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ppc Financial Results H1 2026 5th August 2026
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2H1 2026 results | August 2026 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. 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Certain information contained in these materials, including future EBITDA, earnings, expenditures and other financial measures for future periods, constitutes “forward-looking statements,” which are based on current expectations and assumptions about future events, and that may be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology or other forms of projections, forecasts or targets or generally as all statements other than statements of historical facts included in this presentation. Financial metrics for future periods are based on present reasonable and good-faith assumptions and we provide no assurance that such financial metrics will be achieved. Past performance does not guarantee or predict future performance. 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3H1 2026 results | August 2026 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 period1 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 Georgios Stassis Chairman & CEO 1
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6H1 2026 results | August 2026 Strong H1 2026 performance and strengthened financial flexibility Note: Analysis of adjusted figures is provided in Alternative Performance Measures in the Appendix ΙΙ Higher profitability, accelerated investments and lower leverage support the next phase of growth €1.2bn Adj. EBITDA +24% y -o-y Operating performance Higher profitability Integrated operations and recent investments supported EBITDA growth €0.4bn Adj. Net Income 2x y-o-y Bottom line Higher shareholder returns Improved earnings support the €0.80 DPS outlook for 2026 €1.4bn Investments 86% in RES, flexible generation & distribution Growth execution Capital deployment accelerated Investment activity accelerated in Q2, with a further ramp-up expected in H2 1.2x Net debt / EBITDA vs 3.5x self -imposed ceiling Balance sheet strength Significant headroom Lower leverage supports continued growth execution
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7H1 2026 results | August 2026 Investment in growth continues to deliver a cleaner and more flexible portfolio 1. Including Solar, Wind, Hydro, Gas and BESS. 2. Scope 1 emissions divided by total electricity generation H1 2025 H1 2026 9.0 10.0 RES & Flexible capacity (GW)1 H1 2025 H1 2026 0.49 0.35 -28% CO2 emissions intensity (tons CO2/MWh)2 Investments (€bn) H1 2025 H1 2026 1.3 1.4
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8H1 2026 results | August 2026 RES growth continues to reshape the generation mix 32% 31% o/w 1.3TWh International Generation (TWh) 6.3 2.7 1.8 1.7 Jun. 2025 7.3 2.7 2.0 0.7 Jun. 2026 12.5 12.6 +0.1 Installed capacity (GW) RES Gas Oil Lignite CO2 Emissions (m tons)3 H1 2025 H1 2026 4.8 3.9 -18% RES Gas Oil Lignite 23% 23% Flexible generation at 60% of total output Reduction mainly driven by Crete interconnection 6GW of flexible generation o/w 1.7GW International Source: Company Information. 1. Market Share H1 2025 based on actual figures and H1 2026 on provisional data. 2. Market Share in RES excl. Large Hydro. 3. Refers to Scope 1 emissions arising from power generation installations covered by the EU ETS. 3.2 (32%) 3.7 (37%) 1.6 (16%) 1.4 (14%) H1 2025 5.8 (52%) 2.9 (26%) 1.0 (9%))1.4 (13%) H1 2026 9.8 11.1 +1.3 +1.0GW of RES -1.0GW of Lignite Market Share 1 Market Share 1,2
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9H1 2026 results | August 2026 Building on Q1 delivery, further expanding our BESS portfolio Four projects completed across Greece and Italy Melitis 1 Florina, West Macedonia Q1 2026 - Greece 48 MW BESS PPC’s second completed BESS project in Greece Astypalaia Hybrid Cyclades islands Q1 2026 - Greece 3.5 MW + 14.1 MWh PV + BESS Hybrid solar and storage supporting island flexibility Phoenix Italy - Sessa Campania Q1 2026 - Greece 22 MW PV Further expansion of PPC’s Italian solar portfolio Amyntaio 2 Florina, West Macedonia Q2 2026 - Greece 50 MW / 200 MWh BESS – 4 hours PPC’s first four-hour BESS project in Greece Q1 Q1 Q1 Q2
