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19M 2025 results | November 2025 Financial Results 9M 2025 18th November 2025
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29M 2025 results | November 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. This presentation contains forward looking statements, and neither the Group nor our representatives make any representation or warranty, express or implied, as to the achievement or reasonableness of such forward-looking statements, including future projections, operations, strategy, plans, objectives, goals, management targets, economic outlook, estimates and prospects. Actual events or conditions are unlikely to be consistent with, and may materially differ from, such forward-looking statements, and the Group and our representatives do not undertake any obligation or responsibility to update any of the information contained in this presentation. These forward-looking statements are subject, among other things, to (i) business, economic and competitive risks, (ii) macroeconomic conditions, (iii) fluctuations of the Euro against the U.S. Dollar and Romanian Leu exchange rate, (iv) oil, natural gas and electricity prices and the price of CO2 emission rights, (v) changes in the market, legal, regulatory and fiscal landscape, (vi) evolution of bad debt and (vii) other uncertainties and contingencies, which relate to factors that are beyond PPC’s ability to control or estimate precisely, and that could cause actual events or results to differ materially from those expressed therein. Accordingly, undue reliance should not be placed on these forward-looking statements, which speak only as of the date of this presentation. Certain information contained in these materials, including future EBITDA, earnings, expenditures and other financial measures for future periods, constitutes “forward-looking statements,” which are based on current expectations and assumptions about future events, and that may be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “except,” “anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology or other forms of projections, forecasts or targets or generally as all statements other than statements of historical facts included in this presentation. Financial metrics for future periods are based on present reasonable and good-faith assumptions and we provide no assurance that such financial metrics will be achieved. Past performance does not guarantee or predict future performance. PPC does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation. For a more detailed description of the main risks and uncertainties that could cause actual results to differ materially from those expressed or implied by forward-looking statements, please refer to PPC’s financial report for the 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. 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.
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39M 2025 results | November 2025 Operational Profitability Key highlights of 9Μ 2025 performance Sustainability Investments €1.7bn Adj. EBITDA +24% vs 9Μ 2024 Strong Q3 2025 mainly driven by integrated business overall growth and the higher DSO contribution in Greece €1.9bn Further acceleration expected in Q4 2025 88% towards RES, flexible generation and Distribution Lignite output representing 13% of energy mix On track to become lignite free by 2026 Energy mix 6.4GW capacity +1.5GW vs 9M 2024 3.9GW projects Under Construction, ready to build or in the tender process Renewables
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49M 2025 results | November 2025 RES at 51% of PPC total capacity with continued growth across key pillars of our strategy 1. Including Large Hydro 2. Scope 1 emissions divided by total electricity generation 0.02 0.7 4.1 9M 2024 0.02 0.03 1.3 5.0 9M 2025 4.9 6.4 +1.5 RES capacity (GW)1 9M 2024 9M 2025 0.48 0.47 -1% CO2 emission intensity (tons CO2/MWh)2 RES, Distribution & Flexible generation investments (€bn) 9M 2024 9M 2025 1.2 1.7 +35% 42% of total PPC capacity 51% of total PPC capacity
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59M 2025 results | November 2025 Strong output and market position, with RES leading the transition 35% 31% Market Share¹ o/w 1.6TWh International Generation (TWh) 4.9 2.7 1.8 2.3 Sep. 2024 6.4 2.7 1.8 1.7 Sep. 2025 11.6 12.5 +0.8 Installed capacity (GW) RES Gas Oil Lignite CO2 Emissions (m tons)3 9M 2024 9M 2025 7.5 7.2 -0.2 4.8 (31%) 5.4 (35%) 3.1 (20%) 2.3 (15%) 9M 2024 5.1 (33%) 5.4 (35%) 2.9 (19%) 1.9 (13%) 9M 2025 15.6 15.3 -2% RES Gas Oil Lignite 22% Market Share¹’² 13% Flexible generation at 51% of total output +1.5GW of RES Slight reduction as lignite is phased out 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 9M 2024 based on actual figures and 9M 2025 on provisional data. 2. Market Share in RES excl. Large Hydro. 3. Refers to Scope 1 emissions.
