Greece's PPC posts a 41% jump in annual adjusted core profit (updated)

Public Power SA

26/03/2025 16:49

Adds 2024 investments in paragraph 3, energy mix in paragraph 4, dividend in paragraph 5, outlook in paragraph 6

March 26 (Reuters) - Greece's largest electricity power utility, Public Power Corporation (PPC) DEHr.AT, reported on Wednesday a 41% surge in full-year adjusted core profit, boosted by higher contributions from domestic activities and the full-year consolidation of operations in Romania.

The group's adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) reached 1.8 billion euros ($1.94 billion) in 2024, up from 1.3 billion euros a year earlier.

PPC said it invested 3 billion euros during 2024, with 85% of these funds allocated towards renewable energy sources, flexible generation and distribution.

Renewable energy sources made up 29% of its total energy mix, despite reduced hydroelectric output due to lower inflows into reservoirs, while lignite output was cut to 15%, in line with the group's goal to become lignite-free by 2026.

It also said that it will propose a dividend of 0.40 euros per share for 2024, a 60% increase from 2023.

Looking ahead, PPC reaffirmed its 2025 targets, aiming for an adjusted EBITDA of 2 billion euros, adjusted net income post minorities above 0.4 billion euros and a dividend of 0.60 euros per share, marking a 140% increase from 2023.

($1 = 0.9276 euros)

 (Reporting by Antonis Pothitos; Editing by Kirsten Donovan)

 ((antonis.pothitos@thomsonreuters.com; +48 58 769 65 78;))