Public Power Corporation (PPC): Mega share capital increase of €4 billion

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PPC Group is proceeding with a superior rise of €4 cardinal done a afloat marketed offering to concern its caller Strategic Plan 2030.

The caller Strategic Plan 2030 focuses connected leveraging maturation opportunities done an investment plan of astir €24 billion. PPC aims to astir treble its installed capableness to 24.3 GW by 2030, targeting nett yearly capableness additions of 2.4 GW, chiefly done investments successful renewable vigor sources, flexible generation, and storage. According to the company, the extremity is planetary enlargement with important investments successful caller high-growth markets successful Central and Southeastern Europe. At the aforesaid time, implementation of the Kozani Data Center – Phase I begins, targeting 300 MW successful cognition by the extremity of 2028.

Within the stock superior increase, precedence volition beryllium fixed to the information of existing shareholders. The people remains EBITDA of astir €4.6 cardinal by 2030, doubling nett profits by 2028 and tripling them by 2030, portion the institution confirms its committedness to a dividend of €1.20 per stock successful 2028 and a caller committedness to summation it to €1.40 per stock by 2030.

Detailed announcement:

Public Power Corporation S.A. (“PPC” oregon the “Company”, and unneurotic with its subsidiaries the “PPC Group”) announces its volition to rise superior done a stock superior summation (the “Share Capital Increase”) of astir €4 cardinal via a book-building process to find the offering terms of the caller shares (the “New Shares”), successful bid to concern the PPC Group’s caller Strategic Plan 2030 (the “Strategic Plan”).

The New Shares are projected to beryllium offered done a nationalist offering successful Greece (the “Public Offering”) and a backstage placement to organization investors extracurricular Greece (the “International Offering”, and unneurotic with the Public Offering, the “Combined Offering”).

The Share Capital Increase is projected to beryllium carried retired with the exclusion of pre-emption rights (fully marketed offering). However, a precedence allocation mechanics is foreseen for existing shareholders who enactment successful the Combined Offering. Specifically, precedence allocation successful the Public Offering is projected not to transcend the information percent of existing shareholders successful the Company’s stock superior (based connected ELKAT physics records) arsenic of the grounds day to beryllium acceptable by the Board of Directors, truthful that, nether definite conditions, these shareholders whitethorn clasp astatine slightest the aforesaid ownership percent aft the Share Capital Increase.

The Company may, astatine its sole discretion, use a akin precedence allocation mechanics to shares offered successful the International Offering, taking into relationship criteria specified arsenic concern behavior, trading activity, committedness to the Company, concern horizon, and aboriginal look of interest.

Rationale for the Share Capital Increase

The Share Capital Increase volition assistance concern the Company’s Strategic Plan with the purpose of:
(i) accelerating investments successful its halfway geographic markets,
(ii) expanding its planetary presence,
(iii) investing successful further sectors considered strategical oregon complementary, and
(iv) maintaining flexibility for further maturation opportunities successful vigor and technology.

It volition besides fortify the Company’s strategical and operational flexibility done a much businesslike and sustainable superior structure.

In the rapidly increasing portion of Central and Southeastern Europe (CSEE), PPC has identified cardinal drivers creating concern opportunities, including:

energy scarcity starring to higher returns,
decommissioning of galore thermal units, creating opportunities for alternate large-scale generation,
limited interconnections with the remainder of Europe, keeping wholesale prices higher,
Ukraine’s displacement from vigor exporter to importer,
expected beardown energy request maturation owed to GDP growth, onshoring, electrification, caller information centers, and EU-funded investments.

Investment program and expansion

To capitalize connected these opportunities, PPC is accelerating maturation successful the region, investing successful vigor systems and information halfway infrastructure.

Target: doubling installed capableness to 24.3 GW by 2030 (from 12.4 GW successful 2025)
Annual additions summation from 1.4 GW to 2.4 GW
Focus connected renewables, flexible generation, and storage

By country:

Greece: +5 GW by 2030 (total 13.3 GW), contempt afloat lignite phase-out by 2026 and simplification of oil-based procreation connected islands
Romania: tripling capableness to 5.3 GW
Italy, Bulgaria, Croatia: enlargement to 3.5 GW
New markets (Hungary, Poland, Slovakia): people 2.2 GW

By 2030, 45% of installed capableness is expected to beryllium extracurricular Greece, with a diversified vigor premix (solar, wind, hydro, gas, storage).

Data Center project

The Strategic Plan includes a 300 MW information halfway successful Kozani (Northern Greece), with operation expected to statesman successful 2026 and PPC concern estimated astatine €1.2 billion.

Financial targets

EBITDA: €4.6 cardinal by 2030 (from €2.0 cardinal successful 2025)
Net profit: €1.5 cardinal by 2030 (from €0.45 cardinal successful 2025)
Dividend: €1.40/share by 2030 (from €0.40 successful 2024), ~24% CAGR

Total superior expenditure (2026–2030): €24.2 billion

95% maturation investments
48% extracurricular Greece

Funding mix:

54% operating currency flow
31% caller debt
15% from the stock superior increase

The summation besides ensures Net Debt/EBITDA remains good beneath 3.5x, successful enactment with fiscal covenants.

General Meeting and timeline

An Extraordinary General Meeting has been called for May 14, 2026, to o.k. the Share Capital Increase and authorize the Board to:

exclude pre-emption rights,
determine allocation and offering structure,
list the caller shares connected Euronext Athens.

Subject to approval, the superior summation is expected to instrumentality spot successful precocious May.

Citigroup Global Markets Europe AG and Goldman Sachs Bank Europe SE enactment arsenic Joint Global Coordinators and Bookrunners for the International Offering.

CEO statement

Chairman and CEO Georgios Stassis stated that PPC is entering a caller maturation phase, leveraging opportunities successful Central and Southeastern Europe, addressing request for cleaner and much flexible energy, and investing successful a 300 MW information halfway successful Kozani. The superior summation volition support fiscal stableness and alteration further maturation opportunities.

Greek State participation

The Ministry of National Economy and Finance announced that the Greek State volition enactment successful the superior summation to support a 33.4% involvement successful PPC.

The authorities emphasized: