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PUBLIC POWER CORPORATION S.A.
FINANCIAL REPORT
(January 1
st
2024 – December 31
st
2024)
(Translated from the Greek Original)
The attached Financial Report, has been prepared according to article 4 of Law 3556/2007 and the
executive Decisions of the Board of the Hellenic Capital Market Commission, has been approved by the
Board of Directors of “Public Power Corporation S.A.” on March 26 2025, and is available for the investors,
on the internet, at the web site address www.ppcgroup.com.
Public Power Corporation S.A.
General Commercial Registry: 786301000
Chalkokondyli 30 - 104 32 Athens
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2
INDEX
Page
A. STATEMENT OF MEMBERS OF THE BOARD OF DIRECTORS ................................................................................................................................................................................................................... 3
B. EXECUTIVE SUMMARY OF THE BOARD OF DIRECTORS ......................................................................................................................................................................................................................... 6
MAJOR RISKS - UNCERTAINTIES .............................................................................................................................................................................................................................................................. 23
SUSTAINABILITY STATEMENT .................................................................................................................................................................................................................................................................. 48
STATEMENT OF CORPORATE GOVERNANCE ......................................................................................................................................................................................................................................... 265
INCOME STATEMENT ............................................................................................................................................................................................................................................................................ 358
COMPREHENSIVE INCOME STATEMENT ................................................................................................................................................................................................................................................ 359
STATEMENT OF FINANCIAL POSITION ................................................................................................................................................................................................................................................... 360
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY .............................................................................................................................................................................................. 361
SEPARATE STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY ....................................................................................................................................................................................................... 362
CONSOLIDATED AND SEPARATE STATEMENTS OF CASH FLOWS ........................................................................................................................................................................................................... 363
C. NOTES ΤΟ THE FINANCIAL STATEMENTS ........................................................................................................................................................................................................................................... 364
1. CORPORATE INFORMATION ......................................................................................................................................................................................................................................................... 365
2. LEGAL FRAMEWORK..................................................................................................................................................................................................................................................................... 366
3. SIGNIFICANT EVENTS.................................................................................................................................................................................................................................................................... 375
4. BASIS OF PREPARATION OF FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICIES .................................................................................................................................................. 385
4.1. BASIS OF PREPARATION ............................................................................................................................................................................................................................................................... 385
4.2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES ............................................................................................................................................................................................................. 386
4.3. MATERIAL ACCOUNTING JUDGMENTS AND ESTIMATES OF MANAGEMENT ............................................................................................................................................................................... 389
4.4. MATERIAL ACCOUNTING POLICIES ............................................................................................................................................................................................................................................... 392
5. SPIN-OFF OF POST-LIGNITE EXPLOITATION OF THE CORE LIGNITE PHASE-OUT ZONES BRANCH AND SALE OF SUBSIDIARY ....................................................................................................... 411
6. ACQUISITION OF SUBSIDIARIES IN ROMANIA 2023 ..................................................................................................................................................................................................................... 413
7. SPIN-OFF OF THE WHOLESALE TELECOMMUNICATION BRANCH ................................................................................................................................................................................................. 416
8. OPERATING SEGMENTS ................................................................................................................................................................................................................................................................ 418
9. REVENUES .................................................................................................................................................................................................................................................................................... 421
10. PAYROLL COST.............................................................................................................................................................................................................................................................................. 421
11. MERCHANDISE ............................................................................................................................................................................................................................................................................. 422
12. ENERGY PURCHASES AND RELATED FEES ..................................................................................................................................................................................................................................... 422
13. DEPRECIATION AND AMORTISATION ........................................................................................................................................................................................................................................... 423
14. EMISSION ALLOWANCES (CO
2
) ..................................................................................................................................................................................................................................................... 423
15. FINANCIAL EXPENSES ................................................................................................................................................................................................................................................................... 424
16. FINANCIAL INCOME ...................................................................................................................................................................................................................................................................... 424
17. OTHER (INCOME)/ EXPENSES ....................................................................................................................................................................................................................................................... 425
18. INCOME TAXES (CURRENT AND DEFERRED) ................................................................................................................................................................................................................................. 426
19. PROPERTY, PLANT AND EQUIPMENT ........................................................................................................................................................................................................................................... 433
20. INTANGIBLE ASSETS AND GOODWILL .......................................................................................................................................................................................................................................... 439
21. OTHER NON-CURRENT ASSETS ..................................................................................................................................................................................................................................................... 444
22. INVESTMENTS IN SUBSIDIARIES ................................................................................................................................................................................................................................................... 445
23. INVESTMENTS IN ASSOCIATES ..................................................................................................................................................................................................................................................... 452
24. INTERCOMPANY RECEIVABLE LOANS WITH SUBSIDIARIES .......................................................................................................................................................................................................... 459
25. BALANCES AND TRANSACTIONS WITH RELATED PARTIES............................................................................................................................................................................................................ 460
26. INVENTORIES................................................................................................................................................................................................................................................................................ 470
27. TRADE RECEIVABLES..................................................................................................................................................................................................................................................................... 471
28. CONTRACT ASSETS ....................................................................................................................................................................................................................................................................... 473
29. OTHER RECEIVABLES .................................................................................................................................................................................................................................................................... 474
30. FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME ................................................................................................................................................... 476
31. CASH AND CASH EQUIVALENTS .................................................................................................................................................................................................................................................... 476
32. SHARE CAPITAL AND SHARE PREMIUM........................................................................................................................................................................................................................................ 477
33. LEGAL RESERVE ............................................................................................................................................................................................................................................................................ 479
34. OTHER RESERVES ......................................................................................................................................................................................................................................................................... 479
35. DIVIDENDS ................................................................................................................................................................................................................................................................................... 483
36. LONG-TERM BORROWING ........................................................................................................................................................................................................................................................... 484
37. POST-RETIREMENT BENEFITS ....................................................................................................................................................................................................................................................... 494
38. PROVISIONS ................................................................................................................................................................................................................................................................................. 499
39. SUBSIDIES ..................................................................................................................................................................................................................................................................................... 502
40. LONG-TERM CONTRACT LIABILITIES ............................................................................................................................................................................................................................................. 503
41. OTHER NON-CURRENT LIABILITIES ............................................................................................................................................................................................................................................... 503
42. IMPAIRMENT LOSS ON ASSETS .................................................................................................................................................................................................................................................... 504
43. TRADE AND OTHER PAYABLES ..................................................................................................................................................................................................................................................... 504
44. SHORT-TERM BORROWING .......................................................................................................................................................................................................................................................... 505
45. CONCTRACT LIABILITIES ............................................................................................................................................................................................................................................................... 506
46. ACCRUED AND OTHER CURRENT LIABILITIES ............................................................................................................................................................................................................................... 507
47. COMMITMENTS, CONTINGENCIES AND LITIGATION .................................................................................................................................................................................................................... 508
48. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT ................................................................................................................................................................................................ 525
49. LEASES .......................................................................................................................................................................................................................................................................................... 530
50. DERIVATIVE FINANCIAL INSTRUMENTS........................................................................................................................................................................................................................................ 534
51. SECURITIZATION OF TRADE RECEIVABLES FROM ELECTRICITY SALES .......................................................................................................................................................................................... 543
52. SUBSEQUENT EVENTS .................................................................................................................................................................................................................................................................. 544
D. APPENDIX I -UNBUNDLED FINANCIAL STATEMENTS ........................................................................................................................................................................................................................ 546
NOTES TO THE UNBUNDLED FINANCIAL STATEMENTS ......................................................................................................................................................................................................................... 557
1. GENERAL INFORMATION ....................................................................................................................................................................................................................................... 557
E.APPENDIX II ...................................................................................................................................................................................................................................................................... 562
1.INDEPENDENT AUDITOR’S REPORT ON THE SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS ......................................................................................................................... 563
2.INDEPENDENT AUDITOR’S LIMITED ASSURANCE REPORT ON THE SUSTAINABILITY STATEMENT ................................................................................................................................... 576
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A. STATEMENT OF MEMBERS OF THE BOARD OF DIRECTORS

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4


STATEMENT OF MEMBERS OF THE BOARD OF DIRECTORS
(According to article 4, par.2 of Law 3556/2007)


1. Georgios Stassis, Chairman and C.E.O. of P.P.C. S.A.
2. Maria Psillaki, Member of the Board of Directors,
3. Stefanos Kardamakis, Member of the Board of Directors


hereby

WE DECLARE


that, to the best of our knowledge:

a) The accompanying Financial Statements of “Public Power Corporation S.A.”, for the fiscal year
01.01.2024 to 31.12.2024, which were prepared in accordance with the applicable set of
accounting standards as these standards have been adopted by the European Union, truthfully
and accurately reflect the assets and liabilities, equity and the statement of income of “Public
Power Corporation S.A.”, as well as of the companies included in the consolidation taken as a
whole, according to the provisions of article 4 of Law 3556/2007 and,

b) The accompanying Consolidated Board of Directors’ Report truthfully depicts the evolution,
performance and position of “Public Power Corporation S.A.”, and the companies included in the
consolidation taken as a whole, as well as a description of the main risks and uncertainties they
face and was prepared in accordance with the sustainability reporting standards stated in article
154A of Law 4548/2018 and with the standards approved by virtue of paragraph 4 of article 8 of
Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020, on the
establishment of a framework to facilitate sustainable investment and amending Regulation (EU)
2019/2088 (L 198).

Athens March 26
th
2025



Chairman and C.E.O.
Member of the Board.
Member of the Board.





















Georgios Stassis
Maria Psillaki
Stefanos Kardamakis






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6
B. EXECUTIVE SUMMARY OF THE BOARD OF DIRECTORS

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7
PUBLIC POWER CORPORATION S.A.
EXECUTIVE SUMMARY OF THE BOARD OF DIRECTORS
FOR THE FISCAL YEAR 2024
Dear Shareholders,
Following the end of the Public Power Corporation’s twentieth third fiscal year as a Societe Anonyme, we have the honor
to submit for approval, according to the Company’s statutes, the financial statements for the year ended December 31st
2024, as well as, our comments on the respective statements. Furthermore, we submit for approval the unbundled
financial statements for the year 2024 (Appendix I of the Annual Financial Statements) according to the provisions of L.
4001/2011 art. 141 and the approved by the Regulatory Authority of Energy, methodology of accounting unbundling.
The Group’s subsidiaries which are consolidated in the Group’s financial statements are the following:
PPC RENEWABLES S.M.S.A., HEDNO S.A., ARCADIAN SUN ONE S.M.S.A., ARCADIAN SUN TWO S.M.S.A., SOLAR ARROW ONE
S.M.S.A., AMALTHIA ENERGY S.M.S.A., SOLARLAB S.M.S.A., SOLAR PARKS WESTERN MACEDONIA ONE S.M.S.A., SOLAR
PARKS WESTERN MACEDONIA TWO S.M.S.A., AIOLIKO PARKO K-R S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS, AIOLIKO
PARKO LYKOVOUNI S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS, AIOLIKO PARKO DOUKAS S.M.S.A. PARAGOGIS KAI
EMPORIAS ENERGEIAS, AIOLIKO PARKO KOUKOULI S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS, HELIOFANEIA S.M.
TECHNIKI EMPORIKI KAI VIOMICHANIKI ETAIREIA ANANEOSIMON PIGON ENERGEIAS, CARGE S.M.S.A., ALEXANDROUPOLIS
ELECTRICITY PRODUCTION S.A., DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A., PPC FINANCE PLC, PPC BULGARIA
JSCo, PPC ELEKTRIK TEDARIK VE TICARET A.S., PHOEBE ENERGY S.M.S.A., PPC ALBANIA Sh.a, ENERGEIAKOS STOCHOS
S.M.S.A., PPC (Public Power Corporation) Romania S.A., PPC BELGIUM S.A., PPC – Public Power Corporation Romania S.A. (ex
PPC ENERGY SERVICES CO S.A.), RETELE ELECTRICE ROMANIA SA (ex RETELE ELECTRICE MUNTENIA S.A.), PPC ENERGIE SA,
PPC RENEWABLES ROMANIA SRL, PPC ADVANCED ENERGY SERVICES ROMANIA SRL, PPC BLUE ROMANIA SRL, PPC TRADING
SRL, PPC SERVICII COMUNE SRL , SOUTH WIND ENERGY SRL, DARA SOLAR INVESTMENT SRL, ENERGO SONNE SRL, SOLAS
ELECTRICITY SRL, PROWIND WINDFARM VIISOARA SRL, PROWIND WINDFARM BOGDANESTI SRL, TOPLET POWER PARK SRL,
GV ENERGIE RIGENERABILI ITAL-RO SRL , ELCOMEX SOLAR ENERGY SRL , DE ROCK INT'L SRL., ZEPHIR 3 CONSTANTA SRL,
PROWIND WINDFARM IVESTI SRL , PROWIND WINDFARM DELENI SRL , SUN CHALLENGE SRL, WINDARROW ENERGEIAKI
S.M.S.A., KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION S.M.S.A., AIOLIKI MPELECHERI MONOPROSOPI ANONYMI
VIOMICHANIKI KAI ENERGEIAKI ETAIREIA, EDS AD Skopje, EDS DOO Belgrade., EDS International SK SRO, EDS International
KS LLC, SPARK WIND PARK S.R.L., SPARTAKOS ENERGY S.M.S.A., THRAKIKI WIND 1 S.M.S.A., LAND POWER SRL, INKAT ENERGY
S.M.S.A., CLAMWIND POWER S.M.S.A., GREEK WINDPOWER S.M.S.A., ALPENER S.M.S.A., KASTRI EVIAS S.M.S.A. ELECTRICITY
PRODUCTION AND SUPPLY, ARCADIA-RE WIND-RENINVEST S.M.S.A., RENEX AIOLIKI ARTAS S.M.S.A., Next Gen Retail Services
S.M.S.A. (KOTSOVOLOS), ΟLYMPUS ARTIFICIAL INTELIGENCE S.M.S.A. , PPC e-Money Services S.M.S.A., Eko Park Wind Power
EOOD, Haekon EOOD, Mesomarket EOOD, Chirpan Solar Plant Ltd, PPC ITALIA SRL., FELIX RENEWABLE HOLDINGS SRL, TMK
HYDROENERGY POWER SRL, OVIDIU DEVELOPMENT S.A., TOMIS TEAM S.A., MW TEAM INVEST SRL , SOLAR RENEWABLE SRL.
Based on L. 4548/2018, as applies, PPC S.A. prepared the financial statements for the year ended December 31
st
2024
(twentieth third fiscal year), in accordance with the International Financial Reporting Standards (IFRS), as endorsed by the
European Union.
This report also refers to Alternative Performance Measures. For details on the purpose and calculations refer to ANNEX -
Definitions and reconciliations of Alternative Performance Measures (“APMs”)
The annual report of the significant subsidiaries companies for the year ended 31 December 2024 will be available on the
internet at the following web site addresses:
HEDNO S.A.
www.deddie.gr
PPC RENEWABLES S.M.S.A.
www.ppcr.gr
Supply and Renewables subsidiary companies in Romania
www.ppcenergy.ro
Distribution subsidiary companies in Romania
www.reteleelectrice.ro
Next Gen Retail Services M.A.E. (KOTSOVOLOS)
www.Kotsovolos.gr
Amendments in the current legal framework during 2024
All detailed amendments in the current legal framework are presented in Note 2 to the Financial Statements.

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8


Strong financial performance with adjusted EBITDA
at €1.8bn in 2024 with dividend distribution €0.40/per share

• €3 bn investments with 85% towards RES, flexible generation and Distribution
• Increase of RES capacity to 6.2 GW today with 3.7 GW under construction or in ready to build stage
• RES output at 29% of PPC’s total energy mix, with lignite output reduced to 15% aiming to become lignite free until 2026
• Total RAB in the Distribution business in Greece and Romania increased to €4.9 bn (€0.6 bn increase)
• Improved performance in ESG matters recognized by global indices and rating houses
• Financial position remains solid with Net Leverage at 2.8x despite significant investments
• Dividend proposal of €0.40 per share, increased by 60% compared to 2023
• Outlook for 2025 reiterated with expected adjusted EBITDA at €2bn

Key Financials
1







1
Analysis is provided in Alternative Performance Measures in the Appendix ΙΙ.


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9

Highlights of 2024
PPC had a strong performance for yet another year with adjusted EBITDA increasing to €1.8 bn., recording an increase of
41% compared to 2023. Investments in Renewable Energy Sources (RES), flexible generation as well as in distribution and
digitalization projects continued to increase for one more year, capitalizing on the opportunities presented in the energy
transition, thus derisking PPC’s profile as lignite is being phased out.
Total investments reached €3 bn., with significant increase recorded in Distribution and RES activities in line with the plan of
PPC to increase clean energy participation in its electricity generation mix and to further enhance and digitalize distribution
networks. The largest part of these investments are growth investments, with approximately 85% of total investments
allocated to RES, flexible generation, and electricity distribution activities.
Installed capacity in RES stood at 5.5 GW at the end of 2024 from 4.6 GW in 2023 having now reached 6.2 GW following the
completion of projects of 0.7 GW. RES installed capacity is expected to significantly increase in the next quarters, since a
pipeline of 3.7 GW projects is already in the Under construction or Ready to build stage or in tender stage.
Lignite output declined by approximately 28% in 2024 vs 2023 standing at 3.2 TWh, representing 15% of PPC’s output. In
contrast, RES generation recorded a slight increase in 2024 compared to 2023, despite reduced hydroelectric output due to
lower inflows into reservoirs, reaching 6.2 TWh corresponding to 29% of total electricity generation of PPC. As a result, CO
2

(Scope 1) emission intensity declined by 2% compared to 2023.
PPC’s efforts towards a cleaner and more flexible portfolio of power plants are also reflected in its CDP score, which increased
for α second consecutive year by one notch to B, while PPC’s inclusion in the FTSE4Good Index of the London Stock Exchange
was a significant milestone. Additionally, in 2024, the Science Based Targets initiative (SBTi) certified the validity of PPC’s
short-term and long-term greenhouse gas reduction targets, confirming that PPC’s emissions reduction targets for
greenhouse gas are fully aligned with the 1.5°C ambition set by the Paris Agreement and the objective of reaching net zero
greenhouse gas emission across the value chain by 2040.
In addition, PPC improved its rating in the ESG Transparency Score of the ATHEX ESG index, achieving a positive score of
91% following an extensive analysis of a series of criteria regarding the pillars Environmental - Social - Governance. Based
on this score, PPC is among the leading companies in the Greek market with respect to ESG matters.
Financial Performance
Increased operational profitability in 2024 with the adjusted EBITDA reaching €1.8 bn, up by 41% compared to 2023. This
improvement is driven by the higher contribution of activities in Greece, both in the Distribution and the integrated Business,
as well as the consolidation of the operations in Romania for the full year compared to 2023 and the addition of Kotsovolos
in Greece.
Adjusted Net Income stood at €426 m from €206m in 2023
2
. Adjusted Net Income post minorities stood at €365 m from
€140m in 2023
2
.
Solid financial position despite the increase in investments. Leverage (Net debt/ EBITDA) stood at 2.8x in 2024, well below
the self-imposed ceiling of 3.5x, with net debt standing at €5.1bn as of 31.12.2024.
Dividend proposal at €0.40/share, increased by 60% compared to 2023. PPC continues dividend distribution for a second
consecutive year, with the Board of Directors proposing to the Annual General Meeting a dividend of €0.40/share (which
takes into account the exclusion of own shares acquired by the Company and that are not entitled to a dividend), fully aligned
with the provisions of the Strategic Plan for the period 2025 – 2027.


2
Analysis is provided in Alternative Performance Measures in Appendix ΙΙ.

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10

Outlook for 2025

PPC affirms its 2025 goals, which were announced at the Capital Markets Day in November 2024, for adjusted EBITDA of €2
bn, adjusted net income post minorities above €0.4 bn and dividend of €0.60 per share (+140% compared to 2023).

Further analysis per business unit

Retail activity
Electricity demand increased both in Greece and Romania by 5.4%
3
and 4.2%
4
respectively, compared to 2023, mainly driven
by warmer weather conditions, especially in the summer months.
The average retail market share of PPC in Greece recorded a reduction to 51% in 2024 from 57% in previous year, mainly
due to the reduction of its share in High Voltage customers following the termination of legacy fixed contracts. In the
Interconnected System, the respective market share decreased to 52% in December 2024 (from 56% in December 2023),
while the average market share per voltage type was 20.5% (from 48%) in High Voltage, 40.7% (from 40.7%) in Medium
Voltage and 62.4% (from 63.2%) in Low Voltage
5
. In Romania, the average market share of PPC in electricity sales was 16%
6
.

Generation activity
In electricity generation, the average market share of PPC in Greece decreased to 34% in 2024 from 40% in 2023. This was
actually driven by lower lignite production as PPC is progressing with its plan to become coal free by 2026. In Romania, the
average market share of PPC in generation from RES (wind/solar) increased to 16% from 14% in2023.
The improvement of the generation mix is reflected on the improvement of CO
2
emission intensity to 0.49 tons per generated
MWh from 0.50 tons per generated MWh in 2023.

Distribution activity
Large portion of our investments was directed towards modernizing and digitalizing the Distribution networks in Greece and
Romania. More specifically, investments stood at € 1bn in 2024, contributing to the increase of the Regulated Assets Base to
€4.9 bn (+ €0.6 bn).

The significant increase of the investments the very last years, has contributed to the improvement of the reliability indices
in both countries, with SAIDI decreasing to 132 minutes (from 134 minutes) in Greece and 82 minutes (from 90 minutes) in
Romania. SAIFI, decreased in Greece to 1.7 times (from 1.8x) while in Romania also decreased to 2.3 times (from 2.5x).

The integration of Renewables stations in our distribution networks in Greece and Romania is continuing with a good pace
in 2024, for smaller installations per customer and for their self-consumption.

Telco
Significant progress has been made as far as the deployment of Fiber-To-The-Home is concerned, which has reached 650,000
households/businesses by December 2024, marking an increase in the order of 360% compared to 2023. The current
successful deployment sets the foundation for achieving the coverage target of 3m households and businesses by the end of
2030.

E-mobility
In the e-mobility field, PPC remains the leader in the Greek Market with a 37% share in public Charging Points (CPs) in 2024.
PPC is active in e-mobility in Romania as well, having a total number of approximately 3,100 CPs at the end of 2024 in both
countries, up by 29% compared to 2023.



3
Based on PPC estimation
4
Based on data from Transelectrica
5
Based on data from EnEx
6
Based on data from ANRE and Transelectrica

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Capital Expenditure Program of Business Units
Total capital expenditure for the Parent Company amounted to € 282.8 million and was allocated as follows: € 7 million to
Mines, € 150.2 million to Generation, € 22 million. to Commercial and € 103.6 million to activities of the Administrative
Divisions and to the new activities. Capital expenditure for the Parent Company for the year 2024 has increased by € 58.6
million, compared to 2023, representing an increase of 26%.
Total capital expenditure for the Group for 2024 amounted to € 1,875 million and includes besides the Parent Company’
capital expenditure, also those of PPC RENEWABLES S.M.S.A. amounting to € 288.8 million, of HEDNO S.A. amounting to €
812.2 million, of ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A. amounting to € 94.2 million, of PPC ROMANIA
amounting to 319.9 million, of FIBERGRID amounting to €53.8 million and of KOTSOBOLOS amounting to €13.8 million.
Capital expenditure for the Group for the year 2024 increased by € 707 million, compared to 2023, representing an increase
of 61%.
Mines Business Unit
Capital expenditure of the Mines Business Unit for 2024 amounted to approximately € 7 million and is related to projects in
Western Macedonia Lignite Center (WMLC). A breakdown of the capital expenditure amount spent during 2024 is presented
below:
1. €1.0 mil. were spent on land expropriations of which €0,8 million on land acquisition in the region “ΟDPK1”.
2. €2.8 mil. were spent on electromechanical works out of which €1.9 million on belt conveyor’s extensions, and the rest
on equipment upgrades and reconstructions.
3. € 1.6 mil. were spent on civil engineering works and other technical projects (berm floor construction, road asphalting).
4. € 1.6 mil. were spent on other expenditures like environmental projects.
Total excavations in the Mines amounted to 32.6 million cubic meters and lignite production amounted to 5.7 million Tones
Generation Business Unit
Exploitation:
• During 2024 the total net production of the General Division of Lignite Generation (GDLG) and General Division of
Thermo- and Hydro-electrical Generation (GDTHG) power stations (including the subsidiaries Lignitiki Megalopolis S.A.,
Lignitiki Melitis S.A. and excluding PPC Renewables S.A.) amounted to 18.3 TWh, decreased by 1.06 % compared to 2023
(18.5 TWh).
• The lignite fired generation (including Steam Electric Unit V, of Ptolemaida Station) reached 3.23 TWh increased by 17.45
% compared to 2023 (2.75 TWh – excluding Ptolemaida Unit 5). The lignite Units’ availability factor was 76.15%,
decreased by 6.15 p.c. units compared to 2023. The capacity factor of lignite fired units reached 14.12%, as opposed to
16.50 % in 2023. The utilization factor reached 18.55 % in 2024 from 20.10 % in 2023.
The Steam Electric Unit V, of Ptolemaida Station was available for dispatch from June 2024. From June 2024 to December
2024 the unit is also included in the calculation of availability, capacity and utilization factors.
• In 2024 the hydroelectric generation reached 3.48 TWh, decreased by 0.55 TWh or 13.72 % compared to 2023 (4.03
TWh).
• Natural gas-based generation in 2024 reached 7.72 TWh, 1.43 TWh more than in 2023, which is an increase of 22.73%.
The Units’ capacity factor reached 33.42 % in 2024, an increment of 6.05 p.c. units compared to 2023. The availability
factor in 2024 was 85.94 %, increased by 0.82 p.c. units compared to 85.12 % in 2023. The utilization factor increased by
6.55 p.c. units reaching 38.92 % in 2024 from 32.37 % in 2023.
• Generation in Crete, Rhodes and the Other Non-Interconnected Islands (NII) reached 3.87 TWh in total, showing an increase
of 0.18 TWh compared to the corresponding generation in 2023 (3.69 TWh), i.e., by 4.9%.
• In view of the increased load demand placed on Crete’s and the Other NII systems during 2024, extra 205 MW (85 MW
in Crete and 120 MW at the Other NII) of non-permanent capacity were used.

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Investments:
As part of the implementation of PPC S.A.'s Strategic Priorities, the General Directorate of Planning and Development of
Production has undertaken the task of exploring new investment agreements and partnerships to increase investments in
the areas of New Production Activities. Specifically, it is tasked with investigating the economic performance/sustainability
of various new energy production and storage projects of PPC, as well as the benefits these projects will have on Greece's
electricity system. Such investments enhance the diversification of PPC's energy portfolio by leveraging the company’s
existing infrastructure in Greece, while also contributing significantly to the creation of a significant potential for developing
business activities with important multiplier effects at both the corporate and national levels, including both economic and
social (new job opportunities). This initiative could acquire National Significance, as it will strengthen key sectors of economic
activity, making it easier and faster to achieve the goal of the decarbonization and of the transition of the electricity system,
with new, environmentally friendly, state-of-the-art, and higher-efficiency projects, such as:
● Thermal Energy Production projects to meet the needs of District Heating in Western Macedonia (District Heating
and Natural Gas Boilers)
● Hydrogen Production Unit North-1 (Hellenic Hydrogen)
● Pumped Storage (Energy Storage)
● Energy transition activities in Megisti to 100% RES (Renewable Energy Sources)
● Energy transition activities in Psara to 100% RES (Renewable Energy Sources)
Regarding the progress of these projects in 2024, the following are noted:
• Thermal Energy Production Project to meet the needs of District Heating in Western Macedonia - District Heating
The contract has been signed with the counterparty company "Aktor – Elektror" after the maturation and completion of all
pending matters. The project concerns the "Study, procurement, installation, testing, and commissioning on a turnkey basis
(EPC/turn-key project) of a High-Efficiency Cogeneration Unit of Electricity and Heat (CHP) with internal combustion engines
(ICE) powered by natural gas, producing useful thermal power ≥ 65MWth at the facilities of the Kardia Power Plant, and
maintenance for 7 years."
The unit will consist of seventeen (17) Internal Combustion Engines with a total electrical capacity of 76,262 kWe and total
thermal capacity of 66,391 kWth, with the aim of connecting it to the unified district heating system of Western Macedonia.
Construction began in January 2025. It is noted that the contractual price of the Project amounts to €65.8 million and is
expected to be completed within 22 months.
• Hydrogen Production Unit North-1 (Hellenic Hydrogen, in which PPC holds a 49% equity stake)
The project is in the maturation phase by Hellenic Hydrogen and involves the installation of Electrolizers ranging from 50 to
200 MW at the Amynteo Power Plant for the production of Green Hydrogen. This hydrogen will be injected into the natural
gas pipeline of DESFA and used in the CHP system, transportation, and other industrial applications. The goal of the project
is to contribute to minimizing the excess production of RES (Renewable Energy Sources) by converting it into Hydrogen,
which can serve various energy needs.
• Pumped Hydro Storage (Energy Storage)
• New Pumped Hydro Storage Project at the former Kardia mine
For this project, a contract was signed in 2024 with a consultant to conduct a feasibility study and prepare tender documents,
with the aim of completing the project’s development by the end of 2025.

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• New Pumped Hydro Storage Project at the former South Field Mine
A tender has been prepared for the selection of a consultant who will conduct a feasibility study and prepare tender
documents, with the aim of completing the development of the project by the end of 2025.
• New Pumped Hydro Storage Project in the Sfikia Area
A tender has been prepared for the selection of a consultant who will conduct a feasibility study and prepare tender
documents, with the aim of completing the development of the project by the end of 2025.
• Energy Transition Activities in Megisti to 100% RES (Renewable Energy Sources)
In April 2024, the so-called Megisti Transition Team (composed of PPC S.A., the Municipality of Megisti, and the National
Technical University of Athens) and the Secretariat of the European Commission for Clean Energy for EU Islands signed a
Trajectory Agreement for: (i) the updating of the Island's Energy Transition Plan with the goal of making it 100% RES in all
forms of energy by 2030, (ii) the development, in cooperation with decision-making bodies (Ministry of Environment and
Energy, other relevant Ministries and public authorities, RAE, DEDDIE), of the appropriate regulatory conditions (regulatory,
commercial, and technical) that will allow the achievement of this goal, (iii) a detailed investigation and development of the
projects and products described in the Agreement at the implementation level. The completion horizon of the Agreement is
until December 2026.
• Energy Transition Activities in Psara to 100% RES (Renewable Energy Sources)
In March 2024, the so-called Psara Transition Team (composed of PPC S.A., the Municipality of the Heroic Island of Psara,
and the National Technical University of Athens) and the Secretariat of the European Commission for Clean Energy for EU
Islands signed a Trajectory Agreement for: (i) the development of the Island's Energy Transition Plan with the goal of making
it 100% RES in all forms of energy by 2030, (ii) the development, in cooperation with decision-making bodies (Ministry of
Environment and Energy, other relevant Ministries and public authorities, RAE, DEDDIE, ADMIE), of the appropriate
regulatory conditions (regulatory, commercial, and technical) that will allow the achievement of this goal, (iii) the detailed
investigation and development of the projects and products described in the Agreement at the implementation level. The
completion horizon of the Agreement is until December 2026.
• Thermal Units
Steam Electric Unit V, of Ptolemaida Station, of 660 MW (+ 140 MWth for District Heating) installed capacity, using
pulverized lignite fuel:
Within 2024, additional works were completed in the Unit so that it can provide thermal power of up to 140 MWth to the
district heating network of the city of Ptolemaida, while from 10.02.2025 the district heating system is operational.
Common Substation for Interconnection of PV Stations, Battery Systems and CHP with the 400kV High Voltage System.
The project refers to the construction of a substation within the Steam Power Plant of Kardia, which will be used to
interconnect the future energy nearby projects of PPC and PPC Renewables in the wider area Steam Power Plant of Kardia
(Cogeneration Plant, PV Stations, energy storage systems) with the 400kV transmission system. It is estimated that the project
will be completed within 2025.
The contract price of the project amounts to €19.6 million, split 27.63% to PPC and 72.37% to PPC Renewables.
PPC's capital expenditure for 2024 amounted to €1 million.
• Hydroelectric Units
Mesochora Hydro-Electric Project (HEP) (160+1.6 MW):
In 2024, the Supreme Administrative Court issued Decision No. 144/2024, which rejected the Application for Annulment
against the latest 2021 Decision Approving the Environmental Terms of the Project. Following this, Ministerial Council
Act (MCA) 36/2024 was issued, according to which the project was characterized as a project of general importance for
the country's economy, and the Minister of Environment and Energy or the competent authority for the declaration of
expropriations was authorized to proceed with the declaration of expropriations of properties related to the execution
of the project, following the procedure of paragraph 7A of the Code of Compulsory Expropriations of Properties (Law
2882/2001).

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In the meantime, PPC has taken actions to implement obligations, as well as actions to update/secure the necessary
permits and approvals, to satisfy the relevant provisions of the Environmental Terms of the Project. Moreover, PPC is
conducting studies for the remaining works for the completion of the project and monitoring the behavior of the HPP
structures as well as the adjacent areas, based on the latest applicable Regulations. Additionally, PPC has conducted a
series of preliminary studies regarding the relocation of the residents of Mesochora Settlement.
In 2025, the completion of the Expropriation File review by the Ministry of Environment and Energy is anticipated, so
that - in accordance with the provisions of the aforementioned Ministerial Council Act - the Declaration of Expropriation
for the acquisition of the remaining areas affected by the creation of the Dam Reservoir can be approved. In 2025, PPC
intends to commence the necessary works for the completion of the project.
Metsovitiko HEP (29 MW):
A 9-month delay is observed in the construction schedule, compared to the 2024 forecasts for its operation. During 2024,
both the Civil Engineering Works and the preparation and approval of E/M equipment studies, continued. By now, the
procurement and installation of the received E/M equipment, as well as the Civil Engineering works, are in progress. The
expenditure for the project in the 2024 fiscal year amounted to € 2.9 million
Non-Interconnected Islands (Rhodes, Other NII)
The total investment expenditures related to NII for the fiscal year 2024 amount to € 111 mil. and include:
The Project of supply, transportation, installation, testing, and commissioning of two (2) new Gas Turbine (GT) units at
Thira power plant, of a cost of € 30.3 mil. The two new GT units entered Commercial Operation in December 2024.
The Projects of supply, transportation, installation, testing, and commissioning of one (1) GT unit at Chios power plant
and two (2) GT units at Soroni (Rhodes) power plant, that amounted to € 21.5 mil. and € 56.2 mil., respectively. The entry
into Commercial Operation of these units is expected within 2025.
The amount of € 750.000 for land acquisition next to Thira Power Plant for the installation of two (2) new Gas Turbine
Units prementioned.
The rest of investment expenditure for the NII (incl. Crete) for fiscal year 2024 amounted to € 2.3 mil. were invested in a
number of smaller projects
• Environmental Management / Health and Safety
Environmental Management:
Within 2024, in the direction of improving the environmental behavior of the Power Generation Units of the General
Department of Conventional Production Operations:
- Α new EMS according to ISO 14001:2015 for TPS Ptolemaida V was certificated (the Audit took place on 17 &
18.12.2024)
- Environmental Management Systems (EMS) by ISO 14001 of twenty nine (29) PPCs' Steam and Hydro Electric Stations
(including Oil based TPS of not interconnected islands) were re-certificated by independent Certification Bodies,
after surveillance audits.
- Management Systems (EMS) to ISO 14001, of Lignite Center of Western Makedonia was re-certificated by
independent Certification Body, after surveillance audit.
- The Energy Management System according to ISO 50001 of Lignite Center of Western Makedonia was successfully
reviewed by an independent Certification Body
- The development and implementation of the Environmental Management Systems (EMS) based on ISO 14001 for
the under-construction HPS Mesochoras was completed.
- The development and implementation of an Energy Management System according to ISO 50001, in eight PPCs'
Steam and Hydro Electric Stations was completed.

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- The Energy Management Systems according to ISO 50001 in eight PPCs' Steam and Hydro Electric Stations were
certified
- Training of the staff of the Mesochora and Ptolemaida V TPS was carried out in accordance with ISO 14001 standard
(51 persons in total)
- Seminars for personnel training were carried out, in cooperation with the Recruitment and Training Department, for:
▪ A) "Auditors / Leader Auditors of Energy Management Systems", according to ISO 50001:2018: 12 persons
▪ B) "Internal Energy Management Systems Auditors": 41 persons
Health and Safety:
During 2024, towards the improvement of the Occupational Health & Safety (OHS) record of the Production Operations Division
(PRO/Di):
- The existing Occupational Health & Safety Management Systems (OHSMS) compliant to ISO 45001:2018, of
fourteen (14) Power Plants (including 12 TPPs and 2 HPPs), as well as of the West Macedonia Lignite Center
(Central Field Mine, and Support Units), and the Skyros Local Power Plant (LPP), were successfully audited or
recertified by independent certified auditors, whereas the Certification of the Megalopolis Lignite Center (the
activities and personnel of which are significantly reduced) was still valid for part of the year.
- During 2024, the development of OHSMS compliant to ISO 45001:2018 at all the other Hydroelectric Power Plants
(HPPs) of PPC S.A. has continued, and one (1) HPP (namely HPP Piges Aoou) was successfully audited by
independent certified auditors (the certificate was eventually issued in 08.01.2025).
- The Occupational Health and Safety Department (OHSD), aiming to perform its work more efficiently, has been
operating an independently certified Quality, Environment and Occupational Health & Safety Management System
(QEOHSMS) (compliant to ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 respectively), for its Headquarters
and for seven (7) of the First Aid Stations that belong to it and are located in Generation and Lignite Units.
In total, during 2024 there were 20 certified OHSMS in operation at various PPC S.A. units.
A non-exhaustive list of the activities of OHSD, regarding the Generation and Lignite Units follows:
- Thirteen (13) third-level inspections for OHS were performed at Generation Units, by Joint Inspection Committees,
consisting of members from the OHS Dept and the corresponding Generation Departments of PRO/Di (in addition
and separately from the Internal Audits that are regularly conducted at every location with a certified OHSMS).
- Coordinated by the OHS Dept, two (2) seminar series, forty (40)-hour-long each, were held for new Safety Engineers
and two (2) seminar series, sixteen (16)-hour-long each, for members of Occupational Health and Safety
Committees (OHSC), with the majority of participants belonging in Productions Units and Projects. Additionally, six
(6) video conference meetings were held for the Safety Engineers of Generation Units, split into groups of Units to
focus on specialized Unit-relevant topics, plus thirteen (13) video conference meetings for the Safety Coordinators
of various Production projects.
- Seminars on Occupational Health and First Aid topics were conducted at nineteen (19) locations around the
country, with a total participation of fourteen hundred and three (1403) employees, more than one thousand
(1000) of which belong in Production and Mines units.
It should be noted that the above-mentioned activities were transitionally managed by the OHSD during 2024, as in
previous years, given that the new organizational structure of the recently created Health, Safety and Environment
Group Function (HSE/GrF) was under development. According to the revised structure, a new Conventional Generation
Occupational Safety Department (CG/OSD) has been created, which will gradually take over the Safety responsibilities
regarding Production activities, whereas the former Occupational Health Unit of the OHSD is under transformation to a
new Occupational Health Department (OHD), that takes over all Health-related responsibilities.

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Commercial Business Unit
The investments of Commercial Activities in 2024 amounted to € 22 mil. and mainly concern:
• Store & office renovations with corresponding computer equipment & furniture.
• expenses for digitalization aimed at improving the services provided to customers, as well as software improving customer
database, but also forecasting electricity demand.
The aim of the new stores is to upgrade the customer experience. The new stores emphasize to friendly service, innovation,
and interactivity, through a modern, pleasant environment of high aesthetics. Also, in the new PPC stores, in addition to
energy products, there is a special area for the sale of smart products, of the latest technology, as well as electrical culture
products.
In 2024, PPC launches the franchise method in the development of its store network and gives the opportunity to individuals
who want to acquire a PPC store through franchising to become its partners and part of its new customer-centric philosophy.
Since April 2024, the first franchise store has been operating. PPC myStore is the business development model which,
combined with the innovative architectural and functional design of PPC stores, creates a particularly attractive and profitable
benefit for both the partner-franchisee and PPC. Today, 10 of the stores in the network operate under the franchise method.
At the same time, the Company is strengthening its presence by creating physical points of sale within large shopping centers,
an action that has been launched since 2021. These points stand out for their innovative design. To date, five pop-up stores
are operating in the country's leading shopping malls, aiming to offer an excellent service experience and promote the new
image of PPC stores. The Pop-up Stores have a high impact, as reflected in the positive customers comments and their
constantly increasing traffic.
Regarding its product portfolio, following the expiration of the provisions of Law 4951/2022, which was extended until 31
December 2023, for Low Voltage customers, Special Tariffs ("green" marking), Floating Products ("Yellow" marking), as well
as Fixed Products ("Blue" marking) were created from the beginning of the year.
The aim of the Commercial Business Unit is to meet the needs of its customers according to their consumption behavior /
profile, for this reason it designs fixed tariffs that are addressed to specific groups of customers with similar characteristics.
In February 2024, PPC has relaunched its myBuildingGasControl natural gas product, aimed at residential customers with
central heating, further enriching its natural gas product portfolio with a product that offers fixed prices throughout the
contract period.
In April 2024, PPC has launched the new fixed-fee electricity product PPC myBusinessEnter, for professionals with an installed
capacity of up to 25 kVA.
From the beginning of May 2024, PPC offers the agricultural products “ GAIA”, that are only available to farming activities
that serve and contribute in some manner to the production of primary crops and livestock products, with a ten-year duration
and a fixed price for the total consumption of the first 2 years.
In August 2024, PPC launched a new electricity product specially designed to meet the needs of students, offering the first
150 kWh at a very low price, with free of charge the summer months’ fixed fee, bundled with Green Pass and many more
benefits and discounts through our partners and all these for the whale duration of their studies.
In the context of its corporate operation, PPC has been developing action programs for a long time, with the main objective
of improving its collections and at the same time providing integrated solutions to customers in terms of servicing their debts.
Particularly, PPC improves its credit policy in accordance with the Electricity Supply Code by creating scalable actions of
information and collection, which are constantly evolving, and their effectiveness is measured.
At the same time, PPC continues its cooperation with a company that provides specialized support services in the context of
the securitization of company's trade receivables with the aim of reducing overdue debts and preventing the creation of new
ones, imposed by the criticality of the situation in the Energy sector.

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Applying the institutional framework, PPC implements interest-free adjustment programs to farmers, and it continues to
apply the new debt settlement policy, which is in effect since 2022, for its entire customer base giving flexible settlement
programs and personalized solutions according to the needs of its customers. To improve the collectability of settlements,
PPC develops settlement models that classify customers based on their characteristics in order to identify the best debt
restructuring plan with the highest probability of repayment.
In 2024, the Commercial Business Unit has launched a new service, giving the opportunity to customers to purchase a service
for the supply and installation of photovoltaic systems on residential roofs “MyEnergy Solar” with the facility of 12 or 24
interest-free instalments.
Finally, taking care of the energy footprint of customers, in July 2024 the 2nd version of MyEnergyCoach has become available
to Low Voltage residential customers with an upgraded customer experience and the ability of providing advice on energy
upgrades for homes.
DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A. (FIBERGRID)
In December 2022, PPC established its 100% subsidiary DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A. (FIBERGRID) with
the purpose to build a fiber optic network (FTTH) and provide wholesale telecommunications services to retail providers.
In this significant investment, estimated at approximately 650 million Euros (period 2023-2026), PPC through its subsidiary
FIBERGRID pursues to build an intergraded and high-speed FTTH network throughout the country, covering circa 3mil.
households (HHs) within the next 3 years, contributing also to the targets set by the EU for the European Gigabit Society.
Progress during fiscal year 2024:
At the end of July 2024 demerger was completed by way of the spin-off of PPC’s wholesale telecommunications sector, with
absorption by FIBERGRID and consequently an increase in its share capital by the amount of €33,601,984 bringing the total
share capital of the Company after the increase to €63,601,984.
Also, at the end of November 2024, the Company's General Assembly, decided an increase of its share capital by the amount
of €150,000,000.00. The share capital increase is covered by cash contributions, of which €40,000,000.00 were paid in 2024,
while the remaining €110,000,000.00 is expected to be paid in 2025.
During 2024, project roll-out made significant progress, covering more than 650,000 households (Homes Passed).
Network construction continued as planned in the next 12 municipalities (in addition to the initial 13) both in wider Attica
region and in other key urban areas across the rest of Greece.
In November 2024, the Company announced that 460,000 households in 13 municipalities of Attica are commercially
available (Ready for Service).
Capital expenditure in 2024 amounted to approximately €87.5 million (for the Parent Company and FIBERGRID).
In 2025, the Company targets to accelerate the growth rate achieved already in 2024 while it plans to cover more than
1,500,000 households (HP) by extending coverage to even more municipalities in major urban areas nationwide.
By June 2025, approximately 650,000 (Ready for Service) households are expected to be commercially available, while by
the end of the year it is expected to reach 1,100,000 (Ready for Service) households.
PPC blue e-Mobility Business
A decisive factor in the expansion of public charging infrastructure in 2024, PPC blue concluded the year with over 2.500
public charging points across more than 670 locations nationwide. Additionally, it significantly strengthened fast charging,
surpassing the number of 330 fast-charging points, while also initiating the deployment of 360kW ultra-fast chargers.
Through these initiatives, PPC blue contributed to the avoidance of 3.300 tons of CO₂ emissions in 2024, reinforcing its
network’s ecological impact.
As part of its strategic development, PPC blue inaugurated Greece’s most powerful PPC blue Hub in Patras, featuring a total
charging capacity of 1,186 MW and 29 charging points, making e-mobility more convenient and accessible than ever.
Furthermore, through the acquisition of ENEL Romania by PPC Group, PPC blue expanded its public charging network by
adding over 530 charging points, solidifying its presence in Southeastern Europe.
With a customer-centric approach, PPC blue introduced innovative reward initiatives such as Energy Nights, Easter Trips, and
the groundbreaking “Re charge | Re ward” program.

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At the same time, PPC blue undertook a complete overhaul of the PPC blue app, offering users a more advanced and
personalized experience. New features include trip planning via the PPC blueTrips service and a fast-charger reservation
system (booking), demonstrating its commitment to a modern and customer-focused charging experience.
Capital expenditure for the year 2024 amounted to €7.7 mil.
HEDNO S.A.
Development & Operation of Networks
In 2024, distribution facilities were expanded by 2,110 km in the medium voltage (MV) network and by 946 km in the low
voltage (LV) network, while at the same time 3,169 switching systems became operational.
Thus, the MV network now extends over 119,414 km and the LV network has reached 131,329 km in length, while the number
of transformers installed in the network amount to 168,842 for the year 2024.
The active clients of the distribution networks amounted to 7,713,585 out of which 18,172 are MV users.
Turnaround Times of New Connections
The average service time (research and construction installation works) for ordinary new user connections was 38.47 working
days, while for connections requiring network intervention works it is 69.42 working days, and for switching systems requests
it is 102.4 working days.
Environmental Topics
The Company prioritizes full harmonization and compliance with the environmental legislation of the competent Ministries
and RAEWW and ensures the implementation of sound environmental management practices, significantly reducing the
impact on the environment and biodiversity.
The Environmental and Climate Change guidelines were formulated in 2024 and the Environmental Policy of HEDNO was
approved, which constitutes a commitment to achieving environmental objectives and to continuously improving the
company's environmental footprint. The Environmental Policy focuses on the issues of environmental protection,
conservation and protection of biodiversity, pollution prevention, climate change mitigation, achieving carbon neutrality and
circular economy.
HEDNO, aiming to reduce CO2 emissions from its activities, monitors its annual environmental performance through the
calculation of the Carbon Footprint, as this is a strategic goal both for the company itself and as a member of the PPC Group.
In this direction, in 2024, the Carbon Footprint of direct (Scope 1) and indirect (Scope 2 and 3) Greenhouse Gas (GHG)
emissions was calculated, which indicatively are derived from combustion in fixed and mobile equipment, electricity
consumption, electricity losses in the Network, supply of goods and services and waste management and cover the reference
period 01/01/2023 - 31/12/2023. The carbon footprint calculation methodology as well as the Greenhouse Gas emissions
report itself during the reporting period was verified according to the ISO 14064-1:2018 standard by an external certification
body.
The Greenhouse Gas (GHG) emissions data associated with HEDNO's activities constituted, among other data, the basis for
the calculation of environmental indicators in the 4th Sustainability Report of the PPC Group prepared in 2024 and in the
2nd annual assessment of the World Organisation Global Real Estate Sustainability Benchmark (GRESB) through the
submission of the Infrastructure Asset Assessment in 2024. In fact, in the latter, our performance increased by 24% compared
to the year 2023.
Furthermore, within the framework of the PPC Group's commitment to achieve the carbon neutrality target by 2040 with
the aim of limiting the temperature increase to 1,5°C based on the Net-Zero Standard of the Science Based Targets initiative
(SBTi), HEDNO participated in the development of the target setting and in the preparation of the relevant action plan to
achieve this goal (Net Zero Plan).
HEDNO recognizes the urgent need to address the challenges posed by the loss of biodiversity and ecosystem services. As a
responsible corporate entity, which bears the responsibility of development, operation and maintenance of safe distribution
networks, it has initiated the development of a strategic action plan for the conservation and protection of biodiversity
through the mapping of its infrastructure in priority areas for the management of risks and impacts in relation to biodiversity
issues. In this way, the organization aims not only to mitigate potential impacts on ecosystems, but also to create long-term
value for all its stakeholders, including employees, customers, suppliers and the wider society.

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Preventing biodiversity loss, as well as protecting and preventing risks to endangered species, are an integral part of the
company's environmental strategy. Key actions to strengthen the network, while contributing to the protection of
biodiversity and birds, include undergrounding networks, replacing bare LV and MV conductors with twisted cables and
installing insulating covers on the network conductors. At the same time, actions are being implemented to mitigate the
effects of forest fires by improving the resilience of the network, such as tree pruning and clearing of undergrowth.
HEDNO in 2024 created the framework for the development of the HEDNO adaptation plan to the +5 °C climate scenario, as
well as the methodological steps required for this purpose. A preliminary sensitivity analysis of HEDNO network elements
against the main risks of climate change (acute and chronic) was carried out. The study led to the development of important
adaptation measures (short-term, medium-term and long-term) for HEDNO infrastructure.
Finally, in 2024, as part of its Health and Safety transformation project (“ALL SAFE” Project), the company began the
formation and development of an integrated Environmental Management System in accordance with the international
standard ISO 14001, revising the structure, roles and procedures for managing environmental issues. Furthermore, in order
to minimize environmental risks, HEDNO continues to systematically record and monitor environmental incidents that arise
during the execution of work by its teams and Contractors.
PPC Renewables S.M.S.A
At Group level, electricity production in 2024 amounted to 1.421.240 MWh compared to 749.832 MWh in 2023. For the
Company, electricity production in 2024 amounted to 441.720 MWh compared to 381.285 MWh in 2023.
INVESTMENTS
Research, Development and Exploitation of Geothermal potential
PPC Renewables has leased from the Greek State the Research and Management rights of the geothermal potential of four
public mining sites: a) Milos-Kimolos-Polyaigos, b) Nisyros, c) Lesvos and d) Methana.
In agreement with the associate company GEOTHERMAL TARGET II S.A., which took on the development of geothermal
power plants in the aforementioned areas, the development programme that was foreseen for recent years has progressed.
Currently, geophysical surveys are being completed in the field of Lesvos, and design studies are being carried out for the
construction of a small geothermal power plant in Lesvos, which is expected to be operational by 2025. The Environmental
Impact Assessment (EIA) for conducting exploratory drilling in Milos has been submitted for approval, with tenders for
construction expected to be announced within the first half of 2025. At the same time, contracts have been signed with
consulting firms to evaluate the research results and investigate the most suitable locations for initially carrying out deep
geothermal exploratory drilling in the other three areas, with the expectation of subsequently utilizing the geothermal
potential productively.
The total capital expenditure of PPC Renewables Group's geothermal projects in 2024 amounted to € 0.8 million.
Wind Parks
Construction works for the Doukas Wind Park, by PPC Renewables, “DOUKAS WIND PARK SOLE SHAREHOLDER S.A.”, with a
capacity of 26MW of a total budget of €31.6 million, in “DOUKAS” location of St. Anargyroi, Kleisoura and Lehovo locations
of the Municipalities of Kastoria and Amyntaio, of the prefectures of Kastoria and Florina in the Region of Western
Macedonia, started in September 2022. Construction works are expected to be completed in 2025.
Construction works for the Koukouli Wind Park, by PPC Renewables, “KOUKOULI WIND PARK SOLE SHAREHOLDER S.A.”, with
a capacity of 13.2 MW, of a total budget of €17 million, in the “Koukouli-Grivas” location in Shiatista of the Municipality of
Voi, of the Kozani prefecture in the Region of Western Macedonia, started in September 2022. Construction works and the
electrification of the park were completed in March 2024.
Construction works for the Karkaros Wind Park, by PPC Renewables, “ALTERNATIVE POWER & ENERGY ALPENER SINGLE
MEMBER S.A.” with a capacity of 36.4 MW of a total budget of €45.5 million, in the “Karkaros” location of the Municipality
of Delfi of the Fokis prefecture, started in January 2024. Construction works and electrification are expected to be completed
in 2025.
The EPC Contract for the construction of a wind power plant with a maximum installed capacity of 35.4 MW in the Timenio
Oros location of Arcadia and Argolis prefectures, as well as the road construction and electrical interconnection projects of
the plant with the National Electricity Transmission System with the construction of a new substation 33/150kV Timenio
Oros, was signed in October 2024. Construction works started in the first quarter of 2025.

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Regarding the new Wind Park with a total nominal power of 60 MW in the locations of Gerakas (15 MW) and Milia-
Kapetanios-Livadokorfi (45 MW) of the Rodopi prefecture, 2 BoP Contracts were signed in December 2024. The first BoP
Contract includes the infrastructure works of the Wind Park, the Connection of the Park to the New 33/150 kV Organi
Substation and the construction of a High Voltage transmission line to connect the Organi Substation to the KYT Nea Santa
in the Rodopi Regional Unit. The other BoP Contract includes all works related to the supply, installation and commissioning
of the new 150/33 kV Outdoor Type Substation in Organi location of the Rodopi prefecture, the new cable section of the 150
kV transmission line as well as the expansion works of the existing KYT Nea Santa. A Supply and Installation Agreement for
11 Wind Turbines for the Wind Park was also signed in the same month. Construction works are started in the first quarter
of 2025.
Regarding the Wind Park with a total nominal power of 11 MW in Livadaki location of the Municipality of Dorida, of the
prefecture of. Fokida (company LIVADOR in which PPC Renewables participates with 49% percentage), the Supply and
Installation Agreement was signed in December 2024, while the BoP Contract has been signed in the first quarter of 2025.
The Group has, including an offshore wind park, additional wind projects either in operation or under development.
The total capital expenditure for Wind Farms of the PPC Renewables Group amounted to 60.8 million in 2024.
Small Hydroelectric Power Plants (SHPPs)
Completion of the construction works for Makrochori II SHPP with nominal capacity of 4.84 MW and a total budget of €7.4
million at the Rapsomaniki location of the Municipality of Alexandria, Prefectural Government of Imathia in the Central
Macedonia Region. The contract was signed in June 2020, when construction works began with the final acceptance of the
project expected within the 1
st
half of 2025.
PPC Renewables Group has additional SHPPs projects either in operation or under development, while its total capital
expenditure for Small Hydropower Plants amounted to €1.8 million in 2024.
Photovoltaic Stations
Construction works of “Pteleonas 1”, “Pteleonas 2”, “Charavgi 1” and “Charavgi 5” PV Plants of a 94.9 MW capacity, with
horizontal single-axis trackers and bifacial PV modules and the extension of the “Charavgy” 150kV substation, of a total
budget of € 64 million, in the Municipalities of Eordea and Kozani, at Kozani Regional Unit, began in September 2022.
Construction works and electrification were completed in third quarter of 2024.
With respect to the 550MW “Orychio DEI Ptolemaida” PV plant, with horizontal single-axis trackers and bifacial PV modules,
and the necessary grid connection works, of an indicative total budget of € 300 million, in the Municipalities of Eordea and
Kozani, at Kozani Regional Unit, the signing of the contract tool place in July 2023. Construction works started in December
2023.
In addition, PPC, based on the implementation of the National Energy and Climate Plan and the utilization of existing
infrastructures that are permanently decommissioned, has designed and implemented energy storage projects (at the
Kardias Mine) as well as the installation of new means of thermal energy production for covering the thermal needs of the
interconnected district heating system (SITHYA). At the same time, PPC Renewables is developing projects of PV stations and
energy storage stations with BESS which are planned to be interconnected in a common substation utilizing the infrastructure
of the Gates of Units I & II of the former AIS KARDIAS. The contract for AIS KARDIAS was signed in September 2023. The
estimated completion and commissioning of the project is placed in 2025 with a total investment budget of €4.4 million for
PPC and €11.5 million for PPC Renewables. Additionally, in April 2024, a Contract was signed for the commissioning of a
400kV/150kV/30kV Autotransformer at the KYT Kardias, The projects are necessary conditions for the operation of the whole
of 550MW PV Station PPC MINE PTOLEMAIDA.
For the 80MW “Akrini” PV plant, which will be installed within the Lignite Center of Western Macedonia, at the "AKRINI"
location, of the Hellespont Municipal Authority, the Municipality of Kozani, the Regional Authority of Kozani, the Region of
Western Macedonia with a fixed mounting system, of an indicative total budget of €36 million, the EPC contract was signed
in July 2024, when also construction works started.
The contract for the construction of PV plants “Eksochi 7”, “ Eksochi 8”, “ Kardia 1”of a 171 MW capacity with fixed mounting
system, and their connection to the existing Substations 33/150 kV “Charavgi” and “A1 Kardias-Kleitos”, of an indicative total
budget of € 68 million, in the Municipalities of Eordea and Kozani, at Kozani Regional Unit, was signed in March 2024, when
also construction works started.

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With respect to the new PV plant at Katarrachia and Tripotamos location of 125 MW capacity, of an indicative total budget
of €60 million, with fixed mounting system, which is going to be installed in the Municipality of Megalopoli, at Peloponnese
Regional Unit, in location “Megalopoli Mine” of total capacity of 490 MW, the EPC contract was signed in June 2024.
Regarding the new PV Station at the location "Megalopoli Mine" with a capacity of 125 MW, with fixed mounting system,
which is going to be installed within the Municipality of Megalopoli, at Peloponnese Regional Unit, in location “Megalopoli
Mine” of total capacity of 490 MW, the contract is expected to be signed within the first quarter of 2025.
PPC Renewables Group has additional PV projects either in operation or under development, while its total capital
expenditure for PV projects amounted to €223.9 million in 2024.
Hybrid Projects
Regarding the project of the 3.0 MW guaranteed capacity Hybrid Plant, consisting of a PV Plant with a maximum production
capacity of 3.531 MW in Marmari location and a Battery Energy Storage System with accumulators with a storage capacity
of at least 10.16 MWh and a maximum charging capacity at least 5.5 MW in Paliomylos location, of Municipality of Astypalea
in Kalymnos prefecture in the Region of South Aegean, the BESS Supply Agreement was signed in December 2024 and
construction works are expected to start in first half of 2025.
Capital expenditure for Hybrid Projects amounted to €1.0 million in 2024.
BESS Systems
With respect to the project of the Battery Energy Storage Station with a guaranteed capacity of 100 MWh, maximum
incoming and outcoming power of 50 MW and consisting of accumulators in Ptolemaida 4 location of the Municipal Unit of
Dimitrios Ypsilantis of the Municipality of Kozani, of the prefecture of.Kozani, in the Region of Western Macedonia, the BESS
Supply Agreement and the BoP Contract were signed in the first quarter of 2025.
With respect to the project of the Battery Energy Storage Station with a guaranteed capacity of 96 MWh, maximum incoming
and outcoming power of 48 MW and consisting of accumulators in Meliti 1 location of the Municipal Unit of Melitis of the
Municipality of Florina, of the prefecture of Florina, in the Region of Western Macedonia, the BESS Supply Agreement and
the BoP Contract are expected to be signed in the first quarter of 2025. The project will be connected to the new KYT Melitis
II, where construction works for the installation of a new 400/33/33kV Transformer and for the Connection and Extension
works to the existing KYT Melitis have already started through a separate Contract.
The Group has additional Energy Storage projects under development. Total capital expenditure for Energy Storage projects
in 2024 amounted to €0.2 million.
Other projects
In the Group’ activities other projects are included, that do not fall into the above categories. For these projects, capital
expenditure of € 0.3 million was recognized in 2024.
The total capital expenditure recognized in the Group's fixed assets in 2024 amounted to € 288.8 million.
Dixons South - East Europe CISA (currently Next Gen Retail Services S.M.S.A.) with trade name "KOTSOVOLOS"
On November 2, 2023, the Parent Company signed an agreement with Currys plc for the acquisition of the company Dixons
South - East Europe Commercial and Industrial S.A. with the trade name "Kotsovolos". For the completion of the acquisition
transaction, as a condition among other things, the approval from the competent competition authorities was included. The
acquisition was completed on April 10, 2024, the date that the final consideration was paid and all conditions included in the
share purchase agreement were met. The total consideration amounted to €271.8 million.
The agreement for the acquisition of Kotsovolos is for PPC a strategic move of transformation and energy transition.
Kotsovolos has 95 physical stores in Greece and Cyprus, of which 27 are megastores. In addition, it has an integrated
nationwide supply chain network with its own warehouses, a privately owned fleet of vehicles and a large network of
partners for installations of the appliances. It has a multichannel sales network which, in addition to physical stores, includes
a call center and a successful e-shop (kotsovolos.gr).

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PPC ROMANIA
PPC ROMANIA's investments amounted to €319.9 million and are broken down as follows:
-DISTRIBUTION NETWORK €230.5 million
-TRADE €17.1 million
-RES €62.5 million
-OTHER ACTIVITIES €9.8 million
Significant events for the period January 1
st
2024 – December 31
st
2024
Significant events for the year 2024 are presented in detail in Note 3 of the Financial Statements.
Possible impacts from geopolitical developments
The current geopolitical crisis in Ukraine, combined with the economic sanctions imposed on Russia by the European Union,
the United States of America and many other countries, have created conditions of uncertainty in the economic environment
at European and global level.
PPC Group does not have a relevant commercial presence in Russia and Ukraine and as a result there is no direct effect on
its activities, but the indirect effect, as it developed, was particularly important especially for the year 2022 where the
Temporary Mechanism of Law 4971/2022 (Article 122) for Returning Part of Income of the Next Day Energy Market was
activated.
Based on this Mechanism, which was valid during the period 8.07.2022-31.12.2023, the power generation units of the
Interconnected System (except Crete) were compensated in the Pre-Day and Intra-Day Market based on regulated prices (in
the event that these regulated prices were lower than the Clearing Prices that were freely set in the Pre-Day and Intra-Day
Market), as defined by Ministerial Decision (practically part of their income was withheld from the Pre-Day and Intra-Day
Market, with which the special account "Energy Transition Fund" was financed).
With the above Mechanism, the income of Generation in the Pre-Day and Intra-Day Market had an upper limit (cap) arising
from the basis of the variable cost of the units (cost plus), while the costs of Supply in the same Market were calculated on
the basis of the Clearing Price of this Market.
Since 01.01.2024, the Greek energy market operates without significant institutional interventions and a further de-
escalation of natural gas and electricity prices was observed. Nevertheless, the risk of high prices and therefore the risk of
prolongation of the energy crisis, has not been eliminated, given the geopolitical tensions in the Middle East that started in
October 2023.
Any overall final economic impact of the Russia-Ukraine war and the geopolitical tensions in the Middle East on the global
and Greek economies and the businesses of the Group and the Parent Company cannot be estimated at present, due to the
high degree of uncertainty arising from the inability of predicting the final outcome, but also due to the secondary effects
listed above.
In any case, the Management of the Group and the Parent Company continuously monitors the relevant developments and
evaluates any possible further effects on the operation, financial position and results of the Group and the Parent Company,
being in a state of increased vigilance to take appropriate precautionary measures to safeguard the liquidity and business
activities of the Group and the Parent Company.

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MAJOR RISKS - UNCERTAINTIES

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The Group’s and the Parent Company’s activities are exposed to a complex environment of risks. The Group's development,
both through its international expansion and its involvement in new sectors, implies a change in exposure to a wide range
of risks, as well as the potential emergence of new risks associated with its presence in new regions and markets. Additionally,
there are risks related to the process of integrating new companies and activities into the Group. Any of the following risks
could have a material adverse effect on the Group’s and the Parent Company’s business, their financial position and/ or their
results and cash flows. The risks described below are not the only risks that the Group and the Parent Company face.
Additional risks and uncertainties not currently known to the Group and the Parent Company or that are currently deemed
to be immaterial may also materially adversely affect in the future their business, financial position, results and cash flows.
The order in which the risks are presented does not necessarily reflect the likelihood of their occurrence or the magnitude
of their potential impact
-Market risk
The Group and the Parent Company participate in the energy wholesale market in the countries where they operate both as
producer and as supplier of electricity, which exposes them to market price risk stemming from fluctuations in the prices of
natural gas, oil and CO
2
emission rights, which are traded in international commodity markets, as well as to the fluctuations
in the price of electricity, which is also traded in these markets. Significant fluctuations in the prices or quantities of
electricity, natural gas, fuels and CO
2
emission rights affect, directly or indirectly through the effect on the price of the
wholesale energy market, the financial position, results and cash flows of the Group and the Parent Company as well as their
business activities and prospects.
As an electricity supplier, the Company's exposure to market price risk depends on the type of tariffs offered to its customers.
Fixed tariffs (fixed - rate products) expose the Company to Greek wholesale electricity prices, as rising prices increases its
cost of supplying energy. On the other hand, tariffs indexed to wholesale electricity prices (variable-rate products) carry less
risk. A substantial part of Company’s customer base is on indexed tariffs, which limits its exposure to market price risk from
retail business.
Generation costs, as well as the MCP price are significantly affected by fluctuations in the price of natural gas. The geopolitical
crisis in Ukraine, coupled with economic sanctions imposed on Russia, led to a rise in natural gas prices in 2022 and to higher
costs in the electricity market ever since. In 2024, approximately 53% of net electricity production was generated by natural
gas-fired power plants
Although CO2 emissions have been significantly reduced due to the ongoing lignite phase-out plan, thereby reducing
exposure to CO2 emission allowance prices, significant quantities of CO2 emission allowances still need to be purchased
every year. The Group and the Parent Company continuously monitors the markets and trends in Europe, as well as the
changes in the relevant regulatory framework, since the prices in CO2 rights may be further affected by the anticipated
tightening of the EU's emissions targets for 2030. This tightening could be further influenced by the EU's commitments under
the Paris Agreement, the ongoing dialogue regarding the EU's climate targets for 2050 and the “Green Deal” of EU.
In order to limit the exposure to market risk, the Group and the Parent Company have adopted risk management policies for
the hedging of price risk in line with limits and targets assigned by the Board of Directors and the relevant committees (i.e.,
the Risk Management Committee and the Energy Management Committee). Hedging activities typically entail the use of
derivatives instruments to reduce the risk. Nevertheless, their exposure to these risks has not been eliminated and they may
not manage to adequately hedge against volatility in commodity prices and volatility in wholesale power market prices,
either because of low liquidity in the Forward Electricity Market, or because of other reasons. Moreover, the execution of
hedging activities through their participation in organized commodity exchanges is creating new needs for credit and cash
settlement requirements, as well as for cash margining to cover adverse price movements or stop-loss procedures, which
could result in significant liquidity needs. Additionally, the diversification of the energy portfolio through increased
investments in renewable energy sources in various geographic areas and the efforts to reduce dependence on imported
energy, aim to mitigate the impact of external market disruptions.

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-External environment risks
Macroeconomic conditions
The economic situation in the countries where the Group and the Parent Company operate is anticipated to be reflected in
their business. The Group and Parent Company’s business activities and results of operations are highly dependent on
residential and business demand for electricity in those countries, as well as their customers’ ability to pay their electricity
bills in a timely manner. Electricity consumption in the countries of operation is heavily dependent on levels of disposable
income, spending capacity and employment trends, as well as the availability and cost of funding for their industrial and
commercial customers.
Any potential future deterioration in economic activity in the above countries could result in a decrease in demand for the
electricity the Group and Parent Company’s supply and/or generate an increase in unpaid and overdue bills and provisions
for expected credit losses, which could adversely affect the Group and Parent Company’s business, financial condition and
results of operations.
Geopolitical developments
In the ordinary course of the Group and Parent Company’s business, they are exposed to the risk of a reduction in demand
for electricity, which may occur as a result of global financial and economic uncertainty. The energy crisis and the hostilities
in Ukraine and Israel have adversely affected economic activity.
The ongoing war between Russia and Ukraine has resulted in the adoption of various sanctions by and against Russia. These
sanctions and the Russian response to them, as well as the instability in Ukraine, have negative impact on both energy and
financial markets, mainly due to the effects on the quantities and prices of electricity, natural gas, and other energy
commodities.
Moreover, despite the recent ceasefire reached between the conflicting parties, the situation in the Middle East remains
volatile, increasing the uncertainty and potentially impacting the markets and the broader economic activity.
Any changes in global commodity prices, available cross-border capacities, material changes in electricity demand in Europe
or a possible disruption of natural gas supply, could have an impact on electricity prices and a material adverse effect on the
Group and Parent Company’s business.
Supply chain risk
The Group and Parent Company face risks relating to the construction and maintenance, primarily but not exclusively, of
their electricity generation units, electricity distribution networks, and fiber optic networks, including risks relating to the
availability of equipment from suppliers, availability of building materials and key components, availability of key and
qualified engineering personnel, delays in construction timetables and completion of the projects within budget and to
required specifications. Additionally, adverse macroeconomic developments, as well as financial and/or operating problems
of key suppliers and contractors may have a negative impact on the Group and Parent Company’s ability to purchase liquid
fuels, spare parts and materials and may increase their operating expenses.
With the onset of hostilities in the Middle East in October 2023, the attacks on commercial ships in the Red Sea and despite
the recent ceasefire agreed upon in January 2025, the situation remains fragile. The ongoing tensions in the region and the
attacks in the Red Sea cause uncertainty in supply chains, increasing transportation costs and creating delays in European
markets.
Finally, recent uncertainty surrounding the imposition of tariffs by the U.S. government, potential countermeasures by trade
partners and the general tensions in trading caused by the abovementioned, is fostering a climate of instability in the
markets. This climate is potentially affecting both the global and Greek economies and could possibly disrupt supply chains,
increase the production costs and leading further to pressure in inflation.

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Assumptions and hypotheses risk
The Group and Parent Company have established targets for medium- and long-term financial performance, all of which
assume, inter alia, the successful and timely execution of the transformation strategy and five- year business plan. The
management of the Group and the Parent Company has based these targets on a number of assumptions and hypotheses
that are inherently subject to significant business, operational, economic, financial and other risks, many of which are outside
of the Group and Parent Company’s control. Should one or more of the assumptions underlying the targets for financial
performance change or prove to be incorrect, the Group and Parent Company’s actual medium- to long-term financial
performance could differ materially from the targeted medium- to long-term financial performance.
-Regulatory & legislative developments, political and tax risk
The Group and Parent Company’s operations are subject to extensive and complex regulation, which impacts many areas of
their business, including the sources of their power generation activity, the overall energy market structure, the construction
and operation of electricity generation facilities, the trading of commodities and financial derivatives, the electronic
communications market, the market behaviour rules, present or prospective wholesale or retail competition and general
health and safety and environmental matters. These rules and policies have affected and may continue to affect the Group
and Parent Company’s business, and any changes in law or regulation, or decisions by governmental bodies or regulators,
could negatively affect their business and performance. Accordingly, the Parent Company closely monitors legislative and
regulatory developments, such as:
• The revision of the European Target Model, which may cause a significant structural reform of the existing
organization system of the wholesale electricity market.
• The procedures for obtaining and/or renewing licenses necessary for the operation of the Parent Company and the
Group (indicatively, mining, production, distribution, trading and supply of electric energy, participation in the
electronic communications market)
• Regulatory changes by State or the Energy Regulatory Authorities in the countries where the Group and the Parent
Company operate (e.g., changes concerning pricing policies of energy and natural gas suppliers, or electronic
communications service providers).
• Regulatory changes by the European Commission and other EU institutions (e.g. European rules on competition
and environment, promotion of the integration of European electricity markets, development of renewable energy
sources and promotion of sustainable energy investments. etc.).
• Environmental regulations based on provisions in accordance with legislation in the countries where the Group
and the Parent Company operate, including laws issued for the implementation of EU Directives and international
agreements (e.g. regulations for exhaust emissions, mine rehabilitation, waste disposal, management and
remediation of water pollution incidents).
• The tax regime (e.g. imposition of any new taxes, fees or contributions or the change in the interpretation or
application of tax provisions by the tax authorities), as well as the harmonization between European tax legislation
and that of the countries where the Group and the Parent Company operate.
There is also an inherent risk that state or regulatory authorities will interpret or apply laws and regulations in a manner the
Group and Parent Company do not expect or agree with. The Group and Parent Company have in the past disputed adverse
or unfavorable decisions of administrative, regulatory and judicial authorities, and similar matters may become subject to
disputes with competent authorities in the future. Adverse regulatory decisions, interpretations or administrative actions,
could have uncertain and unexpected consequences on the Group and Parent Company’s business and operations, which,
in turn, could have a material adverse effect on their financial condition.
In order to manage the legal and regulatory risks, the Parent Company has strengthened its relations and upgrade its
communication channels, with national and local Authorities and regulatory bodies, adopting a transparent and cooperative
approach to address and eliminate sources of instability in legislative and regulatory framework. However, the Parent
Company cannot provide any assurance that it will always be in a position to fully and timely satisfy the regulatory,
environmental, financial and any other requirements imposed, which could have a significant adverse effect on the Group
and Parent Company’s business, financial position and operating results.

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Licensing risk
The Group and the Parent Company’s mining, generation, distribution, trading and supply of electricity operations, trading/
supply of natural gas, and participation in the electronic communications market require various administrative
authorizations at local, regional and national levels, that can be protracted, complex and not entirely predictable.
Additionally, any failure to obtain or renew the necessary licenses and permits might result in interruptions to some of the
Group and the Parent Company’s operations, including their ability to obtain funding for their activities. Delays, high costs
or the suspension of the Group and the Parent Company’s industrial activities due to their inability to obtain, maintain, or
renew authorizations, may also have a negative impact on their business activities and profitability.
For the Group’s renewable energy projects any failure or delay to obtain or delay in obtaining the necessary authorizations,
permits or licenses, or to enter into the procurement or construction agreements or delays in establishing the connection
with the Distribution Network could materially affect the timeline for increased renewable energy generation capacity and
have an adverse impact on the Group and Parent Company’s business, operations, prospects, financial condition and results
of operations.
-Cybersecurity and information technology risk
A large portion of the Group and Parent Company’s operations is based on IT systems and they are exposed to risks such as
non-availability of systems, data integrity breaches, malicious cyber-attacks and unauthorized access to these systems/ data
by individuals who are not entitled to it, either due to negligence or malicious intent, resulting in the possible leakage of
data. In recent years, cyber-attacks have been rapidly increasing in the energy and critical infrastructure sector, both in
Greece and abroad, with significant impacts on the smooth operation, reputation and compliance with regulatory
obligations. At the same time, the Group's threat environment is expanding due to the Industrial and Telecommunications
systems used for its business activities.
For the effective prevention and treatment of the above risks, the Group and Parent Company take measures to enhance
the security of their systems by investing in tools that are considered to be top of the relevant lists of independent research
and evaluation organizations of the relevant market. In addition to these, a holistic cybersecurity framework is implemented,
supported by trained and experienced staff, thorough policies, standards and procedures. However, as it is not possible to
provide absolute assurance against technology failures, security breaches or malicious cyber-attacks (which could disrupt
the Group's and the Parent Company's operations or harm their reputation), the Group has specialist insurance against cyber
security incidents for its critical systems.
-Social pressure due to increased energy prices
The Group's and the Parent Company’s ability to formulate its tariffs in the countries where they operate is limited by (i)
current socioeconomic, (ii) the ability of its customers to cope with new tariffs and pay their bills, (iii) decisions of Regulatory
Authorities and/or strategic initiatives of the Governments and especially (iv) the form and the size of consumer support
measures. If any new proposed tariff structures are not well received and accepted by customers, changes in their ability or
willingness to pay their electricity bills may be negatively impacted, which could in turn negatively affect the collectability of
the Parent Company’s bills.
Furthermore, a significant part of the Group and Parent Company’s revenue depends on regulated charges. Such regulated
charges are set by Regulatory Authorities and reviewed periodically. The Government and/or Regulatory Authorities in
Greece and Romania may decide to limit or reject increases in regulated charges or may change the conditions of access to
such regulated charges. Despite having adequate visibility over RAEWW’s changes in regulated charges with respect to
Regulatory Authorities’ changes in regulated charges, any changes in regulated charges that may affect electricity distribution
revenues could have a material adverse effect on the financial position of the Group and the Parent Company, as well as
hinder their ability to raise equity or loan funds to finance their investment projects.
-Financial risks
The Group's and the Parent's future operating performance and ability to generate cash from operations, to make payments
on and refinance their indebtedness and to fund working capital expenditure and other expenses is affected, in large part,
by general economic, competitive, legislative and regulatory factors and other factors that are beyond their control. Any
refinancing of the Group and the Parent Company’s indebtedness could be at higher interest rates than their current debt
and it may be required to comply with more onerous financial and other covenants, which could further restrict their
business operations and may have a material adverse effect on their business, financial condition, results of operations and
prospects.

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Implementation of Investment Plan
The Group and Parent Company have significant construction and capital investment requirements. A significant increase in
the costs of or delays in executing their investment plan, occurring before and/or after capital has been committed, could
have a material adverse effect on the Group and Parent Company’s ability to achieve their growth targets, their business,
financial condition, prospects or results of operations.
Working Capital
The Group and the Parent Company face working capital risk, due to the nature of the energy market (price volatility,
customer trading behavior) which may lead to additional liquidity requirements. The Group and the Parent Company may
also face, following decisions by the Regulatory Authorities, increased working capital requirements in relation to their
payments to and from other market operators and increased capital expenditure, that could have a significant effect on their
liquidity.
Credit Risk
On the date of publication of these financial statements, the Group and the Parent Company have a credit rating of BB- with
stable outlook by Standard & Poor’s and BB- with a stable outlook by Fitch Ratings Inc. Their ratings reflect the respective
rating agencies’ opinions of their financial strength, operating performance and ability to meet their debt obligations as they
become due.
Interest Rate Fluctuation
The Group and the Parent Company’s debt obligations consist of bank loans, bonds and overdrafts. It is their policy to have
a balanced distribution of the loan portfolio between fixed and variable interest rates according to the prevailing conditions
and to hedge on a case-by-case basis through derivatives, solely to mitigate risk, against the fluctuation of floating interest.
Exchange Rate
The fluctuation of the EUR / USD exchange rate may adversely impact the prices of the Parent Company’s liquid fuel
purchases (diesel and heavy fuel oil) and the price of natural gas purchases. As oil prices are denominated in U.S. dollars, the
Parent Company is exposed to foreign currency risk in the event of an appreciation of the U.S. dollar against the euro. In
order to mitigate the foreign currency risk arising from liquid fuel purchases, the Parent Company examines the possibility
of undertaking hedging transactions for this risk. There is no assurance that such undertaken hedging transactions will
provide full or adequate protection against these risks.
The recent entry of the Parent Company in the electric energy market of Romania (a member state of the European Union
but not of the Eurozone), through the acquisition at the end of October 2023 of the entire electric energy activities of the
multinational ENEL in Romania, exposes the Parent Company to a potential foreign exchange risk, due to the possible
fluctuation of the EUR / RON exchange rate. Although the monetary policy followed by the Central Bank in Romania consists
in maintaining the exchange rate within a narrow price range, a possible wide depreciation of the local currency against the
Euro would negatively affect both the value of the Parent Company's investment and the amount of the Group's operating
results.
Loan Covenants
Certain agreements governing the Group and the Parent Company’s existing indebtedness contain covenants that impose
restrictions on the way they can operate and require the achievement - maintenance of specific financial indicators. These
covenants could limit the Group and the Parent Company’s ability to finance future operations and capital needs and their
ability to pursue acquisitions and other business activities that may be in their interest. The Group and the Parent Company’s
ability to comply with these covenants and restrictions may be affected by events beyond their control, such as prevailing
economic, financial and business conditions.

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-Local community reaction
The Group and Parent Company may experience local opposition, which they may not be able to overcome on a timely basis,
if at all, in order to obtain the necessary licenses, permits and financing for the execution of new projects. Various groups
may publicly oppose certain development projects. This opposition, along with political developments, could hinder or
prevent the development of such projects, which could have an adverse effect on the Group and Parent Company’s business,
financial condition and results of operations.
-Risks related to the position and market share of PPC in the energy market
Over the last decade the Group and Parent Company have been subject to regulatory interventions and/or proceedings
initiated by European authorities (e.g. European Commission) and/or the Greek government with respect to, among others,
the reduction of the Group and Parent Company’s market share in the wholesale and supply electricity market and its
position as the only vertically integrated electricity producer and supplier with exclusive access to certain types of power
generation, such as lignite.
Such measures or reforms, the introduction of new laws and/or regulatory mechanisms in the electricity market or other
adverse changes in the competitive landscape in the supply market and/or production, may have a negative impact on results
of operation and cash flows.
The Parent Company is experiencing a downward trend in the share of electricity supply which was 52.1% in the
Interconnected System on 31 December 2024. The Group and Parent Company may be made subject to further structural,
financial or other measures if they were to be found to have failed in reducing the supply market share. If any such
circumstance was to occur, the Group and Parent Company’s financial condition could be adversely affected.
In February 2017, an investigation for possible abuse of the Parent Company’s position in the wholesale power market was
initiated by DG Competition under Article 102 TFEU and is currently under way. Formal EU investigation procedures into the
case started in March 2021. On 07.02.2024, the EU Competition DG sent a Statement of Objections to PPC regarding an
alleged breach of competition rules during the period July 2013 to December 2019. On 26.06.2024 PPC submitted to DG
Competition of the EU a documented response to the above objections PPC is cooperating with the EU throughout the case.
There has been no definitive indication as to the timing of this investigation and there is no guarantee about the outcome of
this investigation and/or the possibility of extending the scope of this investigation to other market segments. In case DG
Competition decides that the Parent Company has breached competition law, then penalties and/ or remedies may be
imposed on it, which may have an adverse impact on its business, financial condition and results of operations.
-Impairments, provisions and accounting assumptions risk
The Group and the Parent Company are exposed to risks that affect the value of their assets, such as in particular their
receivables, fixed assets or their participation in the share capital of subsidiaries and related companies. In the future, the
value of the Group's and the Parent Company's property, plant and equipment and their participation in the share capital of
subsidiaries and related companies may be significantly impaired due to the early withdrawal of units, the obligation to
maintain units in cold or strategic reserve without adequate compensation or the loss competitiveness due to legislative or
regulatory changes or other circumstances beyond their control. In addition, changes in International Financial Reporting
Standards (IFRS) or their application may significantly affect the value of their assets or liabilities.
-Insufficient compensation for the provision of Public Service Obligations
The companies of the Group and the Parent Company, which provide Public Service Obligations (PSOs) are entitled, as are
all others Electricity suppliers who are obliged to provide said services, to receive compensation to cover the costs of
providing these services.
Possible amendments in the right to receive compensation for the existing provision obligations of PSOs or changes in the
approved methodology for calculating the compensation for the provision of the above PSOs or raising of objections by the
European Commission regarding the hedging measure for the provision of PSOs in the Non-Interconnected Islands for the
period from 17.02.2019 onwards, in accordance with the EU rules on state aid, which may lead to under recovery of their
costs or to the non-recognition of the right to receive compensation for the provision of PSOs for previous years or potential
introduction of new PSOs for which may not be entitled to full recovery of the relevant costs, may have negative effects on
the costs, financial position, results of operations and cash flows of the Group companies and the Parent Company.

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-Risks related to the lignite phase-out process
The Group and the Parent Company may incur increased costs in relation to the decommissioning of power plants and the
closure and reclamation of their mines, the rehabilitation of any damages related to the operation or their plants or mines
and the decommissioning of their equipment and facilities. Additionally, state or regulatory authorities may implement laws
and regulations that could result in increased costs for the company. These costs may be associated with the maintenance
of units in cold or strategic reserve and/or continuing their operation during periods dictated by the current energy demand.
Since they are involved in open pit mining operations, they are required by Greek law to remediate land affected by their
mining operations and, further, to have in place cash reserves for works relating to open pit mine reclamation.
Furthermore, as an owner and operator of electricity generation and distribution facilities, they may incur in the future
significant costs and expenses in connection with the decommissioning of such facilities, which could have a material adverse
effect on the Group and the Parent Company’s business, results of operations, financial condition and cash flows.
-Health and safety risks
The Group and Parent Company’s operations are susceptible to industrial accidents, and employees or third parties may
suffer bodily injury or death as a result of such accidents. In particular, while the Group and Parent Company believe that
their equipment has been well designed and manufactured and is subject to rigorous quality and assurance control tests,
and that its operation and maintenance are in compliance with applicable health and safety standards and regulation, there
can be no assurance that accidents will not result during the installation maintenance and operation of this equipment.
The Parent Company takes all the necessary measures to prevent accidents, as well as measures that will limit to a minimum
the effects in case of an accident. In addition, the Parent Company implements a Management System for Health and Safety
at Work ISO 45001, in all its Production Units and Mines of risk category A and with a staff of more than 60 people. In this
context, regular health and safety inspections, both in the workplace and the contracting staff, fire safety and evacuation
drills as well as general drills where all the staff of each Infrastructure participates are carried out.
-Business interruption risk
Power plants, facilities, distribution infrastructure and the information systems controlling these facilities are subject to
failure, breakdowns, unplanned outages, capacity limitations, system loss, security breaches or physical damage due to
natural disasters (such as storms, floods, fires, explosions, landslides, slope ruptures or earthquakes), sabotage, terrorism,
human error, strikes, catastrophic accidents, IT viruses, fuel supply interruptions, problems in the transmission and
distribution networks of electric energy of natural gas, criminal acts, wars and other catastrophic events.
The occurrence of any of the above is likely to shut down the operation of electricity generation or distribution infrastructure,
in the Interconnected System or the Non-Interconnected Islands, which may have a direct adverse impact on the profitability
of the Group and Parent Company’s activities, as a loss of revenue, high remediation cost and/or obligation to indemnify
third parties.
-Environmental risks
The nature of the activities of the Group and the Parent Company may affect the natural and man-made environment of
their installation/operation area and are thus subject to environmental licensing. Decisions Approving Environmental
Conditions (DAEC) are issued by the competent public authorities, are renewed or amended periodically and contain
conditions for the systematic monitoring of their observance.
In addition, technological and scientific advancements bring changes in the legislative and regulatory framework and,
therefore, impose the technical adaptation of the power generation infrastructure to them and affect the strategic, business
and financial planning of the Group and the Parent Company. Compliance with environmental legislation may burden the
Group and the Parent Company with additional costs, especially when it is necessary to implement preventive or remedial
measures. In some cases, environmental reasons may require the limitation or even termination of existing activities or
projects. In addition, in the normal course of carrying out their business activity, the Group and the Parent Company are
exposed to legal disputes with an environmental starting point.

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Non-compliance with the legislative and regulatory environmental framework or non-compliance with the conditions of
environmental licenses entails the imposition of administrative sanctions (which can range from the imposition of a
monetary fine to the revocation of the license to operate a power generation infrastructure), the raising of civil claims and
the attribution of criminal liability to the Group and Parent Company and expose them to negative publicity and significant
damage to their reputation.
-Transformation risks
The Group and Parent Company face risks that are associated with expanding their operations, integrating newly acquired
subsidiaries or participating in joint venture projects where they have granted protective rights to minority shareholders or
which they do not manage or otherwise control. Acquisitions and participations in joint ventures may subject them to
liabilities of which they are unaware of or have not correctly assessed or against which they have not obtained full legal
protection. While the Group and Parent Company intend to undertake due diligence reviews in relation to acquisitions and
joint ventures, such reviews may not reveal all existing or potential risks and liabilities. In addition, as a result of the above
acquisitions, mergers and participations, a new business structure will emerge, with an expanded scope of work compared
to the past, the effective management of which will require the transformation of the current administrative structures,
corporate governance processes, business processes (e.g. procurement processes, customer management, etc.) and
information systems, which has significant financial and human capital requirements. Indicative of the abovementioned need is
the already implemented simplification of the Group's organizational structure through the merging of companies with common
activities in Romania. Group and the Parent Company have committed to implement one of the largest investment plans in
Greece, including investments in RES with a total capacity of approximately 13.0 GW. The Group and Parent Company expect
to finance a substantial part of these capital investments out of the cash flows from operating activities, from the increase
of the Parent Company’s Share Capital in 2021, the issuance of senior notes in 2024, as well as from any combination of
financing deemed necessary. However, if these sources are insufficient, additional external sources of funding may need to
be sought. Although the Group and Parent Company have entered into long-term financing agreements for major projects
and, historically, the European Investment Bank has financed a major part of generation and Distribution Network projects,
no assurance can be given that they will be able to raise the financing required for the planned capital investments on
acceptable terms or at all. In such a case, they may have to reduce their planned capital investments. Indicatively, in this
direction and in order to achieve more efficient management, greater flexibility and reduction of administrative and
operational costs, the competent bodies decided to simplify the organizational structure through mergers of group
companies with a common operation in Romania.
In order to maintain and expand the Group and Parent Company’s business, they need to train, retain and recruit executive
management and qualified technical personnel. In cases where employees, with specialized skills and experience, leave the
Group and the Parent Company, they may have difficulty in replacing them. Any difficulties in retaining or recruiting a
sufficient number of experienced, capable and reliable personnel with appropriate professional qualifications, especially in
senior and middle management positions, or in finding qualified professional and technical staff, could limit or delay efforts
to develop and affect the business activities of the Group and the Parent Company.
-Sustainability targets and obligations
Group and Parent Company’s strategy is in line with the European Union’s and Greece’s ambitious medium- and long-term
objectives for climate neutrality by 2050, including the new and most immediate target for reducing greenhouse gas (“GHG”)
emissions and increasing RES capacity and use by 2030. To this end, the Group and Parent Company support the “Green
Deal” in power generation, via the acceleration of the decommissioning of all their lignite units and respective mines,
expanding and establishing RES as their dominant energy generation technology and the promoting of electromobility in
Greece.
The Group has established short-term and long-term targets for reducing GHG emissions, the validity of which has been
certified by the international Science Based Targets Initiative (SBTi). The reduction targets are fully aligned with the 1.5°C
goal, according to the Paris Agreement and aim to achieve full climate neutrality across the entire value chain by 2040. The
short-term targets until 2030 include a 73.7% reduction per MWh produced for Scope 1 and 2 emissions, a 73.7% reduction
(per MWh sold) for Scope 1 and Scope 3 (category 3), covering the entirety of sold electricity and a 42% reduction in absolute
GHG emissions in all other categories of Scope 3. The long-term targets until 2040 include a 98.6% reduction per MWh
produced for Scope 1 and 2 emissions, a 98.4% reduction (per MWh sold) for Scope 1 and Scope 3 (category 3), and a 90%
reduction in absolute GHG emissions in all other categories of Scope 3.

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The long-term targets by 2040 include a reduction of 98.6% per MWh produced of Scope 1 and 2, 98.4% per MWh sold of
Scope 1 and Scope 3 (cat 3), and 90% of absolute GHG emissions in all Scope 3 categories.
In this context, although the Group and Parent Company target increasing the proportion of their total installed capacity
generated by renewable sources and clean energy production units in general there can be no assurance of the extent to
which the target of climate neutrality will be achieved or that any future investments they make in furtherance of this target
will meet investor expectations or any binding or non-binding legal standards regarding sustainability performance. Adverse
environmental or social impacts may occur during the design, construction and operation of any investments the Group and
Parent Company make in furtherance of this target or such investments may be criticized by activist groups or other
stakeholders, which may cause harm to their reputation.
In addition, meeting the above targets may be adversely affected due to potentially limited available investment options and
opportunities that align with all the aforementioned targets of the Group and the Parent Company.
In the previous years, the Group, through the Parent Company, issued sustainability bonds that included an embedded clause
for the reduction of greenhouse gas emissions. Although the relevant clauses no longer exist, as they pertain to past years,,
the number of financiers incorporating sustainability-linked requirements into their financing arrangements continues to
grow, and the inability or failure to meet such requirements could make it more difficult to obtain financing on favorable
terms or trigger contingent liabilities in any future financing arrangements.
If the Group and Parent Company fail to meet their sustainability targets, which may coincide with regulatory requirements,
they may be exposed to sanctions, it may harm their relationship with their existing shareholders and bondholders, as well
as discourage new investors, customers and potential business partners.
In addition, with the introduction of the Corporate Sustainability Reporting Directive (CSRD) into Greek legislation, the Group
and the Parent Company are now required to comply with increased sustainability reporting requirements. Non-compliance
with these requirements may result in penalties and reputational risks, such as potential allegations for lack of transparency
or greenwashing.
In light of the above, being subject to sustainability-related obligations or the inability to meet them may carry consequences,
which could, have an impact on the Group and Parent Company’s business, financial position and results of operations.
-Climate change risk
Climate change and the societal and political response to it may have a significant impact on the Group and Parent Company’s
activities. According to the guidance issued by the “Task Force on Climate-related Financial Disclosures” (TCFD), the Group
and Parent Company classify climate-related risks into two major categories: risks related to the transition to a lower-carbon
economy and risks related to the physical impacts of climate change.
Risks related to the transition to a net-zero GHG emission economy include risks related to the adoption of strategies and
decisions to prevent and mitigate the effect of climate change (such as the introduction of regulatory incentives and
penalties, carbon pricing systems, energy efficiency solutions and low carbon products and services) the development and
adoption of new technologies, market conditions changes due to the actions performed by the competitors, suppliers and
customers, as well as the potential impact on the Group's reputation based on stakeholders' perceptions of its role in the
energy transition. The implementation of policies to promote carbon reduction may significantly impact the operations and
value of the Group’s thermal plants. While the Group is actively implementing its decarbonization strategy and the
adjustment, in scientific terms, with the target of the Paris Treaty (1.5˚C temperature increase compared to pre-industrial
levels), the Group remains dependent on its conventional generation units for the bulk of its electricity production. If the
Group and Parent Company are not successful in the rollout of their renewable pipeline, which is included in their portfolio,
they will face challenges from the anticipated hostile regulatory environment and strong competition from greener and more
modern electricity producers.
Risks related to the physical impacts of climate change include risks that are triggered by changes in mean and extreme
temperatures, wind patterns, rainfall and snowfall. The extreme weather events intensified by climate change could
significantly affect the electricity consumption, electricity generation from conventional plants or renewable energy sources,
as well as the resilience and performance of the Distribution Network.

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Changes in hydrological conditions may lead the Group and the Parent Company to make up for the reduced electricity
produced by their hydroelectric plants, especially during periods of increased demand, by using other means of energy
production at a higher cost or by resorting to the wholesale market at higher prices.
Medium and long-term changes related to climate risks are difficult to predict and may have a significant impact on the
Group's operations and results. The Group and the Parent Company in regular basis monitor and assess these risks by
responding at both management and Board level by following the guidelines issued by the "Task Force on Climate-related
Financial Disclosure" (TCFD). The Group's strategic planning is accompanied by a short-, medium- and long-term analysis of
the climate risks arising from the evolution of energy systems. In addition, the Group and the Parent company incorporate
practices and procedures to enhance resilience and speed up the restoration of failures of generation plants and networks.
-Legal and regulatory risks
General Data Protection Regulation
The General Data Protection Regulation (“GDPR”) implements stringent operational requirements for processors and
controllers of personal data. The Group and the Parent Company operate in a sector in which they process a considerable
amount of personal data and therefore are inevitably exposed to the risk of non-compliance. Any inability to adequately
address data protection and/or privacy concerns, even if unfounded, or comply with applicable privacy or data protection
laws, regulations and policies, could result in additional cost and liability to the Group and the Parent Company, damage
their reputation, and adversely affect their business.
Litigation risk
The Group and the Parent Company are defendants in a significant number of legal proceedings arising from their operations
which, if determined unfavorably, could have a material adverse effect on their business, financial position and results, or
reputation. In addition, the Group and the Parent Company are one of the largest listed industrial groups in Greece, with
complex activities and operations across the country in heavily regulated industry sectors. Violations of such legislations,
including rules and regulations of regulatory authorities, entail, among others, administrative fines and criminal sanctions
for the Board of Directors, employees and utilities that are subject to those rules.
-Counterparty risk
The Group and Parent Company are exposed to the risk that counterparties that owe them financial instruments, energy or
other commodities as a result of market transactions will not fulfil their obligations. The Group and Parent Company also
face the risk of potential default or delay by their counterparties, which include their partners, contractors, subcontractors
and suppliers.
Furthermore, the Parent Company may experience difficulties or delays in collecting outstanding debt from Low, Medium
and High Voltage customers. The inability of customers to pay in full and timely amounts billed in relation to their electricity
consumption, the increased availability of competitors’ offers, or the outcome of negotiations with Medium and High Voltage
industrial customers in key economic sectors in Greece on financial and other terms for extending their contracts, may have
an adverse effect on the Group and Parent Company’s business, financial condition and results of operations.
Any default by their counterparties may affect Group and Parent Company’s financial results, the cost and completion of
their projects, the quality of their services, or expose them to reputational risk, business continuity risk and the risk of loss
of important contracts, as well as to substantial additional costs, particularly in cases where they would have to pay
contractual penalties, to enter into alternative hedging arrangements or honor the underlying commitment at then-current
market prices, to find alternative counterparties or complete the respective projects by their own means.

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-Asset protection risks
The Group and the Parent Company have an extensive network of facilities (mining facilities, power plants, distribution
infrastructure of electricity, telecommunications infrastructure, administrative buildings), that cover a large area and are
geographically dispersed. The Group and Parent Company’s physical assets are vulnerable to a range of threats such as theft,
vandalism, security breaches, sabotage and terrorism. The above threats can lead to significant financial losses as well as
risks to the safety and operation of the Group and the Parent Company. The Parent Company implements a comprehensive
physical security program that includes relevant policies and procedures, monitoring systems, regularly trained security
personnel, and emergency response procedures to minimize the risk of loss or damage to its physical assets.
-Risk from potential undertaking of social security liabilities
Despite the fact that the Group and the Parent Company estimate that they have no obligation under existing laws to cover
any potential future differences between the total income of EFKA and the payment obligations assumed by the Hellenic
State relating to the Group and the Parent Company’s retired personnel, there can be no assurance that the existing social
security laws will not change, or that the Group and the Parent Company will not be required in the future, by law or
otherwise, to contribute or provide significant additional funds or assets to EFKA.

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Balances and Transactions with Related Parties
PPC balances with its subsidiaries as of December 31
st
, 2024 and December 31
st
, 2023 are as follows:
December 31, 2024
December 31, 2023
(Amounts in ‘000€)
Receivables
(Payables)
Receivables
(Payables)
9,297
(1,997)
5,278
(222)
226,303
(318,833)
219,742
(383,406)
6
-
5
-
5
(225)
5
-
80
(3,073)
139
(1,224)
548
(721)
7
(167)
8
(2)
2
-
3
(1,009)
1
(227)
7
(2,233)
2
(584)
-
(49)
-
(14)
1,150
(2,564)
-
(247)
7
(725)
-
-
16
-
-
-
7
-
-
-
2
-
-
-
8,060
(875)
159
(927)
789
(594)
638
(503)
41,330
-
38,987
-
781
(233)
-
-
42
-
-
-
-
(57)
41
(171)
-
(18)
-
(16)
36,703
-
-
-
-
(18)
-
(18)
36,812
(1,841)
36,418
(990)
-
-
-
(18)
-
-
-
(952)
188
-
147
-
309,577
-
315,571
-
199,145
-
212,803
-
2
-
5,806
-
3
-
2,091
-
4,346
-
5,133
-
741,987
-
-
-
96
-
-
-
95
-
-
-
297
-
-
-
214
-
-
-
418
-
-
-
Total
1,618,324
(335,067)
842,975
(389,686)

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Also, the Parent Company signed for the first time in 2023 power purchase agreements (PPA) (Electricity long positions) with
the subsidiary companies Alexandroupolis Electricity Production S.A., ARCADIAN SUN ONE S.M.S.A., SOLARLAB S.M.S.A. and
within 2024 with PHOEBE ENERGY S.M.S.A.,PPC Renewables S.M.S.A. whose valuation is included in derivative financial
instruments and on December 31, 2024 and December 31, 2023 amounted to liability €86.0 million and receivable €21.3
million respectively.
Additionally, the Parent Company signed for the first time in 2023 power purchase agreements (PPA) (Electricity long
positions) with the related companies AMYNTEO SOLAR PARK SEVEN S.M.S.A., AMYNTEO SOLAR PARK EIGHT S.M.S.A.,
AMYNTEO SOLAR PARK NINE S.M.S.A. and within 2024 with te related companies NIKOPOLI SOLAR S.A., SPILAIO SOLAR S.A.,
ALYSTRATI SOLAR S.A., ATLAS SOLAR S.A., BALIAGA S.A. whose valuation is included in derivative financial instruments and
on December 31, 2024 and December 31, 2023 amounted to liability € 137.1 million and receivable € 4.4 million, respectively.
Dividend from the subsidiary HEDNO
The General Meeting of Shareholders of the subsidiary HEDNO approved on 10.06.2024 the distribution of a dividend of €
133.5 million for the year ended 31.12.2023, which was paid to the shareholders on 27.6.2024 with a disbursement of € 91
million, as an amount of € 42.5 million was given as an interim dividend on 4.12.2023 based on the decision of the subsidiary's
Board of Directors.
The Board of Directors of the subsidiary company HEDNO, at its meeting held on 30.07.2024, decided to distribute an interim
dividend for the fiscal year 2024 to the shareholders of PPC SA and MSCIF DYNAMI BIDCO SA, amounting to € 42.5 million,
proportionally to each according to their percentage of participation, which was paid to them in October 2024. In the
Statement of Cash Flows that ended on 31 December 2024, the Group includes the amount of € 65.4 million as dividend
payment to the minority shareholders. From the distribution of the subsidiary's dividend, non-controlling interests were
reduced by € 65.4 million.
The Transactions of the Parent Company with subsidiaries for the year ended December 31, 2024 and December 31, 2023
are as follows:
December 31, 2024
December 31, 2023
(Amounts in ‘000€)
Invoiced to
Invoiced from
Invoiced to
Invoiced from
8,973
(7,119)
7,157
(1,491)
1,554,244
(1,792,914)
1,435,887
(1,644,557)
146
-
36
-
137
(1,224)
34
-
729
(23,245)
517
(5,948)
773
(5,125)
75
(1,780)
38
(2)
19
-
11
(3,348)
6
(1,747)
34
(9,075)
27
(6,324)
3
(282)
1
(229)
1,229
(9,439)
-
(247)
19
(1,697)
-
-
141
-
-
-
1
-
-
-
23
-
-
-
7,880
(875)
152
(927)
46
(1,121)
9
(503)
2,344
-
1,073
-
613
(361)
-
-
42
-
-
-

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37
-
(69)
-
(53)
-
(542)
-
(221)
355
-
-
-
-
(216)
-
(216)
50,564
(13,587)
31,167
(17,388)
-
-
461
(108)
-
-
8,331
(61)
246
(1,145)
106
(109)
26,903
-
4,082
-
40,453
-
2,655
-
439
-
92
-
85
-
17
-
332
-
57
-
4,438
-
-
-
96
-
-
-
95
-
-
-
297
-
-
-
214
-
-
-
418
-
-
-
Total
1,702,361
(1,871,386)
1,491,961
(1,681,909)
Guaranties in favor of subsidiaries/accosiates
As of 31.12.2024 there is a corporate guarantee of PPC S.A. to PPC RENEWABLES S.M.S.A., for an overdraft facility of up to
€3 million, of which an amount of €360 thousand has been used, for the issuance of letters of guarantee.
As of 31.12.2024 there were active letters of guarantee confirming the Producer Licenses R/L totaling €137.9 million, issued
by PPC SA, on behalf of PPC Renewables S.M.S.A.
As of 31.12.2024, the Parent Company is a guarantor in loans of the subsidiary company Energy Delivery Solutions EDS AD
(EDS) for working capital and letters of guarantee of € 33 million for which there is a pledge in bank deposits amounting to €
21 million of the Parent Company. On 31.12.2024 the use of the above limit amounted to € 16 million.
Also, the Parent Company had issued letters of guarantee amounting to €2.35 million, €1.81 million and €0.69 million in
favor of the associate companies AMYNTEO SOLAR PARK EIGHT SINGLE MEMBER S.A., AMYNTEO SOLAR PARK SEVEN SINGLE
MEMBER S.A. and AMYNTEO SOLAR PARK FOUR SINGLE MEMBER S.A. in the framework of the 15-year power purchase
agreements with financial settlement signed between the parties on June 2, 2023.
On 19.9.2023 it was decided by the Board of Directors of the Parent Company, the provision of a corporate guarantee in
favor of the company METKA - EGN LTD, amounting to €228 million in the context of the Share Purchase Agreement (SPA)
between the Company METKA - EGN LTD and the subsidiary PPC Renewables for the acquisition of the option to purchase
from the latter of 100% of the share capital of SOLAR REVOLUTION S.R.L. and SUNLIGHT VENTURE S.R.L after the 30.06.2023
supplement to this, to cover the relevant financial obligations of PPC Renewables S.M.S.A.
On 19.12.2024 and on 15.01.2025, there were signed transfer agreements regarding the substitution of PPC Renewables
S.M.S.A (Original Buyer) from PPC Renewables Romania S.R.L. (Substitute Buyer) with relevant amendments on the Parent
Company’s corporate guarantees. On this SPA’s context, on December 2024, PPC Renewables Romania S.R.L. made an
advance payment of €100 million to ΜΕΤΚΑ - EGN LTD against the purchase price and received an equivalent bank letter of
guarantee from the latter. The completion of the acquisition will take place upon the fulfillment of specific conditions.
In April 2024, a Pending Credit Guarantee was issued, amounting to € 53.9 million ($ 56 million) in favor of the associate
company EMC SUBSEA CABLE COMPANY LIMITED, which concerns the liability of the PPC shareholder to pay Equity to cover
part of the investment costs, as derived from the Shareholder Support Agreement, with an expiry date of 29.04.2029.
In June 2024, the Board of Directors of the Parent Company decided to provide two (2) Corporate Guarantees in favor of its
100% indirect subsidiaries Prowind Windfarm Viisoara S.R.L. and Prowind Windfarm Deleni S.R.L., for a total amount of up
to €128 million, with beneficiaries GE Energy Wind GmbH and General Electric International LLC for the accurate and timely
repayment of the purchase price of the wind turbines and the provision of other electromechanical equipment and related
services, specifically for the projects in the Deleni and Viisoara areas up to €50 million and €78 million respectively, as well
as all other financial obligations that may arise during the execution of the Contracts, with an estimated completion date of
December 2025.

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On 27.09.2024, as part of the Parent Company's contractual obligations, a bank Letter of Guarantee was issued in the amount
of €6.2 million in favor of the subsidiary of ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A. as well as the National Bank
to cover cost overruns in the 840MW Natural Gas unit under construction in which the parent company has a 51% stake.
Significant transactions and balances with other companies into which the Greek State participates
The following table presents transactions and balances with companies HELLENIC FUELS AND LUBRICANTS INDUSTRIAL AND
COMMERCIAL and National Gas Company (“DEPA”) (subsidiaries of the Parent Company HELLENiQ ENERGY Holdings S.A.),
which are PPC’s liquid fuel and natural gas suppliers, respectively, and into which the Greek State participates. Additionally,
transactions and balances with DAPEEP S.A., HEnEx S.A., ENEXCLEAR S.A., IPTO S.A., and LARCO S.A. are presented. The below
tables include also accrued receivables and payables and accrued income and expenses.
1.1.2024– 31.12.2024
1.1.2023 – 31.12.2023
(Amounts in ‘000€)
Invoiced to
Invoiced from
Invoiced to
Invoiced from
HELLENIC FUELS &
LUBRICANTS INDUSTRIAL
& COMMERCIAL
-
181,129
-
179,752
DEPA
-
393,446
-
344,163
DAPEEP S.A.
847,037
(375,824)
2,408,634
(341,529)
HEnEx S.A.
-
(2,550)
-
(3,432)
IPTO S.A
662
(184,035)
600
(175,751)
ENEXCLEAR S.A.
3,014,789
(3,563,617)
2,686,198
(4,267,660)
LARCO S.A.
(944)
-
(512)
-
December 31, 2024
December 31, 2023
(Amounts in ‘000€)
Receivable
s
(Payables)
Receivables
(Payables)
HELLENIC FUELS &
LUBRICANTS INDUSTRIAL &
COMMERCIAL
-
(19,188)
-
(41,882)
DEPA
-
(45,828)
-
(39,028)
DAPEEP S.A.
447,724
(245,497)
586,621
(56,968)
HEnEx S.A.
-
(7)
-
(9)
IPTO S.A.
3,424
(10,037)
15,006
(12,680)
ENEXCLEAR S.A.
66,051
(53,108)
23,818
(31,918)
LARCO S.A.*
16,178
-
355,075
-
*The Parent Company, by BoD decision 128/12.12.2024, approved the write-off of PPC's receivables up to € 340.50 million
against the company "LARCO S.A.".
In addition to the above mentioned transactions, PPC S.A. enters into commercial transactions with many state-owned
entities, both profit and non for profit, within its normal course of business (sale of electricity, services received, etc.). All
transactions with state-owned entities are performed at arm’s length terms and are not disclosed, with the exception of
transactions that the Group and the Parent Company enter into with the Hellenic Corporation of Assets and Participations
S.A. (HCAP S.A.) and the companies in which HCAP S.A. participates.

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39
The Group’s and the Parent Company’s balances as of December 31, 2024 and December 31, 2023 with HCAP S.A. and the
companies, in which HCAP S.A. participates, are presented below:
GROUP
PARENT COMPANY
December 31, 2024
December 31, 2024
(Amounts in ‘000€)
Receivables
(Payables)
Receivables
(Payables)
HCAP S.A.
1
-
-
-
ATHENS INTERNATIONAL AIRPORT S.A.
1,379
(16)
1,318
(14)
ELTA S.A.
279
(5,091)
-
(4,988)
ELTA COURIER S.A.
1
(55)
1
(13)
ETVA INDUSTRIAL PARKS S.A.
63
(43)
63
(39)
THESSALONIKI INTERNATIONAL FAIR S.A.
41
-
41
-
ODIKES SYNGKOINONIES S.A.
3,059
-
3,035
-
PUBLIC PROPERTIES COMPANY S.A.
6,640
-
6,640
-
URBAN RAIL TRANSPORT S.A.
34
(44)
34
(43)
C.M.F.O. S.A.
168
(1)
168
(1)
Ο.Α.S.Α. S.A.
10
-
10
-
CASINO PARNITHA S.A.
5
-
-
-
GEA OSE S.A
11
-
2
-
AEDIK
3
-
3
-
HELLENIC SALTWORKS S.A.
15
-
15
-
TOTAL
11,709
(5,250)
11,330
(5,098)
GROUP
PARENT COMPANY
December 31, 2023
December 31, 2023
(Amounts in ‘000€)
Receivables
(Payables)
Receivables
(Payables)
ATHENS INTERNATIONAL AIRPORT S.A.
1,383
-
1,335
-
ELTA S.A.
208
(3,694)
-
(3,599)
ELTA COURIER S.A.
1
(71)
-
(22)
EYDAP S.A.
5,939
(49)
5,939
(3)
ETVA INDUSTRIAL PARKS S.A.
420
(38)
420
(34)
THESSALONIKI INTERNATIONAL FAIR S.A.
94
-
94
-
ODIKES SYNGKOINONIES S.A.
8,822
(1,149)
8,822
-
PUBLIC PROPERTIES COMPANY S.A.
7,258
-
7,258
-
URBAN RAIL TRANSPORT S.A.
1,134
-
1,134
-
C.M.F.O. S.A.
118
(5)
118
-
Ο.Α.S.Α. S.A.
4
-
4
-
Ε.Υ.Α.TH. S.A
3,851
-
3,851
-
MANAGEMENT OF INDUSTRIAL PARK OF KASTORIA
-
(1)
-
(1)
GEA OSE S.A
11
-
2
-
AEDIK
16
-
16
-
HELLENIC SALTWORKS S.A.
12
-
12
-
TOTAL
29,271
(5,007)
29,005
(3,659)
It is noted that “Receivables” and “Payables” with the companies E.YD.AP. S.A. and E.Y.A.TH. S.A. are reported as of
30.06.2023. Since then, these companies ceased to be subsidiaries of HCAP S.A.

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40
The transactions made by the Group and the Parent company with HCAP S.A. and the companies in which participates for
the years ended December 31
st
2024 and December 31
st
2023 are as follows:
GROUP
PARENT COMPANY
1.1.2024 – 31.12.2024
1.1.2024 – 31.12.2024
(Amounts in ‘000€)
Invoiced to
Invoiced from
Invoiced
to
Invoiced
from
HCAP S.A.
19
-
18
-
T.A.I.P.E.D S.A.
1
-
-
-
ATHENS INTERNATIONAL AIRPORT S.A.
675
(324)
371
(165)
ELTA S.A.
1,128
(16,145)
5
(15,588)
ELTA COURIER S.A.
38
(185)
38
(42)
ETVA INDUSTRIAL PARKS S.A.
1,188
(244)
1,183
(135)
THESSALONIKI INTERNATIONAL FAIR S.A.
912
(165)
912
(158)
ODIKES SYNGKOINONIES S.A.
5,852
(6)
4,873
(2)
PUBLIC PROPERTIES COMPANY S.A.
1,597
(2)
1,595
-
URBAN RAIL TRANSPORT S.A.
30,967
(2)
30,967
-
C.M.F.O. S.A.
1,566
(3)
1,562
(3)
Ο.Α.S.Α. S.A.
70
-
70
-
CENTRAL THESSALONIKI MARKET S.A.
34
-
34
-
CASINO PARNITHA S.A.
18
-
8
-
HELLENIC SALTWORKS S.A.
282
-
282
-
MANAGEMENT OF INDUSTRIAL PARK OF KASTORIA
4
-
4
-
GAIA- OSE S.A.
19
-
17
-
A.E.DI.K
27
-
27
-
MARINA FLOISVOU
1
-
-
-
MARINA ZEAS
1
-
-
-
TOTAL
44,399
(17,076)
41,966
(16,093)
GROUP
PARENT COMPANY
1.1.2023 – 31.12.2023
1.1.2023 – 31.12.2023
(Amounts in ‘000€)
Invoiced to
Invoiced from
Invoiced
to
Invoiced
from
HCAP S.A.
20
-
20
-
ATHENS INTERNATIONAL AIRPORT S.A.
694
(151)
447
(151)
ELTA S.A.
3,045
(11,448)
4
(11,426)
ELTA COURIER S.A.
11
(81)
11
(72)
EYDAP S.A.
21,565
(71)
21,551
(49)
ETVA INDUSTRIAL PARKS S.A.
1,798
(153)
1,798
(91)
THESSALONIKI INTERNATIONAL FAIR S.A.
1,401
(55)
1,401
(54)
ODIKES SYNGKOINONIES S.A.
6,110
(5)
6,106
-
PUBLIC PROPERTIES COMPANY S.A.
3,068
(2)
3,067
(2)
URBAN RAIL TRANSPORT S.A.
46,381
(526)
46,381
(524)
C.M.F.O. S.A.
2,213
-
2,213
-
Ο.Α.S.Α. S.A.
106
-
106
-
CENTRAL THESSALONIKI MARKET S.A.
125
-
125
-
CASINO PARNITHA S.A.
11
-
11
-
Ε.Υ.Α.TH. S.A.
14,753
(4)
14,744
-
HELLENIC SALTWORKS S.A.
331
-
331
-
MANAGEMENT OF INDUSTRIAL PARK OF KASTORIA
5
-
5
-
GAIA- OSE S.A.
23
-
23
-
A.E.DI.K
32
-
32
-
TOTAL
101,692
(12,496)
98,376
(12,369)
It is noted that invoicing "from" and "to" with the companies E.YD.AP. S.A. and E.Y.A.TH. S.A. concerns the period from
01.01.2023 up to 30.06.2023. Since then, these companies ceased to be subsidiaries of HCAP S.A.

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41

Management remuneration

Management Members remuneration (Board of Directors and General Managers) for the year ended December 31
st
, 2024
and December 31
st
, 2023 is as follows:

GROUP

COMPANY
(Amounts in ‘000€)
2024

2023

2024

2023







3,717

2,080

1,630

1,630
633

417

-

-
2,712

1,088

1,743

866
367

271

144

128

7,429

3,856

3,517

2,624







6,767

3,968

2,627

2,768
675

427

332

288
4,962

2,268

2,270

1,421

12,404

6,663

5,229

4,477
Total
19,833

10,519

8,746

7,101

Remuneration to members of the Board of Directors does not include standard salaries and employer’s social contribution,
relating to the representatives of employees that participate in the Parent Company’s Board of Directors. Also, it does not
include the benefit of electricity supply based on the PPC personnel tariff to the executive members of the Board of Directors,
the Deputy Chief Executive Officers and the General Managers, as well as Free of charge stock awards.

Remuneration Policy

On December 14, 2022, the Extraordinary General Meeting of the shareholders of the Parent Company approved the new
Remuneration Policy of PPC S.A. which is a supplement to the regulations of the Remuneration Policy, as it was formulated
pursuant to the relevant Decisions of the Company's General Assembly of June 4, 2021. Additionally, on December 14, 2023,
the Extraordinary General Meeting of the shareholders of the Parent Company approved the amendment of the
Remuneration Policy of PPC S.A. Finally, on April 30, 2024, the Extraordinary General Meeting of the shareholders of the
Parent Company approved the further amendment of the Remuneration Policy of PPC SA.

Free of charge stock awards program

For the period 2020-2025, it had been decided to provide an additional reward incentive for the executives of PPC S.A. and
PPC Renewables S.M.S.A. for their contribution to the achievement of the Group's medium-term goals in the form of 4 rolling
cycles of the equity settled stock awards program and the framework for granting them was determined based on the
provisions of article 49 of Law 4548/2018. While the Board of Directors had been authorized to determine the Key
Performance Indicators which would be linked to market conditions for each cycle of the free of charge stock awards
distribution program.

The 4 cycles were as follows: a’ cycle 01.01.2020 to 31.12.2021 with distribution of shares in 2022, b’ cycle 01.01.2021 to
31.12.2022 with distribution of shares in 2023, c’ cycle 01.01.2022 to 31.12.2023 with distribution of shares in 2024 and the
end of the d’ cycle 01.01.2023 to 31.12.2024 with distribution of shares on December 31, 2025, the end date of the program.


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42
In August 2023, the shares corresponding to the first and second cycles were distributed free of charge to the beneficiaries
after the determination of the key Performance Indicators and the approval of their achievement by the Board of Directors
of the Parent company on July 18, 2023, a date which constituted the grant date of the free of charge shares.
The maturity date of each cycle had been defined as the last day of each cycle.
On June 30, 2023, it was not possible to determine the fair value of the Free of charge stock awards as the Key Performance
Indicators had not been determined.
With the Board of Directors meeting of the Parent Company from July 18, 2023, the key Performance Indicators for the
specific provision were determined and as a result, the Parent Company determined the fair value of the Rights to distribute
shares for free on this date (grant date) for cycles c’ and d’ with vesting period of rights from 01.01.2022 to 31.12.2023 and
from 01.01.2023 to 31.12.2024. The number of shares per cycle was set at 464,000 shares (by taking into account the
achievement of the sustainability and sustainable development clause) as of December 31, 2023, in accordance with the
remuneration policy.
On December 31, 2023, the expense for cycle c’ was recognized in the amount of € 5.5 million and € 5.0 million for the Group
and the Parent Company respectively and the expense for cycle d’ was recognized in the amount of € 3.2 million and € 2.9
million for the Group and the Parent Company respectively, which reflected the vesting period of the rights and the Group's
best estimate of the number of equity securities that will ultimately vest.
On June 6, 2024, the 231,897 common shares corresponding to cycle c’ were distributed free of charge to the beneficiaries
in accordance with the provisions of articles 49 and 114 of Law 4548/2018.
With the above distribution, for the year ended on December 31, 2024, Payroll Cost was reduced by €3.9 million in the
Statement of Income, the investment in the subsidiary PPC Renewables by €0.4 million for the Parent company, the Other
reserves by €5.5 million and the treasury shares by €1.3 million of the Group and the Parent company.
The cost of these benefits had been determined as of December 31, 2023 based on the fair value of the related rights, using
the Monte Carlo valuation model. In this model, a zero-risk discount rate of 3.78% (c’ cycle) and 3.36% (d' cycle) was used
and took into account the future dividend distribution of the Parent company, which occurred withing July 2024.
The cycle d’ of the free of charge stock awards program with an evaluation period of 01.01.2023 to 31.12.2024, was replaced
by the new share program below and was treated in the financial statements as an amendment. As this amendment increases
the fair value of the equity securities vested by the beneficiaries, the additional fair value is gradually recognized in the
Results based on the remaining modified vesting period of the shares by the beneficiaries, i.e. the period from 30.04.2024
to 30.06.2027.
Within the framework of the above free of charge shares distribution programs, the Group and the Parent Company had
purchased own shares within 2022 based on the provisions of article 49 of Law 4548/2018 (Note 32).
The new Free of charge stock awards program effective from April 30, 2024, introduces as beneficiaries of the Program the
executive members of the board of directors, managers of levels A and B of the hierarchy and/or the Affiliated Companies
within the meaning of article 32 of Law 4308/2014. The final selection of the Beneficiaries is made based on criteria related
with the importance of the position, and following a relevant recommendation of the Nomination, Remuneration and
Recruitment Committee and the approval by the Company's Board of Directors.

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43
The Program is rolling and comprises of 4 individual cycles, each lasting 3 years, and the final number of shares to be
distributed at the end of each cycle will be determined by the difference in the company's performance indicators between
the first and last day of each cycle, as follows:
The 1st cycle has a performance period of 01.01.2022-31.12.2024. The final number of shares to be distributed for the 1st
cycle will be decided within the first half of 2025 and the shares will be distributed in installments. Specifically, 70% of the
shares that constitute the immediately distributable part will be distributed within the year 2025, 20% within the year 2026
and the remaining 10% within the year 2027.
The 2nd cycle has a performance period of 01.01.2023-31.12.2025. The final number of shares to be distributed for the 2nd
cycle will be decided by February 28, 2026 and the shares will be allocated in installments. Specifically, 60% of the shares
that constitute the immediately distributable part will be distributed within the year 2026, 30% within the year 2027 and the
remaining 10% within the year 2028.
The 3rd cycle has a performance period of 01.01.2024-31.12.2026. The final number of shares to be distributed for the 3rd
cycle will be decided by February 28, 2027 and the shares will be allocated in installments. Specifically, 50% of the shares
that constitute the immediately distributable part will be distributed within the year 2027, 30% within the year 2028 and the
remaining 20% within the year 2029.
The 4th cycle has a performance period of 01.01.2025-31.12.2027. The final number of shares to be distributed for the 4th
cycle will be decided by February 29, 2028 and the shares will be allocated in installments. Specifically, 40% of the shares
that constitute the immediately distributable part will be distributed within the year 2028, 30% within the year 2029 and the
remaining 30% within the year 2030.
Business performance indicators are linked to market conditions for each free of charge stock awards program cycle. There
is also a clause of sustainability and sustainable development which is activated only in case of achieving a specific goal. The
determination of the sustainable development goal is subject to a Board of Directors Decision, which is authorized to
determine the goals in question as well as the overachievement goals. The weight given will change for each of the four
performance cycles.
In addition, a Matching Shares Program was established where the Beneficiaries can receive free of charge shares of the
Parent Company, on a 1:1 basis with the shares they have purchased (Matching Shares) under the following conditions:
-To invest a percentage of 10% to 100% of the short-term variable fees they receive during the first year of maturity of each
cycle, in Company’s shares.
- To overachieve the target of the Total Share Return (TSR), at a level of at least 110% for each cycle of the Program.
- Beneficiaries must have held the shares for a period of at least 3 years from the date of their acquisition.
- To continue to have an active employment contract or mandate relationship with the Parent company and/or its affiliated
companies on the date of distribution of the respective shares, i.e. after the completion of the three-year retention period.
The vesting period for equity securities was determined to commence on 30.04.2024 for the first 3 cycles as the new free of
charge stock awards program was then approved and the beneficiaries began to provide their service to the Group and the
Parent company for the new program. The cycle d’ has a vesting period that was determined to start from 01.07.2024 and
ends on 30.09.2030. Each cycle has a vesting period that ends based on the date the shares are distributed to the
beneficiaries.

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44
On December 31, 2024, the new cost of Free of charge stock awards program including the proportion of free shares of the
Matching shares program, recognized in the Statement of Income in Payroll Cost amounted to €20.3 million and €16.4 million
in the Group and the Parent company respectively, while at the same time the investment of the Parent company in
subsidiary companies increased by €3.9 million and the Other Reserves of the Group and the Parent company increased by
€20.3 million.
The Free of charge stock awards was determined on the basis of the fair value of the relevant rights, using the Monte Carlo
valuation model. In this model, a discount rate of 9.24% was used, in order to determine their value.
> Additional incentive (bonus)
The amount of the additional incentive for 2024 amounted to €13.2 million (2023: €8.6 million) and €8.6 million (2023: €5.1
million) respectively and is included in the remuneration of the Group and the Parent Company in the Income Statement for
the year ended December 31, 2024.

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45
Detailed information of Article 4 par. 7 and 8 of Law 3556/2007, as currently in force
The Company on the basis of Article 4 par. 7 and 8 of Law 3556/2007, is obliged to publish in the present Report detailed
information on a series of issues, which are listed below:
1. Share Capital Structure
By decision of the Extraordinary General Meeting of Shareholders held on 4 November 2024, the share capital was reduced
by thirty-one million five hundred and seventy thousand four hundred (€31,570,400) euros through the cancellation of twelve
million seven hundred and thirty thousand (12,730,000) own shares pursuant to Article 29 of Law 4548/2018. As a
consequence of the above reduction, the share Capital of the Company on 31.12.2024, amounted to nine hundred fifteen
million seven hundred and eighty-nine thousand six hundred (915,789,600) euros, divided into three hundred sixty-nine
million two hundred seventy thousand (369,270,000) ordinary registered shares with a nominal value of two euros and forty-
eight cents (€ 2.48) each.
Until the preparation of this Statement, no change has occurred in the share capital of the Company.
All shares are ordinary, registered shares with voting rights (with the exception of any own shares held by the Company),
listed for trading on the Regulated Market of the Athens Exchange. The composition and the way the Company's share capital
is formed are detailed in Article 5 of the Company's Articles of Incorporation. Each share carries all the rights and obligations
defined by the Law and the Articles of Incorporation of the Company. Each share grants the right to one (1) vote.
2. Restrictions on transferring Company shares
There are no restrictions on the transfer of shares, neither from the Articles of Incorporation nor from other regulatory
provisions.
3. Significant direct or indirect participations within the meaning of Articles 9 to 11 of Law 3556/2007, as in force.
With regard to the significant participations (over 5%) in the share capital and voting rights of the PPC S.A. within the meaning
of the provisions of Articles 9 to 11 of Law 3556/2007 and following the aforementioned reduction of share capital under
item (1), on 31.12.2024:
• the Hellenic Corporation of Assets and Participations S.A. (HCAP S.A.) held 35.299% of the shares and voting rights,
• Selath Holdings S.à r.l. held 10.344% of the share capital and voting rights, according to the announcement dated
17.12.2024 of the "CVC Capital Partners plc" (CVC plc),
• Covalis Capital LLP, as well as the ultimate controller, Mr. Zilvinas Mecelis had a total participation of 5.15% in the
voting rights (i.e., the sum of voting rights attached to shares and voting rights deriving from financial instruments),
according to the announcement dated December 18, 2024, from the fund management company Covalis Capital
LLP and its ultimate controller, Mr. Zilvinas Mecelis, and
• Helikon Long Short Equity Fund Master ICAV had a total participation of 6.97% in the voting rights (namely, the sum
of voting rights attached to shares and voting rights deriving from financial instruments), according to the
announcement of Helikon Investments Limited dated 24.5.2023.
The relevant information on the number of shares and voting rights held by persons with significant shareholdings has been
obtained from the share register maintained by the Company, which is updated by Axialine of the Athens Stock Exchange, as
well as from the announcements that have been received by law (Market Abuse Regulation) by the Company on behalf of its
shareholders.
4. Shares conferring special control rights
There are no shares conferring special control rights stricto sensu.
5. Restrictions on voting rights
The Company's Articles of Incorporation do not provide for restrictions on voting rights arising from its shares.

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6. The rules regarding the appointment and replacement of members of the Board of Directors as well as the amendment
of the Articles of Incorporation.
The rules provided for in the Company's Articles of Incorporation, both for the appointment and replacement of the members
of its Board of Directors and for amendments thereto, do not differ from those provided for in Law 4548/2018, as applicable.
7. Duties of the Board of Directors with regard to the issuance of new or the purchase of own shares.
According to Article 6 par. 2 (a) and (b) of the Company’s Articles of Incorporation “During the first five-year period as of the
entry into force of the company’s Articles of Incorporation, the Board of Directors shall have the right, upon its decision taken
in accordance with the majority requirements of Article 24 of Law 4548/2018:
a) To increase the share capital through issuance of new shares. The amount of the increase cannot be more than triple the
amount of the original share capital or of the share capital which shall have been paid up on the date of the decision-making
by the General Meeting on the renewal of the relevant power of the Board of Directors. The above power may also be granted
to the Board of Directors upon resolution of the General Meeting, for a period of time not exceeding five years. In this case,
the share capital can be increased to an amount which cannot be more than triple the share capital existing on the date that
the power for the increase of the share capital was delegated to the Board of Directors.
b)To issue bonded loan, convertible into shares, by its decision or otherwise by resolution of the General Meeting taken in
accordance with the simple quorum and majority requirements, for an amount which cannot be more than triple the paid-up
share capital. In such case, the provisions of Article 24 of Law 4548/2018, as in force, shall apply.
The powers of the Board of Directors referred to above may be renewed by the General Meeting for a period not exceeding
five (5) years per each renewal.”
The provisions of Articles 49 to 51 of Law 4548/2018, as in force, provide for the Company’s right to purchase own shares,
under the responsibility of the members of the Board of Directors, following approval by the General Meeting of Shareholders
and pursuant to the requirements specified in the above articles.
There is no special provision in the Company’s Articles of Incorporation, concerning the competence of the Board of Directors
or of the General Meeting for the purchase of own shares.
8. Agreements between the Shareholders of the Company
No agreements between shareholders of the Company have been disclosed to the Company.
9. Significant agreements that become effective, are amended or are terminated in the event of change of control
There are no significant agreements of the Company that become effective, are amended or are terminated in the event of
change of control of the Company following a public proposal.
However, the Company's loan and other agreements contain a term, which provides, as is customary in similar agreements,
that in the event of a change of control of the Company, the counterparties shall have the right to demand, under certain
conditions, the immediate repayment of the loans/bonds or the termination of the relevant agreements. Specifically, with
regard to loan agreements, they contain a "change of control" clause. If the clause is activated, the Company is obligated to
take specific actions based on the provisions of the agreement. The wording of this specific clause in each contractual text is
as follows: in the event of a change of control of the Company due to a loss of control or a change in the Hellenic Republic’s
stake –below 34.1%– in the Company's Share Capital, this may result in a Mandatory Prepayment or an Event of Default of
these loans.

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Additionally, a "change of control" clause is included in Power Purchase Agreements (PPAs) entered into by the Company.
The counterparties of the Company have the right, under certain conditions, to request the termination of the relevant
agreements; however, this right is not specifically granted in the event of a change of control of the Company following a
public proposal. The wording of this particular clause may vary:
1. in some agreements, the termination right is triggered if the Hellenic Republic ceases to hold at least twenty-five
percent (25%) of the shares of PPC.
2. in a specific agreement, the right of termination is provided in the event of a change of control, but only if the
change of control results in one of the following situations: (a) the terminating party has suffered damages resulting
from the change of control, as described and adequately justified in the termination notice, (b) the change of
control results in a breach of the terminating party's Code of Conduct, or (c) a violation of any applicable law.
3. some agreements provide that, should there be any outstanding obligations of the party undergoing a change of
control, a written consent from the other party is required for the change to occur, and failure to obtain such
consent gives rise to a right of termination. However, if the obligations of the party undergoing the change of
control have been fulfilled, neither written consent is required, nor does it constitute grounds for termination
4. some agreements provide that, in case of change of control of PPC, a letter of guarantee of a specific amount shall
be given up to 30 days prior to the occurrence of the aforementioned change. In case of failure to act within this
deadline, the counterparty shall have the right to terminate the agreement, provided that it has notified PPC anew
in writing regarding the provision of the letter of guarantee setting another 5 days deadline, and as long as this
guarantee is not provided within this new timeframe.
10. Agreements with members of the Board of Directors or the personnel of the Company
There are no agreements between the Company and the members of the Board of Directors or its personnel that provide for
the payment of compensation specifically in the event of resignation, dismissal without valid cause, termination of their term
of office, or termination of their employment due to any public proposal.

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SUSTAINABILITY STATEMENT

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Table of contents
1. General information
1.1 Basis for preparation
1.2 Strategy, business model, value chain and stakeholder engagement
1.3 Governance and business practices
1.4 Risk Management and Control Systems
1.5 Materiality assessment and results according to the concept of Double Materiality
2. Environmental Information
2.1 EU Taxonomy Disclosures
2.2. Climate change
2.3. Pollution
2.4 Biodiversity and ecosystems
3. Social information
3.1 Own workforce
3.2 Consumers and end-users
4. Governance
4.1 Business Conduct
4.2 Anti-corruption and fair competition
Annex
ESRS 2 Appendix

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1. General information
[ESRS 2]
1.1 Basis for preparation
1.1.1 General basis for preparation of the Sustainability Statement [BP-1]
1.1.2 Disclosures in relation to specific circumstances [BP-2]
1.2 Strategy, business model, value chain and stakeholder engagement
1.2.1 Information on the market position and strategy of the PPC Group [SBM-1]
1.2.2 Stakeholder interest and engagement [SBM-2]
1.3 Governance and business practices
1.3.1 The role of the administrative, management and supervisory bodies [GOV-1]
1.3.2 Information provided to, and sustainability matters addressed by the undertaking's administrative,
management and supervisory bodies [GOV-2]
1.3.3 Integration of sustainability-related performance in incentive schemes [GOV-3]
1.3.4 Description of the due diligence on sustainability matters [GOV-4]
1.4 Risk management and control systems
1.4.1 Risk management and internal controls over sustainability reporting [GOV-5]
1.5 Materiality Analysis and results according to the concept of Double Materiality
1.5.1 Description of the processes to identify and assess material impacts, risks and opportunities [IRO-1]
1.5.2 Material impacts, risks and opportunities and their interaction with strategy and the business model
[IRO-1]

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1.1 Basis for preparation
1.1.1 General basis for preparation of the Sustainability Statement
[BP-1]
This Sustainability Statement for the fiscal year 2024 has been prepared on a consolidated basis. The scope of the
Sustainability Statement aligns with the financial reporting framework and is based on the consolidated financial statements
of the PPC Group. The reporting perimeter includes 75 entities, including the parent Company PPC S.A. and direct or indirect
subsidiaries. The subsidiary undertakings included in the consolidation are exempted
7
from individual or consolidated
sustainability reporting pursuant to Articles 19
a
paragraph 9 or 29
a
paragraph 8 of Directive 2013/34/EU.
The Sustainability Statement covers own operations along with upstream and downstream value chain of PPC Group. The
value chain has been comprehensively evaluated as part of the Double Materiality Assessment to identify material impacts,
risks and opportunities (IROs). The Assessment includes financially and strategically significant upstream and downstream
activities of PPC Group. The process involved identifying activities of suppliers and business partners that are essential to the
Group's operations, as well as activities directly connected to the customers.
Furthermore, PPC Group’s policies, extend beyond own workforce to encompass third-party contractors, trainees, volunteers,
and individuals applying for positions within the Group's companies, both domestically and internationally. Suppliers,
partners, subcontractors, and all external stakeholders engaged with the Group, who are integral parts of the value chain,
are also expected to acknowledge and facilitate the implementation of the policies, within the scope of their respective roles
and responsibilities. Additionally, when disclosing metrics
8
, data from both upstream and downstream value chain activities
are incorporated, as detailed in the respective chapters.



7
For the fiscal year 2024, PPC S.A. was the sole Group Company subject to the requirements of the Corporate Sustainability Reporting
Directive (CSRD). The subsidiary Evryo in Romania has been included in the scope of the project for quantitative indicators related to the
number of employees, gender distribution, age distribution, and the type of employee contracts.
8

Metrics have not been validated by an external body.

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1.1.2 Disclosures in relation to specific circumstances
[BP-2]
Time horizons
The Group applies the following definitions regarding the scoping of time, which align with the European Sustainability
Reporting Standards (ESRS 1 6.4):
• Short term - one year: 2025
• Medium term - two to five years: 2026 - 2030
• Long term - after 2030
When the time horizons for separate analyses or targets differ, the relevant information is disclosed in the corresponding
section.
Value chain, sources of estimation and outcome uncertainty
In instances where metrics incorporate data from the upstream and/or downstream value chain, that have been estimated
using indirect sources, the information is detailed in the designated section. The explanation includes the identified metrics,
the basis for preparation, the resulting level of accuracy and the planned actions to improve accuracy in the future.
The Group has established assumptions and judgments for measuring certain metrics and discloses information regarding
the sources of applicable quantitative metrics and monetary amounts. The relevant information is included in the chapter
2.2 Climate Change.
Changes in preparation or presentation of sustainability information
The current Sustainability Statement marks PPC Group’s inaugural publication aligning with the European Sustainability
Reporting Standards (ESRS), as required by the Corporate Sustainability Reporting Directive (CSRD) and Law 5164/2024. In
this context, there are no prior Reports for comparison or any changes from previous years. Additionally, the current
statement does not include information regarding updates to estimated figures disclosed in previous periods. The relevant
disclosure requirements and data points, associated with the identified material topics, are presented in the corresponding
chapters.
Incorporation of information by reference
To prevent redundancy, some sections of this Statement incorporate information by referencing other parts of the Annual
Financial Report. All the relevant sections and paragraphs where this information has already been provided are listed in the
table below, ensuring clear and transparent disclosure.
Table ESRS 2,1: References
Chapter
Disclosure requirement / Data point
Reference (section)
1.3 Governance and
business practices
Roles and areas of responsibilities of
administrative, managerial, and supervisory
bodies
Annual Financial Report
(Statement Of Corporate Governance)
1.4 Risk Management and
Control Systems
Corporate Risk Management Framework
Annual Financial Report
(Statement Of Corporate Governance)
3.1 Own workforce
Characteristics of the undertaking’s employees
(employee headcount)
Annual Financial Report

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1.2 Strategy, business model, value chain and stakeholder engagement
1.2.1 Information on the market position and strategy of the PPC Group
[SBM-1]
In recent years, PPC Group has rapidly transformed from a vertically integrated public utility Company primarily focused on
solid fuel electricity generation, into a multinational conglomerate. Today, the Group is a multinational organization of private
sector companies with activities in electricity generation, distribution and supply of electricity to end-consumers. The Group
operates across various competitive energy markets, both domestically and internationally.
PPC Group is engaged in the generation of electricity from a diverse array of sources and ensures distribution through the
network, thereby securing a substantial electricity production capacity that encompasses thermal and hydroelectric power
plants, alongside renewable energy facilities. In addition to these core activities, PPC Group produces energy from natural
gas and offers a range of electric mobility services and products. At the same time, with the anticipated completion of the
acquisition of NEXT GEN RETAIL SERVICES SINGLE MEMBER S.A.
9
within 2024, PPC Group is evolving into a holistic provider
of products and services for end consumers.
PPC Group’s most significant activities in accordance with ESRS sectors are presented in the following table:
Table ESRS 2, 2: Significant PPC Group activities
Business
segment
Significant activities
Relevant ESRS sectors
Production/
Supply
Production from lignite units, oil stations,
natural gas stations, and RES, along with
lignite mining.
Electricity supply in Greece and abroad,
and retail of electrical and electronic
goods, machinery, and devices.
Energy - Power production and energy utilities
Retail - Trade and sales.
Distribution
Electricity distribution through the
distribution network
Energy - Distribution of electricity
Other
Electric mobility, telecommunications
and administration
Transportation - Service activities incidental to land
transportation
Technology - Wired telecommunications activities
9
The subsidiary NEXT GEN RETAIL SERVICES SINGLE MEMBER S.A. will be referenced in this Sustainability Statement under the trade name
"Kotsovolos".

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Products, services and market positioning
Electricity supply is a core service of PPC Group, enabling the sale of electricity generated from a diverse mix of sources,
including gas and lignite power plants as well as Renewable Energy Sources (RES). By leveraging extensive production
capabilities, PPC Group ensures a reliable supply of electricity to meet market demands while facilitating the transition to
greener energy solutions.
PPC Group's electricity distribution service plays a crucial role in delivering power to end-users, ensuring efficient and reliable
access to electricity across diverse regions. Through the distribution network in Greece and Romania, the Group companies
that have been designated as Operators of the electric power distribution networks, manage and maintain the infrastructure
necessary to distribute electricity safely and effectively, including substations, distribution lines, and distribution centers. The
services additionally include applications for connecting electric vehicle charging infrastructure and promoting the
development and adoption of electric mobility with numerous charging points in Greece and in Romania.
Moreover, the Group offers consumer electronics and electrical appliances and technology products in the wholesale and
retail. Exclusively through wholesale, the Fiber-To-The-Home (FTTH) service is offered, which enables the connection of
homes with FTTH technology. To this end, the Group aspires to introduce the "Everything as a Service" (XaaS) model to the
market, aiming to gradually evolve into an integrated provider of both digital and physical products and services, while
simultaneously developing value-added solutions around the core products.
With a strong emphasis on customer centricity at the core of PPC Group's operations, a wide range of value-added services
(VAS) has been introduced. More specifically, the Group has already launched services that collectively promote green
solutions among customers, incentivize the use of renewable energy and support sustainable practices. These services
include:
• Heat pumps, marking a shift from solely selling equipment to a full end-to-end experience (“as a service” model).
• Photovoltaics (PVs) on roofs offering a full end-to-end experience and working towards scaling up.
• Service “myEnergy Coach”, a digital advisor that provides personalized advice for energy- and cost-saving, through the
replacement of old appliances.
• Emergency technical services that will further grow leveraging on the acquisition of Kotsovolos.
• Green certificates offered to households and businesses.
• Business-to-business (B2B) grade photovoltaics (PVs) & electrical energy storage (EES) securing tailor-made solutions for
medium & large-scale businesses ranging from heating & lighting to green energy production.

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The sectors that were identified as significant for PPC Group in alignment with the European Sustainability Reporting
Standards (ESRS) include the following:
Table ESRS 2, 3: Significant PPC Group ESRS sectors
10

Sector
Activity
11

Nace Code
12

Production and Energy Utilities
Production of electricity
D.35.11
Production and Energy Utilities
Distribution of electricity
D.35.13
Technology - Media and Communication
Wired telecommunications activities
J.61.10
Transportation
Service activities incidental to land
transportation
H.52.21
Sales and Trade
Retail sale of electrical household
appliances in specialized stores
G.47.54

From a market position perspective, PPC Group today constitutes one of the largest groups in Greece, serving approximately
a total of 8.8
13
million customers, both individuals and businesses, in Greece and abroad, supplying energy and offering a
wide range of products and services. More specifically:
• Owns a diverse portfolio including lignite, hydroelectric, and oil plants, natural gas electricity production units, and
Renewable Energy Sources (RES) facilities.
• Incorporates companies that have been designated as Operators of the electric power distribution networks which
own approximately 386,600 km of distribution network in Greece and in Romania with approximately 10.9 network
users.
• Develops asset portfolio in Romania, Italy, Croatia, and Bulgaria on top of the assets in Greece.
• Expands into new markets by entering the electrical and electronic devices retail market through the acquisition of
Kotsovolos in 2024.
• Holds a significant market position in Greece with approximately a 51% share in retail, 34% in generation and 100%
in distribution of electricity and is the leading operator, generator and supplier in the country. In Romania the Group
operates in the country’s most populated regions, holding a 16% share in retail, 16% in RES and 35% in distribution,
positioning it as the leading energy supplier in the country.
• Offers c.a. 25 TWh of electricity in Greece and 10 TWh of energy in Romania to low, medium and high voltage
customers.
• Develops the customer base by focusing on retaining high-value retail customers at approximately 5%, medium-
value at 5%, and low-value at 13% (churn rate).
• Aims to increase the penetration of Value-Added Services (VAS) within the customer base from approximately 19%
in 2024 to about 40% in 2027.


10
PPC Group is based in an EU Member State that allows for an exemption from the disclosure of the information referred to in Article 18,
paragraph 1, sub-point (a) of Directive 2013/34/EU18. The Group has made use of the exemption as it can omit the breakdown of revenue
by significant ESRS sector required by paragraph 40(b).
11
PPC Group is not involved in sectors related to controversial weapons.
12
Nomenclature of Economic Activities (NACE).
13
Excluding Universal Service Supplier, Customer and self-consumption.

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PPC Group's operational success is fundamentally supported by the workforce, with 21,320 individuals employed by the end
of 2024. The headcount of employees by geographical area is as follows:
Table ESRS 2, 4: Headcount of employees by geographical area
Geographical area
Headcount
Greece
17,361
Romania
3,834
Other
14

125


Finally, PPC Group is active in the fossil fuel sector, generating revenues from the production of electricity using natural gas,
oil, and lignite. For the fiscal year 2024, the revenue breakdown of the Group is as follows: €1,251 million from natural gas
15
,
€1,314 million from oil
16
, and €593 million from lignite
17
. Economic activities that relate to fossil fuel gas have been recognized
as eligible but not aligned with the Taxonomy, as required under Article 8(7)(a) of Commission Delegated Regulation
2021/2178.



14
Τhe countries included in “other” are Albania, Belgium, Bulgaria, Cyprus and N. Macedonia
15
Includes the activity of PPC S.A.
16
Includes the activity of PPC S.A and Non-Interconnected Islands
17
Includes the activity of PPC S.A.

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Business model
PPC Group has developed a comprehensive Integrated Business Model that outlines the approach towards energy transition
with the aim to significantly reduce carbon footprint across all operations. This integrated model forms the cornerstone of
the Group’s long-term business strategy, and is structured around three pillars:
1. Decarbonization - “Clean” and resilient generation portfolio
2. Modern and expanded grids - Modernizing the distribution networks by the Group companies that have been
designated as Operators of the electric power distribution networks
3. Affordable and smart supply - Customer centric retail services
The model foresees the prioritization of strategic investments in Renewable Energy Sources, including solar, wind, and
hydroelectric power. The approach involves leveraging the existing assets and exploring new opportunities in interconnected
markets with favorable conditions for RES investments.
Furthermore, the Group prioritizes the modernization of the distribution networks by the Group companies that have been
designated as Operators of the electric power distribution networks to enhance efficiency and reliability. PPC Group focuses
on energy-saving, heat pumps, electric mobility, and renewable energy (RES) solutions, promote sustainability by reducing
energy consumption, lowering carbon emissions, and increasing the use of RES. At the same time, these offerings drive
growth by meeting the increasing demand for green technologies, attracting environmentally conscious customers, and
opening new revenue streams in the rapidly expanding market for sustainable solutions. This comprehensive approach to
securing inputs is integral to maintaining the competitive edge and driving long-term growth in alignment with global climate
change efforts.
Sustainability Strategy
The PPC Group, aware of its crucial role in the green transition and energy infrastructure of Southeastern Europe, has placed
Sustainable Development at the core of the Group’s Strategy. In alignment with this commitment, the Group has crafted a
comprehensive Sustainability Strategy rooted in the well-established "Creating Shared Value" (CSV) model. This approach
seeks to amplify the positive outcomes of the Group’s operations while minimizing potentiall adverse effects, thereby
generating shared value for the Group, broader Society, and the Environment.
The Sustainability Strategy of PPC Group is anchored in three fundamental pillars:
(1) Net zero: Transition to a low carbon economy and RES development.
(2) Nature positive operations: Reduce resource consumption, manage waste and preserve natural systems.
(3) Socioeconomic shared value creation: Strengthen the economy, the people and social collective action.
The three pillars of the Sustainability Strategy are inextricably linked to the Group's Integrated Business Model and serve as
reference points for the implementation of all decisions made within the framework of its business strategy.

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Figure ESRS 2, 1: Integration of the Business Model with the Sustainability Strategy
The Group has established ambitious sustainability objectives that align with the commitment to advancing the United
Nations Sustainable Development Goals (UN SDGs). Additionally, these objectives are set to be validated by internationally
acclaimed institutions and organizations. Key initiatives include transitioning to a low-carbon emission economy, developing
Renewable Energy Sources, and promoting nature-positive operations by reducing the use of natural resources, managing
waste, and preserving natural systems. The Group also aims to create socioeconomic shared value by strengthening the
economy, supporting people, and fostering social collective action.
The Group’s strategic focus centers on the energy transition, prioritizing accelerated investments to achieve sustainable
development targets, including the modernization of the distribution network from the companies that have been designated
as Operators of the electric power distribution networks as well as the expansion of the clean generation portfolio along with
the phasing out of lignite. Through these initiatives, the Group aligns with the goal to become a greener energy provider
while contributing to climate change mitigation efforts by reducing GHG emissions and promoting renewable energy
adoption.
Finally, PPC Group fosters a safe and equitable workplace, generating both direct and indirect economic value, supporting
local communities, minimizing environmental impacts, and consistently evaluating climate-related risks.

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Value chain
The value chain of the PPC Group encompasses the activities of the parent Company and the subsidiaries, as well as entities
within the upstream and downstream value chain. These entities provide services and products from the initial conception
to the end use.
Upstream activities span a diverse range of inputs, including the procurement of IT hardware and software, advanced
equipment and machinery, and critical infrastructure such as telecommunications and fiber optic networks. The activities are
supplemented by construction services for utility projects, the sourcing of energy, water, and raw materials, as well as
specialized consulting services that enhance efficiency and innovation.
Downstream activities focus on the distribution and trade of electricity, on responsible management of waste, and business
support activities that drive value creation across the operations. Other essential downstream services include transportation
and repair activities that ensure the longevity of infrastructure and equipment, as well as customer-focused initiatives to
enhance end-user satisfaction.
The main features in upstream and downstream value chain of PPC Group are presented in the table below.
Table ESRS 2, 5: Value chain of PPC Group
Resources / Inputs (upstream)
Activities
Created value / Outputs
(downstream)
Financial capital
• Equity
• Borrowings
• Investments
Main business sectors of the Group:
• Conventional Electricity Generation,
encompassing thermal (natural gas
and lignite) power production, as well
as mining operations
• Renewable Energy Sources (RES),
incorporating solar, wind, hydro,
thermal, and biomass energy
Financial capital
• EBITDA
• Earnings per share

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Resources / Inputs (upstream)
Activities
Created value / Outputs
(downstream)
Industrial capital
• Stores and equipment
• Mines
• Thermal power plants
• Hydroelectric power plants
• Wind farms
• Small hydroelectric power
plants
• Photovoltaic parks
• Hybrid power generation unit
• Over 386 thousand km of
distribution network
• PPC blue charging stations
across Greece
• Electricity Supply, involving the sale
of electricity to consumers across all
categories
• Electricity Distribution Network
Operation, including the
management, maintenance, and
development of electricity
distribution networks by the Group
companies that have been designated
as Operators of the electric power
distribution networks
• E-mobility, involving the
development, management, and
operation of a network of publicly
accessible electric vehicle chargers
• Telecommunications, through the
provision of high-quality and high-
speed Fiber-To-The-Home (FTTH)
services forwholesale customers
• Retail and wholesale of electronics,
focusing on the distribution and sale
of electronic devices and components
to both individual consumers and
business clients
Supporting activities
• Establishment of companies,
participation in joint ventures,
acquisition of shares in third-party
companies
• Participation in research programs
and research and development
projects
Industrial capital
• Sales of electricity
• Energy production from RES
• Repair of electrical devices
and components
Human capital
• Employees in Greece,
Romania, Bulgaria, Albania,
North Macedonia, Belgium
and Cyprus
• Knowledge, skills, and
capabilities
• Ethical values and vision
Human Capital
• New hires
• Career development and
employee evaluation
• Employee trainings and
acquiring new skills

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Resources / Inputs (upstream)
Activities
Created value / Outputs
(downstream)
Natural capital
Use of raw materials:
• lignite
• natural gas
• oil
Water consumption
Land use:
• photovoltaic projects
• wind projects
• hybrid projects
• Energy management
• Human resources management
• Design and performance of
production functions
Natural capital
• Charging points leading to CO
2
reductions due to EV-charges
Social capital
• Group’s reputation
• Trust relationships
• Strategic partnerships and
alliances
• Participation in international
organizations
Social capital
• ~8.8
18
million customers
• Zero tolerance for human
rights violations
• Zero tolerance for incidents of
corruption and bribery
Intellectual Capital
• Know-how and intellectual
property
• Software, systems, processes,
and protocols
• PPC Inspectra
Intellectual Capital
• New products and services
18
Excluding Universal Service Supplier, Customer and self-consumption.

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1.2.2 Stakeholder interest and engagement
[SBM-2]
Stakeholders are essential to the decision-making process related to the operational structure, strategy, and business model
of the Group, encompassing entities, bodies, and individuals who influence, affect, or are affected by the activities of the PPC
Group, both directly and indirectly. Given the multifaceted nature of its business operations, the Group engages on a daily
basis with a broad spectrum of stakeholder groups. Communication strategies are meticulously tailored to suit the specific
nature and category of each stakeholder, employing a variety of channels and adjusting the communication frequency as
required. The insights garnered from stakeholder consultations enhance the Group's ongoing development, enhancing
performance, and cultivating trust and constructive collaboration.
The table below illustrates the key stakeholder categories of PPC Group, which have been defined via internal consultations,
discussions and working meetings of the Top Management of each Company, detailing the communication frequency, the
channels used as well as the key topics raised.

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Table ESRS 2, 6: Communication channels for each stakeholder group
19
Net Promoter Score (NPS), Customer Satisfaction Score (CSAT) and Net Satisfaction Score (NSAT).
Stakeholder group
Communication channels / Type of engagement
Key topics raised
Relation to PPC Group’s strategy and
business model
Employees
• Trade Unions
• Corporate portal
• Internal email newsletters
• Internal business communication
• Corporate events and conferences
• Sustainability Statement
• Press releases
• Workplace culture and environment
• Safe working conditions (Health & Safety)
• Fair treatment and equal pay
• Career development and training opportunities
• Key developments across the Group
• Corporate goals and performance
• Organizational changes
Engagement with employees fosters
productivity and cultivates a motivated,
skilled workforce, protects health and
enhances safety, and promotes a positive
workplace culture and sense of
belonging, all of which are essential for
executing strategic initiatives and
achieving business objectives. Further
details are available in chapter 3.1 Own
workforce.
Customers
• In-store engagement and dedicated
events
• Group and Company websites
• Social media platforms
• Advertising and marketing campaigns
• Customer service lines
• Newsletters and targeted
communication actions (direct mail)
with selected customers
• Sustainability Statement
• Press releases and local or international
press engagements
• Billing updates (e-bill and printed bills)
• Customer experience and service quality
• Satisfaction and loyalty surveys (NPS, CSAT,
NSAT
19
, etc.)
• Support and assistance for inquiries,
complaints, and service requests
• Product and service updates and innovations
• Sustainability, energy efficiency and dedicated
products or services
• Group values
• Corporate goals and performance
Continuous engagement with customers
supports the Group to ensure that
offerings meet customer needs, foster
brand loyalty, and support the
development of customer-centric
solutions and value-added-services that
differentiate the Group in the market.
Further details are available in chapter
3.2 Consumers and end-users.
Communication
frequency:
Continuous
Communication
frequency:
Continuous

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Stakeholder group
Communication channels / Type of engagement
Key topics raised
Relation to PPC Group’s strategy and
business model
Suppliers and Business
Partners
• Group and Company websites
• Formal procedures for requesting and
receiving offers from prospective
suppliers / business partners
• Formal engagement through contracts
• Formal procedures for contacting
suppliers after procurement, regarding
the evaluation of the material/ service
and any remedial actions
• Sustainability Statement
• Press releases and local or international
press engagements
• Market-specific conditions and challenges
• Opportunities for growth and new contracts
• Workplace culture and environment
• Safe working conditions (Health & Safety)
• Integration of ESG criteria in the Group’s supply
chain
• Group values and Group Policies
• Key developments across the Group
• Corporate goals and performance
Close collaboration with suppliers and
business partners fosters operational
efficiency and sustainability, mitigates
risks, and supports growth and
integration across diverse operations,
aligning with the Group's strategic
objectives of enhancing competitiveness.
Communication
frequency:
Continuous

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Stakeholder group
Communication channels / Type of engagement
Key topics raised
Relation to PPC Group’s strategy and
business model
Investors and financial
institutions
• Group and Company websites
• Annual & semi-annual Financial
Statements
• Presentations of Financial Results
(quarterly)
• Teleconferencing with analysts
• Business presentations (Roadshows,
Investor Day)
• Sustainability Statement
• Press releases and local or international
press engagements
• Direct communication with
Management Executives
• Financial performance
• Strategic direction, investment plans and
progress on the Group’s Strategic Plan
• Risk management and mitigation strategies
• Key developments across the Group
• Organizational changes and corporate
governance
Engagement with investors and financial
institutions supports the Group in
ensuring transparency, building trust and
investor confidence, attracting
investments and securing financial
resources necessary for strategic
initiatives and sustainable growth.
Civil Society Organizations
• Public forums and conferences
• Group and Company websites
• Engagement with affected communities
Engagement fosters collaboration on
sustainability and corporate social
responsibility initiatives and enhances
Communication
frequency:
Continuous and on a
scheduled basis
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Stakeholder group
Communication channels / Type of engagement
Key topics raised
Relation to PPC Group’s strategy and
business model
(NGOs, Interest
Organizations) and Local
Communities
• Sponshorship requests to the Parent
Company or to subsidiaries
• Sustainability Statement
• Press releases and local or international
press engagements
• Social media platforms
• Direct personal contact with
Management Executives
• Collaborative opportunities and projects with
civil society organizations, academic
institutions and NGOs
• Environmental impact, social responsibility,
innovation and relevant initiatives
• Group values
• Key developments across the Group
• Corporate goals and performance
transparency and accountability,
contributing to creating shared value
social innovation.
Business Community,
Industry and Sustainability
Associations
• Industry conferences, discussions or
workshops
• Group and Company websites
• Press releases and local or international
press engagements
• Information and provision of data
through online platforms
• Social media platforms
• Sustainability Statement
• Direct contact of competent Executives
with journalist
• Participation of the Group's Executives
in the Boards of Directors and/or
Working Committees of organizations
of this field.
• Emerging trends, technological advancements,
and innovative practices
• Best practices related to sustainability matters
• Environmental impact, social responsibility and
performance on relevant metrics
• Regulatory changes and compliance
requirements
• Opportunities for partnerships and
collaborative projects
• Key developments across the Group
• Corporate goals and performance
Active engagement facilitates
collaboration on industry standards,
drives innovation, promotes sustainable
practices and supports the strategic
objectives by enhancing competitive
positioning and by fostering partnerships
for sustainable growth.
Regulators and Standard
setters
• Participation in consultations, councils
and committees
• Direct cooperation with the State at the
highest level
• Collaboration with Local Authorities
• Regulatory requirements, changes or updates,
industry standards and compliance issues
• Contribution to the policy discussions and
relevant decisions
Engagement ensures compliance with
legal and regulatory requirements and
supports strategic objectives by
mitigating regulatory risks, fostering a
Communication
frequency:
Ad hoc
Communication
frequency:
Continuous
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Stakeholder group
Communication channels / Type of engagement
Key topics raised
Relation to PPC Group’s strategy and
business model
• Regulatory filings and reports
(information and provision of data)
• Group and Company websites
• Press releases and local or international
press engagements
• Sustainability Statement
• Direct personal contact with Executives
• Evolving environmental, societal and
governance-related regulations
• Best practices related to sustainability matters
• Corporate goals and performance
stable operating environment, and
promoting sustainable practices.
Communication
frequency:
Continuous
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Engaging with diverse stakeholder groups is paramount for discerning and prioritizing the pivotal issues of PPC
Group and its stakeholders. The insights and feedback gathered from stakeholders are considered in the Group’s
strategy and business model, thereby fortifying sustainability initiatives and enhancing the transparency of
reporting. Furthermore, through proactive stakeholder engagement, the interaction with local communities is
enriched, aiming to effectively address their expectations and develop policies and actions that are responsive to
stakeholder demands and aligned with regulatory standards.
PPC Group’s governance bodies, including administrative, management, and supervisory bodies, are regularly
updated on stakeholder views through structured engagements, assessments, and feedback mechanisms. The
Group, based on the responsibilities and activities of each unit, engages with stakeholders, ensuring that their views
are considered in the decision-making processes and the overall Sustainability Strategy.
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1.3 Governance and business practices
1.3.1 The role of the administrative, management and supervisory bodies
[GOV-1, GOV-2]
PPC Group’s governance structure is designed to ensure effective oversight of sustainability-related matters,
integrating environmental, social, and governance (ESG) considerations into corporate decision-making. The
Corporate Governance framework is built around established institutions, policies, and procedures that aim to
enhance the achievements of corporate objectives while fostering the Group’s overarching goal of Creating Socio-
Economic Shared Value.
Responsibilities and composition of administrative, management, and supervisory bodies
Board of Directors
The Board of Directors (BoD) consists of three executive and eight non-executive members, including six
independent (55%) non-executive members, as defined by the provisions of Law 4706/2020, and constitutes the
highest administrative body, while the Chief Executive Officer is the highest executive body. Additionally, it is
responsible for approving the Group's strategy and objectives.
Within the scope of these responsibilities, the Board of Directors has approved the Sustainable Development Policy,
which sets the framework of the Group's commitments on Sustainability issues (as derived from the double
materiality analysis, through the identification of impacts, risks, and opportunities) with a view to integrating all
factors into the Group's operational model and decision-making processes at the Group level.
Board Committees
The established Board Committees support the Board of Directors by preparing work and making recommendations
to facilitate decision-making on the matters under consideration.
The Audit Committee (AC) is responsible, among other things, for monitoring financial reporting processes,
ensuring the effective operation of the internal control system and the risk management system, monitoring and
overseeing the established reporting process of the Sustainability Statement, ensuring compliance with legislative
requirements, as well as supervision and monitoring of the performance and independence of the Certified Public
Accountants. The Committee consists of four (67%) independent non-executive BoD members and two (33%)
independent non-BoD members, in accordance with Article 44 of Law 4449/2017, as amended, and Article 10 of
Law 4706/2020.
The Nomination, Remuneration & Recruitment Committee (NRRC) consists of three independent non-executive
BoD members and operates in accordance with Articles 10, 11, and 12 of Law 4706/2020. The Committee, among
other things, identifies and proposes to the Board of Directors suitable candidates for BoD membership, evaluates
the BoD, and makes recommendations to the BoD on the Remuneration Policy.
Other Committees
The Board of Directors is also supported by additional committees to effectively fulfill its responsibilities. Six (6)
additional Committees in critical areas for the Company are composed of members with expertise and experience,
further supporting the BoD:
1. Executive Committee
2. Procurement Committee
3. Risk Management Committee
4. Energy Management Committee
5. Cybersecurity Committee
6. Sustainability Committee
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70
The detailed composition and responsibilities of the other Committees are presented in the Corporate Governance
Statement of the Annual Financial Report. Additionally, at the executive level, the Executive Committee consists of
fourteen members and is composed of the Chief Executive Officer (CEO), who is also its Chairman, the Deputy Chief
Executive Officers, and the Chief Officers PPC Group, except from the Chief Audit Officer PPC Group due to his
capacity as Internal Auditor. The Executive Committee (EC) of the Company operates in accordance with the
decisions of the Board of Directors, ensuring the necessary collegiality in dealing with the administrative and
operational affairs of the Company, as well as consistency in its operation. In this context, it deals with the important
issues related, among others, to productivity, the performance of the units, the organisation and operation of the
Group's activities, the budget and the Strategic and Business Planning. Additionally, the EC formulates the Policy
for selecting senior executives of the Group's subsidiaries.
Diversity and independence of administrative, management, and supervisory bodies
The PPC Group is committed to increasing the diversity of its administrative, management, and supervisory bodies,
promoting inclusive decision-making. Additional diversity-related issues are presented in the chapter “Social
Information” of the same Report. Specifically, for the latest reporting period, the gender ratios in the administrative,
management, and supervisory bodies are as follows:
• 27% of BoD members are female and 73% are male, with an average gender diversity ratio of 0.38 in the
PPC Group's Board of Directors.
• 67% of Audit Committee members are male and 33% are female.
• 64% of Executive Committee members are male and 36% are female.
Additionally, the ages of the members of the administrative, management, and supervisory bodies range as follows:
• The Board of Directors: 45 to 71 years old.
• The Audit Committee: 55 to 71 years old.
• The Executive Committee 38 to 64 years old.
It is noted that PPC Group currently does not include representation of employees or other workers within its
administrative, management, and supervisory bodies.
Expertise of administrative, management, and supervisory bodies
The administrative, management, and supervisory bodies of the Group possess professional qualifications, with
most members having experience in the energy sector, corporate governance, financial oversight, and sectors
related to sustainable development. Their expertise provides strategic direction on corporate risk management,
the integration of emerging technologies, and sustainable development. The Corporate Governance Statement
provides detailed CVs of the administrative, management, and supervisory bodies, highlighting their professional
qualifications and governance expertise.
As the Group implements the Board of Directors Training Policy (BoD Decision No. 80/29.06.2021) and the
Executives Training Policy (BoD Decision No. 83/14.07.2021), BoD members and Group executives are informed
about sustainable development issues, trends in Environmental, Social, and Governance (ESG) matters, and the
relevant regulatory framework.
.
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1.3.2 Information provided to, and sustainability matters addressed by the undertaking's administrative,
management and supervisory bodies
[GOV-2]
The administrative, management, and supervisory bodies, including their respective committees, are regularly
informed about Sustainable Development issues.
Sustainability Committee
The Sustainability Committee, which plays a central role in overseeing, advising, and supervising sustainability
matters, was established by BoD Decision No. 142/9.11.2021.
The responsibilities of the Sustainability Committee include:
• Οverseeing, coordinating and promoting policies and actions related to Sustainable Development and
Climate.
• Οverseeing the identification, monitoring and management of risks and opportunities related to
Sustainable Development and Climate.
• Overseeing the establishment, implementation and monitoring of the Sustainability Strategy and Policy.
• Monitoring compliance and preparing relevant disclosures in accordance with ESRS, GRI, and ATHEX
guidelines.
• Overseeing and monitoring of the annual goals related to sustainable development for all Group’s
Departments and operational entities
The Sustainability Committee consists of seven senior executives. The members of the Committee include the
Chairman and CEO of PPC S.A., along with three Deputy CEOs, the CFO, the CEO of the subsidiary PPC Renewables
S.M.S.A., and the Director of the Sustainability Department, as the Secretary and Deputy Chairman of the
Committee.
The Chairman and members of the Sustainability Committee, some of whom are also members of the BoD, are
informed about sustainable development issues. The Sustainability Committee met three times in 2024. The
coordination of the topics discussed in the Committee is managed by the Director of the Sustainability Department,
with information provided by the Sustainability Department, the Strategy Group Function, and other departments,
ensuring the monitoring of relevant policies, actions, commitments, goals and measurement indicators, as well as
making the necessary decisions. Issues related to the decisions made by the Sustainability Committee are brought
to the attention of the Board of Directors upon recommendation by the Chairman and CEO, who is also the
Chairman of the Sustainability Committee, as well as through relevant reports.
The Board of Directors, with the support of the members of the Sustainability Committee and the relevant
departments, integrates sustainable development issues into the Group's strategic oversight. The Sustainability
Committee plays a crucial role in overseeing and approving the Sustainability Statement. During the reporting
period, the Sustainability Committee and the Board of Directors examined significant impacts, risks, and
opportunities (IROs), which are further analyzed in section “1.5 Materiality Analysis and results according to the
concept of Double Materiality”.
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1.3.3 Integration of sustainability-related performance in incentive schemes
[GOV-3]
The Group's Remuneration Policy and Incentive Schemes contribute to the implementation of the parent
Company's business strategy, serve its long-term interests, and ensure its sustainability. These schemes include:
• The Executive Variable Remuneration System (Bonus)
• The PPC Stock Award Programme (SAP)
20
Executive Variable Remuneration System (EVRS)
The objectives included in the variable remuneration system are linked to the achievement of results at the Group
and Company-Business Unit level
21
, and where possible, at the General Department and Department level,
reflecting the performance of the heads at each level.
Within this system, three (3) categories of objectives are adopted, oriented towards the Group's financial
performance, the achievement of its strategic and operational priorities, and the adoption of good practices
regarding environmental protection and sustainable development (ESG). These objectives as described in Annex I
of the Remuneration Policy approved in the Extraordinary General Meeting of 14.12.2022
22
and valid until today,
are defined in a way that they are time-bound and achievable, and have different contribution percentages as
follows:
• Financial Objectives: 50%
• Strategic/Operational Objectives: 40%
• Environment and Sustainable Development Objectives: 10%
To measure the extent of achievement of measurable objectives, "Key Performance Indicators" (KPIs) or/and
Company efficiency ratios are used.
The Board of Directors sets the objectives related to the environment and sustainable development at the Group
level. These objectives are not further distributed but are considered personal goals for each executive to achieve
collectively.
Indicatively and not restrictively
23
, the objectives related to the environment, sustainability, and sustainable
development may include investments in new activities in lignite phase-out areas, the number of installations with
certified Environmental Management Systems, employee participation in corporate responsibility initiatives, and
the number of awards for initiatives related to the Environment.
In 2024, all the objectives for the environment and sustainable development that were set were achieved, with a
contribution percentage to the annual variable remuneration of 10%, according to the Variable Remuneration
System.
Stock Award Program
The stock award program consists of four (4) individual cycles, each lasting three (3) years, and the final number of
shares to be distributed at the end of each cycle will be determined by the difference in indices between the first
and last day of each cycle. The final number of shares to be distributed will be determined at the end of the
evaluation period of each cycle, based on the following corporate performance indicators:
20
There is no such Programme for HEDNO S.A.
21
That differs for HEDNO S.A.
22
For HEDNO S.A. the Extraordinary General Meeting revised the Remuneration Policy on 26.04.2024, and the relevant
objectives are presented in Annex II.
23
That differs for HEDNO S.A.
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73
(a) Total Shareholders Return and,
(b) Sustainability and sustainable development clause, which is activated only in case of achieving the
Total Shareholder Return Index target.
The determination of sustainability objectives is carried out by decision of the Board of Directors, which is
authorized to set these objectives, as well as the over-achievement objectives. The weight given changes for each
of the four evaluation cycles. Indicatively, there are categories directly linked to the achievement of objectives in
Renewable Energy Sources, reduction of direct greenhouse gas emissions (GHG), as well as the adoption of
European Union guidelines regarding the representation of both genders on the Board of Directors and pay
transparency between the two genders.
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1.3.4 Description of the due diligence on sustainability matters
[GOV-4]
The Company has Codes, Policies, and Procedures for addressing corporate risks, managing compliance issues, and
sustainable development. These are subject to periodic review to align with best practices.
Table ESRS 2, 7: Due diligence process
Core elements of due diligence
Paragraphs in the Sustainability Statement
a) Embedding due diligence in governance, strategy
and business model
GOV-1, GOV-2, GOV-3, SBM-3, E1-1, G1-1
b) Engaging with affected stakeholders in all key
steps of the due diligence
SBM-2, S1-2, S2-2, S3-2, G1-1
c) Identifying and assessing adverse impacts
IRO-1, GOV-2, SBM-3, E1-1, G1-1
d) Taking actions to address those adverse impacts
E1-3, E2-2, E4-3, S1-4, S4-4, G1-1, G1-3
e) Tracking the effectiveness of these efforts and
communicating
Ε1-5, E1-6, E1-4, G1-1, G1-4
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1.4 Risk Management and Control Systems
1.4.1 Risk management and internal controls over sustainability reporting
[GOV-5]
The Company has established an Internal Control System (hereinafter referred to as "ICS") which includes all the
internal control mechanisms and procedures governing the Company, including Risk Management, Internal Audit
and Regulatory Compliance, in order to cover, on a continuous basis, each of its activities and to contribute to its
safe and effective operation.
More specifically, the Risk Management Department is responsible for developing and implementing an integrated
risk management system, including ESG risks, in line with the Company's risk management Policy, by which: a) all
corporate risks are assessed (identified, quantified and prioritised in terms of materiality); b) the risk management
and response strategy is defined; this strategy includes accepting a risk, avoiding it, mitigating it by modifying the
related corporate action or sharing/transferring the risk; and c) procedures are defined to monitor the evolution of
risks by introducing appropriate procedures and control indicators. Further information on the risk management
framework is presented in the Corporate Governance Statement chapter of the Annual Financial Report.
Regarding the ICS, the Group Internal Audit Department (IAD) monitors, controls and evaluates especially:
• the application of the Rules of Operation of the Company and the ICS, regarding the adequacy and
correctness of the financial and non-financial information provided, the Risk Management, the
Regulatory Compliance and the Corporate Governance Code adopts by the Company,
• the quality assurance mechanisms,
• the corporate governance mechanisms.
Additionally, the Group Internal Audit Department is responsible to inform the Audit Committee on a quarterly
basis on the most important issues and findings from the internal audits conducted, the recommendations as well
as the results of the response of the auditees regarding the implementation of the agreed actions based on the
relevant time schedule. The above information is also presented to the BoD along with the comments of the Audit
Committee.
The Director of the Group Internal Audit Department is responsible for informing the Audit Committee on the
effectiveness of the Group Internal Audit Department’s functioning, the adequacy of resources as well as his/her
access to the organisational units and the data required for the performance of its tasks. The Director of the Group
Internal Audit Department also participates in the General Meetings of the Company.
Additionally, in 2024, PPC Group implemented a structured framework to enhance the accuracy, consistency, and
reliability of the Group’s data as part of its sustainability reporting. This initiative is a significant step towards
compliance with the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting
Standards (ESRS) and enhancing the integrity of data related to sustainable development considering the
complexity of disclosures required by the regulatory framework and aiming to identify and mitigate risks related to
disclosures.
This structured framework includes the development of a centralized digital reporting platform, a two-tier
validation process, and enhanced governance oversight. These measures were designed to minimize
inconsistencies in data collection, related to sustainable development (ESG) and ensure the evaluation and approval
process by two different levels of control, in compliance with the requirements of ESRS standards.
Specifically, in 2024, a review of the Sustainability reporting processes was initiated to systematically identify risks,
reassess existing internal controls, and introduce additional controls where necessary. Additionally, formalized
controls were established at each stage of the reporting process to minimize data inconsistencies and regulatory
risks. The centralized digital platform ensured all subsidiaries reported data in a standardized format, enabling
traceability, comparability, and auditability.
For the effective oversight of the implementation progress of the Sustainability Statement for the year 2024, an
informal Steering Committee was established. The Steering Committee contributed to organizing, developing and
monitoring the process for the preparation and publication of the Sustainability Statement.
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The Sustainability Committee also has an approval role regarding the content of the Sustainability Statement.
Additionally, the Audit Committee was assigned specific responsibilities for monitoring risks, evaluating internal
controls, and approving the Sustainability Statement. The ultimate responsibility for approving the Sustainability
Statement, as well as the corresponding disclosures, lies with the Board of Directors as the final recipient of the
Annual Financial Report, in which the Sustainability Statement is incorporated as an integral part.
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1.5 Materiality assessment and results according to the concept of Double Materiality
1.5.1 Description of the processes to identify and assess material impacts, risks and opportunities
[IRO-1]
PPC Group’s Double Materiality Assessment (DMA) is conducted through a detailed process that aims to identify,
assess, prioritize and monitor both negative or positive, potential or actual impacts on people and the environment,
as well as risks and opportunities that may in turn have a financial effect on the Group. This process considers the
impacts related to the Group’s own operations, and the impacts resulting from its business relationships, through
value chain analysis.
The Double Materiality Assessment (DMA) process for FY2024 was conducted in accordance with the requirements
of the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards
(ESRS). This process also includes the operations of the Group’s subsidiaries, as well as consultation with internal
stakeholders, through the implementation of a structured stakeholder engagement process. The DMA process is
initiated by the Sustainability Department of PPC S.A., with the contribution of internal subject matter experts
across the Group's operations, subsidiaries and geographical locations. The process is subsequently reviewed by
Group’s Directors and approved by the Steering Committee, and the Sustainability Committee.
The Double Materiality Assessment process follows a systematic approach in four distinct phases: “Understanding”,
“Identification”, “Assessment”, and “Determination”.
Understanding
The process includes the identification of the value chain and the Group’s own operation activities, by assessing
the significant activities of each operating segment identified under IFRS 8.
In addition to the operating segments identified according to IFRS 8, the process separately assessed the 'Consumer
Electronics' activity of the subsidiary “Kotsovolos” due to its distinct nature of its activities compared to the rest of
the Group.
Value Chain (VC) mapping
The Double Materiality Assessment (DMA) process analyzes both the economic activities of Group ‘s own
operations and the value chain.
Own operations
The Double Materiality Assessment (DMA) process involves the identification of the Group's economic activities
using NACE codes obtained from the General Commercial Register (GEMI). The analysis of the Group's internal
activities illustrates activities related to own operations for all operating segments.
Upstream value chain
To identify the upstream value chain, an analysis of the Group’s vendors’/suppliers’ economic activities was carried
out, using NACE codes. The analysis focuses on identifying upstream economic activities that are either strategically
significant or hold financial importance, emphasizing their crucial role in the effective functioning of own operations
and the value of the resources and services they provide to the Group.
Downstream value chain
To identify the downstream value chain, an analysis of the Group’s customers’ activities was carried out, using NACE
codes. The analysis focuses on identifying downstream activities that have significant operational and economic
interactions with the end user/consumer.
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Alongside the identification of significant activities, the process captured the respective resource dependencies
including natural, human and social resources, aiming to understand their potential connections with factors such
as availability, price and quality and how these factors could impact business operations.
The last step of the “Understanding” phase of the process involves identifying relevant sustainability matters under
ESRS. This includes reviewing previous years' Group sustainability reports and materiality assessments. Additionally,
it includes peer benchmarking on materiality assessments, rating agency assessments and methodologies, and
industry reports and assessments. This contributes to identifying sustainability matters relevant to the Group’s
segments, activities, and value chain, serving as a starting point for identifying material impacts, risks, and
opportunities.
Stakeholder identification and engagement plan
During the “Understanding” phase, the Group's key stakeholder groups, including the users of the Sustainability
Report, as well as the affected stakeholders, were identified and the stakeholder engagement plan was formulated.
The stakeholder engagement plan involved identifying internal stakeholders from all business sectors of the Group,
that can provide insights regarding affected stakeholder perspectives.
For the impact assessment, internal subject matter experts (SMEs) were identified, representing group operations
across various geographical locations, responsible for assessing and validating the identified impacts. The selection
of SMEs was based on their expertise, to provide valuable insights into the impacts and offer perspectives on
affected stakeholders' views from their day-to-day engagement, as well as assess the appropriateness of the
established mechanisms and thresholds for impact evaluation.
For the Financial Assessment, the Group Financial Services and Group Strategy Departments were involved. These
departments were responsible for validating the appropriateness of the financial assessment mechanisms and
thresholds established and for assessing and validating the identified risks and opportunities. Additionally, specific
internal SMEs were consulted to provide their insights on specific risks related to renewable energy production
(PPC Renewables S.M.S.A) and wired telecommunications activities (FiberGrid).
Identification
The process includes identifying relevant impacts from the Group's operations and the activities throughout its
upstream and downstream value chain, affecting the natural environment, people, and society in general, as well
as the risks and opportunities the Group faces from its external environment. This includes identifying relevant
impacts, risks, and opportunities (IROs) for each sustainability matter as outlined in ESRS 1, paragraph AR16, across
Group operations and geographical locations.
The first step of the process is the identification of the Group’s impacts on the environment and society, as well as
its dependencies on critical resources such as natural resources, human capital, and infrastructure. The effects on
people and the environment along with the dependencies on resources related to sustainability issues in its
operations and value chain, were identified through research analysis and specialized workshops with internal
experts with relevant knowledge of the Group’s activities and industry expertise. The research analysis utilized a
diverse range of information sources, including industry standards and best practices, environmental and social
data, market and economic insights, third-party ESG ratings, and feedback from previous assessments.
This process led to the identification of both positive and negative impacts, whether actual or potential, that
originate from the Group’s own operations and value chain significant activities having an effect on the short-,
medium- and/or long-term time horizon.
Risk and opportunity identification involved recognizing risks arising from impacts and dependencies on resources
that could have an adverse financial impact on the Group. Additionally, it includes identifying opportunities that
the Group could leverage in response to its external environment, which could have a favorable financial impact on
the Group.
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DMA & Risk Management
The Double Materiality Assessment (DMA) process for identifying, assessing, determining, and managing
sustainability risks and their impacts is already being applied based on the principles of the Group's Corporate Risk
Management Framework. At the same time, full alignment and integration are underway, aiming to ensure that
sustainability risks are assessed and managed with even greater coherence in relation to other corporate risks. With
this development, the Group seeks to improve the accuracy in assessing the overall risk profile and to enhance its
management processes.
Environmental Impacts
To identify environmental impacts, the process considered various aspects of PPC Group operations, including the
activities and emissions associated with each operation. This involved a thorough analysis of GHG emissions across
all operational sites and value chain.
Information about PPC Group’s Resilience Analysis across the value chain and its own operations can be found
under “2.2 Climate Change” section 2.2.1 Resilience analysis.
In the context of obtaining Decisions on the Approval of Environmental Conditions (AEPO), PPC Group conducts
Environmental Impact Assessments (EIA) to evaluate and address/manage potential environmental impacts. This
includes screening sites that could have significant impacts on the environment and identifying risks that may arise,
such as water scarcity, pollution, improper waste management leading to contamination, excessive greenhouse gas
emissions contributing to climate change, pollution impacting health and ecosystems, and habitat loss affecting
biodiversity and ecosystems. Specifically, in cases of projects developed within or near areas of ecological interest,
Ecological Assessments are carried out, based on which special monitoring, protection, and mitigation measures
for biodiversity impacts are provided, and included in the relevant AEPO. Strict adherence to these terms ensures
that potential impacts on biodiversity are effectively identified, managed, and mitigated. Community consultation
is also a fundamental part of this screening, ensuring that local stakeholders are engaged and their concerns
addressed.
Assessment and determination
The “Assessment and Determination” phase, includes the assessment and identification of material impacts, risks,
and opportunities. Specifically, includes defining appropriate mechanisms to evaluate impacts on the environment
and people, as well as setting financial benchmarks to assess the financial impact of risks and opportunities on the
Group at a consolidated level. Finally, it involves determining an appropriate threshold, the exceedance of which
would lead to the determination of the Group’s material impacts, risks and opportunities.
Impacts, either positive or negative, were assessed separately for their severity by considering the following factors:
scale, which measures how grave or beneficial an impact is; scope, which examines the geographical area or
number of people affected; and irremediable character, which evaluates the difficulty of remediating the negative
impact. Potential impacts were assessed for their likelihood by considering both the probability of the impact
occurring, based on historical data, and the specific circumstances under which it might occur.
The result of the impact assessment arises from the combination of severity and likelihood. However, in cases
where negative impacts affected human rights, severity took precedence over likelihood to emphasize the ethical
and critical nature of human rights issues.
Risks and opportunities were assessed based on their potential magnitude against appropriate benchmarks related
to the Group's financial position and performance, and their likelihood.
Once the assessment scoring was completed the materiality of each impact risk and opportunity was determined
by comparing their calculated score, against their respective established quantitative thresholds. The thresholds
for impact and financial materiality were determined separately, yet they followed a consistent methodology. This
methodology was based on the minimum and maximum scores of (i) impacts and (ii) risks and opportunities,
respectively. Each impact, risk and opportunity that surpassed the threshold, was determined material.
The DMA process was supported by assigned internal subject matter experts across the Group's operations and
geographical locations. These experts contributed to identifying and assessing impacts, risks, and opportunities, as
well as to providing their insights on the perspectives of affected stakeholders within their areas of expertise.
In FY2024, the DMA was conducted including the activities of all subsidiaries, unlike the previous year where the
activities of the three largest subsidiaries of the Group were included. Through the evaluation of all activities,
additional impacts, risks, and opportunities were identified on a consolidated basis, compared to the previous year.
Additionally, the assessment was supported solely from internal stakeholder, subject matter experts in Group’s
activities.
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1.5.2 Material impacts, risks and opportunities and their interaction with strategy and the business model
[SBM-3]
All identified impacts are intrinsically linked to the Group’s strategy and business model. This connection is
established through the Double Materiality Assessment process, which prioritizes a comprehensive understanding
of the Group’s strategic direction, business framework, and stakeholder relationships.
Through scenario analysis, risk assessment, and engagement with internal stakeholders, who are experts in areas
related to the Group's activities, the Group evaluates the resilience of its strategy and business model. This process
includes monitoring its strategic position as well as factors in the internal and external environment to ensure its
ability to identify and address significant impacts and risks, as well as to capitalize on emerging opportunities.
PPC Group has identified material impacts risks and opportunities per sub and sub sub ESRS topic, and no entity
specific material impact risks and opportunities have been identified.
The following table shows the material impacts, risks and opportunities:
Material impacts
Table ESRS 2,8: Material impacts
Sustain-
ability
topic
Sub / sub-
sub-topic
Detailed impact
description
Location in
the value
chain
Actual/
potential
impact
Positive
or
Negative
Reasonably
expected time
horizon of
potential
impact
Nature of the
activities or
business
relationships
concerned with
the impact
ESRS E1
Climate
change
mitigation -
Energy
Contribution to
climate change
through scope 1, 2
and 3 GHG
emissions.
PPC Group
generates scope 1,2
and 3 emissions
from production of
electricity, in-house
fuel consumption,
purchased
electricity, and from
value chain
activities,
contributing to
climate change.
Upstream/
Own
operations/
Downstream
Actual &
potential
Negative
Short-,
medium- &
long-term
All PPC Group’s
and value
chain’s business
activities
ESRS E1
Climate
change
mitigation
Grid
decarbonization
through the
development of
RES infrastructures.
The expansion of
Renewable Energy
Source (RES)
Own
operations
Actual &
potential
Positive
Short-,
medium- &
long-term
Energy - Power
production and
Energy Utilities
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Sustain-
ability
topic
Sub / sub-
sub-topic
Detailed impact
description
Location in
the value
chain
Actual/
potential
impact
Positive
or
Negative
Reasonably
expected time
horizon of
potential
impact
Nature of the
activities or
business
relationships
concerned with
the impact
projects positively
contributes to
climate change
mitigation.
ESRS E1
Climate
change
mitigation
Decarbonization of
the transport
sector through the
development of
low-emission
mobility
infrastructures.
PPC Group's
electromobility
services, such as
electric vehicle
charging points
powered by green
energy, significantly
contribute in
reducing fossil fuel
consumption and
positively
contribute to
climate change
mitigation.
Upstream/
Own
operations/
Downstream
Actual &
potential
Positive
Short-,
medium- &
long-term
Transportation
ESRS E2
Pollution of
air
Air pollutants
emitted by PPC
SA's operations.
PPC S.A.'s thermal
power plants emit
air pollutants,
including
particulate matter
(PMs), criteria air
pollutants (CAPs),
volatile organic
compounds (VOCs),
and heavy metals.
Own
operations
Actual &
potential
Negative
Short-,
medium- &
long-term
Energy - Power
production and
Energy Utilities
ESRS E4
Direct
impact
drivers of
Preservation of
natural habitats
through
biodiversity
Own
operations
Actual &
potential
Positive
Short-,
medium- &
long-term
Energy - Power
production and
Energy Utilities
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Sustain-
ability
topic
Sub / sub-
sub-topic
Detailed impact
description
Location in
the value
chain
Actual/
potential
impact
Positive
or
Negative
Reasonably
expected time
horizon of
potential
impact
Nature of the
activities or
business
relationships
concerned with
the impact
biodiversity
loss - Others
protection
measures.
Implementation of
measures for the
protection of
biodiversity and
ecosystems within
operational areas
contributes to the
preservation of
natural habitats.
ESRS E4
Direct
impact
drivers of
biodiversity
loss - Others
Negative impact of
facilities on
terrestrial
ecosystems.
Facilities in and
near important
biodiversity value
areas negatively
affect terrestrial
ecosystems.
Own
operations
Actual &
potential
Negative
Short-,
medium- &
long-term
Energy - Power
production and
Energy Utilities
ESRS S1
Working
conditions –
Secure
employmen
t
Job security,
employee morale,
and reduced job-
related stress
through effective
working practices.
Implementing
effective working
practices that
maintain low
involuntary
turnover rates
fosters job security,
boosts employee
morale, and
reduces job-related
stress.
Own
operations
Actual &
potential
Positive
Short-,
medium- &
long-term
All PPC Group’s
activities
ESRS S1
Working
conditions –
Secure
Local employment
challenges from
lignite phase out.
Upstream/
Own
operations
Actual &
potential
Negative
Medium-term
Upstream
Mining Coal
and Quarrying
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Sustain-
ability
topic
Sub / sub-
sub-topic
Detailed impact
description
Location in
the value
chain
Actual/
potential
impact
Positive
or
Negative
Reasonably
expected time
horizon of
potential
impact
Nature of the
activities or
business
relationships
concerned with
the impact
employmen
t
The phase-out of
lignite plants leads
to redundancies
negatively affecting
local employment.
Own
operations
Energy - Power
production and
Energy Utilities
ESRS S1
Working
conditions -
Health and
safety
Supporting
employee health
and safety in the
workplace.
PPC Group's health
and safety
initiatives, featuring
increased training
hours, specialized
seminars, and
CPR/AED
certifications, equip
employees with
essential skills for
emergency
response and safe
equipment
handling.
Own
operations
Actual &
potential
Positive
Short-,
medium- &
long-term
All PPC Group’s
activities
ESRS S1
Working
conditions -
Health and
safety
Potential impacts
to health and
safety of own
workforce.
Workers in lignite
mining, energy
production,
electricity
distribution
activities, and
warehousing face
potential health
and safety impacts.
These impacts
include exposure to
coal dust,
hazardous
chemicals, electrical
hazards, risks
Upstream/
Own
Operations
Potential
Negative
Short-,
medium- &
long-term
All PPC Group’s
activities
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84
Sustain-
ability
topic
Sub / sub-
sub-topic
Detailed impact
description
Location in
the value
chain
Actual/
potential
impact
Positive
or
Negative
Reasonably
expected time
horizon of
potential
impact
Nature of the
activities or
business
relationships
concerned with
the impact
associated with
working at heights,
risks related to
working in confined
spaces, extreme
conditions, use of
heavy machinery,
mobile equipment,
and physical
exertion.
ESRS S1
Equal
treatment
and
opportuniti
es for all -
Gender
equality and
equal pay
for work of
equal value
Improvement of
equality and
morale through
equal pay.
PPC Group's
compensation
practices promote
equal pay that
fosters a culture of
equality and
positively affects
the workforce
morale and
wellbeing.
Own
operations
Actual &
potential
Positive
Short-,
medium- &
long-term
All PPC Group’s
activities
ESRS S4
Information
-related
impacts for
consumers
and/or end-
users -
Privacy
Compromised
customer privacy
and eroded trust in
retail operations.
Retail operations
involve handling
sensitive customer
and financial data.
Data breaches or
unauthorized
access to payment
and credit
information could
jeopardize
customer privacy
and undermine
trust in data
protection
practices.
Own
operations
Potential
Negative
Short-,
medium- &
long-term
All PPC Group’s
activities
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85
Sustain-
ability
topic
Sub / sub-
sub-topic
Detailed impact
description
Location in
the value
chain
Actual/
potential
impact
Positive
or
Negative
Reasonably
expected time
horizon of
potential
impact
Nature of the
activities or
business
relationships
concerned with
the impact
ESRS S4
Access to
products
and services
Inclusive and
reliable energy
access through grid
modernization.
Through the
development and
modernization of
the distribution
networks inclusive
access to reliable
and sustainable
electricity is
ensured for
households and
businesses.
Own
operations
Actual &
potential
Positive
Short-,
medium- &
long-term
All PPC Group’s
activities
ESRS G1
Corporate
Culture
Potential loss of
stakeholder trust
through
misalignment of
core business
values.
Misalignment or
inconsistent
application of PPC
Group core
business values
may raise unethical
or non-compliant
issues, negatively
impacting
stakeholder trust.
Upstream/
Own
operations/
Downstream
Potential
Negative
Short-,
medium- &
long-term
All PPC Group’s
and value
chain’s business
activities
ESRS G1
Corruption
and bribery
- Prevention
and
detection
including
training
Building trust and
confidence through
Anti-Corruption
and integrity
commitment.
PPC Group's
commitment to
combating
corruption and
bribery, through a
strong dedication to
Upstream/
Own
operations/
Downstream
Actual &
potential
Positive
Short-,
medium- &
long-term
All PPC Group’s
and value
chain’s business
activities
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86
Sustain-
ability
topic
Sub / sub-
sub-topic
Detailed impact
description
Location in
the value
chain
Actual/
potential
impact
Positive
or
Negative
Reasonably
expected time
horizon of
potential
impact
Nature of the
activities or
business
relationships
concerned with
the impact
integrity,
comprehensive
training programs
and clear
accountability
measures, fosters a
culture of trust
among employees
and reinforces
public confidence.
ESRS G1
Corruption
and bribery
- Incidents
Public trust issues
through potential
incidents of
corruption.
Incidents of
corruption,
including fraudulent
procurement
practices, illicit
actions, and
bribery, can
severely undermine
public trust and
confidence.
Upstream/
Own
operations/
Downstream
Potential
Negative
Short-,
medium- &
long-term
All PPC Group’s
and value
chain’s business
activities
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87
Material risks and opportunities
Table ESRS 2, 9: Material risks and opportunities
Sustain-
ability topic
Sub / Sub-
sub-topic
Risk / Opportunity description
Risk /
Opportunity
Location in
the Value
Chain
Reasonably
expected time
horizons of
financial effects
ESRS E1
Climate
Change
Adaptation
Climate-related physical risks to
infrastructure and service reliability.
PPC Group faces significant climate-
related physical risks as the frequency
and severity of extreme weather events
associated with climate change continue
to rise (e.g., Droughts, Heatwaves,
Flooding and Storms etc.). These events
may cause service disruptions,
equipment damage, inventory write-offs,
substantial repair costs, asset
impairments, and harm to the brand's
reputation with regulators and
customers.
Risk
Own
Operations
Short-, medium- &
long-term
ESRS E1
Climate
Change
Mitigation
Climate-related transition risks from
GHG mitigation and regulatory
compliance.
PPC Group faces climate-related
transition risks due to increasingly
stringent environmental regulations and
locked-in GHG emissions from thermal
power plants. Compliance will
necessitate significant operating costs
and capital expenditures, potentially
reducing profitability and straining
financial resources. Non-compliance
could result in substantial fines,
reputational damage, and operational
disruptions, further impacting financial
performance.
Risk
Own
Operations
Short-, medium- &
long-term
ESRS E1
Climate
Change
Mitigation
Leveraging competitive advantage
through proactive GHG emission
reductions.
Proactively reducing GHG emissions
through strategic investments can give
PPC Group a competitive advantage and
help avoid unexpected regulatory costs.
Opportunity
Own
Operations
Short-, medium- &
long-term
ESRS E1
Energy
Increases in fossil fuel prices affecting
financial performance.
Risk
Upstream/
Own
Short-, medium- &
long-term
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88
Sustain-
ability topic
Sub / Sub-
sub-topic
Risk / Opportunity description
Risk /
Opportunity
Location in
the Value
Chain
Reasonably
expected time
horizons of
financial effects
As regulations on greenhouse gas
emissions increase and the use of fossil
fuels is further limited, the cost of fossil
fuels is expected to rise. This will likely
lead to higher operational expenses,
negatively impacting 's financial
performance.
operations/
Downstream
ESRS S1
Equal
treatment
and
opportuniti
es for all -
Diversity
Talent attraction and retention through
diversity and inclusion.
Embracing diversity and inclusion
practices enables PPC Group to attract
and retain top talent, boost productivity,
and enhance its reputation as leading
employer.
Opportunity
Own
Operations
Short-, medium- &
long-term
ESRS S4
Access to
products
and services
Financial risk stemming from the lack of
access to energy and the affordability of
energy.
PPC Group faces financial risks from
regulatory decisions on rate requests,
rate structures, cost recovery, allowed
returns, and adjustments to Public
Service Obligations (PSOs). These
decisions, aimed at ensuring accessible,
affordable, and quality services, could
increase costs, reduce revenues, and
impact cash flows, potentially affecting
Group's financial stability and its ability
to provide reliable and affordable
services.
Risk
Own
Operations
Medium & long-
term
ESRS S4
Access to
products
and services
Unlocking new revenue streams and
enhancing client retention through
expanded green technology rewards
and financing options.
Expanding offerings to include a wider
range of rewards and financing options
for green technologies, aiming to create
new revenue streams and improve client
retention.
Opportunity
Own
operations/
Downstream
Medium-term
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89
Current financial effects
Climate-related physical risks to infrastructure and service reliability
The Group monitors the current financial effects on the 'Distribution' of the electricity sector, whose network is
periodically exposed to severe weather events and is vulnerable to natural disasters. Specifically, during the fiscal
year ending December 31, 2024, restoration works worth €12 million were carried out on the distribution network
due to extensive natural disasters caused by the “Daniel” and “Elias” storms that affected many areas of Greece in
the Fall of 2023 (€4,268,449 and €7,685,874, respectively). Additionally, heavy rainfall during the “Bora” storm,
which hit the island of Rhodes in the fall of 2024, caused extensive flooding on the island, resulting in significant
damage to the distribution network. Restoration works to ensure the smooth operation of the network were carried
out at a total cost of €51,710.56.
Furthermore, natural disasters were caused by wildfires that affected the islands of Samos and Serifos, resulting in
significant damage to the distribution networks, for the restoration of which the total cost of works amounted to
€105,000 (€17,670 and €87,032.6, respectively).
For the fiscal year ending December 31, 2024, no additional events with significant financial effects related to
material risks and opportunities were recognized.
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90
2. Environmental Information
2.1 EU Taxonomy Disclosures
2.1.1 Introduction - Article 8 Taxonomy Regulation
2.1.2 Overview
2.1.3 Definitions
2.1.4 Eligibility assessment
2.1.5 Alignment assessment
2.1.6 PPC Group Taxonomy-aligned economic activities
2.1.7 Minimum Safeguards
2.1.8 Turnover, CapEx and OpEx
2.1.9 KPIs of activities related to fossil gaseous fuel
2.2. Climate Change [ESRS E1]
2.2.1 Resilience Analysis [SBM-3]
2.2.2. Transition plan for climate change mitigation [Ε1-1]
2.2.3 Material impacts, risks and opportunities and their interaction with strategy and business
model [IRO-1]
2.2.4 Policies related to climate change mitigation and adaptation [E1-2]
2.2.5 Actions [E1-3]
2.2.6 Targets [E1-4]
2.2.7 Metrics [E1-5, E1-6]
2.3. Pollution [ESRS E2]
2.3.1 Material impacts, risks and opportunities and their interaction with strategy and business
model [IRO-1]
2.3.2 Policies related to pollution of air [E2-1]
2.3.3 Actions [E2-2]
2.3.4 Targets [E2-3]
2.3.5 Metrics [E2-4]
2.4 Biodiversity and Ecosystems [ESRS E4]
2.4.1 Material impacts, risks and opportunities and their interaction with strategy and business
model [IRO-1, SBM-3]
2.4.2 Policies related to biodiversity and ecosystems [E4-2]
2.4.3 Actions [E4-3]
2.4.4 Targets [E4-4]
2.4.5 Metrics [E4-5]
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91
2.1 EU Taxonomy Disclosures
According to the supplementary Delegated Regulation (ΕΕ) 2021/2178 specifying the content and presentation of
information disclosed by undertakings subject to Article 29a of Directive 2013/34/EU concerning environmentally
sustainable economic activities, non-financial undertakings shall disclose the information referred to in Article 8,
paragraphs 1 and 2 of the EU Taxonomy Regulation (EU) 2020/852.
Based on the above and as PPC Group is subject to the aforementioned obligations, this section discloses the
information required according to Article 8 of the EU Taxonomy Regulation.
Table E1, 1: Abbreviations
Abbreviation
Description
BESS
Battery Electricity Storage Stations
BIO
Protection and Restoration of Biodiversity and Ecosystem
CCA
Climate Change Adaptation
CCM
Climate Change Mitigation
CE
Circular economy
CRA
Climate Risk Assessment
DNSH
Do No Significant Harm
ENTSO-E
European Network of Transmission System Operators for Electricity
EUT
European Taxonomy
FY
Financial Year
HPs
Hydropower Plants
IPTO
Independent Power Transmission Operator’s
KPIs
Key Performance Indicators
MS
Minimum Safeguards
NG
Natural Gas
OECD
Organisation for Economic Co-operation and Development
PV
Photovoltaic
SHPs
Small (run-of-river) Hydropower Plants
TSC
Technical Screening Criteria
WPs
Wind Parks
WTR
Sustainable use and Protection of Water and Marine Resources
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92
2.1.1 Introduction - Article 8 Taxonomy Regulation
The Taxonomy Regulation (EU 2020/852) (hereafter referred to as the EUT or EU Taxonomy) is a key component of
the European Commission's action plan to redirect capital flows towards a more sustainable economy. It represents
an important step towards achieving carbon neutrality by 2050, in line with EU climate goals. To this end, the
European Commission has developed a catalogue of economic activities to determine if those substantially
contribute to a sustainable economy. The EU Taxonomy and its supporting delegated acts were designed to help
companies, investors, and policymakers identify environmentally sustainable economic activities.
In this section, PPC Group as a non-financial entity, discloses the proportion of its Turnover, Capital Expenditure
(CapEx), and Operating Expenditure (OpEx) for the financial year (FY) 2024. These are referred to as Key
Performance Indicators (KPIs) and relate to economic activities eligible or aligned with the EU Taxonomy across its
environmental objectives as outlined in Article 8 of the EUT Regulation.
Figure E1, 1: EU Taxonomy environmental objectives
The climate-related objectives (CCM and CCA) were set out in the Climate Delegated Act
24
issued in 2021 and its
amendments, while the remaining four objectives came into force in June 2023 under the Environmental Delegated
Acts
25
, and are effective as of 2023 reporting year.
24
Climate Delegated Act (EU) 2021/2139, Delegated Act amending the Climate Delegated Act (EU) 2023/2485 and Delegated
Act on nuclear and gas activities (EU) 2022/1214.
25
Environmental Delegated Act (EU) 2023/2486.
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93
2.1.2 Overview
The figure and table below present the share of PPC Group’s consolidated Turnover, CapEx and OpEx associated
with Taxonomy-eligible and aligned economic activities for FY2024.
Figure E1, 2: PPC Group’s Turnover, CapEx and OpEx associated with Taxonomy-eligible and Taxonomy-aligned
economic activities for FY2024economic activities for FY2024
Figure E1, 3: Overview of PPC Group’s eligibility and alignment in FY2024
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94
Table Ε1, 1: PPC Group’s proportion of Taxonomy-eligible and Taxonomy-aligned economic activities in total
Turnover, CapEx and OpEx in FY2024
FY2024
Total
(in thousand
€)
Proportion of
Taxonomy-eligible non-
aligned economic
activities (%)
Proportion of
Taxonomy-aligned
economic activities
(%)
Proportion of
Taxonomy-non-
eligible economic
activities
(%)
Turnover
8,978,607.00
1.5%
9.6%
88.8%
CapEx
3,151,085.50
40.6%
36.8%
22.6%
OpEx
1,013,598.00
6.6%
23.4%
70.0%
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95
2.1.3 Definitions
Taxonomy-eligible is an economic activity that is described in the Delegated Acts (Climate Delegated Acts and the
Environmental Delegated Act) supplementing the EU Taxonomy Regulation. The eligibility of an activity under the
Climate Change Mitigation (CCM) environmental objective is determined solely by its inclusion in these delegated
acts, regardless of whether it meets the Technical Screening Criteria (TSC) specified therein, meanwhile the
eligibility of the activities under the Climate Change Adaptation (CCA) environmental objective is linked with their
alignment with the CCA DNSH requirements.
Taxonomy non-eligible is an economic activity that is not described in the Delegated Acts supplementing the EUT
Regulation. Such activities are outside the scope of the EU Taxonomy regulation, irrespective of their compliance
with environmental or social standards.
An economic activity is classified as Taxonomy-aligned when it fulfills the TSC established in the EUT Delegated Acts
and is conducted in accordance with the Minimum Safeguards (MS) on social and governance matters. These
safeguards encompass requirements related to human and consumer rights, anti-corruption and bribery, taxation
and fair competition. To meet the TSC, the activity contributes substantially to one or more environmental
objectives, such as climate change mitigation, while ensuring that it Does No Significant Harm (DNSH) to any other
environmental objectives, as defined by the EU Taxonomy Regulation.
According to the EU Taxonomy Regulation, aligned economic activities must directly contribute to one or more of
the environmental objectives. Activities that indirectly contribute to an environmental objective, are also included
and classified as enabling or transitional activities as below:
• Enabling activity: An economic activity shall qualify as contributing substantially to one or more of the
environmental objectives set out by directly enabling other activities to make a substantial contribution
to one or more of those objectives, provided that such economic activity:
o does not lead to a lock-in of assets that undermine long-term environmental goals, considering
the economic lifetime of those assets; and
o has a substantial positive environmental impact, on the basis of life-cycle considerations.
• Transitional activity: an economic activity, for which there is no technologically and economically feasible
low-carbon alternative, shall qualify as contributing substantially to (CCM) where it supports the
transition to a climate-neutral economy consistent with a pathway to limit the temperature increase to
1,5
o
C above pre-industrial levels, by phasing out greenhouse gas emissions, in particular emissions from
solid fossil fuels, and where that activity:
o has greenhouse gas emission levels that correspond to the best performance in the sector or
industry;
o does not hamper the development and deployment of low-carbon alternatives; and
o does not lead to a lock-in of carbon-intensive assets, considering the economic lifetime of those
assets.
The CCA objective holds a specific role with functions that are fundamentally different from the other five
environmental objectives. Activities eligible under CCA can be categorized into three types.
• Adapted activities
• Enabling activities
• Adapted-enabling activities
o
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96
2.1.4 Eligibility assessment
PPC Group examined all its economic activities conducted in FY2024 to determine which are Taxonomy-eligible in
accordance with all six environmental objectives under the Climate Delegated Act for Climate Change Mitigation
(CCM) and Climate Change Adaptation (CCA) and the Environmental Delegated Act for Sustainable use and
protection of Water and marine resources (WTR), Transition to a circular economy (CE), Pollution Prevention and
Control (PPC) and Protection and restoration of biodiversity and ecosystems (BIO) environmental objectives.
The eligibility assessment led to the identification of 14 eligible economic activities in total, related to CCM, CCA
and CE environmental objectives.
The table below presents the economic activities eligible under the climate and environmental objectives of the
EUT Regulation.
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97
Table Ε1, 3 : PPC Group’s Taxonomy-eligible economic activities in FY2024
Eligible economic activity
Objective
Enabling /
Transitional
Description of PPC Group’s activity
KPIs
4.1
Electricity generation using solar
photovoltaic technology
CCM / CCA
-
PPC Group is a major energy producer in the solar energy
sector in Greece, Romania and Bulgaria with 65 PV assets
currently in operation and under construction/development.
The Group's PV portfolio currently stands at 2.2GW.
In Greece the Group has 12 PV assets in operation, while
operating 28 very small roof-top PV installations of an
aggregated 1MW capacity on various buildings. Moreover, the
Group has 17 new PV parks under construction/development,
reaching 1.9GW in the country.
In Romania the Group operates 7 PV assets of 125 MW and
has acquired 145MW of PV asset licenses, while in Bulgaria the
Group has a new PV park of 160MW under construction.
Turnover, CapEx,
OpEx
4.3
Electricity generation from wind
power
CCM / CCA
-
In the wind power sector, the Group’s operation/development
portfolio spans across Greece, Romania and Bulgaria with a
total of 63 onshore and offshore wind parks (WPs) of 2.1GW
total capacity.
In Greece, the Group has 35 onshore WPs of 252MW licensed
capacity and 11 onshore and offshore WPs of 488.2MW
licensed capacity currently under development, reaching
740MW in the country.
In Romania the Group operates 12 WPs of 1.18GW and 1 new
WP under construction/development of 140MW, reaching a
total 1.3GW in the country.
Turnover, CapEx,
OpEx
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98
Eligible economic activity
Objective
Enabling /
Transitional
Description of PPC Group’s activity
KPIs
In Bulgaria the Group operates 4 WPs of 18 MW total licensed
capacity.
4.5
Electricity generation from
hydropower
CCM / CCA
-
The Group’s hydropower portfolio in Greece comprises of 16
large hydropower plants (HPs) in operation and 2 under
construction with 3.4GW total licensed capacity. Additionally,
the Group has 13 small (run-of-river) hydropower plants (SHPs)
of 66.3MW licensed capacity in operation, 4 SHPs under
renovation/upgrade of 77MW licensed capacity and 2 SHPs of
4.2MW under development.
In Romania the Group operates 5 SHPs of 22MW.
Turnover, CapEx,
OpEx
4.9
Transmission and distribution of
electricity
CCM / CCA
E for CCM
The Group is also a major stakeholder in the electricity
distribution sector through Retele Electrice and HEDNO S.A.
being distribution network operators in Romania and Greece,
respectively.
In Romania, the Group distributed ~15TWh of electricity to
consumers through 134,824 km grid power lines and cables,
and 26,162 primary and secondary substations (including
transformer stations).
In Greece HEDNO S.A., the Group’s subsidiary appointed as
Operator of the Greek Electricity Distribution Network,
distributed in 2024 a total of 45ΤWh to consumers, through
251.735,5km grid power lines and cables and 168,842
transformers.
Turnover, CapEx,
OpEx
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Eligible economic activity
Objective
Enabling /
Transitional
Description of PPC Group’s activity
KPIs
4.10
Storage of electricity
CCM / CCA
E for CCM
In the energy storage sector, the Group is presently engaged in
the development of 11 Battery Electricity Storage Stations
(BESS) of 1GW in total in Greece, while operating a 6MW BESS
in Romania.
Turnover, CapEx,
OpEx
4.29
Electricity generation from fossil
gaseous fuels
CCM / CCA
T for CCM
The Group is also a key electricity producer in Natural Gas (NG)
sector in Greece, with 4 NG power plants of 2.7GW capacity
currently in operation and 1 new NG power plant of 840MW in
Alexandroupolis under construction, reacing 3.5GW in total in
the country.
Turnover, CapEx,
OpEx
5.1
Repair, refurbishment and
remanufacturing
CE
-
The Group recently entered the retail market of electrical
appliances and equipment through the acquisition of
Kotsovolos, one of the most important companies in the Greek
retail market. Through this acquisition, the Group also
contributes to circular economy by providing
repair/refurbishment services of electrical
equipment/appliances (excl. consumables) at their end of life
and generating revenues from sales of repaired/refurbished
products to wholesale customers.
Turnover
5.2
Sale of spare parts
CE
-
The Group also generates revenues from Kotsovolos’ sales of
electrical appliances/equipment spare parts to retail
customers (excl. consumables)
Turnover, OpEx
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100
Eligible economic activity
Objective
Enabling /
Transitional
Description of PPC Group’s activity
KPIs
6.10
Sea and coastal freight water
transport, vessels for port
operations and auxiliary activities
CCM / CCA
T for CCM
The Group charters tanker vessels (under IFRS 16 leases) for
the transport of diesel fuel and heavy fuel oil used in the
power generation units owned by PPC S.A. on non-
interconnected islands of Greece. In 2024 tanker vessels were
chartered for this purpose, ensuring energy supply and safety
of non-interconnected islands in Greece.
CapEx
6.15
Infrastructure enabling low-carbon
road transport and public transport
CCM
E
Through the services provided by PPC blue Romania and DEI
Blue, the Group offers integrated e-mobility solutions to
individuals, businesses, and public entities throughout Greece
and Romania, contributing to the electrification of road and
public transport. The Group develops, operates and maintains
an extensive network currently reaching 2,537 charging
stations across 674 locations in Greece and 550 charging
stations in 199 locations in Romania.
Turnover, CapEx,
OpEx
7.3
Installation, maintenance and repair
of energy efficiency equipment
CCM / CCA
E for CCM
The Group is also active in the energy efficiency market
through PPC Energie, generating revenues from installation of
heating and air conditioning systems for households and
corporate customers, as well as providing energy efficient
lighting solutions to public institutions and organizations in
Romania.
Turnover
7.4
Installation, maintenance and repair
of charging stations for electric
vehicles in buildings (and parking
spaces attached to buildings)
CCM / CCA
E for CCM
The Group provides charging station equipment installation
services through PPC blue Romania to customers in Romania.
Turnover
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101
Eligible economic activity
Objective
Enabling /
Transitional
Description of PPC Group’s activity
KPIs
7.5
Installation, maintenance and repair
of instruments and devices for
measuring, regulation and
controlling energy performance of
buildings
CCM / CCA
E for CCM
The Group through HEDNO S.A. provides smart meter
installation and repair/replacement services to customers,
facilitating enhanced energy management and efficiency. In
2024, approximately 240,000 smart meters were installed in
the Greek LV grid. Services provided include installation,
maintenance and replacement with new smart meter in case
of malfunction.
CapEx, OpEx
7.6
Installation, maintenance and repair
of renewable energy technologies
CCM / CCA
E for CCM
The Group provides renewable energy solutions to customers
in both Romania and Greece.
PPC Energie & PPC Advanced Energy Services Romania provide
roof/building PV systems to residential & corporate customers
in Romania, while in Greece Kotsovolos provides installation
and maintenance services for roof/building PV panels, water
heaters using solar energy and heat pumps.
Turnover,
OpEx
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102
2.1.5 Alignment assessment
The EU Taxonomy (EUT) Regulation sets out three conditions that an economic activity must meet to qualify as
environmentally sustainable and aligned:
• substantial contribution to one or more of the six environmental objectives set out in Article 9 of the
Regulation – compliance with substantial contribution (SC) Technical Screening Criteria (TSC) defined in
the EUT Delegated Acts for each objective;
• Do No Significant Harm (DNSH) to any of the remaining environmental objectives set out in Article 9 of
the Regulation, in accordance with Article 17 of the Regulation – compliance with DNSH TSC defined in
the EUT Delegated Acts for each objective; and
• be carried out in accordance with the minimum safeguards (MS) outlined in Article 18 of the Regulation.
Figure E1, 4: Eligibility and alignment assessment process according to the EUT Regulation
For each of the 14 eligible activities identified for FY2024, PPC Group conducted a thorough assessment to evaluate
whether the activity and its associated assets can be ultimately deemed as aligned with the TSC for Substantial
Contribution (SC) to the respective environmental objectives and Do No Significant Harm (DNSH) across the
remaining environmental objectives of the EUT Regulation.
Substantial Contribution (SC)
To determine if an economic activity is Taxonomy-aligned, it must first comply with the Substantial Contribution
(SC) Technical Screening Criteria (TSC) defined in the EUT Delegated Acts for one or more environmental objectives.
PPC Group’s eligible activities related to electricity generation (4.1, 4.3, 4.5) and distribution (4.9), low carbon road
transport (6.15, 7.4) and energy efficiency technologies (7.3, 7.4, 7.5, 7.6) demonstrate substantial contribution to
CCM, while eligible activities related to the circular economy (5.1 and 5.2) demonstrate substantial contribution to
the respective CE objective.
Activities 4.10, 4.29 are considered non-aligned with applicable SC TSC for CCM due to lack of sufficient
documentation in FY2024. Activity 6.10 is dedicated to the transport of fossil fuels used in power generation units
owned by PPC S.A on non-interconnected islands and hence is considered non-aligned with applicable SC TSC. It
should be noted that the SC TSC for CCA require the implementation of physical and non-physical adaptation
solutions that substantially reduce material physical climate risks across identified eligible activities. Based on
available documentation for FY2024, the Group’s eligible activities are not aligned with applicable SC TSC for CCA.
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103
Do No Significant Harm (DNSH)
For all economic activities where PPC Group can demonstrate Substantial Contribution to CCM or CE, the Group
further evaluated its compliance with the respective DNSH TSC for the remaining environmental objectives. The
Group evaluated compliance with these criteria at the economic activity and associated asset level (where required
based on the nature of the activity and applicable TSC requirements).
The DNSH TSC for CCA require a climate risk and vulnerability assessment (CRA) for all identified eligible activities
and associated assets covering their life cycle. The CRA should be accompanied by a relevant adaptation plan with
specific measures/actions to mitigate identified material physical climate risks and enhance opportunities
associated with climate change. CRAs and relevant adaptation plans have been conducted for a considerable
portion of PPC Group’s eligible activities in the reporting year.
A detailed analysis of the criteria and methods applied for assessing PPC Group’s Taxonomy-alignment with the SC
& DNSH TSC is provided in the below table.
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104
Table E1, 4: Detailed alignment assessment with TSC
Economic activity
TSC assessment
Compliance with TSC
Electricity generation using solar photovoltaic
technology – CCM 4.1
PPC Group’s PV assets are deemed aligned with the applicable SC TSC for CCM, as all PV assets
generate electricity using solar PV technology.
19 PV assets of 1.2GW total installed capacity in Greece and Romania have a Climate Risk &
Vulnerability Assessment (CRA) and a relevant Adaptation plan in place and thus are considered
aligned with applicable DNSH TSC. The remaining 46 PV assets of the Group’s PV portfolio in Greece,
Romania and Bulgaria amounting to 848MW are deemed non-aligned, as a CRA and adaptation plans
are currently under development.
19 PV assets of 1.3GW
capacity - Compliant
46 PV assets of 848MW –
Non-compliant
Electricity generation from wind power – CCM 4.3
The Group’s WP assets are deemed aligned with the SC TSC for CCM, as all WP assets generate
electricity from wind power.
8 WPs of 499 MW total capacity in Romania have a CRA and a relevant Adaptation plan in place and
thus are considered aligned with the applicable DNSH TSC. The remaining 55 WPs in Greece, Romania
and Bulgaria amounting to 1.6GW capacity are deemed non-aligned, as a CRA and Adaptation plans
arecurrently under development.
8 WPs of 499MW capacity -
Compliant
55 WP assets of 1.6GW -
Non-compliant
Electricity generation from hydropower – CCM 4.5
All the Group’s HPs have a power density above 5 W/m
2
; while SHPs are all run-of-river facilities
without artificial reservoirs. Therefore, the Group’s hydropower portfolio is considered aligned with
applicable SC TSC for CCM.
The Group’s hydropower portfolio of 3.4GW in Greece and Romania is considered non-aligned with
applicable DNSH TSC as a CRA and relevant Adaptation plan is currently under development for each
of these assets.
Non-compliant
Transmission and distribution of electricity – CCM
4.9
The Group’s interconnected distribution grids and associated assets in Greece and Romania are
considered aligned with applicable SC TSC for CCM given that are interconnected to the European
transmission system. The Group’s non-interconnected distribution grids in Greece (~4TWh of total
Interconnected distribution
grids in Greece and Romania
- Compliant
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105
Economic activity
TSC assessment
Compliance with TSC
electricity distributed in FY2024) are considered non-aligned with applicable SC TSC for CCM, as these
are currently notinterconnected to the European grid system.
The Group’s interconnected distribution grids have a CRA and relevant Adaptation plan in place and
hence are considered aligned with the applicable DNSH TSC. The Group’s non-interconnected
distribution grids in Greece are considered non-aligned with DNSH TSC criteria, as these are non-
interconnected to the European grid system.
It should be noted that HEDNO S.A. conducted a high level CRA for the 5
o
C IPCC climate scenario and
a relevant adaptation plan was rolled out for 2024-2028, including sets of physical and non-physical
measures for the prevention and mitigation of material climate risks identified for HEDNO S.A.
distribution grids across Greece.
Moreover, a project is currently underway in collaboration with the National Observatory (NOA),
aimed to provide a five-scale climate vulnerability and risk assessment for HEDNO S.A.’s distribution
grid with a spatial resolution <12km. The analysis will utilize most recent and updated climate
simulation data from accredited climate models. The analysis will be developed for present and future
climate scenarios of climate models RC4.5 and RC8.6. For the assessment of present climate scenario
historical meteorological data of 23 years will be utilized and for future scenario climate models for
2026-2045.
Upon completion of the aforementioned project, each of HEDNO’s S.A. operational regions will
proceed with the prioritization of the adaptation measures based on the climate risk mapping within
its geographical boundaries and will implement targeted solutions for the material climate risks
identified for each type of operational assets within the region.
Non-interconnected
distribution grids in Greece -
Non-compliant
Storage of electricity – CCM 4.10
The Group’s BESS portfolio is considered non-aligned with applicable SC TSC for CCM, due to lack of
sufficient documentation in FY2024.
Non-Compliant
Electricity generation from fossil gaseous fuels –
CCM 4.29
Based on available documentation, the Group’s NG power plants are considered non-aligned with
applicable SC TSC for CCM as these assets currently do not have a carbon footprint assessment in
place covering their life cycle.
Non-compliant
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106
Economic activity
TSC assessment
Compliance with TSC
Repair, refurbishment and remanufacturing – CE 5.1
Based on available documentation the activity is considered aligned with the applicable SC TSC for CE,
however, the activity is considered non-aligned with applicable DNSH TSC as currently there is no CRA
and relevant Adaptation plan in place.
Non-compliant
Sale of spare parts – CE 5.2
Based on available documentation the activity is considered aligned with the applicable SC TSC for CE,
however the activity is considered non-aligned with applicable DNSH TSC as currently there is no CRA
and relevant Adaptation plan in place.
Non-compliant
Sea and coastal freight water transport, vessels for
port operations and auxiliary activities – CCM 6.10
PPC Group’s chartered tanker vessels are dedicated to fossil fuel transport used in the power
generation units owned by PPC S.A on non-interconnected islands and thus the activity is deemed
non-aligned with applicable SC TSC for CCM.
Non-compliant
Infrastructure enabling low-carbon road transport
and public transport – CCM 6.15
The activity is considered aligned with applicable SC TSC for CCM, as the infrastructure is dedicated to
the operation of vehicles with zero tailpipe CO
2
emissions (electric charging stations) and it is not
dedicated to the transport or storage of fossil fuels.
The activity conducted through PPC blue Romania is also considered aligned with applicable DNSH
TSC as currently there is a CRA and relevant Adaptation plan in place for the activity and its associated
assets. The activity conducted through PPC S.A. is considered non-aligned with applicable DNSH TSC
as the CRA and relevant Adaptation plan is under development for the activity and its associated
assets.
PPC blue Romania -
Compliant
PPC S.A. - Non-compliant
Installation, maintenance and repair of energy
efficiency equipment – CCM 7.3
The activity is considered aligned with applicable SC TSC for CCM as the equipment sold and installed
complies with minimum requirements regarding energy efficiency. The activity is also considered
aligned with applicable DNSH TSC as currently there is a CRA and relevant Adaptation plan in place for
the activity.
Compliant
Installation, maintenance and repair of charging
stations for electric vehicles in buildings (and
parking spaces attached to buildings) – CCM 7.4
The activity is considered aligned with applicable SC TSC for CCM as it involves installation of charging
stations for electric vehicles in buildings and parking spaces attached to buildings. Moreover, the
activity is considered aligned with applicable DNSH TSC as currently there is a CRA and relevant
Adaptation plan in place for the activity and its associated assets.
Compliant
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107
Economic activity
TSC assessment
Compliance with TSC
Installation, maintenance and repair of instruments
and devices for measuring, regulation and
controlling energy performance of buildings – CCM
7.5
The activity involves the installation and repair/replacement of smart meters for electricity, thus it
considered aligned with applicable SC TSC for CCM. The activity is also considered aligned with
applicable DNSH TSC as currently there is a CRA and relevant Adaptation plan in place for the activity.
Compliant
Installation, maintenance and repair of renewable
energy technologies – CCM 7.6
The activity involves the installation of PV panels, solar hot water panels on building roofs and heat
pumps in buildings along with their ancillary equipment, thus it is considered aligned with applicable
SC TSC for CCM.
The activity conducted through PPC Energie is considered aligned with applicable DNSH TSC as
currently there is a CRA and relevant Adaptation plan in place for the activity. The activity carried out
by Kotsovolos is considered non-aligned with applicable DNSH TSC as currently there is no CRA and
relevant Adaptation plan in place for the activity.
PPC Energie, PPC Advanced
Energy Services - Compliant
Kotsovolos - Non-compliant
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108
2.1.6 PPC Group Taxonomy-aligned economic activities
Overview
Based on the TSC assessment results, an overview of the Group’s Taxonomy-aligned economic activities in FY2024
are presented in the table below.
Table Ε1, 5: Taxonomy-aligned economic activities for FY2024
Taxonomy-aligned economic activity
Objective
PPC Group entities
4.1 Electricity generation using solar photovoltaic
technology
CCM
PPC Renewables S.M.S.A.
PPC Renewables Romania
4.3 Electricity generation from wind power
CCM
PPC Renewables Romania
4.9 Transmission and distribution of electricity
CCM
HEDNO S.A.
Retele Electrice
6.15 Infrastructure enabling low-carbon road transport
and public transport
CCM
PPC blue Romania
7.3 Installation, maintenance and repair of energy
efficiency equipment
CCM
PPC Energie
7.4 Installation, maintenance and repair of charging
stations for electric vehicles in buildings (and parking
spaces attached to buildings)
CCM
PPC blue Romania
7.5 Installation, maintenance and repair of instruments
and devices for measuring, regulation and controlling
energy performance of buildings
CCM
HEDNO S.A.
7.6 Installation, maintenance and repair of renewable
energy technologies
CCM
PPC Energie
PPC Advanced Energy Services
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109
2.1.7 Minimum Safeguards
Overview
The final step of the alignment assessment is to ensure compliance with the established Minimum Safeguards
outlined in the EU Taxonomy Regulation. These safeguards include the protection of human rights, anti-bribery and
anti-corruption measures, fair competition and proper taxation practices, as specified in the OECD Guidelines for
Multinational Enterprises, the UN Guiding Principles on Business and Human Rights, the International Labour
Organization's Declaration on Fundamental Principles and Rights at Work, and the International Bill of Human
Rights.
Compliance with the Minimum Safeguards has been assessed for PPCR, HEDNO S.A. and PPC Romania, as their
activities are also compliant with the Technical Screening Criteria. This assessment was conducted in accordance
with the final report on minimum social safeguards developed by the Platform on Sustainable Finance.
Human rights (including labor and consumer rights)
Commitment to maintaining the highest standards of human rights and ethical business practices is demonstrated
through the implementation of corporate policies and procedures. These include the Human Rights Policy and the
Code of Conduct, which provide clear guidelines and expectations for all employees and stakeholders. The
dedication to respecting and promoting fundamental human rights is further underscored by adherence to the
International Bill of Human Rights and the UN Guiding Principles on Business and Human Rights.
Building on these principles, the Group’s companies conduct an analysis to identify, prevent and, where necessary,
mitigate and remediate potential human rights issues.
Additionally, the Group's companies provide multiple communication channels for reporting concerns and
complaints, aiming to address (adverse) situations that may arise, significantly contributing to the identification,
prevention, and resolution of human rights issues.
Anti-corruption
A zero-tolerance stance towards corruption and bribery is enforced by the Group’s companies, through established
Anti-corruption policies and procedures. These measures serve the assurance and safeguarding of ethical conduct
and promote transparency across all operations in their value chain.
Taxation
The Group’s companies demonstrate full compliance with all applicable tax obligations, applying a thorough,
transparent, and responsible approach to tax management.
Fair competition
Adherence to the principles of fair competition and compliance with legal standards is ensured in all interactions
with suppliers, customers, and competitors of the Group’s companies. Employee awareness on fair competition
laws is actively promoted, to ensure that all business practices are conducted in strict compliance with these
regulations.
Considering the above, the Group’s subsidiaries conducting TSC-aligned activities also meet the minimum
safeguards defined in Article 18 of the EUT Regulation.
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110
2.1.8 Turnover, CapEx and OpEx
KPIs and Accounting Policies
For presenting the Taxonomy KPIs, Turnover, CapEx and OpEx, PPC Group uses the templates provided in Annex II
of the Disclosures Delegated Act (EU) 2021/2178. To avoid double counting in the allocation in the numerator of
Turnover, CapEx, OpEx KPIs across economic activities, the figures have eliminated intergroup transactions and for
activities contributing to more than one environmental objective, all relevant KPIs have been allocated to one
objective only.
Considering PPC Group conducts activities related to natural gas (4.29), additional templates for fossil gaseous fuels
related activities introduced by the Supplementary Delegated Act (EU) 2022/2014 of the EUT Regulation are also
disclosed. The following table presents the required information on the Group's fossil fuel-related activities for
FY2024, in accordance with Annex XII, Article 8, paragraphs 6 and 7 of the Supplementary Delegated Act 2022/2014
of the EUT Regulation.
Table E1, 6: Declaration of activities related to nuclear energy and fossil gaseous fuels
Nuclear energy-related activities
1
The undertaking carries out, funds or has exposures to research, development, demonstration
and deployment of innovative electricity generation facilities that produce energy from nuclear
processes with minimal waste from the fuel cycle.
NO
2
The undertaking carries out, funds or has exposures to construction and safe operation of new
nuclear installations to produce electricity or process heat, including for the purposes of district
heating or industrial processes such as hydrogen production, as well as their safety upgrades,
using best available technologies.
NO
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear
installations that produce electricity or process heat, including for the purposes of district
heating or industrial processes such as hydrogen production from nuclear energy, as well as
their safety upgrades.
NO
Fossil gas-related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity
generation facilities that produce electricity using fossil gaseous fuels.
YES
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and
operation of combined heat/cool and power generation facilities using fossil gaseous fuels.
NO
6
The undertaking carries out, funds or has exposures to construction, refurbishment and
operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.
NO
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111
Turnover
Accounting Policy
The proportion of Turnover referred to in Article 8(2), point (a), of the EUT Regulation 2020/852 is calculated as the
part of the net turnover derived from products and services, including intangibles, associated with Taxonomy-
aligned economic activities (numerator), divided by the net turnover (denominator) as defined in Article 2, point
(5), of Directive 2013/34/EU, for the financial year from 01.01.2024 to 31.12.2024.
The turnover covers the revenue presented pursuant to International Accounting Standard (IAS) 1, paragraph 82(a),
as adopted by Commission Regulation (EC) No 1126/200839.
Further details regarding the accounting policies of PPC Group concerning the consolidated net revenue are
provided in the notes of the consolidated Financial Statements for 2024.
To avoid double counting in the allocation in the numerator of turnover across economic activities, the figures used
have eliminated intergroup transactions.
The accounting principles applied for the preparation of the unbundled financial statements are those applied for
the preparation of the company’s separate and consolidated financial statements. The unbundling methodology
applied by the Company for the preparation of the accompanied unbundled financial statements was approved by
the 266/2014 and 162/2019 Decisions of the Regulatory Authority for Waste, Energy and Water (RAAEY).
Additionally, in the Non – Interconnected Islands market the transactions of energy between PPC S.A.’s Generation
and Supply and HEDNO S.A., are carried out according to RAAEY’s Decision 641/2013. For this reason, two Turnover
KPI tables are disclosed, one for the net Turnover and one for the unbundled economic activities related to
electricity generation.
Results
Tables E1, 10 and E1, 11 present the Turnover KPIs for PPC Group and its Energy Production sector respectively.
Significant changes in the Turnover KPI occurred in FY2024 compared to the previous reporting year FY2023, due
to the alignment of a considerable portion of the Group’s electricity generation and distribution activities for CCM
and the addition of new activities related to the Circular economy (CE) through the acquisition of Kotsovolos.
The below table provides a break-down of the Turnover KPI numerator for FY2024.
Table E1, 7: Turnover KPI (numerator) breakdown for FY2024
Eligible (not aligned)Turnover
(in thousand €)
Aligned Turnover
(in thousand €)
Contracts with customers
116,953
751,020.49
Leases
0.00
5.00
All other
18,435.00
114,816.00
Total
135,388.33
865,841.49
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112
CapEx
Accounting Policy
The proportion of CapEx referred to in Article 8(2), point (b), of Regulation (EU) 2020/852 is calculated as the
numerator divided by the denominator as specified in points 1.1.2.1 and 1.1.2.2 of Annex I of the delegated
Regulation (EU) 2021/2178.
For non-financial undertakings applying international financial reporting standards (IFRS) as adopted by Regulation
(EC) No 1126/2008, CapEx shall cover costs that are accounted based on:
• IAS 16 Property, Plant and Equipment, paragraphs 73, (e), point (i) and point (iii);
• IAS 38 Intangible Assets, paragraph 118, (e), point (i);
• IFRS 16 Leases, paragraph 53, point (h).
PPC Group has determined the eligibility and alignment of CapEx with the definition provided in Article 8 of the
EUT Regulation. CapEx includes additions to tangible and intangible assets during the financial year considered
before depreciation, amortisation and any remeasurements, including those resulting from revaluations and
impairments, for the relevant financial year and excluding fair value changes. It also includes additions to tangible
and intangible assets resulting from business combinations but excludes additions to goodwill. The additions follow
the accounting principles disclosed in the consolidated financial statement.
Leases that do not lead to the recognition of a right-of-use over the asset are not counted as CapEx.
Results
The Group’s total CapEx is presented in Table E1, 12 and corresponds to additions to intangible and tangible fixed
assets as well as to rights of use over the reporting period. Goodwill is not included in the CapEx, as it is not defined
as an intangible asset in accordance with IAS 38. The amounts can be reconciled to disclosure notes in the
consolidated financial statement.
Significant changes in the CapEx KPI occurred in FY2024 compared to the previous reporting year FY2023 due to
the alignment of a considerable portion of the Group’s electricity generation and distribution activities for CCM.
The below table provides a breakdown of the CapEx KPI numerator for FY2024.
Table E1, 8: CapEx KPI (numerator) breakdown for FY2024
Eligible (not aligned) Turnover
(in thousand €)
Aligned Turnover
(in thousand €)
Right of Use
54,246.00
9,874.00
Intangible
65,744.86
20,004.64
Property Plant & Equipment
1,159,284.68
1,129,208.92
Total
1,279,275.54
1,159,087.56
OpEx
Accounting Policy
The proportion of OpEx referred to in Article 8(2), point (b), of Regulation (EU) 2020/852 is calculated as the
numerator divided by the denominator as specified in points 1.1.3.1 and 1.1.3.2 of the Annex I of the delegated
Regulation 2021/2178 EU, as in force.
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113
The OpEx KPI is defined as Taxonomy-aligned OpEx (numerator) divided by PPC Group’s total OpEx (denominator).
Total EU Taxonomy OpEx includes direct non-capitalized costs related to research and development, building
renovation measures, short-term leases, maintenance and repair, and other direct expenditures associated with
the day-to-day servicing of property, plant, and equipment.
Additionally, the legislation recognizes OpEx spending directly attributed to CapEx required for the transition to
more sustainable operations as eligible under the EU Taxonomy. This definition is more specific than the general
accounting definition of OpEx.
Results
The Group’s total CapEx is presented in Table E1, 13. Significant changes in the Turnover KPI occurred in FY2024
compared to the previous reporting year FY2023 due to the alignment of a considerable portion of the Group’s
electricity generation and distribution activities for CCM and the addition of new activities related to the circular
economy (CE) through the acquisition of Kotsovolos.
The below table shows the breakdown of the OpEx numerator and denominator into its components based on the
definition of OpEx in the Disclosures Delegated Act (ΕU) 2021/2178.
Table E1, 9: Quantitative breakdown of OpEx numerator
Expense type
Eligible (not aligned) OpEx
(in thousand €)
Aligned OpEx
(in thousand €)
R&D costs
0.00
657.27
Building renovation
0.00
321.51
Short-term leases
229.00
8,576.00
Maintenance and repair
45,654.28
227,784.68
Day-to-day servicing
20,987.54
120.00
Total
66,870.82
237,459.47
Graphics
114
Table E1, 10: Proportion of turnover from products or services associated with Taxonomy-aligned economic activities - disclosure covering financial year 2024
Financial year 2024
Substantial contribution criteria
DNSH criteria (‘Do Not Significantly Harm’)
Minimum Safeguards
Proportion of
Taxonomy
aligned (A.1.) or
-eligible (A.2.)
turnover,
FY2023
Category
enabling
activity
Category
transitional
activity
Economic Activities
Code
Turnover
Proportion of
Turnover, FY2024
CCM
CCA
WTR
PPC
CE
BIO
CCM
CCA
WTR
PPC
CE
BIO
Text
thousand €
%
Y; N; N/EL
Y; N; N/EL
Y; N;
N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Electricity generation using
solar photovoltaic
technology
CCM 4.1 / CCA
4.1
39,218.38
0.44%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
0%
Electricity generation from
wind power
CCM 4.3 / CCA
4.3
19,427.03
0.22%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
0%
Transmission and
distribution of electricity
CCM 4.9 / CCA
4.9
771,169.85
8.59%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
0%
E
Infrastructure enabling low-
carbon road transport and
public transport
CCM 6.15
668.60
0.01%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
0%
E
Installation, maintenance
and repair of energy
efficiency equipment
CCM 7.3 / CCA
7.3
31,605.52
0.35%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
0%
E
Installation, maintenance
and repair of charging
stations for electric vehicles
in buildings (and parking
spaces attached to
buildings)
CCM 7.4 / CCA
7.4
8.52
0,00%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
0%
E
Installation, maintenance
and repair of instruments
and devices for measuring,
regulation and controlling
energy performance of
buildings
CCM 7.5 / CCA
7.5
0.00
0.00%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
0%
E
Installation, maintenance
and repair of renewable
energy technologies
CCM 7.6 / CCA
7.6
3,743.21
0.04%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
0%
E
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1)
865,841.11
9.64%
9.64%
0%
0%
0%
0%
0%
0%
of which Enabling
807,195.70
93.23%
93.23%
0%
0%
0%
0%
0%
0%
E
of which Transitional
0
0%
0%
0%
T
A.2 Taxonomy-eligible but not environmentally sustainable (not Taxonomy-aligned activities)
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
Graphics
115
Financial year 2024
Substantial contribution criteria
DNSH criteria (‘Do Not Significantly Harm’)
Minimum Safeguards
Proportion of
Taxonomy
aligned (A.1.) or
-eligible (A.2.)
turnover,
FY2023
Category
enabling
activity
Category
transitional
activity
Economic Activities
Code
Turnover
Proportion of
Turnover, FY2024
CCM
CCA
WTR
PPC
CE
BIO
CCM
CCA
WTR
PPC
CE
BIO
Text
thousand €
%
Y; N; N/EL
Y; N; N/EL
Y; N;
N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
Electricity generation using
solar photovoltaic
technology
CCM 4.1 / CCA
4.1
7,131.36
0.08%
EL
EL
N/EL
N/EL
N/EL
N/EL
0.02%
Electricity generation from
wind power
CCM 4.3 / CCA
4.3
73,473.65
0.82%
EL
EL
N/EL
N/EL
N/EL
N/EL
0.20%
Electricity generation from
hydropower
CCM 4.5 / CCA
4.5
12,513.35
0.14%
EL
EL
N/EL
N/EL
N/EL
N/EL
0.11%
Transmission and
distribution of electricity
CCM 4.9 / CCA
4.9
37,711.00
0.42%
EL
EL
N/EL
N/EL
N/EL
N/EL
3.52%
Storage of electricity
CCM 4.10 / CCA
4.10
0.00
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Electricity generation from
fossil gaseous fuels
CCM 4.29 / CCA
4.29
0.00
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Repair, refurbishment and
remanufacturing
CE 5.1
92.42
0.00%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0%
Sale of spare parts
CE 5.2
683.96
0.01%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0%
Sea and coastal freight
water transport, vessels for
port operations and
auxiliary activities
CCM 6.10 / CCA
6.10
0.00
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Infrastructure enabling low-
carbon road transport and
public transport
CCM 6.15
2,899.48
0.03%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Installation, maintenance
and repair of energy
efficiency equipment
CCM 7.3 / CCA
7.3
0.00
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Installation, maintenance
and repair of charging
stations for electric vehicles
in buildings (and parking
spaces attached to
buildings)
CCM 7.4 / CCA
7.4
0.00
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Installation, maintenance
and repair of instruments
and devices for measuring,
regulation and controlling
energy performance of
buildings
CCM 7.5 / CCA
7.5
0.00
0,00%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Graphics
116
Financial year 2024
Substantial contribution criteria
DNSH criteria (‘Do Not Significantly Harm’)
Minimum Safeguards
Proportion of
Taxonomy
aligned (A.1.) or
-eligible (A.2.)
turnover,
FY2023
Category
enabling
activity
Category
transitional
activity
Economic Activities
Code
Turnover
Proportion of
Turnover, FY2024
CCM
CCA
WTR
PPC
CE
BIO
CCM
CCA
WTR
PPC
CE
BIO
Text
thousand €
%
Y; N; N/EL
Y; N; N/EL
Y; N;
N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
Installation, maintenance
and repair of renewable
energy technologies
CCM 7.6 / CCA
7.6
883.12
0.01%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Turnover of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
135,388.33
1.51%
1.51%
0%
0%
0%
0%
0%
3.85%
A. Turnover of Taxonomy-eligible activities
(A.1+A.2)
1,001,229.43
11.15%
11.15%
0%
0%
0%
0%
0%
3.85%
Turnover of Taxonomy-non-eligible activities
7,977,377.57
88.85%
Total
8,978,607.00
100.00%
Proportion of Turnover / Total Turnover (%)
Taxonomy-aligned
per objective
Taxonomy-eligible per
objective
CCM
9.6%
1.5%
CCA
0.0%
0.0%
WTR
0.0%
0.0%
CE
0.0%
0.0%
PPC
0.0%
0.0%
BIO
0.0%
0.0%
Graphics
117
Table E1, 11: Proportion of turnover ONLY from the Group's Electricity Production Sector associated with Taxonomy-aligned economic activities – disclosure covering year 2024
Financial year 2024
Substantial contribution criteria
DNSH criteria (‘Do Not Significantly Harm’)
Minimum Safeguards
Proportion of
Taxonomy aligned
(A.1.) or eligible (A.2.)
CapEx, FY2023
Category
enabling
activity
Category
transitional
activity
Economic
Activities
Code
Turnover
Proportion
of
Turnover,
FY2024
CCM
CCA
WTR
PPC
CE
BIO
CCM
CCA
WTR
PPC
CE
BIO
Text
thousand €
%
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Electricity
generation
using solar
photovoltaic
technology
CCM 4.1 /
CCA 4.1
39,218.38
0.98%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
0%
Electricity
generation from
wind power
CCM 4.3 /
CCA 4.3
19,427.03
0.48%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
0%
Turnover of environmentally
sustainable activities
(Taxonomy-aligned) (A.1)
58,645.41
1.46%
1,46%
0%
0%
0%
0%
0%
0%
of which Enabling
0
0%
0%
0%
0%
0%
0%
0%
0%
E
of which Transitional
0
0%
0%
0%
T
A.2 Taxonomy-eligible but not environmentally sustainable (not Taxonomy-aligned activities)
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
Electricity
generation
using solar
photovoltaic
technology
CCM 4.1 /
CCA 4.1
7,131.36
0.18%
EL
EL
N/EL
N/EL
N/EL
N/EL
0.04%
Electricity
generation from
wind power
CCM 4.3 /
CCA 4.3
73,473.65
1.83%
EL
EL
N/EL
N/EL
N/EL
N/EL
0.60%
Electricity
generation from
hydropower
CCM 4.5 /
CCA 4.5
710,918.00
17.74%
EL
EL
N/EL
N/EL
N/EL
N/EL
11.70%
Electricity
generation from
fossil gaseous
fuels
CCM 4.29 /
CCA 4.29
1,251,040.95
31.21%
EL
EL
N/EL
N/EL
N/EL
N/EL
45,78%
Turnover of Taxonomy-
eligible but not
environmentally sustainable
activities (not Taxonomy-
aligned activities) (A.2)
2,042,563.96
50.96%
50.96%
0%
0%
0%
0%
0%
58,12%
A. Turnover of Taxonomy-
eligible activities (A.1+A.2)
2,101,209.36
52.42%
52.42%
0%
0%
0%
0%
0%
58,12%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Graphics
118
Turnover of Taxonomy-non-
eligible activities
1,906,971.99
47.58%
Total
4,008,181.35
100.00%
Proportion of Turnover / Total Turnover (%)
Taxonomy-aligned
per objective
Taxonomy-eligible per
objective
CCM
1.5%
51.0%
CCA
0,0%
0,0%
WTR
0,0%
0,0%
CE
0,0%
0,0%
PPC
0,0%
0,0%
BIO
0,0%
0,0%
Graphics
119
Table E1, 2: Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities - disclosure covering financial year 2024
Financial year 2024
Substantial contribution criteria
DNSH criteria (‘Do Not Significantly Harm’)
Minimum Safeguards
Proportion of
Taxonomy
aligned (A.1.) or
-eligible (A.2.)
CapEx, FY2023
Category
enabling
activity
Category
transitional
activity
Economic Activities
Code
CapEx
Proportion of
CapEx, FY2024
CCM
CCA
WTR
PPC
CE
BIO
CCM
CCA
WTR
PPC
CE
BIO
Text
thousand €
%
Y; N; N/EL
Y; N; N/EL
Y; N;
N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Electricity generation using
solar photovoltaic technology
CCM 4.1 / CCA
4.1
213,250.71
6.77%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
0%
Electricity generation from
wind power
CCM 4.3 / CCA
4.3
3,080.04
0.10%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
0%
Transmission and distribution
of electricity
CCM 4.9 / CCA
4.9
897,237.05
28.47%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
0%
E
Infrastructure enabling low-
carbon road transport and
public transport
CCM 6.15
1,113.27
0.04%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
0%
E
Installation, maintenance and
repair of energy efficiency
equipment
CCM 7.3 / CCA
7.3
0.00
0.00%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
0%
E
Installation, maintenance and
repair of charging stations for
electric vehicles in buildings
(and parking spaces attached
to buildings)
CCM 7.4 / CCA
7.4
0.00
0.00%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
0%
E
Installation, maintenance and
repair of instruments and
devices for measuring,
regulation and controlling
energy performance of
buildings
CCM 7.5 / CCA
7.5
44,406.75
1.41%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
0%
E
Installation, maintenance and
repair of renewable energy
technologies
CCM 7.6 / CCA
7.6
0.00
0.00%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
0%
E
CapEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
1,159,087.82
36.78%
36.78%
0%
0%
0%
0%
0%
0%
of which Enabling
942,757.07
81.34%
81.34%
0%
0%
0%
0%
0%
0%
E
of which Transitional
0
0%
0%
0%
T
A.2 Taxonomy-eligible but not environmentally sustainable (not Taxonomy-aligned activities)
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
Electricity generation using
solar photovoltaic technology
CCM 4.1 / CCA
4.1
31,325.21
0.99%
EL
EL
N/EL
N/EL
N/EL
N/EL
17.02%
Graphics
120
Financial year 2024
Substantial contribution criteria
DNSH criteria (‘Do Not Significantly Harm’)
Minimum Safeguards
Proportion of
Taxonomy
aligned (A.1.) or
-eligible (A.2.)
CapEx, FY2023
Category
enabling
activity
Category
transitional
activity
Economic Activities
Code
CapEx
Proportion of
CapEx, FY2024
CCM
CCA
WTR
PPC
CE
BIO
CCM
CCA
WTR
PPC
CE
BIO
Text
thousand €
%
Y; N; N/EL
Y; N; N/EL
Y; N;
N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
Electricity generation from
wind power
CCM 4.3 / CCA
4.3
963,072.22
30.56%
EL
EL
N/EL
N/EL
N/EL
N/EL
11,35%
Electricity generation from
hydropower
CCM 4.5 / CCA
4.5
36,738.15
1.17%
EL
EL
N/EL
N/EL
N/EL
N/EL
1,57%
Transmission and distribution
of electricity
CCM 4.9 / CCA
4.9
99,216.00
3.15%
EL
EL
N/EL
N/EL
N/EL
N/EL
39,13%
Storage of electricity
CCM 4.10 / CCA
4.10
183.27
0.01%
EL
EL
N/EL
N/EL
N/EL
N/EL
0,03%
Electricity generation from
fossil gaseous fuels
CCM 4.29 / CCA
4.29
112,800.98
3.58%
EL
EL
N/EL
N/EL
N/EL
N/EL
2,38%
Repair, refurbishment and
remanufacturing
CE 5.1
0.00
0.00%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0%
Sale of spare parts
CE 5.2
0.00
0.00%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0%
Sea and coastal freight water
transport, vessels for port
operations and auxiliary
activities
CCM 6.10 / CCA
6.10
21,585.00
0.69%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Infrastructure enabling low-
carbon road transport and
public transport
CCM 6.15
7,717.24
0.24%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Installation, maintenance and
repair of energy efficiency
equipment
CCM 7.3 / CCA
7.3
0.00
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Installation, maintenance and
repair of charging stations for
electric vehicles in buildings
(and parking spaces attached
to buildings)
CCM 7.4 / CCA
7.4
0.00
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Installation, maintenance and
repair of instruments and
devices for measuring,
regulation and controlling
energy performance of
buildings
CCM 7.5 / CCA
7.5
6,637.00
0.21%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Installation, maintenance and
repair of renewable energy
technologies
CCM 7.6 / CCA
7.6
0.00
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Graphics
121
Financial year 2024
Substantial contribution criteria
DNSH criteria (‘Do Not Significantly Harm’)
Minimum Safeguards
Proportion of
Taxonomy
aligned (A.1.) or
-eligible (A.2.)
CapEx, FY2023
Category
enabling
activity
Category
transitional
activity
Economic Activities
Code
CapEx
Proportion of
CapEx, FY2024
CCM
CCA
WTR
PPC
CE
BIO
CCM
CCA
WTR
PPC
CE
BIO
Text
thousand €
%
Y; N; N/EL
Y; N; N/EL
Y; N;
N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
CapEx of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
1,279,275.07
40.60%
40.60%
0%
0%
0%
0%
0%
71.48%
A. CapEx of Taxonomy-eligible activities
(A.1+A.2)
2,438,362.89
77.38%
77.38%
0%
0%
0%
0%
0%
71.48%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities
712,722.61
22.62%
Total
3,151,085.50
100.00%
Proportion of CapEx / Total CapEx (%)
Taxonomy-aligned per
objective
Taxonomy-eligible per
objective
CCM
36.8%
40.6%
CCA
0.0%
0.0%
WTR
0.0%
0.0%
CE
0.0%
0.0%
PPC
0.0%
0.0%
BIO
0.0%
0.0%
Graphics
122
Table E1, 13: Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities - disclosure covering financial year 2024
Financial year 2024
Substantial contribution criteria
DNSH criteria (‘Do Not Significantly Harm’)
Minimum
Safeguards
Proportion of
Taxonomy
aligned (A.1.) or
-eligible (A.2.)
OpEx, FY2023
Category
enabling
activity
Category
transitional
activity
Economic Activities
Code
OpEx
Proportion of
OpEx, FY2024
CCM
CCA
WTR
PPC
CE
BIO
CCM
CCA
WTR
PPC
CE
BIO
Text
thousand €
%
Y; N; N/EL
Y; N; N/EL
Y; N;
N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Electricity generation using
solar photovoltaic technology
CCM 4.1 / CCA
4.1
1,123.85
0.11%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
0%
Electricity generation from
wind power
CCM 4.3 / CCA
4.3
7,557.06
0.75%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
0%
Transmission and distribution
of electricity
CCM 4.9 / CCA
4.9
228,539.83
22.55%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
0%
E
Infrastructure enabling low-
carbon road transport and
public transport
CCM 6.15
239.49
0.02%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
Y
Y
Y
0%
E
Installation, maintenance and
repair of energy efficiency
equipment
CCM 7.3 / CCA
7.3
0.00
0.00%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
Y
0%
E
Installation, maintenance and
repair of charging stations for
electric vehicles in buildings
(and parking spaces attached
to buildings)
CCM 7.4 / CCA
7.4
0.00
0.00%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
0%
E
Installation, maintenance and
repair of instruments and
devices for measuring,
regulation and controlling
energy performance of
buildings
CCM 7.5 / CCA
7.5
0.00
0.00%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
0%
E
Installation, maintenance and
repair of renewable energy
technologies
CCM 7.6 / CCA
7.6
0.00
0.00%
Y
N
N/EL
N/EL
N/EL
N/EL
Y
Y
0%
E
OpEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
237,460.23
23,43%
23,43%
0%
0%
0%
0%
0%
0%
of which Enabling
228,779.32
96,34%
96,34%
0%
0%
0%
0%
0%
0%
E
of which Transitional
0
0
0%
0%
T
A.2 Taxonomy-eligible but not environmentally sustainable (not Taxonomy-aligned activities)
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
EL; N/EL
Electricity generation using
solar photovoltaic technology
CCM 4.1 / CCA
4.1
75.47
0,01%
EL
EL
N/EL
N/EL
N/EL
N/EL
<0,01%
Graphics
123
Financial year 2024
Substantial contribution criteria
DNSH criteria (‘Do Not Significantly Harm’)
Minimum
Safeguards
Proportion of
Taxonomy
aligned (A.1.) or
-eligible (A.2.)
OpEx, FY2023
Category
enabling
activity
Category
transitional
activity
Economic Activities
Code
OpEx
Proportion of
OpEx, FY2024
CCM
CCA
WTR
PPC
CE
BIO
CCM
CCA
WTR
PPC
CE
BIO
Text
thousand €
%
Y; N; N/EL
Y; N; N/EL
Y; N;
N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
Electricity generation from
wind power
CCM 4.3 / CCA
4.3
14,977.50
1.48%
EL
EL
N/EL
N/EL
N/EL
N/EL
0.31%
Electricity generation from
hydropower
CCM 4.5 / CCA
4.5
3,140.93
0.31%
EL
EL
N/EL
N/EL
N/EL
N/EL
0.06%
Transmission and distribution
of electricity
CCM 4.9 / CCA
4.9
7,595.00
0.75%
EL
EL
N/EL
N/EL
N/EL
N/EL
25.66%
Storage of electricity
CCM 4.10 / CCA
4.10
0.00
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Electricity generation from
fossil gaseous fuels
CCM 4.29 / CCA
4.29
35,146.35
3.47%
EL
EL
N/EL
N/EL
N/EL
N/EL
5.77%
Repair, refurbishment and
remanufacturing
CE 5.1
48.93
0.00%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0%
Sale of spare parts
CE 5.2
729.19
0.07%
N/EL
N/EL
N/EL
N/EL
EL
N/EL
0%
Sea and coastal freight water
transport, vessels for port
operations and auxiliary
activities
CCM 6.10 / CCA
6.10
0.00
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Infrastructure enabling low-
carbon road transport and
public transport
CCM 6.15
4,223.77
0.42%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Installation, maintenance and
repair of energy efficiency
equipment
CCM 7.3 / CCA
7.3
0.00
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Installation, maintenance and
repair of charging stations for
electric vehicles in buildings
(and parking spaces attached
to buildings)
CCM 7.4 / CCA
7.4
0.00
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Installation, maintenance and
repair of instruments and
devices for measuring,
regulation and controlling
energy performance of
buildings
CCM 7.5 / CCA
7.5
0.00
0.00%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Installation, maintenance and
repair of renewable energy
technologies
CCM 7.6 / CCA
7.6
533.41
0.05%
EL
EL
N/EL
N/EL
N/EL
N/EL
0%
Graphics
124
Financial year 2024
Substantial contribution criteria
DNSH criteria (‘Do Not Significantly Harm’)
Minimum
Safeguards
Proportion of
Taxonomy
aligned (A.1.) or
-eligible (A.2.)
OpEx, FY2023
Category
enabling
activity
Category
transitional
activity
Economic Activities
Code
OpEx
Proportion of
OpEx, FY2024
CCM
CCA
WTR
PPC
CE
BIO
CCM
CCA
WTR
PPC
CE
BIO
Text
thousand €
%
Y; N; N/EL
Y; N; N/EL
Y; N;
N/EL
Y; N; N/EL
Y; N; N/EL
Y; N; N/EL
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
Y/N
%
E
T
OpEx of Taxonomy-eligible but not
environmentally sustainable activities (not
Taxonomy-aligned activities) (A.2)
66,470.54
6.56%
6.56%
0%
0%
0%
0%
0%
31.80%
A. OpEx of Taxonomy-eligible activities (A.1+A.2)
303,930,78
29.99%
29.99%
0%
0%
0%
0%
0%
31.80%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities
709,66.,22
70,01%
Total
1,013,598.00
100,00%
Proportion of OpEx / Total OpEx (%)
Taxonomy-aligned per
objective
Taxonomy-eligible per
objective
CCM
23.4%
6.5%
CCA
0.0%
0.0%
WTR
0.0%
0.0%
CE
0.0%
0.1%
PPC
0.0%
0.0%
BIO
0.0%
0.0%
Graphics
125
2.1.9 KPIs of activities related to fossil gaseous fuel
This section includes the KPI disclosures regarding PPC Group’s activities related to fossil gaseous fuels in FY2024 (activity 4.29),
in accordance with Annex XII, Article 8, paragraphs 6 and 7 of the Supplementary Delegated Act 2021/2178 of EU Taxonomy
Regulation.
Turnover
Table E1, 14: Taxonomy-aligned economic activities (denominator)
Row
Economic activities
Amount (in thousand €) and proportion (the
information is to be presented in monetary
amounts and as percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount %
1.
Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of
the applicable KPI
0 (0%)
0 (0%)
0 (0%)
2.
Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of
the applicable KPI
0 (0%)
0 (0%)
0 (0%)
3.
Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of
the applicable KPI
0 (0%)
0 (0%)
0 (0%)
4.
Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of
the applicable KPI
0 (0%)
0 (0%)
0 (0%)
5.
Amount and proportion of taxonomy-aligned economic
activity EN 3 EN referred to in Section 4.30 of Annexes I
and II to Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
6.
Amount and proportion of taxonomy-aligned economic
activity referred to in Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 in the denominator of
the applicable KPI
0 (0%)
0 (0%)
0 (0%)
Graphics
126
Row
Economic activities
Amount (in thousand €) and proportion (the
information is to be presented in monetary
amounts and as percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount %
7.
Amount and proportion of other taxonomy-aligned
economic activities not referred to in rows 1 to 6 above in
the denominator of the applicable KPI
865,841.11
(100%)
865,841.11
(100%)
0 (0%)
8.
Total applicable KPI
865,841.11 (100%)
865,841.11 (100)
0 (0%)
Graphics
127
Table E1, 15: Taxonomy-aligned economic activities (numerator)
Row
Economic activities
Amount (in thousand €) and proportion (the information is to be
presented in monetary amounts and as percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-
aligned economic activity referred to in
Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 in the
numerator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
2.
Amount and proportion of taxonomy-
aligned economic activity referred to in
Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 in the
numerator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
3.
Amount and proportion of taxonomy-
aligned economic activity referred to in
Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 in the
numerator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
4.
Amount and proportion of taxonomy-
aligned economic activity referred to in
Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 in the
numerator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
5.
Amount and proportion of taxonomy-
aligned economic activity EN 3 EN
referred to in Section 4.30 of Annexes I
and II to Delegated Regulation
2021/2139 in the numerator of the
applicable KPI
0 (0%)
0 (0%)
0 (0%)
6.
Amount and proportion of taxonomy-
aligned economic activity referred to in
Section 4.31 of Annexes I and II to
Delegated Regulation 2021/2139 in the
numerator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
7.
Amount and proportion of other
taxonomy-aligned economic activities
not referred to in rows 1 to 6 above in
the numerator of the applicable KPI
865,841.11
(100%)
865,841.11
(100%)
0 (0%)
8.
Total amount and proportion of
taxonomy-aligned economic activities
in the numerator of the applicable KPI
865,841.11
(100%)
865,841.11
(100%)
0 (0%)
Graphics
128
Table E1, 16: Taxonomy-eligible, but not taxonomy-aligned economic activities
Row
Economic activities
Amount (in thousand €) and proportion (the information
is to be presented in monetary amounts and as
percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-eligible
but not taxonomy-aligned economic activity
referred to in Section 4.26 of Annexes I and II to
Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
2.
Amount and proportion of taxonomy-eligible
but not taxonomy-aligned economic activity
referred to in Section 4.27 of Annexes I and II to
Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
3.
Amount and proportion of taxonomy-eligible
but not taxonomy-aligned economic activity
referred to in Section 4.28 of Annexes I and II to
Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
4.
Amount and proportion of taxonomy-eligible
but not taxonomy-aligned economic activity
referred to in Section 4.29 of Annexes I and II to
Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
1,251,040.95 (90.2%)
1,251,040.95 (90.2%)
0 (0%)
5.
Amount and proportion of taxonomy-eligible
but not taxonomy-aligned economic activity
referred to in Section 4.30 of Annexes I and II to
Delegated Regulation 2021/2139 in the
denominator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
6.
Amount and proportion of taxonomy-eligible
but not taxonomy-aligned economic activity
referred to in Section 4.31 of Annexes I and II to
Delegated EN 6 EN Regulation 2021/2139 in the
denominator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
Graphics
129
Row
Economic activities
Amount (in thousand €) and proportion (the information
is to be presented in monetary amounts and as
percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount
%
7.
Amount and proportion of other taxonomy-
eligible but not taxonomy-aligned economic
activities not referred to in rows 1 to 6 above
in the denominator of the applicable KPI
135,388.33
(9.8%)
135,388.33 (9.8%)
0 (0%)
8.
Total amount and proportion of taxonomy
eligible but not taxonomy-aligned economic
activities in the denominator of the applicable
KPI
1,386,429.28
(100.0%)
1,386,429.28
(100.0%)
0 (0%)
Graphics
130
Table E1, 17: Taxonomy non-eligible economic activities
Row
Economic activities
Amount
(in thousand €)
Percentage
1.
Amount and proportion of economic activity referred to in row 1
of Template 1 that is taxonomy-non-eligible in accordance with
Section 4.26 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable KPI
0
0%
2.
Amount and proportion of economic activity referred to in row 2
of Template 1 that is taxonomy-non-eligible in accordance with
Section 4.27 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable KPI
0
0%
3.
Amount and proportion of economic activity referred to in row 3
of Template 1 that is taxonomy-non-eligible in accordance with
Section 4.28 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable KPI
0
0%
4.
Amount and proportion of economic activity referred to in row 4
of Template 1 that is taxonomy-non-eligible in accordance with
Section 4.29 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable KPI
0
0%
5.
Amount and proportion of economic activity referred to in row 5
of Template 1 that is taxonomy-non-eligible in accordance with
Section 4.30 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of EN 7 EN the applicable KPI
0
0%
6.
Amount and proportion of economic activity referred to in row 6
of Template 1 that is taxonomy-non-eligible in accordance with
Section 4.31 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable KPI
0
0%
7.
Amount and proportion of other taxonomy-non-eligible
economic activities not referred to in rows 1 to 6 above in the
denominator of the applicable KPI
7,977,377.57
88.8%
8.
Total amount and proportion of taxonomy-non-eligible
economic activities in the denominator of the applicable KPI
7,977,377.57
88.8%
Graphics
131
CapEx
Table E1, 17: Taxonomy non-eligible economic activities
Row
Economic activities
Amount (in thousand €) and proportion (the
information is to be presented in monetary amounts
and as percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)
2.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)
3.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)
4.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)
5.
Amount and proportion of taxonomy-aligned
economic activity EN 3 EN referred to in Section
4.30 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)
6.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable
0 (0%)
0 (0%)
0 (0%)
Graphics
132
Row
Economic activities
Amount (in thousand €) and proportion (the
information is to be presented in monetary amounts
and as percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount
%
KPI
7.
Amount and proportion of other taxonomy-
aligned economic activities not referred to in
rows 1 to 6 above in the denominator of the
applicable KPI
1,159,087.82 (100%)
1,159,087.82
(100%)
0 (0%)
8.
Total applicable KPI
1,159,087.82 (100%)
1,159,087.82
(100%)
0 (0%)
Graphics
133
Table E1, 19: Taxonomy-aligned economic activities (numerator)
Row
Economic activities
Amount (in thousand €) and proportion (the
information is to be presented in monetary amounts
and as percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)
2.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)
3.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)
4.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)
5.
Amount and proportion of taxonomy-aligned
economic activity EN 3 EN referred to in Section
4.30 of Annexes I and II to Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)
6.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)
Graphics
134
Row
Economic activities
Amount (in thousand €) and proportion (the
information is to be presented in monetary amounts
and as percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount
%
7.
Amount and proportion of other taxonomy-
aligned economic activities not referred to in
rows 1 to 6 above in the numerator of the
applicable KPI
1,159,087.82 (100%)
1,159,087.82
(100%)
0 (0%)
8.
Total amount and proportion of taxonomy-
aligned economic activities in the numerator of
the applicable KPI
1,159,087.82 (100%)
1,159,087.82
(100%)
0 (0%)
Graphics
135
Table E1, 20: Taxonomy-eligible but not taxonomy-aligned economic activities
Row
Economic activities
Amount (in thousand €) and proportion (the information
is to be presented in monetary amounts and as
percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount %
1.
Amount and proportion of taxonomy-eligible but
not taxonomy-aligned economic activity referred
to in Section 4.26 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the
applicable KPI
0 (0%)
0 (0%)
0 (0%)
2.
Amount and proportion of taxonomy-eligible but
not taxonomy-aligned economic activity referred
to in Section 4.27 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the
applicable KPI
0 (0%)
0 (0%)
0 (0%)
3.
Amount and proportion of taxonomy-eligible but
not taxonomy-aligned economic activity referred
to in Section 4.28 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the
applicable KPI
0 (0%)
0 (0%)
0 (0%)
4.
Amount and proportion of taxonomy-eligible but
not taxonomy-aligned economic activity referred
to in Section 4.29 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the
applicable KPI
112,800.98
(8.8%)
112,800.98 (8.8%)
0 (0%)
5.
Amount and proportion of taxonomy-eligible but
not taxonomy-aligned economic activity referred
to in Section 4.30 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of the
applicable KPI
0 (0%)
0 (0%)
0 (0%)
6.
Amount and proportion of taxonomy-eligible but
not taxonomy-aligned economic activity referred
to in Section 4.31 of Annexes I and II to Delegated
EN 6 EN Regulation 2021/2139 in the
denominator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
Graphics
136
Row
Economic activities
Amount (in thousand €) and proportion (the information
is to be presented in monetary amounts and as
percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount %
7.
Amount and proportion of other taxonomy-
eligible but not taxonomy-aligned economic
activities not referred to in rows 1 to 6 above in
the denominator of the applicable KPI
1,166,474.09
(91.2%)
1,166,474.09
(91.2%)
0 (0%)
8.
Total amount and proportion of taxonomy
eligible but not taxonomy-aligned economic
activities in the denominator of the applicable
KPI
1,279,275.07 (100%)
1,279,275.07
(100%)
0 (0%)

