Public Power Corporation (PPC) Corporate Presentation summary

Company overview and strategic direction

• Leading energy utility in Greece and Romania, serving 8.7 million customers and holding top market positions in both countries.

• Integrated model spans generation, distribution, and retail, with a focus on renewables and grid modernization.

• Transformation since 2021 includes phasing out lignite, expanding RES capacity, and acquiring Enel Romania.

• Targeting 13.1GW installed capacity by 2026, with 68% from clean energy and coal-free operations from 2026.

• Committed to net zero by 2040, with emissions reduction targets aligned to SBTi 1.5°C pathway.

Financial performance and outlook

• H1 2024 adjusted EBITDA reached €0.93bn, up €0.3bn year-on-year, driven by higher DSO contribution and Romania acquisition.

• 2024 guidance reaffirmed: €1.8bn adjusted EBITDA and ~€0.35bn adjusted net income after minorities.

• 2023 recurring pro-forma EBITDA was €1.5bn, with net leverage at 2.0x, expected to rise to 3.3x by 2026.

• Investment plan of €9bn for 2024-2026, mainly funded by FFO, focused on RES (44%), distribution (27%), and flexible generation (12%).

• Dividend payout ratio set at 35-55% for 2024-2026, with a goal to achieve investment grade metrics by 2027-2030.

Renewable energy and decarbonization

• RES capacity at 4.7GW in H1 2024, with 3.3GW under construction or ready to build; 80% of 2026 target secured.

• Major projects underway in Greece and Romania, including large PV and wind parks and joint ventures with RWE, Intrakat, and Motor Oil.

• Acquisition of 629MW operating renewables in Romania from Macquarie, reinforcing leading RES position.

• Lignite output reduced to 16% of energy mix in H1 2024; full coal exit by 2026.

• Scope 1 emissions intensity down 20% year-on-year; 74% reduction targeted by 2030.