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69M 2025 results | November 2025 Resilient retail position amid slightly lower demand 1. Average retail market share for 9M 2025 in both countries – in Romania, market share is based on provisional data for Third party sales” for Aug and Sep 2025 as ANRE has not published these data as of today. 2. Excluding Universal Service Supplier Customers. 3. Mainland and Non-Interconnected Islands based on PPC estimation. 4. Domestic Demand in Mainland based on IPTO’s provisional data for 9M 2025 and actual data for 9M 2024. 5. For Romania: Including network losses, based on ANRE data and estimated values Aug and Sep 2025, based on latest available figures from Translectrica. Electricity Sales evolution (TWh) Domestic Demand (TWh)Customer base (m) 0.3 Sep. 2024 0.3 Sep. 2025 8.8 8.6 2.9 5.6 2.8 5.5 Market Share1 Gas customers 9M 2024 9M 2025 39.3 39.2 -0.4% 9M 2024 9M 2025 43.7 43.4 -0.8% Greece (Country3) 9M 2024 9M 2025 39.6 39.4 -0.5% Greece (Mainland4) Romania5 50% 51% 16% 16% 5.7 18.7 9M 2024 5.6 18.9 9M 2025 24.4 24.6 +0.7% 2
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79M 2025 results | November 2025 High Value Key metrics 9M 2025 Broadening our customer engagement, offering exceptional experience Channels & Loyalty CB Churn rate by value segment B2C PPC GR, % Launches 28 Renovated Stores 62 New Partners Base Health - Penetration of bad debt customers 51% 3% 16% 3% Electricity Gas Market Share Total 2024 9M 2025 2028E 19% 26% 46% 2021 2022 2023 2024 9M 2025 20% 20% 19% 17% 14% VAS Penetration on Customer Base 6.2% 8.3% End of Price Cap effect 2024 9M 2025 2028E 38% 45%41%
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89M 2025 results | November 2025 Source: Company Information. 1. Actual figures for 9Μ 2024 and provisional data for 9Μ 2025. Scaling up distribution networks investments with visible regulatory frameworks in Greece & Romania FY 2024 9Μ 2025 4.9 5.6 3.5 1.4 4.1 1.5 +0.6 Distribution RAB (€bn) 60% 18% 12% 53% 9M 2024 9M 2025 Smart Meters penetration1 RES additions in the Distribution networks (MW)1 Distribution CAPEX (€m) 148 184 573 634 9M 2024 9M 2025 721 818 +13% Major ramp up in Distribution capex leveraging on attractive regulatory framework Growing RAB through investments in distribution business for the modernization and digitalization of the network Increasing penetration of Smart meters in both countries Higher additions recorded in Romania 225 541 611 462 9M 2024 9M 2025
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99M 2025 results | November 2025 ESG ratings improve, reflecting progress in sustainability Previous upgrades PPC’s overall ESG score further improves to “A” from “BBB” Improvement of indicators in the areas of environmental management, renewable energy sources and corporate governance Lower exposure to risks linked to water stress and emissions alongside with improvements in overall governance Recognition by MSCI of PPC’s progress in managing ESG matters Latest upgrade - MSCI overall ESG score to “A”
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109M 2025 results | November 2025 Solid operational profitability for the 9Μ of 2025 1. Analysis is provided in Alternative Performance Measures in the Appendix ΙΙ . 2. After Investments and Dividends. 3. For 30.09. 2025, net leverage is based on LTM EBITDA as of Sep 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 30.09.2025 5.1 6.7 9M 2024 9M 2025 1.6 1.9 2.8x 3.1x 9M 2024 9M 2025 6.6 7.3 9M 2024 9M 2025 -0.9 -1.0 9M 2024 9M 2025 1.3 1.7 9M 2024 9M 2025 0.2 0.4 Revenues increase mainly due to higher power prices driven by higher gas and carbon prices, contribution of Kotsovolos (since Apr. 2024) and continued growth in RES Adj. EBITDA at €1.7bn supported by strong Q3 2025 performance Adjusted Net Income at €0.4bn Negative FCF driven by significant investments and seasonal WC Leverage at 3.1x in line with the provisions of the Business Plan
