Public Power Corporation (PPC) Q3 2025 earnings summary

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.