PPC Group New equity, new growth phase - remain OW

Research evidence excerpt

PPC Group New equity, new growth phase - remain OW

Anna Antonova, CFA AC CEEMEA Equity Research

(971) 4428-1766 11 June 2026 J P M O R G A N

anna.antonova@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

Public Power Corporation (PPC) is a leading vertically-

integrated Greek electric utility company – it is the largest power

generator and supplier of electricity in the country, as well as the

sole distributor of electricity (through its 51% stake in HEDNO).

We see PPC as well positioned to benefit from the country’s

positive development trends and also offer exposure to

unfolding energy transition/decarbonisation trends in the

Central South East Europe region. PPC has embarked on a

transformational growth journey with €24bn of investments

YTD 1m 3m 12m planned over 2026-30, which we expect to help deliver peer-

Abs 22.3% 16.5% 25.9% 62.6% leading earnings growth in the medium term on a combination

Rel 11.4% 17.8% 27.4% 40.1%

of continued investments in Networks, doubling of group

Company Data installed power capacity to c. 24GW by 2030 (vs 2025) driven

Shares O/S (mn) 597 mostly by renewables deployment, and execution of various

52-week range (€) 22.50-12.94 other projects, including in Retail and Data Centers. We thus rate

Market cap ($ mn) 15,350.40

Exchange rate 0.87 PPC Group as OW.

Free float (%) 49.4%

Valuation3M ADV (mn) 2.09

3M ADV ($ mn) 48.2 To derive our Dec’27 Price Target, we value PPC Group using

Volatility (90 Day) 36 a SOTP method, which combines regulated asset values and

Index SX6P Index

BBG ANR (Buy | Hold | Sell) 13|0|0 multiples of earnings. We use NAV/RAB multiples for the

Distribution segment’s RAB 2028E values (in line with

Key Metrics (FYE Dec)

precedent transactions and major peers, based on geography)