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119M 2025 results | November 2025 9M 2024 9M 2025 0 50 100 150 200 250 300 J F M A M J J A S 9M 2024 9M 2025 34.3 142.9 241.9 9M 2024 9M 2025 0 50 100 150 200 250 J F M A M J J A S 9M 2024 9M 2025 34.0 207.3 142.6 9M 2024 9M 2025 40 50 60 70 80 90 J F M A M J J A S 9M 2024 9M 2025 60.9 83.9 77.8 9M 2024 9M 2025 20 30 40 50 60 70 J F M A M J J A S 9M 2024 9M 2025 30.4 41.5 Day Ahead Market price (DAM) (€/MWh) 3 Greece Day Ahead Market price (DAM) (€/MWh) 4 Romania Commodity prices rose y-o-y in 9M-25, driven by gas supply risks, tariff shifts, and geopolitical tensions 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 +6.7 (+21%) +6.8 (+7%) CO2 (€/tn) 2 66.6 +6.1 (+9%) 72.7 101.694.8 TTF • After a bullish trend at the beginning of the year gas prices turned bearish in late February due to weaker demand and warmer weather. Post April, prices rose amid concerns over LNG supply from the Israel -Iran conflict. • In Q3 -25, TTF prices stayed stable due to weak demand and steady LNG supply. Geopolitical events and trade deals caused brief volatility, but strong fundamentals kept prices low. • Average TTF price in 9M-25 was up by 21% y-o-y. CO2 • Early 2025, EUAs were bullish but dropped till April over U.S. tariff concerns. Prices peaked end of H1 after the U.S. -China tariff deal and Israel -Iran tensions. • In September, EUAs prices rose to their highest since mid -February, driven by compliance buying ahead of the September 30 deadline. • Average EUA price in 9M-25 was up by 9% y -o-y. Day Ahead Market price • EU power prices rose early in 2025 and fell after mid -February due to weaker demand and higher solar output. Prices rebounded in Q2 with record RES generation. • In Q3 prices initially rose with cooling demand but remained moderate. In August, slumped demand and high renewables caused more negative hours. September saw price swings between peaks and negative weekends. • In 9Μ-25 the average DAM price in GR was up by 7% y-o-y, while in RO was up by 11% y -o-y. 38.2 31.5 93.8 104.1 +10.3 (+11%) 58.6
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129M 2025 results | November 2025 Revenue growth mainly driven by higher power prices in both Greece and Romania 9M 2024 9M 2025 6.6 7.3 +10% Total Revenues (€bn) Revenues increase mainly due to: • higher power prices, driven by higher gas and carbon prices • contribution of Kotsovolos (since Apr. 2024) • increased growth from RES 76% 24% 9Μ 2025 €7.3bn Greece International
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139M 2025 results | November 2025 Adj. EBITDA performance in growth trajectory despite seasonal delays • Solid growth of Integrated business drives overall profitability at a higher level • International contribution in terms of EBITDA stands at slightly above 20% of the group’s operating profitability in line with projected performance 0.6 0.7 9M 2024 0.4 Integrated Business -0.03 Distribution 0.6 1.1 9M 2025 Distribution Integrated Business 1.3 1.7 +24% Adj. EBITDA Evolution by Business (€bn) 20% 80% Greece International EBITDA 9M 2025 €1.7bn
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149M 2025 results | November 2025 Integrated Business further increased on RES additions and higher power prices 0.7 9Μ 2024 0.3 Greece 0.04 International 9Μ 2025 1.1 +49% Increased performance , driven by RES additions despite weaker Romanian domestic demand Adj. EBITDA evolution (€bn) Greece International • Improved Retail segment performance in Q3 • Continuous improvement in our collections rate • Roll out of new RES capacity
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159M 2025 results | November 2025 Improved performance on Distribution due to reversing seasonal effects 9Μ 2024 -0.04 Greece 0.01 International 9Μ 2025 0.62 0.59 -6% Adj. EBITDA evolution (€bn) Greece Performance recovers in 9M 2024 levels as network usage charges already implemented as of June 2025 International Improved performance in Q3 2025 reaching 2024 levels
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169M 2025 results | November 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 6 Adj. Net Income -43Minorities D&A Adj. to minorities for Special items¹ Adj. Net Income after minorities Adj. EBITDA 30 4 Special items¹ EBITDA -848 -335Net financial expenses 4Other¹ Profit before Tax -140Tax Net Income 1,670 Adj. to tax¹ 520 380 445 406 1,699 9M 2024 9M 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 68% y-o-y • Adj. EPS increase by 74% y-oy Adj. EBITDA to Adj. Net Income after minorities (€m) 0.67 Adj. EPS (€) 1.16 1,348 -122 1,226 -684 -261 -14 268 -69 199 136 -30 305 -77 13 241
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179M 2025 results | November 2025 Investments acceleration with 88% directed to Distribution networks, Green Energy & Flexibility 1. Flexible generation includes, CCGT and conventional. 2. Renewables includes solar, wind, small hydro. 345 657 721 818 182 210 280 4633 9M 2024 81 8864 9M 2025 RES Distribution Flexible Generation Telecom Digitalization & AI Retail/E-mobility/Other 1,607 1,917 +19% 2 Investments by Activity (€m) Investments at €1.9bn 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 79% 18% 3% Greece Romania Other Geographies
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189M 2025 results | November 2025 FCF in line with projections Change in WC breakdown evolution (€m)Free Cash Flow evolution (€m) FY24 9M259Μ24 Customer Trade Receivables -15 -205+8 CO2 effect +21 -57-210 Hedging -94 +68-9 Total +259 -728-777 1 3 2 Other +347-567 -533 • Positive FFO as a result of: Solid operational profitability Seasonal effects in WC • 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 1,670 715 -45 -158 -1,001 9M 2025 EBITDA Adjusted -227 Non Cash Items & Adjustments -728 Δ in WC 9Μ 2025 FFO -1,616 Capex 102 Interest Received Corporate Tax Acquisitions & Asset disposals 9M 2025 FCF Negative WC impact of €0.7bn at similar level to 9M 2024 driven by seasonal effects: • In current Trade Receivables • CO2 emissions rights payment for 2024 compliance – gradual improvement expected in the next quarter • Other items mainly driven by the wind-down of State advance Payment
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199M 2025 results | November 2025 1. Excluding overdrafts / short term borrowings of € 635m Liquidity position and debt profile (30.09.2025) Liquidity position (€bn) Long Term debt maturity profile1 (€m) Long Term debt1 - Analysis (€bn) Weighted Average Cost of Debt 1.42.9 62% 38% Fixed Floating 30.09.2024 31.12.2024 30.09.2025 4.3% 4.2% 3.8% €4.3 bn €7.6 bn Weighted Average Cost of Debt keeps declining Senior Notes refinanced in Oct. 2025 by new Green Bond maturing in 2030 1.4 2.9 Cash Available credit lines 93 775 500 600 1,290 1,568 2,801 2025 2026 - 2027 2028 - 2029 2030 - 2044 2,065 2,068 3,401 Bank Loans & Other (including Bond Loans with Greek Banks) Senior Notes
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209M 2025 results | November 2025 Strong Balance Sheet to support growth and significant investments • Net debt increase in line with acceleration in investments • Net Leverage at 3.1x, below the self-imposed ceiling of 3.5x • Net Leverage for YE 2025 projected to be below the 3.5x threshold Key highlights 1. LTM Sep. 2025 Adj. EBITDA stood at € 2.1 bn. TBU 2.8x Net Debt/ LTM Sep. 2025 EBITDA 1 3.1x Net Debt evolution (€bn) Treasury shares 0.200.09 Other Net Debt 30.09.2025 0.06 Interest Received -0.10 Financial Expenses 0.24 Acq. / Investments in Subsidiaries, Associates 0.16 Corporate Tax 0.04 CapexNet Debt 31.12.2024 1.62 FFO -0.71 5.09 6.68 IFRS16 +1.6