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10H1 2026 results | August 2026 151 MW of RES completed post period in Romania and Bulgaria July-August 2026 additions Further broadening PPC’s geographic and technology-diversified RES portfolio 2 projects Post-period delivery 151 MW Solar capacity completed 2 markets Expanding PPC’s operating RES footprint across Southeast Europe Robanesti South-West Oltenia Romania 63 MW PV Further operating RES capacity in Romania Kapana Plovdiv, Southern Central Bulgaria 88 MW PV Additional operating RES capacity in Bulgaria
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11H1 2026 results | August 2026 Acquisition agreements signed in Hungary and Poland; completion subject to customary conditions and approvals PolandHungaryGreece 107 MW (Wind) 1,175 MW (PV) High maturity Pipeline Remaining 51% acquired in H1 2026 49 MW / 196 MWh (BESS) Acquisition option 4-hour duration | acquisition option 57.5 MW (PV) 130.5 MW (Wind) 44.9 MW (PV) 102 MW (PV) Under Construction Operating assets Operating assets Operating assets Growth pipeline Growth pipeline / option Growth pipeline Recent transactions add scale and accelerate regional growth: ~340 MW operating assets and ~1.3 GW advanced pipeline Greece • Operating assets supported by FiP tariffs (~60%) • Full control of a high mature pipeline (35% UC – 65% RTB/TP) with secured grid connections • 25-year state-subsidised fixed -price contract provides long-term revenue visibility • Option to acquire an adjacent 4 -hour BESS , enhances flexibility and the asset’s value potential • Diversified operating portfolio establishes meaningful scale from the outset • Under-construction solar project provides additional near-term growth Seller: MORE, Motor Oil Group’s RES subsidiary Seller: Greenvolt Group, backed by KKR Seller: EDP Renewables, via Polish subsidiaries COMPLETED Greece pipeline acquisition completed in H1 2026
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12H1 2026 results | August 2026 GW ~81% of 2030 target already secured while the mature pipeline covers more than 110% of the additions required PF Installed Capacity (Aug 2026) Under construction (U/C) Ready to build (RTB)/ Tender Process (TP) 2030E 7.8 4.0 3.4 1.0 3.9 20.1 7.4GW U/C, RTB and TP Strong pipeline visibility supports delivery of 2030 RES target 11.0 GW needed for 2030 target 1.3 18.8 Additional pipeline optionality Permitting & Engineering (P&E) RES pipeline maturity Installed Capacity (Dec.2025) 7.2 Installed Capacity (June 2026) 7.3 +0.2GW 0.3 Signed Agreements pending completion 7.5 +0.1GW
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13H1 2026 results | August 2026 Resilient customer base and market position despite softer electricity demand 1. Average retail market share for H1 2026 in both countries – in Romania, market share is based on provisional data for May and June 2026 as ANRE has not published this data as of today. 2. Mainland and Non-Interconnected Islands based on PPC estimation. 3. Domestic Demand in Mainland based on IPTO’s actual data for H1 2025 and provisional data for H1 2026. 4. For Romania: Including network losses, based on ANRE actual data for H1 2025 and provisional data for H1 2026 as May and June data has not been published yet. Electricity Sales (TWh) Domestic Demand (TWh)Customer base (m) 0.3 Jun. 2025 0.4 Jun. 2026 8.7 8.6 2.9 5.5 2.7 5.5 Market Share1 Gas customers H1 2025 H1 2026 26.4 25.7 -2.5% H1 2025 H1 2026 27.0 26.6 -1.5% Greece Total demand2 H1 2025 H1 2026 24.7 24.9 +0.8% Greece – Interconnected System3 Romania4 50% 49% 16% 14% 3.8 11.6 H1 2025 3.4 11.2 H1 2026 15.4 14.5 -5.4% Mild weather weighed on demand Driven by Crete interconnection
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14H1 2026 results | August 2026 Key metrics H1 2026 Deepening customer engagement through innovation and an enhanced customer experience Channels & Loyalty CB Churn rate Launches 10 Renovated Stores 7 New Loyalty Partners Customers in bad-debt categories (% of base) 49% 4% 14% 4% Electricity Gas Market Share Total 2024 2025 H1 2026 19% 28% 32% 2021 2022 2023 2024 2025 June 2026 20% 20% 19% 17% 14% 14% VAS Penetration on Customer Base 5.8% 13.3% Improved trend in June 2024 2025 H1 2026 38% 41% 42% NPS Booster campaign Fiber Voice myRewards Coupons myEnergy SolarSmart PPC bluePASS PPC Max Control