Graphics
137
Table E1, 21: Taxonomy non-eligible economic activities
Row
Economic activities
Amount
(in thousand €)
Percentage
1.
Amount and proportion of economic activity referred to in row 1 of
Template 1 that is taxonomy-non-eligible in accordance with
Section 4.26 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable KPI
0
0%
2.
Amount and proportion of economic activity referred to in row 2 of
Template 1 that is taxonomy-non-eligible in accordance with
Section 4.27 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable KPI
0
0%
3.
Amount and proportion of economic activity referred to in row 3 of
Template 1 that is taxonomy-non-eligible in accordance with
Section 4.28 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable KPI
0
0%
4.
Amount and proportion of economic activity referred to in row 4 of
Template 1 that is taxonomy-non-eligible in accordance with
Section 4.29 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable KPI
0
0%
5.
Amount and proportion of economic activity referred to in row 5 of
Template 1 that is taxonomy-non-eligible in accordance with
Section 4.30 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of EN 7 EN the applicable KPI
0
0%
6.
Amount and proportion of economic activity referred to in row 6 of
Template 1 that is taxonomy-non-eligible in accordance with
Section 4.31 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable KPI
0
0%
7.
Amount and proportion of other taxonomy-non-eligible
economic activities not referred to in rows 1 to 6 above in the
denominator of the applicable KPI
712,722.61
23%
8.
Total amount and proportion of taxonomy-non-eligible economic
activities in the denominator of the applicable KPI
712,722.61
23%

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OpEx
Table E1, 21: Taxonomy non-eligible economic activities
Row
Economic activities
Amount (in thousand €) and proportion (the
information is to be presented in monetary amounts
and as percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the
applicable KPI
0 (0%)
0 (0%)
0 (0%)
2.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the
applicable KPI
0 (0%)
0 (0%)
0 (0%)
3.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the
applicable KPI
0 (0%)
0 (0%)
0 (0%)
4.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the
applicable KPI
0 (0%)
0 (0%)
0 (0%)
5.
Amount and proportion of taxonomy-aligned
economic activity EN 3 EN referred to in
Section 4.30 of Annexes I and II to Delegated
Regulation 2021/2139 in the denominator of
the applicable KPI
0 (0%)
0 (0%)
0 (0%)
6.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the
0 (0%)
0 (0%)
0 (0%)

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Row
Economic activities
Amount (in thousand €) and proportion (the
information is to be presented in monetary amounts
and as percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount
%
applicable KPI
7.
Amount and proportion of other taxonomy-
aligned economic activities not referred to in
rows 1 to 6 above in the denominator of the
applicable KPI
237,460.23 (100%)
237,460.23 (100%)
0 (0%)
8.
Total applicable KPI
237,460.23
(100%)
237,460.23 (100%)
0 (0%)

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140
Table E1, 23: Taxonomy-aligned economic activities (numerator)
Row
Economic activities
Amount (in thousand €) and proportion (the information is to
be presented in monetary amounts and as percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.26 of
Annexes I and II to Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)
2.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.27 of
Annexes I and II to Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)
3.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.28 of
Annexes I and II to Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)
4.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.29 of
Annexes I and II to Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)
5.
Amount and proportion of taxonomy-aligned
economic activity EN 3 EN referred to in Section
4.30 of Annexes I and II to Delegated
Regulation 2021/2139 in the numerator of the
applicable KPI
0 (0%)
0 (0%)
0 (0%)
6.
Amount and proportion of taxonomy-aligned
economic activity referred to in Section 4.31 of
Annexes I and II to Delegated Regulation
2021/2139 in the numerator of the applicable
KPI
0 (0%)
0 (0%)
0 (0%)

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141
Row
Economic activities
Amount (in thousand €) and proportion (the information is to
be presented in monetary amounts and as percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount
%
7.
Amount and proportion of other taxonomy-
aligned economic activities not referred to in
rows 1 to 6 above in the numerator of the
applicable KPI
237,460.23
(100%)
237,460.23
(100%)
0 (0%)
8.
Total amount and proportion of taxonomy-
aligned economic activities in the numerator
of the applicable KPI
237,460.23
(100%)
237,460.23
(100%)
0 (0%)

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Table E1, 24: Taxonomy-eligible but not taxonomy-aligned economic activities
Row
Economic activities
Amount (in thousand €) and proportion (the
information is to be presented in monetary amounts
and as percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount
%
1.
Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in Section
4.26 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
2.
Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in Section
4.27 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
3.
Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in Section
4.28 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
4.
Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in Section
4.29 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable KPI
35,146.35 (53%)
35,146.35
(53%)
0 (0%)
5.
Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in Section
4.30 of Annexes I and II to Delegated Regulation
2021/2139 in the denominator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
6.
Amount and proportion of taxonomy-eligible but not
taxonomy-aligned economic activity referred to in Section
4.31 of Annexes I and II to Delegated EN 6 EN Regulation
2021/2139 in the denominator of the applicable KPI
0 (0%)
0 (0%)
0 (0%)
7.
Amount and proportion of other taxonomy-eligible but
not taxonomy-aligned economic activities not referred
to in rows 1 to 6 above in the denominator of the
applicable KPI
31,324.19 (47.1%)
31,324.19
(47.1%)

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143
Row
Economic activities
Amount (in thousand €) and proportion (the
information is to be presented in monetary amounts
and as percentages)
CCM + CCA
CCM
CCA
Amount
%
Amount
%
Amount
%
8.
Total amount and proportion of taxonomy eligible but
not taxonomy-aligned economic activities in the
denominator of the applicable KPI
66,470.54 (100%)
66,470.54 (100%)

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Table E1, 25: Taxonomy non-eligible economic activities
Row
Economic activities
Amount
(in thousand €)
Percentage
1.
Amount and proportion of economic activity referred to in row 1 of
Template 1 that is taxonomy-non-eligible in accordance with Section 4.26 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of
the applicable KPI
0
0%
2.
Amount and proportion of economic activity referred to in row 2 of
Template 1 that is taxonomy-non-eligible in accordance with Section 4.27 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of
the applicable KPI
0
0%
3.
Amount and proportion of economic activity referred to in row 3 of
Template 1 that is taxonomy-non-eligible in accordance with Section 4.28 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of
the applicable KPI
0
0%
4.
Amount and proportion of economic activity referred to in row 4 of
Template 1 that is taxonomy-non-eligible in accordance with Section 4.29 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of
the applicable KPI
0
0%
5.
Amount and proportion of economic activity referred to in row 5 of
Template 1 that is taxonomy-non-eligible in accordance with Section 4.30 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of
EN 7 EN the applicable KPI
0
0%
6.
Amount and proportion of economic activity referred to in row 6 of
Template 1 that is taxonomy-non-eligible in accordance with Section 4.31 of
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of
the applicable KPI
0
0%
7.
Amount and proportion of other taxonomy-non-eligible economic
activities not referred to in rows 1 to 6 above in the denominator of the
applicable KPI
709,667.22
70%
8.
Total amount and proportion of taxonomy-non-eligible economic activities
in the denominator of the applicable KPI
709,667.22
70%

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Climate change
Resilience analysis
[SBM-3]
To assess the resilience of PPC Group’s business model and strategy, the Group conducted climate-related scenario analysis in
2024. The climate scenario analysis offers a thorough evaluation of climate-related risks, both physical and transitional. The
analysis informs the organization's business operations by guiding decisions on necessary climate change mitigation and
adaptation measures. PPC Group’s resilience analysis evaluates the entire range of the Group’s operations, as well as potential
changes in the behaviors and activities of stakeholders (i.e., suppliers, customers) that could have significant implications for the
Group.
Τhe analysis, uses two primary time horizons:
• Medium-term (four to six years): this period considers the impacts of climate change on business operations up to
2030, emphasizing on fundamental changes in the power system due to chronic physical phenomena and shifts in
regulatory, technological, and market conditions driven by the energy transition.
• Long-term (beginning from eight years onward): this horizon likely addresses more profound and structural changes in
response to evolving climate and energy landscapes.
The above-mentioned time horizons are aligned with the validated GHG emissions reduction targets according to the SBTi horizons
(2030 as the near-term and 2040 as the long-term horizon).
Transition risk analysis
The latest scenario analysis related to transition risks, was conducted in 2024 and assesses the evolution of electricity supply and
demand alongside macroeconomic factors influenced by changes in economic, regulatory, technological and social contexts, all
due to the shift towards a transition to a low-carbon economy. Specifically, the transition scenarios that were examined included
the following:
• Policy uncertainties that arise from evolving laws, regulations and policies aiming at reducing greenhouse gas emissions,
including mechanisms like carbon pricing and potential bans on the use of fossil fuels.
• Technological uncertainties capturing the development and adoption of new low-carbon technologies that can disrupt
existing business models and supply chains.
• Market uncertainties including the evolution of commodity prices and technology costs, macroeconomic trends,
consumer behavior and competition dynamics; these uncertainties are further influenced by the actions of competitors,
suppliers and consumers.
• Reputation-related uncertainties which involve changes in stakeholder perceptions regarding a Company's role in the
low-carbon transition.
To assess these risks, PPC developed medium- and long-term scenarios regarding the evolution of the energy sector globally and
in Europe. The Group has equipped itself with quantitative tools (i.e., power market simulation models) that incorporate
assumptions at country-level related to projections for energy demand, electricity demand and production, the penetration of
renewables and the electrification of other energy sectors. In essence, these tools encompass all the variables defining a national
energy system that are pertinent to the Group's activities. These scenarios produced a variety of financial and economic metrics
(i.e.,wholesale electricityprices), which were subsequently used to evaluate the financial impact of the transition risks to the
integrated Group portfolio.

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As part of the analysis, the Group identified risks which were evaluated based on their financial impact on PPC Group’s portfolio.
This assessment utilized the outputs from the previously mentioned power market simulations. Specifically:
• Strengthening of CO
2
price signals to foster investment in carbon-free technologies
Risk/Opportunity-Type: Regulation
European and national efforts aiming at advancing energy transition could lead to new regulations and market-based
mechanisms that significantly increase the cost of CO
2
emissions beyond anticipated levels. This increase could drive up
expenses related to fossil fuel-based generation and, consequently, electricity supply expenses. Nevertheless, the
increase would also foster a favorable environment for funding net-zero technologies and boost the profitability of clean
energy technologies (primarily solar, wind and batteries).
Mitigation:
PPC Group’s strategic plan foresees a substantial shift from fossil fuels to Renewable Energy Sources. Specifically, the
Group is committed to phasing out all lignite-based power generation units by the end of 2026 while also reaching 11.8
GW of renewable energy installed capacity by 2027. This reconfiguration of the power mix significantly reduces exposure
to CO
2
price fluctuations. By reducing emissions, the Group mitigates financial risks associated with higher CO
2
costs
while positioning the Group to capitalize on potential profitability gains in the renewable energy sector as CO
2
prices
rise. Additionally, the integrated business model provides a natural hedge against energy market volatility. This resilience
ensures that the Group can navigate the complexities of fluctuating energy prices while advancing towards sustainable
development goals.
• Increase in cost of investments due to increased competition and regulation
Risk-Type: Regulation/Market
The global increase in renewable energy investments may, in certain circumstances, lead to shortages in the
procurement of equipment, availability of suitable project locations, and access to skilled personnel. These challenges
could push costs higher and cause potential delays in new investments. Similarly, the implementation of new regulations
and practices related to sustainable procurement and local content requirements could further increase investment
costs.
Mitigation:
PPC Group’s recent growth, achieved through both organic initiatives and strategic acquisitions, has created significant
economies of scale. This growth has bolstered the Group's negotiating power in procurement agreements. In parallel,
the Group is actively reviewing and enhancing procurement processes through dedicated transformation programs
aimed at optimizing timings and reducing costs. Additionally, PPC Group’s secured pipeline of renewable energy
projects, spanning various maturity stages, helps mitigate the risk associated with location availability. On the personnel
side, as one of Greece’s largest employers, PPC Group benefits from a highly experienced workforce distributed across
the country, which alleviates challenges related to personnel shortages. Given the increasing competition for skilled
talent, PPC Group places a strong emphasis on enhancing employee experience and improving job satisfaction through
targeted initiatives designed to position PPC Group as an employer of choice.

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• Loss of revenue due to high competition in renewables
Risk-Type: Market
The combination of a favorable investment context and declining costs of renewable energy technologies have attracted
numerous investors resulting in sizable pipelines of projects. However, under certain conditions including high
penetration of variable renewables and low or no electricity demand growth – the Group may observe market saturation
effects and increased pressure on the profitability margins of renewable energy projects.
Mitigation:
PPC Group’s strategy is built upon a diversified generation portfolio, including the development of 1.8 GW of new flexible
capacity by 2027. Flexible generation technologies help manage the volatility of renewables and deliver high value as
they are typically rewarded with a premium to the average power price. The flexibility premium is likely to increase as
renewable penetration increases offsetting part of the losses of the renewable energy margins. At the same time, the
integrated model of the Group provides resilience during periods of low electricity prices. Finally, PPC’s strategy includes
expansion into adjacent geographical markets where renewable development may be less mature reducing the risk of
saturation.
• Changes in consumer behavior
Risk-Type: Market
Consumer awareness of the threats posed by climate change and the benefits of adopting green solutions has grown
significantly in developed economies over the last few years. In Europe this trend has become stronger especially after
the recent energy crisis. Under a Net Zero scenario, consumers are likely to deploy more actively and at larger scale
clean energy products and solutions (ranging from auto-generation technologies to lighting and efficiency
improvements). The shift in consumer behavior would decrease the size of the wholesale market (i.e., utility-scale assets
generating electricity) while also slowing the growth of electricity demand due to efficiency improvements.
Simultaneously, consumers will be more sensitive to the carbon footprint of the electricity consumption.
Mitigation:
PPC has enriched the consumer offerings and products, transitioning from merely being a commodity provider to
offering value-added services. Leveraging technological innovation and steep learning curves, PPC is offering an
increased product portfolio and services including a digital energy saving consulting platform, full end-to-end experience
for prosumers and tailor-made solutions for businesses ranging from heating and lighting to green energy production.
• Greater electrification leading to increased energy demand
Opportunity-Type: Regulation
Electricity is central to the European Commission's energy transition agenda, as electrification is the most efficient and
cost-effective way to achieve decarbonization in certain sectors (i.e., road transport and heating). The European Union's
"Fit for 55" initiative mandates a reduction in net greenhouse gas emissions by at least 55% by 2030 compared to 1990
levels, aiming for climate neutrality by 2050. As part of this effort, EU member states were required to update their
National Energy and Climate Plans (NECPs) to reflect these ambitious targets, ensuring national policies align with the
EU's overall climate and energy goals. In response, the governments of Greece and Romania revised their NECPs in 2023,
raising their electricity consumption targets for 2030 by 10%-15% compared to the levels indicated in the previous
NECPs. If these targets materialize, the market revenues pools will increase, creating significant opportunities for PPC
Group due to the resulting increase in generation requirements and retail sales volumes. Additionally, electrification of
other sectors would further increase investments in distribution grid, further strengthening the position of HEDNO S.A.
Furthermore, the electrification of transportation creates opportunities in electric mobility services, an area where PPC
Group is actively engaged through PPC blue.

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Leverage:
PPC Group is well-positioned to capitalize on electrification opportunities by leveraging the leading position in Greece
and prominent status in Romania. The Group develops and promotes relevant products. PPC Group is a key driver of
electric mobility services, operating the fastest growing charging network in Greece and an extensive network in
Romania. Additionally, PPC promotes the electrification of other sectors through products including heat pumps. Lastly,
the Group is investing in the modernization and expansion of the distribution networks in Greece and Romania,
establishing a robust foundation to support the electrification of these economies.
Physical risk analysis
The Group meticulously evaluates the climate risks associated with its operations, utilizing the SSP3-7.0 AR6 climate scenario and
a comprehensive suite of ten related models. These projections indicate a potential temperature increase of 1.5°C by 2030 and
2.0°C by 2050. Within the scope of this analysis, ten physical climate risks were scrutinized, encompassing high temperatures,
thermal stress, heatwaves, heating/cooling demand, water resource stress, floods, variations in precipitation, heavy snowfall,
strong winds, and wildfires. The assessment incorporates the geographical locations of power generation and distribution stations
in Greece and Romania.
The hazards were then prioritized based on exposure and potential impact related to climate change and an analysis of the
financial impact was performed for the prioritized assets with a horizon to 2030. The financial impact analysis considered the
combined impact of each hazard on the Group’s portfolio and took into account actions that are already in place and part of the
current strategic plan. More specifically, the following risks were prioritized: (i) impact of extreme heat to thermal power plants
and solar photovoltaics (PV) assets as well as the distribution network, (ii) changes in cooling and heating demand, (iii) impact of
water stress to hydro generation, (iv) impact of heavy snowfall impact to distribution network and (v) impact of high winds to
distribution network.
• Water stress impact to hydro generation
Heavy rains and droughts are expected to increase in the region under the selected climate scenario, resulting in greater
variations of hydro generation and potential chronic reduction in water supply. These conditions could put downward
pressure on revenues from hydro generation. The strategic plan has incorporated a conservative approach assuming
lower hydro flow availability compared to historical trends. Therefore, targets are resilient versus a chronic reduction of
hydro flow while the Group could anticipate potential benefits in case of more favorable conditions. Under the scenarios
analyzed, there is increased probability for acute events (unexpected yearly reductions) which are challenging to
incorporate into financial planning. Additionally, the reduction of water flows is expected to further intensify between
2040 and 2050.
Mitigation:
PPC Group’s strategy aims at a diversified generation mix that has the bandwidth to fill the gap left by hydro-generation
shortages with other technologies. Additionally, the Group is investing in 1.8 GW of flexible capacity which can cover
the system needs in periods of low hydroelectric capacity and offset the negative impact.
• Cooling/heating demand
Temperature changes might lead to a significant increase in cooling demand in the warm seasons and a moderate
reduction of heating demand in the cold months compared to current levels. Additionally, the shape of demand curves
is likely to change as the Group is experiencing prolonged heatwaves which lead to longer periods of high demand. The
new patterns are expected to have an overall positive result as they increase electricity demand and eventually revenues
in the power business.

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The remaining analyzed risks did not surpass the materiality thresholds for 2030. Nonetheless, PPC Group continues to monitor
and assess the relevant mitigation actions as (i) these risks could potentially affect the quality of service to customers and (ii) some
are expected to intensify towards 2050 under the scenario analyzed. Tables E1, 1 and E1, 2 below summarize the key elements of
the respective analysis.
Table E1, 26: Physical risks
Risk
Business
segment
Impact channel
Mitigation
Water stress (Chronic /
Acute)
Generation
• Decrease of hydro
generation
• Diversification of power generation
portfolio, increase of flexible capacity
Snowfalls / Storms (Acute)
Distribution
• Disruption of
activities
• Damage of assets
• Grid protection and reinforcement
investments in progress
• Operational response plans and
simulations
Floods (Acute)
Generation
Disruption of activities
Damage of assets
• Operational plans for the monitoring of
hydro flow
• Physical risk analysis for PVs
• Insurance in place
Table E1, 27: Opportunities
Opportunity
Business
segment
Impact channel
Leverage
Cooling / Heating Demand
Retail /
Generation
Increase of total cooling demand /
Decrease of heating demand /
Increase of peak demand, change of
demand patterns
• Assess storage opportunities
• Provide incentives to customers
for shift to electricity heating
• Support the market of electrical
cooling systems in geographies
with low penetration

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Transition plan for climate change mitigation
[Ε1-1]
PPC Group’s strategic plan represents the comprehensive approach to the energy transition and the fulfillment of commitments
under the global Science Based Targets initiative (SBTi)
26
, with the objective of mitigating the Group's carbon footprint across all
operations. The Group’s business strategy is based on an integrated model, and is structured around three pillars, which focus on:
1. Decarbonization and clean energy technologies
2. Modernization and expansion of grids
3. Affordable and smart supply
Τhe Greenhouse Gas (GHG) emission reduction targets are aligned with the SBTi initiative and are compatible with limiting global
warming to 1.5°C, consistent with the Paris Agreement. Detailed information relevant to these targets is provided in “Targets”
section.
By anchoring the transition plan in these strategic pillars, the Group is committed to the following decarbonization levers:
• Phase-out of lignite power plants and mines
• Enhancement of Renewable Energy Sources (RES) portfolio
• Electricity grid modernization
• Electrification
The approach demonstrates PPC Group’s commitment to setting industry-leading standards and driving meaningful change in the
transition to a sustainable, low-carbon economy, fostering long-term value creation for all stakeholders. To this end, the transition
extends beyond the reduction of emissions within own operations and the achievement of GHG reduction targets to include
efforts to influence the landscape of sustainable energy practices in general.
In alignment with this approach, PPC Group has identified the decarbonization levers, which guide progress towards achieving
climate ambitions, reducing carbon emissions, and ensuring long-term sustainable growth in the transition to a net-zero future.
Through the implementation of the four key decarbonization levers, PPC Group is driving systemic change across the sectors of
operation to reduce both direct and indirect emissions and support the wider decarbonization efforts in line with the European
Union’s climate goals. The four decarbonization levers include:
26
The scope of the targets includes the activities of the following companies: PPC S.A., HEDNO S.A., PPC Renewables S.M.S.A., PPC Bulgaria JSCo
5, PPC Elektrik Tedarik ve Ticaret Anonim Şirket, PPC Albania Sh.A. and EDS AD Skopje. Following the integration of new subsidiaries into the
PPC Group in the previous period, a revision of the targets is scheduled to include the activities of these new companies.

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• Phase-out of lignite power plants and mines
PPC Group is committed to a transformative transition from lignite, as a key component of the comprehensive
decarbonization effort. PPC Group is executing one of Europe's most rapid lignite phase-out plans, while
simultaneously advancing the fastest renewable energy development platform. Through an accelerated phase-out of
lignite power generation, PPC Group is reducing direct emissions (scope 1) and is also positioned at the forefront of
the EU’s transition to a low-carbon energy future.
To this end, PPC Group is making strategic investments aimed at the complete decommissioning of lignite-fired units
by 2026. These investments encompass the execution of a comprehensive plan, which envisions the replacement of
existing thermal power stations with modern, efficient, and low-carbon alternatives. A notable example of the Group's
strategic direction is the new power plant in Alexandroupolis, with an annual production capacity of 5 TWh. This facility
will be capable of hybrid operation (hydrogen-ready). From a net lignite capacity of 3.4 GW in 2019, the Group is
targeting a complete phase-out by 2026. PPC Group aims to achieve a complete reduction in emissions from lignite,
decreasing from 16.9 million tonnes of CO2 in 2019
27
to zero by 2027, with no additional decommissioning liabilities.
At the same time, the Group plans to reduce dependence on oil, aiming to further decrease the carbon footprint. In
this context, a reduction in emissions from oil use is expected through the planned reduction in production from the
respective units that the Group plans to implement from 2027 onwards.
• Enhancement of Renewable Energy Sources (RES) portfolio
PPC Group is committed to accelerating the transition to a low-carbon future by substantially expanding investments
in Renewable Energy Sources (RES). This initiative is central to decarbonizing own operations and plays a critical role
in the decarbonization of the wider national and regional energy systems. Through this strategic penetration of
renewables, the Group aims to significantly increase the share of electricity generated from renewables, thereby
contributing to a cleaner, more sustainable energy grid and an efficient management of volatility.
In this context, PPC Group is expanding the RES portfolio through an array of projects, which include new photovoltaic
power plants, wind farms, large and small hydropower plants (HPs, SHPs), geothermal energy, hybrid systems, and
advanced energy storage solutions. These endeavors are bolstered by strategic alliances with industry leaders,
technological innovators, and key stakeholders. Through this comprehensive approach, the Group is well-positioned
to mitigate the volatility of energy markets, while customers assume a central role in the advancement of Renewable
Energy Sources.
The Group’s target is to reach approximately 12 GW of RES capacity by 2027. The expansion will evolve the Generation
Portfolio towards a greener mix with a broader impact on the energy grid, reducing the overall carbon intensity of the
energy supply. By supplying more clean energy to the grid, PPC Group is actively supporting the European Union’s
transition to a low-carbon economy and facilitating the achievement of ambitious climate goals, including the Green
Deal and carbon neutrality by 2050.
Finally, in the pursuit of cultivating a diversified energy production portfolio, investments have been initiated in energy
storage projects, ensuring flexibility across various temporal horizons. This strategic prioritization addresses one of
the most critical challenges associated with Renewable Energy Sources: maintaining a reliable, flexible, and resilient
energy supply even when renewable generation is intermittent. Within this framework, the Group is investing in green
hydrogen, which holds significant potential for contributing to decarbonization. Consequently, emphasis is placed on
expanding green hydrogen production and integrating it into existing energy systems, with the objective of enhancing
energy security and supporting broader decarbonization efforts.
27
Concerns emissions from electricity generation using lignite as fuel.

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• Electricity grid modernization
The modernization of the electricity grid is central to PPC Group’s decarbonization strategy and more specifically to
the Group companies that have been designated as Operators of the electric power distribution networks. The
modernization of the electricity distribution network facilitates the seamless integration of Renewable Energy Sources,
enhances grid flexibility, and supports the efficient management of energy across the entire system. As the energy
landscape transitions towards a more sustainable and decentralized model, it is essential to create a grid infrastructure
that is resilient, responsive, and capable of supporting the dynamic needs of a low-carbon energy future.
In this regard, the Group -through the Group companies that have been designated as Operators of the electric power
distribution networks- is actively deploying smart grid technologies and energy storage solutions across the
distribution networks in Greece and Romania. A key component of this initiative is the widespread installation of smart
meters, which provide real-time, granular data on energy consumption. These meters enable dynamic pricing and
optimized load management.
• Electrification
PPC Group is prioritizing transport electrification as a critical decarbonization lever to reduce environmental impact
and accelerate the transition to a low-carbon economy. By focusing on fleet electrification and mostly the expansion
of electric vehicle (EV) charging infrastructure, PPC Group is reducing own emissions and actively contributing to the
broader effort to decarbonize the entire transport sector.
Through investments in the establishment of electric mobility infrastructure and services, the Group is facilitating the
energy transition in Greece and in Romania. The primary objective of electrification is to enhance the number of
publicly accessible charging stations powered by Renewable Energy Sources (RES) for electric vehicle charging,
contributing to the broader goal of mitigating the transportation sector’s substantial role in global carbon emissions.
In addition, PPC Group is actively advocating for the adoption of heat pumps to facilitate the electrification of heating
across residential and commercial clients. By endorsing the transition from traditional fossil fuel-based heating
systems (i.e., oil and gas boilers), to heat pump technology, PPC Group aims to significantly diminish fossil fuel
dependency. To this end, the Group is strategically collaborating with industry partners to drive the widespread
distribution and implementation of heat pumps.
Overall, the transition plan represents a dynamic framework, refined as needed to incorporate advancements in technology,
changes in regulatory requirements, and ongoing progress in reducing emissions across operations and value chain. As PPC Group
advances towards the established climate goals, remains committed to continuously refining the approach to incorporate new
developments, integrate best practices, and foster ongoing improvements in decarbonization efforts.
During 2024, PPC Group made significant investments, including those to support climate change mitigation actions. The funding
for the transition plan relates to the Taxonomy-aligned economic activities presented in section 2.1.5.
The Group has identified the need to further increase alignment of Key Performance Indicators (KPIs) through the following key
strategic actions:
• Conducting a Climate Risk Assessment (CRA) and adaptation plans for the Group’s eligible economic activities and
associated assets deemed non-aligned in financial year 2024. This proactive approach ensures that the Group's
operations are resilient to climate-related risks, while ensuring further increase of EU Taxonomy-alignment KPIs.
• Increasing investments in Renewable Energy Sources (RES) and energy storage to significantly advance the
decarbonization of energy grids across operational regions. This strategic move is anticipated to also enhance energy
security in the area, ensuring a more stable and sustainable energy supply.

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• Exploration of Carbon Capture Storage (CCS), biomass, and hydrogen technologies for the Group's Natural Gas (NG)
units, which have the potential to significantly mitigate greenhouse gas emissions. These advanced technologies
support the EU's initiatives to address climate change, thereby enhancing the sustainability of natural gas power
generation units.
• Tracking Key Performance Indicators (KPIs) related to Taxonomy-aligned revenue, CapEx and OpEx of the Group’s
economic activities on an annual basis. Tracking ensures transparency and accountability in the Group's sustainability
efforts, providing investors and stakeholders with clear information on the Group's progress towards sustainability
goals.
Through the aforementioned strategic approach to further align the Group's activities with the European Taxonomy Regulation,
the transition to a sustainable economy is expected to gradually evolve, supporting the achievement of climate neutrality by 2050,
in accordance with the provisions of the European Taxonomy Regulation and the EU Green Deal.
Moreover, significant monetary amounts (CapEx) invested during the reporting period related to coal, oil and gas-related
economic activities include:
Table E1, 28: Significant CapEx amounts invested related to
coal, oil and gas-related economic activities
Economic activity
CapEx invested during 2024
(in thousand €)
Coal-related activity
28
10,757.39
Oil-related activity
29
111,230.41
Gas-related activity
30
130,099.02
Furthermore, PPC Group has adopted a combination of qualitative and quantitative analyses to evaluate potential GHG emissions
from key assets. The quantitative assessment focuses on projections for 2030, a pivotal year for the short-term, scientifically
validated by the SBTi initiative targets. This analysis encompasses existing assets and activities, as well as approved investments
and activities. The assessment is conducted using a market simulation model, which underpins strategic planning by forecasting
future production volumes and associated GHG emissions. For 2040, a qualitative evaluation of locked-in GHG emissions has been
undertaken, while a quantitative approach is currently being developed. It is noted that the PPC Group does not disclose a detailed
evaluation of its progress concerning these two milestones and the intervening years.
The analysis has identified three asset categories associated with significant locked-in GHG emissions: lignite power plants and
mines which will be phased off by 2026, islands’ oil power plants, gas power plans. Lignite plants and mines are in the progress of
decommissioning with 1.9 GW already removed as part of the transition plan. By decommissioning these facilities, the Group is
effectively managing transition risks while ensuring progress towards emission reduction objectives. Similarly, the Group plans to
phase out the operation of most of the power units on islands as soon as they are interconnected to the mainland system.
According to the Independent Power Transmission Operator’s Ten-Year Development Plan (2022-2031), all planned
interconnections are expected to be completed by 2029.
28
Includes the activity of PPC S.A.
29
Includes the activity of PPC S.A. and Non-Interconnected Islands.
30
Includes the activity of PPC S.A and ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A.

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The quantitative analysis substantiates that the aforementioned measures will enable the Group to meet its mid-term
commitments, as delineated by the targets validated by the SBTi initiative. In particular, concerning long-term objectives, the
Group is tasked with managing GHG emissions resulting from the utilization of natural gas and is currently quantifying the
anticipated emissions for 2040. Furthermore, the Group has identified a portfolio of technological solutions to more effectively
manage GHG emissions from natural gas-powered assets. These solutions encompass a combination of hydrogen technologies
(e.g., the new power plant in Alexandroupolis with an annual production capacity of 5 TWh, which will be hydrogen-ready and
capable of mixed operation), carbon capture and storage (CCS), biomass, and decommissioning. The optimal combination of these
solutions is presently under evaluation.
The Group's transition plan is aligned with the overall business strategy and detailed financial planning as all four levers are
drawing guidance from the three strategic pillars: decarbonization, modernization and expansion of the grid, and affordable and
smart supply. These pillars have been established to meet both immediate and long-term market demands, ensuring that PPC
Group remains competitive and forward-thinking. The strategic planning process outlines the Group's outlook by defining
overarching targets and identifying key investments and strategic directions. These elements are then integrated into a detailed
financial plan, ensuring that strategic initiatives are supported by a robust financial framework and that resources are allocated
toward sustainable projects. The transition plan actions described above have been incorporated in both strategic and financial
planning. The strategic plan is approved by the Board of Directors.
The transition plan serves as a guidance for risk management, addressing potential challenges associated with carbon-intensive
operations, by proactively reducing the Group’s carbon footprint and aligning with EU climate policies. Concurrently, the plan
identifies new business opportunities in the green technology sector, which are integrated into the Group’s financial forecasts and
investment plans. This dual focus on risk mitigation and opportunity capitalization ensures that financial planning is
comprehensive and forward-looking.
It is noted that PPC Group is excluded from the EU Paris-aligned Benchmarks. This accords with the exclusion criteria set out in
Articles 12.1 (d) to (g) and 12.2 of Commission Delegated Regulation (EU) 2020/1818 (Climate Benchmark Standards Regulation).

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Progress in implementing the transition plan
The transition plan has yielded substantial progress in reducing PPC Group’s reliance on lignite, as evidenced by the significant
decrease in net lignite capacity. In 2019, PPC Group’s net lignite capacity was 3.4 GW. By 2024, this capacity had been reduced to
1.7 GW, which represents a realized reduction of 1.9 GW, marking a critical step towards achieving the emission reduction
targets. In fact, CO
2
scope 1 deriving from lignite consumption GHG emissions decreased from 16.9 million tonnes in 2019 to 4.4
million tonnes in 2023 and approximately 4.3 million tonnes in 2024.
Moreover, the penetration of Renewable Energy Sources (RES) in the energy mix of the Group was notably boosted over the
years, while the RES investments were quadrupled from 2021 to 2024. In 2021, RES accounted for 33% of the total energy mix,
reflecting the earlier stages of transition to sustainable energy solutions. The installed capacity of RES was 3.4 GW in 2021
compared to a significant 5.5 GW in 2024. The substantial increase of the energy mix in 2024, highlights a significant progress in
expanding Renewable Energy Sources as a critical component of the energy portfolio of the Group. The Group also holds licenses
for pumped storage projects in Greece and is at the forefront of green hydrogen initiatives in Greece by forging strategic
agreements for innovative applications.
Over the years, significant investments have been directed from the Group companies that have been designated as Operators of
the electric power distribution networks towards grid modernization and modern, efficient, and intelligent grid infrastructures,
which are essential for facilitating the energy transition. The Group operates approximately 386,600 km of network lines in Greece
and Romania and has been enhancing efficiency though the extensive installation of automatic switches and smart meters. These
technologies provide data that reduce intervention time, as some maneuvers can now be performed remotely.
As regards electrification, since 2021 PPC Blue’s network has emerged as the fastest-growing charging network in Greece and is
optimally integrated into the distribution network. The Group is holding a leading position achieved through strategic partnerships
and agreements with businesses across various sectors. By the end of 2024, the network in Greece and in Romania has been
counting 3,087 charging points. In parallel, heat pumps are being installed through partnerships with key industry leaders leading
to energy savings and improved energy efficiency in customers’ households.
Specific actions during 2024 for each decarbonization lever are presented in the dedicated section below, further detailing the
comprehensive approach to achieving sustainability and climate goals as part of the Group’s transition plan.

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2.2.3 Material impacts, risks and opportunities and their interaction with strategy and business model
[IRO-1]
The PPC Group recognizes material impacts, risks, and opportunities (IROs) as pivotal elements shaping strategic direction and
operational effectiveness. A more in-depth analysis of IROs can be found in the Double Materiality Assessment chapter. Regarding
ESRS E1- Climate change, the PPC Group undertakes comprehensive evaluations of the carbon footprint and GHG emissions, along
with identifying climate-related risks and opportunities within the operations. The comprehensive approach ensures compliance
with regulatory requirements and reflects a proactive commitment to sustainability practices that mitigate climate risks and
enhance organizational resilience.
Table E1, 29: Material impacts
IRO title
Sub / Sub-
sub-
topic(s)
Detailed impact description
Positive /
Negative
Actual /
Potential
Time horizon
Contribution to
climate change
through scope 1,
2 and 3 GHG
emissions
Climate
change
mitigation
- Energy
PPC Group generates scope 1,2
and 3 emissions from
production of electricity, in-
house fuel consumption,
purchased electricity, and from
value chain activities,
contributing to climate change.
Actual &
potential
Negative
Short-, medium-
& long-term
Grid
decarbonization
through the
development of
RES
infrastructures
Climate
change
mitigation
The expansion of Renewable
Energy Source (RES) projects
positively contributes to
climate change mitigation.
Actual &
potential
Positive
Short-, medium-
& long-term
Decarbonization
of the transport
sector through
the development
of low-emission
mobility
infrastructures
Climate
change
mitigation
PPC Group's electromobility
services, such as electric
vehicle charging points
powered by green energy,
significantly contribute in
reducing fossil fuel
consumption and positively
contribute to climate change
mitigation.
Actual &
potential
Positive
Short-, medium-
& long-term

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Table E1, 30: Material risks and opportunities
IRO title
Sub / Sub-
sub-topic(s)
Detailed risk/opportunity description
Risk /
Opportunity
Time horizon
Climate-related
physical risks to
infrastructure and
service reliability
Climate
change
adaptation
PPC Group faces significant climate-related
physical risks as the frequency and severity of
extreme weather events associated with
climate change continue to rise (e.g., Droughts,
Heatwaves, Flooding and Storms). These
events may cause service disruptions,
equipment damage, inventory write-offs,
substantial repair costs, asset impairments, and
harm to the brand's reputation with regulators
and customers.
Risk
Short-, medium- &
long-term
Climate transition
risks from GHG
mitigation and
regulatory
compliance
Climate
change
mitigation
PPC Group faces climate-related transition risks
due to increasingly stringent environmental
regulations and locked-in GHG emissions from
thermal power plants. Compliance will
necessitate significant operating costs and
capital expenditures, potentially reducing
profitability and straining financial resources.
Non-compliance could result in substantial
fines, reputational damage, and operational
disruptions, further impacting financial
performance.
Risk
Short-, medium- &
long-term
Leveraging
competitive
advantage through
proactive GHG
emission reductions
Climate
change
mitigation
Proactively reducing GHG emissions through
strategic investments can give PPC Group a
competitive advantage and help avoid
unexpected regulatory costs.
Opportunity
Short-, medium- &
long-term
Increases in fossil
fuel prices affecting
financial
performance.
Energy
As regulations on greenhouse gas emissions
increase and the use of fossil fuels is further
limited, the cost of fossil fuels is expected to
rise. This will likely lead to higher operational
expenses, negatively impacting the Company's
financial performance.
Risk
Short-, medium- &
long-term

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Policies related to climate change mitigation and adaptation
[E1-2]
PPC Group has adopted policies to manage the material impacts, risks, and opportunities related to climate change mitigation
and adaptation in accordance with the Minimum Disclosure Requirements (MDR-P) defined in ESRS 2. The following policies have
been developed to address the key areas outlined in the table:
Table E1, 31: Policies related to climate change mitigation and adaptation
Name of key policy
Addressed key areas of the policy relevant to
the ESRS topic
Relevant material identified
impact, risk or opportunity
Sustainable Development
Policy
• Climate change mitigation, carbon
footprint reduction, environmental
impact mitigation and energy
efficiency
• Alignment with national and
international climate change targets
• Contribution to climate change through scope 1,
2 and 3 GHG emissions
• Grid decarbonization through the development
of RES infrastructures
• Decarbonization of the transport sector through
the development of low-emission mobility
infrastructures
• Climate-related physical risks to infrastructure
and service reliability
• Climate transition risks from GHG mitigation and
regulatory compliance
• Leveraging competitive advantage through
proactive GHG emission reductions
• Fossil fuels price increases affecting financial
performance

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Environmental Policy of
PPC S.A.
• Responsible operation focused on
enhancing environmental performance
and addressing climate change
• Alignment with the National Energy
and Climate Plan (NECP)
• Mitigation of climate change risks
through actions to reduce GHG
emissions and non-renewable
resource conservation
• Establishment, documentation,
achievement and evaluation of
specific, measurable environmental
objectives
• Implementation of an Environmental
Management System (EMS) approach
• Contribution to climate change through scope 1,
2 and 3 GHG emissions
• Grid decarbonization through the development
of RES infrastructures
• Decarbonization of the transport sector through
the development of low-emission mobility
infrastructures
• Climate-related physical risks to infrastructure
and service reliability
• Climate transition risks from GHG mitigation and
regulatory compliance
• Leveraging competitive advantage through
proactive GHG emission reductions
• Fossil fuels price increases affecting financial
performance
Environmental Policy of
HEDNO S.A.
• Commitment to achieving climate
neutrality by 2040 by reducing
emissions from network losses and
equipment
• Enhancement of resilience by adapting
facilities and activities to manage
physical risks from climate change
• Integration of RES into the distribution
network, adoption of energy-efficient
solutions, and investment in smart
grids to improve reliability and
flexibility
• Commitment to improve
environmental performance along
with actions to improve energy
efficiency
• Implementation of an Environmental
Management System (EMS) approach
• Contribution to climate change through scope 1,
2 and 3 GHG emissions
• Grid decarbonization through the development
of RES infrastructures
• Climate-related physical risks to infrastructure
and service reliability
• Leveraging competitive advantage through
proactive GHG emission reductions
Environmental and Social
Policy of PPC Renewables
S.M.S.A.
• Increase the production of electricity
from Renewable Energy Sources by
utilizing all available technologies
(solar energy, wind energy,
hydroelectric energy, geothermal
energy, and biomass).
• Implementation of an Environmental
and Social Management System.
• Contribution to climate change through scope 1,
2 and 3 GHG emissions
• Leveraging competitive advantage through
proactive GHG emission reductions

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Sustainable Development Policy
PPC Group’s Sustainable Development Policy establishes a framework of commitments that guide the organization's
approach to critical sustainability issues, including those related to climate change. Overall, the Policy integrates the Group’s
priorities related to environmental, social, and governance (ESG) considerations, providing a comprehensive governance
structure for all operational dimensions and underlines the Group’s commitment to ethical business practices and
transparency.
The Policy outlines the Group’s contribution to the national and international climate change related goals through carbon
reduction and energy saving and involves the analysis of climate scenarios to ensure business continuity, the implementation
of preventative measures to address environmental challenges and the overall support to energy transition through
environmental responsibility.
The Policy addresses the material impacts, risks, and opportunities (IROs) by integrating sustainability into the strategic
framework, governance, and operational processes. The approach focuses on minimizing environmental impacts, particularly
addressing climate change through scope 1, 2, and 3 GHG emissions. Additionally, it emphasizes grid decarbonization by
developing Renewable Energy Source (RES) infrastructures and promotes the decarbonization of the transport sector through
the development of low-emission infrastructures. By enhancing energy efficiency and driving the transition towards climate
change goals, while promoting circular economy principles, the policy effectively manages these material IROs.
The Sustainable Development Policy applies to all personnel; in particular, management, employees (either with fixed-term
or with open-ended contracts), providers of services under mandate contracts with or without remuneration or work
contracts. The Policy also applies to independent services or temporary employment, interns, apprentices and volunteers,
and to the employees of third-party service providers. Moreover, job applicants fall within the scope of application. Suppliers,
associates and sub-contractors, and all external stakeholders that co-operate with the companies and participate in the
supply value chain are also called to accept the Policy and contribute, for the part pertaining to them, by implementing their
own procedures.
The Management of each Group member-Company, either in Greece or abroad, is responsible for adopting the present Policy,
adjusted appropriately to accommodate the nature, range and complexity of their activities, and taking into account the
effective statutory framework in the country of operation. The duty to inform subsidiaries on the Sustainable Development
Policy falls on PPC’s Sustainability Department following the approval of the Policy by each Company’s BoD.
For the development of the Policy, the Group has taken into consideration the 17 UN Sustainable Development Goals (UN
SDGs), the Organization for Economic Cooperation and Development (OECD) Guidelines for Multinational Enterprises, as well
as a range of national and European legislation.
It is important to highlight that the Group is currently refining the Sustainable Development Policy with the aim to incorporate
climate change-related objectives tied to relevant impacts, risks, and opportunities as identified during the Double
Materiality Assessment analysis. This enhancement will also encompass the updated GHG emissions reduction targets as
approved by the Science Based Targets initiative (SBTi) and is targeted for completion within 2025. Alternatively, the Group
is exploring options to develop a new stand-alone Policy at a Group level within 2025 to further address material impacts,
risks and opportunities related to climate change.
Environmental Policy of PPC S.A.
The Environmental Policy is focused on the implementation of Environmental, Social, and Governance (ESG) criteria, in
alignment with the National Energy and Climate Plan (NECP) of Greece, the implementation of the Just Transition
Development Plan for a responsible and coordinated shift to a post-lignite era and the alignment with the European Union’s
new development strategies, such as the European Green Deal. Through this Policy, the Group is committed to the reduction
of greenhouse gas emissions, the implementation of climate change adaptation strategies, the promotion of investments in
Renewable Energy Sources (RES), and the comprehensive transformation of the PPC Group.Τhe Environmental Policy of PPC
S.A. foresees the establishment, documentation, achievement and evaluation of specific, measurable environmental
objectives.

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The Policy emphasizes the importance of addressing both physical and transition risks associated with climate change by
implementing processes that enhance infrastructure resilience and ensure service reliability amidst increasing extreme
weather events. By integrating processes to reduce GHG emissions and investing in renewable energy, the PPC Group aims
to leverage competitive advantages while mitigating potential operational disruptions and regulatory compliance challenges.
The Policy highlights the financial implications of rising fossil fuel prices, underlining the need for strategic processes that
shift towards sustainable energy solutions to safeguard financial performance and contribute positively to climate change
mitigation efforts.
The scope of the Policy includes all business sectors of the Company as well as contractors and subcontractors. To this end,
the Company is committed to collaborating with joint ventures, suppliers, and other third parties that adhere to the principles
outlined in the Environmental Policy which is binding for members of the Board of Directors, individuals holding managerial
positions, and all other employees of the Company.
The Board of Directors and the Company's executives are committed to environmental protection by promoting expertise,
raising awareness, and making decisions that support the implementation of actions aimed at addressing environmental
threats and capitalizing on opportunities for improvement. The management team exemplifies its commitment to
environmental protection by endorsing the Environmental Policy and ensuring alignment with the Company’s strategy. All
employees and third parties with access to the services or systems of the Company are required to actively contribute to
maintaining compliance with the regulatory requirements of applicable environmental legislation and to adhere to the
relevant rules as outlined in the Environmental Policy.
The Environmental Policy of PPC S.A. has been developed in alignment with various third-party standards and initiatives that
the organization is committed to upholding through its implementation. These references include the ISO 14001:2015
standard for Environmental Management Systems (EMS), the Sustainable Development Goals (UN SDGs) and the 2030
Agenda, the European Green Deal, a range of EU Directives and Regulations as well as National Plans and Laws.
Environmental Policy of HEDNO S.A.
HEDNO S.A.'s Environmental Policy reflects a strong commitment to sustainability, particularly emphasizing efforts towards
climate change mitigation and energy efficiency. The Policy outlines the strategic vision to safeguard the environment and
the Company’s ambition to contribute to global climate goals through the fulfillment of the target for carbon neutrality by
2040. As part of the Policy, six fundamental pillars are set for the establishment of a sustainable and climate-resilient
electricity distribution network. Three of these pillars specifically address the material topic of climate change:
• Reduction of GHG emissions
• Resilience and adaptation to climate change
• Supply of low-carbon electricity.
Additionally, the Policy underscores the development and implementation of a robust Environmental Management System
(EMS), which adheres rigorously to international standards. The primary objective of this System is to monitor, manage, and
ultimately mitigate the environmental impacts associated with the Company's operations and facilities. Additionally, HEDNO
S.A.'s Environmental Policy encompasses the management of physical risks related to climate change. These risks are
addressed through the execution of resilience-enhancing measures aimed at mitigating the adverse effects associated with
current and future climatic conditions, as well as through strategic investments in Renewable Energy Sources (RES).
Consistent monitoring involves the development of key performance indicators (KPIs) aligned with the Company's
environmental objectives, such as reducing greenhouse gas emissions and optimizing energy consumption. This process
includes the use of data collection and monitoring tools, enabling HEDNO S.A. to identify and address emerging issues and
thereby ensure strong environmental performance. Internal audits conducted within the framework of the Policy also
encompass evaluations of the Environmental Management System.

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The scope of the Environmental Policy of HEDNO S.A. encompasses all areas of activities, including management, operation,
expansion, and maintenance of the Hellenic Electricity Distribution Network. The Policy is binding for board members, senior
management and executives, employees, contractors, subcontractors, interns and any third party collaborating with HEDNO
S.A.
HEDNO S.A.'s Environmental Policy has been developed in alignment with a range of third-party standards and initiatives to
which the organization is committed during its execution. These references include the ISO 14001:2015 standard for
Environmental Management Systems (EMS), the Sustainable Development Goals (UN SDGs) and the 2030 Agenda, the
European Green Deal and a range of EU Directives and Regulations as well as National Plans and Laws.
Environmental and Social Policy of PPC Renewables S.M.S.A.
The Environmental and Social Policy of PPC Renewables S.M.S.A. refers to the active participation of the Company in the
protection of the natural environment through the increase of electricity production from Renewable Energy Sources. PPC
Renewables S.M.S.A. utilizes all available technologies (solar energy, wind energy, hydroelectric energy, geothermal energy,
and biomass) and the storage of electrical energy in battery stations, contributing to the avoidance of carbon dioxide
emissions and, consequently, to addressing climate change as well as maintaining the security of the country's energy
supply.
The Policy delineates overarching principles and strategic axes, encompassing, among other aspects, the pursuit of
enhanced environmental performance, the utilization of energy-efficient equipment. It also includes the incorporation of
innovative, efficient, and environmentally conscientious technologies, strict adherence to prevailing National and European
legislation, and compliance with the applicable regulatory framework.
Furthermore, the Environmental and Social Policy of PPC Renewables S.M.S.A. stipulates that all Company partners,
suppliers, and subcontractors of its projects wholeheartedly embrace the Company's values and operate in strict adherence
to the principles that underpin the Company’s culture and philosophy. Employees at all levels are systematically informed
about the Environmental and Social Management System (ESMS) and any modifications aimed at its enhancement.
Overall, the development of the abovementioned policies is guided by sustainable development parameters, emphasizing the
integration of societal considerations into the Group’s strategic approach. This underscores the importance of creating shared
value. The focus is directed towards fostering economic growth, ensuring environmental stewardship, and enhancing social well-
being. As the Group is committed to demonstrating respect and collaboration with local communities, the broader civil society
and all external stakeholders, it actively considers their interests. Further actions involve communicating, consulting, co-shaping,
and co-creating actions, investments, and decisions to generate positive impacts.
PPC Group promotes transparency and inclusivity by ensuring all policies are accessible to both external stakeholders and
employees, empowering all stakeholders to actively participate in achieving the policies objectives. Policies are available on the
PPC Group’s or subsidiaries’ websites, allowing access to stakeholders who may be affected and those involved in their
implementation. Internal access via the intranet is also available for employees.

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Actions
[E1-3]
Key actions
In 2024, PPC Group undertook numerous initiatives aimed at achieving the established targets and contributing to climate change
mitigation, encompassing actions across all four decarbonization levers mentioned above. Overall, in 2024, investments in “green”,
distribution & digitalization projects continued to increase in line with the Group’s strategy. Total investments reached
approximately €3 bn and were focused on distribution and Renewable Energy Sources (RES) in line with the plan to increase clean
energy participation in the electricity generation mix and to further enhance and digitalize distribution networks.
The Group’s ability to implement climate mitigation and adaptation initiatives, is contingent upon securing ongoing access to
finance at a competitive cost of capital, thereby ensuring sufficient allocation of resources to support these critical actions. Key
actions taken in the reporting year and planned in the future with regards to climate change, include initiatives that support the
provision of remedy for the identified actual and negative material impacts. More specifically, decarbonization actions, include:
1. Lignite phase-out of units and mines
The Group has established a plan that, among other initiatives, aims to phased-out lignite use by 2026. As thermal
power plants (TPPs) that reply on lignite are decommissioned, the associated lignite mines that supply them cease
operations. As part of this transition, the Group is dismantling and managing outdated infrastructure and is undertaking
the restoration of the land areas previously occupied by the mines and TPPs, with the aim to foster the development of
new sustainable economic activities in these regions. In 2024, the following actions were completed:
• Dismantling and management of electrical and mechanical equipment at the Thoknia Lignite Yard and at the
Choremi Mine.
• Dismantling and demolition of buildings within and outside the Amynteo TPP.
• Demolition of buildings at the Thoknia Mine, at the metal construction division of Aliveri and of buildings 10
and 12 at the Kyparissia Mine.
• Removal of eight radioactive sources from the Thoknia lignite Yard.
• Development of 2.54 km
2
for post-lignite utilization of Megalopolis Mine and of 2.27 km
2
and 1.21 km
2
of
Ptolemaidias-Amynteo Mines.
• Planting 88,500 trees across 1.21 km
2
at the Ptolemaida-Amyntaio Mines.
• Dismantling of equipment at the Lignite Yard of the Kardia TPP.
• Dismantling and demolition of load-serving power generation station and ash SILO of Units I-IV at Ptolemaida.
Moreover, as part of the broader effort to modernize plants beyond lignite mines, the dismantling of the Fiat Gas Turbine
at the Soroni TPP and the Gas Turbine at the Linoperamata TPP was undertaken in 2024 to facilitate the installation of
a new unit.
Additionally, ongoing and future initiatives as part of the lignite phase-out plan include:
• Dismantling and demolition of belt conveyors at Amyntaio Mine and the Kardia TPP.
• Demolition of buildings at Amyntaio Mine (Phase A and B).
• Removal of 28 radioactive sources from Megalopolis Mine.
• Configuration of 3.26 km
2
for post-lignite utilization and afforestation on 1.27 km
2
at the Megalopolis Mine.
• Configuration of 20.93 km
2
for post-lignite utilization and afforestation of 16.48 km
2
at Ptolemaida-Amyntaio
Mines.
• Dismantling of equipment at Ptolemaida and Megalopolis Mines.
• Dismantling and demolition of facilities at Amyntaio, Kardia and Ptolemaida TPPs.


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Beyond lignite mines, the dismantling and demolition of facilities at Lavrio TPP (Units I-II-III) is also planned.
The operating expenses (OpEx) included in the corresponding forecasts for the years 2021 - 2024, relating to the
restoration of production units and mines, are presented below:

• €238.5 million for the restoration expenses for electricity generation units
• €359.9 million for the restoration expenses for mines

The corresponding expenses that have been incurred and used for the reduction of the related forecasts for the years
2021 - 2024 are presented in the table below:

Table E1, 32: Restoration expenses for 2021-2024
Expenses
(in thousand €)
2021
2022
2023
2024
31

2021-2024
Restoration expenses for
electricity generation
units
234
5,778
8,774
6,138
20,924
Restoration expenses for
mines
10,543
21,007
23,025
53,810
108,385
Total
10,777
26,785
31,799
59,948
129,309
o
The major CapEx and OpEx to implement the abovemetioned key actions regarding the conversion of fossil fuel oil
powered plants to natural gas for electricity generation (spent and planned) is related to EU Taxonomy-eligible activity
4.29 planned to align in future reporting cycles.
2. Enhancement of Renewable Energy Sources (RES) portfolio
The installed capacity in Renewable Energy Sources (RES) increased from 4.6 GW in 2023 to 5.5 GW on 31.12.2024,
contributing towards meeting the 11.8 GW target in 2027. Currently, around 81% of the installed capacity target for
2027 is already operational or in the “under construction” or “ready to build” stages. RES generation stands at 6.2 TWh
at the end of 2024, representing 29% of PPC’s total generation. Regarding power grids, 2024 has witnessed a
normalization in the integration of renewable energy stations, particularly in Greece, following significant growth in
previous years. Actions in 2024 include the following:



31

Estimation. Refers to non-published data.

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Photovoltaic stations
• The addition of a new photovoltaic power plant with an installed capacity of 80 MW at the Akrini site in the Kozani
Regional Unit marks a significant step in the organic expansion of the Group's RES portfolio. This development is
strategically located on the Group's former lignite mine sites in Ptolemaida area. Leveraging the region's substantial
solar potential, the power plant is projected to generate approximately 127 GWh annually. Upon becoming
operational, it is anticipated to prevent the emission of 73,500 tonnes of CO
2
each year. The capital expenditures
(CapEx) for the project in 2024 amounted to €23.28 million. Alongside the "Akrini" project, the portfolio features
the flagship photovoltaic initiative "Oricheio PPC Ptolemaida," which boasts a capacity of 550 MW and ranks among
the largest photovoltaic projects in Europe. The capital expenditures (CapEx) for the project in 2024 reached an
impressive €127,80 million.
• Electrification of the “Pteleonas 1”, “Pteleonas 2”, “Charavgi 1” and “Charavgi 5” photovoltaic plants, which are
wholly owned by SOLARLAB S.M.S.A., a subsidiary of PPC Renewables S.M.S.A. and mark a combined capacity of
94 MW, was completed in 2024. These plants feature horizontal single-axis trackers and bifacial PV modules. The
project also included the extension of the “Charavgy” 150kV substation. The construction works, which began in
September 2022 in the Municipalities of Eordea and Kozani, were completed in the fourth quarter of 2023. The
total budget for this project was €64 million. The capital expenditures (CapEx) for the aforementioned projects in
2024 amounted to €8.41 million.
• Signing of the engineering, procurement, and construction (EPC) contract for the first phase of the new
photovoltaic plant at Katarrachia and Tripotamos, with a capacity of 125 MW and a total budget of €62 million,
took place in June 2024. This plant, featuring a fixed mounting system, is planned to be installed in the Municipality
of Megalopoli, at the Peloponnese Regional Unit, specifically in the location "Orycheio Megalopoli," which has a
total capacity of 490 MW. Regarding the new PV Station of second phase at the location "Orycheio Megalopoli"
with a capacity of additional 125 MW, with fixed mounting system, which is going to be installed in the same area,
the contract is expected to be signed within the first trimester of 2025. The capital expenditures (CapEx) for the
project in 2024 amounted to €10.80 million.
• Partnership with Intrakat, Ameresco, and RES Invest, to develop a 171 MW solar park at the Western Macedonia
Lignite Center in Kozani. The consortium of companies “Intrakat – Ameresco – RES INVEST PV 171MW”, in which
the Intrakat group is the leader and participates with a percentage of 45%, signed with the Company Spartakos
Energy (100% subsidiary of PPC Renewables S.M.S.A) a contract for the construction of a 171 MW photovoltaic
project in the Lignite Center of Western Macedonia. The initiative involves the development of three photovoltaic
installations utilizing bifacial panels at the "Exochi 7" (80 MW), "Exochi 8" (75 MW), and "Kardia 1" (16 MW) sites.
These installations will connect to existing high-voltage substations in the region. Scheduled for completion in 2025,
the project is expected to provide energy to approximately 70,000 households and reduce CO
2
emissions by about
68,000 tonnes annually. The capital expenditures (CapEx) for the aforementioned projects in 2024 amounted to
€45.67 million. This photovoltaic park is part of a broader 1,200 MWp initiative in the Ptolemaida region,
encompassing both completed and ongoing projects.
The Group has additional photovoltaic projects, either in operation or under development, for which it recognized
capital expenditures (CapEx) of €7.92 million in 2024.

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Wind parks
• Expansion of the renewable energy portfolio with the addition of 40 MW of new wind farms in Western Macedonia.
The Koukouli-Grivas wind park, located in Siatista, Municipality of Voio, Kozani Regional Unit, is a project of PPC
Renewables S.M.S.A.'s wholly-owned subsidiary, "Aioliko Parko Koukouli S.M.S.A.", has a capacity of 13.5 MW and
comprises three wind turbines (4.5 MW each). The park was commissioned in March 2024 and the annual
production is estimated at 30 GWh, which translates to an estimated avoidance of 22,000 tons of CO
2
emissions
annually. The capital expenditures (CapEx) of €1.59 million in 2024. Moreover, construction work for the Dukas
Wind Farm, a wholly-owned subsidiary of PPC Renewables S.M.S.A, with a capacity of 26 MW and a total budget
of €31.6 million, located in the "Dukas" area of the Municipal Units of Ag. Anargyroi, Kleisoura, and Lechovo in the
Municipalities of Kastoria and Amyntaio, Kozani and Florina Regional Units. The capital expenditures (CapEx) for
this project in 2024 amounted to €4.85 million.
• Construction works for the Karkaros Wind Park, by PPC Renewables,S.M.S.A “ALTERNATIVE POWER & ENERGY
ALPENER SINGLE MEMBER S.A.” started in January 2024. Thw wind park’s capacity is 36.4 MW and the total budget
rises to €45.5 million. The park is located in the “Karkaros” location of the Municipality of Delfi of the Fokis
prefecture while construction works, and electrification are expected to be completed in 2025. The capital
expenditures (CapEx) for the project in 2024 amounted to €24.97 million.
• Initiation of the construction phase of three new wind parks in Greece, with a total capacity of approximately 103
MW. The wind parks will be constructed in Rhodope, Phocis, and Argolida
32
and will be equipped with 19 type
N149/5.X wind turbines from Nordex. Upon completion, that is anticipated within the first half of 2026, the annual
generation of the three parks is projected to exceed 280 GWh, thus leading to the avoidance of more than 142,000
tonnes of CO₂ being emitted in the atmosphere. More specifically:
o In October 2024, the engineering, procurement, and construction (EPC) contract for the construction of a
wind power plant with a maximum installed capacity of 32 MW in the Timenio Oros location of Arcadia and
Argolis prefectures was signed. As part of the project, the road and electrical interconnection projects of the
plant with the National Electricity Transmission System and the construction of a new substation 33/150kV
Timenio Oros were signed. Construction is expected to commence within the first quarter of 2025. The capital
expenditures (CapEx) for the project in 2024 amounted to €13.13 million.
o The supply and installation agreement for the wind park with a total nominal power of 11 MW in Livadaki
location of the Municipality of Dorida, of the prefecture of Fokida (Company LIVADOR in which PPC
Renewables S.M.S.A. participates with 49% percentage), was signed in December 2024
33
.
o Two Balance of Plant (BoP) contracts were signed in December 2024 regarding the new wind park with a total
nominal power of 60 MW in the locations of Gerakas (15 MW) and Milia-Kapetanios-Livadokorfi (45 MW) of
Rodopi. The first BoP Contract includes the infrastructure works of the Wind Park, the connection of the park
to the New 33/150 kV Organi Substation and the construction of a high voltage transmission line to connect
the Organi Substation to the ultra-high voltage center in Nea Santa in the Rodopi Regional Unit. The other BoP
Contract includes all works related to the supply, installation and commissioning of the new 150/33 kV
outdoor type substation in Organi location of the Rodopi prefecture, the new cable section of the 150 kV
transmission line as well as the expansion works of the existing ultra-high voltage center in Nea Santa. A supply
and installation agreement for 11 wind turbines for the wind park was also signed in the same month. The
capital expenditures (CapEx) for the wind farm in 2024 amounted to €14.21 million.
32
Karkaros, Timenio, and Livadaki in Central Greece and the Peloponnese (Arcadia) region, will collectively add 79.4 ΜW to the
portfolio.
33
Livadaki Wind Park is in RTB phase.

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The Group has additional wind projects, including offshore wind project, either in operation or under development, for
which it recognized capital expenditures (CapEx) of €2 million in 2024.
Hybrid Projects
• Construction of the hybrid project in Astypalaia in the South Aegean Region has begun. The hybrid station consists
of a photovoltaic park with a maximum production capacity of 3.531 MW at Marmari and batteries with a storage
capacity of at least 10.16 MWh and a maximum charging power of at least 5.5 MW at Paliomylos. It is noted that
this should be the first commercial hybrid photovoltaic and battery energy storage systems (BESS) project grid
connection offer in Greece. The contract for the supply of BESS equipment was signed in December 2024, and
construction is expected to begin in the first trimester of 2025.
The capital expenditures (CapEx) for the hybrid project in Astypalaia in 2024 amounted to €761,000, while the Group
recognized additional CapEx of €258,000 for the hybrid project in Ikaria.
Battery Energy Storage Systems (BESS)
• Preparations for the signing of a contract for a battery energy storage systems station (BESS) project with a
guaranteed capacity of 100 MWh and maximum incoming and outgoing power of 50 MW. The BESS, consisting of
accumulators, will be located in the “Ptolemaida 4” area, within the Municipal Unit of Dimitrios Ypsilantis,
Municipality of Kozani, in Western Macedonia. The project encompasses the BESS Supply Agreement and the
Balance of Plant (BoP) contract, which are anticipated to be signed in the first quarter of 2025.
• Planning for commencement of a BESS project with a guaranteed capacity of 96 MWh and a maximum incoming
and outgoing power of 48 MW. The system will use accumulators and will be located at the “Meliti 1” site in the
Municipal Unit of Melitis, within the Municipality of Florina, in the Florina Prefecture, in Western Macedonia. The
project involves the BESS Supply Agreement and the Balance of Plant (BoP) contract. Both contracts are expected
to be signed in the first quarter of 2025. The BESS will be connected to the new Melitis II High Voltage Substation.
Construction work for the installation of a new 400/33/33kV transformer, along with connection and extension
activities to the existing Melitis Substation, is already underway under a separate contract.
The capital expenditures (CapEx) for the two aforementioned projects in 2024 amounted to €162,000. Additionally, the
Group has other energy storage projects under development, for which it recognized capital expenditures (CapEx) of
€21,000 in 2024.
Research, development and exploitation of geothermal potential
• Lease of research and management rights of the geothermal potential of four public mining sites from the Greek
State. The sites include a) Milos-Kimolos-Polyaigos, b) Nisyros, c) Lesvos and d) Methana. In agreement with the
associate Company GEOTHERMAL TARGET II S.A., which took on the development of geothermal power plants in
the aforementioned areas, the development program has progressed. In 2024, geophysical surveys were
completed in the field of Lesvos, and design studies were conducted for the construction of a small geothermal
power plant. The Environmental Impact Assessment (EIA) for conducting exploratory drilling in Milos has been
submitted for approval, with tenders for construction expected to be announced within the first half of 2025. At
the same time, contracts have been signed with consulting firms to evaluate the research results and investigate
the most suitable locations for initial deep geothermal exploratory drilling in the other three areas, with the aim
of subsequently utilizing the geothermal potential productively.

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The total capital expenditures (CapEx) for the Group's geothermal projects in 2024 amounted to €770,000, originating
from the geothermal projects in Lesvos (€545,000), Milos (€174,000), and Nisyros (€51,000).
Partnerships for the joint development of RES portfolios
• Initiation of construction of one additional photovoltaic project with 450 MWp MWac in Western Macedonia from
the joint venture Company Meton Energy S.A. in which PPC Renewables S.M.S.A. and RWE Renewables Europe and
Australia participate with 49% and 51%, respectively. The construction is expected for completion in 2025 while
the total investment is planned to reach approximately €250 million. Among the eight additional photovoltaic
projects with a total installed capacity of 486 MWp which were under construction in 2024, 315 MWp have already
been successfully completed.
• Partnership with METLEN Energy & Metals to develop a portfolio of energy projects up to 2,000 MW across four
countries including Italy, Bulgaria, Croatia, and Romania. This partnership involves over 50 solar projects at various
development stages, with a three-year implementation plan. Under the framework agreement, METLEN Energy &
Metals will handle the development and construction, and PPC Group will acquire each project upon completion.
The agreement is valued at €2 billion, with the potential for extension within the participating countries.
Specifically, METLEN holds photovoltaic projects in Italy (503 MW), Romania (516 MW), Bulgaria (500 MW), and
Croatia (445 MW). This collaboration marks a significant step for Greek companies in the region and supports
Europe's energy transition by eliminating 3.4 million tonnes of CO
2
emissions, covering the needs of 320,000
households.
• Operational commencement of two new PV photovoltaic plants with a total installed capacity of 32 MW in central
and south Italy. For the construction of the new photovoltaic plants, over 55,000 bifacial photovoltaic panels were
utilized. The estimated annual energy generation of the two plants is projected to exceed 60 GWh annually, which
is sufficient to meet the energy needs of approximately 15,000 households. The operation of the two parks will
prevent the emission of about 37,200 tonnes of CO₂.
• Completion of the final sale purchase agreements and the final shareholder agreements between PPC Renewables
S.M.S.A.and Intrakat Group. The collaboration aims to jointly develop a RES portfolio with a total capacity of up to
2.7 GW. As part of this agreement, Intrakat Group
34
has transferred to PPC Renewables S.M.S.A. six RES projects
(wind parks)
35
, both operational and under development, with an approximate total capacity of 164 MW. PPC
Renewables S.M.S.A has acquired a 49% stake in the holding companies of Intrakat Group, which own a portfolio
of projects under development with a total capacity of 1.6 GW. Furthermore, the agreement allows for potential
expansion to incorporate additional battery storage projects under specific conditions. The transaction reflects an
Enterprise Value of €100 million for PPC Renewables S.M.S.A’ stake in the projects.
34
The corporate name of "INTRAKAT SOCIETE ANONYME OF TECHNICAL AND ENERGY PROJECTS", referred as “Intrakat Group” changed
within 2024 to “Aktor Société Anonyme Holding Company Technical and Energy Projects” with the distinctive title of "Aktor Group of
Companies".
35
These include the operating wind park “Fragaki” with a capacity of 15 MW, the 5MW wind farm “Kastri” and the projects “Zigourolivado”,
“Timenio”, “Kakodiavato” and “Karkaros” with a total capacity of 144 MW which are currently under construction and RTB.

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• Conclusion of an Agreement – Collaboration Framework with the Copelouzos and Samaras Groups for the
acquisition of a RES portfolio. This portfolio comprises 66.6 MW currently in operation and projects of
approximately 1.7 GW under development. Notably, the portfolio includes 1,050 MW of wind projects. The projects
will be jointly developed in collaboration with Copelouzos and Samaras groups. The acquisition included a 20%
share in the Ilekrtoparagogi Alexandroupolis S.A., which develops a combined cycle gas turbine (CCGT) unit of 840
MW. PPC Froupl already holds a majority stake (51%) of the unit. The 66.6 MW in operation acquired by PPC Group
comprises two wind parks with a total installed capacity of 43.3 MW, which became operational in South Evia and
Lakonia, two areas with high wind potential. Additionally, the portfolio includes PV parks with a total installed
capacity of 23.3 MW in operation. The total consideration for the portfolio amounts to an Enterprise Value of €111
million. Additionally, PPC Group is planning to acquire a pipeline of RES projects under development with a total
capacity of approximately 1.7 GW in various licensing stages across Greece for a consideration of €106 million. is
further developing these projects in collaboration with Copelouzos and Samaras Groups.
• Signing of the contract for the acquisition of a minority stake in a Company by PPC Renewables S.M.S.A. took place
in November 2024. The Company is developing a wind farm with a total installed capacity of 38.4 MW in Rhodope.
International agreements for the acquisition of RES assets
• Acquisition of Evryo Group's 629 MW RES Romanian portfolio comprising of 600MW of operational onshore wind,
22 MW of hydro, 1 MW of solar PV, and 6MW of battery storage. Additionally, the portfolio includes 145 MW of
projects under development. Upon completion of the agreement, the renewable energy portfolio in Romania will
have doubled, and the total installed capacity of the PPC Group will have reached 5.5 GW as of 31.12.2024. The
transaction corresponds to an enterprise value of approximately €700 million.
• Completion of the acquisition of the European subsidiaries of Lukoil Group, of 100% stake in Land Power S.R.L. The
wind park in Romania boasts a total installed capacity of 84 MW and is strategically located in Dorobantu and
Topolog, regions renowned for having the optimal wind conditions in Romania. The facility generates over 200
GWh annually. The transaction was executed through a competitive bidding process that attracted participation
from international companies, during which PPC Renewables S.M.S.A. emerged as the preferred bidder.
• Commencement of the construction of a new 140 MW wind farm in Eastern Romania, located in Deleni, Vaslui
Province. The development features 23 GE Vernova wind turbines, each with a nominal capacity of 6.1 MW and is
expected to be completed in 2026. Leveraging the abundant wind resources of Eastern Romania, the facility is
projected to generate an estimated annual production 370 GWh, which is sufficient to meet the needs of
approximately 62,000 households. Once operational, the new station is anticipated to prevent CO
2
emissions of
approximately 215,000 tonnes annually. PPC Renewables operates in Romania an existing portfolio of more than
1,300 MW. Upon completion, the total installed capacity of the PPC Group in the country will reach approximately
1,476 ΜW (including Evryo). The Group is strategically positioning to lead Romania’s energy transformation,
increasing the total installed capacity in the country, to more than 2 GW by the end of 2027. The “Prowind” wind
power project in Romania in 2024 involved a total capital expenditure (CapEx) of approximately €35,459,197 (RON
176,473,357) and an operational expenditure (OpEx) of approximately €362,460 (RON 1,803,895). The investment
covered construction authorization fees, detailed design services, Balance of Plant (BOP) works, advance
payments for wind turbine reservations, and essential infrastructure development, including roads, platforms,
wind turbine generator foundations.

