Public Power Corporation (PPC) Q2 2025 earnings summary

Executive summary

• Adjusted EBITDA reached €1 billion in H1 2025, up 7% year-over-year, driven by strong Q2 performance, renewables expansion, and integrated business improvements.

• Investments totaled €1.3 billion in H1 2025, with 90% allocated to renewables, flexible generation, and distribution.

• Renewables installed capacity reached 6.3 GW, with 0.9 GW entering construction in Q2 2025; renewables now comprise 50% of total capacity and 32% of the energy mix.

• Lignite's share in the energy mix declined to 14%, with a full phase-out targeted for 2026.

• ESG profile improved, recognized by multiple agencies, reflecting progress in decarbonization and community engagement.

Financial highlights

• H1 2025 revenues rose 15% to €4.6 billion, mainly from higher energy sales and power prices.

• Adjusted EBITDA was €1 billion (+7% year-over-year), with 81% from Greece and 19% from international operations.

• Adjusted net income after minorities was €0.20 billion, up 9% year-over-year.

• Net debt stood at €6 billion as of June 30, 2025, with net debt/EBITDA at 3.2x.

• Free cash flow was negative due to accelerated investments and seasonal working capital effects.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: €2 billion adjusted EBITDA, over €0.4 billion adjusted net income, and dividend per share of €0.60.

• EPS expected to exceed €1.1, up more than 11% from 2024.

• Net leverage projected at 3.3x by year-end, remaining below the 3.5x ceiling.

• Commitment to steady dividend growth and new share buyback program up to 10% of share capital.

• Further acceleration of investments and renewables roll-out expected in H2 2025.