PPCUtilities · Utilities - Renewable · ΧΑ

Public Power Corporation

€22.58

+0.42(+1.90%)

Close 26/10/2026 · end-of-day price, not real-time

Public Power Corporation (PPC) closed at €22.58 on 26/10/2026, +1.90% on the day. Market cap €13.3bn, P/E 17.5, dividend yield 2.66%.

Announcements to the exchange

01/10/2026 17:30Completion of the acquisition of a 277.3 MW RES portfolio in Poland

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26/10/2026Close 22.58+1.90%Vol 674.4k+22.1% since start

Key statistics

12 months to Jun 2026 unless a figure says otherwise

Profile

At the 26 Oct close

Market value: €13.3bn
Enterprise valueJun 2026est.: €17bn
Shares outstandingJun 2026: 587.4m
Revenue12 months to Jun 2026: €9.6bn
Employees: 20,188
Free floatest.: 9.1%
Traded a day, 3-month average: €25.6m

Valuation

12 months to Jun 2026

P/E: 17.5×
P/B: 1.4×
EV/Salesest.: 1.8×
EV/EBITDAest.: 7.4×
P/FCF: —
Dividend yield: 2.7%

Margins

12 months to Jun 2026

GrossFY2025: —
EBITDA: 23.9%
Operating (EBIT): 11.8%
Pre-taxFY2025: 4.6%
Net: 5.1%
Free cash flow: −2.1%

Net margin = the shareholders' profit ÷ group revenue.

Returns

12 months to Jun 2026

ROE: 5.2%
ROCE: 8.7%
ROICest.: 7.0%
ROAFY2025: 1.3%
ROE, 5-year averageFY2021–25: 3.7%
Tax rateFY2025: 19.8%
Profit to minority holdersFY2025: 17.9%

Financial health

Jun 2026

CashDec 2025: €2.1bn
Net debt: €2.7bn
Net debt ÷ EBITDA: 1.2×
Debt ÷ equityDec 2025: 145.7%
Interest cover12 months to Jun 2026: 2.5×

Growth

Revenue, last yearFY2025: +8.0%
Revenue, last halfH1 2026: −2.1%
EPS, last yearFY2025: +97.7%
EPS, last halfH1 2026: +122.2%
Revenue, 3 yearsFY2022–25, a year: −4.8%
Revenue, 5 yearsFY2020–25, a year: +15.8%
EPS, 3 yearsFY2022–25, a year: —
Shares, 3 yearsFY2022–25: −7.2%

Dividends

FY2025

Yield, last 12 months: 2.7%
Per share: €0.600
Payout: 70.6%
Covered by free cash flow: −2.5×
Years paid, last fiveFY2021–25: 3

Trading and risk

From our closes, dividends reinvested

Total return, 1 year: +57.8%
3 years, a year: +38.0%
5 years, a year: +21.8%
10 years, a year: +35.8%
Volatility, 1 year: 27.3%
Beta to the General Index: 0.79×
Deepest fall, 1 year / 5 years: −16.5% / −55.5%
52-week range: €14.87–€24.86

est.worked out by usread with care: tap for why

Where the figures come from: the company's reports, reviewed by us · annual accounts filed in ESEF format · results announcements on the exchange · our own closing prices. No forecasts or target prices are stored.

Financial charts

From the stored figures: the reviewed dossier first, then the annual reports (ESEF) and results announcements

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Valuation

no like-for-like peer

Metric	PPC
P/Eone-off	17.5
P/B	1.4
P/S	1.4
EV/EBITDA	7.4
Dividend yield	2.7%
Payout ratio	70.6%
Operating margin	11.8%
Net margin	5.1%
ROE	5.2%
Revenue growth (last full year)	8.0%
Net debt	€2.7bn

Twelve Data · latest quarter 30/06/2026

Peers: Power utilities

No other company listed in Athens runs this business; related ones can be ticked in.

EV/EBITDADay

Public Power CorporationPPC7.4+1.9%

MetlenMTLN13.4+2.0%

ADMIE HoldingADMIE—+0.1%

The company

AI-drafted

PPC generates electricity from renewables, gas, oil and lignite, runs Greece's distribution network through HEDNO and part of Romania's through PPC Retele Electrice, and supplies power to about 8.6 million customers in the two countries. It also sells appliances through Kotsovolos and runs fibre-to-the-home and EV-charging businesses.

How it makes moneyH1 2026 · basis: revenue

Generation and supply¹(share of segment sales before inter-segment eliminations)85.3%
Distribution networks¹(HEDNO and Romania, before eliminations)13.3%
Other¹(e-mobility, telecoms and administration)1.4%

It is

A vertically integrated electricity group: it generates, distributes through HEDNO and supplies about 8.6 million customers in Greece and Romania.⁹
Majority renewable already: 7.3 GW of RES at 30 June 2026, 58% of installed capacity and 52% of generation.¹

It is not

No longer state-controlled: the Hellenic Republic holds 33.40% directly and through HCAP, not a majority.¹
Not a lignite utility any more: lignite was 0.7 GW of the 12.4 GW installed at end-2025, and its generation stops during 2026.^8,9
Not purely Greek: Romania was 22.5% of FY2025 gross geographic sales before inter-segment eliminations.⁹

Recent developmentsAll company events →

Oct 2026Completed the purchase of a 277.3 MW Polish renewables portfolio from EDP Renewables, 175.4 MW of it operating.¹¹
Sep 2026A new €675m receivables securitisation closed on 25 September, non-recourse to parent PPC; its effect on consolidated net debt has not yet been reported.¹⁰
Sep 2026Completed the purchase of 17 Polish ABO Energy subsidiaries with up to 1.2 GW, mostly in development; the roughly 1.1 GW Hungarian transaction remains conditional.⁶
Sep 2026Binding MoU with AWS for an initial 300 MW Western Macedonia data-centre phase; definitive commercial agreements, grid connection and approvals remain pending.⁷
Jun 2026Agreement with MORE for six wind farms of 107 MW and the remaining 51% of 1,175 MW of solar under development.⁵
May 2026Completed a €4.25bn share capital increase, issuing 228.1 million new shares at €18.63.¹

Key figures

RES installed capacity 7.3 GW H1 2026¹
RES share of generation 52% H1 2026¹
Retail market share, Greece 49% H1 2026¹
Retail customers 8.6m FY2025⁹
Regulated Asset Base €5.7bn FY2025⁹

Key facts

Adjusted EBITDA of €1.24bn in H1 2026 from €1.00bn, with a €2.4bn target for the full year.¹
PPC reported €2.7bn net debt at 30 June 2026; its measure excludes €396.8m of leases and the €1.52bn HEDNO minority put liability.¹
€24.2bn of capital expenditure planned to 2030 for 24.3 GW of capacity and about €4.6bn of EBITDA.^12,2
The Hellenic Republic holds 33.40%, CVC 17.17% and Capital Group 5.05% of voting rights.^1,3,4
A dividend of €0.60 per share for FY2025, with €0.80 targeted for 2026.¹

Sources

1.Financial Report H1 2026Public Power Corporation S.A. · 05/08/2026official
2.Transformational Growth Plan, 2026-2030 Strategic UpdatePublic Power Corporation S.A. · 23/04/2026official
3.Announcement of regulated information under L. 3556/2007 (CVC holdings)Public Power Corporation S.A. · 03/06/2026official
4.Announcement of regulated information under L. 3556/2007 (Capital Group holdings)Public Power Corporation S.A. · 14/07/2026official
5.PPC Group strengthens its Renewable Energy portfolio in GreecePublic Power Corporation S.A. · 04/06/2026official
6.Completion of ABO Energy Polish subsidiaries acquisitionPPC S.A. / Euronext Athens · 18/09/2026official
7.Binding AWS data-centre MoU frameworkPPC S.A. / Euronext Athens · 17/09/2026official
8.FY2025 Financial Results presentationPublic Power Corporation S.A. · 19/03/2026official
9.FY2025 Annual Financial Report ESEF packagePPC S.A. / Euronext Athens · 19/03/2026official
10.Completion of a €675 million receivables securitization transactionPublic Power Corporation S.A. · 30/09/2026official
11.Completion of the acquisition of a 277.3 MW RES portfolio in PolandPPC S.A. / Euronext Athens · 01/10/2026official
12.Capital raising through share capital increase for the funding of the 2030 Strategic PlanPPC S.A. / Euronext Athens · 23/04/2026official

AI-drafted from the cited sources · 11/10/2026 · v4 · ✓ checked by an independent second modelPublic Power Corporation S.A.Website ↗

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