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• Acquisition of 100% of one wind park in operation with a total installed capacity of 18MW, located in the northeast
of Bulgaria via its subsidiary PPC Bulgaria EAD in September 2024. Moreover, the acquisition of 100% of an under
development solar project with a total installed capacity of 165MW, located in central Bulgaria was completed. The
project is under construction and is co-developed with a BESS project of a total capacity of 25MW.
Further investments and initiatives
• Expansion of renewable energy infrastructure by PPC Renewables in Romania includes significant additions across
wind, solar, and battery energy storage systems (BESS) over the next two years. In 2025, wind power is set to add
140 MW by 2026, totaling 224 MW, which is estimated to avoid approximately 500,000 tonnes of CO
2
emissions
annually. Solar power is expected to make an even larger contribution, with 403 MW in 2025 and 569 MW in 2026,
reaching a total of 972 MW and an estimated avoidance of around 1,700,000 tonnes of CO
2
emissions each year.
Additionally, BESS expansion is planned to enhance energy storage capacity by adding 89 MW in 2025 and 70 MW
in 2026, summing up to 159 MW, with an associated avoidance of about 50,000 tonnes of CO
2
emissions annually.
• Implementation of the grant project of HEDNO S.A. “Installed capacity increase in HEDNO S.A. s’ HV/MV substations
for new RES connection based on the National Energy and Climate Plan (NECP) goals”. Scheduled for completion in
2025, the initiative addresses network congestion and facilitates the integration of upcoming renewable projects.
The project involves the installation of new high voltage/medium voltage transformers and the replacement
of older units to increase system capacity by 725 MVA in HEDNO S.A.'s substations. This upgrade is crucial for
advancing Greece's green transition targets by enabling greater energy generation from renewable sources,
thereby reducing CO
2
emissions and contributing to a net-zero carbon economy. The total budget of the project is
€37.2 million, with €12 million public expenditure.
• Installation of photovoltaic panels for both commercial and residential clients of PPC Advanced Energy Services.
With the successful completion of 368 projects, the installations achieved an approximate total capacity of 1,700
kW, generating revenue of around €2 million. In the business-to-business (B2B) sector, PPC Advanced Energy
Services achieved a total installed capacity of 5.79 MW (COD) with project costs amounting to €4.6 million, while
providing Operations & Maintenance (O&M) services for 3 MW at a cost of €52,000. Furthermore, in the business-
to-government (B2G) sector, the Company completed 81 projects, installing 32,273 LED lighting units and
generating revenue of €10.7 million. Additionally, PPC Advanced Energy Services emphasized the importance of
regular maintenance by offering services designed to ensure the efficient operation of equipment, thereby
reducing energy consumption over time.
• Enhancement of Retele Electrice’s electrical infrastructure with the installment of photovoltaic panels and storage
batteries at three transformer stations—Filaret, Obor, and Arcuda—and a combined investment of €561,181. These
installations include a total of 916 panels with nominal power capacities of 259.6 kWp at Filaret, 202.92 kWp at
Obor, and 50.16 kWp at Arcuda. In 2025, the Nord station will also receive a €250,000 installation comprising 356
panels with a nominal power of 202.92 kWp.
The major CapEx and OpEx to implement the above key actions (spent and planned) is related to EU Taxonomy
aligned activities 4.1, 4.3, 4.5, 4.9, 7.6 and activity 4.10 planned to align in future reporting cycles.

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3. Electricity grid modernization
In 2024, the focus on electrical grid modernization has been a pivotal element in enhancing the efficiency and reliability of
power distribution in Greece and Romania, supporting the transition to a more sustainable energy system. Smart meters
adoption surged, with Greece achieving a penetration rate increase from around 10% in 2023 to approximately 13% in 2024.
Romania saw a more substantial increase from nearly 48% to about 55%. Moreover, in Greece, the share of energy
measured via smart meters rose from roughly 44% in 2023 to 49% in 2024, reflecting the increased reliance on advanced
metering infrastructure (AMI) for more efficient energy distribution
36
. Overall, advancements led to a notable improvement
in reliability with a decrease in SAIFI in both countries. More specifically, actions included:
• Implementation of the grant project of HEDNO S.A. “HEDNO overhead network upgrading in forest areas”. The
project aims to enhance the infrastructure resilience, eliminate environmental impacts and improve network
reliability. The investment focuses on the undergrounding of electricity distribution networks, thereby enhancing
the network reliability. By replacing overhead lines with underground networks, the project is expected to protect
the regional flora and fauna, improve network resilience to natural disasters and reduce the maintenance costs
associated with existing overhead networks. The total budget of the project is €149.8 million, with €40 million
public expenditure and project completion year in 2026.
• Implementation of the grant project " HEDNO network upgrades aiming at enhancing resilience and protecting the
environment ". The project aims to enhance infrastructure resilience and eliminate environmental impacts.
Specifically, the investment focuses on the undergrounding and rerouting of electricity distribution networks in
culturally and touristically significant communities and urban areas, particularly those vulnerable to natural
disasters. By replacing overhead lines with underground systems, the project is expected to improve network
reliability, reduce environmental impacts on biodiversity. Scheduled for completion in 2026, the project has an
estimated total cost of approximately €199.3 million, with nearly €60 million funded by public expenditure.
• Grounding of overhead networks of medium (nominal operating voltage 20,000V) and low voltage (nominal
operating voltage 400V) within the administrative boundaries of the Municipality of Penteli and neighboring
municipalities. The initiative encompasses the medium voltage (MV) network and extends to the mixed MV and
low voltage (LV) networks. The project also includes the undergrounding of the LV network in the municipal
communities of Melissia and Nea Penteli. Transitioning to underground networks provides substantial advantages
over traditional overhead systems, as underground networks demonstrate greater resilience to extreme weather
conditions, wildfires, and vehicular accidents. Additionally, underground networks eliminate the risk of direct
contact with power lines by humans and animals. This transition significantly reduces the likelihood of damage,
thereby enhancing the reliability and quality of electricity supply. The total budget of HEDNO S.A. project is €19.5
million (the total budget of the project is €28.6 million, including also sub-projects of the Municipality of Penteli)
with €10 million public expenditure and project completion year in 2026.
• Physical reinforcement and network strengthening efforts with HEDNO S.A. selectively undergrounding medium
voltage (MV) lines and replacing both overhead and underground substations with compact versions to minimize
damage from natural phenomena. Concurrently, plans were set to gradually replace bare conductors in overhead
networks with twisted cables, targeting high-risk areas such as forested and coastal zones. Additionally, the
network is being reinforced with new materials, such as synthetic insulators in overhead networks. Medium-term
actions -planned within the next three years- include updating cable specifications, either by improving their
resistance limit to 50°C or redefining their maximum allowable load limit.
36
For HEDNO S.A. data refers to financial year 2024.

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172

• Technological measures for the enhancement of HEDNO S.A.'s network and the improvement of system operation
monitoring and control. HEDNO S.A. has installed a total of approximately 760,000 smart meters (of which around
240,000 were installed in 2024)connected to the Advanced Metering Infrastructure (AMI). The Geographic
Information System (GIS) was utilized to create digital maps of medium and low voltage networks, ensuring precise
geospatial information and aiding in risk management. Automation was extended to substations, where
supervisory control and data acquisition (SCADA) systems were implemented for constant operational monitoring.
These substations were equipped with sensors, remotely controlled components, and cutting-edge technologies,
such as the Internet of Things (IoT) and remote terminal units (RTUs), enabling prompt fault detection and swift
restoration. This enhancement augmented the network's intelligence and established alternative communication
pathways for monitoring network status during extreme events.

• Implementation of operational readiness programs from HEDNO S.A., including the "THESEUS" exercise was
conducted in October 2024. Additionally, crisis management plans have been developed in accordance with ISO
22301 standard for business continuity management systems and ISO 22361 standard for crisis management to
ensure operational continuity during emergency situations.

• Procurement of materials by HEDNO S.A. for the modernization of the electric power distribution network. The
initiative included electric and hybrid vehicles, two-wheelers, chargers, smart meters, load switches, automatic
reclosers, and remote terminal units (RTUs).

• Undertaking of 57 electrical network modernization projects in 2024 by Retele Electrice, which led to significantly
reducing technological own consumption across the regions of Muntenia, Banat, and Dobrogea. The total
investment for these projects amounts to €23,889,599. The modernization efforts primarily targeted medium
voltage and low voltage electrical networks. Key activities included the replacement of insulation, conductors, and
connections, as well as increasing the capacity of distribution networks and upgrading transformer stations with
low-loss transformers. These enhancements aimed to improve network resilience and reliability while minimizing
environmental impact in the face of climate change challenges such as extreme temperatures, strong winds, and
heavy precipitation. Notable projects include the modernization networks on Scarlatescu Street and Caracas Street
in Muntenia (€2.65 million), the enhancement of electricity supply security for consumers in the northern area of
Timișoara and surrounding towns (€3.22 million), and the reduction of technological own consumption in the
Dobrogea region through low voltage network upgrades and connection restorations (€2 million).

• Advancement of smart metering systems by Retele Electrice through the replacement of over 180,000 traditional meters
with smart meters at a cost of €13,561,162. Looking ahead, the Company has planned investments totaling €61,008,210
for smart metering initiatives from 2025 to 2029. Moreover, from 2025 to 2030, Retele Electrice is implementingseven
grant projects under the Modernization Fund aimed at reducing technological own consumption. These projects
represent a total capital expenditure of approximately €125 million, with €94 million covered by non-reimbursable
European Union funds. The initiatives are expected to achieve a reduction in technological own consumption by an
estimated 4,546.82 MWh/year. The project in Timișoara, located in the Banat region, entails the transition to 20 kV
distribution networks powered by the 110/20/10 kV Cetate and Fratelia substations. Valued at €4,043,434, this initiative
will include the installation of modernized 20 kV LES lines connecting the substations to the transformer stations. The
primary objective is to achieve a 50% reduction in the annual technological own consumption for the medium voltage
Transformer Station Cetate/Fratelia network, decreasing it from 555 MWh/year to 278 MWh/year. This reduction will
also lead to a decrease in CO
2
emissions, from 183 tonnes/year to approximately 92.4 tonnes/year.

The major CapEx and OpEx to implement the above key actions (spent and planned) is related to EU Taxonomy-aligned
activities 4.9 and 7.5.


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173
4. Electrification
o
• Upgrade of PPC Blue's network in Greece which involved the installation of 522 charging points, including 53 fast-
charging and 40 ultra-fast charging points, with the network accounting a total of 2,537 charging points across 674
locations by the end of 2024. The Company further enhanced infrastructure by initiating the deployment of new 360kW
ultra-fast chargers, the most powerful chargers currently in its network. Additionally, with European funding secured
through the Connecting Europe Facility (CEF) in 2023, the largest phase of expanding the high-power direct current
(HPDC) public charging network across 13 nationwide areas was completed in 2024. This project is expected to be
completed by early 2026.
• Operation of approximately 550 charging points across 85 localities in Romania, with a total installed capacity of over
14,000 kW, further supporting the national transition to electrification and the adoption of electric vehicles. PPC blue
Romania installed a total of 87 charging stations, including seven at public institutions, thereby supporting the
electrification of public infrastructure. Furthermore, the Company sold 228 charging stations, with 124 going to public
institutions, broadening the reach of EV infrastructure and ensuring accessibility for various stakeholders. To ensure the
efficiency and reliability of the charging network, the system was upgraded by replacing 13 older stations with newer
models. The certificate on GHG emissions reduction issued by the Eco-Rom Ambalaje platform recognized the
Company's efforts in reducing greenhouse gas emissions by 0.247 tonnes CO
2
eq through the recycling and recovery of
packaging.
• Collaboration with Daikin and LG for the installation of 1,104 new air-to-water heat pumps in 2024. PPC customers were
rewarded with €300 to €500 per pump on their electricity bills. The total reward from PPC Group amounted to €331,200
while it is estimated that the installation of these pumps will reduce annual CO
2
production by 2,207
37
tonnes. By 2027,
it is projected that PPC Group will have participated in the installation of 2,700
38
heat pumps, saving 5,400 tonnes of
CO
2
emissions.
• Electrification of the vehicle fleet with HEDNO S.A. constructing 130 charging stations within own facilities to
accommodate its fleet. Moreover, Kotsovolos reported a 3% increase in the provision of electric and hybrid vehicles to
employees compared to 2023, which represents 26% of the total fleet of vehicles allocated to employees for the year
2024.
The major CapEx and OpEx to implement the above key actions (spent and planned) is related to EU Taxonomy-aligned
activities 6.15, 7.4, 7.3 and 7.6
39
.
Offices and stores energy management and efficiency
The Group is dedicated to reducing carbon footprint by strategically enhancing energy efficiency across all entities’ buildings and
facilities. To achieve this goal, the Parent Company and the subsidiaries are seeking certifications in accordance with the ISO
50001:2018 standard for energy management systems and ISO 14001:2015 standard for environmental management systems
(EMS). Employees receive training to effectively conduct energy audits while seminars for Environmental Management Systems
(EMS) are organized. Moreover, the Parent Company and individual subsidiaries undertake energy upgrades in buildings through
a combination of technical and managerial interventions, such as installing photovoltaic systems and implementing building
insulation measures. The Group intends to invest in both new and existing buildings, focusing on sustainability and energy
efficiency as property leases required for operational needs will pursue international certifications, such as LEED and WELL.
37
The calculation was based on the following assumptions and data: The heat pump was installed in a 100 sq.m. apartment in
Attica, built before 2000. The use of the pump serves home heating and hot water. The CO
2
production factor is derived from PPC's
energy mix for the year 2022.
38
Assuming that PPC will participate in the installation of approximately 900 pumps per year. The years 2025, 2026, and 2027 were
taken into account.
39
The figures do not include Kotsovolos electric fleet.

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174
To this end, technical and/or managerial interventions are implemented where feasible, based on the characteristics of the
buildings. Interventions include:
Table E1, 33: Actions regarding offices and stores energy management and efficiency
Technical Measures
Management-level Interventions
• Installing photovoltaic systems with net
metering for produced and consumed electricity.
• Adding thermal insulation to building envelopes
and protection from solar radiation.
• Upgrading electromechanical installations and
replacing energy-intensive installed equipment
with new, more energy-efficient alternatives.
• Adjustment of equipment in buildings to ensure it
operates effectively according to their specific
operational profiles.
• Scheduling and optimizing building operating
conditions through the use of installed Building
Management Systems (BMS).
• Informing and raising awareness among building
users about proper energy behavior.
As part of the commitment to sustainability and energy efficiency, Kotsovolos implemented several actions in 2024 to also raise
awareness on climate change issues. Lighting sensors were installed in all stores with an expenditure of €20,298. Additionally, the
Company replaced 29 old technology air conditioners with new, modern units with an expenditure of €80,449. Furthermore,
Kotsovolos conducted comprehensive training sessions for all employees, focusing on the intricacies of energy consumption.
These sessions provided employees with detailed guidelines on the optimal utilization of energy systems within the stores, aiming
to foster deeper understanding and promote energy efficiency. Kotsovolos is also planning a systematic and progressive
deployment of the Building Management System (BMS) across all facilities to enhance operational management and efficiency.
The outcomes of the actions for climate change mitigation have yielded the performance results, as elaborated in the subsequent
section. Moreover, the Group is expected to reduce its GHG emissions from power generation by 19.2 million tons of CO
2
by 2027,
compared to 2019.

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175
Targets
[E1-4]
Greenhouse Gas (GHG) reduction targets
As part of the commitment to addressing climate change, PPC Group has set ambitious GHG emission reduction targets in
alignment with the Science Based Targets initiative (SBTi). The Group is committed to achieving net-zero GHG emissions across
the value chain by 2040. This includes substantial reductions in scope 1, 2, and 3 GHG by 2030 (near-term targets) and by 2040
(long-term targets).
PPC Group’s emission reduction targets were established using rigorous methodologies in line with the SBTi and based on the
GHG Protocol standards, incorporating comprehensive data from 2021 as the base year. The targets are aligned with the target of
limiting global warming to 1.5°C consistent with the Paris Agreement and exceed the EU policy timelines, reflecting national, EU,
and international climate objectives such as the EU Green Deal and UN Sustainable Development Goals (UN SDGs). For the
formulation of the targets, the perspectives of relevant stakeholders have been incorporated through consultations with local
communities, particularly in the context of the lignite phase-out. Furthermore, PPC Group plays an active role in the Just
Development Transition Plan, with the CEO of PPC serving on the coordination committee. As part of the approved "Just
Development Transition Plan", consultation rounds were conducted, involving participants from local communities and
governmental bodies.
Overall Net-Zero target: PPC Group commits to reach net-zero GHG emissions across the value chain by 2040.
Specifically, PPC Group has established three short-term and three long-term goals, for each time horizon including two intensity
targets and one absolute target. These goals - recently validated by the SBTi - remain unchanged and are detailed in the tables
below.
Near-term targets
The three near-term targets include two intensity targets and one absolute target and are presented below:
Table E1, 34: Near-term SBTi targets with 2021 as base year
Target
Type
Unit
Base year value
2021
Target year value
2030
PPC Group commits to reduce
scope 1 and 2 GHG emissions
73.7% per MWh generated by
2030 from a 2021 base year.
Intensity
tCO
2
e / MWh
generated
0.620
0.163
PPC Group also commits to
reduce scope 1 and scope
3/Category 3 GHG emissions
from fuel and energy related
activities covering all sold
electricity 73.7% per MWh sold
by 2030 from a 2021 base year.
Intensity
tCO
2
e / MWh
sold
0.573
0.150
PPC Group finally commits to
reduce all other absolute scope 3
GHG emissions 42% by 2030
from a 2021 base year.
Absolute
tCO
2
e
~364,000
~211,000

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176


Long-term targets
Similarly, the three long-term targets include two intensity targets and one absolute target and are summarized below:
Table E1, 35: Long-term SBTi targets with 2021 as base year
Target
Type
Unit
Base year value
2021
Target year value
2040
PPC Group commits to reduce scope
1 and 2 GHG emissions 98.6% per
MWh generated by 2040 from a
2021 base year.
Intensity
tCO
2
e / MWh
generated
0.620
0.0091
PPC Group also commits to reduce
scope 1 and scope 3/category 3 GHG
emissions from fuel and energy
related activities covering all sold
electricity 98.4% per MWh sold by
2040 from a 2021 base year
Intensity
tCO
2
e / MWh
sold
0.573
0.0091
PPC Group finally commits to reduce
all other absolute scope 3 GHG
emissions 90% by 2040 from a 2021
base year.
Absolute
tCO
2
e
~364,000
~36,400
All GHGs have been examined: CO
2
, CH
4
, N
2
O, HFCs, PFCs, SF
6
, and NF
3
and those related to the Group's activities or that can be
detected using the relevant equipment in use are included in the in the target boundary. Additionally, these targets exclude GHG
removals or carbon offset credits.
All targets have been evaluated according to the SBTi’s quantitative and qualitative criteria, as well as the Criteria Assessment
Indicators. PPC Group selected operational control as the consolidation approach, ensuring that all relevant operations of the
parent Company and of subsidiaries are included within the inventory boundary. Both near-term and long-term targets were
modeled using the most recent methods and tools approved by SBTi. PPC Group will assess and, if needed, recalculate and
revalidate the targets in accordance with the GHG emissions recalculation policy and target recalculation guidelines. Regarding
the GHG emissions, the Group has established a 5% significance threshold for recalculation within the GHG Inventory.
In line with the SBTi criteria, the following changes will trigger a target recalculation:
• Scope 3 GHG emissions reaching 40% or more of the total aggregated scope 1, 2, and 3 emissions.
• Significant changes in the GHG emissions of exclusions within the GHG inventory or target boundary.
• Major changes in Company structure and activities, such as acquisitions, divestitures, mergers, insourcing or
outsourcing, and shifts in goods or service offerings.


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177
• Significant adjustments to the base year GHG inventory or changes in data used to set targets, such as growth
projections (i.e., discovery of significant errors or a number of cumulative errors that are collectively significant).
• Other significant changes to projections or assumptions used in setting the science-based targets.
The Group has committed to publicly report information pertaining to progress against validated targets, including separately
reporting GHG emissions and removals in the annual GHG Inventory, as specified by the SBTi Criteria.
The scope of the targets includes the activities of the following companies: PPC S.A., HEDNO S.A., PPC Renewables S.M.S.A., PPC
Bulgaria JSCo 5, PPC Elektrik Tedarik ve Ticaret Anonim Şirket, PPC Albania Sh.A. and EDS AD Skopje. Consequently, the targets are
relevant to the business operations of the Group across Greece, Bulgaria, Turkey, Albania, North Macedonia, Slovakia, Serbia, and
Kosovo. Furthermore, the targets encompass all direct and indirect GHG emissions (scope 1, 2, and 3), with the exception of GHG
emissions associated with land use and land-use change (LULUCF emissions), which are documented under scope 1 in the Group's
inventory.
Following the integration of new subsidiaries into the PPC Group in the previous period, a revision of the targets is scheduled to
include the activities of these new companies, in full accordance with the GHG emissions recalculation policy.
PPC Group used a location-based approach to calculate scope 2 GHG emissions included in the target. The shares of the base
year’s GHG inventory related to each respective GHG emission scope, were 81.31% related to scope 1, 2.14% related to scope 2,
and 16.55% related to scope 3. Moreover:
• both long-term targets over scope 1 and 2 collectively cover 99.58% of the PPC Group’s scope 1 and 2 GHG emissions in
the base year of 2021,
• both long-term targets over scope 3 collectively cover 99.23% of PPC Group’s scope 3 GHG emissions in the base year
of 2021,
• PPC Group has excluded 0.03% of GHG emissions from the scope 3 inventory in 2021. This exclusion remains well within
the 5% threshold delineated by the SBTi.
The PPC Group is committed to publicly reporting information on the progress of achieving the validated targets, including GHG
emissions and removals, that will be reported separately in the annual GHG emissions Inventory, as defined by the applicable SBTi
criteria.
The primary, non-exhaustive, actions for the reduction of scope 1 & 2 in order to achieve 2040 target include:
• Further develop the clean energy portfolio.
• Continue improving operational efficiency and enhancing existing assets.
• Move selected islands to 100% renewable generation through stakeholder collaboration.
• Enhance efforts to reduce distribution technical losses through upgrades and investments in the distribution grid.
• Enable countries’ energy transition by decarbonizing the grid, resulting in lower emission intensity of power losses.
To further reduce scope 3 GHG emissions and achieve the 2040 target, the primary, non-exhaustive, actions include the following:
• Assessment of tenders and selection of suppliers based on their environmental performance regarding GHG emissions.
• Investments in educational programs and campaigns to raise awareness on energy saving.
• Continuous investments in trading and producing green electricity and fuels.
• Leverage measures used for scope 1 GHG emissions to impact Category 3.
• Continuous monitoring of transportation and distribution approaches of goods purchased in the upstream value chain.
• Continuous promotion of heat pump solutions to gas clients.
• Expansion of energy-saving and renewable products and services, such as heat pumps, rooftop PVs, and the online
energy conservation tool (MyEnergy Coach) to customers.

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178
• Integration of green products, such as GreenPass, which represents the commercial name of the Guarantees of Origin
for renewable electricity produced by the Group.
• Requirement for suppliers to indicate the emission factors for the transportation and distribution of purchased goods,
as well as waste management per material.

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179

In 2024, the utilized decarbonisation levers contributed to the achievement of the GHG emission reduction targets through the
implementation of the actions presented above. Those actions include initiatives regarding the phasing-out of lignite power plants
and mines, the enhancement of the Renewable Energy Portfolio, the modernization of the electrical grid and actions regarding
electrification.
Given that the publication of the validation of the SBTi targets took place in October of the reference year (2024), the organization
is in the process of developing a mechanism to monitor and control the progress of achieving the targets so that the relevant
progress can be published in the next reference year (2025). Concurrently, the Group will undertake a revision of the targets,
factoring in the inclusion of new companies that have joined the Group over the past two years.
Objectives and action plan
The PPC Group is dedicated to advancing decarbonization, with an ambitious goal to eliminate lignite use by 2026. As part of this
commitment, the Group has launched an accelerated decarbonization program aimed at significantly reducing carbon GHG
emissions. By 2027, the PPC Group anticipates having fully completed all decommissioning activities associated with lignite
operations. Moreover, the reduction of oil-based capacity is scheduled to commence post-2027, enabled by enhanced
interconnections to the mainland grid.
The pipeline of PPC Renewables S.M.S.A. encompasses a range of project maturities, with a notable share of projects either under
construction or at a ready-to-build phase. Specifically, according to the Group's Strategic Plan for the period 2025-2027, the goal
is to achieve an installed capacity of 11.8 GW by the end of 2027. This is planned to be achieved through the development of a
diversified portfolio that will include hydroelectric, wind, and photovoltaic projects, as well as energy storage projects. Of this
total capacity, 7.4 GW will be established within Greece, while an additional 4.4 GW will be developed across various international
locations.
Moreover, the strategic expansion extends to international markets, where significant RES capacity growth is planned. Building
on the Greek integrated business model, PPC Group is now applying this approach in Romania, focusing on expanding Renewable
Energy Sources. By 2027, PPC Group aspires to establish a balanced mix of wind, solar, and hydro capacities across both countries,
reinforcing the commitment to sustainable energy development.
Towards 2027, PPC Group's strategic priorities focus on maintaining a robust portfolio of large hydro facilities, Combined Cycle
Gas Turbines (CCGTs), and peaker plants, while significantly expanding solar and wind capacities. By 2027, the Group intends to
elevate the installed solar and wind capacity from 1.3 GW in 2023 to 7.8 GW and integrate 0.6 GW of battery storage to adeptly
manage price volatility. Additionally, the Group plans to enhance international power exchanges from 26.8 GW in 2023 to 40.2
GW in 2027, leveraging substantial customer.
The Group is foreseeing to increase total flexible production from 10.3 TWh in 2024 to 12.1 TWh by 2027. To this end, flexible
generation capacity is expanded from 5.9 GW in 2024 to 6.6 GW by 2027. This strategic shift includes decommissioning older
equipment totaling 1.1 GW and introducing new equipment with a capacity of 1.8 GW to align with future energy demands.
Moreover, retail operations remain integral to PPC Group's business model, with a focus on customer-centric strategies designed
to retain high-margin clients and expand value-added services (VAS). The Group has already introduced various VAS, including
heat pumps, rooftop photovoltaic systems, and energy advisory services, actively encouraging energy efficiency and the adoption
of Renewable Energy Sources among customers. By 2027, PPC S.A. intends to achieve a 40% penetration rate of VAS within the
customer base. The acquisition of Kotsovolos is expected to further enrich PPC Group’s service offerings, enabling the provision
of additional services such as photovoltaic cleaning, maintenance, and monitoring. Additionally, the Group plans to launch B2B-
grade photovoltaic and Energy Efficiency Solutions (EES) for medium and large-scale enterprises by 2025.

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180

2.2.7 Metrics
[E1-5, E1-6]
Energy consumption & mix
PPC Group employed a rigorous methodology to calculate energy consumption and mix across own operations, so as to ensure
consistency across the Group's subsidiaries. In cases where primary data were not available, consumption was estimated based
on a specific methodology tailored to each individual case
40
. The allocation of electricity consumption across various energy
sources, was determined using the Guarantees of Origin (GOs) along with the supplier’s residual energy mix. Specifically for Greek
companies, the data was derived from the Renewable Energy Sources Operator & Guarantees of Origin (DAPEEP). For subsidiaries
located in foreign countries, the energy mix used for the calculations was derived from data provided by the International Energy
Agency (IEA).
The calculation of electricity derived from renewable sources, included the energy backed up with GOs and additionally the energy
resulting from multiplying the residual electricity by the percentage of the renewable energy mix. Electricity consumption sourced
from nuclear sources involved subtracting the electricity backed up with GOs from the total electricity consumption and then
applying the nuclear energy percentage of the mix to the remainder. Lastly, electricity consumption sourced from fossil fuels was
determined by subtracting the calculated portions of nuclear and renewable sources consumption, from the total electricity
consumption.
Additionally, regarding fossil fuel consumption, the fuel quantity was converted from litres (lt) to megawatt hours (MWh) by
applying the net calorific value (NCV) and the density of each fuel. The net calorific value was ascertained from the National
Inventory Report 2024 for Greece, whereas the density values were derived from guidelines issued by the Greek Ministry of Energy
concerning the implementation of the Climate Law. For the Group's subsidiaries operating outside of Greece, these conversions
were conducted using official factors from respected sources.
The table below shows PPC Group’s total energy consumption in MWh, along with a detailed breakdown by various categories
related to own operations:






40
In cases where monthly electricity consumption data for low and medium voltage were not available, consumption estimates were
calculated by averaging the monthly consumption from the preceding three, two, or one year(s), contingent upon the extent of data
availability. For new installations lacking historical consumption data, the estimates were based on the average consumption from the two
months preceding the reference year. When data were only partially available for a specific month, the total consumption was extrapolated by
leveraging the available data for that month. For projects lacking monthly electricity consumption data, the estimates were extrapolated from
the last available month's figures. For projects acquired during the reference year, estimations were derived either from data provided by the
previous owner or through comparative analyses with projects of a similar scale.

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181
Table E1, 36: Energy consumption and mix
Energy consumption mix (DR E1-5)
Unit
2024
Fuel consumption from coal and coal products
MWh
9,394,890.42
Fuel consumption from crude oil and petroleum products
MWh
11,451,068.72
Fuel consumption from natural gas
MWh
15,324,933.15
Fuel consumption from other fossil sources
MWh
0.00
Consumption of purchased or acquired electricity, heat,
steam, and cooling from fossil sources
MWh
4,162,020.51
Total fossil energy consumption
MWh
40,332,912.80
Share of fossil sources in total energy consumption
%
91.94
Consumption from nuclear sources
MWh
553,992.39
Share of consumption from nuclear sources in total energy
consumption
%
1.26
Fuel consumption for renewable sources, including biomass
(also comprising industrial and municipal waste of biologic
origin, biogas, renewable hydrogen, etc.)
MWh
0.00
Consumption of purchased or acquired electricity, heat,
steam, and cooling from renewable sources
MWh
2,979,550.46
Consumption of self-generated non-fuel renewable energy
MWh
647.90
Total renewable energy consumption
MWh
2,980,198.36
Share of renewable sources in total energy consumption
%
6.79
Total energy consumption
MWh
43,867,103.55

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182

Energy production & intensity
PPC Group produced 21,009 GWh of energy. From this, 14,818 GWh are generated from non-renewable sources and 6,191 GWh
from renewable sources.
The Parent Company and subsidiaries predominantly operate within high climate impact sectors with 97.2% of the total net
revenue in 2024 deriving from three main activities: production and trading of electricity, distribution of electricity and
retail. Consequently, for the calculation of the Group’s energy intensity, the entirety of the Group’s energy consumption and the
total net revenue were considered.
The following table shows the Group’s energy intensity:
Table E1, 37: Energy intensity per net revenue
Energy intensity
Unit
2024
Total energy consumption from activities in
high climate impact sectors per net revenue
from activities in high climate impact sectors
MWh/Thousand €
4.89
Gross Scopes 1, 2, 3, total GHG emissions & GHG Intensity based on net revenue
In 2024, PPC Group reported total scope 1 GHG emissions of 10,528,802.99 tonnes CO2 equivalent. For scope 2 GHG emissions,
the Group recorded 1,670,019.92 tonnes CO2 equivalent on a location basis, 2,522,160.18 tonnes CO2 equivalent on a market
basis and 8,501,695.64 tonnes CO2 equivalent for scope 3 GHG emissions.
The Group's scope 1 GHG emissions predominantly arise from the electricity generation through the combustion of fossil fuels in
various units, whether or not they are part of the EU Emissions Trading System (ETS). Scope 1 GHG encompasses emissions from
fuel combustion in mobile and stationary equipment (i.e., heating systems in offices and service shops, generator for electricity
productions in renewable energy facilities and the electricity distribution grid). Furthermore, scope 1 encompasses fugitive CH4
emissions during lignite extraction, fugitive HFCs and SF6 emissions from relevant equipment, and GHG emissions generated
during urban wastewater treatment within the facilities. Moreover, emissions associated with waste management processes
within the premises are included in scope 1. GHG emissions related to land use and land use changes observed in reservoirs during
water filling and in mining operations, referred to as Land Use and Land Use Change (LULUCF) emissions, are encompassed within
scope 1.
Scope 2 emissions
41
predominantly encompass the indirect GHG emissions resulting from purchase electricity for own use, as
well as from transmission and distribution technical and commercial grid losses in both Greece and Romania
42
.
Throughout the reporting period, significant changes have occurred within the upstream and downstream value chain. Changes
encompass the acquisition of Kotsovolos, significantly enhancing the Group's retail and consumer electronics capabilities.
Additionally, 2024 marks the first full year of integrating all activities in Romania, previously part of the Enel Group, under PPC
Group’s operations. As the 2024 PPC Group Sustainability Statement marks the inaugural consolidation of data at the Group level,
there is no prior comparative data available for reference.
The following table shows the GHG emissions, broken down into scope 1-3 GHG emissions:
Table E1, 38: PPC Group GHG emissions

41
GHG emissions linked to distribution system losses from HEDNO S.A. related to PPC S.A.'s on-grid thermal power plants, are included under
scope 1 and are thus omitted from scope 2 GHG emissions.
.
42
Based on GHG Protocol Corporate Accounting and Reporting Standard requirements, entities that purchase and transport electricity through
an owned or controlled transmission and distribution (T&D) system should report the GHG emissions associated with T&D losses under scope 2.

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183
Scope
Unit
2024
Scope 1 emissions
Gross Scope 1 GHG emissions
tonnes CO
2
eq
10,528,802.99
Percentage of Scope 1 GHG emissions from regulated
emission trading schemes
%
97.81
Scope 2 emissions
Gross location-based Scope 2 GHG emissions
tonnes CO
2
eq
1,670,019.92
Gross market-based Scope 2 GHG emissions
tonnes CO
2
eq
2,522,160.18
Scope 3 emissions
Total Gross indirect (Scope 3) GHG emissions
tonnes CO
2
eq
8,501,695.64
1 Purchased goods and services
tonnes CO
2
eq
1,457,332.69
2 Capital goods
tonnes CO
2
eq
651,087.24
3 Fuel and energy-related Activities (not included in Scope1
or Scope 2)
tonnes CO
2
eq
4,210,241.32
4 Upstream transportation and distribution
tonnes CO
2
eq
27,553.04
5 Waste generated in operations
tonnes CO
2
eq
24,010.49
6 Business travels
tonnes CO
2
eq
1,171.95
7 Employee commuting
tonnes CO
2
eq
14,145.55
8 Upstream leased assets
tonnes CO
2
eq
0.00
9 Downstream transportation
tonnes CO
2
eq
4,232.56
10 Processing of sold products
tonnes CO
2
eq
0.00
11 Use of sold products
tonnes CO
2
eq
2,110,441.79
12 End-of-life treatment of sold products
tonnes CO
2
eq
622.47
13 Downstream leased assets
tonnes CO
2
eq
0.00

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184
14 Franchises
tonnes CO
2
eq
499.88
15 Investments
tonnes CO
2
eq
356.64
Total GHG emissions
Total GHG emissions (location-based)
tonnes CO
2
eq
20,700,518.54
Total GHG emissions (market-based)
tonnes CO
2
eq
21,552,658.87
The table below presents the GHG intensity, quantified as the total GHG emissions per unit of net revenue:
Table E1, 39: GHG intensity per net revenue
GHG intensity per net revenue
Unit
2024
GHG intensity per net revenue
(location-based)
tCO
2
eq/thousand €
2.31
GHG intensity per net revenue
(market-based)
tCO
2
eq/thousand €
2.40
The table summarizes the net revenue used to calculate GHG intensity:
Table E1, 40: PPC Group GHG intensity
Net Revenue
Unit
2024
Net revenue used to calculate GHG
intensity
thousand €
8,978,607
The PPC Group developed the GHG Emissions Inventory in accordance with the specifications of the International Standard ISO
14064-1:2018 and the widely recognized GHG Protocol. Moreover, practices detailed in the explanatory documents accompanying
the GHG Protocol
43
were employed to enhance the accuracy of the emissions reporting. The GHG emissions encompass CO
2
, CH
4
,
N
2
O, HFCs, and SF
6
.
43
GHG Protocol scope 2 Guidance – An amendment to the GHG Protocol Corporate Standard”, “Technical Guidance for
Calculating scope 3 Emissions (version 1.0) – Supplement to the Corporate Value Chain (scope 3), Accounting & Reporting
Standard”, ”Corporate Value Chain (scope 3) Accounting and Reporting Standard – Supplement to the GHG Corporate Accounting
and Reporting Standard.

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185

Scope 1 GHG emissions
As part of the current Sustainability Statement, PPC Group does not provide separate information on gross scope 1 GHG emissions
originating from biogenic CO
2
44
emissions, resulting from biomass combustion or biodegradation. The Group reports the
percentage of scope 1 GHG emissions from regulated emission trading schemes, resulting exclusively from PPC S.A.'s activities.
Scope 2 GHG emissions
Metrics related to gross scope 2 GHG emissions include purchased or acquired electricity, steam, heat, and cooling consumed. In
calculating scope 2 GHG emissions, PPC Group utilized both location-based and market-based methodologies. For location-based
GHG emissions, the Group employed average emission factors related to energy generation specific to each location. In terms of
market-based scope 2 emissions, the Group assessed the GHG emissions linked to electricity that it has contractually procured,
including electricity bundled with renewable energy certificates or analogous instruments.
The contractual instruments utilized by PPC Group are exclusively Guarantees of Origin (GOs). The share of market-based scope 2
GHG emissions attributed to electricity procured through these bundled instruments is 0.07% and the electricity sold is 11.21%.
PPC Group does not report scope 2 biogenic CO2 emissions from biomass combustion or biodegradation separately. Moreover,
for consistency, the GHG emissions reported using both location-based and market-based approaches are restricted to CO2
emissions. This decision is based on the unavailability of representative and reliable emission factors for all the countries, where
the Group operates.
Scope 3 GHG emissions
PPC Group identified the significant scope 3 categories,considering practices and methodologies included in the relevant guidance
documents of the GHG Protocol.
For the estimation of GHG emissions by category, primary data sources, (i.e., activity data and financial expenditures), were
employed. Activity data were prioritized whenever available, as they are regarded as the preferred methodological approach
according to the Standard. In cases where activity data were not accessible, calculations were conducted using financial
expenditures.
Representative emission factors were employed to estimate scope 3 GHG emissions, deriving from the latest editions of official
databases (i.e., Ecoinvent, DEFRA's Greenhouse Gas Reporting Conversion Factors, the EPA's GHG Emission Factors Hub, and
Exiobase).
This identification process involved factors (i.e., financial spend, influence, transition risks and opportunities), and stakeholder
perspectives. Scope 3 GHG emissions are revised annually for each category using the latest activity data, while the entire scope
3 GHG inventory is updated as defined by the Group’s recalculation policy. The calculation of scope 3 GHG emissions is based on
data from particular activities within the Group’s upstream and downstream value chain. In 2024, there were no available no
primary data available regarding emissions directly originating from suppliers or other partners in the value chain. In 2024, there
were no available GHG emissions data derived directly from suppliers or other partners in the value chain.
The Group employs the operational control approach to delineate the organizational boundaries of the annual GHG Inventory, in
compliance with the ISO 14064-1:2018 standard and the GHG Protocol. This approach mandates the reporting of GHG emissions
from activities over which the Group exercises operational control. PPC Group has not identified scope 3
45
GHG emissions from
associates, joint ventures, unconsolidated subsidiaries (investment entities) and joint arrangements for which PPC Group does
not have operational control.
PPC Group does not discloses biogenic CO2 emissions from the combustion or biodegradation of biomass, both upstream and
downstream in the value chain, separate from consolidated gross scope 3 GHG emissions.


44
Due to the infeasibility of establishing a common approach at the Group level within the timeframe required for the publication of the 2024
Sustainability Statement.
45
Emissions from scopes 1 and 2 are calculated for the associate companies of PPC Renewables S.M.S.A. within category 15 of scope 3.

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186
2.3. Pollution
2.3.1 Material impacts, risks and opportunities and their interaction with strategy and business model
[IRO-1]
PPC Group recognizes pollution of air as a material topic. During the environmental licensing process of the facilities, the
environmental impacts on the atmosphere from own operation are assessed. The environmental licenses include, among other
things: a program for gas emissions monitoring, air quality monitoring (where deemed necessary), and submission of relevant
reports to the competent authorities. In the event of exceeding the limits set by environmental legislation, equipment
malfunction, and other emergency incidents, the environmental competent authorities are immediately notified.
In the context of ESRS E2, the Group discloses information regarding air pollutants including actions and policies relevant to the
material topic. As part of the Double Materiality Assessment, the table below presents the material IROs.
Table E2, 1: Material impacts
IRO title
Sub / sub-sub-
topic(s)
Detailed impact
description
Positive /
Negative
Actual / Potential
Time horizon
Air pollutants
emitted by PPC
S.A.'s operations
Pollution of air
PPC S.A.'s thermal
power plants emit
air pollutants,
including
particulate matter
(PMs), criteria air
pollutants (CAPs),
volatile organic
compounds
(VOCs), and heavy
metals.
Negative impact
Actual & potential
Short-, medium-
& long-term

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2.3.2 Policies related to pollution of air
[E2-1]
The Group has adopted policies to manage the material impacts, risks, and opportunities (IROs) associated with air pollution. The
following table provides an overview of policies addressing pollution of air and their relation to the identified IROs.
Table E2, 2: Policies regarding pollution
Key policies implemented
Addressed key areas of the policy relevant
to the ESRS topic
Relevant material identified impact, risk or
opportunity
Sustainable Development
Policy
• Reducing environmental impact
• Air pollutants emitted by PPC
S.A.'s operations
Environmental Policy of
PPC S.A.
• Prevention of pollution and
effective mitigation or
management of the production
or emission of any pollutants
• Air pollutants emitted by PPC
S.A.'s operations
Sustainable Development Policy
PPC Group's Sustainable Development Policy establishes a framework of commitments that guide the organization's
approach to critical sustainability issues, including those related to the pollution of air. The Policy prioritizes the
minimization of environmental impacts and the achievement of national and international climate change relevant goals
which include pollution related aspects. Overall, the Policy addresses the material impacts, risks, and opportunities
(IROs) by integrating critical sustainability aspects into PPC Group’s strategic framework, governance, and operational
processes while articulating a proactive commitment to environmental challenges. The Policy further advocates for the
integration and adoption of advanced technologies that expedite the transition towards sustainable practices.
The Sustainable Development Policy applies to all personnel; in particular, management, employees (either with fixed-
term or with open-ended contracts), providers of services under mandate contracts with or without remuneration or
work contracts. The Policy also applies to independent services or temporary employment, interns, apprentices and
volunteers, and to the employees of third-party service providers. Moreover, job applicants fall within the scope of
application. Suppliers, associates and sub-contractors, and all external stakeholders that co-operate with the companies
and participate in the supply value chain are also called to accept the Policy and contribute, for the part pertaining to
them, by implementing their own procedures.
The Management of each Group member-Company, either in Greece or abroad, is responsible for adopting the present
Policy, adjusted appropriately to accommodate the nature, range and complexity of their activities, and taking into
account the effective statutory framework in the country of operation. The duty to inform subsidiaries on the
Sustainable Development Policy falls on PPC’s Sustainability Department following the approval of the Policy by each
Company’s BoD.
For the development of the Policy, the Group has taken into consideration the 17 UN Sustainable Development Goals,
the Universal Declaration of Human Rights, the UN Global Compact, the Organization for Economic Cooperation and
Development (OECD) Guidelines for Multinational Enterprises, declarations of the International Labour Organization
(ILO) and the ISO 26000 Standard for social responsibility.

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Environmental Policy of PPC S.A.
PPC S.A.'s Environmental Policy is focused on the implementation of Environmental, Social, and Governance (ESG)
aspects, in alignment with the National Energy and Climate Plan (NECP) of Greece. The Policy highlights pollution
prevention as a fundamental commitment to address the environmental impacts, particularly focusing on reducing air
pollutants emitted by own operations. The reduction is implemented through established processes that are essential
for meeting the primary objectives of improving environmental performance, eliminating the environmental footprint
linked to the Company's production activities, and ensuring compliance with regulatory standards.
The Policy outlines the development and implementation of Environmental Management Systems (EMS) within the
production units, adhering to the ISO 14001:2015 standard. This approach supports the management of material IROs
to drive continuous enhancements in air quality, effectively prevent and manage leaks and emergency situations, as
well as bolster the environmental awareness and training of personnel.
The scope of the Policy includes all business sectors of the Company as well as contractors and subcontractors and
external partners. To this end, the Company is committed to collaborating with joint ventures, suppliers, and other third
parties that adhere to the principles outlined in the Environmental Policy which is binding for members of the Board of
Directors, individuals holding managerial positions, and all other employees of the Company.
The Board of Directors and the Company's executives are committed to environmental protection by promoting
expertise, raising awareness, and making decisions that support the implementation of actions aimed at addressing
environmental threats and capitalizing on opportunities for improvement. The management team exemplifies its
commitment to environmental protection by endorsing the Environmental Policy and ensuring alignment with the
Company’s strategy. All employees and third parties with access to services or systems of the Company are required to
actively contribute to maintaining compliance with the regulatory requirements of applicable environmental legislation
and to adhere to the relevant rules as outlined in the Environmental Policy.
The Environmental Policy of PPC S.A. has been developed in alignment with various third-party standards and initiatives
that the organization is committed to upholding. These references include the ISO 14001:2015, the United Nations’
Sustainable Development Goals (UN SDGs) and the 2030 Agenda, the European Green Deal, a range of EU Directives
and Regulations as well as National Plans and Laws.
The development of both policies is guided by Sustainable Development parameters, emphasizing the integration of societal
considerations into the Group’s strategic approach and underscoring the importance of creating shared value. The focus is directed
towards fostering economic growth, ensuring environmental stewardship, and enhancing social well-being. As the Group is
committed to demonstrating respect and collaboration with local communities, the broader civil society, and all external
stakeholders, it actively considers their interests. Further actions involve communicating, consulting, co-shaping, and co-creating
actions, investments, and decisions to generate positive impacts.
PPC Group promotes transparency and inclusivity by ensuring all policies are accessible to both external stakeholders and
employees, empowering them to actively participate in achieving the policies’ objectives. Policies are available on the PPC Group
website, allowing access to stakeholders who may be affected and to those involved in their implementation. Internal access via
the intranet is also available for employees.
Ιn the forthcoming year, PPC Group intends to further refine the aforementioned policies to actively contribute to the EU Action
Plan “Towards a Zero Pollution for Air, Water and Soil”. The goal is to further incorporate descriptions of how the Group addresses
material areas related to pollution.

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2.3.3 Actions
[E2-2]
In 2024, the Group completed significant initiatives aimed at preventing and mitigating air pollution. Key actions completed
include:
• Decommissioning of heavy fuel oil steam turbine and internal combustion engine (ICE) units in oil-fired power stations
on non-interconnected islands (Thira, Crete (Linoperamata), Rhodes, Chios). These units were replaced with ultra-low-
sulfur diesel (ULSD) gas turbine units with almost zero sulfur dioxide (SO
2
) and dust emissions, significantly lower
nitrogen oxides (NO
x
) emissions, and minimal liquid waste production due to their air-cooled design.
• Decommissioning of lignite units at TPP Agios Dimitrios (I-II) was completed in September and TPP Megalopolis (IV) in
December 2024. Additionally, TPP Meliti has not participated in electricity markets since 31.12.2024 and has been
placed in a reserve status until 31.03.2025. The cessation of the abovementioned units is expected to result in a total
reduction of 400 tons of SO
2
, 400 tons of NO
x
, and 30 tons of dust emissions into the atmosphere.
o
• Implementation of energy efficiency improvements and NO
x
reduction measures in the power units at the Aliveri and
Keratea-Lavrio power stations. Through these initiatives the Group aims to achieve maximum electricity production with
the lowest fuel consumption and minimal pollutant emissions.
o
• Construction and operation of electric boilers (two boilers of 40 MWth each) at the Kardia power station The Group's
mission is focused on generating heat that will meet the needs of cities in Western Macedonia, through systems and
processes that are entirely free from pollutant emissions.
In addition, the Group has outlined several forthcoming actions and projects, which include:
• Cogeneration of electricity and heat for cities in Western Macedonia through a thermal energy production project for
district heating using natural gas. This initiative is anticipated to achieve zero SO
2
and dust emissions while significantly
reducing NO
x
emissions compared to lignite-fired district heating. The contract has been signed with "Aktor – Ilektor"
for an Engineering, Procurement, and Construction (EPC) turn-key project and includes a high-efficiency cogeneration
of combined heat and power (CHP) unit with natural gas internal combustion engines (ICE), producing useful thermal
power of at least 65 MWth at the Kardia power station. Additionally, the agreement encompasses the maintenance of
this unit for a period of seven years. The project has been allocated a budget of €80,000,000 and is expected to be
completed within a timeframe of 22 months.
o
• The North-1 Hydrogen Production Unit project, in which PPC holds a 49% stake, is currently in the maturation phase by
Hellenic Hydrogen. The initiative aims to produce clean electricity with zero atmospheric emissions and involves the
installation of electrolyzers with a capacity ranging from 50 to 200 MW at the Amynteo power station for the production
of green hydrogen. This hydrogen will be injected into Hellenic Gas Transmission System Operator’s (DESFA) natural gas
pipeline and utilized in combined heat and power (CHP) units, transportation, and other industrial applications. Through
the project, PPC Group aims to reduce the curtailment of renewable energy production by converting it into hydrogen,
thereby addressing a variety of energy requirements.
o
• New pumped storage projects at the former Kardia, N. Pedio and the Sfikia area mines with the aim of achieving the
production of clean electricity with zero atmospheric emissions. At Kardia, a contract was signed with a consultant in
2024 to conduct a feasibility study and prepare tender documents with the objective of completing the project's
development by the end of 2025. Tenders were similarly prepared for N. Pedio and Sfikia to engage consultants
responsible for conducting feasibility studies and preparing tender documents, with the objective of completing the
projects by the end of 2025.

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190
To ensure effective monitoring of atmospheric emissions, PPC S.A. maintains a network of 31 Air Quality Monitoring Stations,
which also assess meteorological parameters in the vicinity of thermal power plants and mining operations. This network is subject
to expansion as deemed necessary to enhance monitoring capabilities. Relevant authorities receive regular updates on
atmospheric emissions in areas surrounding PPC S.A.'s operations through annual and semi-annual Air Quality Reports, prepared
in compliance with Environmental Approval Decisions. Furthermore, immediate notification (within 24 hours) is provided in cases
of exceeding emission limits, malfunctions of pollution control equipment failures of environmental parameter measurement
analyzers, or other related issues.
To ensure a systematic and reliable assessment of air quality, ongoing upgrades and modernization of the existing Air Quality
Measurement Stations are being implemented, primarily through the replacement of outdated equipment.

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191
2.3.4 Targets
[E2-3]
Compliance with emission limits for each combustion unit used in electricity production and adherence to air quality standards is
mandatory by law and is continuously evolving to lower levels. The Group has not yet set measurable time-bound outcome-
oriented targets related to air pollution, yet it aspires to progressively reduce the total quantities of pollutant emissions into the
atmosphere.
The Group’s objective is to ensure continuous compliance with the emission limits for atmospheric pollutants in combustion units,
as mandated by both national and European legislation. This commitment encompasses adherence to relevant ministerial
decisions, directives, implementing of decisions (Best Available Techniques, BAT), and Approval of Environmental Conditions for
each power station. Specifically, PPC Group’s target is to meet the standards set forth in Joint Ministerial Decision 36060/2013
(IED), Joint Ministerial Decision 6164/2018 (MCPD), and the Implementing Decision for BAT (2021/2326).
PPC Group’s ambition is to maintain the air quality in areas where combustion units for electricity production operate at excellent
levels, in accordance with Directive 2008/50/EC on ambient air quality and cleaner air for Europe (Joint Ministerial Decision
14122/549/E103, Government Gazette 488B/30.3.11), as evidenced by the records of the Air Quality Monitoring Stations. The
Group tracks the effectiveness of policies and actions in relation to air pollution through continuous monitoring at thermal power
plants and mining facilities.

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192

2.3.5 Metrics
[E2-4]
PPC S.A. tracks emissions of ozone-depleting substances (ODS), such as chlorodifluoromethane (R22), and monitoring GHGs along
with other pollutants, such as sulfur oxides (SO
x
), nitrogen oxides (NO
x
), and particulate matter (PM) from thermal generation
units. Monitoring of emitted pollutants is carried out in accordance with the provisions set out in the environmental licenses and
relevant national and European environmental legislation, as well as relevant guidance documents.
Direct measurement methodology, through the use of recognized continuous monitoring systems, periodic measurements and/or
calculation methods are used for the quantification purposes. Particularly for Automated Monitoring Systems / Continuous
Emission Monitoring Systems (AMS / CEMS), Quality Assurance Levels 1 and 2 (QAL 1, QAL 2) processes are followed to achieve
and maintain accuracy and reliability of emissions data. Periodic measurements are carried out on-site using certified equipment
from accredited laboratories.
The table below presents the recorded quantities for the current reporting year alongside those of the previous year for
comparison. It is noted that only slight variations are observed that could be attributed to load variations, time operation or fuel
quality.
Table E2, 3: Air pollution per pollutant
46

Pollutant
(Annex II of EC No 166/2006)
Air emission
(tonnes) in 2023
Air emission
(tonnes) in 2024
Percentage
change (%)
Sulphur oxides (SO
x
)
10,438.99
10,306.83
-1.27%
Nitrogen oxides (NO
x
)
22,800.84
22,898.74
0.43%
Particulate matter (PM)
623.80
575.92
-7.68%
Volatile organic compounds
(VOC)
291.40
317.51
8.96%
Lead (Pb)
0.64
0.74
15.63%
Nickel (Ni)
4.61
4.59
-0.43%
Copper (Cu)
1.04
1.16
11.54%
Chromium (Cr(tot))
47

0.46
0.52
13.04%

46
In accordance with the stipulations outlined in the Approval of Environmental Conditions (AEPO) for each installation, the final annual quantities
(t) of air pollutants, along with the methodology employed, are detailed in the respective Annual Environmental Reports. Furthermore, the annual
quantities (t) of air pollutants are submitted in the Annual Reports of the obligated installations, pursuant to the provisions of Regulation
166/2006/EC (EPRTR register) and Directive 2010/75/EU (LCP register). The deadlines for data submission are delineated on a case-by-case basis
within the aforementioned regulatory framework. During the submission and review process by the competent authorities, minor adjustments
may arise in relation to the quantities presented in the current table.
47
Chromium total refers to the combined amount of chromium present in all oxidation states.

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193

Zink (Zn)
1.61
1.92
19.25%
Cadmium (Cd)
0.07
0.08
14.29%
Mercury (Hg)
0.07
0.10
42.86%
Arsenic (As)
0.17
0.21
23.53%

The table above includes data published by PPC S.A. in the European Pollutant Release and Transfer Register (E-PRTR, Regulation
166/2006/EC) and refer to the Interconnected System and the islands of Crete and Rhodes. The presented air emissions concern
pollutants that have exceeded the applicable threshold value, as defined in the Regulation (Annex II). It is also noted that, no
measurements for Persistent Organic Pollutants (POPs) are carried out, nor are they calculated with factors, as their presence is
not expected based on the production process.



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2.4 Biodiversity and ecosystems
2.4.1 Material impacts, risks and opportunities and their interaction with strategy and business model
[IRO-1, SBM-3]
PPC Group, through the Double Materiality Analysis, recognizes biodiversity and ecosystems as an important issue and identifies
related impacts, risks, and opportunities (IROs) within its activities. Based on the ESRS E4, PPC Group discloses information
regarding facilities located in biodiversity-sensitive areas, as well as information regarding the actions
48
and policies related to
the material topic. The identified material IROs are summarized in the following table.
Table Ε4, 1: Material impacts
IRO Title
Sub / sub-sub-
topic(s)
Detailed impact
description
Positive /
negative
Actual / potential
Time horizon
Preservation of
natural habitats
through
biodiversity
protection
measures
Direct impact
drivers of
biodiversity loss -
Other
Implementation
of measures for
the protection of
biodiversity and
ecosystems
within facilities
contributes to the
preservation of
natural habitats
Positive
Actual & potential
Short-, medium-
& long-term
Negative impact
of facilities on
terrestrial
ecosystems
Direct impact
drivers of
biodiversity loss -
Other
Facilities in and
near important
biodiversity value
areas negatively
affect terrestrial
ecosystems.
Negative
Actual & potential
Short-, medium-
& long-term
PPC Group maintains operational control over facilities located in areas sensitive to biodiversity. Within the framework of the
Double Materiality Analysis, no significant negative impacts have been identified regarding soil degradation, desertification, or
soil sealing. The activities related to these facilities affect or may affect areas sensitive to biodiversity, as well as endangered
species. Specifically, these facilities include the production of electricity from fossil fuels or other energy sources, including wind,
solar, and hydroelectric energy, as well as a range of associated projects (i.e., forestry arrangements, energy transmission lines,
etc.).
By adhering to current legislation, conducting comprehensive Environmental Impact Assessments (EIAs) and Special
Environmental Studies, complying with environmental permit requirements, and implementing necessary biodiversity protection
measures in the Group's projects and activities, PPC Group significantly mitigates risks to biodiversity and enhances opportunities
for conservation and protection. A detailed list of facilities that are owned, leased, or managed within protected areas, along with
their respective sizes (in hectares), is provided in section 2.4.5.
48
As of today, no consultations with affected communities on sustainability assessments of shared biological resources and
ecosystems have been conducted.

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195
2.4.2 Policies related to biodiversity and ecosystems
[E4-2]
PPC Group has adopted policies to manage the material impacts, risks, and opportunities (IROs) related to biodiversity and
ecosystems. The following table presents the policies that have been developed to address the key areas outlined along with their
relevance with the identified IROs:

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196
Table Ε4, 2: Policies related to biodiversity and ecosystems
Name of key policy
Addressed key areas of the policy relevant to the ESRS
topic
Relevant material identified impact,
risk or opportunity
Sustainable
Development Policy
• Mitigation of impact on the environment and
biodiversity
• Preservation of natural
habitats through
biodiversity protection
measures
• Negative impact of
facilities on terrestrial
ecosystems
Biodiversity Policy of
PPC S.A.
• Protection and conservation of biodiversity
• Avoidance, prevention, restoration,
compensation, and offsetting of negative
impacts on biodiversity
• Limit the development of new facilities in
areas of high value for biodiversity
• Continuous monitoring and evaluation of any
real or potential IROs associated with the
operation of facilities
• Restoration of biodiversity in natural habitats
and landscapes in lignite mining areas
• Cooperation with local community agencies,
environmental organizations, and institutions
• Preservation of natural
habitats through
biodiversity protection
measures
• Negative impact of
facilities on terrestrial
ecosystems
Environmental Policy of
HEDNO S.A.
• Protection and preservation of the value of
the natural environment, biodiversity, and
ecosystems, as well as the services they
provide
• Preservation and enhancement of the natural
capital
• Preservation of natural
habitats through
biodiversity protection
measures
• Negative impact of
facilities on terrestrial
ecosystems
Environmental and
Social Policy of PPC
Renewables S.M.S.A.
• Preservation and protection of biodiversity
and flora-fauna ecosystems using best
international practices
• Preservation of natural
habitats through
biodiversity protection
measures
• Negative impact of
facilities on terrestrial
ecosystems

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197
Sustainable Development Policy
PPC Group’s Sustainable Development Policy establishes a framework of commitments that guide the organization's
approach to critical sustainability issues, including those related to biodiversity. Overall, the Policy integrates the Group’s
priorities related to environmental, social, and governance (ESG) considerations, focusing on reducing the impacts on
environment and biodiversity.
The Sustainable Development Policy applies to all personnel; in particular, management, employees (either with fixed-term
or with open-ended contracts), providers of services under mandate contracts with or without remuneration or work
contracts. The Policy also applies to independent services or temporary employment, interns, apprentices and volunteers,
and to the employees of third-party service providers. Moreover, job applicants fall within the scope of application.
Suppliers, associates and sub-contractors, and all external stakeholders that co-operate with the companies and participate
in the supply value chain are also called to accept the Policy and contribute, for the part pertaining to them, by implementing
their own procedures.
The Management of each Group member-Company, either in Greece or abroad, is responsible for adopting the present
Policy, adjusted appropriately to accommodate the nature, range and complexity of their activities, and taking into account
the effective statutory framework in the country of operation. The duty to inform subsidiaries on the Sustainable
Development Policy falls on PPC’s Sustainability Department following the approval of the Policy by each Company’s BoD."
For the development of the Policy, the Group has taken into consideration the 17 UN Sustainable Development Goals (UN
SDGs), the Organization for Economic Cooperation and Development (OECD) Guidelines for Multinational Enterprises, as
well as a range of national and European legislation.
Biodiversity Policy PPC S.A.
The Biodiversity Policy of PPC S.A. is an integral part of the Sustainable Development Policy of the Group. The Policy includes
the main objectives and priorities of PPC S.A. regarding the protection and proper management of biodiversity. The parent
Company’s aim is to align with the long-term vision and goals of the United Nations Convention on Biological Diversity (UN
CBD) and the United Nations Sustainable Development Goals (UN SDGs), as well as the objectives of the European Union’s
(EU) Biodiversity Strategy.
The material impacts, risks, and opportunities (IROs) identified are linked to the Biodiversity Policy, as the Policy underscores
PPC S.A.'s commitment to embedding biodiversity protection and conservation within strategic priorities and internal
decision-making processes. Simultaneously, the Company presents in the Policy a series of commitments related to the
avoidance and prevention of occurrence, restoration, compensation, and offsetting of negative impacts on the biodiversity
of natural habitats and landscapes. The commitments include, among others, the continuous monitoring and evaluation of
the actual or potential impacts, risks, and opportunities arising from the operation of PPC S.A.'s facilities on natural capital
and biodiversity, as well as the disclosure of biodiversity-related measurement and performance indicators.
The scope of the Policy includes all economic activities of the Company. To this end, PPC S.A. encourages consortia, suppliers
and other third parties to adhere to the principles of the Policy. Moreover, the Policy is binding on Board members and
executives, who have pledged to contribute to biodiversity protection, through decisions to support concrete actions to
address threats and seize opportunities for improvement. The Policy is also binding for persons with managerial functions
and all other Company personnel.
The Management of the Company leads the effort for biodiversity protection through the approval of the Biodiversity Policy
and ensures alignment of the Company's strategy with the Policy. All personnel and third parties with access to PPC’s
services or systems are mandated to contribute actively to keeping up with the statutory requirements of the applicable
legislation on biodiversity and to comply with the respective rules as incorporated in the Policy.

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198
The Biodiversity Policy of PPC S.A. has been developed in alignment with various third-party standards and initiatives. These
include the Convention on Biological Diversity, the global framework for biodiversity (Kunming-Montreal Global Biodiversity
Framework), the World Economic Forum's "Nature Risk Rising" report, the European Green Deal, as well as the Birds and
Habitats Directives (92/43/EEC and 2009/147/EEC), the Water Framework Directive (2000/60/EC) and the Marine Strategy
Framework Directive (008/56/EC).
Environmental Policy of HEDNO S.A.
HEDNO S.A.'s Environmental Policy effectively contributes to shaping the Company's strategy towards the protection and
preservation of biodiversity, ecosystems, and habitats. This Policy is structured around six pillars, one of which is dedicated
exclusively to biodiversity and ecosystems. Consequently, the material IROs identified are connected to the Policy through
a steadfast commitment to safeguarding and maintaining the value of the natural environment, biodiversity, and
ecosystems, along with the services they provide, with the aim of maintaining and enhancing natural capital, where possible.
Moreover, within the framework of the Environmental Policy, HEDNO S.A. considers the pivotal actions of the European
Union (EU) for biodiversity towards 2030 and formulates the Biodiversity Action Plan (BAP). Through this Plan, the Company
pledges to incorporate the principles of biodiversity enhancement and sustainable management of natural capital into
strategic priorities and internal decision-making processes.
The scope of the Environmental Policy of HEDNO S.A. encompasses all areas of activities, including management, operation,
expansion, and maintenance of the Hellenic Electricity Distribution Network. The Policy is binding for board members, senior
management and executives, employees, contractors, subcontractors, interns and any third party collaborating with HEDNO
S.A.
In the formulation of this Policy, various considerations were taken into account, including the United Nations Sustainable
Development Goals (UN SDGs), the 2030 Agenda for Sustainable Development, and the European Green Deal. Furthermore,
a series of EU Directives and Regulations have been considered, notably those pertaining to the conservation of natural
habitats and wild fauna and flora, as well as National Plans and Legislation.
Environmental and Social Policy of PPC Renewables S.M.S.A.
The Environmental and Social Policy of PPC Renewables S.M.S.A. underscores the significance that the Company places on
the preservation and protection of biodiversity and ecosystems of flora and fauna. The Policy delineates general principles
and axes, which encompass, among other aspects, the continuous endeavor to enhance environmental performance,
adherence to applicable National and European legislation, and compliance with the prevailing regulatory framework.
The Policy further elaborates on the importance of consultation and participation of employees, their representatives, and
the local community in the prevention, mitigation, and management of environmental impacts that may potentially arise
from the Company's activities.
Additionally, the Environmental and Social Policy of PPC Renewables S.M.S.A. articulates that all partners, suppliers, and
subcontractors involved in the Company’s projects uphold the values and operate in accordance with the principles that
define the Company’s culture and philosophy. Executives at all levels are apprised of the Environmental and Social
Management System (ESMS) and any modifications aimed at enhancing efficacy.
Overall, the development of the abovementioned policies is guided by sustainable development parameters, emphasizing
the integration of societal considerations into the Group’s strategic approach. This underscores the importance of creating
shared value. The focus is directed towards fostering economic growth (Prosperity), ensuring environmental stewardship
(Planet), and enhancing social well-being (People). As the Group is committed to demonstrating respect and collaboration
with local communities, the broader civil society and all external stakeholders, it actively considers their interests. Further
actions involve communicating, consulting, co-shaping, and co-creating actions, investments, and decisions to generate
positive impacts.
PPC Group promotes transparency and inclusivity by ensuring all policies are accessible to both external stakeholders and
employees, empowering all stakeholders to actively participate in achieving the policies objectives. Policies are available on
the PPC Group’s or subsidiaries’ websites, allowing access to stakeholders who may be affected or involved in their
implementation. Internal access via the intranet is also available for employees.
Finally, the Group plans to broaden the adoption of biodiversity-related policies from its subsidiaries in 2025.

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199
2.4.3 Actions
[E4-3]
The Group implements numerous initiatives and actions
49
aimed at achieving the protection of biodiversity and ecosystems by
avoiding, minimizing, restoring and compensating negative impacts. The initiatives undertaken within the reporting year
encompass:
• Commencement of the materiality screening of impacts and the value chain, in collaboration with a specialized
consultant, as mandated by the Science Based Targets Network initiative (SBTi). These actions encompass the:
1. identification of environmental pressures impacting PPC S.A.’s direct business activities, which are most likely to
necessitate the formulation of relevant targets
2. detailed mapping, identification, and assessment of all environmental pressures associated with the parent
Company's upstream supply chain, the geographical location of its facilities, and its biodiversity footprint.
• Mapping of the current biodiversity state and implementation of actions to protect areas that fall under the areas
entailed in the lignite phase out plan. Assigned in 2024, the project 'Design, Coordination, and Monitoring of Ecological
Studies for the Amyntaion Mine' focuses on the core area of the lignite phase-out zone, including both the excavation
sites of the mines and the surrounding areas.
Specifically, within the internal structure of the remaining excavation, a water reservoir (lake) was formed at the end of
the exploitation. This reservoir, due to the expected quantities of water from underground inflows and surface runoff
over the next few decades, is expected to evolve into a large and deep lake, according to the study 'Investigation of the
Spatiotemporal Development of the Internal Restoration Lake of the Amyntaio Mine'. The lake has commenced its
formation and is encircled by a diverse mosaic of habitats, including expansive reed beds, verdant meadows, gentle
slopes adorned with avian nests, areas cultivated with aromatic flora and trees, and several smaller peripheral wetlands.
In this context, the undertaking of Ecological Studies has been proposed, aimed at meticulously documenting avifauna,
other fauna (including reptiles, amphibians, mammals, bats, invertebrates), and flora, alongside habitats and ecosystem
services. These studies are scheduled to commence in 2025 and will be conducted by specialized scientists. Moreover,
the technical consultant is anticipated to orchestrate contractors involved, aggregate and process the geospatial data
from these studies, and compile the definitive report. The report will elucidate the area's biodiversity status, the
restoration potential, and the objectives regarding ecological restoration.
• Restoration of the soil in the mining areas, accompanied by initiatives for the protection of biodiversity. Environmental
restoration programs in these areas are implemented immediately once mining operations have ceased. The principal
stages of restoration encompass the leveling of final surfaces, slope stabilization of barren deposits, soil fertility
enhancement and the application of topsoil, afforestation with forest species, and the formulation of general-use areas.
The extensive areas of forest vegetation, cultivated through years of afforestation on the restored soils of the mines,
form ecosystems of exceptional beauty that contribute significantly to the protection of the environment and
biodiversity. The following table provides an overview of soil restorations in 2024 as well as for preceding years.
49
It is noted that, PPC Group has not incorporated local and indigenous knowledge and nature- based solutions into biodiversity
and ecosystems-related actions.

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Table E4, 3: Restoration of mining areas (hectares)
Location
Agricultural areas
Forest areas
Photovoltaic
installations
Total
Megalopolis Lignite
Center
149.40
-
104.60
254.00
Western Macedonia
Lignite Center
135.30
121.40
91.20
347.90
Total (2024)
284.70
121.40
195.80
601.90
• Conduction of studies in collaboration with higher educational institutions and organizations, and the implementation
of the required actions in the broader area of operation of hydroelectric stations (HPP). Actions in 2024 include:
Table E4, 4: Actions in the wider operational area of HPP in 2024
Facility
Conservation actions in 2024
Complexes of Nestos,
Aliakmonas, Acheloos, and
Arachthos
HPP of N. Plastiras and Ladonas
• Routine cleaning of the dams and the surface of the reservoirs in the
immediate vicinity of the dams, removing wood and debris. The initiative is
ongoing.
• Continuous operation of the automatic telemetric network for the
measurement of physicochemical and meteorological data, with data storage
at local hydroelectric stations (HPP) as well as on the central server of the
Directorate of Thermal and Hydroelectric Production Operations. The initiative
is ongoing.
• Collaboration of the Nestos Complex with the Inter-Balkan Environmental
Center for the monitoring, maintenance, and operation of the automatic
telemetric network.
• Provision of support and relevant information for monitoring the water status
of the reservoirs of the hydroelectric power plants, conducted by the
Hellenic Biotope-Wetland Center. The action is ongoing.
• Scheduling of hydroelectric unit operations to ensure the discharge of the
minimum ecological flow into the riverbed downstream of the HPP, where
required. In parallel, this initiative aims to meet the irrigation and water supply
needs of the adjacent areas.
Complex of Arachthos
HPP of Aoos Springs
• Collaboration with the Municipality of Metsovo in the Region of Epirus and the
Management Body of the Northern Pindos National Park to study and manage
invasive species, specifically sunfish, through fisheries science. For the purpose
of this study, transportation (boat) and personnel are provided for sampling in
the artificial lake of the Aoos Springs Hydroelectric Power Plant. The initiative
is ongoing.

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Facility
Conservation actions in 2024
Complexes of Nestos and
Aliakmonas
• Collaboration with the Inter-Balkan Environmental Center, with the aim to
measure the qualitative and biological parameters of the river waters and lake
system of Nestos. The action is ongoing.
Complex of Nestos
• Collection of meteorological data at locations specified by the study identifying
potential changes in the microclimate of the broader area surrounding PPC
S.A.'s projects on the Nestos River. The initiative is ongoing.
• Collaboration with the Hellenic Biotope-Wetland Centre for the
implementation of the approved Monitoring Plan for the Eurasian otter (Lutra
lutra) in the broader area of the Nestos River Hydroelectric Complex. The
collaboration in the second half of 2024 followed the completion of the first
monitoring cycle (2021-2022). Specifically, in collaboration with the Centre,
the second three-year study cycle for the Eurasian otter is scheduled to
commence in early March 2025, along with programs for monitoring
amphibians/reptiles, mammals (excluding the otter), avifauna, and bats.
Complex of Aliakmonas
• Research endeavor with the National Technical University of Athens (NTUA) on
the development of computational infrastructure for the hydrodynamic
simulation of the water system downstream in Asomaton Dam.
• Collaboration with the National Technical University of Athens (NTUA) for the
research project on the comprehensive study of water supply and demand in
the wider Aliakmonas River basin, in conjunction with the Ilarion Dam and in
accordance with the Decision on the Approval of Environmental Conditions
(AEPO) of the Aliakmonas Complex. The objective of this research endeavor is
to develop a sophisticated management model that will simulate the spatial
and temporal distribution of quantitative data on water supply and demand at
designated network nodes. These nodes will represent aggregated quantities
of water supply and demand by usage category (i.e., agricultural use, water
supply, etc.) as appropriate, as well as their interactions.
Complex of Arachthos (HPP
Pournari I, II)
• Collaboration with the University of Patras for the study of fish fauna in the
reservoirs of HPP Pournari I-II, based on the Decision on the Approval of
Environmental Conditions (AEPO). For this action, the University is directly
collaborating with the Management Units of Protected Areas of the Acheloos
Valley and Amvrakikos Gulf.
HPP N. Plastiras
• Collaboration with the University of Thessaly to undertake a comprehensive
study on the monitoring and investigation of the fish fauna within the

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Facility
Conservation actions in 2024
hydrographic network and the water body of Lake Plastira, in accordance with
the Decision on the Approval of Environmental Conditions (AEPO) of the HPP.
The study was submitted to the responsible authorities in 2024 and the
findings concluded that no measures are necessary to enhance the
conservation status of the native species. Specifically, it was concluded that
no modifications to the operational aspects of the project or alterations to
the execution of construction works are required.
It is worth noting that PPC S.A. has already scheduled the monitoring of the
fish fauna of the lake and the hydrographic network of Lake Plastiras. The
findings from these monitoring activities are to be submitted to the
responsible authorities biennially.
• Collaboration with the University of Thessaly for the development of a
comprehensive monitoring program for the elements protected under the
Special Area of Conservation - GR1410001 in Lake Tavropos. The study was
concluded in 2024, and the recurring work cycles are scheduled to span a total
duration of two years.
This monitoring and evaluation program will incorporate dynamic operational
elements, allowing for continuous updates and refinements. Consequently, it
will include potential revisions and corrections to specific components during
both the design and implementation stages.
• Collaboration with the University of Thessaly for the documentation of an
automated system to monitor the qualitative parameters of Lake Tavropos, in
accordance with the Decision on the Approval of Environmental Conditions
(AEPO) of the HPP.
HPP Ilarionas
• Submission of the Technical Environmental Study (TES) to the Ministry of
Environment and Energy for the avifauna and fish fauna of the wider area of
the Ilarionas HPP.
As part of the contract for the TES of fish fauna, the Hellenic Center for
Marine Research (HCMR) continues to conduct sampling and perform the
necessary checks on fish fauna related data. Additionally, HCMR is
implementing the first pilot phase of the monitoring plan.
With the aim to increase the active participation of the local community in
the study of avifauna, the TES provides an Agreement Plan under Article 100
of Law 3852/2010 and Article 37 of Law 4685/2020 between:
• the Region of Western Macedonia,
• the Municipality of Kozani, the Municipality of Servia, and the
Municipality of Deskati, and
• the Regional Development Agency of West Macedonia
The contract entails the implementation of the project "Actions for the
avifauna of the Ilarionas HPP, in the middle course of the Aliakmonas River in
Kozani and Grevena."

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Facility
Conservation actions in 2024
• Engagement of a consultant for the TES with the mandate to "Formulate
proposals for environmental protection areas in the immediate vicinity of the
Ilarion Reservoir." The scope of this project is intrinsically linked to the TES for
avifauna, as it will incorporate relevant data and recommendations.
HPP Metsovitiko
• Continuation of the construction of the specialized structure (fish passage) on
the left section of the ogee spillway crest. This passage, constructed from
reinforced concrete and extending approximately 60 meters in length, is
designed to ensure the unobstructed movement of fish, thereby supporting
their natural mobility. The project encompasses the provision of essential
upstream and downstream passage steps from the left section of the ogee
spillway crest of the mountain intake.
The fish passage to be implemented is of the "slot pass" type, meticulously
designed with appropriate geometry to accommodate the species of fish
inhabiting the local ecosystem. This project is being executed in accordance
with the approved Technical Environmental Study (TES) by the competent
authority, which addresses the impact of the Metsovitiko HPP on the regional
ecosystem.
In conjunction with this initiative, a comprehensive monitoring program will
be implemented to assess the status of the fish fauna. This program will
encompass regular inspections and sampling of biological and
physicochemical parameters to evaluate the effectiveness of the fish passage.
The primary objective is the ongoing protection and enhancement of the
local ecosystem, ensuring the sustainability of the natural environment.
HPP Mesochora
• Completion of the environmental licensing process for the projects "Forestry
Management of Glystras Stream" and "Forestry Management of Mylos-Koryfis
Stream," following the submission of the Environmental Impact Assessment
for each project. The submission also included a Special Ecological Assessment.
Skopos Papadias Dam
• Issuance of the restoration work certification by the Florina Forestry
Directorate for the prescribed tasks outlined in the forestry restoration study
concerning the forest vegetation of disturbed areas. This certification was
issued within the framework of the water supply project for the aqueduct in
Meliti.

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Additional actions related to biodiversity and ecosystems in 2024 include:
• Forestry project under the name “Stream arrangement in the area of Nyfiou, Municipal Unit of Argostoli, Municipality
of Argostoli”, was initiated due to the lack of reforestation or afforestation land for the installation of the wind park
Xerakias. The total area of the project was 5.04 hectares, with an expenditure of €276,000.00
50
. Additionally, the forestry
project “Reforestation at the locations 'Soros' and 'Laka Bovali' in the Municipality of Thiva” materialized in three
sections, covering a total area of 14.87 hectares for the installation of the Wind Power Station “Kastro – Lykovouni” of
the Municipality of Thiva and the Municipal Unit of Tanagra of the Municipality of Tanagra. The total expenditure
amounted to €359,669.365
51
.
• Monitoring of the impacts on birdlife during the operational phase of the Wind Power Stations of Toplou Sitia (6 MW),
Stravokountoura Ikaria (2.7 MW), Agios Ioannis Karpathos (0.45 MW), Potamia Chios (0.9 MW), Xerakias Kefalonia (9.2
MW) with a total expenditure of €45,000.00
52
. Additionally, a bird collision prevention system (NVBird) was installed on
two of the three wind turbines at Koukouli (13.2 MW) with a total cost of €77,165.00. The amount includes the supply,
transport, installation, and commissioning of the system, as well as expenses for the data analysis and recording services
for the first year.
• Installation of artificial nests to attract birdlife for breeding, along with the repair, replacement, and relocation of these
nests. Specifically, the installation, cleaning, and removal of the nests are carried out exclusively by specialized crews
from HEDNO S.A., while the nest placement points are designated by the local Protected Areas Management Units
(PAMUs) of the Natural Environment and Climate Change Agency (NECCA). In 2024, HEDNO S.A. installed a total of 199
nests, replaced 26, and conducted maintenance and repairs on 16 nests.
• Banding of stork chicks in Greece, facilitated through collaborations with local Protected Areas Management Units
(PAMUs). Specifically, teams from local units of HEDNO S.A. are tasked to carefully remove the chicks from their nests
so that specialized and certified personnel can perform the necessary banding. Upon completion of the banding process,
the chicks are meticulously returned to their nests. In 2024, these actions were executed with the assistance of HEDNO
S.A., in collaboration with NECCA and other cooperating entities, in regions such as Western Lesvos, Lagkadas
Thessaloniki, and Heraklion Crete (Praitoria Substation). In total, 97 banded stork chicks were documented in 2024.
• Implementation of preventive measures to mitigate incidents of bird loss due to electrocution or collision. This is
achieved by placing overhead networks underground in areas with frequent bird passage, where there is a risk of
collision with overhead wires. In total, in 2024, approximately 395 km of network was undergrounded, primarily within
forested areas.
• Insulation of components in substations and ultra-high voltage centers, as well as network lines, to prevent electrocution
incidents. Additionally, red protective rings were installed on power switches and disconnectors to prevent contact
between terrestrial fauna and installation components, thereby avoiding potential electrocution. In 2024, 72 pole
insulating covers were installed, while the total length of the network replaced with twisted cables or covered
conductors was approximately 195 km.
50
VAT excluded.
51
VAT excluded.
52
VAT excluded.

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• Participation in the Pelican Way of LIFE project, aimed at reducing the direct mortality of the Dalmatian Pelican
population in the special protection area (SPA) of the Natura 2000 network, specifically in the Tourlida area of
Mesolongi. A memorandum of cooperation was signed between HEDNO S.A. and the Hellenic Ornithological Society in
September 2024, to replace 4 km of bare medium voltage overhead network conductors with covered conductors.
Additionally, HEDNO S.A. participated in the LIFE17 NAT/GR/000514 – LIFE Bonelli eastMed project (2018-2023,
extended until February 2025) for the conservation and management of the Bonelli's eagle population in the Eastern
Mediterranean. The project is implemented in Natura 2000 network areas in Greece and Cyprus. A memorandum of
cooperation was signed with the Ministry of Environment and Energy and the University of Crete for the installation of
insulating covers at selected positions of the overhead network. These covers are planned for installation on the top
structures of specific poles. in the medium voltage overhead network in both mainland Greece and across several
islands. In the reference year, the installation of materials to prevent electrocution incidents was completed in areas of
Heraklion and Chania prefectures, with a total of 23 poles equipped with insulating covers.
• Implementation of measures to safeguard the white stork species in Romania, which nests on distribution network poles
and faces the risk of electrocution. The initial step in protecting this species involves accurately identifying the number
of nesting pairs and their chicks. In this context, and in collaboration with the Romanian Ornithological Society (SOR),
Retele Electrice in Romania has developed a mobile application, “Look at the Stork,” to gather data on stork nests across
the country. This initiative is supported by the Company's specialized partners and benefits from the involvement of the
public. The annual census of the stork population is conducted at a national level to identify areas with a high risk of
electrocution. Subsequently, electricity companies implement measures to safeguard both the birds and the network
by installing nest supports and insulating cables. Specifically, in 2024, Rețele Electrice installed a total of 62 nests, with
50 designated for the white stork on low voltage lines. The remaining nests were installed to accommodate the Danube
falcon on high voltage lines and the woodpecker on medium voltage lines.
• Collaboration with the Administration of the Danube Delta Biosphere Reserve to initiate a program for the installation
of insulating covers on 100 medium voltage poles of the overhead electricity distribution network as a biodiversity
protection measure. Concurrently, the program involves the installation of 3,000 bird diverters on medium and high
voltage lines, covering an area of approximately 35 km. The project commenced in 2023, and by 2024, a total of 550
medium voltage line poles were equipped with insulating covers, and 1,906 bird diverters were installed.
• Collaboration with the Romanian Ornithological Society (SOR) within the framework of European Union-funded
programs for the preservation of the pelican and the Danube falcon. As part of these programs, workshops were
conducted to identify critical points where intervention is required. The relevant works to mitigate risks at these
identified critical points commenced in 2024. Specifically, the following programs are included:
• LIFE18 NAT/NL/000716 to study the lifestyle of the pelican, focusing on preventing collision accidents through the
installation of diverters at a distance of 4 km from the medium voltage lines. The entire project was completed
within the reporting year, with the purchase and installation of 100 bird diverters and their installation on medium
voltage lines, spanning a length of 1.5 km.
• LIFE20 NAT/BG/001162, focusing on the protection of the endangered Saker Falcon in Bulgaria and Southern
Romania. The program involves actions to prevent electrocution accidents, including the installation of insulating
covers on the medium voltage poles. The entire project was completed within 2024 with the purchase and
installation of 1,000 insulating covers on 300 poles.
• LIFE19 NAT/SK/001023, aiming to biodiversity loss in the Danube Delta by reducing bird deaths caused by collisions
with the electricity distribution network, while also collaborating closely with the local stakeholders. By the end
of 2024, 65% of the project had been completed.
• Sponsorships related to biodiversity were provided to the ANIMA Association (Association for the Protection and Care
of Wildlife) to support the rehabilitation of injured birds, as well as to the Agios Stefanos Volunteer Civil Protection
Association through the procurement of equipment. Additionally, the Hatzigakis Foundation sponsored the execution
of the educational environmental program "The Forest, Our Home."
Finally, it is noted that biodiversity offsets were not used in the aforementioned actions.

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2.4.4 Targets
[E4-4]
The Group has yet to establish quantifiable, time-bound objectives for biodiversity and ecosystems, as well as for addressing
associated significant impacts, dependencies, risks, and opportunities. However, PPC Group remains committed to the
preservation of biodiversity and ecosystems through policy commitments and related actions.
Through the parent Company, the strategic partnership with the global initiative Science Based Targets Network (SBTN) was
established in June 2023 to formulate scientifically validated targets concerning nature. The formulation of these nature-related
goals is aimed at creating a profound impact on the preservation and restoration of biodiversity and ecosystems.

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2.4.5 Metrics
[E4-5]
The PPC Group monitors facilities in biodiversity-sensitive areas and discloses the total number, the geographic location, and the
total area covered of those facilities that are owned, leased, or managed within protected NATURA areas. The facilities include
Thermal Power Plants (TPPs), Hydroelectric Power Plants (HPP), Hydroelectric Projects (HPs), Autonomous Power Plants (APP),
Local Power Plants (LPPs), dams and forestry arrangements, Thermoelectric Stations (TES), Substations, Ultra-High Voltage Centers
(UHVC), Wind (WPs) and Photovoltaic (PVs) Parks, and Small Hydroelectric Power Plants (SHPPs).
Facilities mapped during the reference year are presented in the table below:
Table E4, 5: Facilities within NATURA areas
Facility
Geographical region / district
Area within protected region
(hectares)
Facilities of PPC S.A. within NATURA regions
HPP Asomata
Imathia
298.00
HPP Agra
Pella
941.00
HPP Aoos
Ioannina
1,163.00
HPP Thisavros
Drama
2.725.00
HPP Platanovrysi
Drama
263.00
HPP Plastiras
Karditsa
2,356.00
Papadia Dam
Florina
75.00
HPP Mesochora
Trikala
37.00
APP Karpathos
Karpathos - Heroic Island of Kasos
0.16
APP Paros
Paros
0.01
APP Lemnos
Limnos
0.00
LPP Agathonisi
Klaymnos
0.20
LPP Agios Efstratios
Limnos
0.25
LPP Antikythera
Islands Region - Attica
0.29
LPP Akri
Kalymnos
0.35
LPP Gavdos
Chania
0.42
LPP Megisti
Rhodes
0.81
TPP Meliti
Florina
78.26

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Facility
Geographical region / district
Area within protected region
(hectares)
Disposal Area of TPP Melitis
Florina
116.60
TES Southern Rhodes
Rhodes
3.13
LPP Ereikoussa
Corfu
0.23
Forestry Arrangement of "Mylos" Stream
Trikala
169.30
Forestry Arrangement of "Anonymous" Stream in
"Glystra" Area
Trikala
11.55
Facilities of HEDNO S.A. within NATURA regions
Substation Axioupoli
Kilkis
0.94
Substation Kechros
Rodopi
0.64
Substation Vari
Kallithea
1.06
Substation Livadi
Aliveri
0.99
Substation Yliki
Thiva
0.43
Substation Kamena Vourla
Lamia
1.27
Substation Spercheiada
Lamia
0.82
UHVC Larissa
Larisa
30.40
Substation Vounaina
Larisa
1.53
Substation Elassona
Larisa
0.95
Substation Farsala
Larisa
1.02
Substation Kalabaka
Trikala
1.36
Substation HPP Mesochora
Arta
0.72
Substation 150 kV Thisavros
Drama
0.69
Substation Skydra
Edessa
1.05
Substation Amphipolis
Serres
1.16
UHVC Meliti
Florina
6.66
Substation Aetoliko
Agrinio
1.25
Substation Ioannina I
Ioannina
1.94
Substation Ioannina II
Ioannina
1.11

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Facility
Geographical region / district
Area within protected region
(hectares)
Facilities of PPC Renewables S.M.S.A. within NATURA regions
WP Vigla Kattavias
Rhodes
13.91
WP Marathokampos
Samos
1.94
WP Moni Toplou
Lasithi
9.02
WP Potamia
Chios
0.95
WP Sigri
Lesvos
6.12
WP Xerakias
Kefallonia
21.94
PV Vlachopigado
Trikala
7.90
SHPP Almyros
Chania
8.29
SHPP Oinoussa
Serres
94.85
SHPP Agios Ioannis
Serres
155.33
SHPP Eleousa
Chalkidona
0.09
Facilities of PPC Retele Electrice within NATURA regions
Substation Rețele Electrice Banat (REB)
Arad
0.34
Substation Rețele Electrice Banat (REB)
Arad
6.94
Substation Rețele Electrice Dobrogea (RED)
Constanța
0.01
Facilities of PPC Renewables Romania
53
within NATURA areas
WP Corugea
Tulcea
775.60
WP Agighiol
Tulcea
356.40
Total facilities of PPC Group within NATURA areas
62
54
facilities
9,755.18
53
PPC Renewables in Romania operates three additional wind farms in the regions of Caraș-Severin and Tulcea, within NATURA
protected areas. However, there is no available data regarding the exact surface of the installations within these protected areas.
54
Includes the abovementioned three locations (wind parks) of PPC Renewables Romania.

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Social information
3.1 Own Workforce
3.1.1 Strategy and concepts related to own workforce [SBM-2]
3.1.2 Material impacts, risks and opportunities and their interaction with strategy and business model [SBM-3]
3.1.3 Policies related to own workforce [S4-1]
3.1.5 Actions [S4-4]
3.1.6 Targets [S4-5]
3.1.7 Metrics [S1-6, S1-9, S1-14, S1-16, S1-17]
3.2 Consumers and End-Users
3.2.1 Strategy and concepts related to consumers and end-users [SBM-2]
3.2.2 Material impacts, risks and opportunities and their interaction with strategy and business model [SBM-3]
3.2.3 Policies related to consumers and end-users [S4-1]
3.2.4 Actions [S4-4]
3.2.5 Targets [S4-5]

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3.1 Own workforce
3.1.1 Strategy and concepts related to own workforce
[SBM-2]
Interests and views of stakeholders
PPC Group systematically cultivates an equitable working environment free from discrimination, characterized by ethical
principles, values, equal opportunities, and respect for human rights. With the aim of fostering a workplace culture that maintains
a zero-tolerance stance towards any violation of human rights, the Group complies with applicable national legislation,
international regulations, and relevant guidelines.
Employees are the driving force of the Group and represent one of its most significant stakeholder groups, as they are not only
affected by the Group’s activities but also actively influence them. Their views, interests, and rights - particularly the respect for
human rights - are strategic priorities for the Group. Feedback mechanisms, such as regular employee engagement surveys, along
with corporate policies and employee development programs are the main pillars the Group focuses on, in order to enhance
employee well-being, professional growth and equal opportunities. Particular attention is given to mitigating any negative
impacts on issues of equal treatment and workplace safety through the implementation of inclusion policies and health and safety
standards.

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3.1.2 Material impacts, risks and opportunities and their interaction with strategy and business model
[SBM-3] 
This disclosure includes employees with whom PPC Group has an employment contract and who may be affected by the
significant impacts, risks, and opportunities arising from the Group’s activities. Self-employed individuals and third-party workers
are not included in this disclosure, as no available data exists for these employee categories at the Group level.
Table S1, 1: Material impacts
IRO title 
Sub /  
Sub-topic(s) 
Detailed impact
description 
Positive / Negative 
Actual / Potential  
Time horizon 
Job security,
employee
morale, and
reduced job-
related stress
through effective
working
practices
Working
conditions -
Secure
employment
Implementing
effective working
practices that
maintain low
involuntary
turnover rates
fosters job
security, boosts
employee
morale, and
reduces job-
related stress.
Positive
Actual
Short-, medium-
& long-term
Local
employment
challenges from
lignite phase out
Working
conditions -
Secure
employment
The phase-out of
lignite plants
leads to
redundancies
negatively
affecting local
employment.
Negative
Actual &
Potential
Medium-term
Supporting
employee health
and safety in the
workplace
Working
conditions -
Health and safety
PPC Group's
health and safety
initiatives,
featuring
increased training
hours, specialized
seminars, and
CPR/AED
certifications,
equip employees
with essential
skills for
emergency
response and
safe equipment
handling.
Positive
Actual &
Potential
Short-, medium-
& long-term

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Potential impacts
to health and
safety of own
workforce
Working
conditions -
Health and safety
Workers in lignite
mining, energy
production,
electricity
distribution
activities, and
warehousing face
potential health
and safety
impacts. These
impacts include
exposure to coal
dust, hazardous
chemicals,
electrical hazards,
risks associated
with working at
heights, risks
related to
working in
confined spaces,
extreme
conditions, use of
heavy machinery,
mobile
equipment, and
physical exertion.
Negative
Potential
Short-, medium-
& long-term
Improvement of
equality and
morale through
equal pay
Equal treatment
and opportunities
for all - Gender
equality and
equal pay for
work of equal
value
PPC Group's
compensation
practices
promote equal
pay that fosters a
culture of
equality and
positively affects
the workforce
morale and
wellbeing.
Positive
Actual &
Potential
Short-, medium-
& long-term
 

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Table S1, 2: Material risks and opportunities
IRO title 
Sub / Sub-sub-
topic(s) 
Detailed risk and opportunity
description 
Risk / Opportunity 
Time horizon 
Talent
attraction and
retention
through
diversity and
inclusion 
Equal
treatment
and
opportunities
for all -
Diversity 
Embracing diversity and inclusion
practices enables PPC Group to attract
and retain top talent, boost
productivity, and enhance its
reputation as leading employer. 
Opportunity 
Short-, medium- &
long-term 
During the Double Materiality assessment, secure employment, health and safety, gender equality, equal pay for work of equal
value, as well as equal treatment and fair opportunities for all, were identified as key elements of the organization’s strategic
model. The identified negative impacts do not arise as systematic or widespread incidents within the Group. Through targeted
processes and initiatives, the Group adapts to changing conditions and actively enhances its actions in these areas, recognizing
their importance and their potential to create a positive impact for employees and the organization as a whole. This targeted
approach ensures that the Group responds resiliently to workplace challenges while fostering a sustainable and fair working
culture.
Regarding significant impacts, risks, and opportunities, the Group implements appropriate measures across all its subsidiaries
and countries of operation, taking into account all employees who could be significantly affected by the organization’s business
activities and ensuring compliance with all relevant regulations and local legislative frameworks.  Following the Double
Materiality Assessment, no significant risk of child labor or forced labor incidents was identified in relation to all types of the
Group's activities and countries of operation.
3.1.3 Policies related to own workforce
[S4-1]
The Group has established a consistent approach with its Human Rights Policy and Remuneration Policy for Board of Directors
members. Additional policies, such as the Code of Conduct, Health & Safety Policy, Policy against Violence and Harassment at
Work and Inclusion and Diversity Policy, are adapted accordingly by the specific Group subsidiaries to support their unique
operational needs based on the conditions in which they operate. The tailored approach ensures that each Company effectively
addresses its respective challenges. This strategy enables the Group to consistently uphold its core values while simultaneously
responding flexibly to various demands. Through these Policies, the Group is committed to respecting its employees and
promoting a safe, inclusive, and ethical working environment.
The Board of Directors has the highest oversight within the organization and is responsible for the proper implementation of
Policies. The Policies established at the Group level are available on the Group's website, while the remaining policies are available
on the internal platform of each subsidiary. All relevant Policies apply to Group’s own operations. The provisions of the Human
Rights Policy also apply to the upstream value chain of the Group.

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Table S1, 3: Policies related to Own Workforce
Key policies implemented
Addressed key areas of the Policy relevant
to the ESRS topic
Relevant material identified impact, risk or
opportunity
Code of Conduct 
Compliance with laws and regulations as
well as ethical business practices 
• Local employment challenges from lignite
phase out 
Human Rights Policy 
Alignment with international human
rights standards
Dedication to promotion and protecting
of human rights 
• Job security, employee morale, and
reduced job-related stress through
effective working practices 
• Impacts on local employment from lignite
phase out 
Health and Safety Policy 
Protecting the fundamental employee
right to a safe working environment 
Elimination of work-related accidents,
illnesses, and occupational injuries 
• Supporting employee health and safety in
the workplace 
• Potential impacts to health and safety of
own workforce 
Policy against Violence
and Harassment at Work
Prohibition of any form of
discrimination or harassment based on
personal characteristics such as
nationality, race, gender, age, religion,
political beliefs, sexual orientation,
disability, marital status, or family
responsibilities 
• Improvement of equality and morale
through equal pay 
Remuneration Policy 
Fairness and equality in compensation,
including addressing the gender pay
gap 
• Improvement of equality and morale
through equal pay 
Inclusion and Diversity
Policy 
Embracing diversity and inclusion
practices enables attraction of top
talent, boost productivity, and
enhancement of reputation 
• Improvement of equality and morale
through equal pay 
• Talent attraction and retention through
diversity and inclusion 
 
Code of Conduct Policy
The Code of Conduct outlines the rules and practices of ethical and responsible business behavior that all Group employees are
expected to follow. Companies that have also established their own Code of Conduct include PPC Renewables S.M.S.A., HEDNO
S.A., the Group’s subsidiaries in Romania, and Kotsovolos
55
.
55
For more information, please refer to section 4.1., “Business Conduct”.

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Human Rights Policy
The Human Rights Policy and the Policy against Violence and Harassment at Work highlight the Group’s commitment to respecting
employees’ human rights. In this context, the Group has established specific communication channels for raising concerns and
procedures for addressing any negative impacts on employees.
In developing the Group's Human Rights Policy, all groups of people and their interests that could potentially be affected by the
Group's business activities, either negatively or positively, are taken into consideration. These groups include members of the
Board of Directors, executives, those employed under work contracts, remunerated or non-remunerated mandate, independent
service contracts and temporary employment, trainees, apprentices and volunteers, and those employed through third-party
services. While the Group does not currently have specific procedures in place, it is working towards developing methods and
procedures to identify particularly vulnerable groups of people, such as children, young people, women, and other individuals
belonging to national or ethnic, religious, and linguistic minorities, who may potentially be affected by the Group's activities.
The Group’s Human Rights Policy outlines the general principles that govern practices and procedures related to these issues.
These include:
• Respect for human rights
• Freedom of association and collective bargaining
• Prohibition of discrimination, violence, and harassment in the workplace
• Protection of personal data
• Anti-corruption measures
By participating in the United Nations Global Compact, the Group adopts and promotes the Ten Principles, which are based on
the Universal Declaration of Human Rights, labor standards, environmental protection, and anti-corruption efforts. These
principles align with the UN Guiding Principles on Business and Human Rights. Through participation in this initiative, the Group’s
primary objective is to foster a culture of integrity and create a positive impact on society and the environment. The Group also
complies with the International Labor Organization (ILO) Declaration on Fundamental Principles and Rights at Work and the OECD
Guidelines for Multinational Enterprises. The Policy strictly prohibits any form of forced or compulsory labor, human trafficking,
or modern slavery and adopts a zero-tolerance stance on incidents that may promote such practices. In cases where human rights
impacts affect the Group’s workforce directly, the Group has established a Grievance Management Procedure to address
employee complaints. To ensure the protection and promotion of human rights, as well as workplace safety, the Group
continually enhances employee training in these areas, investing in awareness and education programs.
Health and Safety Policy
The Group implements procedures and takes comprehensive measures to effectively manage and mitigate risks concerning
employee health, safety, and well-being, fully complying with current health and safety legislation (Law 3850/10). High priority is
also given to compliance with Greek and European regulations regarding occupational accidents, applying specific practices to
achieve positive outcomes.
PPC S.A. maintains an Occupational Health & Safety Policy, applying health standards under ISO 45001:2018. The parent Company
complies with applicable health and safety legislation and seeks to minimize occupational risks through systematic assessments,
ultimately aiming for zero accidents. It also ensures the necessary conditions to prevent work-related injuries and illnesses.
Furthermore, the parent Company regularly informs employees about workplace risks and provides training in safety rules,
regulations, and safe working practices. Additionally, it continuously improves methods and equipment to reduce risks, providing
employees with modern personal and collective protective equipment. PPC S.A. also ensures that external partners adhere to
equivalent health and safety measures. The Company consults with employee representatives and unions to ensure the effective
implementation of workplace health and safety standards.

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PPC Renewables S.M.S.A has integrated the Occupational Health and Safety Risk Identification and Safety Management Procedure
into its unified Health, Safety, and Environmental Management System. The Company is committed to providing all necessary
measures and resources to prevent accidents, injuries, and illnesses, as well as eliminating risks affecting employees and third
parties who may be impacted by its activities. According to the Company’s procedure, a comprehensive risk assessment is
conducted for all employee activities at all Company locations, including offices, warehouses, facilities, and construction sites.
During this specific assessment equipment and materials used are inspected, as well as the applied working methods. PPC
Renewables S.M.S.A operates under ISO 45001:2018 health management standards, which are certified by an external partner.
HEDNO S.A.’s Policy includes the implementation of appropriate prevention systems and protective measures to reduce risk
severity. The Policy includes objectives for the elimination of accidents, injuries, occupational diseases, damage to equipment
and facilities, zero tolerance for failure to report H&S incidents, continuous monitoring and surveillance to identify and assess
potential risks. It also outlines objectives for immediate implementation of appropriate preventive systems and protective
measures, as well as continuous improvement of the H&S culture. The fundamental principle governing all processes and
practices implemented by HEDNO S.A. is the mandatory adherence to the established “Life Saving Rules (LSRs)” as a prerequisite
for cooperation, with zero tolerance for violations.
HEDNO S.A. has set the following “Life Saving Rules”:
• Pre-task Risk Assessment: Evaluate potential risks in the workplace.
• Work Permit: Do not perform any task unless authorized to do so.
• Energy Isolation: Always follow the “Isolation – Test – Ground” rule.
• Working at Heights: Always use appropriate fall protection equipment when working at height.
• Mobile Equipment: Keep mobile equipment at a safe distance from live power lines.
• Load Lifting: Stay outside the drop zone during lifting operations.
• Excavation Work: Fence off excavation sites or ground openings.
• Working in Confined Spaces: Ensure safe entry, conditions, and exit from confined spaces.
• Road Safety: Drive consciously and responsibly.
• Personal Protective Equipment (PPE): Wear appropriate PPE and use necessary Collective Protective Equipment
(CPE).
Additionally, according to the Policy, any employee has the right to stop work being performed in the event of life-threatening
conditions and/or when deviations from the existing 'Life Saving Rules' are identified, until full remediation and correction are
achieved. Specifically, any employee must stop the execution of a task in cases where:
• Any individual, including colleagues, other personnel, and third parties, is at risk due to unsafe conditions or adoption
of an unsafe work practice.
• The safety of an installation is questioned, and there is a possibility of serious damage or harm to the health and safety
of the HEDNO S.A.’s technical team, contractor employees or third parties.
The Health and Safety Incident Policy outlines incident management procedures for the Group’s subsidiaries in Romania. These
Companies maintain a strict stance on activities that jeopardize employee health and safety, as defined by the “Stop Work” Policy.
The Policy allows the suspension of activities in cases of hazardous conditions or unsafe behaviors until conditions are restored.
Notably, the Group’s subsidiaries in Romania have also adopted the Non-Compliance and Corrective Action procedure, which
strengthens health and safety measures. This procedure includes the identification, documentation, and analysis of health and
safety issues, implementation of corrective actions, and verification of their effectiveness to prevent recurrence. The procedure
also establishes an incident management mechanism for health and safety events, including accidents and near misses, detailing
the steps for identifying, investigating, and addressing such incidents. The procedure emphasizes the importance of implementing
and monitoring actions that can correct unsafe practices and enhance workplace safety, as well as the importance of
implementing safety training programs and improvement plans. The periodic monitoring by the Health, Safety, Environment, and
Quality (HSEQ) department identifies opportunities for continuous improvement of health and safety processes, while ensuring
compliance with relevant regulations and standards.

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Kotsovolos takes all necessary measures to safeguard the wellbeing of employees who may be affected by its operations and
complies with all legal requirements and health and safety regulations. The Company aims to continuously improve its
performance in health and safety matters through effective risk management and the prevention of accidents, illnesses and other
incidents in the workplace. Kotsovolos has a Guide and Policy related to employee health and safety:
• Health & Safety Guide, which provides Site Managers (store managers) with guidance on their duties, including
implementing safety protocols, offering trainings, investigating accidents, maintaining emergency plans, and ensuring
the availability of first-aid supplies. It emphasizes risk control measures and the use of protective equipment,
particularly in warehouses and during heavy lifting activities.
• The Illness Policy outlines procedures for managing short- and long-term employee illnesses, informing staff about
related legislation and Company measures.
Policy against Violence and Harassment at Work
The Group is committed to creating an inclusive, accessible, and welcoming workplace environment for its employees,
demonstrating zero tolerance for any form of unethical behavior. In this context, the Group implements and enforces appropriate
measures
56
to address and eliminate incidents of violence and harassment in the workplace. The Anti-Violence and Harassment
Policy is applied across various Group companies, incorporating specific regulations that establish the foundation for effective
implementation and compliance in each business sector. The Parent Company’s Policy against Violence and Harassment at Work,
which is also adopted by PPC Renewables S.M.S.A. includes:
• A zero-tolerance statement for violence and harassment
• Measures to prevent and combat incidents of violence and harassment
• Confidentiality and privacy protection
The Policy emphasizes key elements such as regular training, awareness programs, and employee education on appropriate
workplace behavior and the importance of maintaining a healthy working environment. In line with the above, HEDNO S.A. also
applies a Policy Against Violence and Harassment at Work that aims to prevent and address all forms of harassment in the
workplace while ensuring respect for human dignity.
In addition, the Group’s subsidiaries in Romania have adapted the Workplace Harassment and Discrimination Policy, which
outlines measures for preventing incidents of harassment and discrimination at work. Through this Policy, the Companies
promote equal opportunities and fair treatment between women and men, aiming to eliminate all forms of discrimination.
Employees who have experienced harassment or discrimination, or have witnessed related incidents, are encouraged to report
them immediately. Complaints can also be submitted electronically, and the Companies are committed to investigating and
addressing them promptly. Employees accused of harassment or discrimination face appropriate disciplinary measures, including
potential dismissal if a violation of the Code of Conduct is confirmed. The Policy also protects employees from retaliation when
making honest and sincere reports intended to address unethical behavior. Employees who file a report on harassment or
discrimination are safeguarded against any form of retaliation.
Kotsovolos has implemented a relevant Policy under which, if an employee violates the Policy, the Company is required to take
appropriate measures against the individual concerned to prevent the recurrence of similar incidents. These measures may
include compliance counseling, changes to the individual’s position, working hours, location, or working methods, and even
termination of employment or partnership. The Policy strictly prohibits any form of violence and harassment in the workplace,
including gender-based violence and sexual harassment. Kotsovolos investigates and addresses every complaint or report,
demonstrating zero tolerance towards such behaviors.
56
For more information, please refer to section 4.1 “Business Conduct”.

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Remuneration Policy
The Group has established and implements a Remuneration Policy that defines the framework for determining the remuneration
of Board Members and Group executives
57
.
Inclusion and Diversity Policy
PPC S.A. has adopted the Suitability Policy for Board Members, designed to ensure the appointment of qualified individuals, and
the effective functioning of the BoD, and fulfillment of its role in promoting corporate interests. The Company has also adopted
the Inclusion and Diversity Policy, which is an integral part of the Suitability Policy, aiming to promote an appropriate level of
diversity in the Board and a multidisciplinary group of members. The Diversity Policy is considered when appointing new Board
members. By adopting and implementing the Inclusion and Diversity Policy, the Company ensures that no exclusion occurs in
selecting or electing employees as Board members based on gender, race, color, ethnic or social origin, religion or beliefs, wealth,
disability, age, or sexual orientation. Furthermore, according to the Policy, the Company must maintain representation of at least
twenty-five percent (25%) for each gender within the Board.
Kotsovolos’ Diversity and Inclusion Policy emphasizes equal opportunities for development and career progression, fair
recruitment, and professional development practices. The Company is committed to eliminating stereotypes and discrimination,
promoting an inclusive culture through open communication and activities that foster inclusion, diversity, and collaboration, and
finally, regularly reviewing and updating diversity practices to ensure their effectiveness. Kotsovolos has signed the Diversity
Charter since May 2021, with diversity being one of its five fundamental values.
57
For further information, please refer to section ESRS 2.

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3.1.4 Actions
[S1-4]
Health and Safety
The Group implements comprehensive measures and procedures to manage and eliminate risks concerning employee health,
safety, and well-being, placing emphasis on active employee participation in the development, implementation, and evaluation
of Occupational Health and Safety Management Systems. Additionally, the Group works to ensure that all employees maintain
direct access to information regarding health and safety through various available channels (oral, written, electronic).
At PPC S.A., Occupational Health & Safety Management Systems (OHSMS) are implemented, certified, or undergoing certification
by independent accredited bodies, across all of the Company’s production units. The Occupational Health and Safety Department
(OHSD) is certified by an independent notified body under EN ISO 9001:2015, EN ISO 45001:2018, and ELOT EN ISO 14001:2015,
which apply to the integrated Quality, Environment, and Occupational Health and Safety Management System of the OHSD. The
OHSD also holds licenses to provide internal and external protection and prevention services (ESPPS and EXSPPS), covering both
the parent Company and Companies within and outside the PPC Group. At PPC S.A., Employee Health and Safety Committees
(EHSC) are formed in units where employees deem it necessary, with the facilitation and encouragement of their supervisors.
These Committees ensure employee participation in consultation processes through written or other forms of communication.
In accordance with current legislation (Articles 4 to 7 of Law 3850/2010), their responsibilities include analyzing working
conditions, recommending effective actions to prevent the recurrence of serious incidents or accidents, identifying occupational
risks in the workplace, and providing information on the implementation of new production processes, tools, and equipment. In
2024, PPC S.A. operated 16 Employee Health and Safety Committees (EHSC) across thermal and hydroelectric power plants, mines
in Western Macedonia, and central services. To train all EHSC members, the OHSD initiated two training cycles, lasting 16 hours
each, training members from six of these committees. Additionally, Health and Safety Management System Teams have been
established in units where the system is implemented under the ISO 45001 standard. Each Management Team may include, in
addition to management members, the Safety Technician and Occupational Physician, as well as employee representatives who
may be members of the respective EHSC or collaborate closely with them.
The parent Company has established procedures for interacting with its personnel on specific issues, such as recording employee
observations regarding identified risks through questionnaires used to create specialized Risk Assessment Tables for each job
position. During the reporting year, PPC S.A. prepared or updated 48 Occupational Risk Assessment Studies (ORAS) and 22 ATEX
(Atmosphères Explosibles) studies. The Company also procured 76 new defibrillators and new equipment for testing the skills of
drivers and machine operators. Additionally, the Parent Company conducted 32 third-level internal Health and Safety inspections
through Joint Inspection Committees. During the evaluation of Personal Protective Equipment (PPE), material performance and
improvement suggestions are recorded via a dedicated form, which is considered when reviewing relevant Technical
Specifications. To prevent negative impacts on PPC S.A. employees concerning health and safety, the parent Company
implements additional core preventive measures. In 2024, PPC S.A. conducted emergency preparedness drills in 29 units to
prepare for situations such as earthquakes and fires. The Company also supplied 66 PPE codes and distributed 320,000 items,
including helmets, gloves, and masks, with a total value exceeding €710,000. Additionally, harmful factors were measured in
1,050 different workspaces across 80 units. To promote a culture of safety in the workplace, the Training Department organized
health and safety training programs attended by numerous employees. Among the additional measures implemented by the
Company are remote work options for health reasons, psychiatric assessments, psychological support, and various forms of
counseling. During the reporting year, PPC S.A. employed 60 Safety Technicians, 24 Occupational Physicians, 74 nurses or health
visitors, five specialized doctors, one psychiatrist, three psychologists and 11 social workers. Finally, the Company offers group
medical insurance to all employees and has established a blood bank for employees through its trade unions.