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219M 2025 results | November 2025 2025 Guidance Reaffirmed Adj. EBITDA (€bn) 1.7 9M 2024 2025E 2.0 Adj. Net Income after minorities (€bn) On track to deliver full -year targets, supported by strong 9month performance €0.60 DPS 2025 0.41 0.40 9M 2025 2025E Fully on track to meet FY2025 targets Αdj. EPS(1) € / share 1. Analysis is provided in Alternative Performance Measures in the Appendix ΙΙ. ~ 1.1 1.16 >
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229M 2025 results | November 2025 Appendix I: ΚPIs and operational data Α
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239M 2025 results | November 2025 Further improvement in key strategic areas of our activities 1. 9Μ 2024 performance based on actual figures . 2. Provisional data for 9Μ 2025. Clean & resilient generation portfolio Modernizing our networks Customer centric retail services PPC strategic pillars Sustainability KPIs 9Μ 2025 Δ vs 9Μ 20241 RES capacity 6.4 GW +1.5 GW RES capacity on total 51% +9.2 p.p. RES production 5,071 GWh +251 GWh RES production on total 33% +2.3p.p. CO2 emissions intensity (Scope 1) 0.47 tCO2/MWh -1% CO2 emissions (Scope 1) 7.2 MtCO2 -0.2 MtCO2 SAIDI (Greece/Romania) 2 83/56 mins -26/-4mins SAIFI (Greece/Romania) 2 1.24/1.45 -0.13/-0.35 Total network length (Greece/Romania) 254/135 k km +3/+1 k km Online penetration/ myPPC app (Greece) 34.9% +3.2 p.p Online penetration/ myPPC app (Romania) 65% +3.6 p.p Charging points installed (Greece & Romania) 3,752 +827
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249M 2025 results | November 2025 ESG Ratings 2024 2025 BBB A 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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259M 2025 results | November 2025 Notes: 1. Including Large Hydro. 2. Only for NII. 3. Excluding generation from PPC’s participation in JVs. 24% 16% 15% 45% Gas Oil Lignite RES MW GWh Overview of PPC’s Asset Portfolio (Greece) 26% 39% 21% 14% RES Natural Gas Oil Lignite 9M 2025 Generation Mix 13,742 1 2 3 11,068 Installed Capacity as of 30.09.2025 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)
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269M 2025 results | November 2025 Romania - Asset Portfolio Source: Company Information. 91% 7% Wind Solar 2% Other 9M 2025 Generation Mix 1,506 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 30.09.2025
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279M 2025 results | November 2025 Bulgaria-Asset Portfolio Source: Company Information. Overview of PPC’s Asset Portfolio (Bulgaria & Italy) 100% Wind parks (WP) 18 Wind Installed Capacity as of 30.09.2025 Italy-Asset PortfolioItaly-Asset Portfolio Photovoltaic Power Plant 32 Solar 100% Installed Capacity as of 30.09.2025 MW MW
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289M 2025 results | November 2025 Appendix II: Definitions and reconciliations of Alternative Performance Measures (“APMs”) A
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299M 2025 results | November 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 nine-month period ended 30.09.2024 the special item that affected Adjusted EBITDA was loss from valuation of power purchase agreements of €122 million (negative impact) for the Group. For the nine-month period ended 30.09.2025, the special items that affected the Adjusted EBITDA are the following: a) a provision for employee severance incentive due to service termination amounting to € 28 million for the Group (negative impact) and b) the valuation of power purchase agreements amounting to € 58 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, the Impairment loss on assets and the calculated tax on them have been excluded for the nine-month period ended 30.09.2024 and 30.09.2025. In addition, for the nine-month period ended 30.09.2025, the 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 and the tax on all of them have been excluded. The calculations are presented in Table D.
