Earnings release
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ppc Press Release • • • • Continued strong growth in H1 2026 with Adjusted EBITDA at € 1.2bn August 5th , 2026 Investments at € 1.4 bn with 86 % allocated in RES , flexible generation and distribution RES installed capacity at 7.3GW and 7.8 GW in August 2026 on a pro forma basis , with additional projects of 7.4GW in the Under Construction or Ready to Build stage RES generation at 52 % of PPC's total energy mix CO2 emission intensity from power generation decreased by 28 % to 0.35 tons CO2 / MWh in H1 2026 from 0.49 tons CO2 / MWh last year Strengthening of financial position with Net Leverage ratio declining to 1.2x following the recent Share Capital Increase Agreements to enter the Hungarian and Polish markets through the acquisition of operational RES portfolios and projects under development Outlook for 2026 reiterated with expected adjusted EBITDA at € 2.4 bn Key Financials Revenues ( € bn ) 4.6 Adj . EBITDA¹ ( € bn ) Adj . Net Income after Minorities¹ ( € bn ) 4.5 1.2 0.4 1.0 0.2 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Investments ( € bn ) 1.3 Net Debt¹ ( € bn ) Net Debt / EBITDA 1.4 6.5 3.2x 2.7 1.2x H1 2025 H1 2026 31.12.2025 30.06.2026 2025 LTM Jun . 2026 1 Analysis is provided in Alternative Performance Measures in the Appendix II . 1
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2 Highlights of H1 2026 PPC recorded strong performance in the first half of 2026, with Adjusted EBITDA at €1.2 bn and Adjusted Net Income after minorities at €0.4 bn. The strong profitability reflects the resilience of the Group's integrated business model and the growing contribution of investments made in recent years. Group's investments stood at €1.4 bn, focused on Renewable Energy Sources (RES) projects, flexible generation , and the upgrading of distribution networks . Investment activity is expected to accelerate in the second half of the year, in line with the implementation schedule of the Group's investment plan. The installed capacity of RES stood at 7.3 GW at the end of H1 2026, increasing by 1GW year-on-year, now representing 58% of the Group’s total installed capacity. During Η1 2026, the construction of two battery energy storage stations (BESS) in Florina with a total capacity of 98 MW, a hyb rid PV and storage project in Astypalaia as well as a 22 MW solar park in Italy was completed. Development continued after the reporting period, with the completion of two solar parks in Romania and Bulgaria, with a total capacity of 151 MW. In recent months, the Group also entered into a series of agreements that strengthen its presence in Greece and accelerate its expansion in Central and Southeastern Europe. In Greece, it reached an agreement with MORE to acquire six operational wind farms with a total capacity of 107 MW, as well as the remaining 51% stake in PV development companies with a total capacity of 1,175 MW, in which it already held 49%. In Hungary, the Group agreed with Greenvolt to acquire a 57.5 MW solar park, with an option to acquire an adjacent 49 MW 4-hour BESS project. In Poland, it signed an agreement with EDP Renewables for the acquisition of an operat ing portfolio of wind and solar assets totaling approximately 175 MW, as well as 102 MW of solar projects under development. These agreements, which are subject to customary closing conditions, represent important steps toward s the creation of an integrated regional clean energy platform and further strengthen the geographical and technological diversification of the Group’s generation portfolio. Taking into account the addition of the new solar parks after the reporting period, as well as the aforementioned agreements, RES installed capacity stood at 7,8 GW in August 2026 on a pro forma basis. In parallel, projects totaling 7. 4 GW are currently under construction, ready -to- build, or in the tender process, providing strong visibility for further growth of the RES portfolio and the achievement of the Group's 2030 targets.
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3 Financial Performance Adjusted EBITDA increased to €1.2 bn from €1.0 bn. while Adjusted Net Income after minorities stood at €0.4 bn from €0.2 bn2. The Leverage ratio (Net Debt/EBITDA) stood at 1.2x, significantly below the Group’s financial policy threshold of 3.5x. Enhanced liquidity following the recent Share Capital Increase further strengthened the Group's financial flexibility, despite high investment levels, with net debt amounting to €2.7 bn on 30.06.2026. Outlook for 2026 The targets are reaffirmed with A djusted EBITDA at €2.4 bn and Adjusted Net Income after minorities at €0.7 bn, and dividend distribution of €0.80/share. 2 Analysis is provided in Alternative Performance Measures in Appendix ΙΙ.