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15H1 2026 results | August 2026 PPC and Vodafone Greece explore creating a 50:50 fibre JV Exploring a strategic partnership with Vodafone Greece to create a scaled wholesale FTTH platform Non-binding term sheet signed to explore a 50:50 JV, PPC FiberGrid and Vodafone Fiber2All merger + c.€130m cash consideration for PPC Potential creation of a single wholesale FTTH platform Designed to serve all telecom operators on a neutral basis Strategic benefits of the potential JV De-risks PPC’s fibre capex through a 50:50 partnership with Vodafone Greece Strengthens commercial visibility by adding Vodafone Greece’s significant customer base and telecom expertise Preserves balance sheet capacity to support other growth opportunities included in PPC’s Business Plan Creates the second largest wholesale FTTH platform in Greece Improves project returns through shared capex, scale benefits and lower execution risk Supports faster FTTH rollout through combined network footprint and reduced duplication Homes Ready for service (m) H1 2026 0.551.30 Fiber2All Vodafone FiberGrid PPC H1 2027 Targeted closing1 1. Subject to due diligence, definitive agreements and required regulatory approvals
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16H1 2026 results | August 2026 Source: Company Information. Continued distribution investment supporting network resilience and digitalisation 53% Smart Meters penetration Distribution CAPEX (€m) 113 150 469 420 H1 2025 H1 2026 582 571 -2% Smart meter penetration increased in both markets 16% 58% H1 2025 23% 63% H1 2026 0.72 0.96 0.87 0.90 36 35 58 60 H1 2025 H1 2026 Reliability indices Reliability improved in Romania; Greek indicators affected by Q126 weather-related outages SAIFI (times) SAIDI (minutes) Sustained investment in network modernisation and digitalisation
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17H1 2026 results | August 2026 Further improvement across key ESG ratings Latest rating upgrade [D - A] 2025 2026 C+ Β- 2025 2026 B B ESG Corporate Rating upgraded to “B-” Prime status achieved, reflecting performance above the sector-specific ISS ESG threshold Upgrades Not Prime Prime Upgrade to B - and “Prime” distinction as a recognition of the effective management of material environmental, social and governance (ESG) issues Climate Change score maintained at “B” for the 2nd consecutive year Highest “A” rating achieved in the Supplier Engagement Assessment Upgrades Water Security score improved from “D” to “B−” D D- C- C B- B A- A Disclosure Awareness Management Leadership Current rating Previous rating CDP performance [D - A]
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Q1 2024 results | May 2024H1 2024 results | August 2024 Konstantinos Alexandridis CFO Financial performance2
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19H1 2026 results | August 2026 Η1-25 Η1-26 0 50 100 150 200 250 300 350 J F M A M J Η1-25 Η1-26 29.6 293.4282.3 Η1-25 Η1-26 0 50 100 150 200 250 J F M A M J Η1-25 Η1-26 27.1 168.5 139.9 Η1-25 Η1-26 50 55 60 65 70 75 80 85 90 95 J F M A M J Η1-25 Η1-26 63.7 92.2 81.6 Η1-25 Η1-26 20 25 30 35 40 45 50 55 60 65 J F M A M J Η1-25 Η1-26 28.2 61.4 TTF (€/MWh_th) 1 +1.6 (+4%) -15.7 (-15%) 72.6 +4.5 (+6%) 77.1 92.3 108.1 42.8 41.2 109.7 114.2 +4.5 (+4%) 52.8 CO2 (€/tn) 2 Day Ahead Market price (DAM) ( €/MWh) 4 Romania Energy markets remained volatile, with higher gas and carbon prices but lower Greek power prices TTF €42.8/MWh +4% y-o-y 1. Source: EEX TTF Daily Spot prices. 2. Source: ICE EUAs Daily Futures (Dec -25 & Dec-26 accordingly). 3. Source: HENEX. 4. Source: OPCOM. Note: The gas supply contracts in Greece are priced based on the previous month’s average on the TTF M+1, as published by ICIS Heren (“Heren Monthly indices”) Gas • Cold weather and faster storage withdrawals drove the sharp Q1 increase, amplified by geopolitical risks to LNG supply. • Prices declined in Q2 but remained supported by low European storage levels and global LNG uncertainty. H1-26 market trends EUAs €77.1/t +6% y-o-y Greece DAM €92.3/MWh -15% y-o-y Romania DAM €114.2/MWh +4% y-o-y EUAs • ETS reform speculation drove a sharp correction after January’s >€90/t peak. • Prices recovered in Q2 as the market refocused on tighter allowance supply and the phase-out of REPowerEU auctions. Power • Cold weather lifted January prices, before milder conditions and strong renewables drove a sharp correction. • In Q2, softer demand weighed on spot prices, while gas risks supported forwards. Day Ahead Market price (DAM) ( €/MWh) 3 Greece
