PPC reported adjusted EBITDA of 1.8 billion Euro, up 41 percent in 2024

PPC announced its financial results for 2024 with adjusted EBITDA increasing to 1.8 billion Euro, recording an increase of 41 percent compared to 2023. Investments in Renewable Energy Sources (RES), flexible generation as well as in distribution and digitalization projects continued to increase for one more year, capitalizing on the opportunities presented in the energy transition, thus derisking PPC’s profile as lignite is being phased out.

Total investments reached 3 billion Euro, with significant increase recorded in Distribution and RES activities in line with the plan of PPC to increase clean energy participation in its electricity generation mix and to further enhance and digitalize distribution networks. The largest part of these investments are growth investments, with approximately 85 percent of total investments allocated to RES, flexible generation, and electricity distribution activities.

Installed capacity in RES stood at 5.5 GW at the end of 2024 from 4.6 GW in 2023 having now reached 6.2 GW following the completion of projects of 0.7 GW. RES installed capacity is expected to significantly increase in the next quarters, since a pipeline of 3.7 GW projects is already in the Under construction or Ready to build stage or in tender stage.

Lignite output declined by approximately 28 percent in 2024 vs 2023 standing at 3.2 TWh, representing 15 percent of PPC’s output. In contrast, RES generation recorded a slight increase in 2024 compared to 2023, despite reduced hydroelectric output due to lower inflows into reservoirs, reaching 6.2 TWh corresponding to 29 percent of total electricity generation of PPC. As a result, CO₂ (Scope 1) emission intensity declined by 2 percent compared to 2023.

Financial Performance

Increased operational profitability in 2024 with the adjusted EBITDA reaching €1.8 bn, up by 41 percent compared to 2023. This improvement is driven by the higher contribution of activities in Greece, both in the Distribution and the integrated Business, as well as the consolidation of the operations in Romania for the full year compared to 2023 and the addition of Kotsovolos in Greece.

Adjusted Net Income stood at €426 m from €206 m in 2023. Adjusted Net Income post minorities stood at €365 m from €140 m in 20232.

Solid financial position despite the increase in investments. Leverage (Net debt/ EBITDA) stood at 2.8x in 2024, well below the self-imposed ceiling of 3.5x, with net debt standing at €5.1 bn as of 31.12.2024.

Dividend proposal at €0.40/share, increased by 60 percent compared to 2023. PPC continues dividend distribution for a second consecutive year, with the Board of Directors proposing to the Annual General Meeting a dividend of €0.40/share (which takes into account the exclusion of own shares acquired by the Company and that are not entitled to a dividend), fully aligned with the provisions of the Strategic Plan for the period 2025 – 2027.

Outlook for 2025

PPC affirms its 2025 goals, which were announced at the Capital Markets Day in November 2024, for adjusted EBITDA of €2 bn, adjusted net income post minorities above €0.4 bn and dividend of €0.60 per share (+140 percent compared to 2023).

 Georgios Stassis, Chairman and Chief Executive Officer of Public Power Corporation S.A. said:

“2024 was another year of strong performance for PPC, reaching €1.8 bn in terms of EBITDA, having practically doubled its operational profitability in the last 3 years compared to 2021, when the Share Capital Increase was realized. An increase, which has been also reflected at the bottom line, enabling us to increase the dividend distribution to €0.40 per share for 2024.

In addition, we increased our investments to the €3 bn area, mainly focusing on Renewables and Distribution projects, also in line with our target to become a leading clean Powertech player in the Southeast Europe region. We have significantly increased our Renewables capacity to 6.2 GW, being at the same time on track to become lignite free by 2026. At the same time, PPC further reduced electricity tariffs to its customers in 2024 by absorbing the volatility recorded in power prices in the wholesale market.

This performance showcases the resilience of our integrated model, which provides us both stability in volatile market dynamics, but also opportunities for additional growth. Going forward, we are leveraging on this model, implementing significant investments within the targeted returns that we have outlined in our Strategic Plan, in order to enhance value creation for our shareholders, customers and the countries where we are active.”

Retail activity

Electricity demand increased both in Greece and Romania by 5.4 percent and 4.2 percent respectively, compared to 2023, mainly driven by warmer weather conditions, especially in the summer months.   

The average retail market share of PPC in Greece recorded a reduction to 51 percent in 2024 from 57 percent in previous year, mainly due to the reduction of its share in High Voltage customers following the termination of legacy fixed contracts. In the Interconnected System, the respective market share decreased to 52 percent in December 2024 (from 56 percent in December 2023), while the average market share per voltage type was 20.5 percent (from 48 percent) in High Voltage, 40.7 percent (from 40.7 percent) in Medium Voltage and 62.4 percent (from 63.2 percent) in Low Voltage. In Romania, the average market share of PPC in electricity sales was 16 percent.  

Generation activity

In electricity generation, the average market share of PPC in Greece decreased to 34 percent in 2024 from 40 percent in 2023. This was actually driven by lower lignite production as PPC is progressing with its plan to become coal free by 2026. In Romania, the average market share of PPC in generation from RES (wind/solar) increased to 16 percent from 14 percent in2023.

The improvement of the generation mix is reflected on the improvement of CO₂ emission intensity to 0.49 tons per generated MWh from 0.50 tons per generated MWh in 2023.

Distribution activity  

Large portion of our investments was directed towards modernizing and digitalizing the Distribution networks in Greece and Romania. More specifically, investments stood at € 1 bn in 2024, contributing to the increase of the Regulated Assets Base to €4.9 bn (+ €0.6 bn).

The significant increase of the investments the very last years, has contributed to the improvement of the reliability indices in both countries, with SAIDI decreasing to 132 minutes (from 134 minutes) in Greece and 82 minutes (from 90 minutes) in Romania. SAIFI, decreased in Greece to 1.7 times (from 1.8x) while in Romania also decreased to 2.3 times (from 2.5x).

The integration of Renewables stations in our distribution networks in Greece and Romania is continuing with a good pace in 2024, for smaller installations per customer and for their self-consumption.

Telco

Significant progress has been made as far as the deployment of Fiber-To-The-Home is concerned, which has reached 650,000 households/businesses by December 2024, marking an increase in the order of 360 percent compared to 2023. The current successful deployment sets the foundation for achieving the coverage target of 3 m households and businesses by the end of 2030.

E-mobility

In the e-mobility field, PPC remains the leader in the Greek Market with a 37 percent share in public Charging Points (CPs) in 2024. PPC is active in e-mobility in Romania as well, having a total number of approximately 3,100 CPs at the end of 2024 in both countries, up by 29 percent compared to 2023.