PPC Group announces its financial results for the first half of 2025, with net income at 200 million euros (up from 180 million euros in H1 2024). Adjusted EBITDA reached 1 billion euros in H1 2025, marking a 7 percent increase compared to the same period last year.
Total investments amounted to 1.3 billion euros, with 90 percent being investments allocated to RES, flexible generation, and electricity distribution projects.
Installed capacity in RES stood at 6.3 GW at the end H1 2025, following the construction completion of an additional 83 MW at the Ptolemaida solar park, with the remaining 100 MW targeted for completion by year-end. This is the largest single solar park in Greece, developed on the site of the former lignite mine in the area, and upon its completion by the end of 2025, it will have a total capacity of 550 MW.
Lignite output in H1 2025 decreased by 6 percent compared to H1 2024 and stood at 1.4 TWh. RES generation increased by 1.5 percent compared to H1 2024 despite the decrease of 347 GWh (-19 percent) from large hydro power plants output, due to lower inflows into reservoirs.
Outlook for 2025
The first half results strengthen the outlook for the full year. PPC reiterates its guidance for 2025 with adjusted EBITDA of 2 billion euros, adjusted Net Income after minorities of over 400 million euros and a dividend distribution of €0.60 per share (+50 percent compared to fiscal year 2024 and +140 percent compared to fiscal year 2023).
Commenting on the results, Georgios Stassis, Chairman and Chief Executive Officer of Public Power Corporation S.A. said: “We have delivered a solid set of results in the first half of 2025, driven by strong second quarter performance, which reflects the consistent execution of our strategic priorities.
Investments reached €1.3 bn, with a clear focus on strengthening our distribution networks and accelerating the rollout of renewables projects – both central pillars of our growth strategy. Over the last 3 years, PPC has implemented significant investments of €6 bn, which have contributed both to the Group’s increased profitability and to its ability to support its customers by providing competitive tariffs. Our balance sheet remains robust, giving us the financial flexibility needed to support our ambitious investment plan.
Renewables now represent 50 percent of our total installed capacity, and we are actively expanding this further. In the second quarter only, approximately 0.9 GW of additional capacity progressed into the under-construction phase, as our pipeline continues to mature at a steady pace. We are also making tangible progress on our decarbonization goals and remain firmly on track to phase out lignite from our energy mix by 2026.
All in all, our strong performance in the first half reinforces our confidence in delivering both sustainable growth and attractive returns for our shareholders. On the back of these results, we are reiterating our full year 2025 guidance for an adjusted EBITDA of €2bn and an adjusted Net Income of more than €0.4bn, which remains well within reach based on our performance to date.”