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20H1 2026 results | August 2026 Strong financial performance driven by higher profitability 1. Analysis is provided in Alternative Performance Measures in the Appendix ΙΙ . 2. After Investments and Dividends. Revenues ( €bn) Key Highlights Romania Contribution: ~22% Adj. EBITDA 1 (€bn) Adj. Net income after minorities 1 (€bn) Investments (€bn) FCF2 (€bn) Net Debt (€bn) / Net Leverage Romania Contribution: ~22% H1 2025 H1 2026 1.3 1.4 3.2x 1.2x H1 2025 H1 2026 4.6 4.5 H1 2025 H1 2026 -0.50 -0.27 H1 2025 H1 2026 1.0 1.2 H1 2025 H1 2026 0.2 0.4 31.12.2025 30.06.2026 6.5 2.7 • Revenues marginally lower, mainly affected by lower consumption • Adj. EBITDA increased to €1.2bn, up by 24% y-o-y • Adjusted Net Income doubled to €0.4bn • FCF improved y-o-y, despite elevated investments and seasonal working capital movements • Leverage declined to 1.2x following the recent SCI also supported by higher profitability Key Financials
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21H1 2026 results | August 2026 Broadly stable revenues as international growth partly offset lower revenues in Greece H1 2025 H1 2026 4.6 4.5 -2% Total Revenues (€bn) Greece • Lower demand • Reduced generation from NII due to Crete interconnection Romania • Higher retail tariffs due to abolition of price caps • Higher DSO charges 72% 28% H1 2026 €4.5bn Greece International Revenue mix by geography Revenues marginally lower driven by:
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22H1 2026 results | August 2026 EBITDA growth driven by the integrated business, with a growing international contribution 0.34 0.66 H1 2025 0.20 Integrated Business 0.05 Distribution 0.38 0.86 H1 2026 Distribution Integrated Business 1.00 1.24 +24% Adj. EBITDA Evolution by Business (€bn) 77% 23% EBITDA contribution by geography Η1 2026 €1.2bn • EBITDA growth by 24% y -o-y, primarily driven by the Integrated Business • International operations contributed 23% of EBITDA, with Romania as the main driver Greece International
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23H1 2026 results | August 2026 Improved profitability across businesses and markets 0.66 H1 2025 0.13 Greece 0.07 International H1 2026 0.86 +30% Integrated business Adj. EBITDA evolution (€bn) Distribution Adj. EBITDA evolution (€bn) H1 2025 0.02 Greece 0.02 International H1 2026 0.34 0.38 +13% • Improved profitability in Generation due to greener energy mix Greece • Improved Retail profitability following the removal of tariff caps • Higher Generation profitability supported by stronger wind conditions Romania • Supported by revised network usage charges introduced in H2 2025 Greece • Driven by higher distribution charges, in line with plan Romania Integrated business Distribution
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24H1 2026 results | August 2026 Improved EBITDA-to-net income conversion with adjusted net income up by 92% 1. Analysis is provided in Alternative Performance Measures in the Appendix ΙΙ. Adj. EBITDA to Adj. Net Income after minorities (€m) 0.56 432 335 388 374 Adj. EBITDA 23Special items¹ EBITDA -560 -237Net financial expenses 5Adj. to minorities for Special items¹ Adj. Net Income after minorities -19Minorities Adj. Net Income Adj. to tax¹ -3 Adj. for Special items¹ 56 Net Income Tax -97 Profit before Tax D&A Other¹ -32 1,239 1,262 Adj. EPS (€) 0.95 +69% +92% 996 4 1,000 -558 -221 -4 217 -69 148 59 0 206 -21 11 195 • Adj. Net Income after minorities up by 92% to €374m • Higher D&A reflecting the expanded asset base • Higher net financial expenses due to higher average debt, despite lower financing costs • Adj. EPS up by 69% to €0.95 H1 2026 H1 2025