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309M 2025 results | November 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 special items that affected Adjusted net income/(loss) after minorities for the Group for the nine-month period ended 30.09.2025 were a) gain from valuation of power purchase agreements and b) provision for employee severance incentive due to service termination, while for the nine-month period ended 30.09.2024 this index was affected only by loss from valuation of power purchase agreements. The calculations are presented in Table E. Adj. Earnings (Loss) Per Share The adjusted earnings per share (Adjusted EPS) ratio reflects the Group's actual operating profitability per share, excluding extraordinary or non-recurring events, and is calculated as the quotient of adjusted net income divided by the weighted average number of shares. The calculation is presented in Table F. Net debt Net debt is an APM that Management uses to evaluate the Group’s capital structure as well as leverage. Net debt is calculated by adding long-term loans the current portion of long-term loans and short-term loans and subtracting the total cash and cash equivalents restricted cash related to loan agreements and financial assets measured at fair value through other comprehensive income and adding the unamortized portion of loans issuance fees and loan amendments IFRS 9. Calculation of Net debt is presented in Table G.
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319M 2025 results | November 2025 TABLE A - EBITDA (Operating income before depreciation amortization and impairment net financial expenses and taxes) Amounts in € m. 01.01-30.09.2025 01.01-30.09.2024 Total Turnover (1) 7,268 6,582 less: Operating expenses before depreciation and impairment (2) 5,568 5,356 Payroll cost 778 681 Liquid fuels 575 585 Natural gas 620 608 Energy purchases 1,462 1,255 Emission allowances 504 608 Provisions for expected credit losses 15 124 Other (income), expenses, net 1,615 1,495 EBITDA (Α) = [(1) - (2)] 1,699 1,226 GROUP
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329M 2025 results | November 2025 TABLE B - Operating expenditure before depreciation and impairment without special items GROUP Amounts in € m. 01.01 -30.09.2025 01.01 -30.09.2024 Operating expenses before depreciation and impairment (2) 5,568 5,356 less special items: Provision for employee severance incentive due to service termination 28 - (Gain)/ loss from valuation of power purchase agreements (58) 122 Operating expenses before depreciation and impairment without special items 5,598 5,234
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339M 2025 results | November 2025 TABLE C – Adj. EBITDA (Operating income before depreciation and impairment net financial expenses and taxes) GROUP Amounts in € m. 01.01 -30.09.2025 01.01 -30.09.2024 EBITDA (1) 1,699 1,226 Plus Special items (2): (30) 122 Provision for employee severance incentive due to service termination 28 - (Gain)/ loss from valuation of power purchase agreements (58) 122 Adjusted EBITDA (3) = [(1)+(2)] 1,670 1,348
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349M 2025 results | November 2025 TABLE D – Adj. Net Income/(Loss) Amounts in € m. 01.01-30.09.2025 01.01-30.09.2024 NET INCOME AFTER TAX (A) 380 199 plus special items (1): (Gain)/Loss from valuation of electricity purchase and sale contracts (58) 122 Provision for employee severance incentive due to service termination 28 - plus other figures (2): Impairment loss on assets 1 14 Depreciation from revaluation of fixed assets 88 - Foreign exchange losses on loans and borrowings 11 - Bargain gain from subsidiaries acquisition (4) - Gain from remeasurement of investment in associates (7) - minus: Adjustments to tax for special items/Impairment loss on assets/ Depreciation from revaluation of fixed assets/Foreign exchange (gains)/ losses on loans and borrowings/Gain from remeasurement of investment in associates/Bargain gain from subsidiaries acquisition (3) (6) 30 Adjusted Net Income [(Α)+(1)+(2)-(3)] 445 305 GROUP
