Nine Months 2025 Public Power Corporation SA Earnings Call Transcript
Key Points
- Public Power Corp SA (FRA:PU8) reported a robust profitability with adjusted EBITDA reaching EUR1.7 billion for the first nine months of 2025, marking a 24% increase year-on-year.
- The company is on track to meet its financial targets for 2025, with adjusted net income after minorities amounting to EUR400 million.
- Public Power Corp SA (FRA:PU8) is heavily investing in renewables, flexible generation, and distribution projects, with a total investment of EUR1.9 billion.
- The company has a strong regional presence in Southeast Europe, with plans to phase out lignite by the end of 2026, enhancing its green energy portfolio.
- Public Power Corp SA (FRA:PU8) has delivered a 168% total shareholder return over the last three years, outperforming the EURO STOXX Utilities Index.
- Free cash flow stood at minus EUR1 billion due to high investments, despite improved FFO performance.
- The company's net debt is at EUR6.7 billion, with a net debt-to-EBITDA ratio of 3.1x, which is close to the ceiling of 3.5x set in their financial policy.
- There is a significant reliance on discretionary investments, with EUR5 billion of the planned EUR10 billion CapEx being discretionary.
- The company faces challenges in the distribution sector, needing to balance grid modernization with the affordability of electricity tariffs for consumers.
- Public Power Corp SA (FRA:PU8) is experiencing a negative working capital dynamic, which they expect to reverse by the end of the year.
(video playing)
Welcome, everyone, to PPC's Capital Markets Day. Today, we will present our strategic plan for the period 2026-2028, along with an update on PPC's financial performance for the first nine months of 2025. A very warm welcome to those joining us here in London and to everyone connected via the webcast. We are here today with our Chairman and CEO, Georgios Stassis; and our CFO, Konstantinos Alexandridis.
Since 2019, Georgios has been guiding PPC's transformation, steering the company towards clean energy and sustainable growth. With nearly two decades of experience in the energy sector, he has positioned PPC as a leading player in Southeast Europe's energy transition.
Konstantinos, who joined PPC in 2020, brings strong financial expertise and a proven record in managing large listed and private companies. He has played a key role in strengthening PPC's financial foundation and supporting the execution of its transformation strategy. Together with a wider management team and all PPC
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