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PPC Renewables S.M.S.A. informs its employees about additional required measures through written instructions, first aid
training sessions, and relevant workshops. In addition, the Company provides group medical insurance and monthly visits to an
Occupational Physician, with additional visits available based on employees’ health needs (e.g., preventive health check-ups).
Employees are encouraged to propose improvements regarding health and safety, which are reviewed in collaboration with
Safety Technicians and the Occupational Physician.
HEDNO S.A. organizes informational meetings and specialized health and safety training seminars across all its operational areas.
By recording and addressing identified risks in a timely manner, the Company promotes a safe environment for employees,
partners, and third-party stakeholders. To this end, HEDNO S.A. has established the 'Life Safety Rules' as prerequisites for
cooperation, without tolerating any form of their violation. As such, all employees are required to stop work if they identify any
individual - whether colleagues, other staff, or third parties - at risk due to unsafe work practices or methods.
HEDNO S.A. has also established Employee Health and Safety Committees (EHSC), which assess working conditions, propose
improvements, and monitor the implementation of health and safety measures. EHSCs play a crucial role in preventing serious
workplace accidents, identifying occupational risks, and updating risk prevention policies. The EHSC informs management about
workplace accidents, occupational illnesses, and new production processes, machinery, tools, and materials affecting health and
safety. In cases of immediate danger, committees request management to take appropriate measures, including halting
machinery or production processes if necessary. The EHSC convenes quarterly to address relevant issues and ensure continuous
improvement.
Other measures implemented by HEDNO S.A. for the prevention of occupational risks and the protection of Health and Safety
are the following:
• Preparation and issuance of safe work instructions and protection from hazards. Development of Emergency Response
Plans for the protection of personnel and facilities, in collaboration with the relevant authorities
• Provision of the most appropriate protective equipment (PPE) to Company personnel
o according to the nature of their work
• Medical supervision of personnel health and conducting Periodic Preventive Occupational
o Health Checks
• Evaluation of corporate performance, which assessed based on internationally established indicators, annual statistical
analysis of personnel accidents, and preparation of an Annual Report to the Company's Management
• Allocation of necessary resources for the effective implementation of this Policy
• Cooperation with relevant authorities, such as the Hellenic Labour Inspectorate, the
Hellenic Institute for Occupational Health and Safety, etc.
Under the Non-Compliance and Corrective Action procedure, PPC Group’s Romanian subsidiaries are committed to immediate
actions to mitigate negative impacts, such as providing first aid and notifying authorities. Incidents are investigated by the
relevant committee through root cause analysis, followed by the preparation of corrective action reports. This ensures that all
health and safety incidents are handled with maximum seriousness and professionalism. The Group’s subsidiaries in Romania
implement strict reporting procedures for incidents that may impact employee well-being. Employees experiencing or witnessing
a health and safety incident must immediately inform their supervisor, who then notifies the Health, Safety, Environment, and
Quality (HSEQ) department. The HSEQ department must report the incident to the Labor Inspectorate within 24 hours and ensure
that investigation findings are communicated to employees. The primary goals of investigations are to determine the incident’s
conditions and causes, identify any regulatory violations, assign responsibilities, and establish preventive measures. The Company
also provides private medical insurance to all employees.

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PPC Renewables Romania SRL achieved zero accidents in 2024 regardless of workforce growth. Despite the inherent risks in
construction and operational projects, the Company successfully maintained a high level of safety for its employees. Taking into
account the working hours of employees and contractors, which reached 1,000,000, the Company constitutes an excellent
example towards a more sustainable working environment. Predictable risks are assessed, and specific safety systems are applied
to prevent physical or psychological harm to employees. Preventive measures include design parameters, physical safety
measures, monitoring procedures, training, and appropriate PPE.
Retele Electrice Romania S.A. is committed to ensuring employee health and safety through accident assessments and analyses,
in line with applicable legislation and internal procedures. The Company implements corrective and preventive measures to
address identified risks, reinforcing efforts to improve safety performance through its ISO 45001-certified Occupational Health
and Safety Management Systems.
Kotsovolos provides training to prevent workplace risks and ensures the availability of necessary PPE. First aid teams have been
established, and Store Managers are trained to follow safety protocols. Additionally, Health and Safety Leaders have been
appointed in selected units where necessary. After any accident, the Safety Technician conducts a detailed investigation and
implements corrective actions if needed. In Kotsovolos, health and safety risks related to warehouse operations and heavy lifting
tasks are a priority. To mitigate these risks, warehouse employees are required to wear safety shoes and gloves. Supervisors
confirm the distribution of all PPE to ensure compliance and workplace protection. Employees in supervisory roles are required
to actively promote health and safety in all controlled activities. They are also responsible for ensuring staff receive appropriate
guidance, information, and training to perform their duties without putting themselves or others at risk. Kotsovolos systematically
invests in employee well-being, having established a dedicated role within the Human Resources department to address this
matter.
The Company also provides group medical insurance for all employees, has established and trained first aid teams in every facility,
and maintains a blood bank for employees and their immediate family members. During peak periods, Kotsovolos offers healthy
breakfast options at the office, warehouses, and its call center to support employees. 
Secure employment
PPC S.A. has developed a comprehensive communication system for its employees that includes anonymous surveys, both annual
and ad-hoc, with the aim of collecting data related to their satisfaction, concerns, and improvement suggestions. This approach
helps to understand the reasons behind voluntary resignations and gain insights from employee experiences. Additionally, the
Company conducts ad-hoc meetings with employee groups, providing a platform for employees to communicate and express
their needs. PPC S.A. continues the utilization of feedback forms, activities, and seminars to continuously improve services (e.g.,
onboarding, training, EAP talks). The Group General Department of Human Resources ensures effective interaction with
employees and incorporates their feedback into the organization's operations that impact them.
PPC S.A. fosters a sense of belonging and collaboration among employees by offering opportunities to participate in activities
they are interested in (e.g., hiking, fitness, volunteering). The parent Company also provides counseling services through a team
of psychologists, available via an anonymous 24-hour helpline for both employees and their family members, thus creating a
workplace environment that supports employees’ mental health and responds effectively to modern workplace needs.
In response to the energy transition, PPC S.A. has introduced a series of measures to support employees affected by this shift. As
part of these efforts to mitigate potential impacts on the local workforce because of the gradual lignite phase-out, the parent
Company undertakes actions such as:
• The process of transferring personnel from decommissioned units to corresponding positions in other units or
companies within the Group, following the publication of the positions and the selection of candidates
• A voluntary exit program that provided financial incentives to support employees during this transitional period
• Employee retraining program for employees to develop their skills to transition to a different unit within the Company

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Demonstrating its continuous commitment to creating a friendly and engaging work environment, PPC Renewables S.M.S.A. was
certified for the fourth consecutive year as a Best Place to Work by the Great Place to Work Hellas organization, a global leader
in workplace culture for over 30 years. This certification followed a confidential employee survey based on their personal
experiences and working conditions.
To promote safe employment, HEDNO S.A. maintains a transparent reporting system for its employees. Reports can be submitted
through various channels, including the telephone, personal meetings, written documents, postal services, internal audits, and
an independent external body.
PPC Group’s subsidiaries in Romania maintain regular communication with employee representatives through monthly meetings,
quarterly reviews, and formal consultations on specific issues. Senior executives, including the HR Director, participate directly in
these discussions to ensure that employee views are integrated into decision-making processes. The subsidiaries recognize the
importance of including employees who may be particularly vulnerable or marginalized and actively engage with employee
representatives and unions to ensure that their concerns are acknowledged and addressed. These representatives play a vital
role in advocating for the needs of all employees, particularly those facing challenges in direct communication.
Kotsovolos invests in strengthening employee interaction and communication, and to this end implements a series of actions
including direct communication channels with supervisors, engagement with the HR department, employee engagement surveys,
the Speak Up! hotline/platform, new employee interviews (K-omers), and exit interviews. In retail locations, the Company has
introduced the “Let’s Talk One2One” program, which allows employees to discuss their concerns openly. Employees’ feedback
indicates trust in these communication channels, as they report both minor and significant issues. Additional employee well-
being initiatives at Kotsovolos include office fitness programs, consultations with nutritionists which can be arranged over
telephone and a communication line with a nutritionist for employees and their first-degree relatives. The Company also offers
free smoking cessation programs, a 24-hour counseling helpline for employees and their families, appointments with a
psychologist at the Company’s headquarters and the call center, as well as relevant online seminars. Lastly, Kotsovolos
participates in the Commercial Basketball League.
Through these initiatives, the Group creates a safe and fair workplace that promotes employee growth, well-being, and
performance. By implementing effective employment practices that maintain low turnover rates, PPC Group supports job
security, boosts employee morale, and reduces work-related stress.
Equal treatment and opportunities for all
The Group’s objective is to cultivate shared corporate values, eliminate discrimination, and actively support every member of its
workforce. Reflecting the results of continuous efforts to create a diverse and inclusive workforce, women represent 32% of the
Group’s total employees. By focusing on developing a culture based on its ethical principles, the Group aims to ensure compliance
with the Code of Conduct.
PPC S.A. has adopted a new educational philosophy called DEI Learning, achieving over 130,000 hours of training. This initiative
underscores the Company’s commitment to continuous learning and development for all employees. To ensure transparency and
facilitate easy access to information, the Company announces all available job openings internally, promoting internal mobility
and providing employees with comprehensive details on career opportunities. Additionally, PPC S.A. has established a merit-
based performance evaluation and reward system that reinforces employee trust in Company processes and its commitment to
transparency. The Speakup helpline allows employees to anonymously report any form of unethical behavior or discrimination.
Moreover, PPC S.A. offers educational sessions on current social issues, building skills and knowledge (soft skills) that are essential
for the modern and inclusive business environment. Key topics covered include Sustainable Development, Artificial Intelligence,
and Green Skills, ensuring the workforce is prepared to meet the evolving demands of the market. The parent Company
acknowledges the challenges in fully implementing diversity and inclusion initiatives, which may unintentionally lead to
discrimination. The fast pace of organizational change and the increasing demand for new skills elevate the risk of failing to
achieve diversity targets. To address these risks, PPC S.A. is committed to establishing and implementing policies, actions,
objectives, and procedures that align with its strategic priorities.

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Similarly, the Employee Evaluation System at PPC Renewables S.M.S.A. is designed to enhance transparency, fairness, and the
continuous improvement of employee performance. The system is based on the Special Evaluation Form Regulation, accessible
to all employees via the corporate intranet platform. This framework provides a standardized evaluation process, helping
employees understand how their performance is assessed while promoting fairness through objective criteria across the
Company. Regular performance reviews provide constructive feedback, supporting employees’ professional development and
aligning their goals with those of the organization. Additionally, PPC Renewables S.M.S.A. participates in the European
Commission’s Diversity Charter, a commitment to promoting equality, equal opportunities, and diversity in workplaces across
Greece.
In line with the Group’s practices, Kotsovolos remains dedicated to providing equal treatment and opportunities for all
employees. Since May 2021, the Company has also signed the Diversity Charter, reinforcing its commitment to promoting a
culture of respect for human rights.

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3.1.5 Targets
[S1-5]
Currently, the Group has not set specific targets according to the ESRS standard concerning its employees. However, it remains
firmly committed to maintaining high standards in health and safety, ensuring equal treatment and equal opportunity, and
continuously improving working conditions for all employees. These commitments are an integral part of the Group’s
sustainability practices and reflect its ongoing dedication to creating a supportive and inclusive work environment. Additionally,
the Group is in the process of developing specific objectives for the next reporting year.  Although there is no formal evaluation
of the effectiveness of policies and actions at the Group level, each subsidiary is responsible for assessing their methods and
progress. Furthermore, the Group is actively developing processes and metrics to monitor the effectiveness of its policies and
actions.

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3.1.6 Metrics
[S1-6]
The Group’s workforce is characterized by its diverse composition in terms of gender and employment type. The table below
categorizes the total number of employees into men and women, with further analysis distinguishing between permanent and
temporary employees. As of December 31, 2024, the total number of employees is 21,320. 
Table S 1, 4: Total number of employees (headcount)
Gender
Unit
Total Number of
employees
58
Males
Headcount
14,457
Females
Headcount
6,863
Other
Headcount
0
Undisclosed Gender
Headcount
0
Total
Headcount
21,320
Table S 1, 5: Total number of employees (gender distribution)
Unit
Females
Males
Other
Undisclosed
gender
Total
Total number of
Employees
Headcount
6,863
14,457
0
0
21,320
Total Number of
permanent employees
Headcount
6,608
13,579
0
0
20,185
Total number of
temporary employees
Headcount
255
880
0
0
1,135
Total number of non-
guaranteed hour
employees
Headcount
0
0
0
0
0
 
The Group employs staff across various regions of Greece, including Attica, Western Macedonia, as well as in foreign countries,
such as Romania, Cyprus and North Macedonia.
In accordance with Law 5164/2024, the categories “Other Gender” and “Undisclosed Gender” are now required to be included
in workforce data analysis. However, such data is currently unavailable in the Group’s systems, and thus no analysis is provided
for these categories. Furthermore, as no PPC Group subsidiary employs individuals with non-guaranteed working hours, no
reference to this type of employment contract is included in the report.
58
Seven employees of PPC Renewables Romania subsidiary are not included, while the total number of employees has been
calculated based on ESRS standards and includes temporary and seconded employees.

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The following table provides a comprehensive analysis of the total number of employees, categorized by country.
Table S1, 6: Total number of employees by employee category and region
 
  Unit
Greece 
Romania
Other* 
Total 
Permanent employees 
Headcount 
16,280
3,780
125
20,185
Temporary employees 
Headcount 
1,081
54
0
1,135
Total number of employees 
Headcount 
17,361
3,834
125
21,320
In accordance with the requirements of Law 5164/2024, the employee turnover rate for the Group has been calculated and is
presented in the table below. For this calculation, employees who voluntarily resigned, were dismissed, retired, or passed away
while at work were included. The employee turnover rate for the reporting period was 10.17%, with a total of 2,113 employees
leaving the Group. The denominator used for this calculation was the average number of employees for the year 2024. 
Table S1, 7: Turnover rate
 
2024
 Employee turnover  (Percentage)
10.17%
[S1-9] 
The gender distribution at the top management level provides insights into the representation of women and men in leadership
roles within PPC Group. As of December 31, 2024, women held 35.2% of top management positions, while men accounted for
64.8%. These figures are important for evaluating the Group’s commitment to gender equality and representation in leadership
roles, reflecting improvements in its decision-making processes.
Table S1, 8: Gender distribution at PPC Group top management level (headcount)
  Gender
Distribution at top management level (%)
59
Males (Percentage)
64.8%
Females (Percentage)
35.2%
59
For the calculation of the metric, employees who are two hierarchical levels (N-2) below the CEO have been included.

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As of December 31, 2024, the Group’s workforce is categorized into three age groups: 9.9% of employees are under 30 years old,
43.5% are aged between 30 and 50, and 46.6% are over 50 years old. The balanced representation across age groups supports
effective knowledge management and innovation, both of which are essential for the Group’s growth and development.
Table S1, 9: Age distribution amongst PPC Group employees

2024
 
Under 30 years old 
30-50 
Over 50 years old 
Total 
Employees (Headcount) 
2,096
9,289
9,935
21,320
Distribution (%) 
9.8%
43.6%
46.6%
100%

[S1-14] 
The effectiveness of the Group’s health and safety measures is a key indicator of its commitment to employee well-being. In
2024, a total of 139 workplace accidents
60
were recorded. Each incident was thoroughly investigated to identify its root causes
and implement corrective actions to prevent recurrence. The Group aims to minimize such incidents through preventive safety
measures and by fostering a safety awareness culture.
The Group’s aims to achieve zero workplace accidents. During 2024, one fatality was recorded at HEDNO S.A. The exact causes
of the accident are still under investigation. In response, HEDNO S.A. enhanced its organizational structure in Health and Safety
by establishing a General Department of Health and Safety with two dedicated divisions, Development and Compliance.
Additional resources were allocated accordingly to strengthen these efforts. Following the investigation of this incident,
corrective and preventive measures were implemented based on recommendations from the responsible investigation
committee. These measures included upgraded equipment and procedures for both HEDNO S.A. and its contractor partners and
improved work execution protocols, risk assessment practices, and enhanced monitoring procedures to mitigate risks and
prevent similar incidents. The PPC Group is continuously enhancing its efforts to strengthen existing safety protocols by
implementing additional measures and refining procedures.



60
Workplace accidents encompass all accidents with zero days of absence, including those occurring during commuting to and from work, are
included. Despite their exclusion from the Statement, these incidents are statistically processed and used to draw conclusions regarding their
progress, aiming at investigating the causes and taking limitation measures.

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Table S1, 10: Health and Safety metrics
 
Unit 
2024 
Workforce covered by the Group’s health
and safety management system  
Percentage 
51.3%
Recordable work-related accidents 
Number 
139
Recordable work-related accidents 
Rate 
3.97
Days lost to work-related injuries and
fatalities from work-related accidents, work-
related ill health and fatalities from ill health 
Days 
9,501
Fatalities 
Number 
1

[S1-16] 
PPC Group is committed to ensuring fair compensation at all levels of employment and guarantees that women and men receive
equal pay for work of equal value. The calculation of the gender pay gap provides insights into gender representation within the
Group and ensures that all employees feel valued and recognized for their contributions. For 2024, the Group’s gender pay gap
is 4.7%. Methodologically, this percentage has been calculated as the difference between the average salary levels of female and
male employees, expressed as a percentage of the average salary level of male employees
61
.  
Disparities in pay between men and women within the Group are not attributed to unequal pay practices based on gender.
Instead, salary levels are determined by the nature of the job and the hierarchy level, factors that significantly influence overall
compensation.
The Group considers transparency in salary management essential for maintaining trust and promoting equal opportunities
throughout the organization. A key element in the Group’s remuneration mechanism is the calculation of the annual total
remuneration ratio. This indicator compares the total remuneration of the highest-paid individual within the Group to the median
annual total remuneration of all other employees. For the reporting period, the total compensation ratio was 37.0. 



61
For the calculation of the above-mentioned remuneration, the basic salary and any other compensation, whether in cash or in kind, that
employees receive directly or indirectly ('supplementary or variable elements') from their work in the Group are taken into account. 'Level of
remuneration' means the gross annual pay and the corresponding gross hourly pay. A total of 110 employees are excluded, specifically those on
extended absence, the employees of Evryo due to the recent acquisition, as well as companies with fewer than 10 employees. The Group aims
to enhance the process of collecting pertinent data for the forthcoming Sustainability Statement.