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4 Commenting on the results, Mr. Georgios Stassis, Chairman and Chief Executive Officer of Public Power Corporation S.A. said: “The first half of 2026 confirms the momentum and resilience of PPC’s business model. We delivered strong operating profitability, continued to increase the contribution from investments made in previous years, and made tangible progress in our transition t owards a cleaner, more flexible and geographically diversified generation portfolio. Following the successful share capital increase, we are beginning the implementation of our new investment plan through 2030 with a significantly strengthened capital base. Upon completion of the recent acquisition agreements, our renewable capacity will reach 7.8 GW, while an additional 7.4 GW of projects are under construction or at an advanced stage of development. The agreements supporting our entry into the Hungarian and Polish markets represent the first concrete steps towards further strengthening our presence across Central and Southeast Europe. We reaffirm our financial targets for 2026 and continue to advance steadily towards our vision of a stronger and more competitive PPC, with a leading role in the energy transition of the wider region.”
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5 Further analysis per business activity Retail Electricity demand i n Greece in H1 2026 declined by 1.5% compared to the same period of 2025 , mainly due to the milder weather conditions in June 2026 . I n Romania, demand decreased by 2.5%3, primarily reflecting the milder weather conditions in Q2 2026. The average retail market share of PPC in Greece shaped at 49% (from 50% in H1 2025). In the Interconnected System, the market share stood at 49% in June 2026 (from 50% in June 2025). The market share per voltage type was 14% in High Voltage (from 16%), 3 6% in Medium Voltage (from 3 5%) and 6 3% in Low Voltage (from 62%)4. In Romania, PPC’s average market share in electricity sales stood at 14%, compared with 16% in the same period of 2025, in a more competitive retail environment5. Generation The Group's total electricity generation increased by 1.3 TWh to 11.1 TWh in H1 2026, of which 1.3 TWh came from international operations. RES generation increased significantly to 5.8 TWh, from 3.2 TWh in H1 2025, representing 52% of total Group output, compared to 32% in the same period last year. This increase was mainly driven by higher output from large hydro plants, which grew by 156% due to favorable hydrological conditions primarily in the first quarter. At the same time , wind generation grew by 16%, and solar generation increased by 36%, supported by new capacity additions despite lower irradiance levels in Romania. The growth in RES output, combined with lower thermal generation, led to a significant shift in the Group's energy mix. Specifically, gas generation dropped to 2.9 TWh from 3.7 TWh, and oil generation fell to 1.0 TWh from 1.6 TWh, primarily due to the electrical interconnection of Crete with mainland Greece. Lignite generation remained stable at 1.4 TWh. The shift in the energy mix led to a further improvement in the Group's environmental footprint. CO₂ emissions from power generation decreased by 18% to 3.9 m tons, while emissions intensity declined to 0.35 tons CO₂/MWh, from 0.49 tons CO₂/MWh in H1 2025. The Group's market position in generation remained practically stable. In Greece, the average market share in electricity generation stood at 31%, while in Romania, the average market share in RES generation was maintained at 23% 6. 3 Estimation based on data from Transelectrica 4 Based on data from EnEx 5 Estimation based on data from ANRE 6 Actual figures for H1 2025 and provisional data for H1 2026
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6 Distribution With investments amounting to €0.6bn in H1 2026, the Group further advanced the modernization, digitalization, and resilience of its d istribution networks across Greece and Romania. SAIDI in Greece, stood at 60 minutes (from 58 minutes) and SAIFI at 0.87 times (from 0.72 times), despite the impact from network faults in Western Greece, following adverse weather events in the first quarter of 2026. In Romania, SAIDI improved to 35 minutes (from 36 minutes) and SAIFI also improved to 0.9 0 times (from 0.96 times). The Group's ongoing investments focus on upgrading operational efficiency, enhancing resilience and further digitizing distribution networks. At the same time, progress continued on the installation of smart meters. Smart meter penetration is steadily improving to 23% in Greece (from 16 %) and 63 % in Romania (from 58 %), enhancing the digital capabilities of the networks and enabling more efficient grid management7. Telco PPC FiberGrid has developed the second -largest Fiber -to-the-Home (FTTH) network in Greece, with a footprint of 2.05 million households and businesses, compared to 1.3 m at the end of H1 2025. More than 1.3 m are already ready-for- service, with a target to cover over 3.8 m by the end of 2028. In June, PPC and Vodafone Greece signed a non-binding term sheet to explore the creation of a joint venture combining the operations of PPC FiberGrid and Fiber2All. E-mobility PPC maintains the largest public charging network in Greece while expanding its footprint in Romania. At the end of H1 2026, the network across both countries reached 4,735 charging points, recording an annual increase of 35%. 7 Actual figures for H1 2025 and provisional data for H1 2026