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359M 2025 results | November 2025 TABLE E – Adj. Net Income/(Loss) after Minorities Amounts in € m. 01.01-30.09.2025 01.01-30.09.2024 Adjusted net income (Β) 445 305 minus: Minorities (1) 43 77 plus Adjustments to minorities for special items (2): Gain from valuation of power purchase agreements 9 13 Provision for employee severance incentive due to service termination (5) - Adjusted net income after minorities [(Β)-(1)+(2)] 406 241 GROUP
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369M 2025 results | November 2025 TABLE F – Adj. Earnings per share 01.01-30.09.2025 01.01-30.09.2024 Adjusted Net Income after Minorities (1) (Amounts in € m.) 406 241 Over: Weighted average number of shares (2) (Amounts in m.) 349 360 Adjusted Earnings per share [(3)=(1)/(2)] (Amounts in €) 1.16 0.67 GROUP
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379M 2025 results | November 2025 TABLE G – Net Debt Amounts in € m. 30.09.2025 30.09.2024 31.12.2024 Long-term borrowing 6,258 4,813 6,233 Short-term borrowing and Current portion of long-term borrowing 1,871 1,343 923 Restricted cash and Cash and cash equivalents (1,585) (1,627) (2,161) 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 9 137 75 97 TOTAL 6,680 4,604 5,091 GROUP
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389M 2025 results | November 2025 Glossary Adj Adjusted k Thousands AI Artificial Intelligence km Kilometer ANRE Romanian Energy Regulatory Authority KPIs Key performance indicators app Application LTM Last twelve months ATHEX Athens Stock Exchange m Million B2C Business-to-customer mins Minutes bn Billion MSCI Morgan Stanley Capital International CAPEX Capital Expenditure MW Megawatt CB Customer Base MWh Megawatt hour CCGT Combined Cycle Gas Turbine o/w Of which CDP Carbon Disclosure Project OPCOM Romanian Electricity and Gas Market Operator CO2 Carbon dioxide emissions p.p Percentage Points CSA Corporate Sustainability Assessment PPC Public Power Corporation D&A Depreciation and Amortization PV Photovoltaics DAM Day Ahead Market price Q3 Third Quarter DPS Dividend per Share RAB Regulated Asset Base DSO Distribution System Operator RES Renewable Energy Sources EBITDA Earnings Before Interest, Taxes, Depreciation, and Amortization RO Romania EPS Earnings Per Share RTB Ready-to-Build ESG Environmental, Social & Governance S&P Standard & Poor’s EU European Union Scope 1 emissions Direct emissions made by sources a company owns or controls EUA European Union Allowances SHPP Small Hydro Power Project FCF Free Cash Flow ton Tones FFO Funds From Operations TP Tender Process FTSE Financial Times Stock Exchange TTF Title Transfer Facility FY Full Year TWh Terrawatt hour GR Greece U/C Under Construction GW Gigawatt VAS Value Added Services GWh Gigawatt hour vs Versus HENEX Hellenic Energy Exchange WACC Weighted Average Cost of Capital ICE Intercontinental Exchange WC Working Capital IFRS International Financial Reporting Standards YE Year End IPTO Independent Power Transmission Operator y-o-y Year on Year ISS Institutional Shareholder Services Δ Delta
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399M 2025 results | November 2025 IR Contacts Stay informed on PPC or request to be added to IR distribution list IR team - contact us 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