In the first quarter of 2025 the Group’s customized EBITDA PPC It stood at € 0.45 billion, affected by seasonal events, according to the announcement.
Specifically, the non -favorable hydrological conditions in Greece, as well as the weaker wind conditions in Greece and Romania, have led to reduced production from renewable energy (RES) throughout the PPC Group’s portfolio.
In addition, profitability was also negatively affected by the lower revenue of distribution activity in Greece due to the delay in implementing the new distribution network and seasonal profitability charges. This trend is expected to be reversed in the second semester.
The total investments amounted to EUR 0.48 billion, with the majority of them, and in particular 89%, involving investment in RES projects, flexible production and distribution of electricity, based on the strategic objectives set by the Group to create a net and flexible power portfolio and power portfolio.
The installed RES power was 6.2GW at the end of the first quarter of 2025, including approximately 0.7GW projects, which was completed within the quarter, with a significant rise from 4.7GW at the end of the corresponding quarter of 2024. or even in the contest (tender submission).
At the same time, the second phase of the construction of the large 490 MW photovoltaic station in Megalopolis, a project that leads to the transformation of the former lignite areas into a green energy junction, began in March. Specifically, following the 125 MW that is already under construction (first phase), which is expected to be completed in 2025, the construction of an additional 125 MW (second phase) began, with the third phase of the project to build a total power of 240 MW, expected to begin in 2026.
In addition, the construction of two new Energy Storage Stations (Bess) in Western Macedonia has begun. This is the “Meliti 1” station totaling 48 MW and a capacity of 96 MWh, which will be built near photovoltaic stations developed by PPC in Western Macedonia.
The second is Ptolemais 4 with a total installed power of 50 MW and a capacity of 100 MWh in the Ptolemais mines. The aim is to optimize the management of the production of RES stations, to maximize their contribution and to make the most of the power output potential by RES, while contributing to the stability of the electricity system. In this context, and according to the investment plan for the three -year 2025–2027, the Group is planning the operation of 600 MW of a total power storage projects, which are already in different stages of development in Greece and Southeast Europe.
Lignite production in the first quarter 2025 remained virtually at the same level as the first quarter of 2024 and was 1.1 TWh. At the same levels as the corresponding period of 2024, production by RES remained, as a significant reduction of 240GWH (-27%) was recorded in large hydroelectric production due to reduced inputs in reservoirs.
In addition, wind production was largely affected by weak wind conditions, demonstrated by reduced wind speed by 6% in Greece (7.25 AVG. M/sec from 7.70 AVG. M/sec) and 8% in Romania (6.29 AVG. M/sec of 6.81 AVG. M/sec). As a result, RES production was 1.5 TWH and accounts for 27% of PPC’s total production.
At the same time, natural gas production was up 69% compared to the first quarter of 2024, mainly due to the highest demand for electricity recorded in Greece, as well as the significantly increased export balance – imports to the country (increased exports while reducing imports).
The progress of the PPC Group in the creation of a clearer portfolio of units is also reflected in the scores it receives from international organizations and evaluation agencies in ESG issues and sustainability practices. Specifically, following the improvement of PPC’s score on the CDP index in “B” at the beginning of the year, two new ESG upgrades were added to add. Specifically:
- by the internationally recognized ISS organization who upgraded PPC’s overall evaluation of “C+” from “C” and
- From S&P Global, where PPC has risen to both the CSA-Corporate Sustainability Assessment (in 42 of 25) and ESG Rating (in 44 of 37).
Financial performance
Customized profits before interest, tax and depreciation (EBITDA) stood at € 0.45 billion, while customized net profit after deducting minority rights stood at € 0.77 billion.
Strong financial position despite high investment. The net debt index/EBITDA stood at 2.9x, well below the 3.5x threshold set by PPC, with net lending stood at € 5.2 billion at 31.03.2025, with no significant change compared to the end of 2024.
Proposal for dividend distribution of € 0.40/share (in which the exception of the same shares acquired by PPC and are not entitled to a dividend) at the Regular General Meeting of shareholders on June 25, 2025, is set on July 2125.
Prospects for 2025
PPC continues to build RES projects aimed at further increasing installed power and confirms the targets for 2025, for customized EBITDA of EUR 2 billion, adjusted net profits after deducting minority rights above € 0.4 billion and distribution of € 0.60% (€ 140%).
Commenting on the results, George Stassis, President and CEO of PPC stated:
“The results of the first quarter highlight the value and durability of our integrated business model, which continues to act as a natural risk offset – mitigating the negative effects of market volatility and operating challenges. Despite the non -favorable hydrological and wind conditions that influenced RES production in the first trimester and seasonality in distribution activity, our performance remains durable and within our goals.
We continued implementing our strategic plan, investing 0.5 billion euros in the first quarter, awaiting acceleration of investments in the next quarters. Particularly important was the addition of 0.7GW of new renewable power installed, with several emblematic projects proceeding according to our design. This progress confirms our commitment to further strengthening our position in the energy transition.
At the same time, we are steadily moving towards achieving the goal for complete detachment from lignite to 2026, in complete alignment with the targets of reflection and the long -term sustainability strategy of the group.
We expect a stronger performance in the next quarters and in this context we confirm our 2025 targets for EBITDA 2 billion euros and net profit of more than 0.4 billion euros. “