PPC recorded strong performance in the third quarter of 2025, following the very good results of the second quarter, due to the improvement of its overall vertically integrated activity, as well as higher revenues from the electricity distribution activity in Greece – following the implementation, as of 1.6.2025, of the new network usage charges.
As a result, adjusted EBITDA amounted to 1.7 billion euros in the nine months of 2025, an increase of 24% compared to the corresponding period last year.
Specifically, during the first nine months of 2025, the Group’s investments amounted to 1.9 billion euros, of which approximately 88% was directed to Renewable Energy Sources (RES), flexible generation and distribution network upgrade projects. These investments support the Group’s strategy to shape a cleaner and more flexible energy generation portfolio, as well as the continuous modernization and digitalization of its infrastructure in the context of the energy transition.
The installed capacity of RES stood at 6.4 GW at the end of the first nine months of 2025, following the completion of the construction of an additional 70 MW at the Ptolemaida photovoltaic park. The project, which is the largest single photovoltaic park in Greece with a total capacity of 550 MW, is in the final stage of implementation, with approximately 30 MW remaining to be developed, which is expected to be completed by the end of the year. The total capacity of the projects under construction, ready for construction or in the tender process (submission of bids) amounts to 3.9 GW.
In addition, the construction of another energy storage station (BESS) has begun in the Amyntaion area. This new station will consist of batteries with a total installed capacity of 50 MW and a capacity of 200MWh and will be able to supply the electricity system with a power of 50MW for 4 hours. In this way, they contribute to the optimization of the management of energy produced by RES, the maximum possible utilization of their potential as well as the stability of the electricity system.
Lignite production in the first nine months of 2025 decreased by 18% compared to the first nine months of 2024 and amounted to 1.9 TWh. Production from RES increased by 5% compared to the corresponding period of 2024, despite the decrease of 0.4 TWh (-15%) in the production of large hydroelectric plants due to the reduced water inflows to the reservoirs. The increase in RES production was driven by wind and photovoltaic production, which rose by 48% and 20% respectively compared to the first nine months of 2024 following the addition of new capacity. As a result, RES production amounted to 5.1 TWh, corresponding to 33% of PPC’s total production. At the same time, natural gas production remained approximately at the same level compared to the first nine months of 2024, at 5.4 TWh, corresponding to 35% of total production.
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