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Table S1, 11: Remuneration metrics
Total Annual Remuneration Ratio
Gender Pay Gap
37.0
4.7%
[S1-17] 
The Group’s commitment to maintaining transparency is reflected in its comprehensive reporting of discrimination and
harassment incidents. In 2024, a total of 14 complaints related to discrimination or harassment were filed through the Group’s
internal reporting channels available to its workforce. Of these, two cases were confirmed. The reported incidents were isolated
cases linked to professional behavior. The Group promptly investigated these matters through its Evaluation Committee, which
includes the Compliance Director, the Internal Audit Director, and a Director from the General Department of Human Resources
and Organization. This committee assessed the accuracy of the incident classifications. Following this review, the Incident
Investigation Committee and the Reporting Body imposed the appropriate disciplinary actions for both confirmed cases. For the
reporting period, the Group reported zero fines, penalties, or compensations related to the confirmed incidents. Additionally, the
Group reported zero severe human rights incidents involving its workforce, demonstrating its commitment to maintaining high
ethical standards and ensuring a safe working environment for all employees.
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3.2 Consumers and end-users
3.2.1 Strategy and concepts related to consumers and end-users
Interests and views of stakeholders
[SBM-2]
Consumers and end-users constitute a key group of affected stakeholders whose interests, views, and rights significantly influence
PPC Group’s business model. The Group continuously engages with consumers and end-users on a daily basis and gathers their
feedback through the available engagement channels and surveys. The Group implements the necessary measures and
appropriate practices/ procedures to improve both the quality and accessibility of the provided products and services. It also
develops initiatives aimed at enhancing consumer satisfaction and improving of the customer experience. At the same time, the
Group focuses on reducing negative impacts by developing initiatives and applying strict data privacy standards through relevant
strategies and actions.
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3.2.2 Material impacts, risks and opportunities and their interaction with strategy and business model
[SBM-3]
The disclosure includes consumers and end-users who may be impacted by material impacts, risks and opportunities arising from
the Group’s activities. More specifically, it concerns those whose data privacy could be negatively affected. The material negative
impacts that were identified in the Double Materiality Assessment are not widespread throughout the Group or systemic in
nature. Moreover, no risk was identified from the use of the Group’s products and services for consumers and end-users who may
be more vulnerable or marginalized.
Table S4, 1: Material impacts
Unique IRO title
Sub / sub-
sub-topic(s)
Detailed impact
description
Positive /
negative
impact
Location in
the value
chain
Actual /
potential
impact
Time
horizon
Compromised
customer
privacy and
eroded trust in
retail operations
Information-
related impacts
for consumers
and/or end-
users - Privacy
Retail operations
involve handling
sensitive customer and
financial data. Data
breaches or
unauthorized access to
payment and credit
information could
jeopardize customer
privacy and undermine
trust in data protection
practices.
Negative
Own
Operations
Potential
Short, Medium &
Long Term
Inclusive and
Reliable Energy
Access through
Grid
Modernization
Access to
products and
services
Through the
development and
modernization of the
distribution networks,
inclusive access to
reliable and
sustainable electricity
is ensured for
households and
businesses.
Positive
Across Value
Chain
Actual
Short, Medium &
Long Term
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Table S4, 2: Material risks and opportunities
Unique IRO
title
Sub / sub-
sub-topic(s)
Detailed risk and
opportunity description
Location in the Value
Chain
Risk or
opportunity
Time
horizon
Financial risk
stemming from
the lack of
access to energy
and the
affordability of
energy
Access to
products and
services
PPC S.A. faces financial risks from
regulatory decisions on rate
requests, rate structures, cost
recovery, allowed returns, and
adjustments to Public Service
Obligations (PSOs). These
decisions, aimed at ensuring
accessible, affordable, and
quality services, could increase
costs, reduce revenues, and
impact cash flows, potentially
affecting the Group’s financial
stability and its ability to provide
reliable and affordable services.
Own Operations
Risk
Long Term
Unlocking new
revenue
streams and
enhancing client
retention
through
expanded green
technology
rewards and
financing
options
Access to
products and
services
Expanding offerings to include a
wider range of rewards and
financing options for green
technologies will create new
revenue streams and improve
client retention.
Own Operations &
Downstream
Opportunity
Medium
Term
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3.2.3 Policies related to consumers and end-users
[S4-1]
PPC Group recognizes data privacy, data protection and equal access to products and services as issues of key significance. Both
through its policies, as well as the implementation of relevant processes and standards, the Group displays its strong commitment
to ensuring consumers’ respect of their right to privacy, security of personal data and the provision of reliable and affordable
access to its products and services allows existing and future customers to feel welcomed and valued. The Group’s policies are
aligned with the guidelines of internationally recognized organizations for the protection of human rights. Additionally, no
incidents or reports of violations of consumer or end-user rights were identified during the reporting year. The Board of Directors
has the highest oversight within the organization and the responsibility for the proper implementation of policies. The Group’s
Policies, the Human Rights Policy and the Data Privacy Protection Policy, that concern consumers and end-users are publicly
available on the websites of the Group and the corresponding subsidiaries.
Table S4, 3: Policies related to consumers and end-users
Key policies implemented
Addressed key areas of the policy
relevant to the ESRS topic
Relevant material
identified impact, risk or
opportunity
Data Privacy Protection
Safeguarding the privacy and security
of our consumers and end-users'
personal data
Data breaches or
unauthorized access to
payment and credit
information from retail
operations
The Group follows a customer-centric approach in all aspects of its operations, prioritizing the needs and rights of customers
throughout product development processes. It complies with all relevant regulations, strives for optimal effectiveness in data
protection and customer privacy, and incorporates these principles into its core practices and procedures, ensuring and
maximizing customer trust. In accordance with the provisions of the General Data Protection Regulation (GDPR) of the European
Union and the National Legislation (Law 4624/2019), PPC Group has adopted a series of Policies and procedures aimed at ensuring
a high level of effective protection for all stakeholders. Both the parent Company and certain subsidiaries are governed by relevant
policies in an effort to achieve the required regulatory compliance.
To this end, the parent Company has introduced the updated Personal Data Protection Policy. The Policy includes the categories
of gathered data, the data collection processes, and the reasoning for the collection and processing of said data. It also lists the
entities with which the data may be shared, covers issues related to data retention and details the measures that ensure the
appropriate data protection management by parties involved in its processing. It outlines the rights of individuals whose personal
data is collected and processed by the Group, as upheld by applicable legislation. Complementary information on how the Group
supports customers’ exercising of these rights, coupled with its handling of data breach incidents, is also provided. Finally, the
Policy includes information on the channels available to consumers and end users to engage with the Group on data protection.
HEDNO S.A has adopted two distinct policies, both of which adhere to relevant Group standards:
• The Privacy Policy for Provisional & Final Contractors addresses the protection of personal data of its contracting
parties and
• The Privacy Policy and Information for the Users of the Hellenic Electricity Distribution Network contains additional
information on the public and governmental bodies and agencies, contractors, suppliers and authorities with whom
collected data may be shared with.
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Regarding the Group’s subsidiaries in Romania, the Personal Data Security Incident Management Policy outlines the roles,
responsibilities, and procedures for managing security incidents involving personal data. It emphasizes the importance of
implementing technical and organizational measures to ensure data security, promptly detecting and addressing incidents, and
assessing risks to mitigate potential impacts on data subjects. The Policy mandates documentation of incidents, notification to
supervisory authorities and affected individuals and the development of remediation plans to prevent future incidents. It also
highlights the need for continuous monitoring, training, and compliance with applicable data protection laws and regulations.
Similarly, Kotsovolos, following the principles set by the Group, has implemented two distinct policies:
• The Corporate Personal Data Protection Policy which elaborates on behaviors and actions that are relevant to the
protection of personal data. The Policy makes explicit reference to instances of automated decision-making
regarding data processing and the principles governing this process.
• Additionally, with the Data Safety Policy, Kotsovolos provides more practical, day-to-day advice on how to maintain
ways of working that comply with all data protection measures.
3.2.4 Actions
Data privacy
To address potential personal data breaches in retail operations, PPC Group adheres to stringent processes for engaging and
communicating with consumers and end-users. From the design stage of the relevant processes, specific security principles are
applied when managing customers' personal data to allow for full compliance with the General Data Protection Regulation (GDPR).
The Group has established specific procedures for the restoration and effective handling of negative impacts that may result from
the incorrect management of consumers' personal data. These procedures include a comprehensive assessment of the situation
and immediate correction of any mistakes in data management, thereby contributing to transparent interactions with consumers
who have been negatively affected. In cases like these, the Group promptly informs consumers of any data breaches that pose a
high risk to their rights and freedoms, as stated in GDPR Article 34. To facilitate immediate communication with consumers in
such instances, a clear communication process is followed, particularly in regard to corrective actions and measures taken to
prevent potential mismanagement of their data in the future. Consumers may contact the Data Protection Officer (DPO), the
highest function in the Group responsible for managing the impact of data protection on consumers and end users. Consumers
and end-users can submit questions and complaints about the Group's products or services through established communication
channels such as email, live chat, and social media platforms. The necessary contact information is available on the Companies'
websites. To address the impacts that may arise from cases of data breaches or unauthorized data processing, the Group fully
cooperates with the Hellenic Data Protection Authority.
PPC S.A. employs a comprehensive set of security measures to meet GDPR requirements, including pseudonymization and
encryption, thereby maintaining continuous confidentiality and integrity of the data processing process. Data restoration is made
possible through systems like Disaster Recovery Site, Off-site back-ups and geo-redundancy. Regular testing and evaluation of
security measures are also conducted by independent providers to maintain robust data protection. Furthermore, the parent
Company relies on internationally recognized standards, such as ISO 27001:2013, to further enhance its information security
management. By undergoing periodic audits, establishing the Data Protection Officer (DPO) role to oversee data protection and
privacy efforts, and by ensuring third-party processors alignment with stringent security requirements, PPC S.A. effectively
fortifies consumer trust and mitigates data breach risks. To create awareness for its workforce on the importance of data
protection, PPC S.A. introduced a training program targeting existing personnel and new hires which was attended by 894
employees during the reporting period. Additional learning videos are available on the internal portal.
HEDNO S.A. has also established the DPO role and has formed the Cybersecurity & Information Security Committee. Systematic
internal audits and evaluation meetings support the monitoring of the effectiveness of all existing related actions. To raise
awareness and ensure compliance of its workforce with relevant regulations, HEDNO S.A., in addition to in-person training
sessions, carries out monthly e-learning courses and sends out relevant newsletters. In 2024, the Company conducted a remote
training titled “General Data Protection Regulation (GDPR)”. Through these educational programs, the Company supports the
adoption of work practices that minimize or even prevent the risk of personal data breaches.
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236
Similarly, the Group’s subsidiaries in Romania implement detailed procedures to address issues pertaining to data breaches, in
accordance with practices that comply with data protection regulations and legislation. According to this approach, in the event
of a personal data breach incident, the DPO is immediately notified, and corrective actions are taken to mitigate the negative
impact. The DPO and the security incident management team are responsible for assessing the incident and implementing
measures to reduce risks and prevent similar future incidents. Additionally, the Group’s subsidiaries in Romania, with the support
of the DPO, provide a training program on risk management related to the protection of confidential data.
The security of consumers' personal data at Kotsovolos is enhanced through the use of authentication services, encryption, and
further data protection measures, an audit trail process, remote access service management, as well as through the role of the
DPO who oversees these initiatives. Additionally, as part of the data protection and security measures, every new employee
participates in mandatory specialized digital GDPR training, with a specific success rate required, completed within two months
of their hiring. A new learning platform, to be introduced in 2025, will further assist in monitoring the successful completion of
such training. Moreover, it is worth noting that consumers have access to communication channels to submit their complaints.
These channels are available both in physical retail stores and through digital means (e.g., social media, contact form on the
website).
Through the efforts undertaken to fortify its systems and practices, PPC Group has managed to limit the amount of recorded data
breaches. More specifically, for the reporting year, the parent Company recorded two verified incidents of customers’ breach of
privacy, for which reports were submitted to the relevant authority. From its subsidiaries in Romania, Retele Electrice Romania
S.A. and PPC Energie S.A. reported four and one data confirmed breaches, respectively. Finally, HEDNO S.A. and Kotsovolos did
not record any personal data breaches for the reporting year. The exact causes of the confirmed incidents are still under
investigation, and the review of these cases remains ongoing at the time of the reporting.
During the reporting period, the Group has not designated any actions or initiatives whose implementation is expected within a
specific timeframe in the future.
Table S4, 4: Incidents of data breaches
2024
Data Breaches (number)
7
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Access to products and services
Access to energy - contribution to infrastructure through power grids
The investments made by HEDNO S.A. and Retele Electrice Romania S.A., have yielded significant results in terms of the quality,
resilience, and efficiency of the energy distribution system. The focus of these investment programs is in improving the reliability
of networks and the quality of distribution services, the expansion of the network, and the provision of energy to as many
consumers as possible. Through the development and modernization of the power grids, the two Group Companies ensure
inclusive access to reliable and sustainable electricity for both households and businesses.
To this end, the HEDNO S.A. has implemented complex projects, namely the modernization of the electric power distribution
network, the installation of chargers for electric and hybrid vehicles, smart meters, automatic reclosers, network control and
automation systems, as well as remote terminal units (RTUs). The electrification of transportation and the energy transition are
supported through a large set of actions aimed at faster response to all requests concerning the development of electric mobility
across Greece. The Company is developing and improving the implementation of electric mobility in terms of major charging point
operators (CPOs), by evaluating proposed recharging infrastructure installation sites in terms of projects, connection costs, and
the existing power capacity of the local network. Additionally, the Company is in the final stages of developing a microsite focused
on electric mobility, which will include advisory sections for both private and corporate customers.
Additionally, committed to transforming the networks managed in Romania to smart networks, Retele Electrice Romania S.A.
modernizes processes, including remote interventions, and invests in more resilient networks. Continuing the implementation of
the smart meter installation program according to the plan approved by the National Energy Regulatory Authority (ANRE), Retele
Electrice Romania S.A. exceeded its approved targets, having the largest number of smart meters installed in Romania since 2023.
With the ongoing adoption of smart meters which in 2024 experienced a penetration rate of 12.7% in Greece and 55% in Romania,
consumers benefit from increased energy savings and real-time information of the power they use. Additionally, it enables the
use of differentiated tariffs, allowing customers to benefit from fluctuating prices based on their energy consumption. This enables
cost savings and more efficient energy management. Smart meters also enhance the reduction of intervention time and the
control of electricity consumption, allowing for remote innervations within their operation interventions, such as control of the
device.
62
To safeguard affordable and uninterrupted use of electric energy and limit the risk of deprived access to it, both HEDNO S.A. and
Retele Electrice Romania S.A. engage in monitoring the quality of their services. By monitoring the SAIDI (System Average
Interruption Duration Index), which represents the annual outage in minutes per customer, and the SAIFI (System Average
Interruption Frequency Index), which represents the frequency of power outages (number of interruptions per customer), the
Companies measure the duration of electricity access interruptions and their average frequency, respectively. The SAIDI Score for
HEDNO S.A. improved in 2024, with 131.55 minutes, compared to 134,37 in 2023. Retele Electrice Romania S.A. also recorded a
decrease, with 82.10 minutes in 2024 compared to 90.00 in 2023. These improvements reflect the enhanced reliability and
efficiency of the power distribution system, and the commitment to more consistent access to energy for all. The SAIFI also
improved significantly for HEDNO S.A., with a decrease of the index to 1.70 in 2024 compared to 1.82 in 2023. Likewise, for Retele
Electrice Romania S.A., the SAIFI was decreased to 2.35 compared to 2.51 in 2023. Therefore, customers are experiencing fewer
instances of power interruptions, and the Companies demonstrate an increased ability to maintain a stable and reliable energy
supply.
62
For more in-dept information on electrical grid modernization, please refer to section 2.2, “Climate change”.
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238
Table S4, 5: System Average Interruption Duration Index and System Average Interruption Frequency Index
for the reporting period
HEDNO S.A.
63
Retele Electrice
Romania S.A.
System Average Interruption Duration Index (SAIDI) (in minutes)
131.55
82.10
System Average Interruption Frequency Index (SAIFI) (number)
1.70
2.35
Access to energy - financial risk from deprived access to energy & affordability of energy
PPC S.A. operates under a comprehensive regulatory framework that governs its energy-related activities, including its
participation in energy markets. For issues on the protection of energy consumers, the Company is supervised by the Regulatory
Authority for Waste, Energy, and Water (RAAEY) and the Consumer Ombudsman. In regard to its participation in the electronic
communications market, it is supervised by the Hellenic Telecommunications and Post Commission (EETT), which is the relevant
national regulatory authority. For its electromobility activities related to energy market issues, it is supervised by the Ministry of
Environment and Energy and RAAEY in relation to issues on the energy market, while the Competition Commission and RAAEY
supervise it on competition issues in the energy market. Regulatory decisions concerning tariff requests, tariff structure, cost
recovery, allowed returns, and compliance with Public Service Obligations (PSOs) may create potential financial risks for PPC S.A.
These decisions, aimed at providing accessible, affordable, and high-quality services, can lead to increased operational costs and
reduced revenue for the parent Company. Despite the challenges that such financial pressures might entail, PPC S.A. remains
committed to the continuous provision of reliable and affordable services.
To mitigate these risks, the Group implements measures such as the diversification of revenue streams, thus reducing dependence
on regulated revenues, improving operational efficiency, and allowing for more effective cost management. Active participation
and consultation with regulatory authorities help ensure the Group's positions are considered in decision-making processes.
Additionally, the Group's investments in innovative technologies and sustainable practices enhance its long-term resilience,
boosting efficiency and competitiveness. Despite the potential financial risks posed by the strict regulatory framework,
compliance with it is essential for PPC S.A., as it ensures the Company's lawful operation and avoids potential fines and legal
disputes.
Access to energy - unlocking new revenue streams and enhancing client retention through expanded green technology rewards
and financing options
Responding to the ever-changing market conditions and consumer demands, PPC Group is expanding its range of products to
include additional rewards and financing options for green technologies. This strategic expansion creates new revenue streams
and improves customer retention, while also supporting its sustainability initiatives. By offering better access to green
technologies, the Group not only promotes sustainable development but also enhances its market position and customer
relationships.
63
The information pertains to data collected up to 15/03/2025. The data collection process by the contractors collaborating with
HEDNO S.A. will be completed in April 2025, and there may be slight variations in the final representation of the indicators.
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239
PPC S.A. has identified its customer-centric approach as one of its key priorities and provides comprehensive and sustainable
energy solutions to meet the ever-evolving needs of its customers. PPC myEnergy Solar, PPC myBusiness 4All+, and PPC GreenPass,
as well as incentive programs like PPC myRewards Miles and PPC myRewards Coupons are key initiatives implemented by the
Company towards this direction. Additionally, a reward program of up to €500 is offered for the installation of heat pumps. In
2024, 1,104 air-to-water heat pumps were installed, contributing to an estimated annual reduction of 2,207 tons of carbon dioxide
emissions. To evaluate customer satisfaction, PPC S.A. conducts an annual survey. Internal indicators, such as the response rate
of 97.9% and 96.6% to customer phone inquiries for home and business users respectively, demonstrate the success of ongoing
efforts.
Similarly, HEDNO S.A. consistently improves the accessibility of its services through their ongoing digitization and enhancement
of their capabilities. With its emphasis on promoting and achieving its main environmental goals, the Company aims to improve
the efficiency of its services by adopting initiatives such as efficient energy management and services that leverage digitization
tools, artificial intelligence, and data.
The Group’s subsidiaries in Romania focusing on the customer, have significantly invested in upgrading their network through
Retele Electrice Romania S.A., thereby improving the adaptability, safety, and quality of the services they offer. Retele Electrice
Romania S.A. provides uninterruptible power supply (UPS) solutions to energy-dependent customers to ensure their energy needs
are met without any interruption. This service guarantees that critical loads remain powered, maintaining the comfort and safety
of consumers. To maintain the affordability of its services, PPC Energie S.A. supports consumers covered by Law 226/2021, helping
them access affordable heating during the colder months of the year. As an incentive for green technologies, PPC Energie S.A.
participated in the Casa Verde photovoltaic program, which requires minimal contribution from customers thanks to the non-
reimbursable funding provided by the Administration of the Environmental Fund. The program allowed consumers to install
photovoltaic systems with a capacity of at least 3 kW, including storage options, and contributes to the reduction of energy costs
and the further promotion of sustainable actions. In 2024, 72% of the projects (1.2 MW) were funded through this program, with
PPC Energie S.A. actively participating in their implementation.
Furthermore, PPC Energie S.A. provides maintenance services for air conditioning and photovoltaic systems as a complementary
service after installation. These maintenance programs are designed to extend the equipment's lifespan and achieve optimal
energy efficiency. As a result, customers are able to increase the lifespan of these products, minimize their energy consumption,
and focus on environmentally friendly options. For consumers’ awareness purposes, PPC Energie S.A. brought to life
“Electripedia”, an easily accessible online site with valuable information on energy-related issues, designed to help customers
make the correct choices when adopting green technologies. Additionally, with the help of the “EU și energia” radio program,
customers gain access to relevant information shared by experts on the subject. The Group’s subsidiaries in Romania sponsor and
participate in green energy events, interact with the public in order to raise awareness and promote sustainable choices.
Kotsovolos also works towards expanding green technology offerings through various initiatives aimed at rewarding customers
who participate in related actions. The Company provides financial incentives for consumers through a recycling program that
encourages individuals to replace their old, large electronic devices (A/C & MDA - Major Domestic Appliances) by offering them a
coupon of up to €100 for their next purchases. This initiative promotes recycling, supports the circular economy, and renders
products more affordable for consumers and end users. Additionally, throughout the year, Kotsovolos carried out special
promotional activities to raise awareness on recycling. The Small Appliance Recycling Program allows consumers to recycle their
old, small personal care device at a retail store and receive a 10% discount coupon for the immediate purchase of a new device.
Moreover, to celebrate World Recycling Day, the Company offered consumers the opportunity to bring their old device to its stores
and receive a €5 coupon as a reward for their next purchase valued over €20, thus encouraging them to participate in sustainable
initiatives. Finally, Kotsovolos supports the adoption of new, green technologies, such as the ‘Photovoltaics system on roof
program grant’, the purchase and installation of heat pumps and solar water heaters, aiming to reduce carbon emissions and
promote Renewable Energy Sources, providing financial incentives to increase their adoption. With customer satisfaction being a
core value of the Company, Kotsovolos undertakes targeted actions in this direction, by monitoring quantitative indicators that
contribute to the evaluation of the effectiveness of its customer-centric approach.
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Access to energy - communication channels for consumers and end-users
To enhance its customer-centric approach, PPC S.A. provides various means of communication and interaction with consumers,
in addition to its physical stores. These include, among others, its call center and its website, the ability to communicate via email
and with an automated digital assistant (chatbot), as well as digital advisory tools, such as myEnergyCoach and the myDei app
which allows customers to easily and quickly manage the products and services they use. These channels offer access to valuable
information and personalized solutions for customers' energy and sustainability-related needs. Through them, the Company helps
consumers choose the solution that best fits their needs and make choices that are beneficial to them. The parent Company
provides specially designed submission forms, differentiated by request category, to simplify the complaint submission process.
Prioritizing the provision of accessible services for all, the Company offers the option of video calls for consumers who are deaf
or hard of hearing. During the reporting year, PPC S.A. renovated 20 stores (including its Pop-up store), which meet accessibility
standards for people with disabilities. For business customers, additional channels are available, such as live chat and targeted
teleconferencing services. These channels are part of a service hotline which allows for the quick and efficient handling of
customer concerns, demonstrating the commitment to open communication and prompt resolution of consumer requests. Out
of the 392,164 digital communication forms received, only 158 were complaints, while out of the 350,202 calls to the small and
medium-sized business hotline, only 620 were made to file complaints. Similarly, 4.24 million calls were received by the home
users’ hotline, of which only 12,684 were related to reporting issues. Furthermore, 80% of the recorded complaints and requests
were addressed within one day. PPC S.A. adheres to the Complaint and Request Management Code, which stipulates that all
complaints are systematically categorized, addressed by focusing on the individualized needs of customers, and resolved by
following the internal procedures. Through the structured complaint management approach, as well as the regular evaluation of
its related processes, PPC S.A. achieves prompt management and resolution of issues, thus maintaining its reputation and
reliability.
At the beginning of 2024, PPC S.A. launched a customer management platform (CRM), which now contributes to maintaining the
highest level of protection of customers’ data and privacy. With the help of this advanced system, the process of submitting and
managing customer requests and complaints has been streamlined, as is their resolution via telephone and electronic
communication channels. Moreover, this approach allows for the systematic recording and monitoring of all requests and
complaints
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.
To the customers of HEDNO S.A., all usual communication channels are accessible, as the Company maintains both physical and
digital access points. To evaluate the quality of its services, HEDNO S.A. conducts an annual customer satisfaction survey that
targets users of its Guaranteed Services. Besides the direct complaints made by customers, HEDNO S.A. receives complaints and
reports from entities such as the Greek Ombudsman, the Hellenic Consumer’s Ombudsman, the Hellenic Parliament, Ministries,
and the Regulatory Authority for Waste, Energy, and Water (RAAEY), following a similar processing and management protocol to
that of PPC S.A.
The Group’s subsidiaries in Romania maintain special online forms on their website and a dedicated phone number as channels
available to consumers to communicate their concerns or complaints. Additionally, PPC Energie S.A. ensures the accessibility of
its stores, with over 50% of its nationwide locations being now equipped with ramps which allow all customers, regardless of
physical ability, to easily access its products and services.
At Kotsovolos, fourteen physical stores have been designed in collaboration with the Hellenic Society for the Protection and
Rehabilitation of Disabled Persons (ELEPAP) to be accessible to individuals with mobility issues. For every new store that opens or
is renovated, all necessary standards, such as those related to ramps, wide aisles, and accessible restrooms are adhered to. In its
stores across Greece, selected brochures are available in Braille, and sensory maps -which are available on the Company’s website-
have been developed for eleven stores to be accessible to individuals on the autism spectrum. As part of the communication
options available to consumers, support in sign language and video calls are included.
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For more information, please refer to section 4.1., “Business Conduct”.
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3.2.5 Targets
[S4-5]
The Group has not set specific targets relevant to the ESRS standard regarding consumers and end users for the reporting year.
However, the Group continues to place great emphasis on issues concerning data privacy and access to products and services.
These commitments are integral to its ongoing sustainability efforts, highlighting its dedication to enhancing customer experience
and contributing to the broader society. As such, PPC Group is in the process of developing specific targets for the next reporting
year.
Governance
4.1 Governance and business practices
4.1.1 Material impacts, risks and opportunities and their interaction with strategy and business model [IRO-1, SBM-
3]
4.1.2 Business conduct policies and corporate culture [G1-1]
4.2 Anti-corruption and fair competition
4.2.1 Prevention and detection of corruption and bribery [G1-3]
4.2.2 Incidents of corruption or bribery [G1-4]
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4.1 Business Conduct
4.1.1 Material impacts, risks and opportunities and their interaction with strategy and business model
[IRO-1, SBM-3]
In the process to identify material impacts, risks, and opportunities related to business conduct matters, the Group included the
following criteria: the scope of activities, the specific sector and geographical location of operations, and the structure of
transactions. The aforementioned criteria are presented in more detail in chapter ESRS 2 and are used indicatively for the
assessment of related risks, such as violations of the Code of Ethical Conduct. Additionally, for their effective assessment, input
from internal and external stakeholders was incorporated into the relevant process.
Material risks are prioritized based on their impact and likelihood of occurrence, and mitigation strategies are developed
accordingly. This process is periodically reviewed to adapt to the changing business environments and regulatory landscapes. The
table below presents the list of material impacts, risks, and opportunities related to Business Conduct as addressed by the
administrative, management, and supervisory bodies.
Table G1, 1: Material impacts
IRO title
Sub / Sub-
sub-topic(s)
Detailed impact description
Positive /
Negative
Actual /
potential
Time
horizon
Potential loss of
stakeholder trust
through
misalignment of
core business
values
Corporate
culture
Misalignment or inconsistent
application of core business values
across PPC Group operations and
regions may raise unethical or non-
compliant issues, negatively
impacting stakeholder trust.
Negative
Potential
Short-,
medium-
& long-
term
Building trust and
confidence through
Anti-Corruption
and integrity
commitment
Corruption
and bribery
- Prevention
and
detection
including
training
PPC Group's commitment to
combating corruption and bribery,
through a strong dedication to
integrity, comprehensive training
programs and clear accountability
measures, fosters a culture of trust
among employees and reinforces
public confidence.
Positive
Actual &
Potential
Short-
term
Public trust issues
through potential
incidents of
corruption
Corruption
and bribery
- Incidents
Incidents of corruption, including
fraudulent procurement practices,
illicit actions, and bribery, can
severely undermine public trust and
confidence.
Negative
Potential
Short-
term
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4.1.2 Business conduct policies and corporate culture
[G1-1]
PPC Group has established a thorough governance framework built on robust foundations and advanced preventive mechanisms.
This framework is aligned with corporate governance principles as defined by Greek legislation and internationally recognized
best practices.
Furthermore, the Group establishes, develops, promotes, and evaluates its corporate culture by embedding ethical standards into
all aspects of its operations. The corporate culture is reinforced through regular employee training and the adoption of the Code
of Conduct principles by the parent Company and its subsidiaries.
The Group’s Board of Directors and senior management play a significant role in strengthening the corporate culture by setting
the standards and rules for its implementation.
Furthermore, in the context of enhancing corporate culture, in 2024, the Group's Human Resources and Organization Division
continued the "Corporate Culture Program", aiming to shape and further strengthen the corporate culture in alignment with the
Group's strategic goals and vision.
At the same time, the integration of a culture that promotes sustainability is also the responsibility of the parent Company's
Sustainable Development Department. In 2024, several programs and initiatives were launched to foster a sustainability culture
within the organization and among its executives, such as the Sustainability Masterclass for all Group executives at the director
level and above, in collaboration with the Training and Development Department. Additionally, numerous voluntary actions have
been carried out in which employees and executives of the Company participated, in efforts to further strengthen the corporate
culture.
The parent Company and its subsidiaries are governed by policies that ensure the integration of business conduct principles into
their operations and activities. This chapter analyzes the main policies of both the parent Company (PPC S.A.) and specific
subsidiaries (PPC Renewables S.M.S.A. and HEDNO S.A.), which are related to business conduct issues.
Code of Conduct
PPC S.A.’s Code of Conduct establishes the fundamental principles and values that guide the behavior of the Company’s employees
and partners. It focuses on core values such as integrity, transparency, honesty, and respect towards employees, customers, and
the environment. The Code also includes guidelines for avoiding conflicts of interest, protecting personal data, and complying
with laws and regulations. The Code of Conduct applies to all employees, executives, and stakeholders of PPC S.A., regardless of
position or role. It also covers all activities and operations of the Company, ensuring that all involved follow the same high ethical
and professional standards. Additionally, it includes details on reporting violations, protecting whistleblowers, and procedures to
be followed in cases of code violations.
It has also been approved by the Board of Directors of PPC S.A. and is applied to the subsidiaries of PPC S.A.
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, whose Boards of
Directors must approve it, adapting it as required by the regulatory framework, without altering its core principles and values. All
members of Senior Management, as well as executives of each Company, are responsible for overseeing its proper implementation
and maintaining a culture of ethical behavior.
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PPC Renewables S.M.S.A. and HEDNO S.A. have approved the Code of Ethical Conduct by decision of their Boards of Directors.
The Code has been posted on their intranet and the official websites of the companies.
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Anti-Corruption and Anti-Bribery Policy
The purpose of the Policy is to make it clear that corruption, in any form, is explicitly prohibited. This promotes a culture of trust
among employees and all stakeholders (e.g., customers, shareholders, suppliers, business partners, the local community, and
society at large). Among other things, the Policy sets out the principles and rules to be observed by all personnel at all levels and
the way in which these rules are to be applied. The scope of the Policy applies to members of the governing bodies, executives,
employees with a dependent employment relationship, those employed under work contracts, independent services contracts,
remunerated mandate, those employed through third-party service providers, as well as those employed under traineeship,
internship, and apprenticeship programs, as well as business partners. Any deviation from these guidelines may constitute
misconduct and, depending on its severity, may result in appropriate disciplinary or other sanctions (e.g., termination of contract).
The Compliance Department of PPC S.A. is responsible for overseeing the proper implementation of the Policy, while they review
or amend it to reflect best practices. The Policy is reviewed at least every two years or periodically, as necessary.
Enforcement Policy & Report / Complaint Handling Procedure
To maintain its commitment to moral and ethical professional conduct, the parent Company and its subsidiaries implement
mechanisms for identifying, reporting, and investigating violations, amongst others, of the Code and Policies related to any illegal
and irregular acts that affect their reputation and credibility.
According to this Policy, the parent Company and its subsidiaries encourage and urge their executives, employees, and associates
to promptly report instances of violations and misconduct, as well as any act or behavior that deviates from appropriate standards.
The Enforcement Policy ensures that all detected violations are investigated and controlled in a fair and consistent manner, while
protecting the rights of all involved parties, and helping to prevent recurrence. Reports of illicit, unethical, illegal, or punishable
conduct include - but are not limited to - the following: fraud, corruption/abuse of power, bribery, violations of health and safety
regulations, etc.
Similarly to the Code of Conduct, the Enforcement Policy and the Reporting/Complaint Handling Procedure apply to members of
the administration bodies, the Board of Directors and its Committees, executives, employees in a dependent employment
relationship, employees under project contracts or independent services or remunerated mandates, those employed through
third-party service providers, as well as trainees, interns, and apprentices.
PPC S.A. and its subsidiaries carefully examine all reports, complaints, and information handled by the respective Compliance
Departments concerning potential unethical, illicit, or illegal conduct and acts, based on the following principles:
i. Confidentiality of personal data,
ii. Respect and anonymity,
iii. Keeping a record and storing the report or complaint for a reasonable period of time,
iv. Collection and investigation of all necessary documents and information to ensure the thorough handling of the
report/complaint by the respective investigation bodies,
v. Protection from retaliation and malicious actions against those who report complaints in good faith.
The respective bodies responsible for investigating the report/complaint and evaluating the alleged misconduct are obliged to
conduct the relevant process with due confidentiality and discretion. They must ensure their complete independence from any
administrative influence to uphold the integrity and objectivity of the process.
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Reports/complaints can:
• Be submitted through the report/complaint platform
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, or
• Be submitted orally via telephone or other voicemail systems, and at the request of the reporting party, through a
personal meeting with the Responsible for Receiving and Monitoring Reports Officer within a reasonable time, or
• Be submitted in writing (personal letter) by an employee addressed to any Manager or directly to the respective
Compliance Department and more specifically to the Head of Communication Channels & Complaints Handling Section,
or
• Be sent by post to the Company's address, to the attention of the Responsible Officer in the respective Compliance
Department, marked as "Confidential", or
• Result from audits performed by the Internal Audit Department or the Compliance Department or any other auditing
body, or
• Be submitted through the Authorities (Transparency Authority, Ombudsman, Labor Inspectorate, etc.).
The protection of whistleblowers is prioritized as required by Law 4990/2022, which includes compliance violations, inappropriate
ethical conduct, and violations of EU law as defined in Part A of the Law and incorporates into Greek Law the Directive (EU)
2019/1937 of the European Parliament and the Council.
Conflict of Interest Policy
This Policy outlines the procedures and measures that must be taken to avoid and manage conflicts of interest within the parent
Company and its subsidiaries. It includes guidelines for identifying, reporting, and addressing situations where the personal
interests of employees or members of the Board of Directors may affect the impartiality and objectivity of their decisions. It also
emphasizes the importance of transparency and integrity in the operation of the business. The parent Company and its
subsidiaries implement appropriate mechanisms and procedures for the timely identification of conflicts of interest, both prior to
the taking up of the duties by its executives and during the performance of their duties. The Policy applies to all employees and
members of the Board of Directors of the parent Company and its subsidiaries. It covers all activities and decisions that may be
influenced by personal interests, ensuring impartiality and objectivity. Additionally, it has been approved by the Board of Directors
of the parent Company, which is responsible for the implementation and monitoring of compliance with the Policy.
Anti-Money Laundering and Counter-Terrorism Financing Policy
This Policy concerns the prevention of money laundering from illegal activities (AML) and describes the measures and procedures
implemented by the parent Company to combat money laundering from criminal activities. It includes the identification and
assessment of risks, transaction monitoring, reporting of suspicious activities, and employee training. The Policy aims to protect
the parent Company, as well as its customers, from the consequences of money laundering and to ensure compliance with
legislative and regulatory requirements.
This Policy covers all activities and departments of the parent Company during the conduct of transactions for which they are
obligated entities. All employees, regardless of position, are required to comply with the procedures and measures described in
this Policy.
Additionally, the Policy outlines the due diligence measures applied when establishing business relationships and conducting
transactions. It includes standard due diligence measures, such as verification of the identification data and careful examination
of any transaction, simplified due diligence for low-risk entities, and enhanced due diligence for high-risk customers and
transactions, with additional measures such as daily monitoring and cooperation with authorities.
The above Policies (Anti-Corruption and Anti-Bribery Policy, Sanctions Policy & Reporting/Complaint Management Procedure,
Conflict of Interest Policy) have been approved by the Board of Directors of PPC Renewables S.M.S.A., adapted to the requirements
of the subsidiary, and are posted on the company's intranet, accessible to all employees. For combating money laundering and
terrorist financing, it follows the Group Policy to the extent required.
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Reports/complaints submitted through a special electronic platform concern the PPC S.A. For the submission of
reports/complaints concerning PPC Renewables S.M.S.A., the electronic platform of the PPC S.A. can be used.
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Training Policy
During 2024, the parent Company developed a Training Policy
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aimed at the continuous development and empowerment of its
employees.
In this context, a combination of educational methods is utilized, which are based on experiential learning, personal interaction
(social learning / coaching / mentoring / feedback), and structured training (hybrid learning – classroom training or e-learning).
Specifically, the Company's offered developmental/educational training initiatives include:
• Core and mandatory training covering key organizational topics such as Cybersecurity, the Code of Conduct, Corporate
Governance, Health and Safety, Compliance, and Risk Management.
• Technical training ensuring that employees have the necessary knowledge to effectively perform their duties.
• A structured induction training program for new hires, which helps ensure their timely and effective integration as well
as the understanding of the organization's operations and culture.
• Personal development skills programs, such as leadership programs or personal development / empowerment training
programs (soft skills).
The Development Department is responsible for maintaining and reviewing the Policy, which is re-evaluated every two years or
earlier if special reasons require it.
Board of Directors Training Policy
The Board of Directors Training Policy
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outlines a structured and effective training framework that addresses the needs of the
introductory orientation for new members as well as the continuous education of existing Board Members. This Policy aligns with
the Suitability Policy of the Board of Directors, which has been approved by the General Meeting of the Shareholders and complies
with the legislative requirements and best practices of corporate governance.
Through this Policy, the Company's goal is the further development of the Board members, ensuring their suitability, and
ultimately the effective functioning of the Board and its committees.
The Nominations, Remuneration, and Recruitment Committee (NRRC) is responsible for this Policy, in collaboration with the
General Counsel - Legal Affairs and Corporate Governance Division and, if deemed necessary, with other organizational units.
In 2024, a list of topics was created, targeted at the training needs of the Board of Directors, for training and briefings to be
conducted within the Company. The topics include Energy, Sustainability/ESG, the European Directive CSRD and the new ESRS
standards, as well as risk management. Additionally, a list of specialized training courses was developed. The Development
Department is involved in both the planning and implementation of these trainings.
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PPC S.A. Training Policy also covers the educational needs of the employees of PPC Renewables S.M.S.A., providing the
opportunity for participation to all Group personnel.
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This Policy also applies to the Board members of PPC Renewables S.M.S.A., and its subsidiaries, as the Board members are
usually senior executives of PPC S.A.
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Policies of PPC Romania and Kotsovolos
In addition to the policies governing the operation of the parent Company and specific subsidiaries, the relevant policies applied
to the subsidiaries PPC Romania and Kotsovolos are summarized below.
PPC Romania
The companies of PPC Romania prioritize responsibility towards the communities in which they operate, the environment, as well
as their customers and employees. They adopt a clear framework of integrity and ethical values that govern decision-making
through the following policies:
• Code of Ethics: The Code of Ethics of PPC Romania companies outlines the ethical commitments of its employees, aiming
to create sustainable value for all stakeholders. It applies to all members of the Board of Directors, employees, and
partners, and covers issues such as impartiality, honesty, avoidance of conflicts of interest, confidentiality,
environmental protection, and social responsibility. The Code promotes transparency, fair competition, and compliance
with regulatory provisions, and includes mechanisms for reporting and controlling violations. The Board of Directors is
responsible for the implementation of the Policy.
o
• Anti-Bribery Policy: This Policy describes the commitments of PPC Romania companies to combat corruption, prohibiting
all forms of bribery, illegal payments, and the financing of political parties. It applies to all employees of PPC Romania
companies and requires them to report any incidents of the Policy violations. The Board of Directors is responsible for
the implementation of the Policy, with the support of Ιnternal Αudit Department.
o
• Whistleblowing Policy: This Policy describes the process of receiving, analyzing, and processing reports of potential
irregular, unethical, illegal, or criminal behavior. It is mandatory for all employees and ensures the confidentiality and
protection of the anonymity of individuals who submit reports. The Board of Directors is responsible for the
implementation of the Policy, with the support of Internal Audit Department.
Additionally, the Companies of PPC Romania adopt practices for hiring, compensation, training, and performance evaluation of
personnel regardless of hierarchical position.
Kotsovolos
The following policies are implemented by the subsidiary Kotsovolos:
• Business Code of Conduct: Focuses on the Company's ethics and values, promoting professional behavior and
eliminating violence and harassment in the workplace. Emphasizes employee health and safety, confidentiality of
corporate information, information security, and protection of Company assets. The Code applies to all employees of
the Company, regardless of their employment relationship. Management is responsible for the implementation and
oversight of compliance with the Code. The document is available on the Company's intranet.
• Whistleblowing Policy: Provides guidelines for reporting illicit or unethical conduct, such as bribery and fraud. Its goal is
the prevention and effective handling of violations, while ensuring protection of whistleblowers from retaliation. The
Policy covers all employees, executives, managers, shareholders, partners, customers, and consumers. The Reporting
Officer, supported by the Complaint Management Committee, is responsible for its implementation. Reports can be
submitted anonymously or with identification through a telephone line and the 24/7 Reporting Platform, and the Policy
is accessible via internal communication channels.
• Reporting Management Procedure: Establishes a secure and confidential reporting mechanism for reporting violations
within the Company, protecting whistleblowers. Reports can be submitted via a telephone hotline and an electronic
platform operating 24/7. The Policy applies to employees, consultants, Board members, contractors, and suppliers. The
Human Resources Director is responsible for its implementation. The procedure is available to interested parties through
internal communication channels.
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• Training Policy: Documents the methodology and process for designing and evaluating training programs for employees,
in line with the Company's strategy. Programs are divided into soft skills and technical skills. The Line Manager, in
collaboration with the Human Resources department, is responsible for the implementation of the Policy and the
outcomes of the training. The Policy is communicated internally to managers and employees.
• Gift Policy: Calls on employees to uphold high standards of integrity and avoid conflicts of interest and incidents of
bribery. Monitored by the Human Resources Department.
Before the acquisition of PPC Romania and Kotsovolos by PPC Group, corporate governance practices were adopted and
implemented by their former Parent Companies (ENEL & Currys, respectively). These practices are currently being adjusted and
aligned with PPC's practices and policies as non-listed significant subsidiaries, in accordance with the provisions of Article 14 of
Law 4706/2020.
In this context, the review of the respective Policies and Procedures of PPC Romania and Kotsovolos has begun, aiming to align
them with the guidelines of the parent Company and the planned Corporate Governance framework to be adopted by all PPC
Group companies. More information on the relevant policies and practices applied by PPC Romania and Kotsovolos is included in
the Annual Financial Report 2024.
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Αctions
The actions taken by PPC S.A. in 2024 are listed in the table below.
Table G1, 2: Actions taken by PPC S.A. in 2024
Key actions
Scope
Trainings – Induction courses
Trainings conducted by the Compliance Department, as part of its participation in the
Induction courses program organized by the Training Department. During 2024, more
than 550 employees participated. Within this framework, two (2) online trainings were
also conducted by the Store Network (with over 50 participants).
Anti-Corruption 2024
communication campaign
An Anti-Corruption 2024 communication campaign took place on 9th of December
(International Anti-Corruption Day). The aim of this campaign was to remind employees
of the Company's core values "Transparency – Integrity – Honesty – Professionalism," to
communicate the necessity of preventing and combating corruption and bribery, and to
encourage the disclosure of such incidents. The campaign was communicated on the
Company's intranet and included a related quiz. It is noted that this action constituted
the Company's first Anti-Corruption Compliance communication campaign.
E-learning Training for the Code
of Conduct
Implementation of the first e-learning training of the Compliance Department for the
Code of Ethical Conduct, in collaboration with the Recruitment and Training
Department, through the PPC Learners Hub platform. The aim of the training is for
participants to know and understand the basic rules and principles of conduct through
interactive educational material (quizzes, games). The training is mandatory and is
intended for all Company personnel.
Classroom trainings
During Q4 2024, relevant classroom training sessions were delivered by the Compliance
Department to the Autonomous Power Branch of Keratea-Lavrio, with a total
participation of over 100 employees of the Station, regarding the Code of Conduct,
which includes sections on anti-bribery and anti-corruption.
Seminar at Benaki Museum
Presentation at the Seminar at the Benaki Museum (February 2024), organized by the
by Legal Affairs and Corporate Governance Division, with the participation of over 500
Group executives (physical or virtual presence). During the Seminar, topics such as
combating money laundering and terrorism financing, as well as issues related to the
management of reports/complaints, were presented.
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4.2 Anti-corruption and fair competition
4.2.1 Prevention and detection of corruption and bribery
[G1-3]
The fight against corruption and bribery is a paramount priority for the PPC Group. Acknowledging the critical nature of this issue,
the Group upholds the principles of integrity and transparency in its operations and condemns all forms of corruption and related
actions or omissions that could negatively affect its reputation and reliability.
More specifically, the parent Company and certain subsidiaries (PPC Renewables S.M.S.A. and HEDNO S.A.) implement procedures
aimed at preventing, detecting, and addressing complaints or incidents of corruption and bribery, which are outlined in the Code
of Conduct, Anti-Corruption and Bribery Policy. Both the Code of Conduct and the Anti-Corruption and Anti-Bribery Policy
documents are available to all employees. Further information on the content of the respective policies can be found in section
4.1.2 Business conduct policies and corporate culture.
Any deviation from these guidelines may be considered unacceptable conduct, potentially leading to disciplinary measures. In
this context, a systematic process has been established for communicating the results of investigations to the administrative,
management, and supervisory bodies, following the Reporting/Complaint Handling Procedure described in section G1-1 above.
The Compliance Report, which includes details on the results of complaints and related information, is submitted annually to the
Audit Committee. Additionally, relevant information is included in the Group’s Annual Sustainability Reports and Financial Reports.
Through this process, fair and consistent investigation and resolution of violations are ensured, while protecting whistleblowers.
Furthermore, to effectively address any incidents of corruption and bribery, the Sanctions and Complaint Management Policy is
maintained and applied. Further information regarding the Policy, can be found in section 4.1.2 Business conduct policies and
corporate culture.
Significant importance is also placed on employee participation in relevant training and awareness programs, as these initiatives
enhance employees' understanding of anti-corruption and anti-bribery practices. The training programs are designed to
incorporate real-world scenarios and case studies, equipping employees with the ability to recognize red flags and understand
the appropriate channels for reporting any suspicious activities.
Regarding the nature, scope, and depth of the anti-corruption and anti-bribery training program, PPC S.A. additionally established
a Network of Compliance Correspondents, often referred to as "Train the trainers." This network serves as a cooperative platform
connecting the Business Units/Divisions & Departments of the Group with the Compliance Department. The primary goal is to
raise awareness about compliance matters among the various units and departments, enabling more effective prevention and
resolution of such issues. This initiative will be adopted at a Group level, ensuring consistency and alignment in addressing
corruption and bribery incidents across the organization.
Additionally, the Group will conduct a comprehensive risk assessment exercise within 2025 to clearly identify the areas or
functions within the Group that are exposed to corruption and bribery risks and subsequently implement targeted training
programs. The results of this assessment, as well as the coverage by relevant programs of these areas or functions at risk, will be
disclosed in the next Sustainability Statement.
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4.2.2 Incidents of corruption or bribery
[G1-4]
For the reporting period 2024, no confirmed incidents of corruption or bribery were recorded in the PPC Group, nor were there
any convictions or fines for violations of anti-corruption and anti-bribery laws. Furthermore, no employees within the PPC Group
were dismissed or disciplined for corruption or bribery-related incidents. Additionally, the Group is not aware of any confirmed
incidents of corruption or bribery by a business partner, and as a result, no related contract was terminated.
In compliance with disclosure requirements, the PPC Group must report any public legal cases related to corruption or bribery
involving the group or its employees during the reporting period. For the reporting year 2024, there were no such cases brought
against PPC Group or its employees.
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252
Annex
ESRS 2 Appendix
Overview of all reported disclosure requirements identified as material.
[IRO-2]
The outcome of the DMA process was the identification of material impacts, risks, and opportunities. The material impacts, risks
and opportunities were identified at a sustainability sub-sub-topic level per ESRS, determining the corresponding disclosure
requirements according to the material sub-sub-topic under ESRS. The disclosure requirements have been assessed using the
flowchart included in Appendix E of ESRS 2 (Materiality of Information). Following the determination of the material IROs and
sustainability topics according to ESRS 1 §§ 30 & 31, the Group assesses whether the data points of the metrics' DRs are material
for PPC Group and its operations from one or more of the following perspectives:
a) The significance of the information in relation to the matter it depicts or explains.
b) The capacity of the information to meet users' decision-making needs, including those of primary users of general-
purpose financial reporting and users interested in the undertaking's impacts.
The following content index illustrates the locations where the lists of Disclosure Requirements can be found.
Graphics
253
ESRS Disclosure Requirements
#
Standard
Cross-cutting /
Topic
Nr.
Reporting Area
Designation of the DRs
DR number
Paragraph in sustainability
report
1
ESRS 2
General disclosures
BP-1
General
General basis for preparation of the sustainability
statement
5 (a); 5 (b) i.; 5 (b) ii.; 5 (c);
5 (d); 5 (e);
1.1.1 General basis for preparation of
sustainability statements
2
ESRS 2
General disclosures
BP-2
General
General basis for preparation of the sustainability
statement
Disclosures in relation to specific circumstances
Disclosures in relation to specific circumstances -
Time horizons
Disclosures in relation to specific circumstances -
Value chain estimation
Disclosures in relation to specific circumstances -
Sources of estimation and outcome uncertainty
Disclosures in relation to specific circumstances -
Changes in preparation or presentation of
sustainability information
Disclosures in relation to specific circumstances -
Reporting errors in prior periods
Disclosures in relation to specific circumstances -
Disclosures stemming from other legislation or
generally accepted sustainability reporting
pronouncements
Disclosures in relation to specific circumstances -
Incorporation by reference
Disclosures in relation to specific circumstances - Use
of phase-In provisions in accordance with Appendix
C of ESRS 1
9 (a); 9 (b); 10 (a); 10 (b);
10 (c); 10 (d); 11 (a); 11 (b)
i.; 11 (b) ii.; 13 (a); 13 (b);
13 (c); 14 (a); 14 (b); 14
(c); 15; 16;
1.1.2 Disclosures in relation to specific
circumstances
3
ESRS 2
General disclosures
GOV-1
Governance (GOV)
The role of the administrative, management and
supervisory bodies
21 (a); 21 (b); 21 (c); 21
(d); 21 (e); 22 (a); 22 (b);
22 (c) i.; 22 (c) ii.; 22 (c) iii.;
22 (d); 23 (a); 23 (b)
1.3.1 The role of the administrative, management
and supervisory bodies
4
ESRS 2
General disclosures
GOV-2
Governance (GOV)
Information provided to and sustainability matters
addressed by the undertaking’s administrative,
management and supervisory bodies
26 (a); 26 (b); 26 (c)
1.3.2 Information provided to, and sustainability
matters addressed by the undertaking's
administrative, management and supervisory
bodies
5
ESRS 2
General disclosures
GOV-3
Governance (GOV)
Integration of sustainability-related performance in
incentive schemes
29 (a); 29 (b); 29 (c); 29
(d); 29 (e)
1.3.3 Integration of sustainability-related
performance in incentive schemes
6
ESRS 2
General disclosures
GOV-4
Governance (GOV)
Statement on due diligence
30; 32
1.3.4 Description of the due diligence on
sustainability matters
7
ESRS 2
General disclosures
GOV-5
Governance (GOV)
Risk management and internal controls over
sustainability reporting
36 (a); 36 (b); 36 (c); 36
(d); 36 (e)
4 Risk Management and Control Systems
1.4.1 Risk management and internal controls over
sustainability reporting
Graphics
254
#
Standard
Cross-cutting /
Topic
Nr.
Reporting Area
Designation of the DRs
DR number
Paragraph in sustainability
report
8
ESRS 2
General disclosures
SBM-1
Strategy (SBM)
Strategy, business model and value chain
40 (a) i.; 40 (a) ii.; 40 (a)
iii.; 40 (b); 40 (c); 40 (d) i.;
40 (e); 40 (f); 40 (g); 41; 42
(a); 42 (b); 42 (c)
1.2.1 Information on the market position and
strategy of the PPC Group
9
ESRS 2
General disclosures
SBM-2
Strategy (SBM)
Interests and views of stakeholders
45 (a) i.; 45 (a) ii.; 45 (a)
iii.; 45 (a) iv.; 45 (a) v.; 45
(b); 45 (c) i.; 45 (c) ii.; 45
(c) iii.; 45 (d)
1.2.2 Stakeholder interest and engagement
10
ESRS 2
General disclosures
SBM-3
Strategy (SBM)
Material impacts, risks and opportunities and their
interaction with strategy and business model
48 (a); 48 (b); 48 (c) i.; 48
(c) ii.; 48 (c) iii.; 48 (c) iv.;
48 (f); 48 (g); 48 (h)
1.5.2 Material impacts, risks and opportunities and
their interaction with strategy and the business
model
11
ESRS 2
General disclosures
IRO-1
Impact, risk and opportunity
management (IRO)
Description of the processes to identify and assess
material impacts, risks and opportunities
53 (a); 53 (b) i.; 53 (b) ii.;
53 (b) iii.; 53 (b) iv.; 53 (c)
i.; 53 (c) ii.; 53 (c) iii.; 53
(d); 53 (e); 53 (f); 53 (g);
53 (h)
1.5.1 Description of the processes to identify and
assess material impacts, risks and opportunities
12
ESRS 2
General disclosures
IRO-2
Impact, risk and opportunity
management (IRO)
Disclosure requirements in ESRS covered by the
undertaking’s sustainability statement
56; 59
ESRS 2 Appendix
13
ESRS 2
General disclosures
MDR-P
Impact, risk and opportunity
management (IRO)
Policies adopted to manage material sustainability
matters
63; 64; 65 (a); 65 (b); 65
(c); 65 (d); 65 (e); 65 (f)
2.2.4 Policies related to climate change mitigation
and adaptation
2.3.2 Policies related to pollution of air
2.4.2 Policies related to biodiversity and
ecosystems
3.1.3 Policies related to Own Workforce
3.2.3 Policies
4.1.2 Business conduct policies and corporate
culture
14
ESRS 2
General disclosures
MDR-A
Impact, risk and opportunity
management (IRO)
Actions and resources in relation to material
sustainability matters
66; 67; 68 (a); 68 (b); 68
(c); 68 (d); 68 (e); 69 (a);
69 (b); 69 (c)
2.2.5 Actions
2.3.3 Actions
2.4.3 Actions
3.1.4 Actions
3.2.4 Actions
4.1.2 Business conduct policies and corporate
culture
Graphics
255
#
Standard
Cross-cutting /
Topic
Nr.
Reporting Area
Designation of the DRs
DR number
Paragraph in sustainability
report
15
ESRS 2
General disclosures
MDR-M
Metrics and targets (MT)
Metrics in relation to material sustainability matters
73; 74; 75; 76; 77 (a); 77
(b); 77 (c); 77 (d)
2.2.7 Metrics
2.3.5 Metrics
2.4.5 Metrics
3.1.6 Metrics
4.2.2 Incidents of corruption or bribery
16
ESRS 2
General disclosures
MDR-T
Metrics and targets (MT)
Tracking effectiveness of policies and actions through
targets
78; 79 (a); 79 (b); 79 (c);
79 (d); 79 (e); 80 (a); 80
(b); 80 (c); 80 (d); 80 (e);
80 (f); 80 (g); 80 (h); 80 (i);
80 (j); 81 (a); 81 (b) i.; 81
(b) ii.
2.2.6 Targets
2.3.4 Targets
2.4.4 Targets
3.1.5 Targets
3.2.5 Targets
17
ESRS E1
Climate change
GOV-3
Governance (GOV)
Integration of sustainability-related performance in
incentive schemes
13
2.2.2 Transition plan
18
ESRS E1
Climate change
E1-1
Strategy (SBM)
Transition plan for climate change mitigation
14; 16 (a); 16 (b); 16 (c);
16 (d); 16 (e); 16 (f); 16
(g); 16 (h); 16 (i); 16 (j); 17
2.2.1 Resilience Analysis
19
ESRS E1
Climate change
SBM-3
Strategy (SBM)
Material impacts, risks and opportunities and their
interaction with strategy and business model
18; 19 (a); 19 (b); 19 (c)
2.2.1 Resilience Analysis
2.2.3 Material impacts, risks and opportunities and
their interaction with strategy and business model
20
ESRS E1
Climate change
IRO-1
Impact, risk and opportunity
management (IRO)
Description of the processes to identify and assess
material climate-related impacts, risks and
opportunities
20 (a); 20 (b) i.; 20 (b) ii.;
20 (c) i.; 20 (c) ii.; 21
2.2.3 Material impacts, risks and opportunities and
their interaction with strategy and business model
21
ESRS E1
Climate change
E1-2
Impact, risk and opportunity
management (IRO)
Policies related to climate change mitigation and
adaptation
24; 25 (a); 25 (b); 25 (c);
25 (d); 25 (e)
2.2.4 Policies related to climate change mitigation
and adaptation
22
ESRS E1
Climate change
E1-3
Impact, risk and opportunity
management (IRO)
Actions and resources in relation to climate change
policies
28; 29 (a); 29 (b); 29 (c) i.;
29 (c) ii.; 29 (c) iii.
2.2.5 Actions
23
ESRS E1
Climate change
E1-4
Metrics and targets (MT)
Targets related to climate change mitigation and
adaptation
32; 33; 34 (a); 34 (b); 34
(e); 34 (f)
2.2.6 Targets
24
ESRS E1
Climate change
E1-5
Metrics and targets (MT)
Energy consumption and mix
Energy consumption and mix - Energy intensity
based on net revenue
37 (a); 37 (b); 37 (c) i.; 37
(c) ii.; 37 (c) iii.; 38 (a); 38
(b); 38 (c); 38 (d); 38 (e);
39; 40; 41; 42; 43
2.2.7 Metrics
25
ESRS E1
Climate change
E1-6
Metrics and targets (MT)
Gross Scopes 1, 2, 3 and Total GHG emissions
GHG Intensity based on net revenue
44 (a); 44 (b); 44 (c); 44
(d); 47; 48 (a); 48 (b); 49
(a); 49 (b); 50 (a); 50 (b);
51; 52 (a); 52 (b); 53; 55
2.2.7 Metrics
Graphics
256
#
Standard
Cross-cutting /
Topic
Nr.
Reporting Area
Designation of the DRs
DR number
Paragraph in sustainability
report
26
ESRS E1
Climate change
E1-7
Metrics and targets (MT)
GHG removals and GHG mitigation projects financed
through carbon credits
56 (a); 56 (b); 58 (a); 58
(b); 59 (a); 59 (b); 60; 61
(a); 61 (b); 61 (c)
PPC Group does not have any projects related to
GHG removals or GHG mitigation projects funded
through carbon credits.
27
ESRS E1
Climate change
E1-8
Metrics and targets (MT)
Internal carbon pricing
63 (a); 63 (b); 63 (c); 63
(d)
PPC Group does not currently implement internal
carbon pricing systems.
28
ESRS E2
Pollution
IRO-1
Impact, risk and opportunity
management (IRO)
Description of the processes to identify and assess
material pollution-related impacts, risks and
opportunities
11 (a); 11 (b)
2.3.1 Material impacts, risks and opportunities and
their interaction with strategy and business model
29
ESRS E2
Pollution
E2-1
Impact, risk and opportunity
management (IRO)
Policies related to pollution
14; 15 (a)
2.3.2 Policies related to pollution of air
30
ESRS E2
Pollution
E2-2
Impact, risk and opportunity
management (IRO)
Actions and resources related to pollution
18; 19 (a); 19 (b); 19 (c)
2.3.3 Actions
31
ESRS E2
Pollution
E2-3
Metrics and targets (MT)
Targets related to pollution
22; 23 (a); 25
2.3.4 Targets
32
ESRS E2
Pollution
E2-4
Metrics and targets (MT)
Pollution of air, water and soil
28 (a); 30 (a); 30 (b); 30
(c); 31
2.3.5 Metrics
33
ESRS E4
Biodiversity and
ecosystems
SBM-3
Strategy (SBM)
Material impacts, risks and opportunities and their
interaction with strategy and business model
16 (a) i.; 16 (a) ii.; 16 (a) iii.
2.4.1 Material impacts, risks and opportunities and
their interaction with strategy and business model
34
ESRS E4
Biodiversity and
ecosystems
IRO-1
Impact, risk and opportunity
management (IRO)
Description of processes to identify and assess
material biodiversity and ecosystem-related impacts,
risks, dependencies and opportunities
17 (a);19 (a)
2.4.1 Material impacts, risks and opportunities and
their interaction with strategy and business model
35
ESRS E4
Biodiversity and
ecosystems
E4-2
Impact, risk and opportunity
management (IRO)
Policies related to biodiversity and ecosystems
20; 21; 22; 23 (a); 23
(b);24 (a)
2.4.2 Policies related to biodiversity and
ecosystems
36
ESRS E4
Biodiversity and
ecosystems
E4-3
Impact, risk and opportunity
management (IRO)
Actions and resources related to biodiversity and
ecosystems
25; 26; 27
2.4.3 Actions
37
ESRS E4
Biodiversity and
ecosystems
E4-4
Metrics and targets (MT)
Targets related to biodiversity and ecosystems
29; 30; 31
2.4.4 Targets
38
ESRS E4
Biodiversity and
ecosystems
E4-5
Metrics and targets (MT)
Impact metrics related to biodiversity and
ecosystems change
33; 34; 35; 36; 37; 38
2.4.5 Metrics
39
ESRS S1
Own Workforce
SBM-2
Strategy (SBM)
Interests and views of stakeholders
12
3.1.1 Strategy and concepts related to Own
Workforce
40
ESRS S1
Own Workforce
SBM-3
Strategy (SBM)
Material impacts, risks and opportunities and their
interaction with strategy and business model
14 (a); 14 (b); 14 (c); 14 (d);
14 (e); 14 (f) i.; 14 (f) ii.; 14
(g) i.; 14 (g) ii.; 15; 16
3.1.2 Material impacts, risks and opportunities and
their interaction with strategy and business model
41
ESRS S1
Own Workforce
S1-1
Impact, risk and opportunity
management (IRO)
Policies related to own workforce
19; 20 (a); 20 (b); 20 (c);
21; 22; 23; 24 (a); 24 (b);
24 (c); 24 (d)
3.1.3 Policies related to Own Workforce
42
ESRS S1
Own Workforce
S1-2
Impact, risk and opportunity
management (IRO)
Processes for engaging with own workforce and
workers’ representatives about impacts
27 (a); 27 (b); 27 (c); 27
(d); 27 (e); 28; 29
3.1.3 Policies related to Own Workforce
3.1.4 Actions
43
ESRS S1
Own Workforce
S1-3
Impact, risk and opportunity
management (IRO)
Processes to remediate negative impacts and
channels for own workers to raise concerns
32 (a); 32 (b); 32 (c); 32
(d); 32 (e); 33; 34
3.1.3 Policies related to Own Workforce
3.1.4 Actions
Graphics
257
#
Standard
Cross-cutting /
Topic
Nr.
Reporting Area
Designation of the DRs
DR number
Paragraph in sustainability
report
44
ESRS S1
Own Workforce
S1-4
Impact, risk and opportunity
management (IRO)
Taking action on material impacts on own workforce,
and approaches to managing material risks and
pursuing material opportunities related to own
workforce, and effectiveness of those actions
37; 38 (a); 38 (b); 38 (c);
38 (d); 39; 40 (a); 40 (b);
41; 43
3.1.3 Policies related to Own Workforce
3.1.4 Actions
45
ESRS S1
Own Workforce
S1-5
Metrics and targets (MT)
Targets related to managing material negative
impacts, advancing positive impacts, and managing
material risks and opportunities
46; 47 (a); 47 (b); 47 (c)
3.1.5 Targets
46
ESRS S1
Own Workforce
S1-6
Metrics and targets (MT)
Characteristics of the undertaking’s employees
50 (a); 50 (b) i.; 50 (b) ii.;
50 (b) iii.; 50 (c); 50 (d) i.;
50 (d) ii.; 50 (e); 50 (f); 51;
3.1.6 Metrics
47
ESRS S1
Own Workforce
S1-9
Metrics and targets (MT)
Diversity metrics
66 (a); 66 (b)
3.1.6 Metrics
48
ESRS S1
Own Workforce
S1-14
Metrics and targets (MT)
Health and safety metrics
88 (a); 88 (b); 88 (c); 88
(d); 88 (e);
3.1.6 Metrics
49
ESRS S1
Own Workforce
S1-16
Metrics and targets (MT)
Remuneration metrics (pay gap and total
remuneration)
97 (a); 97 (b); 97 (c);
3.1.6 Metrics
50
ESRS S1
Own Workforce
S1-17
Metrics and targets (MT)
Incidents, complaints and severe human rights
impacts
103 (a); 103 (b); 103 (c);
103 (d); 104 (a); 104 (b)
3.1.6 Metrics
51
ESRS S4
Consumers and end-
users
SBM-2
Strategy (SBM)
Interests and views of stakeholders
8
3.2.1 Strategy and concepts related to Consumers
and End-Users
52
ESRS S4
Consumers and end-
users
SBM-3
Strategy (SBM)
Material impacts, risks and opportunities and their
interaction with strategy and business model
10 (a) i.; 10 (a) ii.; 10 (a) iii.;
10 (a) iv.; 10 (b); 10 (c); 10
(d); 11; 12
3.2.2 Material impacts, risks and opportunities and
their interaction with strategy and business model
53
ESRS S4
Consumers and end-
users
S4-1
Impact, risk and opportunity
management (IRO)
Policies related to consumers and end-users
15; 16 (a); 16 (b); 16 (c);
17
3.2.3 Policies
54
ESRS S4
Consumers and end-
users
S4-2
Impact, risk and opportunity
management (IRO)
Processes for engaging with consumers and end-
users about impacts
20 (a); 20 (b); 20 (c); 20
(d); 21; 22
3.2.3 Policies
3.2.4 Actions
55
ESRS S4
Consumers and end-
users
S4-3
Impact, risk and opportunity
management (IRO)
Processes to remediate negative impacts and
channels for consumers and end-users to raise
concerns
25 (a); 25 (b); 25 (c); 25
(d); 26; 27
3.2.3 Policies
3.2.4 Actions
56
ESRS S4
Consumers and end-
users
S4-4
Impact, risk and opportunity
management (IRO)
Taking action on material impacts on consumers and
end-users, and approaches to managing material
risks and pursuing material opportunities related to
consumers and end-users, and effectiveness of those
actions
30; 31 (a); 31 (b); 31 (c);
31 (d); 32 (a); 32 (b); 32
(c); 33 (a); 33 (b); 34; 35;
37
3.2.4 Actions
57
ESRS S4
Consumers and end-
users
S4-5
Metrics and targets (MT)
Targets related to managing material negative
impacts, advancing positive impacts, and managing
material risks and opportunities
41 (a); 41 (b); 41 (c)
3.2.5 Targets
58
ESRS G1
Business Conduct
GOV-1
Governance (GOV)
The role of the administrative, management and
supervisory bodies
5 (a); 5 (b)
1.3.1 The role of the administrative, management
and supervisory bodies
59
ESRS G1
Business Conduct
G1-1
Impact, risk and opportunity
management (IRO)
Description of processes to identify and assess
material biodiversity and ecosystem-related impacts,
risks, dependencies and opportunities
6.
4.1.1 Material impacts, risks and opportunities and
their interaction with strategy and business model
Graphics
258
#
Standard
Cross-cutting /
Topic
Nr.
Reporting Area
Designation of the DRs
DR number
Paragraph in sustainability
report
60
ESRS G1
Business Conduct
G1-1
Impact, risk and opportunity
management (IRO)
Business conduct policies and corporate culture
7; 9; 10 (a); 10 (b); 10 (c) i.;
10 (c) ii.; 10 (d); 10 (e); 10
(f); 10 (g); 10 (h); 11
4.1.2 Business conduct policies and corporate
culture
61
ESRS G1
Business Conduct
G1-3
Impact, risk and opportunity
management (IRO)
Prevention and detection of corruption and bribery
18 (a); 18 (b); 18 (c); 19;
20; 21 (a); 21 (b); 21 (c)
4.2.1 Prevention and detection of corruption and
bribery
62
ESRS G1
Business Conduct
G1-4
Metrics and targets (MT)
Incidents of corruption or bribery
24 (a); 24 (b); 25 (a); 25
(b); 25 (c); 25 (d);
4.2.2 Incidents of corruption or bribery
Graphics
259
List of data points that derive from other EU legislation.
Disclosure Requirement and related
datapoint
SFDR reference
Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference
Material /
Non Material
Paragraph
ESRS 2 GOV-1 Board's gender diversity
paragraph 21 (d)
Indicator number 13 of Table
#1 of Annex 1
Commission Delegated
Regulation (EU)
2020/1816, Annex II
Material
1.3.1 The role of the administrative, management
and supervisory bodies
ESRS 2 GOV-1 Percentage of board
members who are independent paragraph
21 (e)
Delegated Regulation (EU)
2020/1816, Annex II
Material
1.3.1 The role of the administrative, management
and supervisory bodies
ESRS 2 GOV-4 Statement on due diligence
paragraph 30
Indicator number 10 Table #3
of Annex 1
Material
1.3.4 Description of the due diligence on
sustainability matters
ESRS 2 SBM-1 Involvement in activities
related to fossil fuel activities paragraph 40
(d) i
Indicators number 4 Table #1
of Annex 1
Article 449a Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 (
28
) Table
1: Qualitative information on
Environmental risk and Table 2:
Qualitative information on Social risk
Delegated Regulation (EU)
2020/1816, Annex II
Material
1.2.1 Information on the market position and
strategy of the PPC Group
ESRS 2 SBM-1 Involvement in activities
related to chemical production paragraph
40 (d) ii
Indicator number 9 Table #2
of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II
Non material
-
ESRS 2 SBM-1 Involvement in activities
related to controversial weapons paragraph
40 (d) iii
Indicator number 14 Table #1
of Annex 1
Delegated Regulation (EU)
2020/1818, Article 12(1)
Delegated Regulation (EU)
2020/1816, Annex II
Non material
-
ESRS 2 SBM-1 Involvement in activities
related to cultivation and production of
tobacco paragraph 40 (d) iv
Delegated Regulation (EU)
2020/1818, Article 12(1)
Delegated Regulation (EU)
2020/1816, Annex II
Non material
-
ESRS E1-1 Transition plan to reach climate
neutrality by 2050 paragraph 14
Regulation (EU)
2021/1119, Article
2(1)
Material
2.2.2 Transition plan
ESRS E1-1 Undertakings excluded from
Paris-aligned Benchmarks paragraph 16 (g)
Article 449a Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 Template
1: Banking book-Climate Change
transition risk: Credit quality of
exposures by sector, emissions and
residual maturity
Delegated Regulation (EU)
2020/1818, Article12.1 (d)
to (g), and Article 12.2
Non material
-
ESRS E1-4 GHG emission reduction targets
paragraph 34
Indicator number 4 Table #2
of Annex 1
Article 449a Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 Template
Delegated Regulation (EU)
2020/1818, Article 6
Material
2.2.6 Targets
Graphics
260
Disclosure Requirement and related
datapoint
SFDR reference
Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference
Material /
Non Material
Paragraph
3: Banking book – Climate change
transition risk: alignment metrics
ESRS E1-5 Energy consumption from fossil
sources disaggregated by sources (only high
climate impact sectors) paragraph 38
Indicator number 5 Table #1
and Indicator n. 5 Table #2 of
Annex 1
Material
2.2.7 Metrics
ESRS E1-5 Energy consumption and mix
paragraph 37
Indicator number 5 Table #1
of Annex 1
Material
2.2.7 Metrics
ESRS E1-5 Energy intensity associated with
activities in high climate impact sectors
paragraphs 40 to 43
Indicator number 6 Table #1
of Annex 1
Material
2.2.7 Metrics
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG
emissions paragraph 44
Indicators number 1 and 2
Table #1 of Annex 1
Article 449a; Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 Template
1: Banking book – Climate change
transition risk: Credit quality of
exposures by sector, emissions and
residual maturity
Delegated Regulation (EU)
2020/1818, Article 5(1), 6
and 8(1)
Material
2.2.7 Metrics
ESRS E1-6 Gross GHG emissions intensity
paragraphs 53 to 55
Indicators number 3 Table #1
of Annex 1
Article 449a Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 Template
3: Banking book – Climate change
transition risk: alignment metrics
Delegated Regulation (EU)
2020/1818, Article 8(1)
Material
2.2.7 Metrics
ESRS E1-7 GHG removals and carbon credits
paragraph 56
Regulation (EU)
2021/1119, Article
2(1)
Non material
-
ESRS E1-9 Exposure of the benchmark
portfolio to climate-related physical risks
paragraph 66
Delegated Regulation (EU)
2020/1818, Annex II
Delegated Regulation (EU)
2020/1816, Annex II
Non material
-
ESRS E1-9 Disaggregation of monetary
amounts by acute and chronic physical risk
paragraph 66 (a) ESRS E1-9 Location of
significant assets at material physical risk
paragraph 66 (c).
Article 449a Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 paragraphs
46 and 47; Template 5: Banking book -
Climate change physical risk:
Exposures subject to physical risk.
Non material
-
ESRS E1-9 Breakdown of the carrying value
of its real estate assets by energy-efficiency
classes paragraph 67 (c).
Article 449a Regulation (EU) No
575/2013; Commission Implementing
Regulation (EU) 2022/2453 paragraph
34;Template 2:Banking book -Climate
change transition risk: Loans
Non material
-
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261
Disclosure Requirement and related
datapoint
SFDR reference
Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference
Material /
Non Material
Paragraph
collateralised by immovable property -
Energy efficiency of the collateral
ESRS E1-9 Degree of exposure of the
portfolio to climate- related opportunities
paragraph 69
Delegated Regulation (EU)
2020/1818, Annex II
Non material
-
ESRS E2-4 Amount of each pollutant listed
in Annex II of the E-PRTR Regulation
(European Pollutant Release and Transfer
Register) emitted to air, water and soil,
paragraph 28
Indicator number 8 Table #1
of Annex 1 Indicator number 2
Table #2 of Annex 1 Indicator
number 1 Table #2 of Annex 1
Indicator number 3 Table #2
of Annex 1
Material
2.3.5 Metrics
ESRS E3-1 Water and marine resources
paragraph 9
Indicator number 7 Table #2
of Annex 1
Non material
-
ESRS E3-1 Dedicated policy paragraph 13
Indicator number 8 Table 2 of
Annex 1
Non material
-
ESRS E3-1 Sustainable oceans and seas
paragraph 14
Indicator number 12 Table #2
of Annex 1
Non material
-
ESRS E3-4 Total water recycled and reused
paragraph 28 (c)
Indicator number 6.2 Table #2
of Annex 1
Non material
-
ESRS E3-4 Total water consumption in m
3
per net revenue on own operations
paragraph 29
Indicator number 6.1 Table #2
of Annex 1
Non material
-
ESRS 2- SBM 3 - E4 paragraph 16 (a) i
Indicator number 7 Table #1
of Annex 1
Material
2.4.1 Material impacts, risks and opportunities and
their interaction with strategy and business model
ESRS 2- SBM 3 - E4 paragraph 16 (b)
Indicator number 10 Table #2
of Annex 1
Non material
-
ESRS 2- SBM 3 - E4 paragraph 16 (c)
Indicator number 14 Table #2
of Annex 1
Non material
-
ESRS E4-2 Sustainable land / agriculture
practices or policies paragraph 24 (b)
Indicator number 11 Table #2
of Annex 1
Non material
-
ESRS E4-2 Sustainable oceans / seas
practices or policies paragraph 24 (c)
Indicator number 12 Table #2
of Annex 1
Non material
-
ESRS E4-2 Policies to address deforestation
paragraph 24 (d)
Indicator number 15 Table #2
of Annex 1
Non material
-
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262
Disclosure Requirement and related
datapoint
SFDR reference
Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference
Material /
Non Material
Paragraph
ESRS E5-5 Non-recycled waste paragraph 37
(d)
Indicator number 13 Table #2
of Annex 1
Non material
-
ESRS E5-5 Hazardous waste and radioactive
waste paragraph 39
Indicator number 9 Table #1
of Annex 1
Non material
-
ESRS 2- SBM3 - S1 Risk of incidents of
forced labour paragraph 14 (f)
Indicator number 13 Table #3
of Annex I
Non material
-
ESRS 2- SBM3 - S1 Risk of incidents of child
labour paragraph 14 (g)
Indicator number 12 Table #3
of Annex I
Non material
-
ESRS S1-1 Human rights policy
commitments paragraph 20
Indicator number 9 Table #3
and Indicator number 11
Table #1 of Annex I
Material
3.1.3 Policies related to Own Workforce
ESRS S1-1 Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8, paragraph 21
Delegated Regulation (EU)
2020/1816, Annex II
Material
3.1.3 Policies related to Own Workforce
ESRS S1-1 processes and measures for
preventing trafficking in human beings
paragraph 22
Indicator number 11 Table #3
of Annex I
Material
3.1.3 Policies related to Own Workforce
ESRS S1-1 workplace accident prevention
policy or management system paragraph 23
Indicator number 1 Table #3
of Annex I
Material
3.1.3 Policies related to Own Workforce
ESRS S1-3 grievance/complaints handling
mechanisms paragraph 32 (c)
Indicator number 5 Table #3
of Annex I
Material
3.1.3 Policies related to Own Workforce
3.1.4 Actions
ESRS S1-14 Number of fatalities and
number and rate of work-related accidents
paragraph 88 (b) and (c)
Indicator number 2 Table #3
of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
Material
3.1.6 Metrics
ESRS S1-14 Number of days lost to injuries,
accidents, fatalities or illness paragraph 88
(e)
Indicator number 3 Table #3
of Annex I
Material
3.1.6 Metrics
ESRS S1-16 Unadjusted gender pay gap
paragraph 97 (a)
Indicator number 12 Table #1
of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
Material
3.1.6 Metrics
ESRS S1-16 Excessive CEO pay ratio
paragraph 97 (b)
Indicator number 8 Table #3
of Annex I
Material
3.1.6 Metrics
ESRS S1-17 Incidents of discrimination
paragraph 103 (a)
Indicator number 7 Table #3
of Annex I
Material
3.1.6 Metrics
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263
Disclosure Requirement and related
datapoint
SFDR reference
Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference
Material /
Non Material
Paragraph
ESRS S1-17 Non-respect of UNGPs on
Business and Human Rights and OECD
Guidelines paragraph 104 (a)
Indicator number 10 Table #1
and Indicator n. 14 Table #3 of
Annex I
Delegated Regulation (EU)
2020/1816, Annex II
Delegated Regulation (EU)
2020/1818 Art 12 (1)
Material
3.1.6 Metrics
ESRS 2- SBM3 – S2 Significant risk of child
labour or forced labour in the value chain
paragraph 11 (b)
Indicators number 12 and n.
13 Table #3 of Annex I
Non material
-
ESRS S2-1 Human rights policy
commitments paragraph 17
Indicator number 9 Table #3
and Indicator n. 11 Table #1 of
Annex 1
Non material
-
ESRS S2-1 Policies related to value chain
workers paragraph 18
Indicator number 11 and n. 4
Table #3 of Annex 1
Non material
-
ESRS S2-1Non-respect of UNGPs on
Business and Human Rights principles and
OECD guidelines paragraph 19
Indicator number 10 Table #1
of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II
Delegated Regulation (EU)
2020/1818, Art 12 (1)
Non material
-
ESRS S2-1 Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8, paragraph 19
Delegated Regulation (EU)
2020/1816, Annex II
Non material
-
ESRS S2-4 Human rights issues and
incidents connected to its upstream and
downstream value chain paragraph 36
Indicator number 14 Table #3
of Annex 1
Non material
-
ESRS S3-1 Human rights policy
commitments paragraph 16
Indicator number 9 Table #3
of Annex 1 and Indicator
number 11 Table #1 of Annex
1
Non material
-
ESRS S3-1 non-respect of UNGPs on
Business and Human Rights, ILO principles
or OECD guidelines paragraph 17
Indicator number 10 Table #1
Annex 1
Delegated Regulation (EU)
2020/1816, Annex II
Delegated Regulation (EU)
2020/1818, Art 12 (1)
Non material
-
ESRS S3-4 Human rights issues and
incidents paragraph 36
Indicator number 14 Table #3
of Annex 1
Non material
-
ESRS S4-1 Policies related to consumers and
end-users paragraph 16
Indicator number 9 Table #3
and Indicator number 11
Table #1 of Annex 1
Material
3.2.3 Policies
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264
Disclosure Requirement and related
datapoint
SFDR reference
Pillar 3 reference
Benchmark Regulation
reference
EU Climate Law
reference
Material /
Non Material
Paragraph
ESRS S4-1 Non-respect of UNGPs on
Business and Human Rights and OECD
guidelines paragraph 17
Indicator number 10 Table #1
of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II
Delegated Regulation (EU)
2020/1818, Art 12 (1)
Material
3.2.3 Policies
ESRS S4-4 Human rights issues and
incidents paragraph 35
Indicator number 14 Table #3
of Annex 1
Material
3.2.3 Policies
3.2.4 Actions
ESRS G1-1 United Nations Convention
against Corruption paragraph 10 (b)
Indicator number 15 Table #3
of Annex 1
Material
4.1.2 Business conduct policies and corporate
culture
ESRS G1-1 Protection of whistle- blowers
paragraph 10 (d)
Indicator number 6 Table #3
of Annex 1
Non material
-
ESRS G1-4 Fines for violation of anti-
corruption and anti-bribery laws paragraph
24 (a)
Indicator number 17 Table #3
of Annex 1
Delegated Regulation (EU)
2020/1816, Annex II)
Material
4.2.2 Incidents of corruption or bribery
ESRS G1-4 Standards of anti- corruption and
anti- bribery paragraph 24 (b)
Indicator number 16 Table #3
of Annex 1
Material
4.2.1 Prevention and detection of corruption and
bribery
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STATEMENT OF CORPORATE GOVERNANCE
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266
Introduction
Corporate governance is the system of management and control of Sociétés Anonymes. It is a set of structures, principles,
rules, procedures, and practices, through which the continuous improvement of the efficient operation of the Company is
sought for the benefit of its shareholders and those with a legitimate interest in its operation, the enhancement of the
long-term economic value of the Company and the protection of the general corporate interest.
For PPC S.A., (hereinafter also the “Company”) the institutions, policies and procedures of Corporate Governance exist to
serve the corporate objectives effectively and with the ultimate goal of Creating Shared Value for society, the environment
and the company. In this regard, the Company does not follow the "tick-box” culture, but rather the approach of achieving
results, constantly adapting to changes in the external environment.
In recent years, PPC has been rapidly transformed from a vertically integrated public company focusing on electricity
generation from solid fuels to a multinational group of private sector companies operating in competitive energy markets
and beyond. The implementation and adherence to best corporate governance practices is a key commitment and priority
of the PPC Group's Management in order to create a strong system of accountability and transparency in response to
environmental and socio-economic challenges for the benefit of both the Company's shareholders and stakeholders.
The continuous expansion of the Company at a Group level, both geographically (in Greece and abroad) and in new sectors,
had resulted in a wide range of activities, which are carried out by the Company's structures, as well as through subsidiaries
and affiliated companies. This created the need to incorporate the group dimension into corporate activities and to upgrade
and expand the responsibilities of specific functions within the Company.
Following the amendment of its Articles of Incorporation at the end of 2023 in order to reflect and imply the ongoing
transformation of PPC into a company at the head of a multifaceted multinational Group, the Company gradually
proceeded, within 2024, to the required amendments to its Rules of Operation, in particular in relation to the incorporation
into its Basic Organisational Structure of the Group Functions as laid down in the Articles of Incorporation, through which
it shall be able to manage the group-wide activities, to monitor the alignment of its subsidiaries with the Group’s strategy
and the parent company's policies, as well as to provide them with the necessary support. Moreover, in addition to the
three (3) current positions of Chiefs of Business Units/Deputy CEOs (Conventional Generation, Retail Operations and Digital
& Advanced Services) two (2) new positions of Deputy CEOs at the head of the Energy Management PPC Group and RES
PPC Group respectively, were established.
The rapid transformation of PPC, the constantly changing international environment, the increased regulatory and
statutory requirements and the large number of stakeholders, demanding more transparency and accountability, makes it
imperative to create a unified and strong Group Corporate Governance System in order for the Company to respond to the
new challenges of the Market and achieve its growth objectives. In the light of this, the Company within 2024, through the
Legal & Corporate Governance Group Function, initiated the project of planning a Corporate Governance System at Group
level, pursuant to Law 4706/2020, the Corporate Governance Code already been adopted and implemented by the
Company, the international best practices, as well as the EU Legislation (REMIT, EMIR, MAR Regulations, etc.). In the context
of the above project, the first phase of the project was carried out within 2024, focusing on analysing the differences in the
corporate governance system of the significant subsidiaries of the Company both in Greece and abroad (the key features
of the Corporate Governance System of the significant subsidiaries are presented in detail in Section IV.3 hereof).
The Company’s objective is for its principles and values to be implemented and to influence practices, policies and
behaviours within the Group. In particular, the Ethics & Compliance Programme, which is implemented through the
Compliance Department in cooperation with the Cultural Transformation & New Activities HR Department of the Company,
aims not only at compliance with the law but also at shaping a culture within the Company and the Group more widely.
Moreover, in 2024 the Compliance Department has carried out implementing actions of the "Ethics and Compliance of the
Company" Programme, with the goal of embedding the Policies into the Company's Business operations and promoting
ethical behaviour standards. Ensuring the Company's compliance with laws and regulations and zero tolerance for
corruption and bribery reflect the Company's firm commitment to the principles of integrity, transparency, and respect for
rules.
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Finally, the Company has been committed, taking into account the international trends, to moving towards adopting
responsible practices with regard to the Environment, Society and Governance (ESG: Environmental, Social, Governance).
As early as 2023, the Sustainability Department, in the context of the Sustainable Development Policy, developed the
Group’s Sustainability Strategy, which was approved by the Sustainability Committee and focuses on three pillars: Net Zero
Carbon footprint, Nature Positive Operations, Socioeconomic Shared Value Creation.
These three components serve as reference points for the implementation of any decision made within the framework of
the Group’s business strategy, in order to ensure the integration of Sustainable Development principles into its operational
model in line with the United Nations Sustainable Development Goals (SDGs).
Within 2024, the Action Plan (Version 1), with the related to the above principles of the Sustainable Development Strategy,
was finalised and approved by the Sustainability Committee, along with the mechanism for updating and monitoring its
implementation. The mechanism for updating the Action Plan includes the systematic evaluation of progress, the
identification of potential gaps and areas for improvement, data collection, and continuous feedback from stakeholders to
ensure the effectiveness of the actions and their alignment with the Company’s strategic priorities, as well as compliance
with sustainability requirements, as deriving from international standards and assessments by specialised bodies.
Shareholder Structure
With the limitation, through the Hellenic Corporation of Assets and Participations S.A. (HCAP), of the indirect participation
of the Hellenic Republic at the end of 2021, the Company ceased to be subject to specific laws and regulations and to the
restrictions provided for in special laws and which are applicable to public enterprises, thus expanding its operational
flexibility and facilitating the implementation of the relevant best practices of Corporate Governance.
Specifically, on 16.11.2021 the share capital increase of PPC was completed and on 2.3.2022 the total number of shares in
PPC held by the HRADF (corresponding to 10.32%) was transferred from the HRADF to HCAP, subject to the provision of
Article 147 of Law 4876/2021. Subsequently, on 4.11.2024, by resolution of the Extraordinary General Meeting of the
shareholders of the Company, its share capital was reduced by EUR 31,570,400, due to the cancellation of 12,730,000 own
shares, in accordance with Article 29 of Law 4548/2018. As a consequence of the above reduction, the share capital of the
Company on 31.12.2024 was EUR 915,789,600, divided into 369,270,000 ordinary registered shares, with a nominal value
of EUR 2.48 each.
The shareholder structure of PPC S.A. on 31.12.2024 was as follows:
• the Hellenic Corporation of Assets and Participations S.A. (HCAP), in which the Hellenic Republic holds 100% of
the shares and voting rights, directly held 35.299% of the share capital and voting rights of PPC S.A.,
• Selath Holdings S.à r.l Company held the 10.344% of the share capital and voting rights of PPC S.A., according to
the announcement of 17.12.2024 of “CVC Capital Partners plc” (CVC plc), and
• the institutional investors and the general investor community held the remaining 54.357% (including 5.29% of
own shares held by the Company), among whom (participations more than 5%):
- Covalis Capital LLP, as well as the ultimate controller, Mr. Zilvinas Mecelis, had a total participation of
5.15% in voting rights (i.e., the sum of voting rights attached to shares and voting rights derived from
financial instruments) on 13.12.2024, according to the announcement of 18.12.2024 by the fund
management company Covalis Capital LLP, as well as its ultimate controller, Mr. Zilvinas Mecelis.
- “Helikon Long Short Equity Fund Master ICAV” had a total participation of 6.97% in voting rights (namely,
the sum of voting rights attached to shares and voting rights deriving from financial instruments) on
22.5.2023, according to the announcement of Helikon Investments Limited dated 24.5.2023.
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Structure of the Statement of Corporate Governance
The present Statement of Corporate Governance is prepared according to the provisions of Articles 152 and 153 of Law
4548/2018, as amended and in force by virtue of Law 5164/2024, Article 18 of Law 4706/2020, as in force, as well as the
provisions of the Hellenic Corporate Governance Code of the Hellenic Corporate Governance Council (HCGC), which was
issued in June 2021 and has been adopted and implemented by the Company, following the relevant approval by its Board
of Directors, and in compliance with Article 17 of Law 4706/2020.
The present Statement of Corporate Governance is a separate report published along with the Management Report of the
Board of Directors, pursuant to Article 150 of Law 4548/2018, as in force, and contains all information provided for by law.
In particular, the structure of the present Statement of Corporate Governance (for the sake of brevity, hereinafter referred
to as "the Statement") is as follows:
I. Statement of Compliance with the Corporate Governance Code
II. Deviations from the Corporate Governance Code and Justification of Deviations
III. Corporate Governance Practices applied by the Company in addition to the provisions of the legislation
IV. Internal Control System and Corporate Governance System
IV1. Internal Control System (ICS) - Results of the Internal Control System’s Evaluation
IV2. Corporate Governance System (CGS) - Results of the CGS Evaluation
IV3. Key characteristics of the Corporate Governance System (including the ICS) of significant subsidiaries.
V. Information regarding the Company’s control status Article 4 par. 7 of Law 3556/2007 - Article 10 of Directive
2004/25/EC of the European Parliament and of the Council, of 21 April 2004
VI. Composition and Functioning of the Governing Bodies
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A. Board of Directors
1. Composition and functioning - term of office of each member of the
Board.
2. Diversity Policy for the Members of the BoD
3. Curricula Vitae of the members of the Board of Directors
4. Chairman, Vice Chairman of the Board of Directors and Chief Executive
Officer
5. Non-Executive Members and Independent Non-Executive Members of
the BoD
6. Number of meetings of the Board of Directors, frequency of participation
of each member and main issues dealt with by the Board of Directors
7. Suitability Policy for the Members of the Board of Directors
8. Evaluation of the Suitability and Effectiveness of the Board of Directors
and its Committees
9. External Professional Commitments of the members of the Board of
Directors
10. Number of shares held by the members of the BoD (Article 18, par. 3 of
Law 4706/2020) on 31.12.2024
11. Remuneration Policy for the Members of the Board of Directors
12. Disclosure of direct and indirect conflicts of interest
13. Verification of the fulfilment of the independency criteria of the
Independent Non-Executive Members of the Board of Directors
14. Communication with shareholders and other stakeholders
B. Audit Committee
1. Composition and Functioning - term of office of members
2. Curricula Vitae of the members of the Audit Committee
3. Responsibilities of the Audit Committee
4. Frequency of Audit Committee meetings and members’ participation
5. Report on the Activities of the Audit Committee for the financial year 2024
C. Nomination, Remuneration & Recruitment Committee (NRRC)
1. Composition and Functioning - term of office of members
2. Curricula Vitae of the members of the NRRC
3. Responsibilities of the NRRC
4. Frequency of meetings, members' participation and main issues dealt with by the NRRC
D. Other Committees
VII. Related Parties Transactions Regulation
VIII. General Meeting and Shareholders’ Rights
IX. Sustainable Development Policy
X. Sustainability Report
APPENDIX
1. Curricula Vitae of the Senior Executives of the Company
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270
2. Shares held by the Senior Executives of the Company
3. Annual Report of the Audit Committee for the year 2024
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271
Ι Statement of Compliance with the Corporate Governance Code
The Company, in compliance with the provisions of Article 17 of Law 4706/2020 and Article 152 of Law 4548/2018, as
amended by Article 8 of Law 5164/2024, and following the decision No. 86/14.07.21 of the BoD of the Company,
adopted and applied the Hellenic Code of Corporate Governance (GCCG) (hereinafter and for the sake of brevity the
“Code”) of the Hellenic Corporate Governance Council (HCGC), issued in June 2021 and posted on the Company's
website (https://www.ppcgroup.com/el/omilos-dei/etairiki-diakivernisi/kodikes-kanonismoi-kai-politikes/).
ΙΙ Deviations from the Corporate Governance Code and Justification of Deviations
The Corporate Governance Code which has been adopted and is being implemented by the Company, establishes
principles beyond the mandatory framework of the Corporate Governance legislation and is implemented based on
the principle "Comply or Explain", according to which the Company is required to explain the reasons for deviations
from its specific practices.
Based on the principle “Comply or Explain”, the deviations of the Company’s Regulations from the said practices of
the Code are presented below:
Hellenic Corporate Governance Code
Explanation/Justification of deviations
Role and Responsibilities of the
Board of Directors (special practice
1.11 of the HCGC - definition of the
responsibilities of the CEO and the
Substitute)
In the initial Articles of Incorporation of the Company according to the
Presidential Decree 333/2000 (Government Gazette no
278/20.12.2000 vol. A), which has the force of law, there is a contrary
provision. The powers and responsibilities of the CEO are provided for
directly by the Articles of Incorporation (Article 15 par. 2 and 3)
Diversity criteria also for senior
managers (special practice 2.2.15 of
the HCGC)
Proof of fulfilment of the diversity criteria for senior managers as well
is the fact that in 2024 the percentage of women in managerial
positions in the Company rose to 36% from 17% in 2014, that is an
increase of 111.8%. (including the grades starting from Assistant
Directors/Head of Units of the Company).
In addition, the percentage of women mid-level executives (including
the grades of Heads of Section and Heads of Subsection) rose to 48%
in 2024 compared to 31.5% in 2014, namely an increase of 52.4%
Ensuring that the members of the
Board can devote sufficient time to
the performance of their duties
(special provisions 2.2.17 & 2.2.18 of
the HCGC)
It is recommended that the members of the Board of Directors, as
regards their external professional commitments, should not
participate in Boards of Directors of more than five (5) companies with
different interests and that the non-executive members should not
participate in Boards of Directors of more than (5) five listed companies.
In addition, during the periodic individual evaluation of the Board of
Directors, the Members submit to the Company's Nomination,
Remuneration and Recruitment Committee, information regarding
their time commitment on a weekly basis for the performance of their
duties as members of the Board of Directors of PPC S.A., as well as a list
of their professional commitments in corporate bodies (Board of
Directors, Committees) of other companies, providing information on
the size of these companies and whether they are listed on a regulated
market.
Succession of the Board of Directors
(special practices 2.3.1, 2.3.4 of the
HCGC)
The Company has the appropriate mechanisms for the timely
replacement of the members of the Board of Directors and no
Management gap has ever been identified. Although the applicable
Suitability Policy for the members of the Board of Directors of PPC S.A.
refers to the eligibility criteria, as well as to the list of skills of the
candidate members of the BoD, however, for reasons of full compliance
with the Corporate Governance Code, which has been adopted and
implemented by the Company, a list of skills, characteristics and profiles
of candidates has already been prepared in order to address
resignations or in any way the loss of the capacity of Board Members,
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272
Hellenic Corporate Governance Code
Explanation/Justification of deviations
CEO, as well as Deputy CEOs, which is expected to be approved by the
competent bodies of the Company.
The role of the Nomination
Committee in the process of
nominating candidate and in the
preparation of the succession plan
also for senior managers (special
practice 2.3.7 of the HCGC).
The Nomination, Remuneration and Recruitment Committee is
responsible for approving and recommending to the Board of Directors
the Executive Recruitment Policy. One of the criteria for the selection
of executives is their potential to take up positions at higher hierarchical
levels in the future. The design of a succession and career development
plan for executives as a process will be subject to approval by the
Nomination, Remuneration and Recruitment Committee.
ΙΙΙ Corporate Governance Practices applied by the Company in addition to the provisions of the legislation
The Corporate Governance practices and regulations that the Company implements, in addition to the provisions of
the Legislation are as follows:
• The powers and the responsibilities of the CEO, who is the highest-ranking executive officer of the Company, are
directly provided for in the Articles of Incorporation (Article 15 par. 2 and 3 of the Articles of Incorporation).
• The Independent Vice-Chairman of the Board of Directors in accordance with Article 2 [par. 2.3 (g)] of PPC’s Rules
of Operation has responsibilities consistent with those of the Senior Independent Director (Provision 2.2.22 of
the Hellenic Corporate Governance Code).
• Positions of Deputy CEOs reporting to the CEO have been provided for (Article 15a of the Articles of Incorporation
of the Company, "Deputy CEOs").
• The Board of Directors consists of eleven (11) members, at least five (5) of which are Independent Non-Executive
Members (Article 9 par. 1(a) of the Articles of Incorporation of the Company), exceeding the threshold set by Law
4706/2020 in Article 5 par. 2, which establishes that Independent Non-Executive Members shall not be less than
one-third (1/3) of the total number of members.
• The Audit Committee of the Company, which operates pursuant to Article 44 of Law 4449/2017 as in force,
consists of at least six (6) members and not of at least three (3) members, as provided under the Law.
• The Company has established a Nomination, Remuneration & Recruitment Committee in accordance with Articles
10, 11 and 12 of Law 4706/2020. The Nomination, Remuneration & Recruitment Committee consists of three (3)
members, which shall be in their totality and not in their majority, as provided for in Law 4706/2020, independent
non-executive members of the BoD.
• In addition to the Committees under Article 10 of Law 4706/2020, the Company has an Executive Committee, a
Procurement Committee, a Risk Committee, a Cybersecurity Committee, an Energy Management Committee and
a Sustainability Committee.
• The prohibition applied to the members of the Board of Directors concerning the performance of competitive
acts is valid for a period of two years following termination for any reason whatsoever of the term of office of the
Board member or his/her retirement from the BoD or following retirement from the company of an officer, who
participated in committees of the company. (Article 13 par. 2 of the Articles of Incorporation “Prohibition of
competition – Participation in the BoD of subsidiary companies”).
• The Company's Articles of Incorporation expressly provide for the possibility, on the one hand of holding the
meetings of the Board of Directors remotely via teleconference (Article 11 par. 2) and on the other hand, of
participating in the voting of the General Meeting of Shareholders via distance voting, registered mail or through
electronic means (Article 22 par. 4).
IV Internal Control System and Corporate Governance System
IV 1. Internal Control System (ICS) - Results of the Internal Control System’s Evaluation
The Company has established an Internal Control System (hereinafter referred to as "ICS") which includes all the internal
control mechanisms and procedures governing the Company, including Risk Management, Internal Audit and Regulatory
Compliance, in order to cover, on a continuous basis, each of its activities and to contribute to its safe and effective
operation. In particular, the Company's ICS aims at the following:
• the consistent implementation of the business strategy, with the efficient use of the available resources,
• the identification and management of the material risks associated with its business and operations,
• the effective functioning of the Group Internal Audit Function,
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• the compliance with the regulatory and legislative framework, as well as the internal rules governing the
Company's operation,
• ensuring the completeness and reliability of the data and information required for the accurate and timely
determination of the Company's financial position and the preparation of reliable financial statements, as well as
its non-financial position.
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In particular, the process of preparing the financial statements is defined based on specific structures, policies and
procedures to ensure that financial reporting risks are properly identified and assessed, and that control points are
designed and implemented on an ongoing basis by management and personnel. Through this process, the Company is
developing an effective Internal Control System. Specifically:
1. The Finance Group Function, which is responsible for the preparation of the financial statements, has designed
an extensive framework of policies, procedures, and safeguards to ensure the accuracy of the provided
information. A detailed description of this framework is submitted to the Audit Committee during the
presentation of the financial results.
2. The Operational Units identify and assess their risks, by designing and implementing appropriate measures to
mitigate the most significant risks that may negatively affect the financial information and hinder the process of
preparing the financial statements. The Risk Management Department develops, maintains, and oversees the
risk management system, conducting independent assessments of its effectiveness. In this context, for all
corporate risks, including those related to the process of preparing the financial information, it coordinates,
guides, and supports the Operational Units, including the Finance Group Function, in identifying and assessing
risks, documenting the relevant safeguards, and adopting appropriate measures for their improvement. Finally,
it provides regular updates to the Audit Committee and responds to its inquiries regarding the above.
3. The Internal Audit Group Function collaborates with the Risk Management Department regarding the
methodology, the updating of the risk register, and developments within the Company and the Group,
incorporates the results when updating its audit plan and proposes the execution of audit activities to the Audit
Committee. The monitoring of the financial reporting preparation processes becomes ipso iure a statutory
obligation with immediate priority, and a sufficient number of audits are conducted annually to assess critical
safeguards for financial information.
4. The Audit Committee oversees the work of the Units that make up the Internal Control System in accordance
with the above, in full compliance with the Legislation. In addition, the Audit Committee is responsible for the
process of selecting Chartered Public Accountants and oversees their work to ensure the accuracy and
completeness of the financial statements, as well as their independence. Finally, the Audit Committee is informed
by the Chief Accounting Officer of the Company about the process and timeline for preparing the financial
statements and receives the necessary information about the progress and results of the audits. The Financial
Statements (Corporate and Consolidated) are approved by the Board of Directors upon the recommendation of
the Audit Committee.
The Audit Committee ensures the monitoring, examination, and evaluation of the adequacy and effective operation of the
ICS.
The Board of Directors regularly reviews the corporate strategy, the main business risks for the Company, as well as the
Internal Control System in place in order to ensure that: The Internal Control System formulated and implemented by the
Company ensures the consistent implementation of the corporate strategy, the identification and management of material
risks in accordance with the Enterprise Risk Management Framework, the assurance of the completeness and reliability of
the data and information required for the accurate and timely determination of the Company's financial position and the
preparation of reliable financial statements, the compliance with the regulatory and legislative framework, as well as the
internal Rules governing the operation of the Company and the effective operation of the PPC Group Internal Audit
Department.
The Company has a Policy and Procedure for the Evaluation of the ICS which have been prepared in accordance with paras.
3(j) and 4, of Article 14 of Law 4706/2020 and Decision 1/891/30.9.2020 of the Hellenic Capital Market Commission, as
amended by Decision 2/917/17-06-2021 of the Hellenic Capital Market Commission. The ICS Evaluation Policy includes the
general principles as to the scope and range of evaluation of the ICS by an independent evaluator, the periodicity of the
audit, the basic principles of assigning the evaluation to an external evaluator, as well as the procedure for monitoring and
communicating the results of the evaluation to both the Company and its significant subsidiaries. The ICS Evaluation Process
describes the individual stages of selection of the independent evaluator, who shall evaluate the ICS in accordance with
the above.
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The Company's ICS includes the functions of Internal Audit, Regulatory Compliance and Risk Management as described
below:
➢ Internal Audit
The Internal Audit, in accordance with Law 4706/2020, as in force, is an independent organisational unit within the PPC
Group, with the purpose of monitoring and improving the Company's operations and policies regarding its Internal Control
System.
The Internal Audit Group Function (IA/GrF) reports functionally to the Audit Committee and administratively to the CEO.
The Chief Audit Officer PPC Group is appointed by decision of the BoD upon recommendation of the Audit Committee and
fulfils the requirements of functional and administrative reporting as well as of independence of Law 4706/2020. As regards
the performance of the IA/GrF’s tasks, its Chief Officer shall have access to any organisational unit of the Group and shall
take knowledge of any information required for the performance of his/her duties.
The mission of the IA/GrF under its Charter is to ensure adequate and valid control of the Group including its significant
subsidiaries in order to protect the interests of the shareholders, in accordance with the applicable legislation, the
principles of Corporate Governance and the best practices of Internal Audit.
For the implementation of Articles 1 to 24 of Law 4706/2020, the Internal Audit Group Function shall monitor, control and
evaluate especially:
• the application of the Rules of Operation of the Company and the ICS, in particular with regard to the adequacy
and correctness of the financial and non-financial information provided, the Risk Management, the Regulatory
Compliance and the Corporate Governance Code adopted by the Company,
• the quality assurance mechanisms,
• the corporate governance mechanisms, and
• the compliance with the commitments contained in the Company's prospectuses and business plans regarding
the use of funds raised on the regulated market.
The mission of the IA/GrF, its organisation and staffing, its responsibilities, its relations with the Supervisory Authorities, as
well as the responsibilities of its head, its terms of operation and its Code of Conduct are detailed in its Charter, which is
an integral part of the Company's Rules of Operation.
The IA/GrF's annual audit programme is prepared on the basis of the Group's operational risk assessment. The audit
programme and the requirements for the necessary resources are submitted for approval to the Board of Directors, after
taking into account the opinion of the Audit Committee.
The annual audit programme of the IA/GrF for 2024 included a total of 37 audits out of which:
• Nine (9) audits of the compliance with the Company's Rules of Operation and the individual Policies and
Procedures, including the implementation of the Risk Management and Regulatory Compliance System, as well
as of the Corporate Governance Code adopted by the Company.
• Seven (7) quality assurance audits.
• Nineteen (19) audits of the effectiveness of the ICS, out of which nine (9) related to the adequacy and accuracy
of the financial information provided.
• Two (2) special procurement audits for the implementation of the Regulation on Works, Supplies and Services
(RWSS) of PPC S.A. and PPCR S.M.S.A.
The IA/GrF submitted the reports of the audits completed based on the approved audit programme (2023 - 2024) to the
auditees and the competent supervisory units as well as to the Audit Committee presenting its comments, the related risks,
suggestions for improvement as well as the comments of the auditees and the agreed actions.
The IA/GrF also submitted to the Audit Committee summary quarterly reports on the most important issues, its
recommendations as well as the results of the response of the auditees regarding the implementation of the agreed actions
based on the relevant time schedule. The above reports were presented to the Board along with the comments of the Audit
Committee.
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The Chief Officer of the IA/GrF informed the Audit Committee on the effectiveness of the IA/GrF ’s functioning, the
adequacy of resources as well as his/her access to the organisational units and the data required for the performance of
its tasks. The Chief Officer of the IA/GrF participated in the General Meetings of the Company.
➢ Compliance Department
The mission of the Compliance Department (CD) is, on the one hand, to monitor compliance with applicable laws, other
than the institutional and regulatory framework regarding specific issues such as sustainability, environment, health and
safety, etc. and, on the other hand, to promote ethical standards of conduct and protect the Company's reputation through
the effective identification, assessment, prevention, supervision and resolution of any non-compliance with the Company's
internal rules and ethical conduct policies, within the framework of the Company's Internal Control System (ICS).
The Company implements a "Compliance and Ethics Programme", which, in addition to the Code of Conduct, includes the
following policies: the Conflict of Interest Policy, the Anti-Money Laundering and Counter-Terrorism Financing Policy, the
Policy against Violence and Harassment at Work, the Enforcement & Report/Complaint Handling Procedure, the Anti-
Corruption and Anti-Bribery Policy, and the Human Rights Policy. Within the framework of this Programme, in 2024,
implementation actions were undertaken with the main objective of promoting transparency and integrity processes in the
Company's Operations and establishing a culture of ethics and conduct. In particular:
Through the adopted advisory channels, the provision of advice and guidance to employees by executives of the CD on
issues related to the implementation of the Business Conduct Policies was carried out, such as the Help Line and the
Network of Compliance Responders ("train the trainers") to facilitate two-way and faster communication of compliance
issues.
Training programmes were conducted to educate and raise awareness among the company’s personnel regarding the
Policies of the Programme, using a combination of method s such as synchronous training for specific groups of
employees, use of anonymous digital surveys for all personnel aimed at raising awareness on the Company’s policies, as
well as asynchronous digital training on the Company’s Code of Conduct addressed to the entire personnel, along with a
digital communication campaign against Corruption targeting the Company’s employees.
A platform was developed for the digital submission and registration of annual Declarations of Compliance with the Code
of Conduct.
The Conflict of Interest Declarations were digitally submitted and registered by the liable persons; in combination with the
conflict of interest register maintained by the CD, they contribute to a more effective prevention, monitoring and response
to these phenomena.
Actions have been taken to implement the Programme Policies at the Individual Stages of Executive / Staff Recruitment
also during the Company's Due Diligence Third Party Process.
In addition, within 2024, sample audits were conducted in operational areas of implementation of the Programme Policies
(ongoing monitoring) in order to identify, in cooperation with the competent Units, any "weaknesses" in operational
procedures and in order to enhance the more effective implementation of the Company's Policies.
Pursuant to the Enforcement & Report/Complaint Handling Policy, during 2024, the Officer in charge of
Receiving/Monitoring Reports (the “Officer”), an executive of the Compliance Department, received through the
Company's internal reporting channels, reports involving violations of the Policies and the Revised Code of Conduct, which
were handled in accordance with the Company's relevant Enforcement & Report/Complaint Handling Policy.
In addition to the context of the parent company's supervision of the Group's significant subsidiaries, policies are being
promoted for adoption both in compliance with Law 4706/2020 as well as with the "Compliance and Ethics” Programme
of the Company.
In particular, with regard to the issues of energy transactions, a training action was held in 2024 on the applicable
institutional framework against money laundering acts in accordance with the Company's applicable Policy on Anti-Money
Laundering and Counter-Terrorist Financing.
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At PPC, the respect for the protection of the personal data of customers, employees and other stakeholders are highly
valued. In compliance with the provisions of the General Data Protection Regulation (GDPR) EU 2016/679, as well as the
national legislation, Law 4624/2019, the Company has adopted a series of Policies and Procedures aimed at the high-level
and effective protection of the personal data of its employees, its customers, and its stakeholders. Specifically:
• A Personal Data Protection Policy (approved by the Board of Directors),
• A series of communication and educational activities have been carried out to raise awareness of data protection issues.
• Data Protection Impact Assessments (DPIAs) based on the methodology of the French Data Protection Authority (CNIL)
for critical business processes are being prepared and updated.
• A specific procedure for drawing up a Data Processing Agreement (DPA) has been included in the PPC Regulation on Works,
Supplies and Services (RWSS).
It should be noted that the role and responsibilities of the PPC S.A. Compliance Department was separated in 2024 from
those of the Energy Transactions Compliance Department and the Personal Data Protection Department.
➢ Risk Management Department and Risk Committee
The establishment of the Risk Management Department and the Risk Committee aims at shielding the Company against
internal and external risks arising from the conduct of its business activity, through the central monitoring and coordination
of the management of exposure to these risks.
The Risk Management Department is responsible for developing and implementing an integrated risk management system,
in line with the Company's risk management policy, by which: a) all corporate risks are assessed (identified, quantified and
prioritised in terms of materiality); b) the risk management and response strategy is defined; this strategy includes
accepting a risk, avoiding it, mitigating it by modifying the related corporate action or sharing/transferring the risk; and c)
procedures are defined to monitor the evolution of risks by introducing appropriate procedures and control indicators.
It should be noted that the competence and responsibility for the management of individual risks remain with the
Operational Units to which these risks pertain.
The Risk Committee is entrusted with the risk management oversight of all the activities of the Company and contributes
to the development of the Risk Management Corporate Framework, as well as to the monitoring and reporting of the
significant Corporate Risks.
Operating within this framework, the Company highlights its commitment to the establishment of a business environment
that not only respects and complies with the law, but also enhances the Company’s value, thus ensuring its good reputation
and credibility.
In 2024, the Risk Management Department, within the framework of its responsibilities and according to the provisions of
the Risk Management Corporate Framework, coordinated and supported the Operational Units during the exercise of the
Risk Identification and Assessment and briefed the Company's senior management. Moreover, it conducted a regular
review of the hierarchy of the risks faced by the Company and the Group, and prepared the disclosure plans related to such
risks and their management. Furthermore, it initiated a project for updating the existing and developing new response
plans and monitoring indicators for the main corporate risks, which is currently underway and is expected to be completed
by 2025. Finally, it took the necessary actions to conduct training activities aimed at promoting a Risk Management culture
within the Company, which will be carried out within 2025.
The business goals, the internal organisational structure and the environment in which the Company operates are
constantly changing. As a result, the risks faced by the Company change as well. Consequently, an adequate and effective
ICS requires the periodical evaluation of the nature and extent of the risks to which the Company is exposed. Within this
context, in the data of the ICS of the Company, apart from the aforementioned, the following are also included:
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➢ Information Systems
▪ Cybersecurity
In 2024, following the extensive transformation of cybersecurity and the new organisational structure of the Department,
the Company implements, enhances and continuously improves the security framework of its corporate information and
systems, by adhering to the relevant regulatory obligations, best practices and industry standards (e.g. NIS, ISO27001, NIST
CSF). The existing framework covers the needs of ensuring the confidentiality, integrity and availability of the Group's IT,
OT and Telecoms systems. The framework includes the basic safety requirements for the following areas and is supported
by the corresponding procedures:
➢ assessing cybersecurity risk,
➢ managing cybersecurity risks of external partners,
➢ managing user authentication and access control,
➢ safety of systems and applications throughout their life cycle,
➢ detecting and managing threats, security gaps, and vulnerabilities in systems and networks;
➢ monitoring incidents in systems and networks and managing security incidents,
➢ raising awareness and training staff and associates regarding information security.
In addition, the Company has established a role of Information and Network Security Officer, in accordance with Law
4577/2018 (A’ 199) and Ministerial Decision 1027/2019, as applicable, who inter alia:
– Is the contact point and cooperates with the National Cybersecurity Authority and the competent CSIRT.
– Coordinates and supervises the Company with regard to the obligations arising from the relevant law, the MD
and other provisions of the European Union or the National Cybersecurity Authority regarding the security of
Information and Network Systems.
In addition, the role of the Security Officer has been established according to a number of provisions:
➢ Law 3674/2008 “Strengthening the institutional framework for ensuring telephone communications confidentiality
and other provisions', Article 3, par. 2, which expressly provides that the Security Officer is the person in charge of
implementing the Security Policy.
➢ ΑDAE Decision 165/2011 "Regulation for the Assurance of the Confidentiality in Electronic Communications", Articles
3.2.5 and 3.2.6.
➢ ΑDAE Decision 205/2013 "Regulation for the Security and Integrity of Electronic Communications Networks and
Services", Article 3.5.
➢ EETT Decision 657/7/2012 "Submission of Providers' Reports on the Uninterrupted Operation of Electronic
Communications Networks and Services", which provides that the data of two executives must be submitted to EETT
regarding the application of the provisions of this Decision (in this case, the security incidents recorded in this decision
are incidents related to the uninterrupted provision of service and the integrity of the network - the concept of
integrity in general is ambiguous - and not to confidentiality per se).
which stipulate the obligation of PPC to appoint a Security Officer. It should be noted that the appointment of the above
person shall be notified, both to ADAE and to EETT, since this person, as we will explain below, has the status of - by law –
special legal representative
▪ Information Systems Governance
In 2024, the IT Governance & Projects Management Department put the following in place, within its three (3) areas of
responsibility:
Demand, Portfolio and Projects Management
• Development of a 3-year IT project plan, containing information on the cost of each project (IT Master Plan).
• Update of the following procedures and implementation thereof on the ServiceNow platform:
o IT Portfolio Management
o IT Projects Demand Management
o IT Project Management
o Capacity Management
o Solution Delivery Cycle Management
• Establishment of an internal working group to plan IT projects (Demand & Planning Board), and define the
strategy and prioritise these projects (Strategy Alignment & Prioritisation Board)
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The above were accompanied by a large number of training and information sessions with all stakeholders of the Company.
IT & Technology Risk Governance
• Support the IT in generating approximately 40 documents (policies, procedures, etc.)
• Establishment of an approach for the calculation of the IT Risk Appetite.
• Implementation of the IT Risk Management Framework on ServiceNow accompanied by many training sessions
for stakeholders.
• Development of a framework for the continuous monitoring of IT risks, as well as of the findings of the Internal
Audit.
Third-Party Management
• Centralisation of the IT procurement process, in cooperation with the HQ and Retail Material and Procurement
Department:
o Centralisation of the requests for budget quotations from prospective suppliers.
o Centralisation of the elaboration of feasibility reports.
• Generation of relevant reports on the progress of IT feasibility reports and related contracts.
• Holding two (2) Steering Committees cycles with the major IT Vendors.
• Continuation of Vendor assessments by the cooperating PPC units.
• Continuation of assessments of PPC's cooperating Units by Vendors.
➢ Procedure for the preparation of financial statements and financial reports
The basic areas where safeguards concerning the preparation of the Company’s financial statements and reports are
implemented are the following:
Allocation of Responsibilities
The executives involved have clearly separated roles and areas of responsibility, thus enhancing the effectiveness of the
Internal Control System.
Procedures for accounting monitoring and preparation of financial statements
– Accounting principles and policies for the operation of the Accounting Services of the Group.
– Procedures in relation to the issuing of financial statements and their consolidation at Group level.
– Regular follow-up of the International Financial Reporting Standards, as these are adopted by the European Union, and
corresponding adjustment of the accounting principles and Policies of the Group, as required.
– Required Approval by the competent executives of the Company for the execution of accounting entries, which concern
specialised, non-recurring accounting events.
– Audits conducted by the Information Technology Department on the information subsystems’ data before being
integrated into the General Accounting.
– Monthly reconciliation of the data (balances) of the information subsystems with the General Accounting balances by
the Accounting Division.
– Regular communication of the executives of the Finance Group Function with the Senior Management and the Audit
Committee for the ratification and recording of the important events that affect the financial statements.
– Regular communication of the Chartered Auditors with the Senior Management and the Audit Committee with regard
to the progress and the results of the Company’s statutory audit.
Asset safekeeping procedures
Implementation of safeguards for the information systems in place for managing fixed assets, reserves, cash, and cash
equivalents of customers. By way of illustration, the existence of analytical procedures and audit mechanisms for carrying
out the material annual inventory is noted.
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Transaction approval limits
The operation of the Services, at all administration levels, as well as of the Company’s Bodies/Bodies of persons is governed
by the Financial and Administrative Jurisdictions System by which the jurisdictions in matters of approvals by the Governing
Bodies and the executives of the Company are defined.
Process for the Preparation of the Annual Sustainability Report
The Company has established a Process for the comprehensive and standardised drawing up of the Annual Sustainability
Report with the aim of ensuring transparency and self-commitment of the PPC Group on issues of Sustainability and
Responsible Entrepreneurship and in the context of developing a dialogue on the needs and expectations of its stakeholders
in relation to its operation.
The said Process covers all the stages required for the preparation and publication of the Sustainability Report, which
includes, inter alia: (a) the Group's strategy in the area of Sustainability which is based on Sustainability material issues
related to the Group's business model, (b) the programmes it implements, (c) the results thereof and (d) the commitments
it has undertaken and its obligation to monitor and publicly inform all stakeholders, with full transparency, credibility,
consistency and ongoing disclosure.
The Sustainability Indicators and the information collected for the drafting of the Sustainability Report are calculated from
the databases maintained in the companies, either centrally or by the individual Departments, with the support of various
IT systems, applications, records, and established/standardised procedures.
The Sustainability Report is referred to the PPC Group's activities and includes the activities in Greece of the parent
company PPC S.A. including the companies HEDNO S.A. and PPC Renewables S.A. In selected sections, data of the Group's
smaller subsidiaries may also be included.
The Process describes in detail all the stages of the preparation of the Sustainability Report and in particular includes the
following sections:
• Materiality Analysis
• Data collection and preparation of the Report
• Consolidation of Group indicators
• Drafting and Publication of the Report
Each new version and modification of fundamental chapters of the Procedure is decided by the Director of the Sustainability
Department and the Sustainability Committee, the Audit Committee and the subsidiaries participating in the procedure, as
well as the Divisions involved, are being informed. This Procedure is posted on the Company's intranet for employees
information.
The approval of sustainability indicators (qualitative/quantitative information) is subject to review by the Sustainability
Committee, which is responsible for the final approval of the Report based on the decision of the Board of Directors no.
142 /9.11.2021. The content of the Report shall be brought to the attention of the Audit Committee (Law 4706/2020) as
well as of the Boards of Directors of the parent company and the subsidiaries included in the Report.
Results of the evaluation of the Internal Audit System according to Article 14, par. 3(i) and par. 4 of Law 4706/2020 and
the relevant decisions of the Board of Directors of the Hellenic Capital Market Commission.
The Company, by the Decision No 154/20.12.2022 of its Board of Directors, assigned to KPMG Certified Auditors S.A. the
assessment of the adequacy and effectiveness of the Internal Control System of the Company and its significant
subsidiaries, PPC Renewable Energy S.A. and Hellenic Electricity Distribution Network Operator S.A. (HEDNO S.A.), with
reference date of December 31, 2022, in accordance with the provisions of par. 3 and par. 4 of Article 14 of Law 4706/2020
and decision 1/891/30.09.2020 of the Board of Directors of the Hellenic Capital Market Commission, as applicable (the
"Legislative Framework").
The assurance project was performed in accordance with the audit programme included in the decision of the Hellenic
Accounting and Auditing Standards Oversight Board (HAASOB), number 040/2022, and the International Standard on
Assurance Engagement 3000 "Assurance Engagements other than Audits or Reviews of Historical Financial Information".
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Based on the work performed by the assessor regarding the adequacy and effectiveness of the Internal Control System of
the Company and its significant subsidiaries, no material weaknesses were identified.
IV 2. Corporate Governance System (CGS) - Results of the CGS Evaluation
Pursuant to articles 4 par. 1 of Law 4706/2020 "The Board of Directors shall define and oversee the implementation of the
Corporate Governance System under provisions 1 to 24, monitor and evaluate periodically at least every three (3) financial
years its implementation and effectiveness, taking appropriate actions to address deficiencies".
In this context, “KPMG Advisors, Single-member SA” was assigned to support the work of the evaluation of the Corporate
Governance System of PPC S.A., as well as of its significant subsidiaries PPC Renewables S.M.S.A. and HEDNO S.A., with a
reporting period from 17.7.2021 to 31.12.2022, in order for the reporting period to coincide henceforth with the reporting
period of the evaluation of the Internal Control System completed within the first quarter of 2023.
In particular, the following were examined during the evaluation of the Corporate Governance System:
The remaining areas defined (as a minimum) in Article 13 of Law 4706/2020, which were not included in the evaluation of
the internal control system, in particular:
1) adequate and effective procedures for the prevention, identification, and suppression of conflict of interest situations,
2) adequate and effective mechanisms for communication with shareholders in order to facilitate the exercise of their
rights and an active dialogue with them (shareholder engagement),
3) a remuneration policy that contributes to the business strategy, long-term interests and sustainability of the Company,
In addition, the following were examined:
4) the adequacy of the Rules of Operation of PPC SA, in accordance with Article 14 of Law 4706/2020, as well as of its
significant subsidiaries PPC Renewables S.M.S.A. and HEDNO S.A.
5) the examination of any deviations from the use of proceeds, due to share capital increase in cash, pursuant to Article 22
of Law 4706/2020.
6) the possible disposal of any assets of PPC S.A., pursuant to Article 23 of Law 4706/2020.
7) the degree of compliance of PPC S.A. with the Greek Corporate Governance Code of the Hellenic Corporate Governance
Council adopted and implemented by the Company.
In accordance with the Advisor's conclusion on the implementation and effectiveness of the Corporate Governance System
of PPC S.A. and its significant subsidiaries, in line with the above, as of 31 December 2022, no issues were identified that
could be considered a material weakness of the corporate governance system, in accordance with the obligations arising
from Articles 1 to 24 of Law 4706/2020.
The second evaluation of the Corporate Governance System for the three-year period 2023-2025 will be carried out with
reference date of 31.12.2025, so that henceforth the period for the two evaluations (Corporate Governance System and
Internal Audit System) will coincide in accordance with the provisions of the Letter of the Hellenic Capital Market
Commission No. 434/24.2.2025 (Comments, clarifications and recommendations regarding the actions of listed companies
in view of the publication of the Annual Financial Reports 31.12.2024 in the context of corporate governance).
ΙV3. Key characteristics of the Corporate Governance System (including the ICS) of subsidiaries
In accordance with Article 14 of Law 4706/2020 "Rules of Operation", "the Company (the listed parent company) has
updated Rules of Operation and provides for the preparation of Rules of Operation for its significant subsidiaries". It should
be noted that in the cases where significant subsidiaries already have Rules of Operation, the parent listed Company
ensures the harmonisation of the subsidiaries' Rules of Operation with those of the Parent Company, with emphasis on the
minimum content of article 14 of Law 4706/2020, always taking into consideration for foreign subsidiaries both local and
EU Legislation.
In addition, Article 153 of Law 4548/2018 specifies, for Groups of companies that are subject to the obligation to prepare
consolidated financial statements according to Articles 31, 32 and 33 of Law 4308/2014, the content of the Statement of
Corporate Governance that they shall prepare along with the consolidated financial statements. Specifically, it provides for
the reporting of the main features of the internal control and risk management systems for all companies included in the
consolidation.
The corporate governance system of the Group, including the structures and/or procedures of internal audit, risk
management and regulatory compliance, ensures that the significant subsidiaries (within the meaning of Law 4706/2020)
operate effectively, comply with the relevant laws and regulations and provide accurate financial and general information
to the parent company. Compliance with the parent company's principles and practices contributes to maintaining effective
oversight, protecting assets, and effectively managing business risks for the Company and the Group.
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In this context, the following outlines the key characteristics of the Corporate Governance System of the Group’s significant
subsidiaries, as established during the aforementioned project regarding the degree of compliance and the analysis of any
variations of the Corporate Governance System of the Group’s significant subsidiaries, both in Greece and abroad.
In particular, with regard to the significant subsidiaries of PPC S.A. in Greece:
Hellenic Electricity Distribution Network Operator (HEDNO)
HEDNO S.A., the Hellenic Electricity Distribution Network Operator, was established in the year 2011 as a Societe Anonyme,
wholly owned subsidiary of PPC S.A. and operates pursuant to the provisions of Law 4001/2011, which transposed Directive
2009/72/EC of the European Union. Since 2022, following the completion of the acquisition of a 49% stake by Macquarie
Asset Management, through the special purpose vehicle MSCIF DYNAMI BIDCO SINGLE MEMBER S.A., HEDNO S.A. is 51%
owned by PPC S.A. and constitutes a Significant Subsidiary thereof, within the meaning and definitions of L. 4706/2020.
PPC S.A., by virtue of Article 14 Law 4706/2020, has taken steps for the preparation of HEDNO S.A Regulation of Operation,
as an unlisted Significant Subsidiary, which includes individual provisions regarding: HEDNO’s bodies, the composition and
functioning of governing bodies and committees (Executive Committee, Audit and Procurement Committee, and
Nomination, Remuneration & Recruitment Committee), the Basic Organisational Structure of the Company (General
Managers, Departments and Units), the administrative levels (Departments / Units / Sections / Subsections), the operating
framework of the services and the relations between them (hierarchical links, functional links), the recruitment and the
assignment/revocation of duties of managers, the Internal Control System, the Internal Control System Evaluation Policy
and Procedure, the transactions of HEDNO S.A. with PPC S.A, as an affiliated company, the conflict of interest (there is a
separate Conflict of Interest Policy), the Anti-Money Laundering and Counter-Terrorism Financing, the executive training,
and sustainable development. Furthermore, HEDNO S.A. has adopted a Code of Conduct, Rules of Procedure of the BoD,
as well as Rules of Procedures of the Audit and Procurement Committee, Remuneration and Recruitment Committee,
Regulatory Issues Committee, and Environment and Occupational Health and Safety Committee, an Executive Recruitment
Procedure, and a Personnel Evaluation Regulation; furthermore, it has established a framework for the preparation of
financial statements, a mechanism for monitoring risks and safeguards in the context of financial statements preparation,
and has adopted a Sanctions Policy and Report/Complaint Handling Procedure.
At HEDNO S.A. there is an Internal Audit Department; its scope of responsibilities and its reporting line (hierarchically to
the Board of Directors, functionally to the Audit and Procurement Committee / APC) are defined in the relevant CEO
decisions, in the Articles of Incorporation, in the Company's Regulation of Operation and in the Rules of Procedure of the
APC. Moreover, HEDNO S.A. has established a Compliance Department and a Corporate Risk Management Entity, the
responsibilities and reporting line of which are determined by decisions of the Company's CEO. The Company has
established a Risk Register, as well as a Corporate Risk Management Framework.
Finally, HEDNO S.A. implements a Compliance Programme specialised on regulatory issues (unbundling issues), for all issues
related to the required compliance with Law 4001/2011, by applying the relevant legislative provisions and regulations.
PPC RENEWABLES (PPCR)
PPC RENEWABLES S.M.S.A., “Renewable Energy Sources Management Single-Member Societe Anonyme” was established
in 1998 and remains since then a wholly owned PPC S.A. subsidiary. Today, it operates in Greece as well as in the Balkan
and South-East Europe in all forms of renewable energy sources, including wind, solar, hydro, geothermal, biomass - biogas
and battery storage systems. It is a PPC Significant Subsidiary, within the meaning and definitions of Law 4706/2020.
PPC S.A., pursuant to Article 14 of Law 4706/2020 has ensured the preparation of the Rules of Operation of PPC
RENEWABLES S.M.S.A., as an unlisted Significant Subsidiary, which includes individual provisions regarding:
- the Management of the Company (management bodies, composition, powers and operation of the Board of
Directors, rights, obligations and responsibilities of the members of the Board of Directors, responsibilities of the
Chair and the CEO),
- the Basic Organisational structure (structured in Divisions and further in Departments, Units, Sections and Sub-
Subsections, as well as their scope of responsibility), its Structure and Functioning (the way of selection and
tenure of executives and the hierarchical and functional links between the administrative levels).
Moreover, its Rules of Operation include provisions on Compliance, the Remuneration Policy of the Board of Directors, the
Recruitment Policy, the Conflict of Interest Policy, the Regulation on transparency and oversight of Related Party
Transactions and Contracts, the Health and Safety Policy, the Environmental and Social Policy, the Regulation on Works,
Supplies and Services, the Corporate Transactions Documentation Policy, the Policy against Violence and Harassment at
Work, the Enforcement Policy and Report/Complaint Handling Procedure, Anti-Corruption and Bribery Policy, Human
Rights Policy, Sustainable Development and Biodiversity Policy, Code of Conduct, Human Resources Evaluation System, as
well as general provisions relating to Internal Audit and its periodic evaluation and Insiders.
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PPC RENEWABLES S.M.S.A. has prepared and applies a Code of Conduct and distinct Policies, such as:
Enforcement Policy & Report/Complaint Handling Procedure, Conflict of Interest Policy, Related Party Transactions
Regulation, Human Rights Policy, Anti-Corruption and Bribery Policy, Policy against Violence and Harassment at work,
Environmental and Social Policy, Quality, Health and Safety Policy, Employee Information on the processing of personal
data.
In addition, the Company has adopted the Anti-Money Laundering and Counter Terrorist Financing Policy, the Employee
and Executive Recruitment Policy, the Sustainability and Biodiversity Policy and the Regulation for the handling of inside
information of the parent company, PPC S.A.
In relation to the Rules of Procedure of the BoD, the Suitability Policy for Board Members, the Training Policy for Board
Members, Board Committees, and the BoD of the Company and its subsidiaries the relevant Policies and Regulations of
PPC S.A. shall apply, given that the BoD members of PPC RENEWABLES S.M.S.A. and its subsidiaries are usually senior
executives of the parent company, PPC S.A., and there are no independent non-executive members in the present
composition of the BoD of the Company. The members of the BoD, in each Board meeting, shall declare whether or not
there is a conflict of interest in relation to the items on the agenda.
The Internal Audit and the Risk Management of PPC RENEWABLES S.M.S.A. in relation to the preparation of the financial
statements are exercised by the respective units of the parent company, PPC S.A.
KOTSOVOLOS
In April 2024, the KOTSOVOLOS company became a member (wholly owned subsidiary) of the PPC Group, marking a new
era for the Group. The company has policies and procedures that constitute its Internal Rules of Operation. By way of
illustration, the following are listed: the organisational structure and the objects of its units, the recruitment and evaluation
process of both managers and staff, the training process of managers and staff and the conflict of interest policy, as part of
the Code of Conduct adopted by the company.
The process of harmonisation and full compliance with the policies and procedures of the Corporate Governance System
of the parent company started from the third (3rd) quarter of 2024.
DEI OPTIKES EPIKOINONIES (PPC FiberGrid)
PPC FiberGrid is a wholly owned subsidiary of PPC S.A. operating in the wholesale telecommunications market in
Greece. The company has policies and procedures that constitute its Internal Rules of Operation and specifically an
organisational structure and reporting lines approved by the BoD, as well as an Executive Recruitment Policy. Furthermore,
it has adopted the Regulation on transparency and supervision of Transactions and Contracts with Related Parties (Related
Parties Transactions Regulation), the Conflict of Interest Policy and the Training Policy for Board Members and Executives
of the parent company, PPC S.A. Regarding the Internal Control System of the company, the Internal Audit, the Risk
Management and Compliance are carried out by the respective units of the Parent Company.
In relation to the Group’s foreign subsidiaries and specifically to the subsidiary in Romania, PPC Romania S.A., the following
are noted:
PPC ROMANIA S.A.
Following the completion of the acquisition of the total participations of Enel and its subsidiaries in Romania by PPC Group
in October 2023, PPC – Public Power Corporation Romania S.A. (“PPC Romania”) has been organized as a Holding Company
in Romania in which PPC S.A. holds 99.999999% of the share capital, being a Significant Subsidiary of PPC Group, within
the meaning and definitions of Law 4706/2020. PPC Romania has as main subsidiaries: Rețele Electrice Romania S.A. in
terms of distribution activity, PPC Energie S.A. in terms of supply activity, and PPC Renewables Romania S.R.L. in terms of
renewable energy activity, PPC Blue Romania SRL in terms of mobility activity, PPC Advanced Energy Services Romania SRL,
in terms of advanced electric energy solutions and PPC Trading SRL in terms of trading activity.
PPC Romania Companies prioritize responsibility towards the communities in which they operate, towards the environment
as well as towards customers and employees. They adopt structures, policies and regulations in line with local law
regulating corporate governance issues, providing: the operating framework of the bodies that manage them and their
composition (BoD,), their organizational structure, with provision for the independence of the Units that compose the
Internal Control System (Compliance, Risk Management, Internal Audit), the description of the duties and roles of the Units
and their heads, the prevention and handling of situations of conflict of interest, the insider trading process, sustainable
development.
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Regarding the Internal Control System, PPC Romania companies adopt a clear framework of integrity & ethical values
governing decision-making (Code of Conduct, Anti-Harassment and Anti-Discrimination Policy, Anti-Bribery and Anti-
Corruption Policy, Whistleblowing Policy), recruitment, remuneration, training and performance evaluation practices of
staff regardless of hierarchical position, which are reflected in relevant policies and procedures, procedures for preparing
financial information (period closure manuals, risk register and safeguards for the preparation of financial statements). The
monitoring of the Internal Control System is assigned to Units that have functional independence, and specifically from: a)
the Internal Audit Unit, which has a Regulation of Operation and an internal audit manual/ methodology b) the Compliance
Units that differ in monitoring compliance with the legislation on the operation of electricity energy markets, with
corporate governance, with the monitoring of issues of conflict of interest, (c) the Risk Management Unit, which has a risk
register, risk response and monitoring procedures and organises an annual risk assessment exercise.
Prior to the acquisition, of PPC Romania by PPC S.A., best practices have been establishes aligned with the former (ENEL)
mother company. These best practices are now being adjusted and aligned in accordance with PPC’s. In particular, as of
the last quarter of 2024, PPC has started the drafting of set of operating rules for PPC Romania as its non-listed Significant
Subsidiary, in accordance with the provisions of art. 14 of Law 4706/2020.
In this context, the revision of the respective policies and procedures of PPC Romania companies has begun, with the aim
of harmonizing them with the parent company's guidelines and aligning them with the planned Corporate Governance
framework that will be adopted by all PPC Group companies.
V Information regarding the Company’s control status (Article 4 par. 7 of Law 3556/2007 - Information items (c),
(d), (f), (h) and (i) of Article 10 par. 1 of Directive 2004/25/EC of the European Parliament and the Council,
dated 21st April 2004)
Significant direct or indirect shareholdings (including indirect shareholdings through pyramid structures or mutual
shareholdings) within the meaning of Article 85 of Directive 2001/34/EC.
With regard to the significant participations (over 5%) in the share capital and voting rights of the PPC S.A. within the
meaning of the provisions of Articles 9 to 11 of Law 3556/2007, as of 31.12.2024:
• the Hellenic Corporation of Assets and Participations S.A. (HCAP), in which the Hellenic Republic holds 100% of
shares and voting rights, directly held 35.299% of PPC share capital and voting rights,
• Selath Holdings S.à r.l held 10.344% of the share capital and voting rights of PPC, according to the announcement
dated 17.12.2024 of the "CVC Capital Partners plc" (CVC plc), and
• the institutional investors and retail investors held the remaining 54.357% (including 5.29% of own shares held
by the Company), among whom (participations more than 5%) are:
- Covalis Capital LLP, as well as the ultimate controller, Mr. Zilvinas Mecelis had a total participation of 5.15%
in the voting rights (i.e., the sum of voting rights attached to shares and voting rights deriving from financial
instruments) on 13.12.2024, according to the announcement dated December 18, 2024, from the fund
management company Covalis Capital LLP and its ultimate controller, Mr. Zilvinas Mecelis.
- Helikon Long Short Equity Fund Master ICAV had a total participation of 6.97% in the voting rights (namely,
the sum of voting rights attached to shares and voting rights deriving from financial instruments) on
22.5.2023, according to the announcement of Helikon Investments Limited dated 24.5.2023.
The relevant information on the number of shares and voting rights held by persons with significant shareholdings has been
obtained from the share register maintained by the Company, which is updated by Axialine of the Athens Stock Exchange,
as well as from the announcements that have been received by law (Market Abuse Regulation) by the Company on behalf
of its shareholders.
Shares conferring special control rights
There are no shares conferring special control rights stricto sensu.
Restrictions on voting rights
The Company's Articles of Incorporation do not provide for restrictions on voting rights arising from its shares.
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The rules regarding the appointment and replacement of members of the Board of Directors as well as the amendment
of the Articles of Incorporation.
The rules provided for in the Company's Articles of Incorporation, both for the appointment and replacement of the
members of its Board of Directors and for amendments thereto, do not differ from those provided for in Law 4548/2018,
as applicable.
Duties of the Board of Directors with regard to the issuance of new or the purchase of own shares.
According to Article 6 par. 2 (a) and (b) of the Company’s Articles of Incorporation “During the first five-year period as of
the entry into force of the company’s Articles of Incorporation, the Board of Directors shall have the right, upon its decision
taken in accordance with the majority requirements of article 24 of Law 4548/2018:
a) To increase the share capital through issuance of new shares. The amount of the increase cannot be more than triple
the amount of the original share capital or of the share capital which shall have been paid up on the date of the decision-
making by the General Meeting on the renewal of the relevant power of the Board of Directors. The above power may also
be granted to the Board of Directors upon resolution of the General Meeting, for a period of time not exceeding five years.
In this case, the share capital can be increased to an amount which cannot be more than triple the share capital existing on
the date that the power for the increase of the share capital was delegated to the Board of Directors.
b) To issue bonded loan, convertible into shares, by its decision or otherwise by resolution of the General Meeting taken in
accordance with the simple quorum and majority requirements, for an amount which cannot be more than triple the paid-
up share capital. In such case, the provisions of Article 24 of Law 4548/2018, as in force, shall apply.
The powers of the Board of Directors referred to above may be renewed by the General Meeting for a period not exceeding
five (5) years per each renewal.”
The provisions of Articles 49 to 51 of Law 4548/2018, as in force, provide for the Company’s right to purchase own shares,
under the responsibility of the Board of Directors, following approval by the General Meeting of Shareholders and pursuant
to the requirements specified in the above articles.
There is no special provision in the Company’s Articles of Incorporation, concerning the competence of the Board of
Directors or of the General Meeting for the purchase of own shares.
The buy-back programme is detailed in Notes 10 & 32 of the 2024 Financial Statements.
VI Composition and Functioning of the Governing Bodies
The organisation and operation of the Company is based on best business practices and is fully aligned with the Greek
legislation and corporate governance practices.
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BOARD OF DIRECTORS AND COMMITTEES OF PPC S.A.
A. Board of Directors (BoD)
1) Composition and functioning– term of office of each member of the Board
Composition and term of office of the Board of Directors
According to Article 9 of the Articles of Association of PPC S.A. “Composition and Term of office of the Board of Directors”,
the Board of Directors shall consist of eleven (11) members divided into executive and non-executive members, elected for
a three-year term of office, at least five (5) of whom shall be independent non-executive members. In order to ensure
continuity in the administration of the corporate affairs and the representation of the Company, the term of office of each
Member may be extended ipso iure until the first Ordinary General Meeting to be held after the expiration of its term.
27% 18% 55%
Composition of the BoD 31/12/2024
Executive Members
Non-Executive Members
Independent, Non-Executive Members
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Members of the Board of Directors
The members of the Board of Directors may in any case be re-elected and may at any time be revoked by the General
Meeting of the Shareholders.
The participation of Independent and/or Non-Executive Members on the Board of Directors shall not exceed three (3)
consecutive terms, namely nine (9) years in total.
The number of the non-executive members of the Board linked by any type of employment relation to the company or to
any of its associated companies cannot exceed at maximum three (3) out of the total number of its Members.
The Board of Directors consists of eleven (11) members, including the CEO, elected by the General Meeting of shareholders
of the Company, based on the Company’s Suitability Policy, as in force form time to time and posted on the Company’s
website, which includes the Conflict of Interest Policy and rules for safeguarding diversity on the Board of Directors in terms
of gender, age, representation of shareholders and educational / professional background. The General Meeting may
decide on the partial renewal of the Board of Directors with differentiated terms of office of the Board members, in
accordance with article 85 of Law no. 4548/2018. The Board of Directors elects from these members its Chairman and Vice
Chairman, pursuant to Article 14 of the Articles of Incorporation of the Company.
In the event of non-election or non-prompt filling of any vacancy or non-substitution of the members of the Board, for any
reason whatsoever, this shall not impede the constitution and functioning of the Board of Directors without these
Members, provided that the remaining members are not less than six (6).
In the event that for any reason whatsoever there is a vacancy in the office of the CEO, or the latter is absent or temporarily
unable to perform his/her duties, the Chairman of the Board of Directors shall temporarily act as CEO, unless otherwise
specified by the Board of Directors.
In the event that for any reason whatsoever there is a vacancy in the office of the Chairman of the Board of Directors, or
the latter is absent or temporarily unable to perform his/her duties, the Vice Chairman of the Board shall temporarily act
as Chairman, appointed pursuant to Article 14 par. 1 of the Articles of Incorporation. If the capacities of the Chairman of
the Board of Directors and the CEO coincide to the same person and for any reason whatsoever there is a vacancy in the
office, or he/she is absent or temporarily unable to perform his/her duties, an Executive Member from among the members
of the Board of Directors, to be appointed or already appointed by the Board of Directors, shall temporarily act as CEO. In
such cases, the Board of Directors shall convene the General Meeting of the shareholders as soon as possible to elect the
new CEO.
For the selection of the nominees for membership on the Board of Directors, upon decision of the Board of Directors, the
Company has established a Nomination, Remuneration and Recruitment Committee consisting of at least three (3) Board
members, independent within the meaning of the provisions of Article 9 of Law 4706/2020. The Nomination, Remuneration
and Recruitment Committee, on the one hand, identifies and proposes to the Board of Directors, and through it to the
General Meeting, persons suitable for membership on the Board of Directors, based on the procedure provided for in the
Company’s Rules of Operation and pursuant to the Suitability Policy adopted by the Company, and on the other hand
examines any impediments and incompatibilities, as well as the criteria of independence of candidates for membership on
the Board of Directors (especially in the case of appointment of independent members), pursuant to Law 4706/2020 and
Law 4548/2018, as in force, for candidates proposed by the Nominations, Remuneration and Recruitment Committee itself
or by the shareholders.
The Board of Directors shall post on the Company's website twenty (20) days prior to the date of holding the General
Meeting related to their election, the nominations for membership on the Board of Directors with detailed curricula vitae
and rationale of its proposal for each candidate.
During the year 2024, the following changes took place regarding the composition of the Board of Directors and its
Committees. The Board of Directors, following a relevant reasoned opinion of the NRRC, decided to recommend to the
Extraordinary General Meeting of Shareholders held on 30.4.2024, the election of Mr. Christos-Stergios Glavanis and Ms.
Charikleia Sinaniotou as Independent Non-Executive Members of the Board of Directors of the Company, to fill the two (2)
vacancies resulting a) from the amendment of Article 9 "Composition and Term of Office of the Board of Directors" of the
Articles of Incorporation by resolution of the Extraordinary General Meeting of the Company's shareholders held on
14.12.2023 and b) from the resignation on 1.3.2024 of the Independent Non-Executive Member of the Board of Directors,
Mr. Stefanos Theodoridis.
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Specifically, the Board of Directors nominated for election by the General Meeting the above two (2) candidates as
Members of the Board of Directors of PPC S.A., since it was established that they meet the criteria of independence of
Article 9 of Law 4706/2020, as Independent, Non-Executive Members of the Company, and that they have adequate
qualifications in terms of knowledge and skills, as well as the experience and background to perform their duties. In
addition, according to the criteria of the Suitability Policy for the Members of the BoD, it was established that they have
integrity, good reputation and the ability to devote sufficient time to the fulfilment of their duties.
At the Extraordinary General Meeting held on 30.4.2024, the shareholders approved the election of the following members
nominated by the Board of Directors with their respective capacities indicated as follows: Mr. Christos - Stergios Glavanis,
as Independent, Non-Executive Member of the BoD for a three-year term of office (from 30.04.2024 to 29.04.2027) and
Ms. Charikleia Sinaniotou, as Independent, Non-Executive Member of the BoD for a three-year term of office (from
30.04.2024 to 29.04.2027).
Subsequently, the Board of Directors of the Company, in application of Article 9 par. 1, case (a), section (b) of the applicable
Articles of Incorporation, as well as of Article 85 par. 1, section (c), in conjunction with Article 119 par. 1 of Law 4548/2018,
as applicable, at its meeting held on 19 December 2024 and having regard to the recommendation of the NRRC, established
the ipso iure extension of the term of office of two (2) of its Members, namely, Ms. Maria Psillaki and Mr. George
Karakousis, as of the expiry date of their term of office, on 16 December 2024, and until the expiry date of the deadline
within which the next Ordinary General Meeting of the year 2025 must be convened, namely until 10.9.2025.
Following the above, as of 31.12.2024 the eleven-member (11-member) Board of Directors consisted of eight (8) men and
three (3) women, in full compliance and alignment with the provisions of Law 4706/2020 on suitability, diversity and mainly
on adequate gender representation on the Board of Directors and was formed into a body on 19.12.2024, effective from
16 December 2024, as follows:
Member
BoD Position
Term of office
starting on
Term of office ending on
Georgios Stassis
Chairman of the BoD & Chief
Executive Officer, Executive
Member
22/08/2022
21/08/2025
Pyrros Papadimitriou
Vice Chairman of the BoD,
Independent Non-Executive
Member
22/08/2022
21/08/2025
Georgios Karakousis
Deputy Chief Executive
Officer, Executive Member
17/12/2021
10.9.2025 (ipso iure
extension due to expiry of
term of office until the
next ordinary GM)
Alexandros Paterakis
Deputy Chief Executive
Officer, Executive Member
22/08/2022
21/08/2025
Grigorios Dimitriadis
Non-Executive Member
29/06/2022
28/06/2025
Alexandros Fotakidis
Non-Executive Member
22/08/2022
21/08/2025
Maria Psillaki
Independent, Non-Executive
Member
17/12/2021
10.9.2025 (ipso iure
extension due to expiry of
term of office until the
next ordinary GM)
Despina Doxaki
Independent, Non-Executive
Member
29/06/2022
28/06/2025
Stefanos Kardamakis
Independent, Non-Executive
Member
22/08/2022
21/08/2025
Christos-Stergios Glavanis
Independent, Non-Executive
Member
30/04/2024
29/04/2027
Charikleia Sinaniotou
Independent, Non-Executive
Member
30/04/2024
29/04/2027
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The Board of Directors of the Company is composed of persons from different business sectors, both in the domestic and
international market, with high professional qualifications, covering a wide age range, indicatively from 45 to 71 years old,
combining dynamism and experience. All Board members have professional and personal ethics and integrity, which are
considered prerequisites for their election and for maintaining their capacity as members of the Board of Directors of PPC
S.A.
All Members of the Board of Directors have Greek citizenship.
2) Diversity Policy for the Members of the BoD
In accordance with Article 3(c) of Law 4706/2020 as well as the guidelines of the Hellenic Capital Market Commission for
the Suitability Policy (circular no. 60/18.9.2020), the Company adopted a Diversity Policy for the Members of the BoD in
order to promote a suitable level of diversification inside the Board of Directors and an inclusive team of members. Through
the concentration of a broad range of qualifications and skills when selecting BoD members, diversity of views and
experience is ensured, with a view to achieving sound decision making. The Nomination, Remuneration and Recruitment
Committee of PPC S.A., when submitting nominations for the election of members to the Board of Directors, takes into
account the criteria of diversified representation on the Board of Directors in terms of gender, age,
educational/professional background and shareholders representation.
The Diversity Policy is an Annex to the Company's Suitability Policy for the Members of the Board of Directors of the
Company (Part VII of the Annex).
The relevant information is included in the Sustainability Report in Section S1 "Own Workforce ESRS S1”, which is a specific
section of the Management Report of the Board of Directors of the 2024 Annual Financial Report.
73% 27%
Gender Representation of the Board of Directors
Male Female
64% 27%
9%
Age Diversity within the BoD Members
45-55 56-70 over 70
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3) Curricula Vitae of the members of the Board of Directors
The short CVs of the Company’s BoD members are as follows:
Georgios Stassis, Chairman & Chief Executive Officer, Executive Member
Mr. Georgios Stassis has more than 18 years of experience in the energy market. He held important positions in various
organisations and entities in the energy sector in Greece and Southeastern Europe and throughout the entire electricity
value chain (generation, distribution, supply). He had worked for several years in the Italian Group ENEL SpA as President
& CEO of Enel Romania SrL., the largest vertically integrated energy company in Romania, and previously as Head of Green
Power for Eastern Europe and Middle East. Mr. Stassis holds a degree in civil engineering and a master’s degree in
“Management in Construction and Structural Design” from Kingston University (UK). In addition, he has attended Executive
Courses at Harvard Business School (US) and Elis Academy (Italy).
Pyrros Papadimitriou, Vice-Chairman, Independent Non-Executive Member
Mr. Pyrros Papadimitriou is a lawyer, economist and professor at the University of Peloponnese. He holds a Degree in
Political Science & Public Administration from the University of Athens (1985) and a Law Degree from the Athens Law
School (1989). He also holds a Post-Graduate Diploma in Economics from Sussex University (1987), a Master's degree in
Economics (1988) and a Ph.D. in Economics (1992) both from Kent University. In the past he worked as a financial analyst
at Gerald & National Inter Commodities in London (1989-1990), and continued as a researcher at the Foundation for
Economic & Industrial Research in Athens (1994-1995), as manager in the Sectoral Research & Analysis Department of
ALPHA Bank (1995-1996), advisor to the European Parliament (1996-1998) and director of Consulting Services at ICAP S.Α.
(1999-2000). In 1996, he founded HEADWAY Economic Consultants Ltd and remained its main shareholder until the end of
2021. Between 2006-2015, he cooperated with Four Assist Development Consulting Ltd, which offers consulting services
in the field of Public Financial Management in developing countries. In the period 2007-2009, he held the position of
Chairman and Chief Executive Officer of the Olympic Aviation – Services S.A. and Olympic Airlines S.A. participating in the
privatisation project of the Olympic Aviation Group. In 2012, he has been appointed coordinator of the privatisation of
regional airports, a project that has been successfully concluded with the acquisition of the airports from Fraport AG. Over
the last years, apart from his academic duties, he has run various consulting projects for governments in the developing
word in the field of public financial management and employment. From October 2019, he is also the scientific director of
the research institute KMOP Policy Center ASBL, based on Belgium.
George Karakousis, Executive member
Mr. George Karakousis is a commercial executive with significant experience in senior commercial roles across technology,
telecoms, and energy sectors. He has successfully designed and implemented the commercial strategy for major
corporations in Greece and the United Kingdom and has spearheaded large-scale transformation projects. Over the last 20
years, he has worked for companies in commercial roles with increased liability such as Forthnet and Wind Hellas,
successfully launching new products and services. In the UK he was responsible for the redesign of the product strategy for
Talk Talk, while in British Telecoms (BT) he led the largest service transformation project for nine million customers. In
recent years, he has been leading the commercial transformation of PPC with very positive results. He holds an Electrical
& Computer Engineering degree from the National Technical University of Athens, a master’s degree (MSc) from Imperial
College London and an MBA from ALBA Graduate Business School.
Alexandros Paterakis, Executive member
Mr. Alexandros Paterakis holds a degree in Computer Engineering and Mathematics from the University of La Verne. He
started his career as a Network Engineer and subsequently held positions of responsibility as a senior IT consultant, such
as Head of the Consulting Services at MicroAge, Management Consultant at Arthur Andersen (now Accenture) in the UK
and then in Greece. In 2003 he served as IT Director at Tellas Telecommunications and in 2008 he joined Vodafone where
he held the position of CIO. He was then recruited by Etihad Etisalat (Mobily), where he served as President of Infotech
Mobility India Pvt Ltd and retired in 2016 as CIO from Saudi Arabia, actively involved in the promotion of transformation in
information and communication technologies (ICT). Since 2016 he has been providing consulting services focusing on digital
strategy. In 2018 he assumed the position of CIO at AXIATA Celcom, a telecommunications provider in Malaysia.
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Grigoris Dimitriadis, Non-Executive Member
Mr. Grigoris Dimitriadis is the Chief Executive Officer and Executive Board Member of GROWTHFUND (HCAP) since February
2021 and is a member of the BoD of ELKAK from 07.06.2024. He studied in the UK and the USA, holding a bachelor in
electrical and electronic engineering (Manchester Metropolitan University) and two masters, one in telecommunications
(University College London) and another in international business relations and international negotiations (The Fletcher
School, Tufts University). He is an executive with national and international experience in leading management positions
both in the private and public sector. He served as Chairman of Enterprise Greece and Secretary General for International
Economic Affairs of the Ministry of Foreign Affairs, dealing with numerous strategic investments in Greece and led the
development of the National Strategy for Extroversion. Prior to that, he was Executive VP at HVA International in
Amsterdam, Managing Director at Iskra Zaščite (Raycap Group) in Ljubljana, Chairman & CEO of the Athens Urban Transport
Organisation, and project leader for Greece’s National Strategy for Εxports at the Ministry of Development.
Alex Fotakidis, Non-Executive Member
Mr. Alex Fotakidis is a Partner at CVC and Head of CVC Greece. He joined CVC in 2006 and is based in Athens. Mr. Alex
Fotakidis is responsible for all of CVC’s investment activities in Greece, including Hellenic Healthcare Group, Skroutz,
Vivartia, D-Marin, PPC and Ethniki Asfalistiki. He previously spent five (5) years at the European Leveraged Finance group
of CIBC World Markets, dealing primary with the origination, structuring, execution and syndication of debt financing for
buyouts on behalf of private equity clients. Mr. Alex Fotakidis holds a MSc in Environmental and Natural Resource
Economics and a BSc in Economics and Geography, both from University College London.
Maria Psillaki, Independent Non-Executive Member
Ms. Maria Psillaki is a Professor at the Department of Economics of the University of Piraeus. She studied at the University
of Nice Sophia Antipolis (Cote d’Azur) in France, where she also received her Master's and PhD degrees in Economics with
the highest honours, in 1997. She has worked in London (Birkbeck College, University of London) as a Visiting Researcher
(Post-Doctoral Research Fellow), funded by the CEPR (Center for Economic Policy Research) and ERSC (Economic and Social
Research Council) and in Chicago as Visitor Researcher at the Graduate Booth School of Business, University of Chicago.
She has lectured at various universities abroad to both undergraduate and postgraduate programmes. She was a visiting
Assistant Professor at Rutgers University in New Jersey (USA), Department of Business Administration, in Finance,
Investment and Portfolio Management. She was also a visiting Assistant Professor at the University of Cyprus, Department
of Public and Business Administration, Finance and Organisational Behaviour. Before joining the University of Piraeus in
2009, she was an Associate Professor at the University of Nice-Sophia Antipolis in France in the Economics Department
from 2001 until August 2008. Finally, from 2009 to 2024 she was Member of the Associate Teaching Staff (ATS) of the
"BANKING and Fintech” Postgraduate Programme. She has participated in various Research - European Programmes. She
has published in high-quality reviewed journals such as the Journal of Small Business Management, the European Journal
of Operational Research, the Journal of Business and Financial Accounting, the Journal of Banking and Finance, the Small
Business Economics, the Applied Financial Economics, and the Journal of Productivity Analysis. She serves as a Referee in
several reputed journals such as the Journal of Banking and Finance, Small Business Economics, the European Journal of
Operational Research, Empirical Economics, and Managerial Finance. From 2009 to 2012 she was Vice President of the
Hellenic Finance and Accounting Association (HFAA). Her scientific and research interests revolve around corporate finance,
corporate governance and risk management, green finance, and ESG standards. She is also the director of the "Economics
of Financial Markets, Risk Management and Corporate Governance" Laboratory (EFMRCG LAB, https://efmrcglab-
unipi.com/) of the Department of Economics. She is a member of the BoD of the Hellenic Investors Association (SED),
Member of the Advisory Committee of the Hellenic Capital Market Commission, and member of the Senior Advisory Board
of the Independent Authority for Public Revenue (IAPR).
Despina Doxaki, Independent Non-Executive Member
Mrs. Despina Doxaki was born in 1968. She graduated from the School of Law of the National University of Athens and
holds an LLM in European Law from the Institute of European Studies in Brussels. She has more than 26 years of working
experience in cross-border transactions mainly in cooperation with commercial, investment, institutional and development
banks, and specialises (1) in structuring and negotiating national and international complex financial contracts such as
structured finance, (2) project finance in all development sectors, i.e. energy, infrastructure, real estate, tourism, hospitals,
etc. through PPAs and/or Concession Agreements; (3) corporate finance and transformations (IPOs, capital markets
transactions); (4) all types of corporate lending, debt restructuring, and refinancing, etc. During her career, she has worked
at the European Commission, KPMG, KIS ATE, and Alpha Bank SA, while for the last 15 years, she has worked at Kyriakidis-
Georgopoulos Law Firm, in Brussels at the English law firm Stabrook & Hooper (McDermont & Ellis) and in London at the
international law firms Chadbourne/NRF, Shearman and Milbank From 2018 to 31.12.2024 she was Head of Legal at the
Hellenic Financial Stability Fund. She has working experience in Athens, London, and Brussels and speaks Greek, English,
and French.
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Stefanos Kardamakis, Independent Non-Executive Member
Mr. Stefanos Kardamakis was born in Athens in 1967. He graduated from the Department of Mechanical Engineering of the
National Technical University of Athens in 1991. He then obtained a Master's degree (MSc) in Finance, Commerce and
Shipping from City University, Cass Business School, London. His professional career started in 1993 in the Technical
Department of Adelfia Shipping Enterprises. In 1994 he joined the Dutch Bank ABN AMRO as Customer Manager of the
Shipping Finance Department, where he promoted to the position of Vice President of the Department. In 2004 he served
as Head of the newly established Shipping Division of Egnatia Bank in the field of financing. During his 14-year career in the
Banking industry he was involved in financing proposals, financial transactions and products, as well as in concluding large,
syndicated loans with other banks on behalf of large shipping companies. He was also occupied with the optimisation of
internal processes and the introduction of new methods to better monitor and improve operational & credit risk, as well
as the restructuring of non-performing loans. In 2008, he assumed the position of CFO at Conbulk Shipping S.A. which as of
2019 was renamed Conbulk Shipmanagement Corporation and he also assumed to role of Chief Operating Officer, being
responsible, apart from the financial management, for the operational, technical and procurement department of the said
Company. From 2021 he is the General Manager of Conbulk Shipmanagement Corporation.
Christos-Stergios Glavanis, Independent, Non-Executive Member (BoD Member since 30.4.2024)
Mr. Christos Glavanis, Certified Auditor Accountant, has more than 35 years of experience in the field of consulting services.
He has served as a Country Managing Partner at Ernst & Young for more than 20 years, both in Greece and in Central and
South East Europe. He serves as Chair of the Audit Committee of Attica Bank while he has served as Chair of the Audit
Committee of the Hellenic Financial Stability Fund (HFSF). From December 2022, Mr. Glavanis has been an elected member
of the Audit Committee of PPC S.A. He holds a degree in Economics from the University of Hull and is a Fellow of the
Institute of Chartered Accountants of England & Wales, as well as the Institute of Certified Public Accountants of Greece
(SOEL).
Charikleia Sinaniotou, Independent, Non-Executive Member (BoD Member since 30.4.2024)
Ms. Charikleia (Claire) Sinaniotou has studied Law at the University of Paris Panthéon Assas Paris II, where she obtained a
law degree (Maîtrise) and a postgraduate degree (DEA) in business law (Droit des sociétés - Droit des affaires) with honours.
She then obtained a Master's degree (LLM) in European Law - Legal aspects of International Finance at the University
College London (UCL). She is a Lawyer before the Greek Supreme Court and works at Delikostopoulos - Sinaniotis law office
with extensive experience. She is a lawyer specialising in European and International Law, Commercial, Banking and
Corporate Law. She also has experience in legal consulting, transactional work and litigation, as well as real-estate
transactions. She has worked on transactions/deals related to restructuring and financing of private entities.
She is an external legal counsel to Eurobank Ergasias Bank S.A. She also deals with corporate governance and local
government affairs. She has been a member of the BoD of Athens International Airport, is a former Chair and current
elected member of the Municipal Council of Filothei-Psychiko. She speaks English, French and German.
With regard to the functioning of the Board of Directors, the Company's Articles of Incorporation provide for the following:
Competences of the Board of Directors
The competences of the Board of Directors are defined in Article 10 of the Articles of Incorporation as amended by the
resolution of the Extraordinary General Meeting on 14.12.2023 (registration in the G.E.MI / 04.01.2024). The Board of
Directors is the supreme governing body of the Company which shall formulate primarily its development strategy and
policy, as well as supervise and exercise control over the management of its assets. The Board of Directors shall approve,
upon recommendation of the CEO: a) the Strategic Plan, which determines the strategic goals for the attainment of the
Company’s objectives, b) the Business Plan of the Company of a duration of three (3) to five (5) years, which specifies the
goals of the Strategic Plan for each year of its duration, c) the methods for the implementation of the Strategic Plan and
the Business Plan for each year of their duration. The Board of Directors shall also monitor the implementation of the
Strategic Plan and the Business Plan.
The Board of Directors shall represent the Company and shall be vested with unlimited authority to decide on any act and
to exercise full power concerning the management of the Company, the management of its property, and in general the
fulfilment of its object, with the exception of those issues which either by law or by the Articles of Incorporation, expressly
fall within the jurisdiction of the General Meeting.
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The Board of Directors shall, upon recommendation of the CEO, approve the annual budget of the Company, prepare,
approve, and submit to the General Meeting for approval the annual financial statements of the Company and prepare and
submit to the General Meeting the annual report. Moreover, the Board of Directors, upon recommendation of the
Nomination, Remuneration and Recruitment Committee, approves the recruitment policy of the Company, pursuant to the
relevant legislation as applicable each time.
The Board of Directors shall decide, upon recommendation of the CEO, on: a) the creation of positions of Deputy Chief
Executive Officers, as well as on their number and their competences, b) the establishment of Functions with Group
competences (Group Functions), reporting to the Chief Executive Officer.
The Board of Directors may, upon recommendation of the Chief Executive Officer, delegate part of its administration and
representation competences, except for those which, pursuant to the Law and the present Articles of Incorporation require
collective action or fall within the exclusive jurisdiction of the Chief Executive Officer in accordance with Article 15 of the
Articles of Incorporation, as well as the administration or supervision of the affairs or the representation of the Company
to the Chairman, the Chief Executive Officer, the Deputy Chief Executive Officers, one or more of its members, the
Company’s committees, other executives of the Company and/or its subsidiaries, Directors or employees of the Company.
The aforesaid persons to whom competences are delegated pursuant to the above and who do not have the capacity of
Board Member carry the same responsibility towards the Company as the members of the Board of Directors, under Article
102 of Law 4548/2018, as in force, and Article 12 of the Articles of Incorporation.
Convocation and Functioning of the Board of Directors
The Convocation and Functioning of the Board of Directors are defined in Article 11 of the Articles of Incorporation of PPC
S.A. as amended by the resolution of the Extraordinary General Meeting of the Company's shareholders on 14.12.2023
(registration in G.E.MI / 04.01.2024). The Board of Directors shall meet at the seat of the Company and/or outside its seat
at the facilities of PPC at Kozani, Megalopoli and Aliveri, upon the call of the Chairman or his/her substitute on such day
and hour as determined by him/her, whenever required based on the needs of the Company.
The Board of Directors may lawfully meet via teleconference with some or all members, upon invitation to the Board
members, which shall include all necessary information and technical instructions concerning their participation in the
meeting. In any case, any Board member may request the holding of a meeting by way of teleconference if he/she resides
in a country other than the one where the meeting is to be held or if there is any other serious reason, especially illness or
disability.
At the request of two (2) members, the Chairman or his/her substitute shall be obliged to convene the Board of Directors,
setting the date of the meeting, which shall not be later than seven (7) days from the submission of the relevant request,
under penalty of inadmissibility, which shall also clearly state the proposed items on the agenda to be discussed by the
Board of Directors. In case the Board of Directors is not convened by the Chairman or his/her substitute within the
aforementioned deadline, the requesting members shall be allowed to convene themselves the Board of Directors within
five (5) days from the expiration of the above deadline of seven (7) days, by notifying the remaining members of the Board
of Directors of the relevant notice.
The agenda of the meetings shall be determined by the Chairman and its items shall be clearly stated in the notice sent to
the members of the Board at least two (2) working days before the date of the meeting and at least five (5) working days
in the event that the meeting is to be held at a venue other than the Company’s seat, otherwise the decision-making is
allowed only if all members of the Board of Directors are present or represented at the meeting and none of them objects
to the decision-making.
A quorum of the Board shall be deemed to be present and the meeting shall be deemed valid if, pursuant to paragraph 6
of the Article 11 of the Articles of Incorporation, more than half the number of members is present or represented. In no
case, however, shall the number of members physically present be less than three (3). In determining the number required
to form a quorum, fractions, if any, shall be ignored.
The Board of Directors shall make its decisions by an absolute majority of the members present or represented. In case of
equality in votes, the Chairman’s vote shall prevail.
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Each member may, upon written order, lawfully represent only one other member. The representation to the Board of
Directors may not be assigned to a person who is not a member of the Board of Directors.
Minutes of the proceedings and decisions of the Board of Directors shall be kept in accordance with the Law and in
particular with Article 93 of Law 4548/2018, as in force. The minutes shall be signed by the Chairman and the members
who attend the relevant meeting. In the event that one of the members refuses to sign, this shall be indicated in the minutes
accordingly.
The copies of and the excerpts from the minutes of the Board of Directors shall be signed by the Chairman or by a person
designated by the Board of Directors to this end, without any other validation being necessary.
The General Counsel may attend the meetings of the Board of Directors without having the right to vote, unless otherwise
decided by the Board of Directors.
The drawing up and the signing of the minutes by all the members of the Board of Directors or their representatives is
equal to a decision of the Board of Directors, even if no meeting has preceded. The previous section shall also apply if all
members or their representatives agree to record their majority decision in the minutes, without holding a meeting. The
relevant minutes shall be signed by all members and shall be entered in the minute’s book in accordance with Article 93 of
Law 4548/2018.
The signatures of the members or their representatives may be substituted with the exchange of messages via email or
other electronic communication media, e.g., by means of a qualified digital signature.
Liability and Duties of the Board Members
Each Board Member shall be liable vis-a-vis the Company, in accordance with Articles 96 to 102 of Law 4548/2018, for any
fault committed, due to an action or omission during the performance of their duties, which constitute a violation of their
duties, in accordance with the Law and the Company’s Articles of Incorporation, as applicable. In particular, Board members
and third parties to whom duties may have been assigned by the Board of Directors, shall be obliged to disclose to the
Board of Directors, promptly and appropriately, any conflict of interest which may arise during the performance of their
duties between themselves or other persons with whom they are closely associated and the Company or the companies of
its Group, as soon as they take knowledge thereof. In any case, the aforementioned persons shall be obliged to refrain from
any action related to corporate actions that may give rise to such conflict of interest until the date on which the Company
will examine the conflict of interest declaration.
The Board Members shall be bound, inter alia, to handle the corporate affairs with a view to promoting corporate interest,
to oversee the execution of the decisions of the Board of Directors and of the General Meeting, as well as to brief the other
Board Members on any corporate affairs.
The Board Members and any third party to whom the Board of Directors has assigned any of its competences shall be
bound to keep absolute secrecy with regard to all confidential information in respect of the affairs of the Company coming
to their knowledge in their capacity as such.
The provisions of Articles 99 to 101 of Law 4548/2018, which include regulations concerning transactions with related
parties shall also apply to Chief Officers and Directors of the Company.
The appointment and the dismissal for any reason whatsoever of the Board Members and of the persons empowered to
represent the Company jointly or severally shall be subject to publication, as stipulated by Articles 12 and 13 of Law
4548/2018, as applicable, together with their identity particulars and in any case as provided for by law each time.
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Compensation of Board Members
The company shall establish a remuneration policy and shall draw up a remuneration report, pursuant to Articles 110 to
112 of Law 4548/2018 and Article 11 of Law 4706/2020, as in force, and in accordance with Article 17 paragraph 1 of the
Company’s Articles of Incorporation as in force.
4) Chairman, Vice-Chairman of the Board of Directors and Chief Executive Officer
Chairman of the Board of Directors
The Chairman of the BoD shall be elected by the Board of Directors. The capacity of the Chairman of the BoD may coincide
with that of the CEO. In this case, the Board of Directors shall mandatorily appoint the Vice-Chairman from among its non-
executive members.
The Chairman of the BoD guides the BoD, shall contribute to ensuring the efficient flow of information, both within the
BoD and between the BoD and its Committees and shall be responsible for its effective overall operation. The Chairman of
the Board of Directors shall encourage and promote open and critical discussions and ensure that divergent views can be
expressed and discussed in the decision-making process.
The Chairman of the Board of Directors determines the items on the agenda of the meetings and ensures that issues of
strategic importance are discussed as a matter of priority. The Chairman should also ensure that the BoD makes informed
and appropriate decisions and that the relevant documents and information are received promptly before the meeting.
The Chairman of the BoD shall contribute to a clear allocation of duties between the BoD Members and ensure the efficient
flow of information between them so that the BoD Members in their supervisory function have the opportunity to
contribute constructively to the discussions and to exercise their voting right on a proper basis and in a well-informed
manner.
Vice-Chairman of the Board of Directors
The Chairman of the BoD shall be elected by the Board of Directors. Since in PPC the capacity of the Chairman of the BoD
coincides with that of the CEO, the Board of Directors has appointed the Vice-Chairman from among its Independent Non-
Executive Members, who in the event that for any reason whatsoever there is a vacancy in the office of the Chairman of
the Board of Directors, or the latter is absent or temporarily unable to perform his/her duties, the Vice Chairman of the
Board shall temporarily act as Chairman and shall have the following responsibilities: to support the Chairman, to act as a
liaison between the Chairman and the members of the Board of Directors, to coordinate the independent non-executive
members, and to lead the evaluation of the Chairman.
Chief Executive Officer
The role of the CEO is defined in Article 15 of the Articles of Incorporation of PPC S.A., as amended by the resolution of the
General Meeting of the Company's shareholders on 27.6.2024.
The Chief Executive Officer of the Company shall be elected by the General Meeting of Shareholders and his term of office
shall be three years.
The Chief Executive Officer shall be the highest-ranking executive officer of the Company, he/she shall be at the head of all
the services thereof, conduct their activities, decide on the further organisation of the Company within the scope of the
Articles of Incorporation and the relevant decisions of the Board of Directors, including the selection of executives of any
ranking, make the necessary decisions pursuant to the provisions governing the operation of the Company, the approved
plans and budgets, the Strategic Plan (S.P.), the Business Plan (B.P.) and the terms of the Management Contract he/she has
entered into with the Company pursuant to Article 16 of the Articles of Incorporation. The Chief Executive Officer shall
represent the company before any judicial and administrative authority and may authorize or empower, within the limits
of his powers, other persons, either members of the Board or low-ranking or high-ranking executives of the company or
any kind of PPC employees to represent him.
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The Chief Executive Officer, further to his duties by virtue of other provisions of the Articles of Incorporation and the duties
delegated to him by the Board of Directors upon its decisions, shall have the following duties:
(a) Submit to the Board of Directors of the company the proposals and recommendations required for the attainment
of the objects of the company and the Group, as they are respectively and accordingly specified in the Strategic
Plan and the Business Plan.
(b) Make decisions on the conclusion of contracts of a value to be determined on each occasion by decision of the
Board of Directors.
(c) Represent the company at the General Meetings of other legal entities and vote at his discretion on all items on the
relevant agenda.
(d) In particular, and with regard to subsidiaries and affiliated companies of the Group, he shall represent the company
as a shareholder at General Meetings and shall vote at his discretion on all items on the relevant agenda, except for
decisions falling within or relating to the following:
(i) the matters referred to in article 130 par. 3 of Law no. 4548/2018,
(ii) the registered seat, trade name, purpose, number and type of shares, the issue of bonded loans convertible into
shares of any amount,
(iii) the conclusion of loans and ancillary contracts exceeding EUR 10 million per transaction,
(iv) either acquisitions or disposals of assets exceeding EUR 5 million or establishment of undertakings and/or
partnerships with third parties or establishment of joint ventures, irrespective of their financial scope.
Deputy CEOs
The role of the Deputy Chief Executive Officers is defined in Article 15a of the Articles of Incorporation of PPC S.A. as
amended by the resolution of the Extraordinary General Meeting of the Company's shareholders on 14.12.2023
(registration with G.E.M.I. / 04.01.2024).
The Deputy Chief Executive Officers shall report to the Chief Executive Officer. They shall be at the head of wider business
activities of the Company and/or the Group, structured into Divisions and Business Units, and may be members of the
Board of Directors. The number and duties of the Deputy Chief Executive Officers shall be determined by the Board of
Directors upon recommendation of the Chief Executive Officer.
Secretary of the Board of Directors
The Board of Directors is supported by a competent, experienced and qualified Secretary, who ensures its smooth and
efficient operation. Within the framework of her responsibilities, the Board Secretary is responsible for the handling of all
matters governing the functioning of the Board of Directors of PPC S.A. in accordance with the Law, the Articles of
Incorporation, the Regulations and Policies of the Company, the coordination of the timely and effective recommendation
of the agenda items to the Board of Directors, the keeping of the minutes of its meetings and the management of all matters
related to the secretarial support of the Board of Directors.
At the same time, the Board Secretary is also the Director of the PPC Group Boards of Directors Operation Department,
entrusted, inter alia, with monitoring the operation of the Board of Directors of PPC subsidiaries, as management bodies.
Short CV of the Secretary of the Board of Directors
Ms. Antonia Koukouritaki is an attorney-at-law and accredited mediator with significant experience in
commercial/corporate law, strategic transformations, and energy law. During her 23-year career, she worked in two major
law firms in Athens, while as an attorney-at-law for PPC S.A. over the past 16 years, she has been involved in the listed
company's compliance with the corporate, stock exchange and corporate governance legislation, in corporate and strategic
transformations (including, but not limited to, the spin-off of the distribution and the transmission segments, the hive-
down of the two lignite segments, the absorption of the two lignite segments, the hive-down of the distribution network
segment (HEDNO) and the sale of a stake in HEDNO to an international strategic investor, privatisations, ownership
unbundling of IPTO, establishment and supervision of subsidiaries, etc.), in strategic projects (national and international
partnerships and alliances, asset disposals, etc.), as well as in competition and energy regulatory framework issues. She has
participated in numerous scientific conferences and has authored legal articles and essays related to her field of expertise.
Recently, she assumed the role of PPC S.A. Board Secretary and the supervision of the Boards of Directors of its subsidiaries.
She holds a law degree from the Athens School of Law (National University of Athens), a postgraduate degree in Commercial
Law from the Athens School of Law (National University of Athens), and an LL.M. in Commercial Law from the Law School
of the University of Bristol, as well as an accreditation as a mediator under the Ministry of Justice.
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5) Non-Executive Members and Independent Non-Executive Members of the BoD
The Non-Executive and the Independent Non-Executive Members of the BoD shall have a purely supervisory and strategic
role compared to the Executive Members who are responsible for the implementation of the BoD strategy and have
executive responsibilities regarding the management of the Company.
The independent Non-Executive Members of the BoD play a key role in enhancing the effectiveness of controls and
counterbalancing within the BoD, by improving the oversight of decision-making by the executive management, as well as
by ensuring that:
• the interests of all stakeholders, including minority shareholders, are duly taken into account in the discussions
and decision-making of the BoD;
• the undue dominance of individual BoD Members who represent a specific group or category of stakeholders is
mitigated or compensated for; the decision-making is not dominated by an individual or a small group of
members; and
• conflicts of interest between, on the one hand, the Company, its business units, other entities falling within the
accounting scope of consolidation and, on the other hand, external stakeholders, including customers, are subject
to management due diligence.
The independence criteria of the Independent Non-Executive Members of the Board of Directors are specified in the
Suitability Policy for the members of the Board of Directors of PPC S.A., as well as in the Procedure for Disclosure of any
Dependency Relations of the Independent Non-Executive Members of the Board of Directors of PPC S.A. as follows:
1. A Non-Executive Member of the BoD is considered independent if during his appointment and during his term of office:
a) does not hold, directly or indirectly, a percentage of voting rights greater than zero-point five percent (0.5%) of the
Company's share capital, and
b) is free from financial, business, family or other dependency relationships, which may influence his decisions and his
independent and objective judgement (hereinafter referred to as "dependency relationships").
2. A dependency relationship exists in the following cases:
- When a member receives any significant remuneration or benefit from the Company, or from an affiliate company, or
participates in a stock options system or any other performance-related remuneration or benefit system, other than
remuneration for his participation in the BoD or in its Committees, as well as in the collection of fixed benefits within the
framework of the pension system, including the rescheduled benefits, for his previous services in the Company. The criteria
based on which the meaning of significant remuneration or benefit is defined, are laid down in the Company's remuneration
policy.
– When the member or person who is closely associated with the member maintains or has maintained a business
relationship during the last three (3) financial years prior to his appointment with:
• the Company, or
• a person closely associated with the Company, or
• a shareholder who directly or indirectly holds a stake equal to or greater than ten percent (10%) of the Company's
share capital during the last three (3) financial years prior to his appointment, or an affiliate company, provided
that this relationship affects or may affect the business activity of either the Company or the person referred to
in par. 1 or the person closely associated with it. Such a relationship exists especially when the person is a
significant supplier or a significant customer of the Company.
– When the member or the person who is closely associated with the member:
has been a member of the BoD of the Company or of an affiliate company thereto for more than nine (9) financial years in
total at the time of his election,
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has been a Senior Executive or entered into an employment or project or service relationship or a remunerated mandate
relationship with the Company or with an affiliate company thereto during the last three (3) financial years prior to his
appointment,
is related to the second degree by blood or by marriage, or is a spouse or partner equated with a spouse of a Board Member
or Senior Executive or shareholder, with a participation percentage equal to or greater than ten percent (10%) of the
Company’s share capital or an affiliate company thereto,
has been appointed by a specific shareholder of the Company, in accordance with the Articles of Incorporation, as provided
for in Article 79 of Law 4548/2018,
represents shareholders holding directly or indirectly a percentage equal to or greater than five percent (5%) of the voting
rights at the General Meeting during his term of office, without any written instructions,
has carried out a statutory audit to the Company or to an affiliate company thereto, either through a company or by
himself/herself or by an up to second-degree relative by blood or by marriage, or by his spouse, during the last three (3)
financial years prior to his appointment,
is an Executive member in another company, in the BoD of which an Executive member of the Company participates as a
Non-Executive member.
– When the member falls under one of the dependency relationships provided for in any other statutory or regulatory
texts to which the Company is subject and which the Company applies, either on an optional or a mandatory basis (for
instance, Articles of Incorporation of the Company, Corporate Governance Code, Rules of Procedure of the Board of
Directors).
The Independent Non-Executive Members of the Board of Directors jointly submitted a Report to the Ordinary General
Meeting of Shareholders on 27-06-2024, in accordance with Article 9 par. 5 of Law 4706/2020 and the relevant guidelines
of the Hellenic Capital Market Commission with reference to the manner in which the Non-Executive Members of the Board
of Directors, including the Independent Non-Executive Members, fulfilled their obligations in the financial year 2023 with
respect to:
a) The monitoring and review of the Company's strategy and its implementation, as well as the achievement of its
objectives.
b) Ensuring effective oversight of executive members, including monitoring and controlling their performance.
c) Considering and expressing their views on proposals submitted by executive members, based on existing information.
Moreover, in compliance with the provision 1.13 of the Hellenic Corporate Governance Code of the Hellenic Corporate
Governance Council, which the Company has adopted and applies, the Non-Executive Members of the Board of Directors
of the Company met on 19.12.2024, with the Independent Vice-Chairman of the Board of Directors in the chair. During this
meeting, a discussion was held mainly on issues pertaining to the effective overview of the Company's BoD operation by
the Non-Executive Members.
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6) Number of meetings of the Board of Directors, frequency of participation of each member and main issues dealt with
by the Board of Directors
In 2024, eighteen (18) meetings of the Board of Directors took place. In particular, the table below shows the number of
meetings attended by the members of the Board of Directors. It is noted that eighteen (18) meetings (via Microsoft Teams
and in person) were held, while three (3) decisions were passed by circulation without a prior meeting. The breakdown
only for the meetings that each member participated in, is set out below:
Member
BoD Position
Number of Meetings
in which the
members of the BoD
participated
Percentage of
Participation in the
BoD meetings
Georgios Stassis
Chairman & Chief Executive Officer,
Executive Member
18/18
100%
Pyrros Papadimitriou
Vice Chairman of the BoD
Independent, Non-Executive
Member
17/18
94.4%
Georgios Karakousis
Deputy Chief Executive Officer,
Executive Member
16/18
88.9%
Alexandros Paterakis
Deputy Chief Executive Officer,
Executive Member
16/18
88.9%
Maria Psillaki
Independent, Non-Executive
Member
18/18
100%
Despina Doxaki
Independent, Non-Executive
Member
15/18
83.3%
Stefanos Kardamakis
Independent, Non-Executive
Member
17/18
94.4%
Christos Glavanis (from 30-
4-2024)
Independent, Non-Executive
Member
13/13
1
100%
Charikleia Sinaniotou (from
30-4-2024)
Independent, Non-Executive
Member
13/13
69
100%
Stefanos Theodoridis (until
March 1
st
, 2024)
Independent, Non-Executive
Member
2/2
70
100%
Grigorios Dimitriadis
Non-Executive Member
12/18
66.7%
Alexandros Fotakidis
Non-Executive Member
16/18
88.9%
It is noted that in 2024, the Members who were absent from the BoD meetings promptly informed the Chairman of the
Board of Directors of their absence for valid reason.
During 2024, the Board of Directors issued one hundred thirty-two (132) decisions, of which one hundred fourteen (114)
were issued via written recommendations and four (4) decisions were issued through letters, proposals and minutes of the
Nomination, Remuneration & Recruitment Committee and the Audit Committee, while the remaining fourteen (14)
decisions were issued through oral recommendation.
The main issues that were discussed at the Board of Directors' meetings and for which relevant decisions were made during
the year 2024 are listed below:
69
For the period from April 30
th
, 2024, the date on which the term of office of Mr. Glavanis and Ms. Sinaniotou started, to December
31
st
, 2024, thirteen (13) meetings of the Board of Directors were held.
70
From January 1
st
, 2024 to March 1
st
, 2024, the resignation date of Mr. Stefanos Theodoridis, two (2) meetings of the Board of Directors
were held.
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300
• Approval of Financial Statements,
• Approval of new and/or revision of existing Regulations and Policies in the context of compliance with the
applicable legislation,
• Approval (by the relevant General Meeting) of the amended Remuneration Policy (including the new Stock Award
Programme, Approval of the Remuneration Report for the financial year 2023),
• Approval of a new share buyback programme (by the relevant General Meeting)
• Approval of Stock Awards to the Group’s executives, in accordance with the applicable Remuneration Policy, as
approved by the resolution of the EGM dated 4.6.2021 and reaffirmed, as regards those provided for in the
Programme, by the resolution of the EGM dated 14.12.2022.
• Determination of the CEO's objectives, which are also considered to be the Group's objectives, for the Financial
Year 2024 and information regarding the degree of achievement of the CEO’s objectives for the year 2023,
• Procurement issues (tendering procedures, contracts, awarding, etc.),
• Subsidiaries’ issues (new investments, financing, mergers, changes in share capital, spin-off of the wholesale
Telecommunications Business Sector of PPC S.A. and its contribution to the wholly owned subsidiary company
under the trade name “DEI OPTIKES EPIKOINONIES SINGLE MEMBER SOCIETE ANONYME” and the distinctive title
“Fibergrid”, expansion of the Group’s RES portfolio in the Balkans and Italy, establishment of the subsidiaries PPC
ITALIA SRL, Olympus AI, as well as of affiliated companies, “Data in Scale ”, see PPC’s collaboration with the Damac
Group for the construction and development of a Data Centre in Greece, etc.),
• Bond loans (approval of the prospectus and relevant documents, amendment of contracts, etc.),
• Risk Assessment and Annual Audit Plan (AAP) of the Internal Audit Department (IAD) for the year 2024,
• Amendments to the Articles of Incorporation,
• Approval (by the relevant General Meeting) of the cancellation of own shares purchased by PPC S.A. in the context
of the approved share buyback programmes, with a corresponding decrease of its share capital in accordance
with the applicable provisions of Law 4548/2018 and the subsequent amendment of Article 5 of the Company's
Articles of Incorporation on share capital,
• Approval of a new Collective Labour Agreement, staff management issues, new recruitment policy, recruitment
notices and organisational changes, voluntary redundancy schemes 2024,
• Approval of the 2025 Budget (by 2024 Decision),
• Presentation of the PPC Group’s Business Plan for the period 2024-2026
Updating of the PPC Group’s Business Plan,
• New composition of the Board of Directors – formation of the BoD into a Body, Confirmation of the Audit
Committee’s composition,
• Approval of the Report on Completion of the Use of Proceeds raised from the Share Capital Increase for the
period 16.11.2021-30.06.2024.
7) Suitability Policy for the members of the Board of Directors of PPC S.A.
The Company has established a Suitability Policy for the members of the Board of Directors, which was drafted according
to the guidelines of the Hellenic Capital Market Commission (Circular no. 60 / 18-09-2020) and includes:
a) the principles concerning the election or replacement of the Board members, as well as the renewal of the term of office
of the existing BoD members
b) the criteria for the evaluation of the individual and collective suitability of the BoD members
c) the criteria of diversity and adequate gender representation
d) the role of the Nomination, Remuneration and Recruitment Committee
e) the induction training programme of the BoD members, and
f) the continuous monitoring and evaluation of the BoD’s suitability.
Any amendments to the Suitability Policy that are material (i.e., since they introduce derogations or significantly change its
content, in particular with regard to the general principles and criteria applied) are submitted for final approval to the
General Meeting of the Company’s Shareholders. In the context that the amendments to the said Policy, especially to the
degree that they concern changes in the legal framework of Corporate Governance, are approved by the Board of Directors
of the Company upon the recommendation of the Chief Legal & Governance Officer PPC Group and with the consent of the
Nomination, Remuneration and Recruitment Committee. Simple organisational changes are approved by the Chief
Executive Officer.
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301
The Suitability Policy of the Company was initially approved by Decision No 46/13-05-2021 of the Board of Directors, in
accordance with Article 3 par. 1 of Law 4706/2020 and by the Extraordinary General Meeting of Shareholders, in
accordance with Article 3 par. 3 of Law 4706/2020, dated June 4, 2021. Three amendments to the Suitability Policy
followed, which were approved by the Board of Directors' Decisions No. 132/26.10.21, 10/23.02.22 and 45/10-05-2022
respectively. In addition, by Decision No. 45/10-05-2022, the Board of Directors authorised the Chief Legal & Governance
Officer PPC Group, to make the necessary updates, supplements, and/or amendments to the Suitability Policy for the
Members of the Board of Directors, in accordance with the applicable legislative and regulatory framework regarding the
application of the provisions of the Hellenic Corporate Governance Code based on the "Comply or Explain” principle, with
the consent of the Nomination, Remuneration and Recruitment Committee (NRRC). In accordance with the
aforementioned authorisation, the last amendment to the Suitability Policy for the Members of the Board of Directors was
approved in 2024 by Decision No. 203041/5-04-2024 of the Chief Legal & Governance Officer PPC Group and the consent
of the Nomination, Remuneration and Recruitment Committee.
The updated text of the Company's Suitability Policy is posted on the Company's website
https://www.ppcgroup.com/media/jcxpx3sa/politikh-katallhlothtas-melon-ds-ths-dhmosias-epicheirhshs-hlektrismou-
ae.pdf.
Monitoring of the implementation of the Suitability Policy for Board Members
The Board of Directors is responsible for monitoring the implementation of the Suitability Policy and for its periodical
assessment, assisted by the Nomination, Remuneration and Recruitment Committee, the Audit Committee and the Legal
& Corporate Governance Group Function, as well as by other Service Units having a similar scope, such as the Internal Audit
Group Function and the People & Organisation Group Function, as deemed appropriate.
Training Policy for Board Members
The Company has established a training Policy for Board members (BoD Decision No. 80/29-06-2021), through which it
adopts a structured and effective training system that meets the needs of the induction programme of new members, as
well as the needs concerning the continuous training of Board members.
Through the said training system, the Company seeks to contribute to the development of the BoD members, to ensure
their suitability, and ultimately to the effective function of the BoD and its committees.
During 2024, in collaboration with the Chairman of the NRRC, the Chief Legal & Governance Officer PPC Group, and the
Director of Recruitment and Training Department of the Company, a list of topics, focusing on the training needs of the
Board Members for training sessions/briefing sessions to be held within the Company (Energy, ESG, CSRD and new ESRS
standards, risk management issues, etc.), as well as a list of training sessions on specific topics provided by recognised
organisations and Universities, mainly from abroad, were drawn up.
8) Evaluation of the Suitability and Effectiveness of the Board of Directors and its Committees
The Company has established a Policy and Procedure for the Evaluation of the Suitability and Effectiveness of the Board of
Directors of PPC S.A. and its Committees (BoD Decision No 45/10-05-2022).
Based on the aforementioned Policy, the evaluation of the effectiveness of the Board of Directors at an individual level is
being carried out by using self-assessment questionnaires.
In particular, the individual performance of each member is being examined, taking into account his capacity (Executive,
Non-Executive, Independent Non-Executive) and specifically:
• the fulfilment of his duties, in accordance with the provisions of the Company's Articles of Incorporation, the
Company's Regulations and Policies and the applicable legislation,
• the degree of compliance with the policies and procedures of the Board of Directors and the Company to the extent
that they apply to each member,
• his contribution to the effective functioning and overall performance of the Board of Directors,
• the degree of consistency and participation in the BoD meetings,
• the participation in BoD committees and the assignment of specific responsibilities/projects,
• the use of knowledge and experience,
• the effectiveness in managing the matters he/she undertakes to deal with.
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302
The evaluation of the Chairman of the Board of Directors is being carried out by the use of questionnaires to be filled out
by all Board members -except for the Chairman- and submitted anonymously to the Nomination, Remuneration and
Recruitment Committee. Specifically, the evaluation of the Chairman is focused on the following criteria:
• Relationship management and degree of communication with the Board members and its Committees,
• Communication with executives, shareholders and other stakeholders,
• Ability to coordinate collective discussions,
• Ensuring that the Board members are provided with correct and timely information prior to the holding of Board
meetings,
• Demonstration of leadership skills,
• Creation of an environment of "confidentiality" for Board members to raise issues and concerns,
• Promotion of constructive discussion/dialogue and effective decision-making process during Board meetings.
The individual suitability of Board members is being assessed for all Board members, regardless of their capacity, based on
the following criteria:
1. Allocation of sufficient time
2. Adequacy of knowledge, skills and experience
3. Guarantees of good repute and morality; and
4. Independence of judgement and absence of conflicts of interest
With regard to criteria 3 and 4, each Board member submits annually, inter alia:
➢ A Declaration by the Board Members on the non-existence of conflict of interests/duties
➢ Solemn Declaration pursuant to Article 3 par. 4 of Law 4706/2020 on the non-issuance of a final conviction for loss-
making transactions of the Company
➢ Declaration on the assessment of the reputation, integrity and honesty of Board members according to the
questionnaire included in the Suitability Policy for Board members of the Company (Section V of the Annex “Suitability
Policy”)
Based on the above, a summary table of the collective suitability/effectiveness of the Board of Directors is being completed,
taking into account the individual self-assessments of Board members, the evaluation of the collective suitability of the
Board of Directors, as well as the supporting documentation for the individual suitability, focusing mainly on the following
issues:
• Suitability of the BoD for the exercise of its responsibilities
• Suitability of the composition of the Board of Directors for the management of the Company and balanced
decision-making,
• Collective suitability of members for decision-making and monitoring of the operation of the Company as a whole,
• Board members' expertise in key areas of knowledge,
• Level of managerial and administrative skills,
• Understanding of the BoD's areas of responsibility and possession of the necessary skills to exercise management
and oversight of the Company,
• Implementation of the Company's Diversity Policy,
• Ensuring that there is no exclusion, as regards the possibility of selection and election as a member of the Board,
• Meeting the criteria of adequate representation by gender,
• Representation of a wider range of shareholders, who, either individually or in aggregate, represent at least 10%
of the Company's share capital.
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303
Effectiveness of the BoD Committees
The evaluation of the BoD Committees focuses on the achievement of their objectives through the necessary combination
of knowledge and skills of their members, as well as on the effective performance of their duties, such as:
• their role and the fulfilment of their duties, as defined in their Rules of Procedure,
• effective supervision of the implementation of their decisions,
• effective organisation of meetings,
• effective cooperation between the members of the committees,
• effectiveness of the committees' communication with the BoD, the company's executive management and other
stakeholders,
• providing effective support to the BoD and keeping it informed of its work.
In evaluating the performance of the BoD committees, the respective Chairpersons of the BoD committees are responsible
for organising the evaluation of their committees and submitting the results to the Nomination, Remuneration and
Recruitment Committee.
Based on the Policy and Procedure for the Evaluation of the Suitability and Effectiveness of the Board of Directors of PPC
S.A. and its Committees, the periodic evaluation of the individual and collective suitability and effectiveness of the Board
of Directors is carried out on an annual basis. The annual evaluation is carried out either by the Company’s BoD, under the
supervision of the Nomination, Remuneration and Recruitment Committee or by an external consultant, following a
decision of the Company's BoD, upon the recommendation of the NRRC. The results of the annual evaluation of the Board
of Directors and its committees for the financial year 2024 shall be published in the Corporate Governance Statement for
the year 2025.
9) External professional commitments of the members of the Board of Directors
The external professional commitments of the BoD members are presented in the table below:
Board Member
Profession
Participation as Board member of
companies outside PPC Group
or non-profit Organisations (in any
capacity e.g. Independent Member,
Executive Member, Independent Non-
Executive Member, etc.)
Participation as Board member of other
companies inside PPC Group
Georgios Stassis
Civil Engineer
- Eurelectric – the European Union of
the Electricity Industry (Vice
Chairman of the BoD)
- Board Member at the HELLENIC
AMERICAN CHAMBER OF COMMERCE
Member of the Board of Directors of the
following companies:
PPC S.A. SUBSIDIARIES (100%) [Domestic
and Foreign]
- PPC FIBERGRID (Chairman of the
BoD from 28.6.2023 to 28.6.2026)
- PPC Renewables S.M.S.A. (Chairman
of the BoD from 9.9.2022 to 9.9.2025
)
- NEXT GEN RETAIL SERVICES
ILEKTRIKON PLIROFORIKIS
TILEPIKOINONION KAI ASFALISTIKON
DIAMESOLAVITON SINGLE MEMBER
SOCIETE ANONYME (Chairman of the
BoD from 10.4.2024 to 10.4.2029)
- PPC Belgium (Chairman of the BoD
since 20.10.2023 and for an indefinite
term)
- PPC Italia (Chairman of the BoD since
20.11.2024 and for an indefinite term)
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304
Board Member
Profession
Participation as Board member of
companies outside PPC Group
or non-profit Organisations (in any
capacity e.g. Independent Member,
Executive Member, Independent Non-
Executive Member, etc.)
Participation as Board member of other
companies inside PPC Group
PPC S.A. AFFILIATED COMPANIES (<
100%) [DOMESTIC AND FOREIGN]
-ALEXANDROUPOLIS ELECTRICITY
PRODUCTION S.A. (Board Member from
26.1.2023 to 12.12.2024)
71
.
-HELLENIC HYDROGEN S.A. (CHAIRMAN
OF THE BOARD OF DIRECTORS from
9.9.2024 to 9.9.2027)
-PPC – Public Power Corporation
Romania S.A. [Holding] (Chairman of the
BoD from 25.10.2023 to 25.10.2027)
+++PPC SUBSIDIARIES – Public Power
Corporation Romania S.A.
#Retele Electrice Muntenia S.A.
(Chairman of the BoD from 8.12.2023 to
30.11.2024)
72
#Retele Electrice Dobrogea S.A.
(Chairman of the BoD from 8.12.2023 to
30.11.2024)
73
#Retele Electrice Banat S.A. (Chairman of
the BoD from 8.12.2023 to 30.11.2024)
74
-- PPC (Public Power Corporation
Romania S.A.) (Chairman of the BoD
from 15.03.2023 to 15.03.2025)
-Public Power Corporation Finance PLC
(Board Member since 11.11.2019 for an
indefinite term)
Pyrros Papadimitriou
Attorney-at-law &
Economist, Professor
at University of
Peloponnese
KMOP Policy Center ASBL (Co-founder of
a non-profit research center in Belgium)
Georgios Karakousis
Engineer
-
- Energy Delivery Solutions (EDS) AD
Skopje (BoD Chairman)
- Kotsovolos
- PPC ENERGIE S.A.
71
Resignation and constitution of a new BoD on 12.12.2024 (GE.MI Registration Code Number 5279794/11.02.2025).
72
November 30
th
, 2024 is the date of completion of the merger process of the three (3) Romanian companies (Retele Electrice, Muntenia,
Retele Electrice Banat and Retele Electrice Dobrogea). From 30.11.2024 onwards, a distribution company under the trade name "Retele
Electrice Romania S.A." operates in Romania.
73
See footnote no. 4.
74
See footnote no. 4.
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305
Board Member
Profession
Participation as Board member of
companies outside PPC Group
or non-profit Organisations (in any
capacity e.g. Independent Member,
Executive Member, Independent Non-
Executive Member, etc.)
Participation as Board member of other
companies inside PPC Group
Alexandros Paterakis
IT Consultant
PPC S.A. Subsidiaries (100%) [DOMESTIC
AND FOREIGN]
- PPC RENEWABLES S.M.S.A. (Board
Member from 9.9.2022 to 9.9.2025).
- CARGE S.M.S.A. (Chairman of the BoD
from 22.7.2024 to 19.12.2025)
- DEI OPTIKES EPIKOINONIES SINGLE
MEMBER SOCIETE ANONYME (Vice-
Chairman of the BoD from 28.6.2023 to
28.6.2026).
- OLYMPUS ARTIFICIAL INTELLIGENCE
(ΑΙ) SINGLE MEMBER SOCIETE
ANONYME (Chairman and Chief
Executive Officer from 30.7.2024 until
the first Ordinary General Meeting).
- NEXT GEN RETAIL SERVICES
ILEKTRIKON PLIROFORIKIS
TILEPIKOINONION KAI ASFALISTIKON
DIAMESOLAVITON SINGLE MEMBER
SOCIETE ANONYME (Board Member
from 10.4.2024 to 10.4.2029).
-PPC e- Money Services SINGLE MEMBER
SOCIETE ANONYME (Chairman of the
BoD from 01.11.2024 to 01.11.2027).
PPC S.A. AFFILIATED COMPANIES
(<100%) [DOMESTIC AND FOREIGN]
- HELLENIC ELECTRICITY DISTRIBUTION
NETWORK OPERATOR S.A. (Non-
Executive Member of the BoD from
28.9.2022 to 24.4.2024
75
).
- DATA IN SCALE SOCIETE ANONYME
(Chairman of the BoD from 16.9.2024
until the first Ordinary General Meeting).
- PPC (Public Power Corporation)
ROMANIA S.A. (Non-Executive Member
of the BoD from 15.3.2023 to
15.3.2025).
75
Replacement of Mr. Paterakis by a new Member by Resolution of the Extraordinary General Meeting held on April 24
th
, 2024 – Formation
of the new BoD into a body on 25.4.2024 based on the announcement to the GE.MI with Registration Code Number 4150222/26.4.2024.
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306
Board Member
Profession
Participation as Board member of
companies outside PPC Group
or non-profit Organisations (in any
capacity e.g. Independent Member,
Executive Member, Independent Non-
Executive Member, etc.)
Participation as Board member of other
companies inside PPC Group
- EMC SUBSEA CABLE CO. LTD (Board
Member since 28.3.2023 for an
indefinite term).
Grigorios Dimitriadis
Engineer
CEO AND MEMBER OF THE BOARD OF
DIRECTORS OF GROWTHFUND
BOARD MEMBER OF THE HELLENIC
CORPORATE GOVERNANCE COUNCIL
(HCGC)
BOARD MEMBER OF THE HELLENIC
CENTRE FOR DEFENCE INNOVATION
(ELKAK)
Alexandros Fotakidis
Economist
Member of the Board of Directors of the
following companies:
ETHNIKI SA
SKROUTZ INTERNET SERVICES S.A.
VIVARTIA HOLDINGS S.A.
HIPPOCRATES HOLDINGS JERSEY LIMITED
VENETIKO HOLDINGS S.àr.l.
SAIGA S.àr.l.
ETHNIKI HOLDINGS S.àr.l.
HELLENIC HEALTHCARE S.àr.l.
Chairman of the BoD of the following
companies:
BARBA STATHIS S.A.
M. ARABATZIS S.A.-HELLENIC DOUGH
CVC ADVISERS GREECE S.A.
Maria Psillaki
Economist, Professor
at the Department of
Economics of the
University of Piraeus
Member of the BoD of the Hellenic
Investors Association-(SED), Non-profit
Association
-
Despina Doxaki
Attorney-at-law
Head of Legal Services
at the Financial
Stability Fund (until
31.12.2024)
ATTICA BANK, Non-Executive Member of
the BoD
Stefanos Kardamakis
Mechanical Engineer,
Director of the
Conbluk Ship
Management
Corporation
-
-
Christos-Stergios
Glavanis
Certified Public
Accountant
W S Karoulias S.A.
Buyapowa Limited UK
Effergy Limited. UK
-
Charikleia Sinaniotou
Attorney-at-law
-
-
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307
10) Number of shares held by the members of the BoD (Article 18, par. 3 of Law 4706/2020) on 31.12.2024
Member
BoD Position
Number of Shares
owned as of
31.12.2024
Georgios Stassis
Chairman & Chief Executive
Officer, Executive Member
55,680
Pyrros Papadimitriou
Vice Chairman of the BoD
Independent, Non-Executive
Member
0
Georgios Karakousis
Deputy Chief Executive
Officer, Executive Member
26,942
Alexandros Paterakis
Deputy Chief Executive
Officer, Executive Member
26,747
Grigorios Dimitriadis
Non-Executive Member
0
Alexandros Fotakidis
Non-Executive Member
0
Maria Psillaki
Independent, Non-Executive
Member
0
Despina Doxaki
Independent, Non-Executive
Member
0
Stefanos Kardamakis
Independent, Non-Executive
Member
0
Charikleia Sinaniotou (since
30.4.2024)
Independent, Non-Executive
Member
0
Christos-Stergios Glavanis (since
30.4.2024)
Independent, Non-Executive
Member
9,300
The number of the Company’s shares held by the members of the Audit Committee, non-members of the Board of Directors
(Third parties)
Member
BoD Position
Number of Shares
owned as of
31.12.2024
Evangelos Angeletopoulos
Audit Committee Member -
Non-BoD Member (third
party)
0
Nikitas Glykas
Audit Committee Member -
Non-BoD Member (third
party)
0
The number of Company shares owned by the Executives of the Company are listed below in Annex 2 hereof.
11) Remuneration Policy for the Members of the Board of Directors
The Company has established and applies a Remuneration Policy (hereinafter referred to as "the Policy") which is submitted
for approval to the General Meeting of the Company’s Shareholders and defines the framework according to which the
remuneration of the Members of the Board of Directors of the Company is determined.
The Remuneration Policy takes into account the relevant best practices for listed companies and is based on Law
4548/2018, on Law 4706/2020, the relevant provisions of PPC S.A. Articles of Incorporation, as well as on the provisions of
the Corporate Governance Code adopted and applied by the Company.
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308
The Remuneration Policy of the Company was approved by the Resolution of the Extraordinary General Meeting of
shareholders on 14.12.2022 and since then was amended as follows:
1. by resolution of the Extraordinary General Meeting of Shareholders held on 14.12.2023 and
2. by resolution of the Extraordinary General Meeting of Shareholders held on 30.4.2024, mainly with regard to the
Stock Award Programme.
Scope
The Policy is applied in the PPC Group following decisions of the respective corporate bodies with the necessary
adjustments. With regard to the remuneration of the members of the Company’s Board of Directors, executive and non-
executive, it is approved by the General Meeting of the Company.
Purpose
The Policy is in tune with the requirements of the new operating framework of the Company, which is being transformed
from a single vertically integrated public company focusing on the electricity generation from solid fuels, to a multinational
group of many private sector companies operating in all individual competitive energy markets and even beyond.
The purpose of the Remuneration Policy is to contribute to the implementation of the Company's business strategy, to
serve its long-term interests, as well as to contribute to its sustainability by establishing a remuneration framework that a)
favours their alignment with short-term and long-term corporate targets, b) supports team spirit and efficiency, c)
recognises their efforts and the level of their contribution to its results, so that the Group will continue to create added
value for its customers, shareholders, employees, and the Greek Economy. The Policy has been designed in such a way as
to be fair with respect to the salary and working conditions of all employees and to align the remuneration of the employees
subject to this policy with the interests of the shareholders.
The full text of the current Remuneration Policy of PPC S.A. and its annexes are available on the Company’s official website
https://www.ppcgroup.com/el/omilos-dei/etairiki-diakivernisi/kodikes-kanonismoi-kai-politikes/.
The sum of the remuneration granted to the BoD members during the financial year 2024 is included in the 2024
Remuneration Report, which will be posted on the Company’s website as soon as the required approvals by the competent
bodies are received.
The full text of the Remuneration Report of the Board of Directors for the financial year 2024, in accordance with the
provisions of Article 112 of Law 4548/2018 as well as the Remuneration Policy, will be submitted for approval to the
Ordinary General Meeting of shareholders to be held within 2025, for the approval of the financial results of the financial
year 2024.
12) Disclosure of direct and indirect conflicts of interest
The Company implements a Conflict of Interest Policy. Through this Policy, the Company seeks to provide support,
information and guidance to all personnel (Senior Management personnel and employees) on the principles and rules for
the prevention or management of conflict of interest situations and the way of application of these principles and rules.
PPC implements appropriate mechanisms and procedures for the timely identification of conflicts, both prior to the
undertaking of duties by its executives, as well as during the performance of their duties.
In accordance with the above Policy, all members of the BoD of the Company and any third person discharging duties
should notify, through the BoD Secretariat in a timely, adequate and written manner, the other members of the BoD of any
direct or indirect conflict of interest which they are aware of and which has arisen from the Company's transactions and/or
during the performance of their duties.
When the BoD is informed of the existence of direct or indirect conflict of interest or decides, following relevant notification
by the involved/interested member of the BoD, that such a conflict exists, the interested party/BoD member involved in
the relevant transaction is not entitled to vote on the issues where there is direct or indirect conflict of interest ("abstention
rule"). In these cases, decisions are made by the other members of the BoD.
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309
At each meeting of the BoD (and the Committees of the BoD), and before the initiation of the discussion of the items on
the agenda, the Secretariat reminds the participating members of the BoD of the relevant "abstention rule".
The Secretariat of the BoD (under the PPC Group Boards of Directors Operation Department) prepares a register of conflicts
of interest reported by the members of the BoD, which is constantly updated. The information contained in this register is
sufficiently detailed to allow proper understanding of any conflict of interest situation and shall be made available to the
Audit Committee and the Chief Legal & Governance Officer PPC Group upon request.
Throughout the financial year 2024 the "abstention rule" was applied in three (3) meetings of the Board of Directors, where
the members of the Board of Directors with potential conflicts of interest did not vote on seven (7) items of the agenda.
13) Verification of the fulfilment of the independency criteria of the Independent Non-Executive members of the Board
of Directors
The Board of Directors with the support of the Nomination, Remuneration and Recruitment Committee, in cooperation
with the Competent Services and in compliance with Article 9 par. 3 of Law 4706/2020, ascertained that the independency
criteria, as these are laid down in Article 9 par. 1 and 2 of Law 4706/2020 applied to the Independent members of the BoD
for the financial year 2024 are met.
14) Communication with shareholders and other stakeholders
The Company places great emphasis on the communication and cooperation with stakeholders. The aim of the Company’s
Board of Directors is to create the conditions for an ongoing interactive dialogue with stakeholders, in order to understand
the impact of the Company’s activity and improve its performance, taking into account the opinions, concerns, needs and
suggestions of all stakeholders that it affects and that affect it, in the decision making and the development of its strategy.
In this context, the Company has developed communication mechanisms with the shareholders and other stakeholders
aiming to understand their interests, so as to take them into account in BoD discussions and decision-making.
In particular:
Communication with the shareholders and the investor community
PPC S.A. pursues a continuous and active communication with its Shareholders and Bondholders in order to facilitate the
exercise of their rights, as well as with the wider Investor Community in order to increase the level of understanding
regarding the Group's activities and strategic plan. In this context, PPC S.A. adopted the Procedure for Communication with
Shareholders and the Investor Community.
The Company's communication with the aforementioned stakeholders is conducted in accordance with the EU and national
regulations, as well as with international best practices and aims at ensuring their active participation, the enhancement
of transparency between the Company and its investors, the equal and regular communication between the shareholders
and the Management and the equal handling of their interests.
For this purpose, the Company has developed appropriate structures and procedures facilitating the ongoing
communication with shareholders and the investor community in general.
In particular, the Company, through the Investor Relations Division, aims at the continuous upgrading of its presence and
the Group/Corporate image in the investor community and the optimal management of its relations with shareholders,
investors, as well as supervisory bodies.
In this context, the Investor Relations Division, inter alia, prepares and conducts on a regular basis presentations, workshops
and other communication activities (roadshows, teleconferences, one to one meetings) in Greece and abroad, with the
participation of Senior Management (CFO and/or CEO).
The Investor Relations Division also supervises the Shareholder Service Unit and the Corporate Announcements Unit, which
is responsible for the direct and equal briefing of shareholders, as well as for their support in the exercise of their rights,
under the applicable legislation and the Company's Articles of Incorporation.
The Investor Relations Division regularly informs the Senior Management, including the Chairman of the Board of Directors
of PPC and the Chief Executive Officer about the requests and comments of shareholders, institutional investors, proxy
advisors, as well as about the assessments and reports of analysts that are observing PPC S.A.
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Furthermore, the Company provides adequate and equal briefing of its shareholders and the investor community in general
through its website (www.ppcgroup.com) and this information is available both in Greek and English. The Investor Relations
Division in collaboration with the Corporate Affairs & Communication Group Function of the Company forwards issues of
interest to investors (e.g. participation in Capital Markets Day) and, at the same time, posts such issues on its website and
social media, especially in Facebook, Instagram, Linkedln, Youtube etc.
PPC, by adopting corporate governance best practices for the General Meetings, has the capability of remotely conducting
all the General Meetings of shareholders via teleconference, enabling each shareholder (natural person or institutional
investor) to participate, express its views and vote.
Finally, PPC’s shareholders may also submit, inter alia, proposals for the election of new members on the Board of Directors.
In accordance with the Company's Suitability Policy, the above proposals accompanied by the necessary information, as
specified in the aforementioned Policy, which will allow the evaluation of the suitability of the nominated persons, shall be
submitted to the Nomination, Remuneration and Recruitment Committee at least seven (7) days prior to the General
Meeting that will decide the appointment of the members, in order to ensure that the evaluation of the nominated persons’
suitability is as exhaustive as possible.
It is further noted that, as provided for in the Suitability Policy for the members of the Board of Directors of the Company
(Article 12 paragraph 4 “Diversity, equality and adequate gender representation”), the Company shall encourage the
representation on the BoD of a broader range of shareholders, who, either individually or collectively, hold at least 10% of
its share capital.
The above section is a summary of the documented "Shareholders & Investors Engagement Process" implemented by the
Investor Relations Division. This process is expected to be approved by the competent corporate body and will be posted
on the Company's website.
Constructive dialogue with other stakeholders
PPC Group conducts a materiality analysis every two years, or whenever required, in order to prioritise the material topics
for the Company with the participation of all stakeholders as well. The results of the materiality analysis are also taken into
account in the formulation of the Group's Sustainability Strategy by the Sustainability Committee.
In 2024, the Group conducted a Double Materiality analysis, as defined in the CSRD Directive and the European
Sustainability Reporting Standards (ESRS). In line with the specifications of the European sustainability standards, the
impacts arising from the Group's activities that affect or may affect the environment, society, the economy and human
rights, as well as the way in which the Group is affected or may be affected by sustainable development issues (risks and
opportunities) were assessed. Following the European Standards, the double materiality exercise at Group level was carried
out in four stages:
1) Understanding the significant sustainability issues,
2) Identifying the relevant impacts, risks and opportunities,
3) Assessing the results of the double materiality analysis,
4) Identifying the material topics.
During the second stage, the plan to involve the Group's internal stakeholders (Subject Matter Experts) in assessing the
impact of sustainability issues was developed. In particular, the materiality analysis examined the entire value chain of the
Group, based on the most recent trends and challenges in the wider socio-economic environment in which they operate,
as well as a series of international and industry standards for sustainable development, initiatives and data sources. In
addition, the results of the benchmarking analysis of peer companies at European and national level regarding the critical
sustainability issues identified for the responsible operation and implementation of their strategy, were used.
At the initiative of the People and Organisation Group Function, employee surveys are carried out at regular intervals, the
results of which are used appropriately in order for the Company to focus its efforts on the areas that will have the greatest
added value, aiming to create an excellent working environment that will ensure its optimal and smooth operation.
Finally, in the context of development of actions that contribute to the shaping of the corporate culture, in 2024 the People
and Organisation Group Function continued the "Corporate Culture Programme" for the shaping and strengthening of the
Company's work culture, in alignment with the strategic objectives and vision of the PPC Group.
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B. Audit Committee
1. Composition and Functioning - term of office of members
The Audit Committee of PPC S.A. operates within the framework of the provisions of Article 44 of Law 4449/2017, as in
force, and Article 10 of Law 4706/2020 "on corporate governance," as well as the provisions of secondary legislation, such
as the relevant circulars and decisions of the Hellenic Capital Market Commission (HCMC) as in force from time to time
(indicatively, circulars/letters 1302/28.04.2017, 1508/17.7.2020, 427/21.02.2022, 428/21.02.2022, 784/20-03-2023) of the
Directorate of Listed Companies of the HCMC.
The Audit Committee is responsible for monitoring the financial reporting processes, effectively operating the internal
control system and the risk management system, as well as for supervising and monitoring the performance and
independence of the Chartered Auditors – Accountants. Its purpose is to assist the Board of Directors in fulfilling its duties
and responsibilities vis-a-vis the shareholders, the investor community and third parties, and particularly to ensure
integrity, objectivity, adequacy, and efficiency of the following:
a) The process of the submission of both the financial report and the sustainability report and in particular the financial
reporting process and the process of the statutory audit of the individual and consolidated financial statements by
independent Chartered Auditors – Accountants,
b) The corporate governance, risk management, quality assurance and internal control systems,
c) The Group Internal Audit Function, which it oversees and
d) the Company’s Procurement function.
The Audit Committee of PPC S.A. according to the Resolution of the Extraordinary General Meeting of the shareholders on
30-4-2024, constitutes an independent "mixed" committee, consisting of four (4) members from the Independent Non-
Executive Members of the Board of Directors of the Company and two (2) Non-Members of the Board of Directors (third
parties), independent of the Company within the meaning of the provisions of Article 9 of Law 4706/2020.
67% 33%
Composition of the Audit Committee 31.12.2024
Independent Non Executive Members
Independent Non Board Members
67% 33%
Gender Diversity - AC 31.12.2024
Male Female
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Following the election of Mr. Christos-Stergios Glavanis as Independent Non-Executive Member of the Board of Directors
by the EGM of the Company's Shareholders on 30.04.2024, the confirmation of the type of the independent "mixed" Audit
Committee of the Company, consisting of Members and Non-Members of the Board of Directors, as well as the redefinition
of its composition, the Audit Committee of the Company was formed into a body on 20.12.2024 as follows:
Maria Psillaki
Independent Non-
Executive Member of
the BoD
Chair of the Audit
Committee
Term of office ending on: 10.9.2025 (the
ipso iure extension due to expiry of the
term of office until the next Ordinary
General Meeting (initial term of office on
17.12.2021 to 16.12.2024)
Despina Doxaki
Independent - Non-
Executive Member of
the BoD
Member
With a three-year term of office, namely,
from 29.6.2022 until 28.6.2025.
Stefanos Kardamakis
Independent - Non-
Executive Member of
the BoD
Member
With a three-year term of office, namely,
from 22.8.2022 until 21.8.2025
Christos-Stergios Glavanis
Independent - Non-
Executive Member of
the BoD
Member
With a three-year term of office, namely,
from 14.12.2022 until 13.12.2025.
Evangelos Angeletopoulos
Non-Member of the
BoD
Member
With a three-year term of office, namely,
from 8.5.2023 until 7.5.2026
Nikitas Glykas
Non-Member of the
BoD
Member
With a three-year term of office, namely,
from 8.5.2023 until 7.5.2026
It is noted that two (2) of the aforementioned Members of the Audit Committee, namely Ms. Maria Psillaki and Mr.
Christos-Stergios Glavanis, pursuant to Article 44 of Law 4449/2017, as amended by Article 74 of Law 4706/2020 and
is in force, have sufficient documented knowledge and experience in auditing or accounting.
2. Curricula Vitae of the members of the Audit Committee
For the sake of completeness, the curricula vitae of the Audit Committee members are listed below:
The curricula vitae of Ms. Maria Psillaki, Ms. Despina Doxaki, Christos Glavanis and Mr. Stefanos Kardamakis, are presented
in detail in Section VI.A.3 of this Statement. The curricula vitae of non-members of the Board of Directors who are members
of the Audit Committee are listed below:
Evangelos Angeletopoulos, Non-Member of the BoD, Member of the Committee
Mr. Evangelos Angeletopoulos is a C-Level Executive with forty (40) years of broad involvement and experience in many
facets of management and operations as an executive, researcher, business consultant, professor, mentor and
analyst/author. He directed a series of special projects with a high degree of difficulty and complexity, which cover a wide
spectrum of business activities and requirements in companies and organisations, heavy industry, commerce, FMCGs, and
provision of services, in both the public and private sector.
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Nikitas Glykas, Non-Member of the BoD, Member of the Committee
Mr. Nikitas Glykas holds a Bachelor of Science in Physics from the University of Athens and postgraduate degrees from
Lancaster University and Harvard University. He started his career at MOBIL OIL (1992-1999) and has served as Regional
Manager for Eastern Europe at MAILLIS SA (1999-2005).
From 2006 until 2009 as a CEO and Member of the Board of Directors of SHELMAN SA, he led the operational restructuring
of the company, achieving significant results despite the challenges of the global recession in the wood industry.
Since 2009, Mr. Glykas has served in various senior leadership positions within the HTC Group. In October 2015, he took
up the position of President of MEA based in Dubai. With an extensive international experience and deep knowledge of
European and Middle Eastern markets, he has managed multinational teams, achieving outstanding results by redefining
business strategies and objectives, both in times of growth and recession.
In 2023, he joined 'The Hotelier PC' as Senior Strategist, supporting the company's specialised activities in the hospitality
sector.
Since 2019, he has been Vice President of XRSPACE Co LTD based in Taiwan and since 2016 he has been an Independent
Non-Executive Board Member at Thrace Plastics Group.
3. Responsibilities of the Audit Committee
The responsibilities of the Audit Committee of PPC S.A. in accordance with the requirements of Article 44 of Law 4449/2017,
as in force, are as follows:
• monitoring the external audit process and informing the BoD about its results.
• monitoring the financial reporting process and submitting suggestions or proposals to ensure its integrity.
• overseeing the selection of chartered auditors - accountants or audit firms and reviewing their independence.
• monitoring, reviewing and evaluating the corporate governance, quality assurance and internal control systems.
• monitoring, reviewing and evaluating the award procedure for contracts on works, supplies and services.
In accordance with the Rules of Procedure of the Audit Committee, the Committee’s activity is periodically evaluated under
the diligence of its Chairman, regarding the organisation of its conduct.
The purpose, responsibilities, and functioning of the Audit Committee are described in detail in its Rules of Procedure,
which is posted on the Company's website https://www.ppcgroup.com/el/omilos-dei/etairiki-diakivernisi/organosi-
etaireias/epitropes-ds/epitroph-elegchou/
4. Frequency of Audit Committee Meetings and participation of members
In 2024, the Audit Committee met twenty (20) times. The number of participations of each member in the meetings of the
Audit Committee is presented in the following table:
Member
Position in
Committee
Number of Meetings
attended by members in
2024
Percentage of each
member's
Participation in the
Meetings of the Audit
Committee
Maria Psillaki
Chair of the Audit
Committee
20/20
100%
Despina Doxaki
Member
15/20
75%
Stefanos Kardamakis
Member
19/20
95%
Christos-Stergios Glavanis
Member
20/20
100%
Evangelos
Angeletopoulos
Member
20/20
100%
Nikitas Glykas
Member
20/20
100%
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5. Report on the Activities of the Audit Committee for the financial year 2024
According to the document with Reg. No 427/21-02-2022 of the Hellenic Capital Market Commission "Questions and
Answers regarding the provisions of Article 44 of Greek Law 4449/2017 on the Audit Committee", "The annual report should
be issued together with the Company's annual financial report and is recommended to be a separate part of its content”.
In full compliance with the guidelines of the Hellenic Capital Market Commission, in accordance with the above, the final
text of the Report on the Activities of the PPC’s Audit Committee for the financial year 2024 is set out in Annex 3 of this
Statement.
C. Nomination, Remuneration & Recruitment Committee
1. Composition and Functioning - term of office of members
Pursuant to Articles 10, 11 and 12 of Law 4706/2020, the Company’s Articles of Incorporation and the Rules of Operation,
the Company has established the Nomination, Remuneration & Recruitment Committee (hereinafter and for the sake of
brevity, “the NRRC”), which is set up by decision of the Board of Directors. The purpose of NRRC is to assist the BoD in
matters specifically defined in Articles 10, 11 and 12 of Law 4706/2020, subject to Articles 109 to 112 of Law 4548/2018
and in accordance with the provisions of Articles 3 and 14 of Law 4706/2020, as well as the circular no. 60/2020 of the
Hellenic Capital Market Commission.
The NRRC of PPC S.A. consists of three (3) non-executive members of the Board of Directors, who are independent of the
Company within the meaning of the provisions of Law 4706/2020.
Specifically, the Company’s Board of Directors, which was elected by the Ordinary General Meeting of the Shareholders on
29 June 2022 and was formed into a Body during its meeting on 5 July 2022, decided, by its Decision no. 80/5-7-2022,
according to the Law, the Articles of Incorporation and the Rules of Procedure of NRRC, to appoint as members of the NRRC
the Independent Non-Executive Members of the Board of Directors, Mr. Pyrros Papadimitriou, Ms. Despina Doxaki and Mr.
Stefanos Theodoridis and determine their respective capacities, for a three-year term of office coinciding with their
corresponding term as Members of the Board.
100%
Composition of the Nomination, Remuneration and Recruitment Committee
31.12.2024
Independent Non Executive Members
33% 67%
Gender Diversity - NRRC 31.12.2024
Male Female
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Subsequently, and following the resignation of Mr. Theodoridis on March 1
st
, 2024, the Board of Directors of the Company
reappointed by its Decision no 9/12-03-2024 the members of the NRRC as well as their capacities as follows: Pyrros
Papadimitriou, Chairman of the NRRC, Despina Doxaki, Member and Stefanos Kardamakis, Member.
Then, the Company’s Board of Directors by its Decision no 42/20-05-2024, decided the reconstitution of the NRRC by
appointing Ms. Charikleia Sinaniotou, Independent Non-Executive Member of the Board of Directors, as a member of the
NRRC, replacing Mr. Stefanos Kardamakis, Independent Non-Executive Member of the Board of Directors, for the
remainder of his term of office, namely until 21-08-2025, as well as the reformation into body of the Committee.
Following the above, the current composition of the NRRC is as follows:
Member
Role
Term of office
starting on
Term of office
ending on
Pyrros Papadimitriou
Independent - Non-Executive
Member of the BoD, Chairman
of the NRRC
22-08-2022
21-08-2025
Despina Doxaki
Independent - Non-Executive
Member of the BoD, Member of
the NRRC
29-06-2022
28-06-2025
Charikleia (Claire) Sinaniotou
Independent - Non-Executive
Member of the BoD, Member of
the NRRC
20-05-2024
21-08-2025
2. Curricula Vitae of the members of the NRRC
The Curricula Vitae of the members of the Nomination, Remuneration & Recruitment Committee are set forth in Section
VI.A.3 of this Statement.
3. Responsibilities of the NRRC
The main responsibilities of the NRRC are summarised below:
Responsibilities concerning matters pertaining to Recruitment, Remuneration & Incentives
The NRRC shall make recommendations to the BoD for the following:
o the definition of a policy for the recruitment of permanent personnel, within the framework of the Company's Business
Plan, to be approved by the Board of Directors,
o the establishment of a procedure for the recruitment of the senior managers and managers,
o the drawing up of the Company's remuneration policy, pursuant to Articles 110-112 of Law 4548/2018, as applicable,
o the remuneration of the persons falling within the scope of the remuneration policy, to be approved by the General
Meeting,
o the examination of the information contained in the final draft of the annual remuneration report, and the provision
of its opinion to the Board of Directors, prior to the submission of the report to the General Meeting, in accordance
with Article 112 of Law 4548/2018.
o the review of the report on the degree of achievement of the Chief Executive Officer’s objectives, through which the
degree of achievement of the Group's objectives is confirmed, and its submission to the Board of Directors for final
approval,
o the submission of the annual report on the recruitment of personnel during the previous year to the Company's
General Meeting of shareholders, as provided for in Article 185 par. 3 of Law 4964/2022, as applicable.
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Responsibilities concerning the Nomination of Candidates for Board Members
The NRRC shall identify and recommend to the Board of Directors persons eligible to acquire the Board membership, by
taking into account the criteria defined in the Company's Suitability Policy and considering any impediments and
incompatibilities, as well as the criteria of independence for candidate independent non-executive members of the Board.
Additionally, it periodically evaluates the size and composition of the Board of Directors, submits proposals for the diversity
policy adopted by the Board of Directors, and in general, for the implementation of the provisions of the relevant applicable
legislation.
Responsibilities concerning the assessment and training of the BoD members
The Committee is responsible for the evaluation of the Board of Directors and in accordance with its Rules of Procedure, it
is periodically evaluated under the diligence of its Chairman regarding its activities. Detailed information on the role,
responsibilities and functioning of the Committee is included in the Rules of Procedure of the Nomination, Remuneration
and Recruitment Committee, which is posted on the Company's website (https://www.ppcgroup.com/el/omilos-
dei/etairiki-diakivernisi/organosi-etaireias/epitropes-ds/epitropi-ypopsifiotiton-amoivon-kai-proslipseon/ ).
4. Frequency of meetings, members' participation and main issues dealt with by the NRRC
In 2024, the NRRC met four (4) times. The number of participations of each member in the meetings of the NRRC is
presented in the table below:
Member
Position in Committee
Number of Meetings
attended by
members in 2024
Percentage of each
member's
Participation in the
Meetings of the NRRC
Pyrros Papadimitriou
Chairman of NRRC
4/4
100%
Despina Doxaki
Member
4/4
100%
Charikleia (Claire)
Sinaniotou (Member since
20-05-2024)
Member
2/2
100%
Stefanos Theodoridis
(Member since 1-3-2024)
Member
1/1
100%
Stefanos Kardamakis
(Member from 12-03-2024
to 19-05-2024)
Member
1/1
100%
Executives of the Company attended all meetings of the Committee, upon its invitation, in order to present their views on
matters within their scope of responsibilities.
The main issues dealt with by NRRC in 2024 are summarised as follows:
➢ Nomination of candidates for the election of Board Members /reasoned proposal to the Board of Directors for
the election of Board Members by the General Meeting of Shareholders.
➢ Proposal for amendment to the Remuneration Policy of PPC S.A.
➢ Revision of other Policies/Regulations (Rules of Procedure of NRRC, Suitability Policy and Policy & Procedure for
the Evaluation of the Suitability and Effectiveness of the Board of Directors and its Committees)
➢ The Annual Report of the NRRC for the financial year 2023
➢ Review of the achievement degree of the Chief Executive Officer’s objectives which constitutes final certification
of the achievement degree of the Group’s objectives for the year 2023 and determination of the CEO's objectives
for the year 2024
➢ Verification of the fulfilment of the independency criteria of the Independent Non-Executive Members of the
Board of Directors for the year 2023
➢ Report on the periodic evaluation of the Board of Directors and its Committees for the year 2023
➢ The Annual Remuneration Report for 2023
➢ The Annual Recruitment Report for 2023
➢ Achievement of the objectives related to the 3rd cycle of the PPC S.A. Stock Award Programme to senior
executives and executives of PPC S.A. and PPC Renewables Single Member S.A.
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317
It is noted that during the execution of its tasks, the NRRC had unhindered and full access to any information deemed
necessary for the proper performance of its duties.
D. Other Committees
Executive Committee
An Executive Committee (EC) operates in the Company. Pursuant to the Articles of Incorporation of the Company, as
amended by resolution of the Extraordinary General Meeting of Shareholders on 14.12.2023, the Executive Committee is
composed of the Chief Executive Officer, who is also its Chairman, the Deputy Chief Executive Officers and the Chief Officers
PPC Group, except from the Chief Audit Officer PPC Group due to his capacity as Internal Auditor.
In particular:
Chairman
Chairman & Chief Executive Officer
Members
Deputy CEO - Chief of Conventional Generation PPC Group
Deputy CEO - Chief of RES PPC Group
Deputy CEO - Chief of Energy Management PPC Group
Deputy CEO - Chief of Retail PPC Group
Deputy CEO - Chief of Digital & Advanced Services PPC Group
Chief Finance Officer PPC Group
Chief Legal & Governance Officer PPC Group
Chief People & Organisation Officer PPC Group
Chief Procurement Officer PPC Group
Chief Corporate Affairs & Communication Officer PPC Group
Chief Strategy Officer PPC Group
Chief Mergers & Acquisitions Officer PPC Group
Chief Health, Safety & Environment Officer PPC Group
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318
The Executive Committee of the Company operates in accordance with the decisions of the Board of Directors, ensuring
the necessary collegiality in dealing with the administrative and operational affairs of the company, as well as the
consistency in its operation. In this context, it deals with the important issues related, inter alia, to productivity, the
performance of the units, the organisation and operation of the Group's activities, the budget and the Strategic and
Business Planning. The EC formulates the policy for the selection of senior executives of the Group's subsidiaries.
Procurement Committee
The Company’s Procurement Committee (PC) was established on December 14, 2022 by resolution of the Extraordinary
General Meeting of the Company’s Shareholders. The PC is comprised of the CEO, who acts as its Chairman, the Deputy
CEOs, the Chief Procurement Officer PPC Group, the Chief Legal and Governance Officer PPC Group, and the Chief Finance
Officer PPC Group. The competent Chief Officer for each issue shall participate in the aforementioned Committee’s
meetings as rapporteur.
The PC shall operate in accordance with the decisions of the Board of Directors, ensuring more effective monitoring of the
new Procurement Operation Model, the annual Procurement Plan and the performance of the Company’s suppliers. In this
context, it shall decide on the awarding of contracts on supplies, works, services and in general any kind of financial contract
up to an amount fixed as per case by the Board of Directors. The Procurement Committee shall operate in accordance with
its Rules of Procedure, as approved by the Board of Directors upon recommendation by the CEO.
The Procurement Committee shall accept the awarding of contracts for supplies, works, and services and, in general, any
type of financial contract estimated between €5,000,000 and €20,000,000.
In 2024 the Committee met twelve (12) times and its main issues were the following:
1) Assignments of projects and services, by applying the most appropriate contractor selection procedure, through
open or restricted procedure or without a selection procedure, at the invitation of a supplier
2) Cancellation of award procedures
3) Amendments to Contracts
4) Amicable Settlements
5) Leases
6) Chartering
Risk Committee
The Company has a Risk Committee, which is entrusted with the risk oversight of all the activities of the Company and the
contribution to the development of the Risk Management Corporate Framework, as well as with the monitoring and
reporting of the significant Corporate Risks.
The Risk Committee consists of ten (10) members. More specifically, the Risk Committee is composed of the CEO who is
also its Chairman, the five (5) Deputy CEOs, the Chief Legal and Governance Officer PPC Group, the Chief Finance Officer
PPC Group, the Chief Strategy Officer PPC Group and the Director of the Risk Management Department. The Director of
the Risk Management Department also serves as the Secretary of the Committee and replaces the Chairman of the
Committee in his absence.
64% 36%
Gender Diversity - Executive Committee
Male Female
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319
For the financial year 2024, the Risk Committee held two (2) meetings. Within the scope of its responsibilities, the main
issues dealt with by the Committee are as follows:
• approved the draft disclosures concerning risks and their management,
• was regularly briefed on the progress of the Price Hedging Strategy implementation.
Energy Management Committee
Within 2023, by the Decision no. 61/03.08.2023 of the Board of Directors, the Energy Management Committee was
established.
The Energy Management Committee consists of five (5) members and is composed of the CEO, who is also its Chairman,
the Chief Finance Officer PPC Group, the Deputy CEO - Chief of Energy Management PPC Group, the Director of the Long-
Term Trading Department and the Director of the Market Analysis Department.
The Committee met ten (10) times during 2024, and the main issues it dealt with, within the scope of its responsibilities
are the following:
• The analysis of PPC’s exposure to market risk,
• The hedging mandates that PPC should implement to limit its exposure to risk,
• The latest developments in the energy market in Greece and the EU (market view).
• The activity of developing long-term RES contracts (Power Purchase Agreements - PPAs),
• The update of counterparties and trading limits per counterparty (approval of new counterparties and limits,
removal of existing counterparties, updating of limits of existing counterparties).
Cybersecurity Committee
The Cybersecurity Committee, which was established in 2022 by Decision no. 138/23-11-2022, and consists of the Chief
Executive Officer as Chairman of the Committee, the Deputy Chief Executive Officer of Digital Transformation, as Deputy
Chairman of the Committee, the three (3) Deputy Chief Executive Officers, the Chief Digital Systems Development and
Operation Officer, the Director of the Cybersecurity Department and the Director of the Risk Management Department.
The Cybersecurity Committee is informed on a regular basis about the following:
➢ The proper and effective implementation of the Corporate Information Security Framework.
➢ The management and handling of high-risk and high-impact cybersecurity incidents.
➢ Governance issues (policies and procedures).
➢ Progress in the implementation of the cybersecurity strategy.
Within the financial year 2024, the Cybersecurity Committee met five (5) times and the main issues dealt with are the
following:
➢ Cybersecurity risk management of the Group's companies.
➢ The strategy for establishing and managing policy violations in the Group.
➢ Cybersecurity incidents monitored by the Group's Security Operations Center.
➢ User awareness of cybersecurity issues
➢ Entering into partnerships with third parties
➢ Monitoring the compliance of the Group’s companies with regulatory and legal obligations.
➢ Expanding cybersecurity responsibilities across the Group.
➢ Monitoring the individual targeting of cybersecurity.
Sustainability Committee
Based on the Decision no. 142/9.11.2021 of the Board of Directors, a Sustainability Committee has been established with
representation from the senior management, which shall be responsible for the supervision of Sustainable Development
and for informing the Board of Directors on matters of Sustainable Development/Sustainability. The establishment of this
Committee was carried out in the context of the TCFD (Task Force on Climate-Related Financial Disclosures) action plan,
according to which the risks that the Company will face in performing its activities due to climate change, as well as the
ways to address them, will be assessed.
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The purpose of the Sustainability Committee is at minimum the involvement, understanding and reporting to the BoD of
issues related to the following:
(a) overseeing, coordinating and promoting policies and actions related to Sustainable Development/Sustainability and
Climate,
(b) overseeing the identification, monitoring and management of risks and opportunities related to Sustainable
Development/Sustainability and Climate,
(c) overseeing the establishment, implementation and monitoring of the Sustainability strategy and policy,
(d) overseeing and approving the Sustainability Report and the wider implementation of appropriate non-financial
reporting and ESG (Environment, Society, Governance) disclosure frameworks,
(e) overseeing and monitoring the annual goals related to Sustainable Development/Sustainability, CSV (Creating Shared
Value) and Climate for all Group’s Departments and operational entities, while with respect to HEDNO, monitoring its
business plan in relation to Sustainable Development matters on behalf of the shareholder; and
(f) reporting to the Board of Directors on such matters on a regular basis, with the ultimate objective of further enhancing
the Board’s oversight and awareness on matters of Sustainable Development/Sustainability.
The Sustainability Committee consists of seven (7) members, namely the Chairman & CEO of PPC SA, as Chairman of the
Committee, three (3) Deputy CEOs, the Chief Finance Officer, the CEO of the subsidiary PPC RENEWABLES S.M.S.A., and the
Director of the Sustainability Department, as Secretary of the Committee and Deputy Chairman of the Committee.
In 2024, the Sustainability Committee met three (3) times. The main topics discussed during the meetings are listed below:
1. The Sustainability Report for the year 2023 was presented, the key points of the report and the important indicators
were analysed and the respective findings were discussed.
2. The challenges and requirements for the reporting of non-financial indicators for the next year (2024), as these arise
from the obligation to comply with the CSRD (Corporate Sustainability Reporting Directive) were discussed.
3. The 2023-2026 Sustainability Strategy was presented and the relevant Action Plan and Key Performance Indicators
(KPIs) were approved.
4. The goals in the Environment & Sustainable Development category for the year 2024 (Variable remuneration system
of the Remuneration Policy, Percentage of contribution to the annual variable remuneration of the Environment &
Sustainable Development Category: 10%) as well as the relevant actions implemented for their achievement were
discussed.
5. The Socio-Economic Shared Value (CSV) Action Selection Framework was presented, with a view to organising high
social impact actions, focusing on the communities affected by the Company's activity.
6. The climate-related risks and opportunities assessment was presented
In addition, a Steering Committee has been established to effectively monitor the progress of the implementation of the
2024 Sustainability Report, which is an integral part of the Annual Financial Report. All Chief Officers PPC Group participate
in the Committee, except for the Chief Audit Officer PPC Group, due to his capacity as Internal Auditor, ensuring strategic
guidance on the project, collaboration, facilitation of critical decision making and overall oversight of the progress in the
Report's implementation.
VII Related Parties Transactions Regulation
The Company has a “Related-Party Transactions Regulation” (RPTR), which introduces regulations and internal procedures
for the transparency and monitoring of transactions and contracts of PPC S.A. with the Company’s Related Parties, in order
to strengthen the existing ones, in compliance with Law 4548/2018 (A 104) [Articles 97, 99-101 and 109 paragraph 3], the
Decisions No. 1/434/3.7.2007 and 8/754/14.4.2016 of the Hellenic Capital Market Commission, and the Circular No.
45/21.07.2011 of the Hellenic Capital Market Commission.
This Regulation sets out the rules, procedures and in general the framework for the Company to carry out transactions and
conclude contracts with related parties (related party transactions), i.e., with persons who can exercise control or undue
influence over it.
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With regard to the definition of the personal-subjective scope of application of the RPTR, reference is made to the
provisions of the accounting law and, in particular, to the persons defined in IAS 24. The objective scope of application of
the RPTR covers in principle all transactional relations between the Company and its related parties. Therefore, no
distinction is made between loan and credit agreements/transactions, on the one hand, and "other
agreements/transactions", on the other; on the contrary, all agreements/transactions -irrespective of whether they
concern agreements/transactions from which only benefits for the Company arise- fall under the unified regime of the
Related-Party Transactions Regulation.
Furthermore, the RPTR governs the remuneration of members of the Board of Directors for services they provide to the
Company on the basis of a special relationship, such as, by way of illustration, an employment, project or mandate contract.
The Finance Group Function draws up a specific list in which the details of the related parties are registered and updated
("List of Related Parties"). The list of Related Parties is updated whenever required by the circumstances and in any case at
least once a year, by requesting from the persons directly related to the Company (and/or their legal representatives) to
confirm the information already submitted, including already submitted information which relates to other persons for
whom the directly related parties know or have good reason to believe that they also constitute (indirectly) related parties
to the Company. In addition to the above periodic update, the Finance Group Function may, at any time it deems
appropriate or necessary, request the update of the List.
The Annual Report of the Board of Directors of the Company (Law 3556/2007 as in force) includes the most important
transactions of the Company with related parties, as defined in IAS 24, and at least the transactions between the Company
and each related party that took place during the financial year and which substantially affected the financial position or
performance of the Company during that financial year. (Significant Transactions with Related Parties for the financial year
2024 are set out in the Management Report of the Board of Directors for the financial year 2024 of the Annual Financial
Report 2024).
VIII General Meeting and Shareholders’ Rights
Responsibilities of the General Meeting
In accordance with the Company's Articles of Incorporation, the General Meeting of shareholders is the supreme authority
of the company and shall have the right to adopt resolutions on all matters concerning the Company, unless otherwise
stipulated in the Company’s Articles of Incorporation, and more particularly to decide regarding:
The amendments to the Articles of Incorporation, which also include the increase or reduction of the share capital, subject
to the provisions of Article 6 of the Articles of Incorporation and Article 117 par. 2 of Law 4548/2018, as applicable. The
resolutions concerning amendment to the Articles of Incorporation shall be valid, provided that the relevant amendment
is not prohibited by an express provision of the Articles of Incorporation or by law.
– The election of Board Members, pursuant to Article 9 of the Articles of Incorporation, of the Chief Executive
Officer and of the regular auditors.
– The approval of the overall management as per Article 108 of Law 4548/2018 and the discharge of the auditors.
– The approval of the annual and consolidated financial statements of the Company.
– The distribution of the annual profits.
– The approval of remunerations in accordance with Article 17 of the Articles of Incorporation, as well as the
approval of the Remuneration Policy of Article 110 and the Remuneration Report of Article 112 of Law 4548/2018.
– The issuance of bonded loans convertible into shares, by virtue of those especially provided for in article 71 of
Law 4548/2018 and subject to those provided for in Article 6 of the Articles of Incorporation. The issuance of
bonded loans non-convertible into shares shall be allowed by decision of the Board of Directors.
– The merger, division (demerger), conversion, revival, extension of term or dissolution of the company, and
– The appointment of liquidators.
Any holder of fully paid-up voting shares shall participate in the General Meeting of shareholders of the Company, only to
the extent of the number of shares which he/she holds.
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Convocation of the General Meeting
The General Meeting of the shareholders of the Company shall be convened by the Board of Directors and shall meet at
the seat of the Company and/or at any other venue other than its seat, in accordance with the provisions of Articles 119
and 120 of Law 4548/2018, at least once a year, no later than the tenth (10th) calendar date of the ninth month following
the termination of the financial year in order to adopt resolutions on the approval of the annual financial statements and
the election of auditors (Ordinary General Meeting). The Board of Directors may convene an Extraordinary General Meeting
of the shareholders, whenever this is prescribed by special provisions or whenever the Board considers it appropriate.
The Board of Directors may decide, by virtue of Article 120 par. 3 of Law 4548/2018, as applicable, that General Meeting
shall not convene physically, but upon participation of the shareholders remotely via teleconference by the use of
electronic means provided for under article 125 of Law 4548/2018.
Within ten (10) days from the submission by the auditors of a request to the Chairman of the Board, the Board of Directors
shall be bound to convene the General Meeting of shareholders having as for items on the agenda those listed in the
submitted request.
Invitation to the General Meeting
The Invitation to the General Meeting, with the exception of repeat General Meetings and meetings regarded as such, shall
clearly state at least the venue, date, and time of the meeting, the items on the agenda, the shareholders entitled to
participate, as well as precise instructions about the way the shareholders shall be able to participate in the meeting and
exercise their rights in person or by proxy, or potentially through remote attendance, shall be available in a prominent
place at the registered office of the company and shall be published by posting on the website of the company and the
website of the General Electronic Commercial Registry (G.E.MI), and in any case, as provided for by law each time.
In case of implementation of the potential provided for under Article 20, par. 2 of the Articles of Incorporation, the
Invitation to the General Meeting expressly provides for the possibility of participating in the General Meeting remotely
via teleconference by the use of audio visual or other electronic means, without physical presence of the shareholder on
the venue where the General Meeting takes place, subject to the special terms provided for under article 125 of 4548/2018,
as applicable.
With the exception of the repeat Meetings, the General Meeting shall be convened at least twenty (20) full days prior to
the date set for the meeting. The invitation shall be posted on the Company’s website at least twenty (20) full days prior
to the date of the General Meeting and at the same time it shall be registered with the Company’s section at the G.E.MI as
per law.
The day of publication of the invitation to attend a General Meeting and the day on which such meeting shall be held are
not counted.
Besides the information of par.1 herein, the invitation:
shall include information at least on:
– the shareholders’ rights of par. 2, 3, 6 and 7 of Article 28 of the Articles of Incorporation, stating the time period
within which each right may be exercised, the respective deadlines specified in the above paragraphs of Article
28 of the Articles of Incorporation or, alternatively, the closing date by which such rights may be exercised, on
condition that the detailed information concerning the said rights and the terms of their exercise is posted, with
an explicit reference in the invitation, on the Company’s website www.dei.gr, and
– the procedure for the exercise of the voting right by proxy and more in particular the forms used by the Company
to this end, as well as the means and methods provided for in Article 22 of the Articles of Incorporation, in order
that the Company may receive electronic notifications of any appointment and revocation of proxy holders,
– the procedures regarding the exercise of the voting right via registered mail or email according to those provided
for in Articles 125 and 126 respectively, of Law 4548/2018 and Article 22 of the Articles of Incorporation,
– shall set the record date, as provided for in Article 22 par. 2 of the Articles of Incorporation in accordance with
Article 124 par. 6 of Law 4548/2018, as applicable, pointing out that only those persons having the shareholder
capacity on such date shall have the participation and voting right at the General Meeting,
– shall inform about the location where the full text of documents and draft decisions provided for in cases (c) and
(d) of par. 5 of Article 22 of the Articles of Incorporation is made available, as well as their reception mode,
– shall mention the Company's website address where the information of par. 5 of Article 22 of the Articles of
Incorporation is posted.
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The company shall publish in the media referred to in par. 1 herein a summary of the invitation containing at least the
precise address of the venue, the date and the time of the meeting, the shareholders entitled to participate, as well as an
explicit reference to the address of the company’s website where the full text of the invitation and the information provided
for in article 123 of Law 4548/2018 are posted.
In case of enforcement of Article 141, par. 2 of Law 4548/2018, the publication in the media in accordance with par. 1 of
Article 21 of the Articles of Incorporation shall contain at least a clear indication that any revised agenda shall be posted
on the company’s website and in the media referred to below. Besides the publication in the media under Article 21, par.
1 of the Articles of Incorporation including the Company’s website, the full text of the invitation shall also be published
within the prescribed deadline under Article 21, par. 2 of the Articles of Incorporation, in such a way as to ensure prompt
and non-discriminatory access to it, through media that the Board of Directors considers reasonably reliable for the
effective diffusion of information to the investors, such as especially through printed and electronic media of national and
Europe-wide circulation.
Participation in the General Meeting
Any shareholder shall be entitled to attend and vote at the General Meeting.
Any shareholder who holds and proves his shareholder capacity on the date of the General Meeting shall be entitled to
participate in the General Meeting. In particular, any person holding the shareholder capacity on the commencement of
the fifth (5th) date prior to the date of the initial date of the General Meeting (Record Date) shall be entitled to participate
in the General Meeting. The above Record Date shall apply even in the event of an adjourned or repeat meeting on
condition that the adjourned or repeat meeting is not held later than thirty (30) days from the Record Date. If that is not
the case or if, in the event of a repeat General Meeting, a new Invitation is published in accordance with those provided
for in Article 130 of Law 4548/2018, any person having the shareholder capacity on the commencement of the third (3rd)
day prior to the date of the adjourned or repeat General Meeting shall be entitled to participate in the General Meeting.
The shareholder capacity shall be evidenced by any legal means and in any case based on the information received by the
Company from the Hellenic Central Securities Depository, on condition that the latter provides registry related services.
Shareholders shall participate in the General Meeting either in person or by proxy. Each shareholder may appoint up to
three (3) proxy holders/representatives. Any proxy holder holding proxies by several shareholders may cast votes
differently for each shareholder. The appointment, revocation or substitution of any proxy holder shall be made in writing
or by mail and shall be notified to the Company in accordance with the same procedure as above at least forty-eight (48)
hours prior to the date set for such General Meeting. Legal entities shall participate in the General Meeting by their
representatives.
Ten (10) days prior to the ordinary General Meeting, the Company shall make available to the shareholders the annual
financial statements thereof, together with the relevant reports of the Board of Directors and of the auditors, posting the
relevant information on the Company’s website as specified in par. 1 and 2, of Article 123 of Law 4548/2018.
Each shareholder, for each item on the agenda which allows for open vote, shall be entitled to participate in the General
Meeting via distance voting, registered mail or through electronic means, with the voting being held prior to the General
Meeting, subject to the conditions set out in article 126 of Law 4548/2018.
As of the date of publication of the invitation to the General Meeting and until the date of the General Meeting, at least
the following information shall be posted on the company’s website:
– the notice of Invitation to the General Meeting,
– the total number of shares and voting rights on the date of such Invitation,
– the documents to be submitted to the General Meeting,
– a draft decision for each proposed item on the agenda or in case no decision has been submitted for approval, a
comment by the Board of Directors on each item on the agenda and any draft decisions submitted by the
shareholders, right after being received by the Company, and
– the forms to be used for the exercise of voting rights by proxy.
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Standard Quorum and Majority
A quorum of the General Meeting shall be deemed to be achieved for the proper discussion of the items on the agenda,
when shareholders representing at least one fifth (1/5) of the paid-up share capital are present or represented thereat.
If the quorum referred to in the preceding paragraph is not obtained, the General Meeting shall be held again within twenty
(20) days from the date of the adjourned meeting, following invitation being notified at least ten (10) days prior to the
meeting date. At such repeat meeting a quorum shall be deemed to be obtained in order to duly discuss the items set out
on the initial agenda, regardless of the proportion of the paid-up share capital represented thereat.
A new notice of invitation is not required, in the event that the original notice of invitation states the venue and date of
the repeat meetings provided for by the law, in case a quorum has not been reached, on condition that there is a lapse of
at least five (5) days between the adjourned meeting and the repeat one.
The resolutions of the General Meeting shall be adopted by absolute majority of the votes represented thereat.
Extraordinary Quorum and Majority
Exceptionally, for resolutions involving:
• change in the nationality of the Company,
• modification of the object of the Company,
• issuance of bonded loans convertible into shares, as stipulated in Article 19, par. 1(g) of the Articles of
Incorporation,
• increase of the shareholders' obligations,
• increase of the share capital, subject to the provisions of Article 6 of the Articles of Incorporation, or unless it is
imposed by law or is effected by the capitalisation of reserves,
• decrease of the share capital, with the exception of the case of par 6, of Article 49 of Law 4548/2018, as
applicable, or with the exception of those cases which are regulated in a different manner according to a special
law or to the Company’s Articles of Incorporation,
• change in the manner of profits' distribution,
• restriction or abolition of the pre-emption right of the old shareholders in the cases of and subject to the
conditions set out in Article 27 of Law 4548/2018,
• merger, division (demerger), conversion, revival, extension of term or dissolution of the company,
• granting or renewing of powers to the Board of Directors for the increase of the share capital or the issuance of
a bonded loan in accordance with the provisions of Article 6 par. 2(b) of the Articles of Incorporation, and
• any amendment to Αrticle 24 of the Articles of Incorporation “Extraordinary Quorum and Majority” and in any
other case specified by the law.
The Meeting has quorum and legally meets to discuss the items set out in the agenda, when shareholders representing one
half (1/2) of the paid-up share capital are present or represented thereat.
If the said quorum is not obtained, a repeat General Meeting shall be convened in accordance with the provisions of
paragraph 2, article 23 of the Articles of Incorporation, which is in quorum and validly deliberates on the items set out in
the initial agenda, when at least one fifth (1/5) of the paid-up share capital is present or represented thereat.
A new notice of invitation is not required on condition that the venue and time of the repeat meetings, as provided for by
law, are set in the initial invitation, and that at least five (5) days elapse between each adjourned meeting and each repeat
one.
The resolutions stipulated in par. 1 of Article 24 of the Articles of Incorporation shall be made by a two- third (2/3) majority
of the votes represented thereat.
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Chair to the General Meeting
The Chairman of the Board of Directors shall preside, provisionally, as Chairman at the General Meeting. If he/she is unable
to perform his duties, he/she shall be replaced by his substitute. Secretarial duties at the General Meetings shall be
performed, provisionally, by a person appointed by the Chairman.
Following approval of the final list of shareholders with voting rights, the General Meeting shall proceed to the election of
its Chairman and of one (1) Secretary, who shall also act as scrutineer.
Agenda - Minutes of the Meetings
The discussions and the resolutions of the General Meeting shall be limited to the items on the agenda published in
accordance with Article 21 of the Articles of Incorporation.
A summary of all discussions and resolutions of the General Meeting shall be entered in a minute book signed by the
Chairman and the Secretary. At the request of any shareholder, if any, the Chairman shall be obliged to record an exact
summary of the said shareholder’s opinion in the minutes. In the same minute book, the list of shareholders who attended
the General Meeting in person or by proxy shall also be recorded. The results of the voting shall be posted on the company’s
website under the responsibility of the Board of Directors within five (5) days at the latest from the date of the General
Meeting, indicating for each resolution at least the number of shares for which valid votes were cast, the proportion of the
share capital represented by such votes, the total number of valid votes, as well as the number of votes cast in favour and
against each resolution and the number of abstentions.
Copies of and excerpts from the minutes of the General Meeting shall be certified by the Chairman of the Board of Directors
or his substitute and provided that there is an obligation to be registered with the General Electronic Commercial Registry,
they shall be submitted to the competent service of the General Electronic Commercial Registry (G.E.MI) within twenty
(20) days as of the holding of the General Meeting.
Minority rights
1. At the request of shareholders representing one twentieth (1/20) of the paid-up share capital, the Board of Directors
shall be bound to convene an Extraordinary General Meeting, setting the date of such a meeting, which shall not be later
than forty five (45) days from the date of service of such request to the Chairman of the Board of Directors. The agenda
items shall be stated in detail in the said request. If the General Meeting is not convened by the Board of Directors within
twenty (20) days from the service of the said request, the meeting shall be convened by the requesting shareholders at the
expense of the company, upon ruling of the Single-Member Court of First Instance at the Company’s registered seat, issued
following the procedure of interim measures. The venue and date of the meeting, as well as the items on the agenda, shall
be defined by the said ruling. This ruling may not be contested by any judicial remedies. The Board of Directors shall
convene the General Meeting, pursuant to the general provisions or shall use the procedure set out in Article 135 of Law
4548/2018, unless the requesting shareholders have precluded that possibility.
2. At the request of shareholders representing one twentieth (1/20) of the paid-up share capital, the Board of Directors
shall be obliged to add new items to the agenda of a General Meeting already convened, if the relative request has been
submitted to the Board of Directors at least fifteen (15) days prior to the General Meeting. The request for the addition of
items to the agenda shall be accompanied by the justification or a draft decision to be approved by the General Meeting
and the revised agenda shall be published or notified under the responsibility of the Board of Directors, pursuant to Article
122 of Law 4548/2018, as applicable, according to the same procedure as above, thirteen (13) days prior to the holding of
the General Meeting; at the same time it shall be made available to the shareholders on the Company’s website along with
the justification or the draft decision submitted by the shareholders in accordance with the provisions of par. 5 of Article
22 of the Articles of Incorporation. In the event that these items are not published, the requesting shareholders shall be
entitled to request the postponement of the General Meeting, pursuant to par. 5 of Article 22 of the Articles of
Incorporation and proceed on their own to their publication, in accordance with the provisions of the present paragraph,
at the expense of the company.
3. At the request of shareholders representing one twentieth (1/20) of the paid-up share capital, the Board of Directors
shall make available to the shareholders in accordance with the provisions of par. 5 of Article 22 of the Articles of
Incorporation, at least six (6) days prior to the General Meeting any draft decisions on items included in the initial or the
revised agenda, provided that such request is submitted to the Board of Directors at least seven (7) days prior to the date
of the General Meeting.
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4. The Board of Directors shall have no obligation to proceed to the addition of items on the agenda nor to publish or notify
such items along with the justification and the draft decisions submitted by the shareholders in accordance with the above
par. 2 and 3 respectively, if their content is obviously contrary to Law and morality.
5. At the request of shareholders representing one twentieth (1/20) of the paid-up share capital, the Chairman of the
General Meeting shall be obliged to adjourn, only once, the decision-making process by the ordinary or extraordinary
General Meeting on all or specific items, setting at the same time as new date for the continuance of the meeting the one
specified in the request of the shareholders, which may not be later than twenty (20) days from the date of adjournment.
The General Meeting, which follows the adjournment, is considered a continuance of the previous one and no repetition
of the requirements for the publication of the shareholders’ invitation shall be required. New shareholders may also attend
this meeting, pursuant to the provisions of article 22 of the Articles of Incorporation.
6. a) At the request of shareholders representing one twentieth (1/20) of the paid-up share capital submitted to the
company, the Board of Directors shall be bound to announce to the General Meeting of shareholders, provided it is an
Ordinary General Meeting, the amounts paid by the company, for any reason whatsoever, within the last two years, to
members of the Board of Directors, to the Chief Officers, to the Directors or other employees of the Company, as well as
any other benefit paid to the said persons or any contract of the company concluded with the abovementioned persons
for any reason whatsoever.
6. b) At the request of any of the shareholders, submitted to the company within at least five (5) full days prior to the
General Meeting, the Board of Directors shall be obliged to provide any requested information with respect to the
company’s business, to the extent that such information is useful for the actual assessment of the agenda items. The Board
of Directors may give a common reply to all shareholders’ requests having the same content. There shall be no obligation
to provide information, on condition that such information is already posted on the Company’s website, especially in
question and answer form.
In both cases above, namely a) and b), the Board of Directors may refuse to provide the requested information, if sufficient
material grounds exist, recording the reasons for such refusal in the minutes. Such reason may be, depending on the
circumstances, the representation of the requesting shareholders at the Board of Directors, pursuant to articles 79 or 80
of Law 4548/2018. In the cases of the present paragraph, the Board of Directors may give a common reply to all
shareholders' requests having the same content.
7. At the request of shareholders representing one tenth (1/10) of the paid-up share capital submitted to the company
within the time limit referred to in the preceding paragraph, the Board of Directors shall be obliged to provide to the said
shareholders during the General Meeting information about the course of the Company’s affairs and its financial status.
The Board of Directors may refuse to provide the requested information, if sufficient material grounds exist, recording the
reasons for such refusal in the minutes.
8. In the cases referred to in the par. 6a and 7 above, any issue in dispute over the validity of the reasons for such refusal
by the Board of Directors shall be resolved by the Single-Member Court of First Instance of the Company’s registered seat,
following the procedure of interim measures. By the same ruling, the court shall oblige the company to provide any
information it refused. This ruling may not be contested by any judicial remedies.
9. At the request of shareholders representing one twentieth (1/20) of the paid-up share capital, a resolution concerning
any item on the agenda of the General Meeting shall be made by open vote.
10. In all cases referred to in the par. 1 to 9 (as mentioned above), the shareholders submitting such a request shall be
obliged to provide during the exercise of their rights evidence of their shareholder capacity, in conjunction with Article 22
of the Articles of Incorporation, and except in the case of the second section of par. 6 hereof, the number of their shares
during the exercise of the said right. The shareholder capacity may be evidenced by any legal means and in any case based
on the information that the Company receives from the Hellenic Central Securities Depository, on condition that it provides
registry-related services.
11. Shareholders of the Company representing one twentieth (1/20) of the paid-up share capital shall have the right to
request from the Single-Member Court of First Instance of the Company’s registered seat an audit of the Company. Such
audit shall be ordered, in the event it is assumed that certain acts reported against the company violate the provisions of
the law, of these Articles of Incorporation or of the resolutions of the General Meeting. In all cases, the petitions requesting
an audit shall be filed within three (3) years from the date of approval of the annual financial statements of the financial
year within which such reported acts took place.
12. Shareholders of the Company representing one fifth (1/5) of the paid-up share capital shall have the right to request
from the court referred to in the preceding paragraph the audit of the company, provided it is assumed from the general
progress of the Company’s affairs, that the management thereof is not carried out in accordance with the principles of
honesty and prudence. The last section of Article 142 par. 3 of Law 4548/2018 shall not apply.
13. In the cases of par. 11 and 12 above, the requesting shareholders shall provide evidence to the Court that they are in
possession of the shares granting them the right to request the audit of the Company, in conjunction with Article 22 of the
Articles of Incorporation.
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14. Without prejudice to the provisions on personal data protection, any shareholder may request a list of the Company’s
shareholders, bearing the name and the address of each shareholder, as well as the number of shares held by each
shareholder. The Company shall not be obliged to include in this list shareholders holding up to one percent (1%) of the
share capital.
15. Within ten (10) days as of the publication of the announcement concerning the granting of permission by the Board of
Directors pursuant to par. 2 of Article 101 of Law 4548/2018, shareholders representing one twentieth (1/20) of the capital
may request the convocation of a General Meeting in order to decide on the granting of such permission.
During the year 2024 three (3) General Meetings of Shareholders were held, one Ordinary General Meeting on 27.6.2024
and two (2) Extraordinary General Meetings on 30.4.2024 and 4.11.2024 respectively.
The resolutions of both the Ordinary and Extraordinary General Meetings of Shareholders have been posted on the
Company's website https://www.ppcgroup.com/el/ependytikes-sxeseis/enimerosi-metoxon/genikes-suneleuseis-
metoxon/anakoinoseis-gia-genikes-sunelefseis-metoxon-2024/
IX Sustainable Development Policy
The revised Sustainable Development Policy (Decision no. 88/12.7.2022 of the Board of Directors) sets the substantial
framework of the Group's commitments on Sustainability issues, with a view to integrating all factors related to the
Environment, Society and Governance (ESG) into the Group's operational model. In the light of the ever-increasing
environmental challenges and the need for full alignment with the new strategic planning of the Group, the basic principles
of the Sustainable Development Policy are fully aligned with the Group's strategic plan, while the approach to sustainability
issues is based on the continuous effort to Creating Shared Value for Society, the Company and Stakeholders.
The Sustainable Development Policy, as well as the Environmental Policy of PPC, as an integral part thereof, constitute an
Annex to the Rules of Operation of PPC S.A. The full text of the Sustainable Development Policy is available on the
Company's website https://www.ppcgroup.com/el/viosimi-anaptiksi/politiki-viosimis-anaptiksis/
In 2024, actions and initiatives were undertaken and coordinated by the Sustainability Department, were overseen by the
Sustainability Committee, in cooperation with other units of the Company and the Group's significant subsidiaries (HEDNO
and PPC Renewables), which are related to the monitoring and enhancement of the corporate transition under the terms
of sustainable development and based on the ESG criteria, such as:
➢ The development of the Sustainability Strategy and the approval of the corresponding action plan, focusing on
the Group’s impact on society, climate and the environment.
➢ The validation by the SBTi of the Group’s short-term and long-term objectives for the reduction of Greenhouse
Gas emissions, according to the criteria of the SBTi.
➢ The response for the 3rd consecutive year to CDP, a global initiative on climate change.
➢ The identification of material topics through the double materiality approach defined in the CSRD and the ESRS
standards, in order to identify the potential risks and opportunities that may positively or negatively affect the
current or future financial performance, position and/or cash flows of the Company (in the short, medium or long
term), resulting in affecting its business value.
➢ The initiation of a three-year collaboration with EcoVadis, the globally recognised platform for the evaluation of
businesses on sustainability issues, aiming at mapping and evaluating external partners in terms of their
performance on environmental, social and corporate governance issues, as well as integrating sustainability
principles into the Company's supply chain.
➢ The presentation by the Strategy Group Function to the Sustainability Committee of the project regarding the
monitoring and management of climate-related risks and opportunities and the policies implemented by the
Company to address the climate crisis.
➢ The participation as signatories in the principles of the Responsible Remuneration REWARD VALUE, with the aim
of supporting the Group to improve its remuneration policy in terms of sustainable development, of accelerating
its positive global transition, as well as of boosting progress based on the principles of the UN Global Compact
SDGs.
➢ The creation of specialised ESG indicators to monitor structural transformation projects that are carried out in
the Company, such as the lignite phase-out.
➢ The implementation of significant corporate responsibility actions, based on the concept of Creating
Socioeconomic Shared Value (CSV) between the company, society and the environment.
➢ The participation and active involvement in Greek and international forums focused on Sustainability and ESG
criteria, such as CSR Europe, Global Compact Network Hellas, the P4SI (Hellenic Pact for Sustainable Industry) the
team of CSR Hellas, the ESG Committee of SEV (Hellenic Federation of Enterprises), and other initiatives
promoting sustainability and good practices in the broader business ecosystem.
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X Sustainability Report
The PPC Group annually discloses its performance on Sustainability (ESG) issues and the management of the related issues
through specific disclosures which are available to shareholders and all other stakeholders. The Group will publish the
Sustainability Report for the financial year 2024, which is incorporated in the Management Report of the Board of Directors
which is an integral part of the Annual Financial Report.
Over time, the Group has followed recognised international standards and guidelines for Sustainability disclosures, such as
GRI, SASB, and the ten principles of the UN Global Compact. In addition, the PPC Group discloses its performance taking
into account the guidelines of the ATHEX ESG Index, both in Core metrics and Advanced metrics, as well as in Sector-specific
metrics.
For the 2024 Sustainability Report, the Group is obliged to take into account and use for its preparation the new European
Sustainability Reporting Standards (ESRS), based on the requirements of Directive (EU) 2022/2464 CSRD (Corporate
Sustainability Reporting Directive), which was transposed into the Greek legislation by virtue of Law 5164/2024. The new
law introduces the obligation for businesses to submit and publish a sustainability report, replacing the previous procedure
of submission of the Non-Financial Reporting.
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ANNEX 1
1. Curricula Vitae of the Senior Managers of the Company
The curricula vitae of the Company's Top Management are listed below, according to the organizational structure as in
force on 31.12.2024 (Article 18, par. 3 of Law 4706/2020):
Deputy CEO’s
Alexis Paizis, Deputy CEO Chief of Conventional Generation PPC Group
Mr. Alexis Paizis took over the position of Deputy CEO of Conventional Generation on February 1st, 2023. Mr. Alexis Paizis
is a Mechanical Engineer, a member of the Technical Chamber of Greece since 2001, with undergraduate, postgraduate
and doctoral studies in Great Britain. During his 20-year career in Greece and abroad, he has undertaken positions of
responsibility related to the planning - construction, operation - maintenance and management of technical projects. In
recent years, he has served as an executive in the Ellaktor Group, with a more recent position at Helector Company, which
is active in the Energy and Environment sectors.
Konstantinos Mavros, Deputy CEO Chief of Renewable Energy Sector PPC Group
Konstantinos Mavros has significant and diversified experience in the broader energy sector and the fields of corporate
finance and technology. He has worked in the past in the Renewable Energy Sector and has been leading companies in the
technological field. He has also co-founded a Venture Capital fund supported by the European Investment Fund. He is an
active member and holds key positions in several international professional and academic associations and has been a
visiting lecturer at the Athens University International MBA program. Mr. Mavros holds a Masters’ degree in Finance from
Imperial College London and has completed high level executive education programs at Harvard Business School.
Konstantinos Nazos, Deputy CEO Chief of Energy Management PPC Group
Mr. Konstantinos Nazos holds a diploma in Mechanical Engineering from the National Technical University of Athens, an
MBA degree from Athens University of Economics and Business and has been appointed as Deputy CEO - Chief of Energy
Management PPC Group, while from December 2020 until December 2023 he was holding the position of Chief Energy
Management & Trading Officer of PPC SA. He has been working in PPC S.A. for 20 years exclusively in various managerial
positions, in the Department of Energy Management & Trading acquiring significant experience in the whole spectrum of
energy management operations, being specialized in electricity markets analysis and modelling, bidding strategies analysis,
optimization and risk management of complex energy portfolios and cross-border electricity trading. He was actively
engaged in the establishment of the subsidiary company PPC Albania in 2016, in which he took the role of Executive Director
and Vice Chair of the Board, while currently he is the Chief Executive Officer of the subsidiary PPC Turkey and member of
the Board in PPC Renewables S.A. Before joining PPC S.A., he worked for seven years as production and maintenance
engineer in the aluminium rolling industry and in the home appliances industry, thus acquiring significant industrial
experience.
Chief Officers PPC Group
Konstantinos Alexandridis, Chief Finance Officer PPC Group
Mr. Alexandridis is an economist with many years of experience in the Financial Management of large, listed companies,
having served as senior executive at OTE Group (member of Deutsche Telekom Group). He holds a Bachelor of Science in
Mathematics from the University of Ioannina, an MSc in Decision Modelling and Information Systems from Brunel
University UK and an International MBA from the Athens University of Economics and Business.