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25H1 2026 results | August 2026 1. Flexible generation includes, CCGT and conventional. 2. Renewables includes solar, wind, small hydro. Investments by Activity (€m) €1.4bn invested in networks, renewables and flexible generation 436 435 582 571 146 212 774743 H1 2025 7452 H1 2026 RES Distribution Flexible Generation Telecom Digitalization & AI Retail/E-mobility/Other1,301 1,421 46 +120 2 Investment focus : • 86% in Distribution, RES and Flexible Generation • 98% deployed in Greece and Romania 1 Investment Split by Geography 79% 19% 2% Greece Romania Other International
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26H1 2026 results | August 2026 Strong FFO supports accelerated investments, with FCF in line with plan Working capital evolution (€m)Free Cash Flow evolution (€m) Customer Trade Receivables CO2 effect Hedging Total 1 Other 1. Mainly relates to bad debt and Customer contributions for their connection to the Distribution network. 987 -265-7 Dividends Received Non Cash Items & Adjustments -122 Corporate Tax H1 2026 FCFΔ in WC Η1 2026 FFO -1,300 Capex & Acquisitions 51 Interest Received H1 2026 Recurring EBITDA -130 1,239 4 FY 2025 -26 +178 +101 +161 -91 H1 2026 +21 +211 -14 -122 -340 H1 2025 +271 -195 -452 -38 +23 Seasonal working capital outflow Reflecting redemption of securitisation program to be replaced in Q3 2026 with a new one with better terms… … partly offset by CO2 favourable seasonal effect €987m FFO Strong operating profitability €1.2bn cash flow from investing activities Accelerated plan execution - €265m FCF In line with plan Operating activities Investing activities
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27H1 2026 results | August 2026 Strong liquidity position Long-term debt¹ – key metrics Credit rating upgrades % 3.8% ▥ Long-term debt maturity profile¹ (€m) ✓ Well-spread maturity profile with no material concentration BB Stable Outlook Upgraded June 2026 Key upgrade drivers o Successful strategy execution and lignite phase-out o S&P: FFO/debt sustained above 15% o Fitch: deleveraging after a temporary 2028 peak 1.83.4€6.4bn Cash €11.6bn €5.2bn Available credit lines Ample liquidity headroom to support our growth plan €9.0 bn59% Fixed rate 41% Floating rate Weighted average cost of debt Stable vs 31 Dec 2025 % 2026 1,528 500 2027 - 2028 1,546 775 2029-2030 3,728 600 2031-2047 338 2,028 2,321 4,328 Bank Loans & Other (incl. Bond Loans with Greek Banks) Senior Notes €0.3bn Only maturing in 2026 BB Stable Outlook Upgraded July 2026 Greater scale, diversification and integration Renewables-led earnings growth and lower thermal exposure €4.5bn equity raise supporting credit metrics Stable Outlook underpinned by: 1. Excluding overdrafts / short term borrowings of € 260m Strong liquidity, balanced debt maturity profile and upgraded credit ratings
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28H1 2026 results | August 2026 Net leverage down to 1.2x providing significant headroom to fund our growth plan Net debt reduced to €2.7bn following the SCI Key highlights 1. LTM Jun. 2026 Adj. EBITDA stood at € 2.3 bn. 3.2x 1.2xNet Debt evolution (€bn) -0.99 FFO 1.30 Investments & acquisition costs Other 2.74 -4.30 Net Debt 30.06.2026 0.05 IFRS16 0.05 Financial Expenses 0.18 Corporate Tax 0.01 Interest & Dividend Received -0.06 6.48 Share Buy-Back Net Debt 31.12.2025 Incl. €4.5bn proceeds from SCI and Treasury shares placement Net debt/ LTM Adj. EBITDA 1 Net debt/ LTM Adj. EBITDA 1 Net Leverage declined to 1.2x, well below our 3.5x policy ceiling Strengthened balance sheet supports execution of the 2030 plan A stronger balance sheet today to deliver further growth tomorrow €2.7bn Net debt 30.06.2026 1.2x Net leverage 30.06.2026 3.5x Financial policy ceiling
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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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30H1 2026 results | August 2026 Solid H1 performance provides clear visibility on 2026 targets 1. Analysis for H1 2026 is provided in Alternative Performance Measures in the Appendix ΙΙ. Targets Reiterated Adj. EBITDA1 Adj. Net Income after minorities1 Dividend outlook ~50% of FY target €1.2bn H1 2026 ~€2.4bn FY 2026 ~55% of FY target €0.4bn H1 2026 ~€0.7bn FY 2026 €0.80 DPS 2026E +33% y-o-y from €0.60 in 2025
