Public Power Corp.’s (PPC) first quarter 2025 results, published on Tuesday, reported adjusted EBITBA of 435 million euros, with the figures the group calls “resilient” in light of weather conditions in the country over the first three months of the year, i.e. water levels in dams and reservoirs and wind energy.

PPC, the dominant power provider in the country, also announced investments of 500 million euros, 89% of which involve renewable energy sources (RES), flexible generation and distribution.

The electricity utility reported RES installed capacity to 6.2 GW, with 3.7 GW under construction or in the ready-to-build stage.  RES output reached 27% of PPC’s total energy mix, with the lignite-free target set for 2026.
PPC also cited latest upgrades by international rating agencies (S&P Global and ISS) regarding ESG matters.

The leverage ratio (net debt/ EBITDA) stood at 2.9x in Q1 2025, which PPC said was well below the self-imposed ceiling of 3.5x, with net debt standing at 5.2 billion euros as of the last day of March 2025, without significant change compared to the end of 2024.

PPC’s board will propose a dividend proposal of €0.40/share (which takes into account the exclusion of own shares acquired by the group that are not entitled to dividend), to the annual general meeting on June 25, 2025.

CEO’s statement

In a statement immediately after the release of the first quarter results, PPC chairman and CEO Georgios Stassis stated:
“First quarter results underscore the value and resilience of our integrated business model, which continues to provide a natural hedge — effectively mitigating the negative effects from market volatility and operational challenges.
“Despite adverse hydrological and wind conditions that impacted renewables output in the first quarter and the seasonality in the distribution activity, our performance remains resilient and in line with our targets.


“We continued the execution of our strategic plan, investing €0.5 bn in the first quarter, with momentum expected to accelerate in the coming quarters. A key highlight was the addition of 0.7 GW in new renewables installed capacity, with several landmark projects progressing according to our plan. Such progress reaffirms our commitment to expanding and reinforcing our position in the energy transition.
“We are also firmly advancing towards our goal of becoming lignite-free by 2026, fully aligned with our decarbonization targets and long-term sustainability vision of the Group.

“Going forward, we expect a stronger performance in the coming quarters and towards this end, we reiterate our full year 2025 guidance for an adjusted EBITDA of €2bn and an adjusted Net Income of more than €0.4bn.”