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Economou Argiris, General Counsel and Chief Legal & Governance Officer PPC Group
Mr. Argiris Economou has, since February of 2005, been the General Counsel and Chief Legal & Governance officer of PPC
Group. He is a graduate of the Departments of Law and Political Science of the Law School of the University of Athens.
Before taking up his duties at PPC, he was the managing partner of the law firm Stratigis & Associates. He participated in
the drafting of laws on Companies, on Corporate Governance and on Energy. He has authored various essays and articles
and was a speaker in several occasions on corporate governance, public procurement, risk management, compliance,
conflict of interest and others; editor of the book Compliance and Ethics (ed.2017, second edition 2024). In 2023 he was
awarded the Manager of the Year on Legal as well as on Ethics & Compliance awards, he was also a runner up for the
Environmental, Social, and Governance Manager of the Year award. In the same year he was included in the short list of
the nominees for the lawyer of the year in EMEA award, in the commercial affairs category. He was an alternate member
of the Competition Committee (2009-2012), BoD member of the Utilities' Social Security Fund (2012-2013), of the
"Egnatia Motorway" (2018-2019) and other companies in Greece and abroad; Chairman of the Committee on Legal
Affairs of Eurelectric (2009-2011) and General Secretary of the Energy Law Association (2017-2024). He has repeatedly
been included in the lists of the most powerful and influential General Counsels.
Alina Papageorgiou, Chief People & Organization Officer PPC Group
Ms. Alina Papageorgiou is the Chief People & Organization Officer of PPC Group since June 2022, and she has a 29-year
experience in Human Resources Management. In her latest appointments she held the positions of the Chief HR Officer of
Lamda Development, Chief HR Officer of Intralot Group and Group HR Director of Vivartia Group. She also held HR Director’s
roles in large Multinational Companies, such as Diageo and Astrazeneca and Senior Management roles in Neste Hellas. She
has a 6-year teaching experience at Deree, the American College of Greece. She holds a B.Sc. in Management &
Organisational Behaviour from Deree, the American College of Greece, and an MBA from City University Business School
of London.
Georgia Christodoulopoulou, Chief Procurement Officer PPC Group
Ms. Georgia Christodoulopoulou has been in the Company’s workforce for more than 30 years and has held various
positions of responsibility in the Company. She has 20 years of experience in transformation programs and in the
introduction of new systems and processes, in the area of Distribution, Retail and Procurement. Since 2019 and up to 2022,
held the position of Director of the Executive Office. She has graduated from the Financial Department of the Agricultural
University of Athens and holds a Master’s Degree in Marketing from the National and Kapodistrian University of Athens
and an MBA from ALBA Graduate Business School.
Sofia Dimtsa, Chief Corporate Affairs & Communication Officer PPC Group
Ms. Sofia Dimtsa joined PPC in 2019 and as of January 2024 she is the Chief Corporate Affairs & Communication Officer PPC
Group. She has more than 20 years of experience in the media sector as a journalist specializing in financial reporting in TV,
radio and press. She has law and journalism studies and is a member of the Journalists’ Union of Athens Daily Newspapers.
Elena Giannakopoulou, Chief Strategy Officer PPC Group
Ms. Elena Giannakopoulou is Group Chief Strategy Officer at Public Power Corporation, responsible for developing and
delivering the Group’s strategy on decarbonisation and energy transition. Prior to joining PPC, and for more than ten years,
Elena held senior positions in energy investment, analysis and consulting organizations in London, UK. In one of her roles,
Elena was in charge of the Energy Economics group at BloombergNEF, overseeing the medium- and long- term analysis of
the global energy markets. From this position, she worked with a great range of energy companies and organizations across
different sectors and continents (Europe, Americas, Asia and Australia) helping them develop their decarbonisation
strategies and navigate through the energy transition. She is a mentor on various network groups encouraging young girls
and women in STEM (Science, Technology, Engineering & Mathematics) and promoting women’s leadership on climate
change. Elena is a Mechanical Engineer by training graduated from National Technical University of Athens. She also holds
a master’s degree from Imperial College London (MSc in Sustainable Energy Futures) and one from Athens University of
Economics and Business (MSc in Applied Economics and Finance).

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Sotirios Hadjimichael, Chief Mergers and Acquisition Officer PPC Group
Mr. Sotirios Hadjimichael has been working at PPC S.A. for the past 39 years. Prior to his appointment as Group Chief
Mergers and Acquisition Officer, he held important positions and acquired experience in a wide range of activities of PPC,
the Transmission Network, the Electricity Market operation, etc. In particular he worked: In 1986 in the Planning
Department, where he was involved in the Transmission Systems Plans, the elaboration of the Transmission System
Development Plan, etc. In 1995, in the Purchasing Department, as Inspection Engineer, where he dealt with Inspection-
Testing-Material Acceptance issues, acquiring significant experience on a multitude of materials and machineries of PPC,
as well as on purchasing procedures. In 2000, at the Executive Office of PPC as Advisor, where he was involved in a variety
of issues falling within the competence of the Chairman. In 2002 he was promoted to the position of Head of the New
Business Activities Section of the Strategy Department. He was involved in the development of new activities in PPC, the
expansion in new markets outside Greece, etc. In 2008, in the Testing, Research & Standards Center (TRSC) he worked as
Head of the Research Programmes Section, where he was involved in the central organisation of PPC’s participation in
Research Programmes. In 2010 he was promoted to the position of PPC Executive Office Director. This position involves a
wide range of activities in all PPC fields, as well as participation in the Board of Directors and in the Executive Committee
of PPC. In 2015 he was appointed as Director of the Strategy Department, where he has been involved in a variety of
activities ranging from the elaboration of the new Strategic Plan of the Company, the coordination of Regulatory Issues,
the strategy planning in matters of Electricity Market and the development of PPC’s CSR. He was the Project Manager of
the sale of IPTO to the Hellenic Republic and a private investor. In 2019 he was promoted to Chief Strategy & Transformation
Officer, heading the Departments of Strategy, Mergers & Acquisitions, Regulatory Issues, Research Programmes and
Representation in the European Union. His term of office as Chief Officer was renewed in 2023 for three more years. In
2024 he took over the position of Chief M&A Officer of the PPC Group, a position that was newly established in PPC,
responsible for all M&A projects in the PPC Group. In 1978 he graduated from the Varvakeio Experimental School of
Athens. In 1984 he graduated from the National Technical University of Athens with a Diploma in Electrical Engineering,
with the orientation of Energy Engineering. In 1993 he obtained a PhD from the Imperial College London, in energy and RES
issues.
Vasiliki Kochila, Chief Health, Safety and Environment Officer PPC Group
Ms. Vasiliki Kochila is the Chief Health, Safety and Environment Officer of PPC Group. She has extensive professional
experience, first in the construction sector and then in the field of Health and Safety in the workplace. She held prominent
positions in the ELLAKTOR Group, as an Engineer on major construction projects and more recently as Group Health and
Safety Manager. She studied Engineering at the University of Glasgow in Scotland and holds a master’s degree in
Construction Engineering from the University of Newcastle with diploma thesis in ‘Climate Change in Construction’. She is
Lead Auditor in Quality, Health, Safety, Environment Systems by IRCA and holds important certifications from various
recognized institutions. She has lectured on Health and Safety issues and participated in speeches and conferences in
Greece and abroad. She speaks English, Spanish and French and she loves photography, nature and traditional dances.
Theano Goranitou, Chief Audit Officer PPC Group
Ms. Theano Goranitou, Chief Internal Audit Officer since April 2021, is a graduate of the Law School of the National and
Kapodistrian University of Athens. In 2024, the Internal Audit Division was upgraded to Group Function as part of the
strategy to improve governance and strengthen internal processes and thus Ms. Goranitou is onwards Chief Audit Officer
of the PPC Group. She holds an MBA from Alba Graduate Business in Financial Services and a mini-MBA from Alba Graduate
Business School and Audencia Business School in Executive Program in Energy Business. She is also a Certified Fraud
Examiner (Fraud Examiner-ACFE). She is certified in Banking Management, in Regulatory Compliance (CSPA), in
Management from Harvard Business Publishing (Harvard MangeMentor & Stepping up Management) in Counselling Skills
(COSCA), in Counselling Psychology from the University of the Aegean as well as an Adult Educator Training Certificate from
the University of the Aegean. She started her career in the banking industry in 1996 (Ergasias Bank and Eurobank) and has
been employed in Retail with a main focus on SME and private financing as well as in Compliance units as Assistant Manager
in the Client Relations Office and Senior Compliance Officer (Regulatory issues, Consumer Protection issues,
Communication with Regulatory Authorities, Code of Conduct, Conflicts of Interest, Whistleblowing, Fraud issues, AML, Tax
Evasion, Outsourcing).

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Chief Officers
Alexandros Soumelidis, Chief Production Design & Development Officer
Mr. Alexandros Soumelidis holds a diploma in Mechanical Engineering from the Aristotle University of Thessaloniki (1996)
and an Executive Master of Business Administration from the University of Sheffield. Throughout his years of academic
studies, he worked as a trainee engineer in a water treatment equipment and project manufacturing industry, participating
early on in the development of innovative applications and equipment. On completion of his academic studies, he worked
as a Project Manager in a contractor/construction company with projects within Mines and Power Plants. From 2003 to
2011 he was founder and shareholder in an Organization Consulting company and from 2007 to 2016 he was co-founder
and shareholder in a technical brush manufacturing industry with intense export activity (Europe and Middle East). He
holds an international patent which was developed and put into production during his involvement in the industrial sector.
Since November 2023, he has been appointed Chief Production Design & Development Officer. He joined PPC S.A. in 1999,
initially as Shift Engineer in the Thermal Power Plant of Western Macedonia and following the entire hierarchical structure
of the Generation, he took over the position of Thermal Power Plant Director in 2018. While working in the Generation
field, he designed and implemented multiple technical and organizational changes, achieving significant improvements in
availability, reliability and production costs indicators, while studying and implementing innovative technical solutions.
From 2020 to 2023 he was assigned the duties of Chairman of the Board of Directors of Waste-Syclo Company representing
PPC in the corporate structure. From 2021 to 2023 he was assigned the duties of Director of New Production Activities
tasked with developing new production activities within the framework of business planning and aiming at maximizing the
utilization of the Production Assets to be withdrawn. During that time, he played a key role in the shaping of the strategic
planning for the development of new projects in the context of the lignite phase-out (district heating, conversion of
generators into synchronous condensers, energy utilization of waste fuels, pumped storage...), through the design, study
and implementation of corresponding projects for the majority of energy markets (DAM, Auxiliary Services, Balancing
Market).
Georgios Protopapas, Chief Production Project Management Officer
Mr. Georgios Protopapas is the Chief Production Project Management Officer of PPC from December 2023. He holds a
diploma in Civil Engineering from the National Technical University of Athens (Major in Hydraulics) and holds an MSc in
Engineering Project Management from the University of Manchester Institute of Science and Technology (UMIST). He has
worked for 22 years in positions of responsibility in the largest construction companies of Greece (MICHANIKI S.A. & AKTOR
S.A.) involved in projects of significant budget in Greece and abroad, in recent years at NOVAL PROPERTY Real Estate
Investment Company (VIOHALCO Group), as Senior Construction Manager of the company's ongoing investment projects.
He has great experience in the successful organization, management and timely implementation of complex construction
projects.
Dimitrios Metikanis, Chief Production Operations Officer
Mr. Dimitrios Metikanis is Chief Lignite Generation Officer (currently Chief Production Operations Officer) since November
19, 2019. Mr. Metikanis has been a member of PPC staff since 1986; his career set off at Ptolemais Thermal Power Plant,
where he remained for more than five years, therefore gaining significant know-how in the operation of thermal Power
Plants. Thereafter, he was appointed in the central services of the Generation Division, holding posts in the Generation
Exploitation Department and the Materials, Fuel and Purchasing Department (1992-2007), as well as in the Materials, Fuel
Purchasing and Logistics Department (2007-2008) of the Finance Division. During his term in the above-mentioned
Departments, he worked in several technical and administrative positions regarding, among others, Thermal Power Plants’
operation and environmental affairs, as well as fuels’ purchasing and management (lignite, coal, oil and natural gas). In
May 2008 he was appointed Director of Generation Planning and Performance Department, vested with a series of
competencies, ranging from the development of Generation's Strategic and Business Plan, the Units’ operational planning
up to the monitoring of their operational and financial efficiency. In January 2017 he assumed the duties of Chief
Generation Officer and in November 2019 up to September 2023 those of Chief Lignite Generation Officer. Prior to joining
PPC he worked in the pharmaceutical industry. Mr. Metikanis holds a diploma in Chemical Engineering from the National
Technical University of Athens (NTUA), as well as an MBA degree.

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Vassilis Dimitropoulos, Chief Sales Officer
Mr. Vassilis Dimitropoulos joined the PPC workforce in June 2021 as Director of the Sales Department, and since July 2023
he holds the position of Chief Sales Officer. Before joining PPC, he has worked for 23 years in management positions in
Marketing and Sales in multinational groups in Greece and abroad, such as Athenian Brewery/Heineken International,
OTE/Deutsche Telekom Group, and Lamda Development. He has great experience in the field of sales networks
organization and management, large service teams management, change management, and commercial transformation.
Mr. Dimitropoulos holds a diploma in Chemical Engineering from the National Technical University of Athens (NTUA), as
well as an MBA degree from Pennsylvania State University in USA.
Ioannis Tsagiannis, Chief Customer Management Officer
Mr. Ioannis Tsagiannis holds a Diploma from the Department of Primary Education of the National and Kapodistrian
University of Athens. He has served for 23 years in various managerial positions, in the private sector, in the customer
service sector in telecommunications such as Director of Customer Service, Chief Customer Relationships Officer and Chief
Customer Experience Configuration Officer. He has great experience in the customer management sector, having achieved
for a number of years to combine the knowledge of commercial procedures with change management, in the sector of
organization and management of populous service groups, with optimal results.
Aggelos Spanos, Chief Marketing and Products Officer
Mr. Aggelos Spanos is an executive with more than 25 years of experience in Product Marketing, New Business
development, customer experience, project & demand management, budget management and Technology. He served in
positions of responsibility abroad (Vodafone Albania), as well as in Greece (Vodafone Greece), with more than 15 years in
management positions and being responsible for major projects, products and corporate transformation processes. From
April 2020 to April 2021, he served as Director of Marketing & Pricing Policy at PPC and subsequently as Chief Marketing &
Products Officer (including Pricing Policy and New Commercial Activities). He holds a BSc in Physics and a
Telecommunications MSc from the National and Kapodistrian University of Athens (NKUA), while being awarded multiple
additional certifications (Business Administration from AUEB, PRINCE II project management Practitioner, crisis & change
management, etc.).
Mentzos Vassilis, Chief Projects & Customer Experience Officer
Mr. Vassilis Mentzos is a PMO executive and business transformation expert with international experience in leading and
managing major complex projects. During his 25-year career, he has held roles of increased responsibility mainly in telecom
operators (Wind Hellas & Vodafone UK) where he led their network development activities. From 2018 to 2020 he led the
5G Network Deployment Programme for Vodafone UK in London. He joined PPC in 2020 and since 2021 he’s leading the
Commercial transformation Projects, the analytics & customer insights and the Customer Experience. He holds a Diploma
in Civil Engineering from the Polytechnic School of the Democritus University of Thrace.
Efstathia Presveia, Chief Technology Information Officer
Mrs Efstathia Presveia has more than 20 years of experience in the Banking and Consulting field. She started her career at
Accenture and in a short time moved to Eurobank, where she worked for 16 years. In November 2023 she joined PPC, as
Chief Digital Systems Development & Operation Officer of PPC S.A. Group. From 2020 to 2023 she held the position of Head
of the General Directorate of Informatics & Digital Technology, Organization and Operations, Custody and Payments (CTOO)
at Attica Bank. She was also a member of the Bank's Executive Committee. From 2016 to 2020, she worked in Accenture
as a Director in the field of Financial Services, Payments and Digital Technologies in Greece and Cyprus. From 2010 to 2016,
she held the position of Group Director of the e-Business Sector of Eurobank. At the same time, she was the Managing
Director of Business Exchanges S.A., a subsidiary of Eurobank Group. From 2007 to 2010 she served as Chief Information
Officer (CIO) of Eurobank Stedionica S.A., in Belgrade, Serbia. In 2005 she joined the new International IT Department of
Eurobank and took over the management of the technological project of the establishment of Polbank, a subsidiary of
Eurobank in Poland. She continued in Belgrade, Serbia where she managed the technological upgrade and merger project
of Eurobank & Stedionica banks, until 2007. From January 2021 to December 2023, she was a member of the Board of
Directors of DIAS Interbank Systems S.A. In 2023, she joined Greek Credit Bureau, Teiresias SA, as a Management
Consultant. For two years (2017-2019), she held an advisory role in the Digital Transformation and Innovation Council of
BIOHALCO company. In addition, for several years she was the only female representative in the Hellenic Institute of
Information and Communication, as a member/Vice-President of the Board of Directors. She is a graduate of the
Department of Informatics of the University of Piraeus. As of April 2024, Ms. Presveia is a Member of the Board of Directors
of HEDNO, the subsidiary of PPC

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Miltiades Babilis, Chief e-Mobility Officer
Mr. Miltiades N. Babilis was born in Athens in 1965 and completed his undergraduate studies at the German School of
Athens in 1982. He studied Mechanical Engineering at NTUA (MSc 1987) and worked as a Postgraduate Research
Engineer at Imperial College, University of London. He served in the Greek Army as a Reserve Second Lieutenant of the
Military Engineers Corps. He started his professional career in 1992 at SHELL, where he worked for 18 consecutive years
in various positions in Greece and abroad (Global General Manager - Greases and Speciality Lubricants, South Europe
Cluster Manager - Industrial Lubricants, President of the Board & Managing Director Shell Gas Hellas, Sales & Marketing
Manager Shell Gas Hellas, Operations Manager Shell Gas Hellas among others). Subsequently, he worked as General
Manager at AVINOIL SA (Motor Oil Hellas Group), at HELPE as Director, Oil Products Sales & Trading, at NanoPhos SA as
General Manager, at Chalkis Shipyards SA as Chief Executive Officer (CEO) and at Hellenic Halyvourgia SA as Chief
Commercial Officer (CCO). In August 2023 he took over as CEO the leadership of Energy Delivery Solutions (EDS) AD
(100% subsidiary of PPC Group) in North Macedonia and as of October 2024 he took over as Chief e-Mobility Officer of
the PPC Group. He speaks English, German and Italian in addition to Greek.
Georgios Damaskos, Chief Telecommunications Officer
Mr. Damaskos served as Chief Human Resources Officer from 2013 to 2022. Mr. Damaskos joined the Company in 1987.
For 16 consecutive years since his recruitment, he has served as Head of various front-line operating units of the former
Distribution Division (currently known as Hellenic Electricity Distribution Network Operator). From 2002 to 2006 he was
Head of the Company’s Tariffs Section. He has held the position of Director of the Corporate Development and
Administration Department (currently Strategy Department and Executive Office), as well as the position of Director of
Planning and Human Resources of the Commercial Activities Division. From 2008 until his assignment to the position of
Chief Human Resources Officer in 2013, he was Director of Human Resources and Organization of the Company. From 2008
to 2011, along with his duties at PPC, he was member of the Board of Directors of the Insurance Fund for Bank and Utility
Companies Employees (TAYTEKO) as representative of the employers, on behalf of the Company. He also served as member
of the Executive Committee of IKA-ETAM/PPC Personnel Insurance Sector (TAP-DEH). Prior to joining PPC he worked in the
private sector, in the Construction Industry, and he was specialized in the implementation of PPC projects, thus acquiring
a significant construction and site experience. Mr. George Damaskos is an Electrical Engineer, member of the Technical
Chamber of Greece, and holds a degree in Economic Sciences from the Economics Department of the Faculty of Law,
Economics and Political Sciences of the National and Kapodistrian University of Athens. He also holds an MBA degree in
Business Administration from the Kingston Business School (Kingston University).
Fotis Makryaleas, Chief Financial Planning & Control Officer
Fotis Makryaleas joined PPC Group in 2020, coming from the OTE Group (a member of Deutsche Telekom Group). He has
extensive experience as a Financial Controller in financial planning and control teams of publicly listed companies. He holds
a degree in Mathematics from the University of Crete and a Postgraduate Diploma in Economics from the University of the
West of England, Bristol, UK

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ANNEX 2
Shares held by the senior executives of the Company
The following table lists the number of shares held by the Company's Executive Officers on 31.12.2024 in accordance with
par. 3 of Article 18 of Law 4706/2020:
Name of Executive Officer
Position in the Company
Number of Shares
owned at 31.12.2024
Alexis Paizis
Deputy CEO - Chief of Conventional
Generation PPC Group
2.967
Konstantinos Mavros
Deputy CEO - Chief of Renewable Energy
Sector PPC Group
26.942
Konstantinos Nazos
Deputy CEO - Chief of Energy
Management PPC Group
24.103
Konstantinos Alexandridis
Chief Finance Officer PPC Group
30.777
Argiris Economou
General Counsel and Chief Legal &
Governance Officer PPC Group
26.942
Alina Papageorgiou
Chief Human Resources & Organization
Officer PPC Group
8.411
Georgia Christodoulopoulou
Chief Procurement Officer PPC Group
8.912
Sofia Dimtsa
Chief Corporate Affairs & Communication
PPC Group
5.777
Elena Giannakopoulou
Chief Strategy Officer PPC Group
5.338
Sotirios Hadjimichael
Chief Mergers and Acquisition
Officer PPC Group
26.942
Vasiliki Kochila
Chief Health, Safety and Environment
Officer PPC Group
-
Theano Goranitou
Chief Internal Auditor PPC Group
4.092
Alexandros Soumelidis
Chief Production Design & Development
Officer
5.009
Georgios Protopapas
Chief Production Project Management
Officer
-
Dimitrios Metikanis
Chief Production Operations Officer
27.509
Fotis Makryaleas
Chief Financial Planning & Control Officer
5.488
Vassilis Dimitropoulos
Chief Sales Officer
4.963
Ioannis Tsagiannis
Chief Customer Management Officer
26.274
Aggelos Spanos
Chief Marketing and Products Officer
21.177
Vassilis Mentzos
Chief Projects & Customer Experience
Officer
21.117
Efstathia Presveia
Chief Technology Information Officer
-
Miltiades Babilis
Chief E-mobility Officer
-
Georgios Damaskos
Chief Telecommunications Officer
26.942

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ANNEX 3
Annual Report of the Audit Committee
for the Year 2024

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Ι. Introduction
The Audit Committee (AC) submits this annual report to inform the Company’s Shareholders of its activities for the
year ended on December 31, 2024 (1.1.2024 - 31.12.2024), demonstrating its significant contribution to the
Company's compliance with the laws and regulations governing its operations, in an environment characterized by
complex challenges and intense uncertainties.
Despite external challenges, the Company has taken significant steps towards implementing its plan of transforming
into a modern, outward-looking, and sustainable energy company. In this context, the AC focused on strengthening
the Internal Control System through its regular activities, actively contributing to Management's efforts in
safeguarding the Company’s proper operation and decision-making in an environment where laws and best
corporate governance practices are applied and risks are identified and managed, as required for the Company’s
sustainability.
ΙI. Audit Committee’s Purpose - Responsibilities
The AC operates according to the provisions of Article 44 of Law 4449/2017, as in force, Article 10 of Law 4706/2020
"on corporate governance," as well as the provisions of secondary legislation, such as the relevant circulars and
decisions of the Hellenic Capital Market Commission (HCMC) as in force (indicatively, circulars/letters
1302/28.4.2017, 1508/17.7.2020, 427/21.2.2022, 428/21.2.2022), of the Directorate of Listed Companies of the
HCMC, and Regulation No. 537/2014 of the European Parliament and of the European Council of 16 April 2014.
The purpose of the AC is to assist the Board of Directors in fulfilling its duties and responsibilities towards the
Company's shareholders and the investor community, particularly in ensuring the integrity, objectivity, adequacy,
and effectiveness of:
1. The process of preparation and submission of the financial statements and the sustainability statement, and
in particular the process of financial reporting and the process of the audit of the individual and consolidated
financial statements and of the sustainability statement by independent Certified Auditors - Accountants.
2. The selection and evaluation of the independence of the Certified Auditors - Accountants.
3. The Internal Control System, including risk management, compliance, and the Internal Audit Unit.
4. The Corporate Governance System.
5. The Company’s procurement function.
The AC role, responsibilities and mode of operation are reflected in its Rules of Procedure, which is in accordance with the
current legal and regulatory framework, is approved by the Company's Board of Directors, and is available at the following
link on the corporate website: https://www.ppcgroup.com/en/ppc-group/corporate-governance/organization-of-the-
company/bod-committees/audit-committee/
III. Type -Structure- Composition of the Audit Committee
The AC is an independent, "mixed" committee, consisting of independent non-executive members of the Board of
Directors and third-parties non-members of the Board of Directors, in accordance with Article 44, paragraph 1, case
(a), subcase (ab), of Law 4449/2017, as in force.
The AC consists of six (6) members, appointed by the General Meeting of Shareholders (GMS), of which:
• Four (4) members of the Board of Directors or/and non-members of the Board of Directors. In general, any
combination may be determined, provided that there is at least one member of the Board of Directors, and
the majority of the members are independent of the Company, according to Article 9, paragraphs 1 and 2 of
Law 4706/2020. The AC members must have sufficient knowledge of the sector in which the entity operates,
and at least one (1) of them, that is independent of the Company, as per the provisions of Law 4706/2020,
must have sufficient documented knowledge and experience in auditing and accounting.
• Two (2) members, who are independent of the Company, within the meaning of the provisions of Law
4706/2020, are selected from a list of persons with proven experience in the field of contract and procurement
management of projects and services.

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Following the above, the current Audit Committee was formed into a body at its meeting on December 20, 2024.
Two (2) of the above-mentioned members, namely Ms. Maria Psillaki and Mr. Christos-Stergios Glavanis, according to
Article 44 of Law 4449/2017, as amended by Article 74 of Law 4706/2020 and in force, have sufficient knowledge and
experience in auditing or accounting.
In 2024 the AC received training in the areas of corporate governance and sustainability.
IV. Audit Committee Meetings
In 2024, the AC held twenty (20) meetings. The participation of the members of the AC in these meetings is
summarized in the table below:
Name
Position
Tenure
Participation
Maria Psillaki
Chair of the AC, Independent
Non -Executive Member of the
Board of Directors
Initial term of office
17.12.2021 -
16.12.2024
Automatic extension
due to term of office
termination until the
next annual ordinary
GM and no later than
10/9/2025
20/20
Despina Doxaki
Independent Non-Executive
Member of the Board of
Directors
27.06.2019 -
26.06.2022
29.06.2022 -
28.06.2025
15/20
Stefanos Kardamakis
Independent Non-Executive
Member of the Board of
Directors
22.08.2019 -
21.08.2022
22.08.2022 -
21.08.2025
19/20
Christos-Stergios Glavanis
Independent Non-Executive
Member of the Board of
Directors
14.12.2022 -
13.12.2025
20/20
Evangelos Angeletopoulos
Independent Non-Board
Member
08.05.2020 -
07.05.2023
08.05.2023—
07.05.2026
20/20
Nikitas Glykas
Independent Non-Board
Member
07.03.2023 –
07.05.2023
08.05.2023 –
07.05.2026
20/20

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According to the provision of Article 5 of the Rules of Procedure of the AC “Representation of Third Parties in
Meetings”, during 2024, the Chief Internal Audit Officer PPC Group was invited and participated in the AC
meetings. Additionally, the AC held meetings with the participation of the Company’s executives, such as the
Deputy CEO - Chief of Conventional Generation PPC Group, the Chief Legal Affairs & Governance Officer PPC
Group, the Chief Procurement Officer PPC Group, the Chief Finance Officer PPC Group, the Chief Production
Operations Officer and the Directors of Compliance, Risk Management, Sustainable Development, Accounting
Services, Procurement System Transformation, Renewable Energy Procurement among others. Moreover, the AC
was briefed by the Internal Audit Director of PPC Romania on the Division’s operation. The Certified Auditor
Accountant of the 2024 financial statements was also invited and participated in meetings, as required. Finally,
the Secretary of the AC attended all meetings of the AC.
The supporting material for the meetings was distributed to all members through the PPC portal. Minutes
were kept for all AC meetings held in 2024. The AC meetings addressed topics in the following thematic
areas
Α. External Audit/ Financial Reporting Process
Selection of External Independent Certified Auditor - Accountant
The AC is responsible for the selection of the certified auditors-accountants and proposes to the BoD the
certified auditors -accountants or the audit firms to be appointed, in accordance with Article 16 of Regulation
(EU) No 537/2014, unless paragraph 8 of Article 16 of Regulation (EU) No 537/2014 applies.
In 2023, the AC, following a proposal by the Finance Group Function (F/GrF) evaluated the existing relationship
with the then audit firm ERNST YOUNG (HELLAS) CERTIFIED AUDITORS – ACCOUNTANTS S.A. (hereinafter EY)
and proposed to the Board of Directors the assignment to EY of the audit of the individual and consolidated
financial statements of PPC S.A. for the two-year period of 2023 and 2024. The proposal, after being accepted
by the Board of Directors, was submitted for approval and was approved by the General Meeting of PPC
Shareholders. The assignment is subject to the annual approval by the Annual Ordinary General Meeting of PPC
Shareholders.

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In 2024, the AC assessed the work of EY for the previous fiscal year (2023), on the basis of a questionnaire
designed for this purpose in line with best practices that includes questions related to (a) the adequacy of the
audit firm’s resources, (b) the expertise and resources of the audit team, (c) the audit scope and cost estimation,
(d) the communication and interaction of the external auditors with the AC members, and (e) the audit firm’s
independence, objectivity and professional skepticism.
The evaluation was carried out by anonymous completion of the questionnaire by the members of the AC and
the F/GrF. The AC, having evaluated the work of EY taking into account, inter alia, its technical competence and
experience, its performance in the previous year and the absence of conflicts of interest regarding the audit
services, following an interactive discussion, agreed with the proposal of the Finance Group Function to
reassign the audit to EY for the fiscal year 2024, unanimously decided on the suitability of EY and proposed that
the selection of EY as auditors of PPC S.A. for the fiscal year 2024 be submitted for approval by the PPC
shareholders.
The Annual Ordinary General Meeting of Shareholders of 27.06.2024 decided for the election of ERNST YOUNG
(HELLAS) for the fiscal year 2024.
Ensuring the independence and objectivity and maintaining the effectiveness of the Company’s certified
auditors.
The AC is responsible to ensure the external auditor’s independence and objectivity, as well as to monitor the
effectiveness of the statutory audit. Additionally, the AC, as per its established practice and in accordance with
Article 5 of EU Regulation No 537/2014, as well as its Rules of Procedure, pre-approves all audit and non-audit
services provided to the Company by the certified auditors-accountants or audit firms that undertake the
statutory audit of its financial statements.
During 2024, additional engagements were assigned to EY, which were not related to the statutory audit for
the fiscal year 2024. The AC consented to these assignments, having duly assessed the compliance with the
relevant legal framework and the objectivity and independence of the certified auditors, examining, for each
assignment, in accordance with Article 22b of Directive 2006/43/EC:
i) the total amount of fees of EY
ii) the type and nature of the permitted non-audit services,
iii) the adequacy of any required safeguards
The AC determined that, in each case, these projects fall within the permitted non-audit services and do not
raise independence issues, in accordance with the provisions of Law 4449/2017 and Article 5 of Regulation (EU)
No 537/2014. Additionally, the AC determined that the total fees for these services did not exceed 70% of the
average fees paid over the last three consecutive years for the statutory audit of the parent company and the
Group.
Financial Statements
In the context of monitoring the financial reporting process and the progress of the statutory audit of the
Company’s individual and consolidated financial statements for the fiscal year 2023. The AC took the following
actions:
1 Held meetings with the Certified Auditor-Accountant and the relevant Company’s units to assess the
progress of the annual audit of the individual and consolidated financial statements for the year 2023, as
well as the approach to addressing significant audit matters to be included in the Audit Report.
2 Was thoroughly informed of a) the use of the going concern assumption adopted for the preparation of the
financial statements, b) significant judgements, assumptions, and estimates made by Management in
preparing the individual and consolidated financial statements for the year 2023, c) the adequacy of
disclosures regarding significant risks faced by the Company and the Group, which may adversely affect
their financial position or profitability, and d) significant transactions of the Company with related parties.

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It is noted that particular emphasis was placed on the methodology for calculating unbilled revenue, a
factor that significantly affects both the figures and the financial results of the Company and presents
significant fluctuations between periods, depending on seasonality, energy demand, the Company's share
in the retail market, and the prices in the wholesale market.
3 Was informed about all pending legal matters to be included in the individual and consolidated financial
statements for the fiscal year 2023, with particular emphasis on cases that may result in significant cash
outflows for the Company and the Group, as well as about the content of the Corporate Governance
Statement included in the Annual Financial Report for the fiscal year 2023.
4 Reviewed the financial statements before their approval by the Board of Directors, to assess the
completeness of the provided information and their consistency, in relation to both the detailed material,
which had been brought to its attention, and the accounting principles applied by the Company and the
Group.
5 Reviewed both the Audit Report and the Supplementary Audit Report of the Certified Auditor-Accountant
for the year 2023.
In the context of monitoring the financial reporting process and the progress of the statutory audit of the
individual and consolidated financial statements of the Company for the fiscal year 2024 the AC took the
following actions:
- Was informed by the Certified Auditor-Accountant about the annual statutory audit program for the year
2024. To this end, the Certified Auditor-Accountant submitted a schedule and a list of the audits/tasks to
be carried out, as well as the most important risk and audit issues that in the opinion of the Certified
Auditor-Accountant might need to be addressed.
- Held meetings with the Certified Auditor-Accountant and the relevant Company units regarding the
preparation, review, and disclosure of the individual and consolidated financial statements of the
Company for H1 2024.
- Was informed of the Certified Auditor’s- Accountant’s Report for H1 2024.
- Monitored the process of preparing the individual and consolidated financial statements of the Company
for Q1 2024 and the nine-month period of 2024, along with the key operational and financial figures of
the Company disclosed for the respective periods, with particular emphasis on the conditions prevailing
in the global energy markets due to the Ukraine-Russia conflict.
- Was informed by the Finance Group Function on each date of preparation of individual and consolidated
financial statements, regarding the amount of the calculated unbilled revenue, seeking extensive
clarifications on the observed fluctuations between periods.
- Was informed about the method of consolidation of ENEL Romania companies into the Company’s
consolidated financial statements, following their acquisition by PPC S.A., the process of auditing the
consolidated figures of the new subsidiaries, as well as the extent to which the figures and results of the
Company’s consolidated financial statements will be affected.
- Was informed about the method of consolidation of Next Gen Retail Services Ilektrikon Pliroforikis
Tilepikoinonion kai Asfalistikon Diamesolaviton Monoprosopi Anonymi Etaireia (Next Gen Retail Services
Single Member S.A.) into the Company’s consolidated financial statements, following its acquisition by PPC
S.A., that was completed on 10.04.2024.
It is noted that the AC met three (3) times with the external auditors, overseeing the process of auditing the
2023 financial statements, while regarding the audit of the fiscal year 2024, it held two (2) meetings within the
year.

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Β. Internal Control System/ Risk Management Department, Compliance Department, and Internal Audit Group
Function
The Company, by decision no. 154/20.12.2022 of its Board of Directors, assigned to KPMG Certified Auditors
S.A. the assessment of the adequacy and effectiveness of the Internal Control System of the Company and
its significant subsidiaries, PPC Renewable Energy S.A. and Hellenic Electricity Distribution Network
Operator S.A. (HEDNO S.A.), as of December 31, 2022, in accordance with the provisions of par. 1 of article
3 and par. 4 of article 14 of Law 4706/2020 and decision 1/891/30.09.2020 of the Board of Directors of the
Hellenic Capital Market Commission, as applicable (the "Legislative Framework").
The assurance engagement was performed in accordance with the audit program included in decision no.
040/2022 of the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB) and the
International Standard on Assurance Engagements 3000 "Assurance Engagements Other than Audits or
Reviews of Historical Financial Information".
Based on the work performed by the assessor regarding the adequacy and effectiveness of the Internal Control
System of the Company and its significant subsidiaries, no material weaknesses were identified.
The next assurance engagement regarding the adequacy and effectiveness of the Internal Control System of the
Company and its significant subsidiaries is expected to take place in 2026 and will concern the fiscal years 2023,
2024 and 2025.
Risk Management Department (RMD)
During 2024, the AC was informed by the Risk Management Director on the activities of the RMD and risk
management in the Company. Particularly:
• The close collaboration between the RMD and the Internal Audit Department was confirmed.
• The AC was informed about the key risks faced by the Company, before their publication in the
financial statements. The process of updating the prioritization of the above risks based on their
materiality, which takes place every six months before publications was discussed and confirmed.
• The methodology for the risk assessment and classification was presented to the AC. The AC was
informed on the ongoing work of recording and preparation of detailed Response Plans, which will
outline how to respond and possible action plans to manage each significant risk. It was clarified that
for all key risks the Company has action plans and procedures to address them, but they are not yet
codified.
• The “mid-term” update of the main corporate risks made by the RMD was presented to the AC,
utilizing the material and the information collected in the context of the above-mentioned project of
the Response Plans. Changes in the assessment compared to the past, were noted and discussed. It
was reported that during the first quarter of 2025 the RMD will proceed to a detailed Risk and Control
Self - Assessment (RCSA).
• The Company’s Risk Appetite Framework was presented to the AC, and the key principles and
procedures were analyzed.
• The AC was informed about the implementation progress of the Corporate Risk Management
Framework.

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Compliance Department (CD)
The AC was informed about the compliance action plan and the objectives achieved during 2023 by the
Compliance Director, who absorbed the role and responsibilities of the Director of Energy Transactions.
Specifically, the AC was informed about the preparation of a registry of key regulatory obligations, an issue
highlighted during the assessment of the Company’s Internal Control System by the External Auditor in
March 2023, the development of a CD portal for the digital registration in a single point (“one-stop-shop”)
of all information pertaining to the thematic responsibilities of the CD, the creation of a platform for the
digital submission and registration of Conflict of Interest Declarations of liable persons, as well as, the design
of an anonymous survey through digital means (via mail or corporate mobile) to capture the degree of
consolidation of policies against Violence & Harassment at work, Anti-Corruption & anti= Bribery, as well as
the Enforcement Policy & Report/Complaint Handling Process.
Furthermore, the AC was informed about the achievements of all pillars of the CD, including compliance with
the regulatory framework of energy transactions of the Energy Management Division, the anti-money
laundering policy, and compliance with the legal framework for personal data protection.
Internal Audit Group Function (IA/GrF)
The AC examined and positively proposed to the Board of Directors the annual audit plan for 2024, as well
as the resource requirements for its implementation. The annual audit plan was developed based on the
relevant legislative framework and risk assessment. It includes audits related to:
• the compliance with the Rules of Operation and the Internal Control System, especially regarding
the accuracy of financial reporting, regulatory compliance, and compliance with the corporate
governance code,
• quality assurance controls,
• corporate governance,
• the adherence to the commitments included in the Company’s prospectus and business plans,
• the Company’s procurement system and the implementation of RPPS,
• compliance of the Energy Management General Division with the regulatory obligations related to
the energy exchange.
The AC submitted to the Board of Directors the Internal Audit’s proposed annual audit plan and the need to
strengthen the unit with additional resources. Additionally, it approved the IA’s recommendations regarding
changes to the annual audit plan during the year and the alignment of the annual audit plan with the calendar
year.
Regarding the monitoring of the audit work, the AC reviewed detailed internal audit reports, monitored the
progress of the audit plan and the implementation of corrective actions resulting from the audits through
quarterly reports of IA, and was informed of the key issues and audit results. The quarterly reports, following
AC’s comments were submitted to the Board of Directors.
Finally, in cooperation with the AC, following the AC’s recommendation, the IA adopted Key Performance
Indicators (KPIs) to monitor its strategic and operational objectives and to evaluate its performance.
Additionally, in 2024, a significant development took place in the structure of the company.
In 2024, the Internal Audit Division was upgraded to a Group Function as part of the strategy to improve
governance and strengthen internal processes.
The new function will have expanded responsibilities and will play a central role in improving the Internal
Control System, regulatory compliance, risk management and operational efficiency at all levels of the Group.
The AC monitored the independence and adequate access of the IA/GrF to organizational units and
information, as required for exercising its duties during the year.

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C. Procurement Function
Regarding the operation of the procurement function of PPC SA and PPC Renewables S.M.S.A, in
accordance with the provisions of the current legal and regulatory framework that governs its operation,
the AC performed the following in 2024:
• Conducted audits to monitor the proper implementation of the procurement framework of the
Company (Procurement Manual, RPPS, etc.) during the fiscal year 2023.
• Monitored the performance of the procurement function of the above-mentioned companies for the
year 2024, using specific Key Performance Indicators (KPIs), was informed on the progress of the
design of the Business and the Technical Blueprints (BP), as well as of the pilot implementation of SAP
ARIBA in the field of supplier certification, for the Supplier registry.
• Monitored the Inventory Control System, the inventory counts, and the inventory operations of PPC
S.A.
• Monitored the transformation of the procurement function.
• Submitted an annual report to the Board of Directors regarding the audit results, the performance of
the procurement function, and recommendations for improving its efficiency and effectiveness.
D. Sustainable Development
In 2023, PPC, within the context of the revised Sustainable Development Policy (No. 88/12.7.2022 decision of the
Board of Directors), formulated the Group’s new sustainable development strategy, which is coordinated by the
Sustainability Division and focuses on three pillars:
1. Net zero carbon footprint, with a transition to a low-carbon economy and the development of renewable
energy sources (RES).
2. Nature positive operations, through resource use reductions, waste management, and preserving natural
ecosystems.
3. Creating socio-economic shared value by enhancing the economy, empowering people, and promoting
social collective action.
In 2024, the AC was informed by the Sustainability Division on the progress of projects and actions
implementing the strategy in the context of the Sustainable Development Policy. Furthermore, the AC was
informed about the preparation and publication of the PPC Group Sustainable Development Report for 2023,
which was conducted in accordance with the international standards of the Global Reporting Initiative (GRI
Standards). This is the fourth Sustainable Development Report at Group level, which also includes the
identification of material issues based on the Double Materiality analysis, in the context of the new CSRD
guideline.
In the 2023 report, 102 performance indicators were consolidated for the three significant companies of the
Group (PPC, HEDNO, PPC Renewables), while 31 GRI indicators and 19 ATHEX ESG indices, were assured by a
third independent auditor, to increase the credibility and transparency of the Report.
Furthermore, the contribution of the Group companies (PPC, HEDNO, PPC Renewables) to the achievement of
the United Nations’ Sustainable Development Goals (SDGs) was presented to the Committee, through the
implementation of specific actions, considering the impact of the activities of the Group’s significant
companies, as well as the preparation of the Sustainable Development Report for 2024 in accordance with the
CSRD guideline.
Maria Psillaki
Member of the Board of Directors and
Chair of the AC

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APENDIX

Definitions and reconciliations of Alternative Performance Measures (“APMs”)

ALTERNATIVE PERFORMANCE MEASURES (“APMs”)
The Group and the Parent Company use Alternative Performance Measures («APMs") in taking decisions relating
to their financial operational and strategic planning as well as for the evaluation and publication of their
performance. These APMs serve to better understand the Group’s and the Parent Company’s financial and
operating results their financial position and cash flows. Alternative indicators (APMs) should always be read in
conjunction with the financial results that have been prepared in accordance with IFRS and in no way replace them.

Alternative Performance Measures (“APMs”)
In discussing the Group’s and the Parent Company’s performance “adjusted” measures are used such as: EBITDA
Adjusted without Special items, Operating Expenditure before depreciation and impairment net financial expenses
profit/(loss) from the sale of associates and taxes excluding Special items, Net Income/(Loss) without Special items
as well as Net Income/(Loss) after Minorities Adjusted. These adjusted measures are calculated by deducting from
performance measures directly derived from amounts of the annual or interim Financial Statements, the effect
and costs arising from events which have occurred during the reporting period and which have not affected the
amounts of previous periods.

EBITDA (Operating Income before depreciation and impairment net financial expenses and taxes)
EBITDA serves to better analyze the Group’s and the Parent Company’s operating results and is calculated as
follows: Total turnover minus total operating expenses before depreciation amortization and impairment.
Calculation of EBITDA is presented in Table A.

Operating Expenditure before depreciation and impairment net financial expenses profit/(loss) from the sale of
associates and taxes excluding Special items
This measure is calculated by subtracting the Special items mentioned in the EBITDA Adjusted note below from the
figure calculated for Operating expenses before depreciation and impairment in the EBITDA measure. It is
presented in Table B.

EBITDA Adjusted (Operating Income before depreciation and impairment net financial expenses and taxes)
EBITDA Adjusted serves to better analyze the Group's and the Parent Company’s operating results excluding the
impact of Special items. For the year 2023, the special items that affected the Adjusted EBITDA are the following:
a) a provision for allowance for employees’ severance payments amounting to € 25,257 thousand for the Group
and € 13,699 thousand for the Parent Company (negative impact) b) the valuation of electricity purchase and sale
contracts amounting to € 7,118 thousand for the Group (negative impact) and € 25,234 thousand for the Parent
Company (positive impact). For the year 2024, the special items that affected the Adjusted EBITDA are the
following: a) a provision for allowance for employees’ severance payments amounting to € 8,888 thousand for the
Group and the Parent Company (negative impact) b) the valuation of electricity purchase and sale contracts
amounting to € 85,876 thousand for the Group and € 241,864 thousand for the Parent Company (negative impact).
EBITDA Adjusted is presented in Table C.

Net Income/(Loss) Adjusted (Net Income/(Loss))
This Index serves to better analyze the results of the Group and the Parent Company, excluding the effect of Special
items and the calculated tax on them. Furthermore, concerning the Group, the Impairment loss on assets and the
calculated tax on them has been excluded for the year 2024, while for the year 2023, a) the impairment loss on
assets and the tax thereon, as b) the effect of the Gain from spin-off of the post-lignite branch and the tax thereon,
as well c) the effect from Bargain gain from Romanian subsidiaries acquisition have also been excluded. In
reference to the Parent company, for the year 2024, the Impairment loss on assets and the tax thereon as the gains
from the spin-off of the whoresale telecommunication branch and the tax thereon have been excluded
additionally. For the year 2023, concerning the Parent Company a) the gains from the spin-off of the post-lignite
branch and the tax thereon and b) the impairment loss on assets and the tax thereon have been excluded. The
calculations are presented in Table D.


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Net Income/(Loss) after Minorities Adjusted
Net Income/(Loss) after Minorities Adjusted serves to better analyze the results of the Group, excluding the effect
of Minorities, and Minorities on Special items. The calculations are presented in Table E.
Net Debt
Net debt is an APM that Management uses to evaluate the Group’s and the Parent Company’s capital structure as
well as leverage. Net debt is calculated by adding long-term loans the current portion of long-term loans and short-
term loans and subtracting the total cash and cash equivalents restricted cash related to loan agreements and
financial assets measured at fair value through other comprehensive income and adding the unamortized portion
of loans issuance fees and loan amendments IFRS 9. Calculation of Net Debt is presented in Table F.

