Public Power Corporation SA
ATHEX:PPC
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Public Power Corporation SA
ATHEX:PPC
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GR |
Public Power Corporation SA
Public Power Corporation SA, usually called PPC, is Greece’s largest electricity utility. It generates and buys power, moves it through the grid, and sells it to households, businesses, and industrial customers. It also sells electricity-related services and, in some areas, electricity equipment and energy products through its retail channels. PPC makes money mainly by charging customers for the electricity they use, plus fees tied to network use and other energy services. It sits at the center of the power system, so it is involved in both the supply side, where electricity is produced or purchased, and the customer side, where it is billed and serviced. That makes it more than just a power seller; it is a key utility and infrastructure company in Greece. What makes PPC different is that it combines regulated utility activity with a large retail power business. Many customers rely on it for a basic service they need every day, while the company also manages the complex job of keeping the lights on, buying fuel and electricity, and handling the grid and billing process. This gives PPC a business model tied to essential energy demand rather than optional consumer spending.
Public Power Corporation SA, usually called PPC, is Greece’s largest electricity utility. It generates and buys power, moves it through the grid, and sells it to households, businesses, and industrial customers. It also sells electricity-related services and, in some areas, electricity equipment and energy products through its retail channels.
PPC makes money mainly by charging customers for the electricity they use, plus fees tied to network use and other energy services. It sits at the center of the power system, so it is involved in both the supply side, where electricity is produced or purchased, and the customer side, where it is billed and serviced. That makes it more than just a power seller; it is a key utility and infrastructure company in Greece.
What makes PPC different is that it combines regulated utility activity with a large retail power business. Many customers rely on it for a basic service they need every day, while the company also manages the complex job of keeping the lights on, buying fuel and electricity, and handling the grid and billing process. This gives PPC a business model tied to essential energy demand rather than optional consumer spending.
Strong quarter: PPC reported adjusted EBITDA of EUR 700 million, up 51% year on year, and adjusted net income after minorities of EUR 234 million, nearly tripling from Q1 2025.
Guidance kept: Management reiterated full-year 2026 guidance for adjusted EBITDA of EUR 2.4 billion and adjusted net income of EUR 0.7 billion, while keeping dividend guidance at EUR 0.80 per share.
Investment focus: The company deployed EUR 0.5 billion in the quarter, with most spending directed to renewables, flexible generation and distribution networks.
Capex pipeline: PPC said it is on track for its 2030 renewables target of 18.8 gigawatts, with 74% of the target already secured or under development.
Capital raise: Management confirmed the EUR 4 billion equity raise is a growth transaction, not for deleveraging, and expects completion by the end of May.
Balance sheet: Net debt rose to EUR 6.9 billion, but leverage stayed at 3.0x, below the company’s 3.5x policy threshold.
Operating backdrop: Better hydro and wind conditions, plus favorable weather, helped margins, while retail competition remained intense, especially in Romania and in the supply business.
