PPC Group Equity raise approved to help fuel next phase of strategic growth

研报英文原文证据摘录

PPC Group Equity raise approved to help fuel next phase of strategic growth

J P M O R G A N CEEMEA Equity Research

19 May 2026

PPC Group Overweight

DEHr.AT, PPC GA

Equity raise approved to help fuel next phase of Price (18 May 26):€20.10

strategic growth Price Target (Dec-27):€21.00

At the EGM held last Thursday, PPC’s shareholders have approved the earlier CEEMEA Mining & Utilities

ACannounced €4bn equity raise (our overview of key debates here). Yesterday, PPC Anna Antonova, CFA

announced it will proceed with the transaction - the combined offering will last (971) 4428-1766

from May 18-20, inclusive, and the final offer price will be determined by the BoD anna.antonova@jpmorgan.com

on or about May 21 (maximum offer price was set at €19.75/sh). We summarize J.P. Morgan Securities plc

below: 1) the deal terms and timelines (company materials here), 2) the guided

impact on PPC’s business growth profile from the execution of its new 2030

Strategic Plan, and 3) a reference table of comparable peers.

Transaction: Terms & Timelines

• According to PPC’s announcements on 18th May’26 (available here), the

company will proceed with the share capital increase, planning to issue new

ordinary shares at a maximum offer price of €19.75/sh (being the closing

market share price as of 15th May’26), with abolition of the pre-emptive rights

of the company’s existing shareholders.

• The new shares will be offered through: 1) a public offering in Greece to retail

investors and qualified investors in a public offering (“Greek Public Offering”)

with a priority allocation right to existing shareholders as at 18th May’26

(record date) at a percentage not exceeding their percentage of participation in

the company’s share capital, and 2) a private placement outside Greece to