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7 For further information please contact: Investor Relations Division 30, Chalkokondyli str., 104 32 Athens Τ: +30 210 529 2153 +30 210 529 3665 +30 210 529 3207 ir@ppcgroup.com Media Relations PPC Group 32, Chalkokondyli str., 104 32 Athens Τ: +30 210 523 1807 +30 210 529 3404 +30 697 270 7713 information@ppcgroup.com The Press Release is available on PPC’s website (ppcgroup.com) in the “Investor Relations” section. About Public Power Corporation S.A. PPC is the leading South-East European integrated utility Group, with activities in electricity generation and distribution as well as the sale of advanced energy products and services in Greece, Romania and North Macedonia, while also expanding its Renewables footprint in Italy, Bulgaria and Croatia. PPC has a total installed capacity of 12.6 GW, consisting of thermal, hydro and Renewables installations with a total annual generation amounting to approximately 22 TWh, while its distribution networks represented a total Regulated Asset Base of € 5.7bn at the end of 2025. PPC Group is the leading energy supplier in Greece and Romania, servicing 8.6 m customers in total, providing them with approximately 31 TWh of electricity and a wide range of Value Added Services. PPC was founded in 1950 and is listed in the Euronext Athens since 2001. Disclaimer Certain information contained in this announcement, 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 fut ure events. 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. 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 CO 2 emission rights, (v) changes in the market, legal, regulatory, fiscal and task 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, a nd 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 announcement. 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 announcement.
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8 APPENDIX I - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statement of Financial Position ( Condensed) 8 8 Restated figures compared to those published on 31.12.2025 (Analysis is provided in Note 6 of the H1 2025 Financial Report) (in €m) 30.06.2026 31.12.2025 ASSETS Non – Current Assets: Property, plant and equipment, net 17,946 17,362 Intangible assets, net 1,201 1,032 Deferred tax asset 528 614 Other non- current assets 1,075 1,130 Total non-current assets 20,749 20,138 Current Assets: Inventories 1,400 1,353 Trade receivables 1,699 1,675 Cash and cash equivalents and Restricted cash 6,752 2,460 Other current assets 2,577 2,838 Total Current Assets 12,429 8,327 Total Assets 33,178 28,464 EQUITY AND LIABILITIES EQUITY: Total Equity attributable to owners of the Parent 9,384 5,158 Non-Controlling interests 958 983 Total Equity 10,342 6,141 Non-Current Liabilities : Long - term borrowings 8,156 7,743 Provisions 705 651 Financial liability from NCI Put option 1,520 1,502 Other non-current liabilities 4,638 4,698 Total Non-Current Liabilities 15,019 14,595 Current Liabilities: Trade and other payables 2,519 2,553 Short – term borrowings and Current portion of long - term borrowings 879 744 Other current liabilities 4,418 4,432 Total Current Liabilities 7,817 7,729 Total Equity and Liabilities 33,178 28,464 GROUP 8 8 8 8
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9 Consolidated Income Statement (Condensed) (in €m - except share and per share data) 01.01.2026- 30.06.2026 01.01.2025- 30.06.2025 Δ Δ% REVENUES: Revenue from energy sales 3,405 3,455 (51) -1% Revenue from natural gas sales 126 129 (3) -2% Other sales 1,017 1,062 (45) -4% Total 4,548 4,646 (98) -2% EXPENSES: Payroll cost 500 534 (35) -6% Merchandise 276 271 5 2% Liquid Fuels 186 301 (115) -38% Natural Gas 317 462 (146) -32% Depreciation and amortization 560 558 2 0% Energy purchases 860 968 (107) -11% Emission allowances 301 333 (32) -9% Provisions for expected credit losses 17 (42) 58 - Financial (income)/expense, net 237 221 16 7% Impairment loss on assets, bargain purchase gain and (Gain)/Loss from remeasurement of investment in associates 19 (7) 26 - (Gains)/losses from associates (1) (5) 3 75% Other (income) / expenses, net 843 834 9 1% Total 4,115 4,429 (314) -7% PROFIT/(LOSS) BEFORE TAX 432 217 216 100% Income tax (97) (69) (28) -41% NET PROFIT / (LOSS) 335 148 187 127% Shareholders of the company 316 126 Non – controlling interests 19 21 Earnings / (Losses) per share, basic and dilluted 0.80 0.36 Weighted average number of shares (in m.) 395.2 347.3 GROUP Attributable to:
