Public Power Corporation S.A.

For full-year 2025, PPC reported revenue of EUR 9.7 billion, up 8% year over year; adjusted EBITDA of EUR 2.0 billion, up 13%; and adjusted net income after minorities of EUR 448 million, up 23% year over year. EPS increased 24% year over year, helped by the buyback program. CapEx was EUR 2.8 billion, down 9% year over year, and net debt was EUR 6.5 billion with net debt/EBITDA at 3.2x. Looking ahead, management guided to 2026 adjusted EBITDA of EUR 2.4 billion, adjusted net income above EUR 700 million, EPS of EUR 2.1, and a dividend of EUR 0.80 per share; they also said net debt could rise to about EUR 7.5 billion to EUR 7.7 billion and leverage could stay around 3.3x to 3.4x.

Georgios Stassis framed 2025 as another year of strategic execution, highlighting the company’s transformation toward renewables, flexible generation and grid investment. He emphasized that 80% of total capacity is now renewables and flexible generation, lignite phaseout is near completion, and the last lignite unit should cease operation by end-2026. His tone was confident and upbeat, with repeated remarks that 2026 is “secured” and that the group is working toward 2027 and 2028 targets.

Konstantinos Alexandridis focused on the financial bridge: revenue rose 8% to EUR 9.7 billion, adjusted EBITDA was EUR 2.0 billion, and adjusted net income was EUR 448 million. He said investments totaled EUR 2.8 billion, 87% of which went to distribution networks, renewables and flexible generation, while free cash flow was supported by EUR 1.9 billion of FFO and a EUR 161 million working-capital benefit. He also noted liquidity of $4.6 billion in undrawn committed lines, average cost of debt of 3.8%, and a green bond issued in October 2025 for EUR 775 million at a 4.25% coupon, with the credit profile at BB- and S&P outlook positive.

Analysts focused on energy-price shocks, LNG disruption, political pressure on power prices, 2026 capex/debt, hydropower, data centers, Ptolemais 5, and retail hedging. Management said it has no physical delivery exposure to the Middle East, that its fixed retail customers are fully hedged and fixed volumes are around 20% of sold volumes, and that current gas-price levels are far below the EU crisis threshold. PPC also reiterated that 2026 capex remains on plan, net debt could reach EUR 7.5 billion to EUR 7.7 billion, Ptolemais 5 is planned to convert to gas and operate from 2028, and data-center talks with hyperscalers are progressing but are not finalized.