Public Power Corporation (PPC) Q4 2025 earnings summary

Executive summary

• Achieved strong financial results in 2025, with adjusted EBITDA up to EUR 2 billion and net income at EUR 0.45 billion, reflecting successful transformation and growth initiatives.

• Investments reached EUR 2.8 billion, primarily allocated to renewables, flexible generation, and distribution, supporting future profitability and growth.

• Significant progress in renewables, with 1.7 GW added in 2025 and lignite phase-out at its final stage.

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

• Dividend distribution increased, with a plan to reach EUR 1.2 per share by 2028.

Financial highlights

• Adjusted EBITDA rose 13% year-over-year to EUR 2 billion, driven by higher power prices and integrated activities in Greece and Romania.

• Adjusted net income post minorities increased 23% to EUR 0.45 billion; EPS up 24% due to share buybacks.

• Total revenue grew 8% to EUR 9.7 billion, mainly from energy sales and Kotsovolos operations.

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

• Net debt at EUR 6.5 billion, with net debt/EBITDA at 3.2x, below the 3.5x ceiling.

Outlook and guidance

• 2026 guidance: adjusted EBITDA expected at EUR 2.4 billion, adjusted net income above EUR 700 million, and EPS of EUR 2.1 (58% increase vs. 2025).

• Dividend policy targets EUR 0.80 per share in 2026, a 33% increase.

• CapEx for 2026 confirmed at EUR 3.8 billion, with 1.8 GW of new renewables targeted.

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

• Net debt expected to rise to EUR 7.5–7.7 billion, with leverage at 3.3–3.4x.