Public Power Corporation (PPC) delivered exceptional performance in the first half of 2025, with second quarter results exceeding those of the first quarter as expected, following improved wind conditions that contributed to increased production from wind farms, as well as overall improvement in its vertically integrated operations. Notably, adjusted EBITDA reached €1 billion in H1 2025, recording a 7% increase compared to the same period last year.
Read: PPC: Electricity prices for August
Total investments amounted to €1.3 billion, with the majority (90%) focusing on renewable energy projects, flexible generation and electricity distribution, in alignment with the Group’s strategic objectives to create a clean and flexible energy generation portfolio and modernize and digitize distribution networks.
The installed renewable energy capacity reached 6.3 GW at the end of H1 2025, following completion of construction of an additional 83 MW at the Ptolemaida photovoltaic park, with plans to complete the remaining 100 MW by year-end. This represents Greece’s largest unified photovoltaic park, developed on the site of the former lignite mine in the area. Upon completion by the end of 2025, it will have a total capacity of 550 MW. This project serves as tangible proof that the energy transition can provide mutual benefits for both PPC and local communities.
Meanwhile, PPC continues to mature its renewable energy project portfolio, as during Q2 2025, projects with a total capacity of 871 MW entered the construction phase, with the total capacity of projects under construction, ready for construction, or in the tender process reaching 3.7 GW.
Energy production
Lignite production in H1 2025 decreased by 6% compared to H1 2024, reaching 1.4 TWh. Renewable energy production increased by 1.5% compared to the corresponding period in 2024, despite a 347 GWh (-19%) decrease in large hydroelectric production due to reduced water inflows into reservoirs. This change in renewable energy production was positively influenced primarily by wind and photovoltaic production, which increased by 40% and 17% respectively compared to H1 2024, following the addition of new capacity and improved wind conditions in Q2 2025.
As a result, renewable energy production reached 3.1 TWh, accounting for 32% of PPC’s total production. Simultaneously, natural gas production increased by 18% compared to H1 2024, mainly to cover needs arising from reduced hydroelectric production in H1 2025, as well as the increase in the country’s export-import balance (increased exports with simultaneous reduction in imports) during the same period.
The PPC Group’s progress in ESG matters is reflected in the ratings it receives from international organizations and ESG rating houses on sustainability practices. Following recent upgrades from CDP, S&P Global and ISS, another international house – Sustainalytics – highlighted the improvement in PPC’s ESG profile, reflecting a lower risk level. Issues such as emissions and waste, as well as relations with local communities, constitute key pillars of Sustainalytics’ assessment, and with the continuous progress of the decarbonization plan, further improvement in this rating is expected.
Financial performance
Adjusted earnings before interest, taxes and depreciation (EBITDA) increased to €1 billion from €0.9 billion, while adjusted net profits after deducting minority rights reached €0.20 billion from €0.18 billion.
Strong financial position despite high investments. The Net debt/EBITDA ratio stood at 3.2x due to increased investments, below PPC’s 3.5x limit, with net borrowing at €6.0 billion as of 30.06.2025, in line with Business Plan projections, compared to €5.1 billion at the end of 2024.
Dividend distribution: On June 25, 2025, the Annual Ordinary General Meeting of Shareholders approved the distribution of a dividend totaling €0.40 gross per share, which was paid on July 25, 2025.
Outlook for 2025
First-half results strengthen prospects for the full year. PPC confirms its targets for 2025, including adjusted EBITDA of €2 billion, adjusted net profits after deducting minority rights above €0.4 billion, and dividend distribution of €0.60/share (+50% compared to fiscal year 2024 and +140% compared to fiscal year 2023).
