PPC Group reports adjusted EBITDA of 453 million euros in Q1

PPC Group announced its financial results for the first quarter of 2025. Adjusted EBITDA stood at 0.45 billion euros, affected by seasonal factors. Specifically, the adverse hydrological conditions prevailing in Greece, as well as weaker wind conditions in Greece and Romania, led to reduced output from Renewable Energy Sources (RES) across the Group’s portfolio.

Furthermore, profitability was also negatively impacted by the lower revenues from the distribution activity in Greece, due to the delay in the implementation of the new distribution network usage charges and the seasonal profitability of the distribution activity. This trend is expected to be reversed in the second half of the year.

Total investments reached 0.48 billion euros, with the largest part of these investments, specifically 89%, being investments allocated to RES, flexible generation, and electricity distribution projects, in line with PPC’s strategic targets for the development of a clean and flexible electricity generation portfolio and the modernization of distribution networks.

Installed capacity in RES stood at 6.2 GW at the end of Q1 2025, including projects with a capacity of approximately 0.7GW for which construction was completed within the quarter, marking significant increase from the 4.7GW recorded at the end of Q1 2024. The upward trend is expected to continue, as projects with a total capacity of 3.7GW are already Under construction or in the Ready to build stage or in tender stage.

At the same time, PPC started in March the second phase of the construction of the 490 MW large photovoltaic plant in Megalopolis. This project marks the transformation of former lignite mining areas into a green energy hub. Specifically, following the 125 MW that are currently under construction (first phase) which is expected to be completed within 2025, the construction of an additional 125 MW has begun (second phase). The third phase of the project, which involves the construction of a 240 MW plant, is expected to commence within 2026.

In addition, the construction of two new Energy Storage Stations (BESS) in Western Macedonia has commenced. The first one is “Melitis 1” station with a total installed capacity of 48 MW and storage capacity of 96 MWh, which will be constructed in the vicinity of the photovoltaic plants to be developed by PPC in Western Macedonia. The second is “Ptolemaida 4”, with a total installed capacity of 50 MW and storage capacity of 100 MWh in the region of the former mines of Ptolemaida. The storage projects aim to optimise the management of RES generation, maximise their contribution, utilize the potential of RES electricity generation and contribute to the stability of the energy system. In this context, and based on the investment plan for the 2025-2027 period, PPC Group is planning the operation of BESS storage projects of a total capacity of 600 MW, which are currently at various stages of development in Greece and Southeastern Europe.

Outlook for 2025

PPC continues the construction of RES projects, aiming at further increasing its installed capacity and reiterates its guidance for 2025 with adjusted EBITDA of 2 billion euros, adjusted Net Income After minorities of over 0.4 billion euros, and a dividend distribution of €0.60 per share (+140% compared to fiscal year 2023).