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31H1 2026 results | August 2026 Strong execution and financial capacity support the next phase of growth Accelerating growth and investments across Central and South- Eastern Europe ~€0.7bn Growing international contribution 23% International operations contributed of Group EBITDA RES growth pipeline ~81% Projects underway of 2030 target capacity secured 7.4 GW €1.4bn investments focused on renewables, flexible generation and distribution networks Strong earnings €0.4bn +24% y -o-y 2x y-o-y €1.2bn Adj. EBITDA Adj. Net Income Full Year 2026 targets well on track Adj. Net Income Strengthened balance sheet Post €4.5bn equity rase & placement of treasury shares
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32H1 2026 results | August 2026 Appendix I: ΚPIs and operational data Α
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33H1 2026 results | August 2026 Further improvement in key strategic areas of our activities Clean & resilient generation portfolio Modernizing our networks Customer centric retail services PPC strategic pillars Sustainability KPIs H1 2026 Δ vs H1 2025 RES capacity 7.3 GW +1.0 GW RES capacity on total 58% +7.5 p.p. RES production 5,825 GWh +2,674 GWh RES production on total 52% +20.3 p.p. CO2 emissions intensity (Scope 1) 1 0.35 tCO2/MWh -28% CO2 emissions (Scope 1) 1 3.9 MtCO2 -0.9 MtCO2 SAIDI (Greece/Romania) 60/35 mins +2/-1 mins SAIFI (Greece/Romania) 0.87/0.90 +0.2/-0.06 Total network length (Greece/Romania) 256/136 k km +2/+1 k km Online penetration/ myPPC app (Greece) 39% + 5.5 p.p. Online penetration/ myPPC app (Romania) 68% +3.3 p.p. Charging points installed (Greece & Romania) 4,735 +1,226 1. Refers to Scope 1 emissions arising from power generation installations covered by the EU ETS.
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34H1 2026 results | August 2026 ESG Ratings 2024 2025 BBB A 2025 2026 37.7 36.7 2025 2026 B B 42 50 2024 2025 [CCC – AAA][100 – 0 (Best)][D- - A] [0 – 100] 2024 2025 3.2 3.0 [0 – 5] [D- - A] 2025 2026 C+ Β- 57 65 2024 2025 [0 - 100] 91 97 2024 2025 [0 – 100] ESG ratings keep improving driven by Business Plan implementation and continuous engagement with all ESG rating agencies 44 51 2024 2025 S&P Global CSA S&P Global ESG
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35H1 2026 results | August 2026 Notes: 1. Including Large Hydro. 2. Only for NII. 3. Excluding generation from PPC’s participation in JVs. 21% 16%58% Gas Oil 5% Lignite RES MW GWh Overview of PPC’s Asset Portfolio in the region 52% 26% 9% 13% RES Natural Gas Oil Lignite H1 2026 Generation Mix 11,114 1 2 3 12,610 Installed Capacity as of 30.06.2026PPC’s Asset Portfolio in the region
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36H1 2026 results | August 2026 Notes: 1. Including Large Hydro. 2. Only for NII. 3. Excluding generation from PPC’s participation in JVs. 25% 18% 51% Gas Oil 6% Lignite RES MW GWh Overview of PPC’s Asset Portfolio (Greece) 46% 30% 10% 14% RES Natural Gas Oil Lignite H1 2026 Generation Mix 9,782 1 2 3 10,929 Installed Capacity as of 30.06.2026Greece - 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) BESS
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37H1 2026 results | August 2026 Source: Company Information. 86% 12% Wind Solar 2% Other1,247 22% 76% Solar Wind 2% Other MW GWh 1,561 Romania - Asset Portfolio Electricity distribution network Wind parks (WP) Photovoltaics (PV) BESS Hydro H1 2026 Generation Mix Installed Capacity as of 30.06.2026 Overview of PPC’s Asset Portfolio (Romania)
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38H1 2026 results | August 2026 Source: Company Information. Overview of PPC’s Asset Portfolio (Bulgaria & Italy) 38% 62% 48 Installed Capacity as of 30.06.2026 MW Solar Wind 53%47% 35 H1 2026 Generation Mix GWh Solar Wind 100% 71 Installed Capacity as of 30.06.2026 MW Solar 100% 50 H1 2026 Generation Mix GWh Solar Wind Bulgaria-Asset Portfolio Wind parks (WP) Photovoltaic Power Plant Italy-Asset PortfolioItaly-Asset Portfolio Photovoltaic Power Plant
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39H1 2026 results | August 2026 Appendix II: Definitions and reconciliations of Alternative Performance Measures (“APMs”) A
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40H1 2026 results | August 2026 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 30.06.2025, the special items that affected the Adjusted EBITDA are the following: a) a provision for employee severance incentive due to service termination amounting to € 23 million for the Group (negative impact) and b) the valuation of power purchase agreements amounting to € 27 million for the Group (positive impact). For the six-month period ended 30.06.2026, the special item that affected the Adjusted EBITDA is the valuation of power purchase agreements amounting to € 23 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, impairment loss on assets, depreciation from revaluation of fixed assets, foreign exchange losses on loans and borrowings, bargain gain from subsidiaries acquisition and the calculated tax on them have been excluded for the six-month periods ended 30.06.2025 and 30.06.2026. In addition, for the six-month period ended 30.06.2025, the gain from remeasurement of investment in associates and the tax on them have been excluded. The calculations are presented in Table D.
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41H1 2026 results | August 2026 Definitions and reconciliations of Alternative Performance Measures (“APMs”) (2/2) Adjusted net income/(loss) after minorities Adjusted net income/(loss) after minorities serves to better analyze the results of the Group, excluding the effect of minorities, and minorities on special items. The special item that affected Adjusted net income/(loss) after minorities for the Group for the six-month periods ended 30.06.2025 and 30.06.2026 was the gain from valuation of power purchase agreements. In addition, for the six-month period ended 30.06.2025 for the Group, the provision for employee severance incentive due to service termination also affected Adjusted net income/(loss) after minorities. 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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42H1 2026 results | August 2026 TABLE A - EBITDA (Operating income before depreciation amortization and impairment net financial expenses and taxes) Amounts in € m. 01.01-30.06.2026 01.01-30.06.2025 Total Turnover (1) 4,548 4,646 Less: Operating expenses before depreciation and impairment (2) 3,286 3,646 Payroll cost 500 534 Merchandise 276 271 Lignite 14 (2) Liquid fuels 186 301 Natural gas 317 462 Energy purchases 860 968 Materials and consumables 78 73 Transmission system usage 108 95 Distribution system usage 111 107 Utilities and maintenance 167 176 Third party fees 271 269 Emission allowances 301 333 Provisions/(reversal of provisions) for risks (14) (2) Provisions/(reversal of provisions) for impairment of inventories (4) 12 Provisions for expected credit losses 17 (42) Other income (101) (90) Οther expenses 199 181 EBITDA (Α) = [(1) - (2)] 1,262 1,000 GROUP
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43H1 2026 results | August 2026 TABLE B - Operating expenditure before depreciation and impairment without special items Amounts in € m. 01.01-30.06.2026 01.01-30.06.2025 Operating expenses before depreciation and impairment (2) 3,286 3,646 less special items: Provision for employee severance incentive due to service termination - 23 (Gain)/ Loss from valuation of power purchase agreements (23) (27) Operating expenses before depreciation and impairment without special items 3,309 3,650 GROUP
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44H1 2026 results | August 2026 TABLE C – Adj. EBITDA (Operating income before depreciation and impairment net financial expenses and taxes) Amounts in € m. 01.01-30.06.2026 01.01-30.06.2025 EBITDA (1) 1,262 1,000 Plus Special items (2): (23) (4) Provision for employee severance incentive due to service termination - 23 (Gain)/ Loss from valuation of power purchase agreements (23) (27) Adjusted EBITDA (3) = [(1)+(2)] 1,239 996 GROUP