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10 Consolidated Cash Flow Statement (Condensed) (in €m) 01.01.2026- 30.06.2026 01.01.2025- 30.06.2025 Cash Flows from Operating activities Profit / (Loss) before tax 432 217 Adjustments: Depreciation and amortization 524 531 Unbilled revenue 43 47 Other adjustments 109 18 Operating profit/(loss) before working capital changes 1,109 812 (Increase)/decrease in: Trade receivables (58) (75) Inventories (45) (67) Increase/(decrease) in: Trade payables (364) (269) Proceeds from long-term contract liabilities 91 90 Other receivables/payables 247 114 Net Cash from / (used in) Operating Activities 979 604 Cash Flows from Investing Activities Interest and dividends received 55 69 Capital expenditure for property, plant and equipment and intangible assets (1,127) ( 1,074) Investments in subsidiaries and associates (10) (1) Proceeds from subsidies and the sale of subsidiary - 0.3 Acquisition of subsidiaries net of cash acquired and loans receivable from former shareholder, loans granted to associates, proceeds from de crease of investments in associates and purchase of financial instruments (163) ( 95) Net Cash from/ (used in) Investing Activities (1,245) (1,101) Cash Flows from Financing Activities Net change in short-term borrowings (20) 426 Proceeds from long-term borrowing 1,378 876 Principal payments of long-term borrowing (921) (675) Principal lease payments of right-of-use assets (53) (39) Interest paid and loans’ issuance fees (180) (187) Dividends paid (42) (30) Treasury shares 197 (66) Share capital increase including expenses 4,231 - Net Cash from / (used in) Financing Activities 4,590 305 Net increase / (decrease) in cash and cash equivalents 4,324 (191) Cash and cash equivalents at the beginning of the period 2,077 1,999 Net foreign exchange difference (12) (3) Cash and cash equivalents at the end of the period 6,390 1,804 GROUP
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11 APENDIX ΙΙ Definitions and reconciliations of Alternative Performance Measures (“APMs”) ALTERNATIVE PERFORMANCE MEASURES (“APMs”) The Group uses Alternative Performance Measures ( “APMs") in taking decisions relating to its financial operational and strategic planning as well as for the evaluation and publication of its performance. These APMs serve to better understand the Group’s financial and operating results its financial position and cash flows. Alternative indicators (APMs) should always be read in conjunction with the financial results that have been prepared in accordance with IFRS and in no way replace them. Alternative Performance Measures (“APMs”) In discussing the Group’s performance “adjusted” measures are used such as: Adjusted EBITDA without special items, Operating expenditure before depreciation and impairment without special items, Adjusted net income/(loss) without special items as well as Adjusted net income/(loss) after minorities without special items. These adjusted measures are calculated by deducting from performance measures directly derived from amounts of the annual or interim financial statements, the effect and costs arising from e vents which have occurred during the reporting period and which have not affected the amounts of previous periods. 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 seve rance 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
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12 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. 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 severa nce incentive due to service termination also affected Adjusted net income/(loss) after minorities. The calculations are presented in Table E . 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 F.
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13 Amounts in € mil. 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 Cost of 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 Reversal of provisions for risks (14) (2) Provisions/(reversal of provisions) for impairment of inventories (4) 12 Provisions/(reversal of provisions) for expected credit losses 17 (42) Other income (101) (90) Οther expenses 199 181 EBITDA (Α) = [(1) - (2)] 1,262 1,000 TABLE A - EBITDA (Operating income before depreciation amortization and impairment net financial expenses and taxes) GROUP Amounts in € mil. 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 from valuation of power purchase agreements (23) (27) Operating expenses before depreciation and impairment without special items 3,309 3,650 GROUP TABLE B - Operating expenditure before depreciation and impairment without special items
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14 Amounts in € mil. 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 from valuation of power purchase agreements (23) (27) Adjusted EBITDA (3) = [(1)+(2)] 1,239 996 TABLE C - Adjusted EBITDA (Operating income before depreciation and impairment net financial expenses and taxes) GROUP Amounts in € mil. 01.01-30.06.2026 01.01-30.06.2025 NET INCOME AFTER TAX (A) 335 148 plus special items (1): Gain 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 TABLE D - Adjusted net income/(loss)
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15 Amounts in € mil. 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 Table E - Adjusted net income/(loss) after minorities GROUP Amounts in € mil. 30.06.2025 31.12.2025 Long-term borrowing 6,030 7,743 Current portion of long-term borrowing 1,096 553 Short-term borrowing 650 190 Cash and cash equivalents (1,804) (2,077) Restricted cash (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 9 124 231 TOTAL 5,963 6,481 2,736 240 260 (150) 619 (6,390) 30.06.2026 8,156 GROUP TABLE F – NET DEBT