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Public Power Corporation (PPC) investor relations material
Public Power Corporation Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong nine-month 2025 results: adjusted EBITDA of €1.7bn (+24% YoY), net income after minorities €406m (+68% YoY), and reaffirmed full-year targets with higher dividend per share.
Investments reached €1.9bn, with 88% directed to renewables, flexible generation, and distribution; free cash flow at -€1bn due to high CapEx.
Vertically integrated model, regional expansion in Southeast Europe, and focus on clean energy, digitalization, and customer-centricity drive resilience and growth.
Total shareholder return of 168% over three years, outperforming sector benchmarks.
ESG rating upgraded to "A" by MSCI, reflecting improvements in renewables, water and waste management, and governance.
Financial highlights
Revenues increased 10% year-over-year to €7.3bn for 9M 2025, with 76% from Greece and 24% international.
Adjusted EBITDA: €1.7bn (+24% YoY), 80% from Greece, 20% international.
Adjusted net income after minorities: €406m (+68% YoY); adjusted EPS: €1.16 (+74% YoY).
Net debt at €6.7bn (Sep 2025), net debt/EBITDA at 3.1x, below 3.5x ceiling.
Free cash flow: -€1.0bn, reflecting high investment and seasonal working capital effects.
Outlook and guidance
FY2025 targets reaffirmed: adjusted EBITDA €2bn, adjusted net income after minorities above €0.4bn, DPS €0.60.
€10bn CapEx planned over next three years, with 58% allocated to renewables and flexible generation.
No equity increase needed; funding from operating cash flows and €3bn new debt.
Lignite/coal phase-out by end-2026; renewables capacity to reach 12.7GW by 2028 (77% of mix).
Plans to distribute a dividend of €0.60/share for 2025, a 50% increase over 2024.
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