From Local to Regional

Research evidence excerpt

From Local to Regional

FoundationM

Executive Summary

From local to regional. Starting as a Greek-only operator, with substantial lignite

generation capacity, PPC now derives 22% of its EBITDA from international operations. It

acquired Enel's operations in Romania in 2023, and currently has the #1 position in

renewables generation and #2 in retail there. Equally, it has added 2.2GW of generation in

Greece since 2020 and will phase-out its lignite operations there this year.

As of 2025, PPC operates a €5.7bn RAB, serves ~8.6m retail customers and owns 12.4GW

of installed generation capacity, of which 58% is RES (including large hydro). The

customer base is split between 5.5m in Greece and 3.1m in Romania, while the RAB

remains primarily Greek (€4.2bn) but with a growing Romanian contribution (€1.5bn). The

group also manages ~67TWh of power and ~45TWh of gas, while adjacent activities such

as telecom, e-mobility and data centers provide additional optionality.

In Greece, PPC retains the monopoly on distribution, the #1 position in retail (~50%

market share) and the #1 position in generation (~32% share) ( Exhibit 1 ). PPC also has a

leading position in Romania, with ~35% share in distribution, ~15% in retail and the #1

position in RES generation with ~24% share ( Exhibit 2 ). We think this vertical integration

matters: regulated distribution provides earnings visibility, retail anchors the customer

franchise, and generation / energy management provide operating leverage and a natural

hedge against wholesale volatility – particularly as PPC has a net long position (i.e., its

retail volumes are higher than the electricity it generates). Beyond its two core markets,

PPC has already entered Italy, Bulgaria and Croatia, with ~0.1GW in operation and a