Public Power Corporation (PPC) Q4 2025 earnings summary

Executive summary

• Achieved strong financial results in FY 2025, meeting targets for profitability and shareholder returns.

• Investments of €2.8bn focused on renewables, flexible generation, and distribution, supporting future growth.

• Significant progress in RES capacity, with 1.7GW added in 2025 and lignite phase-out underway.

• Retail and distribution segments remained resilient despite softer demand and increased competition.

Financial highlights

• Revenues rose 8% year-over-year to €9.7bn, driven by higher power prices and Kotsovolos contribution.

• Adjusted EBITDA increased 13% to €2.0bn; adjusted net income after minorities up 23% to €0.45bn.

• Adjusted EPS grew 24% year-over-year to €1.29.

• Free cash flow remained negative due to high investment levels.

• Net debt increased to €6.5bn, with leverage at 3.2x, below the 3.5x ceiling.

Outlook and guidance

• Confident in achieving 2026 targets: adj. EBITDA €2.4bn, adj. net income after minorities €0.7bn, and DPS €0.80.

• Additional 1.8GW RES in execution for 2026, with 86% of 2028 target capacity already secured.

• Full lignite phase-out expected by end of 2026.