 minus: Minorities (1) 21 64 Plus Adjustments to Minorities for Special items (2): Gains from valuation of electricity purchase and sale contracts 15 16 Provision for employee severance incentive due to service termination (5) - Adj. Net Income after Minorities [(Β)-(1)+(2)] 195 179 GROUP
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50H1 2025 results | August 2025 TABLE F – Adj. Earnings per share 01.01-30.06.2025 01.01-30.06.2024 Adj. Net Income after Minorities (1) (Amounts in € m.) 195 179 Over: Weighted average number of shares (2) (Amounts in m.) 347 362 Adj. Earnings per share [(3)=(1)/(2)] (Amounts in €) 0.56 0.50 GROUP
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51H1 2025 results | August 2025 TABLE G – Net Debt Amounts in € m. 30.06.2025 30.06.2024 31.12.2024 Long-term borrowing 6,030 4,415 6,233 Current portion of long-term borrowing 1,096 1,264 699 Short-term borrowing 650 337 224 Cash and cash equivalents (1,804) (2,111) (1,999) Restricted cash (133) (153) (163) Financial assets measured at fair value through other comprehensive income (0.3) (0.3) (0.3) Unamortized portion of loans issuance fees and loan amendments IFRS 9 124 75 97 TOTAL 5,963 3,826 5,091 GROUP
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52H1 2025 results | August 2025 Glossary Adj Adjusted FTSE Financial Times Stock Exchange PPC Public Power Corporation AI Artificial Intelligence FTTH Fiber to the Home PPCR PPC Renewables ANRE Autoritatea Naţională de Reglementare în domeniul Energiei (Romania) FY Full Year PSO Public Service Obligations APM Alternative Performance Measures Gbps Gigabit(s) per Second PV Photovoltaics ATHEX Athens Stock Exchange GHG Greenhouse Gas Q1 First Quarter B2B Business-to-business GR Greece Q2 Second Quarter B2C Business-to-consumer GW Gigawatt RAB Regulated Asset Base BESS Battery Energy Storage Systems GWh Gigawatt hour RES Renewable Energy Sources bn Billion H1 First Half RO Romania BoD Board of Directors H2 Second Half RON Romanian Leu BP Business Plan HENEX Hellenic Energy Exchange RRF Recovery and Resilience Facility CAGR Compound Annual Growth Rate HHs Households RTB Ready-to-Build CAPEX Capital Expenditure HV High voltage S&P Standard & Poor’s CB Customer base ICE Intercontinental Exchange SAIDI System Average Interruption Duration Index CCGT Combined Cycle Gas Turbine ICT Information and Communication Technology SAIFI System Average Interruption Frequency Index CDP Carbon Disclosure Project IFRS International Financial Reporting Standards SBTi Science Based Targets initiative CEO Chief Executive Officer IRR Internal Rate of Return Scope 1 emissions Direct emissions made by sources a company owns or controls CFO Chief Financial Officer ISO International Organization for Standardization Scope 2 emissions Indirect emissions from purchased electricity, steam, heat, and cooling CMD Capital Markets Day JV Joint Venture Scope 3 emissions All other emissions associated with a company’s activities CO2 Carbon dioxide emissions k Thousands SDGs Sustainable Development Goals COD Commenced Date of Operations km Kilometers SEE South East Europe CP Charging Points KPIs Key performance indicators SHPP Small Hydro Power Plant CSA Corporate Sustainability Assessment LNG Liquefied Natural Gas SLB Sustainability Linked Bond D&A Depreciation & Amortization LTM Last twelve months SoV Share of Voice DAM Day Ahead Market price m Million TCFD Task Force on Climate-Related Financial Disclosures DC Data Center Mkt. Market TELCO Telecommunications DPS Dividend per Share MW Megawatt ton Tones DSO Distribution System Operator MWh Megawatt hour TP Tender Process EBITDA Earnings Before Interest, Taxes, Depreciation, and Amortization NCI Non-Controlling Interest TTF Title Transfer Facility EEX European Energy Exchange ND Net Debt TWh Terrawatt hour EMC East Med Corridor NPS Net Promoter Score UC Under Construction EnMa Energy Management o/w Of which UHV SS Ultra-high voltage substation ESG Environment Social Governance OCGT Open Cycle Gas Turbines VAS Value Added Services ESMS Environmental and sustainability management system OPCOM Romanian Electricity and Gas Market Operator WACC Weighted Average Cost of Capital EU European Union Opex Operating Expenses WC Working Capital EUA European Union Allowances P&E Permitting & Engineering WP Wind Parks EV Electric vehicle PF Pro Forma WTG Wind turbine generation system FCF Free Cash Flow POD Point of Consumption/Distribution YE Year End FFO Funds From Operations PPA Power Purchase Agreement y-o-y Year-over-year
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53H1 2025 results | August 2025 Financial Calendar – IR Contacts What’s next? Stay informed on PPC or request to be added to IR distribution list IR team - contact us Date Event 04.11.2025 Announcement of the 9M 2025 financial results Date to be announced Capital Markets Day www.linkedin.com/company/ppc-s.a. ppcgroup.com/en/investor-relations/ www.youtube.com/deigr General contact email: ir@ppcgroup.com Phone +30 210 52 93 702