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45H1 2026 results | August 2026 TABLE D – Adj. Net Income/(Loss) Amounts in € m. 01.01-30.06.2026 01.01-30.06.2025 NET INCOME AFTER TAX (A) 335 148 plus special items (1): (Gain)/ Loss from valuation of power purchase agreements (23) (27) Provision for employee severance incentive due to service termination - 23 plus other figures (2): Impairment loss on assets 29 1 Depreciation from revaluation of fixed assets 46 59 Foreign exchange losses on loans and borrowings 14 10 Bargain gain from subsidiaries acquisition (10) (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 losses on loans and borrowings/ Bargain gain from subsidiaries acquisition/ Gain from remeasurement of investment in associates (3) 3 0.4 Adjusted Net Income [(Α)+(1)+(2)-(3)] 388 206 GROUP
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46H1 2026 results | August 2026 TABLE E – Adj. Net Income/(Loss) after Minorities Amounts in € m. 01.01-30.06.2026 01.01-30.06.2025 Adjusted net income (Β) 388 206 minus: Minorities (1) 19 21 plus Adjustments to minorities for special items (2): Gain from valuation of power purchase agreements 5 15 Provision for employee severance incentive due to service termination - (5) Adjusted net income after minorities [(Β)-(1)+(2)] 374 195 GROUP
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47H1 2026 results | August 2026 TABLE F – Adj. Earnings per share 01.01-30.06.2026 01.01-30.06.2025 Adjusted Net Income after Minorities (1) (Amounts in € m.) 374 195 Over: Weighted average number of shares (2) (Amounts in m.) 395 347 Adjusted Earnings per share [(3)=(1)/(2)] (Amounts in €) 0.95 0.56 GROUP
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48H1 2026 results | August 2026 TABLE G – Net Debt Amounts in € m. 31.03.2026 30.06.2025 31.12.2025 Long-term borrowing 8,156 6,030 7,743 Current portion of long-term borrowing 619 1,096 553 Short-term borrowing 260 650 190 Cash and cash equivalents (6,390) (1,804) (2,077) Restricted cash (150) (133) (160) Financial assets measured at fair value through other comprehensive income (0.4) (0.3) (0.4) Unamortized portion of loans issuance fees and loan amendments IFRS 9 240 124 231 TOTAL 2,736 5,963 6,481 GROUP
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49H1 2026 results | August 2026 Glossary Adj. Adjusted ISS Institutional Shareholder Services AI Artificial Intelligence JV Joint Venture ANRE Romanian Energy Regulatory Authority k Thousands APM Alternative Performance Measures km Kilometer BESS Battery Energy Storage Systems KPIs Key performance indicators bn Billion LNG Liquefied Natural Gas CAPEX Capital Expenditure LTM Last twelve months CB Customer Base m Million CCGT Combined Cycle Gas Turbine mins Minutes CDP Carbon Disclosure Project MSCI Morgan Stanley Capital International CEO Chief Executive Officer MW Megawatt CFO Chief Financial Officer MWh Megawatt hour CO2 Carbon dioxide emissions NII Non Interconnected Islands D&A Depreciation and Amortization NPS Net Promoter Score DAM Day Ahead Market price o/w Of which DPS Dividend per Share OPCOM Romanian Electricity and Gas Market Operator DSO Distribution System Operator P&E Permitting & Engineering E expected p.p. Percentage Points EBITDA Earnings Before Interest, Taxes, Depreciation, and Amortization PF Pro Forma EEX European Energy Exchange PPC Public Power Corporation EPS Earnings Per Share PV Photovoltaics ESG Environment Social Governance Q1 First Quarter ETS Emissions Trading System Q2 Second Quarter EU European Union RES Renewable Energy Sources EUA European Union Allowances RTB Ready-to-Build FCF Free Cash Flow S&P Standard & Poor’s FFO Funds From Operations SAIDI System Average Interruption Duration Index FiP Feed-in Premium SAIFI System Average Interruption Frequency Index FTTH Fiber to the Home SCI Share Capital Increase FY Full Year ton/tn/t Tones GW Gigawatt TP Tender Process GWh Gigawatt hour TTF Title Transfer Facility H1 First Half TWh Terrawatt hour H2 Second Half U/C Under Construction HENEX Hellenic Energy Exchange VAS Value Added Services ICE Intercontinental Exchange WC Working Capital IFRS International Financial Reporting Standards WP Wind Parks incl. including y-o-y Year on Year IPTO Independent Power Transmission Operator Δ Delta
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50H1 2026 results | August 2026 IR Contacts What’s next? Stay informed on PPC or request to be added to IR distribution list IR team - contact us Date Event 17.11.2026 Announcement of the 9M 2026 financial results 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