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TABLE A - EBITDA (Operating Income before depreciation amortization and impairment net financial expenses and taxes)
GROUP
Amounts in ‘000 €
01.01-31.12.2024
01.01-31.12.2023
Total Turnover (1)
8,978,607
7,686,767
Less:
Operating expenses before depreciation and impairment (2)
7,260,616
6,431,728
Payroll cost
939,209
782,156
Merchandise
428,288
1,126
Lignite
21,949
5,786
Liquid fuels
725,205
724,522
Natural gas
882,731
739,939
Energy purchases
1,722,349
1,944,223
Materials and consumables
146,910
103,698
Transmission system usage
179,902
169,520
Distribution system usage
197,522
49,299
Utilities and maintenance
318,577
264,132
Third party fees
548,111
308,487
Emission allowances
833,153
826,209
Provisions for risks
(32,170)
(63,883)
Provisions for impairment of inventories
(2,310)
9,660
Provisions for expected credit losses
46,840
186,262
Contribution on electricity suppliers
-
200,000
Other income
(106,053)
(54,461)
Οther expenses
410,403
235,053
EBITDA (Α) = [(1) - (2)]
1,717,991
1,255,039

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TABLE A - EBITDA (Operating Income before depreciation amortization and impairment net financial expenses and taxes)
COMPANY
Amounts in ‘000 €
01.01-31.12.2024
01.01-31.12.2023
Total Turnover (1)
5,702,835
6,606,765
Less:
Operating expenses before depreciation and
impairment (2)
5,166,181
5,986,558
Payroll cost
497,414
492,764
Merchandise
1,326
1,126
Lignite
21,949
5,786
Liquid fuels
721,817
724,063
Natural gas
744,563
714,967
Energy purchases
632,275
1,651,663
Materials and consumables
74,431
63,289
Transmission system usage
178,428
169,286
Distribution system usage
647,248
580,663
Utilities and maintenance
121,011
154,535
Third party fees
263,243
165,741
Emission allowances
833,153
826,209
Provisions for risks
18,073
(12,923)
Provisions for impairment of inventories
11,687
7,851
Provisions for expected credit losses
27,510
177,246
Contribution on electricity suppliers
-
200,000
Other income
(58,850)
(80,735)
Οther expenses
430,903
145,027
EBITDA (Α) = [(1) - (2)]
536,654
620,207

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TABLE B- Operating Expenditure before depreciation and impairment net financial expenses profit/(loss) from the sale of associates and taxes excluding
Special items
GROUP
Amounts in ‘000 €
01.01-31.12.2024
01.01-31.12.2023
COMMENTS
Operating expenses before depreciation and impairment
(2)
7,260,616
6,431,728
Less Special items:
Provision for allowance for employees’ severance
payments
8,888
25,257
Note 37.2 of the Annual
Financial Report 2024
Loss from valuation of electricity purchase and sale
contracts
85,876
7,118
Note 17 and 50.4 of the
Annual Financial Report
2024
Operating expenses before depreciation and impairment
without Special items
7,165,852
6,399,353

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350
TABLE B- Operating Expenditure before depreciation and impairment net financial expenses profit/(loss) from the sale of associates and taxes
excluding Special items
COMPANY
Amounts in ‘000 €
01.01-31.12.2024
01.01-31.12.2023
COMMENTS
Operating expenses before depreciation and impairment (2)
5,166,181
5,986,558
Less Special items:
Provision for allowance for employees’ severance payments
8,888
13,699
Note 37.2 of the Annual Financial
Report 2024
Loss/(Gains) from valuation of electricity purchase and sale contracts
241,864
(25,234)
Note 17 and 50.4 of the Annual
Financial Report 2024
Operating expenses before depreciation and impairment without Special items
4,915,429
5,998,093

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351
TABLE C- EBITDA Adjusted (Operating Income before depreciation and impairment net financial expenses and taxes)
GROUP
Amounts in ‘000 €
01.01-31.12.2024
01.01-31.12.2023
COMMENTS
EBITDA (1)
1,717,991
1,255,039
Plus Special items (2):
94,764
32,375
Provision for allowance for employees’ severance
payments
8,888
25,257
Note 37.2 of the Annual
Financial Report 2024
Loss from valuation of electricity purchase and sale
contracts
85,876
7,118
Note 17 and 50.4 of the
Annual Financial Report
2024
EBITDA Adjusted (3) = [(1)+(2)]
1,812,755
1,287,414

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352
TABLE C- EBITDA Adjusted (Operating Income before depreciation and impairment net financial expenses and taxes)
COMPANY
Amounts in ‘000 €
01.01-31.12.2024
01.01-31.12.2023
COMMENTS
EBITDA (1)
536,654
620,207
Plus Special items (2):
250,752
(11,535)
Provision for allowance for employees’ severance
payments
8,888
13,699
Note 37.2 of the
Annual Financial Report
2024
Loss/(Gains) from valuation of electricity purchase and
sale contracts
241,864
(25,234)
Note 17 and 50.4 of the
Annual Financial Report
2024
EBITDA Adjusted (3) = [(1)+(2)]
787,406
608,672

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353


TABLE D - Net Income/(Loss) Adjusted (Net Income/(Loss))

GROUP
COMPANY

Amounts in ‘000 €
01.01-31.12.2024
01.01-31.12.2023
01.01-31.12.2024
01.01-31.12.2023
NET INCOME (LOSS) AFTER TAX (A)
187,170
494,192
(9,762)
178,499
plus Special items (1):




Loss/(Gain) from valuation of electricity
purchase and sale contracts
85,876

7,118

241,864
(25,234)
Provision for allowance for employees’
severance payments
8,888

25,257

8,888
13,699
plus other figures (2):




(Gains) from the spin-off of branch/ sale of a
subsidiary
-

(124,294)

(841)
(124,294)
Impairment loss on assets
207,211

33,718

114,492
32,607
Bargain gain from Romanian subsidiaries
acqusition
-

(243,175)
-
-
minus:




Adjustments to tax for Special items/(Gains)
from spin-off of branch/ sale of a subsidiary
/Impairment loss on assets (3):
62,841

(12,804)

80,169
(22,709)
Net Income Adjusted [(Α)+(1)+(2)-(3)]
426,304

205,620

274,472
97,986

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354

Table E - Net Income/(Loss) after Minorities Adjusted


GROUP

Amounts in ‘000 €
01.01-31.12.2024
01.01-31.12.2023
COMMENTS
Net Income Adjusted (Β)
426,304

205,620

minus:



Minorities (1)
35,382

56,660

Plus Adjustments to Minorities for Special
items (2):



Provision for allowance for employees’
severance payments
-

5,663
Note 37.2 of the Annual
Financial Report 2024
(Gains)/Losses from valuation of
electricity purchase and sale contracts
and from Impairment loss on assets
(26,178)

(14,907)
Note 17 and 50.4 of the
Annual Financial Report
2024
Net Income after Minorities Adjusted
[(Β)-(1)+(2)]
364,744

139,717


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355
TABLE F – NET DEBT
GROUP
COMPANY
Amounts in ‘000 €
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Long-term borrowing
6,233,016
4,419,795
3,535,590
2,598,691
Current portion of long-term
borrowing
698,894
1,180,371
401,787
840,735
Short-term borrowing
223,681
240,760
70,000
-
Cash and cash equivalents
(1,998,590)
(2,599,802)
(1,183,276)
(1,853,051)
Restricted cash
(162,643)
(154,446)
(15,207)
(19,128)
Financial assets measured at
fair value through other
comprehensive income
(315)
(308)
(303)
(295)
Unamortized portion of
loans issuance fees and loan
amendments IFRS 9
96,813
81,454
66,959
66,111
TOTAL
5,090,856
3,167,824
2,875,550
1,633,063
Athens, March 26
th
2024
For the Board of Directors
The President and CEO
The Vice President
Georgios I. Stassis
Pyrros D. Papadimitriou

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356
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357
PUBLIC POWER CORPORATION S.A.
Consolidated and Separate
Financial Statements
December 31
st
2024
In accordance with the
International Financial Reporting Standards
adopted by the European Union
The attached separate and consolidated financial statements have been approved by the Board of Directors
of Public Power Corporation S.A. on March 26
th
2025 and they are available on the web site of Public Power
Corporation S.A. at www.ppcgroup.com.
The attached separate and consolidated financial statements have been translated from the original version
in Greek.
CHAIRMAN AND CHIEF
EXECUTIVE OFFICER
VICE
CHAIRMAN
GROUP CHIEF FINANCIAL
OFFICER
CHIEF ACCOUNTING
OFFICER
GEORGIOS I.
STASSIS
PYRROS D.
PAPADIMITRIOU
KONSTANTINOS A.
ALEXANDRIDIS
STERGIOS A.
TSIFOTOUDIS

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
358
INCOME STATEMENT
GROUP
COMPANY
Amounts in thousands of € except for shares and per share figures
Note
01.01.2024-
31.12.2024
01.01.2023-
31.12.2023*
01.01.2024-
31.12.2024
01.01.2023-
31.12.2023
REVENUES:
Revenue from energy sales
9
6,588,461
6,409,218
4,934,714
5,928,340
Revenue from natural gas sales
9
189,418
58,558
18,483
20,771
Other sales
9
2,200,728
1,218,991
749,638
657,654
8,978,607
7,686,767
5,702,835
6,606,765
EXPENSES:
Payroll cost
10
939,209
782,156
497,414
492,764
Merchandise
11
428,288
1,126
1,326
1,126
Lignite
21,949
5,786
21,949
5,786
Liquid fuels
725,205
724,522
721,817
724,063
Natural gas
882,731
739,939
744,563
714,967
Depreciation and amortization
13
928,364
672,159
363,054
298,604
Energy purchases
12
1,722,349
1,944,223
632,275
1,651,663
Materials and consumables
146,910
103,698
74,431
63,289
Transmission system usage
179,902
169,520
178,428
169,286
Distribution system usage
197,522
49,299
647,248
580,663
Utilities and maintenance
318,577
264,132
121,011
154,535
Third party fees
548,111
308,487
263,243
165,741
Emission allowances
14
833,153
826,209
833,153
826,209
Provisions for risks
47,38
(32,170)
(63,883)
18,073
(12,923)
Provisions for impairment of inventories
26
(2,310)
9,660
11,687
7,851
Provisions for expected credit losses
27,28,29
46,840
186,262
27,510
177,246
Financial expenses
15
580,207
422,628
392,499
329,210
Financial income
16
(206,455)
(140,191)
(257,849)
(177,412)
(Gains) from the spin-off of branch/ sale of a subsidiary
5
-
(124,294)
(841)
(124,294)
Bargain gain from Romanian subsidiaries acquisition
6
-
(243,175)
-
-
Impairment loss on assets
42
207,211
33,718
114,492
32,607
Contribution on electricity suppliers
2.1
-
200,000
-
200,000
Other income
17
(106,053)
(54,461)
(58,850)
(80,735)
Οther expenses
17
410,403
235,053
430,903
145,027
Losses from associate and joint ventures
23
3,512
5,080
-
37
Foreign currency gains, net
(1,447)
(2,309)
(289)
(2,426)
8,772,008
7,055,344
5,777,247
6,342,884
PROFIT/ (LOSS) BEFORE TAX
206,599
631,423
(74,412)
263,881
Income tax
18
(19,429)
(137,231)
64,650
(85,382)
NET PROFIT/ (LOSSES)
187,170
494,192
(9,762)
178,499
Attributable to:
Owners of the Parent
151,788
437,532
Non – controlling interests
35,382
56,660
Profit per share, basic and diluted
0.43
1.18
Weighted average number of shares
352,673,699
370,370,209
- The accompanying notes are an integral part of the consolidated and separate financial statements.
*Certain amounts of the Group have been restated in relation to those published on 31.12.2023 (Note 6).


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
359
COMPREHENSIVE INCOME STATEMENT
GROUP
COMPANY
Amounts in thousands of €
Note
01.01.2024 -
31.12.2024
01.01.2023 –
31.12.2023*
01.01.2024 –
31.12.2024
01.01.2023 –
31.12.2023
Net Profit/ (Loss) for the year
187,170
494,192
(9,762)
178,499
Other Comprehensive income/(loss)
Other Comprehensive (loss)/ income to be reclassified to profit or loss in subsequent periods
Reclassification of hedging transactions through other comprehensive income
34
(80,399)
(23,268)
(79,094)
(24,302)
Foreign exchange differences
317
(4,746)
-
-
Gains/ (losses) from the valuation of hedging transactions
34
(67,883)
139,602
(71,611)
150,153
Gains/ (losses) from associates
2,156
2,239
-
-
Deferred tax on gains/ (losses) from the valuation of hedging transactions
18
(3,359)
17,993
(2,939)
16,396
Net Other Comprehensive (loss)/ income to be reclassified to profit or loss in subsequent
periods
(149,168)
131,819
(153,644)
142,247
Other Comprehensive (loss)/ income not to be reclassified to profit or loss in subsequent
periods
Profit/ (Loss) from financial assets at fair value through comprehensive income
(24)
42
8
17
Revaluation of fixed assets
19
1,210,411
-
455,642
-
Deferred taxes on revaluation of fixed assets
18
(259,494)
-
(100,241)
-
Disposal of fixed assets with revaluation surplus
-
(5,518)
-
(3,937)
Deferred taxes on disposal of fixed assets with revaluation surplus
-
1,214
-
866
Provision for decommissioning and removal of facilities/ equipment of Units, Wind Parks and
Mines
38
(10,226)
17,615
(11,461)
17,378
Deferred taxes on provision for decommissioning and removal of facilities/ equipment of Units
and Mines
18
2,358
(3,875)
2,521
(3,823)
Actuarial gains/ (losses)
37
7,743
(12,015)
6,912
(6,981)
Deferred tax on actuarial gains/ (losses)
18
(1,666)
2,606
(1,521)
1,536
Net Other Comprehensive (loss)/ income not to be reclassified to profit or loss in
subsequent periods
949,102
69
351,860
5,056
Other Comprehensive (loss)/ income for the year after tax
799,934
131,888
198,216
147,303
Total Comprehensive income/(loss) for the year after tax
987,104
626,080
188,454
325,802
Attributable to:
Owners of the Parent
740,634
569,420
Non-controlling interests
246,470
56,660
- The accompanying notes are an integral part of the consolidated and separate financial statements.
*Certain amounts of the Group have been restated in relation to those published on 31.12.2023 (Note 6).


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
360
STATEMENT OF FINANCIAL POSITION
GROUP
COMPANY
Amounts in thousands of €
Note
31.12.2024
31.12.2023*
31.12.2024
31.12.2023
ASSETS
Non - Current Assets :
Property, plant and equipment
19
16,160,601
13,299,047
5,315,938
5,112,229
Intangible assets
20
957,249
1,112,555
447,480
831,537
Goodwill
20
253,105
25,620
-
-
Right of use assets
49
312,598
207,795
139,243
137,473
Investments in subsidiaries
22
-
-
3,228,353
2,650,327
Investments in associates
23
154,287
65,170
28,530
9,865
Financial assets measured at fair value through other comprehensive income
30
315
308
303
295
Other non – current assets
21
369,644
140,714
104,782
101,215
Deferred tax asset
18
645,896
292,654
659,174
694,835
Derivative financial instruments
50
10,655
14,641
52,406
24,748
Intercompany receivable loans with subsidiaries
24
-
-
682,401
37,913
Total Non – Current Assets
18,864,350
15,158,503
10,658,610
9,600,437
Current Assets :
Inventories
26
1,290,348
1,046,531
557,457
600,989
Trade receivables
27
1,593,040
1,552,674
1,181,335
1,207,131
Contract assets
28
772,716
893,287
392,624
555,784
Other receivables
29
2,358,351
2,388,806
1,620,204
1,555,128
Intercompany receivable loans with subsidiaries
24
-
-
645,898
523,362
Derivative financial instruments
50
5,415
1,521
5,717
7,429
Income tax receivable
18
57,067
38,716
-
-
Cash and cash equivalents
31
1,998,590
2,599,802
1,183,276
1,853,051
Restricted cash
31
379,452
177,487
230,966
42,169
Total Current Assets
8,454,979
8,698,824
5,817,477
6,345,043
Total Assets
27,319,329
23,857,327
16,476,087
15,945,480
EQUITY AND LIABILITIES
EQUITY :
Share capital
32
915,790
947,360
915,790
947,360
Share premium
32
1,018,747
1,018,747
1,018,747
1,018,747
Legal reserve
33
186,974
173,780
186,974
173,780
Statutory revaluation surplus
(947,342)
(947,342)
(947,342)
(947,342)
Revaluation surplus
19
5,788,514
5,134,571
3,320,515
3,053,027
Other Reserves
34
(1,318,458)
(1,190,646)
51,292
184,727
Treasury shares
32
(217,539)
(143,861)
(217,539)
(143,861)
Retained earnings
(380,219)
(441,859)
1,070,435
1,176,343
Total Equity attributable to the Owners of the Parent
5,046,467
4,550,750
5,398,872
5,462,781
Non – controlling interests
994,479
813,441
-
-
Total Equity
6,040,946
5,364,190
5,398,872
5,462,781
Non – Current Liabilities :
Long - term borrowings
36
6,233,016
4,419,795
3,535,590
2,598,691
Post-retirement benefits
37
140,452
159,151
72,324
79,568
Provisions
38
743,673
799,855
772,775
799,135
Deferred tax liability
18
635,271
-
-
-
Financial lease liability
49
271,110
175,340
131,404
119,233
Contract liabilities
40
2,944,704
2,917,803
418,495
425,451
Subsidies
39
218,563
207,270
81,567
83,109
Long term financial liability from the securitization of receivables
51
255,998
377,126
255,998
377,126
Financial liability from NCI Put option
34
1,463,914
1,431,001
-
-
Derivative Financial instruments
50
265,542
19,748
263,182
5,244
Other non – current liabilities
41
47,272
60,323
8,981
22,524
Total Non – Current Liabilities
13,219,515
10,567,412
5,540,316
4,510,081
Current Liabilities :
Trade and other payables
43
2,729,140
2,095,150
970,196
925,021
Short term financial liabilities from the securitization of receivables
51
115,614
10,198
115,614
10,198
Income tax payable
18
92,602
78,932
6,640
6,640
Short – term borrowings
44
223,681
240,760
70,000
-
Current portion of long - term borrowings
36
698,894
1,180,371
401,787
840,735
Short – term financial lease liability
49
58,023
43,232
21,785
30,228
Dividends payable
35
385
-
67
-
Accrued and other current liabilities
46
1,499,559
2,111,616
1,346,813
1,998,239
Derivative Financial instruments
50
38,617
12,163
10,295
11,945
Current portion of the provision of decommissioning and removal of Power Plants’, Mines’ and Wind
Parks’ facilities and mines’ land restoration areas
38
119,821
75,050
119,821
75,050
Current portion of post-retirement benefits
37
54,811
62,988
49,301
59,297
Short-term contract liabilities
45
2,427,721
2,015,265
2,424,580
2,015,265
Total Current Liabilities
8,058,868
7,925,725
5,536,899
5,972,618
Total Equity and Liabilities
27,319,329
23,857,327
16,476,087
15,945,480
- The accompanying notes are an integral part of the consolidated and separate financial statements.
*Certain amounts of the Group have been restated in relation to those published on 31.12.2023 (Note 6).
*From the intangible assets, an amount of € 25,620 was transferred to "Goodwill" in relation to the published figures of 31.12.2023.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
361
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
- The accompanying notes are an integral part of the consolidated and separate financial statements.
GROUP
Other Reserves
Amounts in thousands of €
Note
Share
Capital
Share
Premium
Treasury
shares
Legal
Reserve
Revaluation
Surplus
Fixed Assets
Statutory
Revaluation
Surplus
Fair Value of
financial assets
through
comprehensive
income
Foreign
exchange
differences, Tax-
free and Other
Reserves
Other
Reserves
Total
Retained
Earnings
Total
Non-
Controlling
Interest
Total Equity
Balance, January 1st, 2023
947,360
1,018,747
(40,683)
136,635
5,150,332
(947,342)
(468)
(1,321,350)
(1,321,818)
(869,348)
4,073,883
605,970
4,679,853
Net Profit/ (Loss) for the year
-
-
-
-
-
-
-
-
-
437,532
437,532
56,660
494,192
Other comprehensive income/(loss)
for the year after tax
-
-
-
-
9,436
-
42
122,410
122,452
-
131,888
-
131,888
Total comprehensive income/ (loss)
for the year, after tax
-
-
-
-
9,436
-
42
122,410
122,452
437,532
569,420
56,660
626,080
Share capital increase
-
-
-
-
-
-
-
-
-
-
-
15,611
15,611
Disposals of property, plant and
equipment
19
-
-
-
-
(27,779)
-
-
-
-
27,779
-
-
-
Free of charge stock awards
25
-
-
5,947
-
-
-
-
8,720
8,720
1,290
15,957
-
15,957
Acquisition of subsidiary
6
-
-
-
-
-
-
-
-
-
-
-
177,146
177,146
Acquisition of minority from
subsidiary in Bulgaria
3
-
-
-
-
-
-
-
-
-
-
-
(296)
(296)
Dividend distribution
35
-
-
-
-
-
-
-
-
-
-
-
(41,650)
(41,650)
Treasury shares
32
-
-
(109,125)
-
-
-
-
-
-
-
(109,125)
-
(109,125)
Formation of legal reserve
33
-
-
-
37,145
-
-
-
-
-
(37,145)
-
-
-
Other movements
-
-
-
-
2,582
-
-
-
-
(1,967)
615
-
615
Balance, December 31
st
, 2023
947,360
1,018,747
(143,861)
173,780
5,134,571
(947,342)
(426)
(1,190,220)
(1,190,646)
(441,859)
4,550,750
813,441
5,364,190
Balance, January 1
st
, 2024
947,360
1,018,747
(143,861)
173,780
5,134,571
(947,342)
(426)
(1,190,220)
(1,190,646)
(441,859)
4,550,750
813,441
5,364,190
Net Profit/ (Loss) for the year
-
-
-
-
-
-
-
-
-
151,788
151,788
35,382
187,170
Other comprehensive income/(loss)
for the year after tax
-
-
-
-
731,961
-
(24)
(143,091)
(143,115)
-
588,846
211,088
799,934
Total comprehensive income/ (loss)
for the year, after tax
-
-
-
-
731,961
-
(24)
(143,091)
(143,115)
151,788
740,634
246,470
987,104
Disposals of property, plant and
equipment
19
-
-
-
-
(77,810)
-
-
-
-
77,810
-
-
-
Free of charge stock awards
25
-
-
1,315
-
-
-
-
14,810
14,810
-
16,125
-
16,125
Dividend distribution
35
-
-
-
-
-
-
-
-
-
(89,532)
(89,532)
(65,432)
(154,964)
Treasury shares
32
-
-
(171,548)
-
-
-
-
-
-
-
(171,548)
-
(171,548)
Formation of legal reserve
33
-
-
-
13,194
-
-
-
-
-
(13,194)
-
-
-
Share capital decrease
(31,570)
-
96,554
-
-
-
-
-
-
(64,984)
-
-
-
Other movements
-
-
-
-
(208)
-
-
493
493
(247)
38
-
38
Balance, December 31
st
, 2024
915,790
1,018,747
(217,539)
186,974
5,788,514
(947,342)
(450)
(1,318,008)
(1,318,458)
(380,219)
5,046,467
994,479
6,040,946


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
362
SEPARATE STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
- The accompanying notes are an integral part of the consolidated and separate financial statements.
COMPANY
Other Reserves
Amounts in thousands of €
Note
Share
Capital
Share
Premium
Treasury
Shares
Legal Reserve
Revaluation
Surplus
Fixed Assets
Statutory
Revaluation
Surplus
Fair Value of
financial assets
through
comprehensive
income
Foreign
exchange
differences,
Tax-free and
Other Reserves
Other
Reserves
Total
Retained
Earnings
Total Equity
Balance, January 1
st
, 2023
947,360
1,018,747
(40,683)
136,635
3,064,597
(947,342)
(400)
39,590
39,190
1,011,644
5,230,148
Net Profit/ (Loss) for the year
-
-
-
-
-
-
-
-
-
178,499
178,499
Other comprehensive income/ (loss) for the
year after tax
-
-
-
-
10,484
-
17
136,802
136,819
-
147,303
Total comprehensive income/ (loss) for the
year, after tax
-
-
-
-
10,484
-
17
136,802
136,819
178,499
325,802
Disposals of property, plant and equipment
19
-
-
-
-
(22,054)
-
-
-
-
22,054
-
Treasury shares
32
-
-
(109,125)
-
-
-
-
-
-
-
(109,125)
Free of charge stock awards
25
-
-
5,947
-
-
-
-
8,720
8,720
1,290
15,957
Formation of legal reserve
33
-
-
-
37,145
-
-
-
-
-
(37,145)
-
Other movements
-
-
-
-
-
-
-
(2)
(2)
1
(1)
Balance, December 31
st
, 2023
947,360
1,018,747
(143,861)
173,780
3,053,027
(947,342)
(383)
185,109
184,727
1,176,343
5,462,781
Balance, January 1
st
, 2024
947,360
1,018,747
(143,861)
173,780
3,053,027
(947,342)
(383)
185,109
184,727
1,176,343
5,462,781
Net Profit/ (Loss) for the year
-
-
-
-
-
-
-
-
-
(9,762)
(9,762)
Other comprehensive income / (loss) for the
year after tax
-
-
-
-
346,461
-
8
(148,253)
(148,245)
-
198,216
Total comprehensive income/ (loss) for the
year, after tax
-
-
-
-
346,461
-
8
(148,253)
(148,245)
(9,762)
188,454
Disposals of property, plant and equipment
19
-
-
-
-
(71,573)
-
-
-
-
71,573
-
Treasury shares
32
-
-
(171,548)
-
-
-
-
-
-
-
(171,548)
Free of charge stock awards
25
-
-
1,315
-
-
-
-
14,810
14,810
-
16,125
Formation of legal reserve
33
-
-
-
13,194
-
-
-
-
-
(13,194)
-
Dividend distribution
35
-
-
-
-
-
-
-
-
-
(89,532)
(89,532)
Spin-off of branch
7
-
-
-
-
(7,400)
-
-
-
-
-
(7,400)
Cancellation of treasury shares
32
(31,570)
-
96,554
-
-
-
-
-
-
(64,984)
-
Other movements
-
-
-
-
-
-
-
-
-
(8)
(8)
Balance, December 31
st
, 2024
915,790
1,018,747
(217,539)
186,974
3,320,515
(947,342)
(375)
51,666
51,292
1,070,436
5,398,872
Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
363
CONSOLIDATED AND SEPARATE STATEMENTS OF CASH FLOWS
GROUP
COMPANY
Amounts in thousands of €
Note
01.01.2024-
31.12.2024
01.01.2023-
31.12.2023*
01.01.2024-
31.12.2024
01.01.2023-
31.12.2023
Cash Flows from Operating activities
Profit/ (Loss) before tax
206,599
631,423
(74,412)
263,881
Adjustments:
Depreciation and amortization
13
863,561
632,815
328,424
267,685
Depreciation of right-of-use assets
13
74,068
48,006
39,667
37,026
Impairment loss on assets
42
207,211
33,718
114,492
32,607
(Gains) from the spin-off of branch/ sale of a subsidiary
5,7
-
(124,294)
(841)
(124,294)
Amortization of subsidies
13
(9,265)
(8,663)
(5,037)
(6,107)
Income from long-term contract liabilities
40
(120,620)
(101,390)
(248)
(248)
Contribution on suppliers
2.1
-
200,000
-
200,000
Bargain gain from Romanian subsidiaries acquisition
3.5
-
(243,175)
-
-
Trade receivable from PSOs
29
(199,798)
(176,273)
(199,798)
(176,273)
(Gains)/ losses from valuation of PPA derivative financial instruments
50.4
85,876
7,118
241,864
(25,234)
Free of charge stock awards
32
16,402
15,957
12,522
14,673
Provision for post retirement benefits
37
23,232
23,226
9,939
9,496
(Gains)/ losses from associates
23
3,512
5,080
-
37
Interest income and dividends
16
(206,455)
(140,191)
(257,849)
(177,412)
Other provisions
7,172
168,827
60,300
188,195
Valuation of derivatives – swap agreements
7,489
(4,467)
216
(9,260)
Utilization of provision for decommissioning of Mines and Units
38
(59,947)
(32,522)
(59,947)
(31,798)
Finance expense of the provision for decommissioning
15
38,705
34,143
36,994
33,103
Foreign exchange gains / losses on loans and borrowings
(1,447)
2,309
(289)
2,426
Unbilled revenue
28
169,135
226,804
186,026
320,755
Disposals of property, plant and equipment and intangible assets
19,20
(20,287)
(7,294)
(11,364)
(1,146)
Amortization of loans’ issuance fees
15
27,400
11,101
24,857
10,896
Interest and other expense
15
381,047
237,972
205,450
150,591
Operating profit before working capital changes
1,493,589
1,440,228
650,966
979,599
(Increase)/ decrease in:
Trade receivables
27
1,852
(322,668)
(8,009)
(217,960)
Other receivables
29
24,062
(98,851)
112,997
(44,197)
Inventories
26
(4,165)
(84,514)
2,118
524
Increase/ (decrease) in:
Trade payables
43
423,750
441,952
159,619
146,937
Other non – current liabilities
41
292,362
560,631
276,443
554,684
Accrued and other liabilities (excluding accrued interest)
(846,588)
(101,744)
(823,813)
(101,548)
Restricted cash
(201,383)
(90,614)
(188,797)
(2,157)
Change in Intangible assets (Emission allowances)
20
414,838
(280,702)
414,838
(280,702)
Proceeds from long-term contract liabilities
40
154,691
95,472
-
-
Income tax (paid)/ received
18
(74,249)
(53,468)
-
(8,500)
Net Cash from/ (used) in Operating Activities
1,678,759
1,505,722
596,362
1,026,680
Cash Flows from Investing Activities
Interest and dividends received
16
158,581
139,004
236,387
154,550
Capital expenditure for property, plant and equipment and intangible assets
19,20
(1,875,222)
(1,168,056)
(282,805)
(224,248)
Proceeds from subsidies
39
19,644
6,000
540
-
Investments in subsidiaries and associates
(21,046)
(2,784)
(245,845)
(240,983)
Loans granted to subsidiaries
24
-
-
(781,738)
-
Sales of property, plant and equipment
227
-
-
-
Profit from sale of subsidiary
2,956
-
-
-
Acquisition of subsidiaries, net of cash acquired
3
(862,650)
(1,220,846)
(274,164)
(1,371,032)
Acquisition of subsidiary loan receivables from former shareholder
3.5
(116,952)
(523,362)
-
(523,362)
Net Cash from/ (used in) Investing Activities
(2,694,463)
(2,770,044)
(1,347,624)
(2,205,075)
Cash Flows from Financing Activities
Net increase/(decrease) in short-term borrowings
44
(17,079)
(39,968)
70,000
(50,000)
Proceeds from long-term borrowing
36
2,378,163
2,424,900
1,377,830
1,602,160
Principal payments of long-term borrowing
36
(1,193,018)
(1,276,526)
(869,879)
(1,027,394)
Principal lease payments of right-of-use assets
49
(86,630)
(49,615)
(44,147)
(35,522)
Interest paid and loans’ issuance fees
(340,501)
(198,164)
(191,304)
(109,225)
Dividends paid
35
(154,896)
(62,475)
(89,465)
-
Treasury shares
32
(171,548)
(109,125)
(171,548)
(109,125)
Share capital from NCI
22
-
15,611
-
-
Net Cash from/(used) in Financing Activities
414,492
704,638
81,487
270,894
Net increase/ (decrease) in cash and cash equivalents
(601,212)
(559,682)
(669,775)
(907,501)
Cash and cash equivalents at the beginning of the year
2,599,802
3,159,484
1,853,051
2,760,552
Cash and cash equivalents at the end of the year
1,998,590
2,599,802
1,183,276
1,853,051
- The accompanying notes are an integral part of the consolidated and separate financial statements.
*Certain amounts of the Group have been restated in relation to those published on 31.12.2023 (Note 6).


Graphics
364
C. NOTES ΤΟ THE FINANCIAL STATEMENTS

Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
365
1. CORPORATE INFORMATION
Public Power Corporation S.A. (“PPC” or the “Parent Company”) was established in 1950 in Greece for an unlimited duration
as a
State owned and managed corporation for electricity generation, transmission and distribution
throughout Greece.
In January 1, 2001 PPC was transformed into a société anonyme with a duration of 100 years and effective December 2001, PPC’s
shares are listed on the Athens Stock Exchange.
PPC’s headquarters are located at 30 Chalkokondili Street, Athens, 104-32 Greece.
The accompanying financial statements include the separate financial statements of PPC and the consolidated financial statements
of PPC and its subsidiaries (“the Group”).
On December 31
st
, 2024 the number of personnel employed by the Group was 20,157 (2023: 16,495). On December 31
st
, 2024, 80
employees of the Group (2023: 88), have been transferred to several state agencies. Οut of which, 76 employees were compensated
by the Group (2023: 85), where the total payroll cost of such employees, for the fiscal year ended December 31
st
, 2024 amounted to
€ 4,044 (2023: € 3,822). Additionally, on December 31
st
, 2024, PPC’s transferred employees in EFKA (Greek Single Social Security
Institution) amounted to 111 (2023: 123) for which payroll cost amounted to € 6,501 (2023: € 5,156).
PPC Group generates electricity energy (“E/E”) from the power generating stations of the Parent Company, of its subsidiary ’PPC
RENEWABLES S.M.S.A.’ and other subsidiaries of Renewable Energy Sources in Greece. Also distributes energy to consumers through
the distribution network for Medium and Low voltage owned by its subsidiary “HEDNO S.A.”, in Greece. Lignite consumed by the
Group’s lignite-fired power stations is extracted, to a significant extent, from its own lignite mines. The Parent Company develops
activities of electricity and natural gas trading activities in Greece and also is a provider of infrastructure and charging services to
individuals, businesses and public bodies for the development of electromobility throughout the territory. Additionally, through the
subsidiary company “DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A.” develops an urban Fiber Optic Network on the Distribution
Network and provides wholesale telecommunication services in Greece.
In Romania, the Group develops activities of electricity and natural gas trading, distribution of electricity and generation of energy
through Renewable Sources.
In Bulgaria, the Group is active through the subsidiaries companies in generation through the Renewable Sources.
In North Macedonia, the Group is active through the subsidiaries companies in supply and trading of electricity.
Finally, the Group is also active in the retail and wholesale trade of electrical and electronic goods, technology products, while
providing services for repairs, maintenance and delivery of devices, through the subsidiary company with the tradename
"Kotsovolos".

Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
366
2. LEGAL FRAMEWORK
Description of significant changes to the institutional framework within the twelve-month period of 2024. For any changes that have
significantly affected the financial statements, a reference has been made to notes and funds of the financial statements.
2.1. ELECTRICITY MARKET
• RAEWW Decision E-187/31.07.2024, amended, upon application of PPC S.A., the license of PPC S.A. with RAEWW license registry
no. ΑΔ-04286, as granted by RAE Decision 633/2020, for a validity period of twenty (20) years (until 27.03.2040) for the performance
of the role of RES Aggregators in the electricity market, with regard to the increase of capacity from 1000 MW to 5000 MW.
• Article 43 of Law 5131/2024 (Official Gazette vol. A issue No 128/02.08.2024) imposed, for the month of August 2024, a special
contribution amounting to ten (10) euros per MWh of Gross Calorific Value of Natural Gas, in favour of the Energy Transition Fund
(ETF), on each dispatchable natural gas-fired power plant, and this contribution was calculated based on the quantity of natural gas
used for the generation of electricity (this concerns the following PPC units: Komotini, Lavrio 4, Lavrio 5, Megalopolis 5, and Aliveri
5). Consequently, the Group and the Parent Company incurred additional gas costs amounting to €18.5 million in August 2024.
• Law 5151/2024 (Official Gazette vol. A issue No 173/04.11.2024) introduced provisions for the improvement of the framework for
the development of Renewable Energy Sources (RES) and High-Efficiency Combined Heat and Power projects and the promotion
of energy storage, while the provisions of this law also settled issues related to district heating in Western Macedonia. Among other
things, Article 84 provides for the coverage of the overdue debts of Municipal District Heating Companies created by the supply of
thermal energy until 30 September 2024 by the Energy Transition Fund and provides for the application of fixed aid to District
Heating Companies and to CHP plants that supply thermal energy to the district heating network. Within December 2024, PPC
received €43.3 million to cover overdue debts from these Municipal District Heating Companies. Finally, Article 85 provides that
the lignite-fired units of the Agios Dimitrios TPP that are in operation and for which there are currently valid thermal power supply
contracts between PPC and the district heating companies serving the Municipality of Kozani, will be included on a priority basis
for electricity generation in the Day-Ahead Market during the period from 15 October 2024 to 15 May 2025, up to the level of
power generation necessary to meet district heating needs.
• Ministerial Decision No. 2/112937/ΔΛΤΠ(A) (Official Gazette vol. B issue No 6656/09.12.2024) established the procedure, the terms
and the conditions for any refunds and other issues related to the granting to PPC S.A. of a cash advance of €818.3 million against
the value of electricity consumption within the year 2025 by the General Government entities specified in the said decision. In
order to receive the above advance payment, PPC will grant the following discounts: (a) for the Low Voltage facilities of the above
entities, a 7% discount on the final value of the supply charge, net of any state subsidy; and (b) for the Medium Voltage facilities, a
2% discount on the final value of the supply charge, net of any state subsidy (Note 45).
Issues of the Electricity Retail Market
• A series of decisions in 2024, with the most recent being the decision of the Ministry of Environment and Energy
ΥΠΕΝ/ΔΗΕ/139326/2228 (Official Gazette vol. B issue No 7264/31.12.2024), defined the Universal Service ‘Reference Tariffs’ per
Consumer category for the months of January – August and October – December 2024, respectively, under the procedure of Article
138A of Law 4951/2022, which stipulated that for the year 2024 the Universal Service Provider Tariff is shaped based on the Special
Tariff, in accordance with the calculation method under Article 138, par. 6 of the same Law.
• RAEWW Decision E-199/2024 (Official Gazette vol. B issue No 5433/27.09.2024) defined the award of services of the Supplier of
Last Resort (SLR) for electricity to the companies "PPC S.A." for Medium and Low Voltage and "Metlen Energy & Metals S.A." for
High Voltage, as well as the approval of the relevant consideration. Both awards are valid for the period from 29.09.2024 to
28.09.2026.

Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
367
2. LEGAL FRAMEWORK (CONTINUED)
• The Joint Ministerial Decision (JMD) of the Ministry of Environment and Energy ΥΠΕΝ/ΔΗΕ/24986/45 (Official Gazette vol. B issue
No 1601/11.03.2024) approved the subsidy of electricity consumption (as credit to the bills of the beneficiaries by the suppliers)
through the Energy Transition Fund (ETF), which had been established by Law 4839/2021, to the beneficiaries of the Social
Residential Tariff (SRT) and the Solidarity Services Tariff (SST), irrespective of the electricity consumption limit, equal to €26/MWh
and €18/MWh for the months of January and February 2024, respectively.
• Article 40 of Law 4994/2022 (Official Gazette vol. A issue No 215/18.11.2022), as amended by Article 91 of Law 5027/2023 (Official
Gazette vol. A issue No 48/02.03.2023), established a Temporary Mechanism of Partial Revenue Return from electricity Suppliers,
in the context of which an extraordinary contribution was imposed on each electricity supplier, based on its excess revenue from
its operation in the domestic electricity retail market for the period of validity of Article 138(1) of Law 4951/2022, namely
01.08.2022 - 31.12.2023 and concerning the non-implementation of the adjustment clause or corresponding clause in variable
electricity tariffs, which is linked to the variation of the wholesale market sizes and the obligation of electricity suppliers on a
monthly basis to announce the supply charges (tariffs).
The Joint Decision of the Ministers of Environment & Energy and Finance (JMD) ΥΠΕΝ/ΔΗΕ/112266/2012 (Official Gazette vol. B
issue No 6312/06.11.2023), following a proposal by RAEWW, set out the method of calculation, the procedure, and the issues of
implementation and collection of the extraordinary contribution. Correction of errors in the calculation formulas for the Weighted
Average Cost of Market Schedule (WACMS) and the Supply Cost (SC) per supplier for low voltage (LV), required for the
determination of the extraordinary contribution, were published in the Official Government Gazette (Official Gazette vol. B
3772/28.06.2024).
The Group and its Parent company, taking into account the provisions of the JMD, recognised on 31 December 2023, in the accrued
and other liabilities of the Statement of Financial Position, the amount of €200 million as an electricity supplier extraordinary
contribution, which amounted to €190,220,541.37, after receiving the relevant RAEWW’s letter (reg. no. O-111632/09.07.2024),
in the context of the periodic and interim market clearing. and which was finally included in the Decision of the Ministry of
Environment and Energy ΥΠΕΝ/ΔΗΕ/74963/1284/12.08.2024. This amount was confirmed on 27.9.2024 by the Independent
Authority for Public Revenue (IAPR) and on 31.10.2024 an amount of €147 million was paid, while the remaining amount was offset
against the Parent Company's receivables.
• Article 27 of Law 5085/2024 (Official Gazette vol. A issue No 17/02.02.2024) and the Joint Ministerial Decision
ΥΠΕΝ/ΔΗΕ/59869/1004 (Official Gazette vol. Β issue No 3162/04.06.2024) stipulated that for the years 2024 and 2025 the collection
of overdue debts of electricity consumers with agricultural supply, who were affected by the floods of September 2023, is
suspended, in relation to consumptions up to 30 September 2023. From 01.01.2026 the debts may be subject to a settlement until
31.12.2030 with zero interest rate for those affected, and the State shall cover in full the entire interest burden through an
equivalent subsidy to the supplier. Beneficiaries of the settlement are farmers who, as of 04.09.2023, had an agricultural supply,
irrespective of the supply power limit and voltage level, irrigation utilities and local authorities, exclusively for supplies used for
irrigation purposes, in the areas affected by the floods in September 2023.
• Article 30 of Law 5095/2024 (Official Gazette vol. Α issue No 40/15.03.2024) as amended by Article 60 of Law 5116/2024 (Official
Gazette vol. Α issue No 100/03.07.2024) and Article 44 of Law 51/31/2024 (Official Gazette vol. Α issue No 128/02.08.2024)
established measures to reduce the cost of electricity for owners of agricultural supplies to whom electricity is provided, including
supplies belonging to General Land Reclamation Organisations (ΓΟΕΒ) and Local Land Reclamation Organisations (TOEB) (GAIA
Tariff) and for energy-intensive industrial consumers. The Decision of the Ministry of Environment and Energy
ΥΠΕΝ/ΔΑΠΕΕΚ/38648/1011(Official Gazette vol. B issue No 2214/11.04.2024) set out in particular the issues relating to the
implementation of the measures and the Joint Ministerial Decision ΥΠΕΝ/ΔΗΕ/104953/1764 (Official Gazette vol. B issue No
5459/01.10. 2024) defined the beneficiaries, the terms and conditions for the inclusion of overdue debts, the obligations of
electricity suppliers, and any other necessary details for the implementation of the measure based on which the unpaid debts of
agricultural supplies and supplies of General Land Reclamation Organisations (ΓΟΕΒ) and Local Land Reclamation Organisations
(TOEB), relating to consumption up to 31 December 2023 are subject to a settlement of 120 equal instalments with zero interest
rate, while the State is covering in full the entire interest burden through an equivalent subsidy to the supplier, in compliance with
the State aid rules, and with the possibility of advance payment of part of this subsidy. The overdue debts that were included in
the relevant settlement and are payable after December 31st, 2025, are incorporated in the Long-term Receivables of the Group
and the Parent company (Note 21).

Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
368
2. LEGAL FRAMEWORK (CONTINUED)
• The JMD ΥΠΕΝ/ΔΗΕ/87836/1504 (Official Gazette vol. B issue No 4750/20.08.2024), ΥΠΕΝ/ΔΗΕ/96261/1630 (Official Gazette vol.
B 5128/10.09.2024) and ΥΠΕΝ/ΔΗΕ/10465/139 (Official Gazette vol. B issue No 96/03.02.2025) set out for the month of August,
September, October and December 2024, 1) a per-unit subsidy on electricity consumption up to 500kWh, to residential consumers,
equal to €16/MWh, €14/MWh, €0/MWh, €15/MWh respectively and 2) a per-unit subsidy on electricity consumption, regardless
of the electricity consumption limit, to beneficiaries of the Social Residential Tariff (SRT) or the Solidarity Services Tariff (SST), equal
to €50/MWh, €48/MWh, €30/MWh, €35/MWh respectively. The subsidies concern consumers who have signed electricity supply
contracts with green or yellow tariffs. In particular, consumers who have electricity supply contracts with yellow tariffs, which
combine characteristics of fixed and variable prices, are considered eligible for the subsidy only if the final price, after applying any
discounts for the month of August, September and December 2024 exceeds the amount of €140/MWh. This condition does not
apply to beneficiaries of the special SRTs and SSTs.
• Article 47 of Law 5167/2024 (Official Gazette vol. A issue No 207/20.12.2024) set out the terms and conditions for the subsidy related
to debts of the Municipal Water Supply and Sewerage Enterprises to electricity suppliers. Part of the debts of the Municipal Water
Supply and Sewerage Enterprises, that were overdue by October 31st, 2024, to electricity providers, is subsidized from the revenues
of the Energy Transition Fund. In December 2024, within the framework of the relevant Law, €197.5 million were deposited by the
Renewable Energy Sources Operator & Guarantees of Origin (DAPEEP) into a deposit account of PPC, which is blocked until specific
conditions of the said Law are met (Note 31).
2.2. SERVICES OF GENERAL INTEREST
The Decision of the Energy Sector of RAEWW E-156/2024 (Official Gazette vol. B issue No 4218/18.07.2024) approved the
compensation for covering the costs of the SGIs on the Non-Interconnected Islands (NII) for the year 2019, amounting to €651.4
million, based on the methodology for the calculation of the SGI_NII compensation (RAE Decision 14/2014), as amended by RAE
Decision 164/2022 (Official Gazette vol. B issue No1074/10.03.2022).
However, the Decision on the Annual Final Settlement for the NII Market and the amount of the monthly SGI_NII compensation for
the year 2019, per NII System, is not enforceable for the NII Operator to issue and send the 2019 Annual Final Settlement to the NII
Market Participants, until the issuance of the relevant Commission's decision approving the SGI NII aid measure for the fulfilment of
the conditions of the 2012 SGEI Framework and its compatibility with the internal market pursuant to Article 106(2) of the Treaty on
the Functioning of the European Union (TFEU). The aid measure SA. 32060 for the fulfilment of the obligation to provide services of
general interest to the electricity consumers in the NIIs has expired as of 17 February 2019, with the exception of the final settlement
of the monthly Compensation for the month of January 2019, for which the NII Operator may issue and send the relevant settlement
per NII electrical system. In addition, the same Decision set the reasonable return (r) for the activity of electricity generation in the
NIIs at a nominal pre-tax rate of 7.0% for the year 2019.
The Decision of the Minister of National Economy and Finance No 26930 EΞ 2025, as published in the Official Gazette vol. B issue No
579/13.02.2025 entitled “Coverage of the costs of provision of Services of General Interest”, provides for the payment of the amount
of €400 million from the State budget to the special management account of the SGIs, maintained by "HEDNO S.A.", as its
administrator. The payment of the aforementioned amount will be carried out by depositing it into an account of HEDNO S.A., so
that the latter will subsequently pay it to PPC S.A. as well as to the other beneficiaries, without affecting the financial and accounting
position, as well as the tax liabilities of HEDNO S.A., PPC S.A. and other beneficiaries, notwithstanding any other tax provision.
2.3. HELLENIC ELECTRICITY DISTRIBUTION NETWORK (HEDN)
• RAEWW Decision E-15/2024 (Official Gazette vol. B issue No 738/31.01.2024) set out the Usage Charges of the Hellenic Electricity
Distribution Network - HEDN (NUC-Network Usage Charges), with effect from 01.03.2024, setting out the Network’s peak load
periods, consumer categories, and the corresponding unit charges, in accordance with the procedure for setting out the NUC,
following a recommendation by the Network operator (HEDNO), based on HEDNO’s Required Revenue for 2024, approved by
RAEWW Decision E-10/2024, amounting to €1,070.53 million.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
369
2. LEGAL FRAMEWORK (CONTINUED)
2.4. OTHER ELECTRICITY MARKET ISSUES
• In accordance with the provisions of Article 46 (addition of Article 133A to Law 4001/2011) of Chapter E (Enhancing the energy
adequacy of islands) of Law 5092/2024 (Official Gazette vol. A issue No 33/04.03.2024), measures were set out to enhance the
energy adequacy of the Non-Interconnected Islands (NII) during the transitional period from 01.03.2024 until the completion of
their interconnection to the Mainland System. Pursuant to these provisions, RAEWW granted a license to PPC for the generation
of electricity from conventional fuels which, on 01.03.2024, had existing operating power plants using conventional fuels on the
NII, in order to meet the needs of additional electricity generation capacity. In this context, by 31.12.2024 PPC has installed a total
of two new gas turbine units in Thira (2x15MW) with a total investment of €30.2 million, while it has invested €77.7 million for the
installation of three gas turbine units in Chios (1x33MW) and Rhodes (2x33MW), which are expected to be commissioned within
2025.
In addition, the provisions of Articles 47-49 of the same Law set out measures to enhance the energy adequacy of the Small
Connected System (SCS) of Crete during the transitional period until the completion of the interconnection of the island with the
Mainland System. In particular, Article 47 (addition of Article 108E to Law 4001/2011) of the Law provided for the installation of
additional generation capacity in Crete during the period from 01.07.2024 until the full interconnection with the Mainland System,
where RAEWW granted a license to PPC to generate electricity until 31.12.2025. In this context, PPC until 31.12.2024 has proceeded
to the signing of lease contracts for portable generating sets at Chania and Atherinolakkos TPPs for the year 2024.
The holder of the electricity generation license shall be compensated for the full cost (fixed and variable) of the additional
generation capacity. The compensation for the additional generation capacity shall be paid through the Services of General Interest
(SGIs) mechanism, which shall be communicated to the European Commission in compliance with Articles 106, 107 and 108 of the
Treaty on the Functioning of the European Union.
If, at the time of each payment of compensation, it is found that the available funds of the SGIs special management account
(managed by HEDNO) are not sufficient, the payment of the amounts due to the holder of the generation license shall be covered
by the Energy Transition Fund (ETF), as a priority, correspondingly credited as an input of the SGIs special management account.
Based on the above and upon completion of the procedures and approval by RAEWW of the relevant Contracts, PPC S.A., as holder
of the relevant generation licenses, signed the required Contracts with the competent Operators (IPTO and HEDNO).
• By Decision No 3 of the Government Council on Economic Policy (Official Gazette vol. B issue No 6983/19.12.2024) the revised
National Energy and Climate Plan (NECP) was ratified. The NECP constitutes the revised Strategic Plan for Energy and Climate issues
and includes a detailed roadmap for the energy transition, through the achievement of specific Energy and Climate Goals by the
year 2030 and in the long term by the year 2050. The revised NECP focuses on the reduction of emissions from electricity
generation, setting as policy axes in electricity generation the continuous reduction of generation from lignite, aiming for carbon
neutrality after the year 2028, the connection of the Non-Interconnected Islands to the interconnected system by the year 2030,
the coverage by RES of a slightly lower share than 80% of electricity generation by the year 2030 (or earlier) - with a relatively
balanced mix between solar and wind energy, the development of offshore wind farms, with the first projects aiming to be
commissioned by 2030, the development of sufficient power and capacity of energy storage systems (batteries and pumped
storage), the security of energy supply and the operation of competitive electricity markets for the benefit of consumers and the
national economy, the active participation of consumers in the market through, inter alia, the maturing of the framework for
demand response, further electrification in the final energy consumption, with an emphasis on buildings and transportations, as
well as the promotion of self-generation systems from RES, the use of electricity from RES for the production of renewable fuels,
new international interconnections, with a focus on electricity exports to Europe to absorb excess energy and facilitate the
balancing of the national system and digitalization, reinforcement of resilience and optimal use of electricity grids. In addition, the
key priorities of the NECP include, inter alia, the creation of a green hydrogen economy, innovation and systemic solutions in carbon
capture, utilization and storage (CCUS) for the energy transition of the country's industry, support to new industries and business
activities which develop a domestic value chain for green energy transition technologies, bio-economy and climate change
adaptation.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
370
2. LEGAL FRAMEWORK (CONTINUED)
2.5. NATURAL GAS MARKET
NG retail market issues
RAEWW Decision E-71/2024 (Official Gazette vol. B 2158/07.04.2024) made no award in the tender for the selection of the Supplier
of Last Resort (SLR) for Natural Gas for a period of two years, from 01.04.2024 to 31.03.2026, as announced by RAEWW Decision E-
37/2024 (Official Gazette vol. B issue No1378/01.03.2024). Based on the above, RAEWW Decision E-72/2024 (Official Gazette vol. B
issue No 158/07.04.2024) appointed four (4) Natural Gas Suppliers of Last Resort for the two years in question, including PPC for the
Distribution Networks of Central Greece and Eastern Macedonia and Thrace, pursuant to the provisions of Article 57 of Law
4001/2011, for the appointment of the Natural Gas Supplier or Suppliers as the SLR.
The surcharge rate on Supplier supply tariffs (competitive charges), as NG Suppliers of Last Resort, for residential and business
supplies, is approved at five per cent (5%). The appointed NG SLRs are obligated to keep separate accounts, showing at least the
financial considerations provided for the performance of their obligations, within the framework of the provision of the said service,
which constitutes a Service of General Interest (SGI) within the meaning of Article 55 of Law 4001/2011.
2.6. E-MOBILITY
• The JMD No. 219184 (Official Gazette vol. B issue No 6357/18.11.2024), the JMD No. 93657 (Official Gazette vol. B issue No
2030/02.04.2024) and the JMD No. 145046 (Official Gazette vol. B issue No 3656/25.06.2024) amended the JMD
ΥΠΕΝ/ΑΤΗ/49144/468 (Official Gazette vol. B issue No 2966/05.05.2023) entitled "Announcement of the Action "Charge
Everywhere", to be implemented with the support of the Recovery and Resilience Fund, under the Recovery Pillar 1 "Green
Transition" Priority Axis 1.3 "Transition to a green and sustainable transport system" of the NRRP Greece 2.0.".
The Action concerns the supply and installation of publicly accessible charging stations for electric vehicles, powered by electricity
generated from RES, in key urban and peri-urban locations and points of interest (such as airports, motorways, ports and parking
areas), aiming at developing the relevant market. To this end, the JMD sets out the terms, the conditions, the procedure for
participation, submission and acceptance of applications, the implementation mechanism, the mechanism for certifying the
achievement of the climate change target, the timetable for the implementation of the Action, and any other matter relevant to
its implementation.
2.7. ISSUES OF RENEWABLE ENERGY SOURCES (RES) AND HIGH EFFICIENCY CO-GENERATION OF HEAT AND POWER (HECHP) -
ELECTRIC ENERGY STORAGE
• Law 5106/2024 (Official Gazette vol. issue No A 63/01.05.2024) introduced provisions to address the effects of climate change
on three (3) levels: 1) the protection of water, forests, and the natural environment, 2) the creation of sustainable and resilient
urban areas, and 3) the reduction of energy costs of vulnerable households and Local Authorities (Levels I and II), and the further
promotion and modernisation of Renewable Energy Sources (RES).
In particular, the following, inter alia, were introduced:
o A new programme of the Ministry of Environment and Energy titled ‘Apollon’, aiming at reducing the energy cost of vulnerable
households, Local Authorities (Levels I and II), Local and General Land Reclamation Organisations, Municipal Water Supply
and Sewerage Enterprises, by covering in full or in part the energy needs of the beneficiaries through the installation of RES
plants, with or without a storage plant and the implementation of virtual net billing.
o Issues concerning the operation of RES and HECHP power plants (competitive processes, HECHP aid scheme, installation of
RES and HECHP plants for self-consumption, net metering, conversion and operation of small hydroelectric plants for the
implementation of net metering and virtual net billing, Operating Aid Contract and submission of connection requests for
Pilot Floating Photovoltaics, possibility of installation by HEDNO of telematics and remote management systems in RES and
HECHP plants with an installed capacity of more than 400 kW, development of Offshore Wind Farms, framework for the
creation of an electric site, provision for a Curtailment Compensation Scheme for RES and HECHP, measures for the
development of RES projects and the decongestion of saturated networks).

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
371
2. LEGAL FRAMEWORK (CONTINUED)
2.8. REGULATORY FRAMEWORK IN ROMANIA
Energy sector in Romania is regulated by the National Energy Regulatory Authority ("ANRE") which is an autonomous administrative
authority, under parliamentary control, having as object the elaboration, approval and monitoring of the application of mandatory
regulations at national level necessary for the functioning of the energy sector, natural gas in conditions of efficiency, competition,
transparency and consumer protection.
RENEWABLE ENERGY SOURCES (RES)
Extraordinary electricity producers’ contribution
Government Emergency Ordinance (GEO) no. 27/2022 on the measures applicable to final customers in the electricity and natural
gas market between April 1, 2022 and March 31, 2023, as well as for amending and supplementing certain normative acts in the field
of energy, was adopted in March 2022 and has undergone numerous amendments, continuing the application of the extraordinary
contribution introduced up to March 31, 2025 to electricity producers by collecting to the Energy Transition Fund (ETF) 80%-100% of
the additional income resulting from the difference between the average monthly sale price of electricity and the price of RON
450/MWh (Euro 91/ MWh). This contribution does not apply for parks that were in operation after April 1, 2022.
Since March 29, 2024, the cap for the imposition of the extraordinary producer contribution has changed from RON 450/MWh (Euro
91/MWh) to RON 400/MWh (Euro 80/MWh). Also, there is an improvement in the respective calculation as the imbalances for
renewable producers increased from 5% to 10%.
Group has calculated accrued liability for this extraordinary producer contribution amounting to €17.6 million as of December 31,
2024 (31.12.2023: €56.6 million) and is included in “Accrued and other current liabilities” in the Statement of Financial Position. This
accrued liability is payable in 12 installments.
In addition, during 2024, the average selling price exceeded the maximum price only in November 2024 and therefore an accrued
liability was calculated for extraordinary producer contribution amounting to € 0.9 million.
Green certificates (GC)
The promotion system through green certificates applies to producers who have production capacities from renewable sources and
who are accredited by ANRE. Accredited producers benefit from a number of green certificates issued monthly by the transmission
system operator proportional to the quantity of electricity produced from renewable sources.
According to ANRE Order no. 4/04.02.2015 regarding the Regulation for issuing green certificates, ANRE decisions for the
accreditation of the Company no.1593/27.06.2021 and 2376/29.10.2024 and the electricity production license granted by ANRE
no.1000/11.03.2011 the Group is granted 1 green certificate per MWh for wind parks, respectively 6 green certificates per MWh for
photovoltaic power plants at the level of the quantity injected into the grid and declared monthly to ANRE.
Furthermore, in accordance with Art. 6 of Law 220/2008, deferred green certificates related to the production from the previous
financial years are issued for trading on a monthly basis. Starting with 2018, the Group is no longer granted deferred green certificates
for wind parks and starting with 2021 for photovoltaic power plants.
The support scheme is applicable 15 years from the moment of accreditation. While for the parks put in function after January 1,
2017 the scheme of green certificates is no longer applicable.
According to art.13 GEO no.24/2017, during the period March 31, 2017 to March 31, 2032 the transaction value of one green
certificate is at least €29.4 and at maximum to €35. Since 2017, Green Certificates (GC) have been traded on the Green Certificate
Markets at floor price (€29.4/GC).

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
372
2. LEGAL FRAMEWORK (CONTINUED)
New support scheme for Renewable Energy generators
Romania passed a legislative package in 2024 (GD 318/2024, ANRE Order 51/2024, 52/2024, 66/2024) in order to promote
decarbonization and development of low-carbon energy sources with a focus on renewable energy, containing a support mechanism
in the form of contracts for the difference (CfD), leading to auctions for new solar and onshore wind technologies power plants. One
auction took place in November 2024 and the second one will take place in 2025. The CfD is designed as an agreement between the
generator as a “seller” (Renewable Energy generator) and the Romanian state as a "buyer”.
The generator is paid by the CfD Counterparty when the market reference price is below the strike price and the generator pays the
CfD Counterparty when the market reference price is above the strike price. Through this scheme, the generator will fix their energy
sale price.
The administrative costs of the CfD Scheme will be financed by a specific CfD contribution to be borne by all final consumers through
a levy imposed according to the provisions of ANRE; The CfD contribution will have to be inserted and billed separately in the invoices
of consumers.
The CfD contribution (0.000128 lei/kWh), which includes the contribution of the CfD Scheme Operator (Transelectrica) and the
contribution of the CfD Counterparty is approved by ANRE order and came into force starting with October 1, 2024.
SUPPLY COMPANIES
Abnormal global events (Covid-19, the war Russia Ukraine) and global energy crisis caused price increases on the energy and
natural gas markets in Romania leading the Government of Romania to adopt compensation and support schemes for the payment
of energy and natural gas bills for the period November 1, 2021 - March 31, 2025, so that energy and natural gas prices paid by
customers not to aggravate the level of energy poverty.
Therefore, starting from November 2021, various support schemes have been implemented to assist final consumers, approved
through government ordinances (OUG) successively issued by the Romanian Government, as well as through laws approving the
OUGs.
On March 29, 2024, the OUG No. 32/2024 was issued, amending the OUG No. 27/2022 with subsequent changes and additions.
A new mechanism for centralized purchase of electricity (MACEE) was established for the period 01.01.2023-31.12.2024, at a price
of 450 RON/MWh (90 €/MWh) until 31.03.2024 and of 400 RON/MWh (80 €/MWh) from 01.04.2024. Starting from 01.04.2024,
participation in MACEE became voluntary for electricity producers.
Furthermore, the weighted average price of electricity at which ANRE calculates the amounts to be settled from the state budget as
a subsidy was decreased from 900 RON/MWh (180 €/MWh) to 700 RON/MWh (140 €/MWh).
Starting from April 1
st
, 2024 the purchase prices for gas for the residential customers and Thermal Energy Producers (MACEE
mechanism) decreased from 150 RON/MWh (30 €/MWh) to 120 RON/MWh (24 €/MWh).
The support schemes include mandatory price capping for energy/natural gas billed to final consumers, based on specific criteria and
conditions for residential and non-residential customers. Price capping depends on the monthly consumption of consumers (for
higher consumption the price is higher).
The capped gross margins for the supply companies in 2024 have slightly modified as regards natural gas (from 12 lei/Mwh for 2023
until 31.03.24 to 15 lei/Mw from 01.04.2024 for non-suppliers of last resort and from 13.5 lei/Mwh for 2023 until 31.03.24 to 15
lei/Mw from 01.04.2024 for suppliers of last resort), while for energy remained the same (73 lei/Mwh for non-suppliers of last resort,
80 lei/Mwh for suppliers of last resort).
In this context, as of December 31, 2024, the Group has a receivable from the Romanian state of approximately €391.7 million
(31.12.2023: € 531.9 million), as the price invoiced to the final customers was capped based on a monthly consumption and the
difference between the capped price invoiced and the sourcing cost is received as subsidies. This amount is included in Other
Receivables in the Statement of Financial Position.
ANRE Order 76/2024 amending the Order of the President of the National Energy Regulatory Authority no. 123/2017 on the approval
of the contribution for high-efficiency cogeneration and some provisions regarding its billing method:

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
373
2. LEGAL FRAMEWORK (CONTINUED)
• The value of the contribution for high-efficiency cogeneration applicable from 01.11.2024 is 0.0078 lei/kWh, excluding VAT;
• There is also a new value approved for contribution for cogeneration starting from January 1, 2025 (0,0035 lei/kWh),
excluding VAT.
GEO no. 6/2025 was issued on the measures applicable to final customers in the electricity market covering the period from April 1,
2025 to June 30, 2025 and for the natural gas market covering the period from April 1, 2025 to March 31, 2026 , based on which:
• the capping scheme was prolonged for the above period;
• the Law no. 123/2012 was amended
• The supply component (margin) remains unchanged
• The maximum average purchase price recognized by ANRE for settlement remains unchanged (700 RON/MWh, for free
market)).
• The successive sale (among affiliated companies or within the same group) of electricity/natural gas quantities by traders
and/or suppliers engaged in trading activities with the same shareholder/real beneficiary, for the purpose of price inflation, is
prohibited and constitutes an offense, with the sanction set at 5% of the annual turnover of the offender. The advance payment
(40%) and the balance of amounts requested through monthly settlement claims must be paid within 10 working days from the date
of funds transfer for this purpose by the Ministry of Finance to the account of the Ministry of Energy or ANPIS. This rule also applies
to consumption post-April 1, 2024.The final deadline for uploading the necessary data for the settlement of amounts from the state
budget or, where applicable, for adjusting the settled amounts related to the periods April – August 2022 and September 2022 –
August 2023, has been extended from January 31, 2025, to April 30, 2025.
DISTRIBUTION COMPANIES
In Romania, distribution operators can be concessionaires or non-concessionaires, depending on the area served by the distribution
networks in question - concessionaires, for networks located in public areas, and non-concessionaires, for distributions in private
areas (e.g. industrial parks). The distribution company of the Group, following the merger as of 30 November 2024, operates the
power grid in the southeastern and western regions of Romania (Banat, Dobrogea, South Muntenia), having a regulated monopoly
position in these geographical areas. The regulated asset base as of December 31, 2024 is at approximately € 1.3 billion (excluding
network losses capitalization).
The merged distribution company (Note 3.5) operates under a 49 - year concession agreement signed with the Ministry of Energy for
the distribution network, valid until 2054, with potential extension for a period not exceeding half of the abovementioned term. As
a result of the merger, the absorbed companies, Retele Electrice Banat S.A. and Retele Electrice Dobrogea S.A., were dissolved,
without going into liquidation, and all their assets were transferred to the absorbing company, Retele Electrice Muntenia S.A.. Also,
as of the date of merger, the name of the absorbing company was changed from Retele Electrice Muntenia S.A. to Retele Electrice
Romania S.A.. In this regard, the concession agreements were amended with an addendum for each individual agreement, in which
the contracting parties have been modified so that instead of the concessionaire - Retele Electrice Muntenia S.A., Retele Electrice
Banat S.A., Retele Electrice Dobrogea S.A. the name of the concessionaire will be Retele Electrice Romania S.A., and any reference
within the concession agreements to the concessionaire will be interpreted as a reference to Retele Electrice Romania S.A. The
distribution company pays an annual royalty fee recognized in the distribution tariff of 1/1000 of the income from electricity
distribution.
According to the concession agreement, the Ministry will buy back at the end of the concession period the ownership right over the
relevant assets, at a price equal to the value of the regulated asset base at the end of the concession period.
According to the Methodology for establishing the tariff for the electricity distribution service, the tariff is established taking into
account the following elements: controllable and non-controllable operation and maintenance costs; the cost of electricity purchased
for own technological consumption (losses in the distribution network); regulated depreciation expense; profitability of the regulated
asset base; revenues related to reactive energy and revenues from other activities, as well as corrections from previous periods.
The tariffs applicable to the merged distribution companies for the period from January 1, 2025, and applicable for the entire year
2025 are as follows:

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
374
2. LEGAL FRAMEWORK (CONTINUED)
Retele Electrice Romania
Voltage
Cumulated tariff RON/MWh
Cumulated tariff €/MWh
LV
294.08
59.12
MV
86.18
17.32
HV
22.66
4.56
The tariffs (rounded) applicable to the merged distribution company for the year 2024 are as follows:
Banat
Dobrogea
Muntenia
Voltage
Cumulated tariff
RON/MWh
Voltage
Συνολικές
Χρεώσεις
RON/Mwh
Voltage
Cumulated tariff
RON/MWh
LV
244 (49 €/MWh)
LV
295 (59 €/MWh)
LV
240 (48 €/MWh)
MV
78 (16 €/MWh)
MV
98 (20 €/MWh)
MV
71 (14 €/MWh)
HV
19 (4 €/MWh)
HV
28 (6 €/MWh)
HV
15 (3 €/MWh)
The tariff methodology for the 5th Regulatory Period (2025-2029) was issued by ANRE (Order no. 67/2024) in September 2024.
ANRE approved a single tariff for Retele Electrice Muntenia for 2025 by Order no. 95/2024 and the regulated rate of return (RRR)
was set by ANRE at 6.94% for all distribution companies via order no. 55/2024. The methodology also includes different levels of
regulated rate of return applicable in specific conditions: +1% for the investments over the minimum level, -2% for non-network
investments, +/- 0.5% depending on network digitalization KPI, +0.5% for cofinanced EU funds investments.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
375
3. SIGNIFICANT EVENTS
3.1. Possible impacts from geopolitical developments
The current geopolitical crisis in Ukraine, combined with the economic sanctions imposed on Russia by the European Union, the
United States of America and many other countries, have created conditions of uncertainty in the economic environment at European
and global level.
PPC Group does not have a relevant commercial presence in Russia and Ukraine and as a result there is no direct effect on its activities,
but the indirect effect, as it developed, was particularly important especially for the year 2022 where the Temporary Mechanism of
Law 4971/2022 (Article 122) for Returning Part of Income of the Next Day Energy Market was activated.
Based on this Mechanism, which was valid during the period 8.07.2022-31.12.2023, the power generation units of the Interconnected
System (except Crete) were compensated in the Pre-Day and Intra-Day Market based on regulated prices (in the event that these
regulated prices were lower than the Clearing Prices that were freely set in the Pre-Day and Intra-Day Market), as defined by
Ministerial Decision (practically part of their income was withheld from the Pre-Day and Intra-Day Market, with which the special
account "Energy Transition Fund" was financed).
With the above Mechanism, the income of Generation in the Pre-Day and Intra-Day Market had an upper limit (cap) which arised
based on the variable cost of the units (cost plus), while the costs of Supply in the same Market arised based on the Clearing Price of
this Market.
Since 01.01.2024, the Greek energy market operates without significant institutional interventions and a further de-escalation of
natural gas and electricity prices was observed. Nevertheless, the risk of high prices and therefore the risk of prolongation of the
energy crisis, has not been eliminated, given the geopolitical tensions in the Middle East that started in October 2023.
Any overall final economic impact of the Russia-Ukraine war and the geopolitical tensions in the Middle East on the global and Greek
economies and the businesses of the Group and the Parent Company cannot be estimated at present, due to the high degree of
uncertainty arising from the inability of predicting the final outcome, but also due to the secondary effects listed above.
In any case, the Management of the Group and the Parent Company continuously monitors the relevant developments and evaluates
any possible further effects on the operation, financial position and results of the Group and the Parent Company, being in a state of
increased vigilance to take appropriate precautionary measures to safeguard the liquidity and business activities of the Group and
the Parent Company.
3.2. Commercial policy of energy sales in Greece
PPC has launched the franchise - method at the development of its new stores network and gives the opportunity to individuals who
want to acquire a PPC store through franchising to become partners of its rapidly growing network and part of its new customer-
centric philosophy. The first franchise store has been operating since April 2024. PPC myStore is the business development model
which, combined with the innovative architectural and functional design of PPC stores, creates a very attractive and profitable benefit
for the partner-franchisee and for PPC as well.
Since the end of the implementation of the requirements of Law 4951/2022 the validity of which was extended until December 31,
2023, PPC adjusted its product portfolio in alignment to the provisions of Law 5066/2023 and since 01.01.2024 it has launched for
Low Voltage customers Special Tariffs ("Green" marked transparency), Variable Tariffs ("Yellow" marked transparency), as well as
Fixed products ("Blue" marked transparency) since 01.01.2024.
Ιn February 2024, the PPC myBuildingGasControl natural gas product was re-launched, addressed to residential customers with
central heating, further enriching the natural gas product portfolio with a product that offers fixed prices throughout the contract
term.
In April 2024, PPC launched its new fixed-rate electricity product, PPC myBusinessEnter, addressed to professionals and businesses
with an installed capacity up to 25 kVA. During the same month, PPC launched the option to purchase the integrated service of supply
and installation of PV systems on residential rooftops MyEnergy Solar in 12 or 24 free of interest instalments.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
376
3. SIGNIFICANT EVENTS (CONTINUED)
Since May 1, 2024, applying the provisions of OG B/2214/11.04.2024, PPC was offering the agricultural products GAIA that were only
available to farming activities that serve and contribute in some manner to the production of primary crops and livestock products,
with a ten-year duration and a fixed price for the total consumption of the first 2 years. Pursuant to the relevant Ministerial Decision,
all agricultural customer were migrated to these products as of 01.08.2024, with a deadline until 31.10.2024 to opt-out.
In July 2024, version 2.0 of MyEnergyCoach is released providing increased customer experience and enhanced energy efficiency
consultation capacities for houses.
PPC proceeded to the adjustment of the tarrifs for fixed products following the trend of prices in the wholesale market. Specifically,
regarding the electricity, PPC myHomeEnter & PPC my HomeOnline products addressed to residential consumers, have been adjusted
both in April and July and PPC myBusinessEnter, addressed to professional consumers, was modified in September. Additionally, at
the end of September, the prices of the fixed-rate natural gas supply products PPC myHome GasControl & PPC myBuilding GasControl,
addressed to residential and shared areas consumers respectively, have been adjusted in order to reflect the lower market cost.
In August 2024, PPC launched a new electricity product specially tailored to suit the needs for students, offering the first 150 kWh at
a very low cost, with free of charge the summer months’ fixed fee, bundled Green Pass and many more discounts through our
partners, all for the duration of their studies.
In the context of its corporate operation, PPC has been developing action programs for a long time, with the main objective of
improving its collections and at the same time providing integrated solutions to customers in terms of servicing their debts. In
particular, it improves its credit policy in accordance with the Electricity Supply Code by creating scalable actions of information and
collection, which are constantly evolving, and it measures their effectiveness.
At the same time, PPC continues its cooperation with a company that provides specialized support services in the context of the
securitization of company's trade receivables with the aim of reducing overdue debts and preventing the creation of new ones,
imposed by the criticality of the situation in the field of Energy.
In application of the institutional framework, it implements interest-free adjustment programs to farmers and it continues to apply
the new debt settlement policy, which is in effect since 2022, for its entire customer base giving flexible settlement programs and
personalized solutions according to the needs of its customers. To improve the collectability of settlements, PPC develops settlement
models that classify customers based on their characteristics in order to identify the best debt restructuring plan with the highest
probability of repayment.
Finally, PPC creates alternative payment services using the capabilities of technology and utilizing its partnerships with major financial
institutions in order to provide optimal solutions to its customers.
3.3. Acquisition of RES portfolio subsidiaries
PPC Group's strategy includes expansion in Southeastern Europe and leveraging the opportunities to create value among the
countries through the energy corridor being created. With its presence in different geographical areas, with an expanded and
complementary RES portfolio, PPC Group intends to take advantage of the different meteorological conditions in each region.
In this context, the following acquisitions took place:
On 29.02.2024, the strategic cooperation agreement between PPC Renewables and Intrakat Group was completed for the joint
development of a portfolio of Renewable Energy Sources (RES) with a total capacity of up to 2.7 GW. In this context, the subsidiary
PPC Renewables acquired 100% of the shares of the company " INKAT ENERGY S.M.S.A." which participated with a percentage of
100% in the subsidiary companies CLAMWIND POWER S.M.S.A., GREEK WINDPOWER S.M.S.A., ALPENER S.M.S.A. and KASTRI EVIAS
S.M.S.A. In addition, PPC Renewables acquired 100% of the shares of the companies ARCADIA-RE WIND-RENINVEST S.M.S.A, RENEX
AIOLIKI ARTAS S.M.S.A.
At the same time, PPC Renewables entered as a 49% shareholder in holding companies of the Intrakat Group which own a portfolio
of projects under development, with a total capacity of approximately 1.6 GW, while the agreement could be expanded subject to
conditions, with additional energy storage projects.
On 25.03.2024, PPC Renewables completed the 100% acquisition of Land Power S.R.L. from the European subsidiaries of the Lukoil
group, which owns a wind farm in operation in Romania with a total installed capacity of 84MW.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
377
3. SIGNIFICANT EVENTS (CONTINUED)
The costs directly related to the aforementioned transactions, totaling €2.3 million, amounted to €0.5 million for the year 2023 and
€1.8 million for the year 2024. Both costs, in the previous year and in the current year, were recorded in the Third Party Fees of the
Statement of Income.
On the acquisition date, in addition to the consideration, the Group paid the former shareholders the amount of €98.6 million for the
acquisition of their intercompany balances with the acquired companies.
The fair value of the assets and liabilities of the companies recognized in the Group's financial statements at the acquisition date
amounted to:
Amounts in € ‘000
INTRAKAT
GROUP
LAND POWER
S.R.L
TOTAL
Property, plant and equipment
37,931
90,753
128,684
Intangible assets
45,555
1,100
46,655
Right of use assets
2,422
93
2,515
Other non – current assets
6
833
839
Total Non – Current Assets
85,914
92,779
178,693
Trade receivables and other current assets
2,732
1,670
4,402
Cash and cash equivalents
1,509
13,459
14,968
Inventories
-
3,937
3,937
Total Current Assets
4,241
19,066
23,307
Total Assets
90,155
111,845
202,000
Provision of decommissioning cost
354
2,977
3,331
Long - term borrowings
25,480
95,032
120,512
Other non-current liabilities
-
904
904
Deferred tax liabilities
8,945
3,894
12,839
Long-term financial lease liability
2,543
93
2,636
Total Non – Current Liabilities
37,322
102,899
140,221
Trade and other payables
5,531
3,187
8,718
Current portion of long - term borrowings
1,348
-
1,348
Short – term financial lease liability
53
-
53
Accrued and other current liabilities
1,397
713
2,110
Total Current Liabilities
8,329
3,900
12,229
Total Liabilities
45,651
106,799
152,450
Total net assets acquired at fair value
44,504
5,046
49,550
Both acquisitions were considered business combinations in accordance with IFRS 3 and the allocation of their acquisition costs to
the individual recognized assets and liabilities was determined, based on the fair value valuations, with the difference of €12.5 million
being considered goodwill on the acquisition.
Acquisition of subsidiaries in Bulgaria
On September 30, 2024, the Group, through its 100% subsidiary "PPC Bulgaria JSCo" in Bulgaria, acquired 3 energy production
companies through renewable energy sources with company names "Eko Park Wind Power EOOD", "Haekon EOOD" and "Mesomarket
EOOD". These companies own four Wind Parks in operation with a total capacity of 18 MW at the Kavarna location in North-Eastern
Bulgaria.
Furthermore, on December 10, 2024, the Group, through the same subsidiary, acquired "Chirpan Solar Plant Ltd”, which owns a ready-
to-build 165 MWdc/120 MWac photovoltaic park and 25 MW battery energy storage (BESS) at the Chirpan site in Central-South
Bulgaria. Construction of the project is expected to start in the first quarter of 2025.
The Group, in addition to the consideration, paid the former shareholders the amount of €9.6 million for the acquisition of their
intercompany balances with the acquired companies, which mainly related to long-term borrowings.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
378
3. SIGNIFICANT EVENTS (CONTINUED)
The fair value of the assets and liabilities of the companies recognized in the Group's financial statements at the acquisition date are
as follows:
Amounts in thousands of €
30.09.2024
10.12.2024
Total
Property, plant and equipment
14,890
2,183
17,073
Intangible assets
3,213
16,426
19,639
Total Non-Current Assets
18,103
18,609
36,712
Trade receivables and other current assets
303
511
814
Cash and cash equivalents
489
866
1,355
Total Current Assets
792
1,377
2,169
Total Assets
18,895
19,986
38,881
Long term borrowings
3,500
5,726
9,226
Deferred Tax Liabilities
775
-
775
Total Non- Current Liabilities
4,275
5,726
10,001
Trade and other payables
500
173
673
Income tax payable
39
-
39
Short-term borrowings
341
143
484
Total Current Liabilities
880
316
1,196
Total Liabilities
5,155
6,042
11,197
Total net assets acquired at fair value
13,741
13,944
27,685
Goodwill from the acquisition
573
The acquisition occurred in September was considered a business combination in accordance with IFRS 3 and the allocation of its
acquisition costs to the individual identifiable assets and liabilities was determined, based on valuations at fair value, with the
difference of €0.5 million being considered as goodwill of the acquisition.
The acquisition occurred in December was considered an asset acquisition and as such the difference between the consideration and
the fair value of net assets increased the value of property, plant, equipment and intangible assets.
The initial accounting of the said acquisitions in the Group's financial statements is with provisional data as the Group will make use
of paragraph 45 of IFRS 3 which provides the possibility of finalizing the relevant amounts for a period of up to one year from the date
of the acquisition. The use of this paragraph was made as the acquisition was completed very close to the date of preparation of the
annual financial statements of 31.12.2024. It will therefore complete the relevant assessment and valuation within 2025.
Finally, the acquisition agreements with former shareholders contain terms for indemnification of PPC in the event that the
subsidiaries are called upon to pay funds for taxes and surcharges relating to a period prior to the acquisition date.
Αcquisitions of new subsidiaries in Romania
On August 6, 2024, PPC SA (as buyer) signed a binding share purchase agreement (the "SPA") with Felix Renewables Investments S.À
R.L. and Evryo Power SA (as sellers), owned by funds managed by Macquarie Asset Management, for the acquisition of the investment
in five Romanian companies (together referred to as the "Romanian Subsidiaries").
On August 6, 2024, PPC SA concluded a W&I Liability Insurance Policy with a syndicate of insurers, among which Liberty Mutual
Insurance Europe SE and MIF Holding GmbH, for any claim to be raised in the future.
On October 30, 2024, subsidiary PPC Renewables Romania SRL adhered to the SPA as the nominated buyer.
For the completion of the transaction of the purchase of sellers’ holdings as a condition, among other things, included the approval
from the relevant antitrust authorities. The acquisition was completed on November 20, 2024, the date the consideration was paid,
and all conditions included in the SPA, were met. On that date, PPC Renewables Romania SRL acquired both directly and indirectly,
100% in Felix Renewable Holdings S.R.L., TMK Hydroenergy Power S.R.L., Ovidiu Development S.A., Tomis Team S.A. and MW Team
Invest S.R.L.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
379
3. SIGNIFICANT EVENTS (CONTINUED)
The final consideration amounted to € 650.6 million after adjustments. An amount of €628.6 million was paid by cash by the
subsidiary PPC Renewables Romania SRL to the sellers, while the remaining amount of €22.0 million was set-off against an intragroup
loan payable by the former shareholder, that existed at the acquisition date and after this set-off, was converted to PPC Group
intragroup loan.
This acquisition further strengthens PPC Group’s growth strategy in Romania and Southeast Europe, with the addition of a significant
renewables operating portfolio, including 600MW onshore wind, 22MW hydro, 6MW BESS, 1MW solar PV installed capacity, and
about 145MW pipeline assets.
The costs related directly to the transaction amounting to €8.5 million are included in Third party fees in the Statement of Income of
the Group.
The fair value of the assets and liabilities of the companies recognized in the Group's financial statements at the acquisition date
amounted to:
Fair Value
Amounts in thousands of €
Non-Current assets:
Property, plant and equipment
725,187
Intangible assets
2,257
Right of use assets
10,752
Derivative Financial instruments
3,480
Other non–current assets
9
Total non – current assets
741,685
Current assets:
Inventories
67,870
Trade receivables
14,554
Other receivables
47,567
Derivative Financial instruments
2,463
Cash and cash equivalents
85,413
Restricted cash
11
Total Current Assets
217,878
Total Assets
959,563
Long-term borrowings
94,274
Post-retirement benefits
83
Provisions
17,123
Deferred tax liabilities
57,412
Financial lease liability
8,901
Subsidies
912
Derivative Financial instruments
95,425
Total non – current liabilities
274,130
Trade and other payables
95,547
Short–term borrowings
15
Current portion of long-term borrowings
46,693
Short–term financial lease liability
873
Income tax payable
(53)
Accrued and other current liabilities
2,035
Derivative Financial instruments
34,030
Current portion of post-retirement benefits
6
Total Current Liabilities
179,146
Total Liabilities
453,276
Total net assets acquired at fair value
506,287
Agreed consideration
650,628
Goodwill from Romanian subsidiaries acquisition
144,341
The acquisition is considered a business combination in accordance with IFRS 3 and the allocation of the acquisition costs to the
individual identifiable assets and liabilities was determined, based on valuations at fair value, with the difference of €144.3 million
being considered as Goodwill from the acquisition.
The initial accounting of the said acquisition in the Group's financial statements is with provisional data as the Group will make use
of paragraph 45 of IFRS 3 which provides the possibility of finalizing the relevant amounts for a period of up to one year from the

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
380
3. SIGNIFICANT EVENTS (CONTINUED)
date of the acquisition. The use of this paragraph was made, as the acquisition was completed very close to the date of preparation
of the annual financial statements of year ended December 31, 2024. It will therefore complete the relevant assessment and
valuation within 2025.
Finally, the SPA contains terms for indemnification of the Group in the event that the Romanian Subsidiaries are called upon to pay
funds for taxes and surcharges relating to a period prior to the acquisition date and for specific legal cases. However, the recourse
for such claims will be made under the W&I Liability Insurance Policy.
ACQUISITION OF SOLAR RENEWABLES IN ROMANIA
On September 1, 2021, Enel Green Power Romania SRL (currently, PPC Renewables Romania SRL (as buyer) signed a binding share
sale-purchase agreement (the "SPA") with Metka – EGN LTD (“Metka”) (as seller) for the acquisition of 100% of the investment in the
company Solar Renewables SRL.
The acquisition was completed on November 12, 2024. In accordance with the provisions of the SPA (as amended through Addendum
no. 13 dated 12 November 2024), there is a deferred consideration of €222 thousands that will be paid at a later stage, after the
conclusion between the acquired company and the EPC contractor of the provisional acceptance certificate for the PV Power Plants
(PAC).
The Group, in addition to the deferred consideration, paid the former shareholders the amount of €18.1 million (amount is included
in the Short–term borrowings at the acquisition date) for the purpose of repayment of the loans granted by Metka or its affiliates to
Solar Renewables SRL, as well as the withholding tax of €179 thousands on those loans.
The acquisition falls into Group’s strategic goal to further increase its operational portfolio of renewable energy production assets.
The fair value of the assets and liabilities of the company recognized in the Group's financial statements at the acquisition date
amounted to:
Fair value
Amounts in thousands of €
Property, plant and equipment
17,228
Intangible assets
213
Other non–current assets
7
Total non – current assets
17,447
Other receivables
81
Cash and cash equivalents
1,389
Total Current Assets
1,471
Total Assets
18,918
Trade and other payables
77
Short–term borrowings
18,287
Total Current Liabilities
18,364
Total net assets acquired at fair value
554
Deferred consideration (at present value)
219
This acquisition was considered an asset acquisition in accordance with IFRS 3.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
381
3. SIGNIFICANT EVENTS (CONTINUED)
3.4. Acquisition of Dixons South - East Europe CISA (currently Next Gen Retail Services S.M.S.A.) with trade name "KOTSOVOLOS"
On November 2, 2023, the Parent Company signed an agreement with Currys plc for the acquisition of 100% of the company Dixons
South - East Europe Commercial and Industrial S.A. (currently Next Gen Retail Services S.M.S.A.) with the trade name "Kotsovolos".
For the completion of the acquisition transaction, as a condition among other things, the approval from the competent competition
authorities was included. The acquisition was completed on April 10, 2024, the date that the final consideration was paid and all
conditions included in the share purchase agreement were met. The total consideration amounted to €271.8 million.
The costs directly related to the transaction amounting to €2.5 million are included in the cost of investment in subsidiaries in the
Parent company based on its accounting policy, while at the Group level they are included in the Third Party Fees of the Statement
of Income.
The agreement for the acquisition of Kotsovolos is for PPC a strategic move of transformation and energy transition. Kotsovolos has
95 physical stores in Greece and Cyprus, of which 27 are megastores. In addition, it has an integrated nationwide supply chain network
with its own warehouses, a privately owned fleet of vehicles and a large network of partners for installations of the appliances. It has
a multichannel sales network which, in addition to physical stores, includes a call center and a successful e-shop (kotsovolos.gr).
The initial accounting of this acquisition in the Group's financial statements was done with provisional data as the Group made use
of paragraph 45 of IFRS 3 which provides the possibility of finalizing the relevant figures for a period of up to one year from the
acquisition date. The relevant assessment and valuation was completed within 2024.
Below we present the final assets and liabilities of the company at the acquisition date:

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
382
3. SIGNIFICANT EVENTS (CONTINUED)
(Amounts in thousands of €)
10.04.2024
Property, plant and equipment
27,949
Intangible assets
119,637
Right of use assets
92,108
Other non – current assets
6,224
Total Non – Current Assets
245,918
Inventories
172,651
Trade receivables
53,687
Contract assets
17,389
Other receivables
42,935
Cash and cash equivalents
36,445
Restricted cash
571
Total Current Assets
323,677
Total Assets
569,595
Long - term borrowings
4,957
Post-retirement benefits to employees
1,857
Provisions
7,402
Financial lease liability
75,790
Contract liabilities
2,553
Deferred tax liabilities
20,838
Total Non – Current Liabilities
113,397
Trade and other payables
211,662
Short – term financial lease liability
16,083
Dividends payable
318
Income tax payable
1,675
Accrued and other current liabilities
23,663
Contract liabilities
4,755
Total Current Liabilities
258,155
Total Liabilities
371,553
Total net assets acquired at fair value
198,043
Consideration paid to Currys Group
271,824
Goodwill
73,781
The acquisition of company Kotsovolos was considered a business combination in accordance with IFRS 3 and the allocation of its
acquisition cost to the individual identifiable assets was determined and, based on valuations, with the difference of €73.8 million to
be considered goodwill of the acquisition.
In the context of determining the assets of the acquired subsidiary, an intangible asset was recognized related to the brand
"Kotsovolos" amounting to €103.7 million with an indefinite useful life and an intangible asset related to the active franchise
agreements amounting to € 1.1 million with a useful life of 10 years.
We following present a comparison of the final and provisional amounts (as published on 30.06.2024) on the acquisition date :

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
383
3. SIGNIFICANT EVENTS (CONTINUED)
Final amounts
Provisional
amounts
Difference
Fair Value €
thousands
Fair Value €
thousands
Intangible assets
119,637
119,837
(200)
Right of use assets
92,108
84,757
7,351
Total Non-Current Assets
211,745
204,594
7,151
Other receivables
42,935
43,506
(571)
Restricted Cash
571
-
571
Total Current Assets
43,506
43,506
-
Total Assets
255,251
248,100
7,151
Financial lease liability
75,790
79,638
(3,848)
Contract liabilities
2,553
7,308
(4,755)
Deferred tax liabilities
20,838
18,933
1,906
Total Non-Current Liabilities
99,182
105,879
(6,697)
Trade and other payables
23,663
21,328
2,335
Contract liabilities
4,755
-
4,755
Total Current Liabilities
28,418
21,328
7,090
Total Liabilities
127,599
127,206
393
Total net assets acquired at fair value
127,651
120,893
6,758
Goodwill
73,781
80,539
(6,758)
Also on November 22, 2024 (date of registration in GEMI) the subsidiary company changed its name with a new distinctive title "Next
Gen Retail Services Single Member S.A.", from “Dixons South East Europe C.I.S.A.”.
Finally, the acquisition agreement contains terms of indemnification of PPC in the event that the subsidiary is called upon to pay
capital for taxes and surcharges relating to the period before the acquisition date and for specific cases.
3.5. Restructuring of Group companies in Romania
Contribution in kind of shares of direct subsidiaries to the subsidiary PPC -Public Power Corporation Romania S.A. (former PPC
Energy Services Co S.A.
In the extraordinary general meeting of the shareholders of the subsidiary PPC Energy Services Co S.A. held on May 30, 2024, its
shareholders of PPC S.A. and PPC Renewables SM.S.A. approved the contribution in kind, of the shares in the distribution subsidiaries
RETELE ELECTRICE BANAT S.A., RETELE ELECTRICE DOBROGEA S.A., RETELE ELECTRICE MUNTENIA S.A. and the supply subsidiaries PPC
ENERGIE S.A. and PPC ENERGIE MUNTENIA S.A. held by PPC S.A. to the 100% subsidiary PPC Energy Services Co S.A. thereby increasing
the latter’s share capital by issuing new shares above par value.
The value of the shares exchange for the contribution in kind was determined based on the fair value reports of the companies
prepared by certified valuators per company, with a reference date of December 31, 2023.
In the same extraordinary general meeting, the subsidiary company PPC ENERGY SERVICES CO S.A. was renamed to PPC -Public Power
Corporation Romania S.A. and a new activity was included in its purpose (holding company).
On June 3, 2024 (date of completion of the contribution in kind), the Bucharest Commercial Registry approved the registration of the
contribution of the participations for the distribution and supply companies from PPC S.A. to PPC-Public Power Corporation Romania
S.A. As a result, from the date of completion of the contribution in kind, the Parent Company indirectly holds the aforementioned
companies through its subsidiary PPC-Public Power Corporation Romania S.A (former PPC Energy Services Co S.A.).
From this contribution, the subsidiary PPC-Public Power Corporation Romania S.A. increased its share capital by €173.5 million (863.4
million RON), issuing 86,334,095 shares with a nominal value of 10 RON per share, recognizing a premium of €813.7 million (4 billion
RON) and recognized investment in subsidiaries of € 987.2 million (4.9 billion RON).

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
384
3. SIGNIFICANT EVENTS (CONTINUED)
Finally, the contribution in kind of the shares held by PPC S.A. in the subsidiaries PPC Renewables Romania S.R.L., PPC Blue Romania
S.R.L. and PPC Advanced Energy Services Romania S.R.L. with an increase in share capital in PPC Public Power Corporation Romania
S.A. within July 2024, by the General meeting of the shareholders of the subsidiary PPC-Public Power Corporation Romania S.A.
The value of the share exchange for the contribution in kind was determined based on the fair value reports of the companies
prepared by certified valuators per company with a reference date of December 31, 2023.
On August 12, 2024 (date of completion of the contribution in kind), the Bucharest Commercial Registry approved the registration of
the contribution of the participations for PPC Renewables Romania S.R.L., PPC Blue Romania S.R.L. and PPC Advanced Energy Services
Romania S.R.L. from PPC S.A. to PPC – Public Power Corporation Romania S.A..
From this contribution, the subsidiary PPC – Public Power Corporation Romania S.A., increased its share capital by €590.6 million
(2,938.84 million RON), issuing 293,884,642 shares with a nominal value of 10 RON per share, recognizing a premium of €147.74
million (735.17 million RON) and investment in subsidiaries of €738.3 million (3,673.57 billion RON).
Since the above transactions have no commercial substance and are transactions between Group companies, they had no effect on
the financial statements of the Group for the year ended on December 31, 2024. In the Parent company specifically, the value of the
participation to PPC-Public Power Corporation Romania S.A. increased the date of completion of the contribution in kind by a total
of € 1.4 billion as was the book value of its holdings in RETELE ELECTRICE BANAT S.A., RETELE ELECTRICE DOBROGEA S.A., RETELE
ELECTRICE MUNTENIA S.A., PPC ENERGIE S.A., and in PPC ENERGIE MUNTENIA S.A. PPC Renewables Romania S.R.L., PPC Blue Romania
S.R.L. and to PPC Advanced Energy Services Romania S.R.L.
After the registration of the share capital increase in the Commercial Registry of Bucharest, PPC S.A. owns 99.999999% of the share
capital of PPC – Public Corporation Power Romania S.A., while PPC Renewables M.A.E. owns 0.000001% of its share capital.
Merger by absorption of distribution and supply subsidiaries in Romania
In the Extraordinary General Meeting of the Shareholders of the subsidiaries RETELE ELECTRICE BANAT S.A., RETELE ELECTRICE
DOBROGEA S.A., RETELE ELECTRICE MUNTENIA S.A., PPC ENERGIE S.A., PPC ENERGIE MUNTENIA S.A., held on March 25, 2024, as
published in the Official Gazette of Romania, Part IV no. 1782/10.04.2024, the initiation of the merger by absorption between PPC
ENERGIE S.A., acting as the absorbing company and PPC ENERGIE MUNTENIA S.A., acting as the absorbed company, was approved,
as well as the initiation of the merger by absorption between RETELE ELECTRICE MUNTENIA S.A., acting as the absorbing company
and RETELE ELECTRICE BANAT S.A., RETELE ELECTRICE DOBROGEA S.A., acting as the absorbed companies.
The merger by absorption of the Group's companies in Romania is being carried out to simplify the Group companies’ organizational
structure, achieve more efficient management, greater flexibility and faster service provision.
On 10 June 2024, the distribution and supply subsidiaries Board of Directors approved the merger projects which were published in
the Official Gazette of Romania Part IV no. 2988/18.06.2024 and no. 2996/18.06.2024.
Subsequently, on 25 July 2024, the distribution and supply subsidiaries extraordinary general meetings of the shareholders approved
the merger of the said companies.
On December 31, 2024, the absorption of the following subsidiaries in Romania was completed. More specifically, the absorption of
“PPC ENERGIE MUNTENIA S.A.” by the subsidiary “PPC ENERGIE S.A.” was completed. Also, on November 30, 2024, the subsidiaries
“RETELE ELECTRICE DOBROGEA S.A.” and “RETELE ELECTRICE BANAT S.A.” were absorbed by the subsidiary “RETELE ELECTRICE
MUNTENIA S.A.” which “RETELE ELECTRICE MUNTENIA S.A.” was renamed “RETELE ELECTRICE ROMANIA S.A.”.
Also, the sole shareholder of PPC Servicii Comune SRL is Retele Electrice Romania SA (formerly Retele Electrice Muntenia SA).
Within the context of the aforementioned mergers, on May 30, 2024, the shareholders of the said companies PPC – Public Power
Corporation Romania S.A. and SAPE S.A. (minority shareholder) signed a shareholder’s agreement that defines various terms of the
subsidiaries’ corporate governance.
Since this transaction lacks commercial substance and is a transaction between Group companies, it has not any impact on the Group's
financial statements beyond the change in the minority’s percentage.
Other significant events of the year 2024
Within the year 2024, the spin-off of the wholesale telecommunication branch was completed (Note 7).

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
385
4. BASIS OF PREPARATION OF FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICIES
4.1. BASIS OF PREPARATION
Basis of Preparation of Financial Statements
Statement of compliance
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by
the European Union.
Approval of financial statements
The Board of Directors of the Parent Company approved the accompanying financial statements for the year ended December 31
st
, 2024,
on March 26
th
,2025. These financial statements are subject to approval by the Parent Company’s General Shareholders’ Meeting.
Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention, except for property, plant and equipment
(exluding lakes and mining land), financial assets valued at fair value through other comprehensive income and derivative financial
instruments that have been measured at fair value and assuming that PPC will continue as a going concern. The financial statements
are presented in thousands of Euro and all values are rounded to the nearest thousand, unless otherwise stated. The Group's
operating currency is Euro, and from the date of the acquisition of the subsidiaries in Romania, it also includes the RON. Management
considers that the going concern principle is the appropriate basis for the preparation of the present financial information.
Basis of consolidation
The consolidated financial statements include the financial statements of the Parent Company and its subsidiaries, drawn up to
December 31
st
each year. Subsidiaries (companies in which the Group directly or indirectly or through other subsidiaries has an
interest of more than one half of the voting rights or otherwise has power to exercise control over their operations) have been
consolidated. Subsidiaries are consolidated from the date on which effective control is transferred to the Group and cease to be
consolidated from the date on which control is transferred out of the Group. Losses are apportioned to the non-controlling interest
even if that results in a deficit balance. A change in the ownership interest of a subsidiary (without any change in control) is accounted
for as an equity transaction. All inter-company balances and transactions have been fully eliminated as well as unrealized intra –
group gains and losses. Where necessary, the accounting policies of subsidiaries have been revised to ensure consistency with the
accounting policies adopted by the Group.
In case that the Group loses control of a subsidiary then the following are :
Derecognized :
- The assets (including the surplus value) and liabilities of the subsidiary
- The book value of the non-controlling interest
- The accumulated exchange differences, which have been recorded in Equity
Recognized:
- The fair value of the price obtained
- The fair value of the remaining participation
- Any surplus or deficit in the Statement of Income
- The Parent Company’s share in the elements previously recognized in the comprehensive income statement, in the income
statement or the retained earnings where that is judged necessary.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
386
4.2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The accounting policies on the basis of which the annual separate and consolidated financial statements were prepared for the year
ended December 31
st
, 2024 are consistent with those used in the preparation of the annual corporate and consolidated financial
statements for the year ended December 31
st
, 2023 with the exception of the following amendments and standards.
Due to the acquisition from April 10, 2024 of the company Dixons South - East Europe CISA (current Next Gen Retail Services S.M.S.A.)
with the trade name "Kotsovolos" (Note 3.4), the following new accounting estimates were adopted for the Group:
Contracts for the promotion of personal consumer loans:
The Group recognizes indemnity provisions to banking institutions, arising on the basis of cooperation contracts with them, regarding
the sale of goods through the granting of consumer loans with a financial guarantee to its customers. The establishment of this
provision requires the Group to make estimates and assumptions regarding the estimated rates of failure to pay installments by the
borrowers of the above banks. These estimates are a combination of historical default data as well as consideration of the borrowers'
current and future repayment ability.
Brand name "Kotsovolos" - an intangible asset with an indefinite useful life:
The Group, taking into account various factors including its future plans for the brand name "Kotsovolos", its recognition in Greece
and Cyprus, has concluded that the brand name "Kotsovolos" has an indefinite useful life. The Group assesses at each financial
statement date whether there are indicators of impairment of this intangible asset and performs an impairment test on an annually
basis.
Determining whether there are indicators of impairment requires Management to make estimates, assumptions and judgments
regarding external and internal factors and the extent to which they affect the recoverability of the intangible asset. More specifically,
the external factors indicatively include inflation rate and interest rate changes, while internal factors are linked to the Group's
internal decisions and business plan.
In addition, the following new accounting policies were adopted for the Group and the Parent company:
Financial guarantee contracts
The Group, within the framework of the cooperation agreements with banking institutions that contain a financial guarantee,
recognizes an indemnity provision for any failure of retail customers to fulfill their obligations to pay-off installments of personal /
consumer loans.
In particular, a financial guarantee contract is a contract that requires the issuer to make certain payments to compensate the holder
for a loss that has occurred because a certain obligor fails to make its payments according to the contractual terms of a contract.
Financial guarantee contracts are initially recognized at their fair values based on historical rates of failure to pay-off installments
and the projection of these rates on future installments and are subsequently measured at the higher of a) the amount of the
contractual obligation, as determined by IFRS 9 and b) the amount , which has initially been recognized (reduced by any impairments),
in accordance with the revenue recognition policies.
Recognition of agent commission income due to intermediation
Income from agent commission due to the intermediation for the conclusion of consumer loans is recognized at the date of inception
of these loans, as the Group fulfils its obligation at that particular point of time.
Revenue recognition for support services
The Group has contracts with its customers for support services after the sale and in case of breakdown. In particular, revenues from
Total Support service contracts are recognized over the life of the contract using the "straight line method" following its performance
obligations to the customers.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
387
4.2 CHANGES IN ACCOUNTING POLICIES, ESTIMATES AND DISCLOSURES (CONTINUED)
In addition, the following are added to the material accounting policies:
Intangible assets – Brand name "Kotsovolos"
The intangible asset of the brand name "Kotsovolos" that arose during the acquisition of the subsidiary company, is initially
recognized at fair value on the date of acquisition. After initial recognition and since the brand has an indefinite useful life, it is not
amortized but is assessed annually for impairment by comparing its recoverable amount to its carrying amount and whenever there
is an indication that the intangible asset may be impaired.
Inventories of electrical and electronic goods
Electrical and electronic inventories are valued at the lower of their cost and net realizable value. The purchase cost of the
inhventories includes the invoice purchase value increased by the special purchase costs (transportation, insurance premiums, etc.)
less any attributable discounts and other benefits received from suppliers. The cost of inventories is determined using the weighted
average cost method.
Recognition of revenue from the sale of merchandises
Revenue from the sale of merchandises is recognized in the Statement of Income when the merchandises have been delivered and
the ownership of the merchandises has been transferred to the customer. Revenue from the sale of merchandises is presented net
of any discounts granted to the customers.
Merchandise (Statement of Income)
Merchandises in the Statement of income includes the cost of purchasing them plus all costs incurred until they are delivered to retail
outlets (stores).
New standards, amendments to standards and interpretations mandatory in the current year
New standards, amendments to standards and interpretations were published that are mandatory for accounting periods
commencing on January 1, 2024 and thereafter, that the Group and the Parent Company have adopt as of January 1, 2024:
• IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments).
• IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments).
• IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance Arrangements (Amendments).
The newly adopted IFRS and amendments to IFRS did not have a material impact on the Group’s and Parent Company’s accounting
policies.
New standards, amendments to standards and interpretations mandatory in subsequent periods
New standards, amendments to standards and interpretations that are not yet effective but have been adopted by the European
Union for which the Group and the Parent Company are in the process of assessing the impact of their application to its financial
statements:
• IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (Amendments). The amendments are
effective for annual reporting periods beginning on or after January 1, 2025, with earlier application permitted.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
388
4.2 CHANGES IN ACCOUNTING POLICIES, ESTIMATES AND DISCLOSURES (CONTINUED)
New accounting standards, amendments and interpretations that are not yet effective and have not yet been adopted by the
European Union, for which the Group and the Parent Company are in the process of assessing the impact of their application on
its financial statements:
• IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Classification and Measurement of Financial
Instruments (Amendments). In May 2024, the IASB issued amendments to the Classification and Measurement of Financial
Instruments which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures and they become
effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted.
• IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures - Contracts Referencing Nature-dependent
Electricity (Amendments). In December 2024, the IASB issued targeted amendments for a better reflection of Contracts
Referencing Nature-dependent Electricity, which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments:
Disclosures and they become effective for annual reporting periods beginning on or after January 1, 2026, with earlier
application permitted. The amendments include clarifying the application of the 'own-use' requirements, permitting hedge
accounting if contracts in scope of the amendments are used as hedging instruments, and introduce new disclosure
requirements to enable investors to understand the impact of these contracts on a company's financial performance and
cash flows. The clarifications regarding the 'own-use' requirements must be applied retrospectively, but the guidance
permitting hedge accounting have to be applied prospectively to new hedging relationships designated on or after the date
of initial application.
• Annual Improvements to IFRS Accounting Standards – Volume 11. In July 2024, the IASB issued Annual Improvements to
IFRS Accounting Standards – Volume 11. An entity shall apply those amendments for annual reporting periods beginning on
or after January 1, 2026. Earlier application is permitted.
• IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution
of Assets between an Investor and its Associate or Joint Venture. Ιn December 2015 the IASB postponed the effective date
of this amendment indefinitely pending the outcome of its research project on the equity method of accounting.
• IFRS18 Presentation and Disclosures in Financial Statements. On April 9, 2024 the IASB issued IFRS18-Presentation and
Disclosures in Financial Statements, which replaces IAS 1 Presentation of Financial Statements and is effective for annual
reporting periods beginning on or after January 1, 2027. IFRS 18 introduces new requirements on presentation within the
statement of profit or loss. It requires an entity to classify all income and expenses within its statement of profit or loss into
one of the five categories: operating; investing; financing; income taxes; and discontinued operations. These categories are
complemented by the requirements to present subtotals and totals for ‘operating profit or loss’, ‘profit or loss before
financing and income taxes’ and ‘profit or loss’. It also requires disclosure of management-defined performance measures
and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’
of the primary financial statements and the notes. In addition, there are consequential amendments to other accounting
standards. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, with earlier application permitted.
Retrospective application is required in both annual and interim financial statements. The standard has not been endorsed
by the European Union. In subsequent reporting periods, Management will analyze the requirements of this new standard
and assess its impact.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
389
4.3. MATERIAL ACCOUNTING JUDGMENTS AND ESTIMATES OF MANAGEMENT
The preparation of financial statements requires Management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results may ultimately differ from those estimates. The significant
judgments and estimates referring to events, the development of which could significantly affect the items of the financial statements
during the forthcoming twelve month period are as follows:
Post-retirement benefits
a) The Group provides to its employees and pensioners as well as the Greek subsidiaries supply of electricity at reduced tariffs. Such
reduced tariffs to pensioners are considered to be retirement obligations and are calculated at the discounted value of the future
retirement benefits deemed to have accrued at year-end based on the employees earning retirement benefit rights steadily
throughout the working period. The relevant retirement obligations are calculated on the basis of financial and actuarial assumptions.
b) According to Law 4533/2018 (OG A’ 7527/4/2018) PPC and its Greek subsidiaries pay an one-off allowance to the beneficiaries of
pension (who are insured employees leaving PPC) in proportion to the years of actual service to PPC. This allowance cannot exceed
the amount of €15.000 for insured employees which are retiring due to the termination of the employment contract, or due to the
fact that insured employees reached the age limit or due to another reason for leaving, according to the provisions of the law.
c) In addition, the subsidiaries in Romania also pay compensation due to leaving the service to the insured employees who leave due
to termination of the employment contract, or reaching the age limit, or due to any other reason specified by law.
The above are defined benefits plans in accordance with the provisions of IAS 19. The present value of the liability assumed by PPC
and its subsidiaries, is calculated by using actuarial methods and is a past service cost for service provided in previous periods.
Details of the underlying assumptions and estimates of the above mentioned post - retirement benefits are included in Note 37.
Fair value and useful lives of property, plant and equipment
The Group carries its property, plant and equipment (except for mining land and lakes) at revalued amounts (estimated fair values)
as determined by an independent firm of appraisers. Independent revaluation is performed periodically (every three to five years).
The determination of the fair values of property, plant and equipment requires the use of estimates, assumptions and judgements
with respect to the ownership, the value in use and the existence of any economic, functional and physical obsolescence of property,
plant and equipment. The Group assigned to an independent appraiser to revalue its property, plant and equipment as of 31
December 2024. The key estimates, assumptions and judgements were made in determining the fair value are included in Note 19.
Furthermore, the management makes estimates regarding the total and the remaining useful lives of property, plant and equipment
which are subject to periodic review. Useful lives as estimated are included in Note 4.4.
Impairment of fixed and intangible assets
The Group assesses at each reporting date whether there is an indication that a long – term or intagible asset may be impaired. The
determination of whether such indications exists, requires from Management to make estimates, assumptions and judgments with
respect to external and internal factors that may affect the recoverability of assets, as well as assumptions on the determination of
the cash flow generating units. More specifically, external factors include the change in the institutional framework, inflation, interest
rates. On the other hand, internal factors are related to the internal decisions and the business plan of the Group and the Company.
Indicatively, the key assumptions for the impairment test are the weighted average borrowing costs and the future cash flows of the
assets under consideration.
The Group and the Parent Company as lessee
The Management, in order to measure the right-of-use assets, determines the lease term as the non-cancellable term of the lease,
together with any periods covered by a) an option to extend the lease if it is reasonably certain to be exercised, or b) an option to
terminate the lease, if it is reasonably certain not to be exercised.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
390
4.3 MATERIAL ACCOUNTING JUDGMENTS AND ESTIMATES (CONTINUED)
In determining the lease term, Management assesses all the facts and circumstances that create economic incentive in order to
exercise the option of renewal or not exercise the option of termination.
After the commencement date of the lease, Management reassesses the lease term if there is a significant event or change in
circumstances that is within their control and affects their ability to exercise (or not to exercise) the option to renew (for example a
change in the Group’s and the Parent Company’s business strategy).
In addition, the Management in order to calculate the financial lease liability determined the incremental borrowing rate (IBR) at the
lease commencement date as the interest rate implicit in the lease contract is not readily determinable. The IBR is the rate of interest
that the Group and the Parent Company would have to pay, to borrow over a similar term and with a similar security, the funds
necessary to obtain an asset of a similar value to the right-of-use asset.
Decommissioning and removal costs of property, plant and equipment and mines’ land restoration costs
Based on the provisions of IAS 16 “Property, plant and equipment” the cost of an item of property, plant and equipment includes, among
others, the initial estimate of the costs required for the dismantling and removal of such an item. These costs are quantified and
recognized in the financial statements in accordance with the provisions of IAS 37 “Provisions, contingent liabilities and contingent
assets”, while any subsequent change in the measurement of this provision is treated in accordance with the provisions of IFRIC 1.
The respective provision includes the land remediation cost, the cost of dismantling the existing equipment/machinery, the cost of
demolition of buildings and collection of any waste from power plants and mines. At the time of their dismantling and removal, the actual
cost and the commencement and expiration date of the relevant works may differ from Management’s estimate.
In addition, the Group and the Parent Company, in order to calculate the provision of decommissioning, determined the discount rate
that reflects the current market estimates for the time value of money and the risks associated with the liability.
Regarding the remediation of the environment of the hydro power plants, the Group and the Parent Company estimate that the relevant
cost in present values is not significant on December 31
st
, 2024 and therefore they have not established any provision. In the future the
actual commencement date of the relevant works and the remediation cost may differ from Management’s estimate.
Details of the underlying assumptions and estimates for the decommissioning and removal costs of property, plant and equipment and
mines’ land restoration costs provision are included in material accounting policies and in Note 38.
Provisions for risks
The Group establishes provisions associated with claims by third parties against companies of the Group and which might lead to an
outflow of resources for their settlement. The provision is established based on amounts claimed and the possible outcome of the legal
dispute.
Contract assets and expected credit losses – trade receivables
The Group and Parent Company apply the simplified approach set out in the Standard IFRS 9 for the calculation of Expected Credit Losses,
according to which the respective provision is always measured in amount equal to the expected credit losses over the life of customer
receivables. The provision for expected credit losses is formed for high voltage customers on an individual basis in the assessment of the
expected credit loss per customer, while for the estimation of the expected credit losses from medium and low voltage customers and
for contract assets, credit loss provision tables are applied with an ageing analysis of the trade receivables balances, based on the
historical data of the Group and the Parent Company for credit losses and adjusted for future factors with respect to debtors and the
economic environment.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
391
4.3 MATERIAL ACCOUNTING JUDGMENTS AND ESTIMATES (CONTINUED)
Provisions for income taxes and recognition of deferred tax receivables
Current provisions for income tax liabilities for current and prior years are calculated at the amounts expected to be paid to the tax
authorities, using the prevailing tax rates at the balance sheet date.
Provision for income tax includes current taxes reported in the respective income tax returns and potential additional taxes that may
be imposed by the tax authorities upon settlement of the unaudited tax years on the basis of the findings of prior tax audits.
Therefore, final settlement of the income taxes might differ from the income taxes that have been accounted for in the financial
statements. From the fiscal year 2011 onwards, the Parent Company and several of its subsidiaries are audited for tax purposes by the
Certified Auditors Accountants in accordance with the provisions of Income Tax Legislation. The audit for the year ended on December
31, 2024 is ongoing and the relative tax conformity report will be issued after the publication of the financial statements for the year
2024.
If, at the completion of the tax audit, additional tax liabilities arise, the Management estimates that these will have no material effect on
the financial statements. Deferred tax receivables are recognized on carried forward tax losses to the extent that it is probable that future
taxable profits will occur to offset carried forward tax losses. Deferred tax receivables that are recognized, require Management to make
assessments as to the time and level of realization of future taxable profits.
Revenue recognition from consumed and non-billed energy and Contract Assets with low voltage customers
Management considers that the customers consume the benefit of electricity over the period of the sale, while the Group and the Parent
Company continues to fulfil its contractual liabilities. For this reason, revenue is recognized based on actual quantities of electricity
consumed or based on an estimation of electricity consumed.
Especially for low voltage customers at each balance sheet date, unbilled revenue is recorded for electricity delivered and consumed by
these customers but not yet billed, by using certain assumptions with respect to quantities of electricity consumed, network losses and
average electricity sale prices. The actual amounts that will be finally billed may differ from those provided for.
Recognition of revenue from customers’ contributions
The Group estimates that customers’ contributions refer to the initial and continuous connection to the distribution network which
is a distinct service, separate from electricity sale. The service which is promised to be delivered is the only one to be executed by
the distribution companies and this transaction is considered a separate contractual obligation. Therefore, revenue from customers’
contributions is recognized as the service transferred to the customer. As the contract with the customer is not of a specific time
duration, the revenue is recognized based on the useful life of the distribution network property, plant and equipment for Greece
(35 years) or based on the remaining useful life of the concession contracts for the use of the distribution network in Romania (31-
32 years).
Concession agreements of distribution network in Romania
The Group considers that for the concession agreements of the distribution network of the distribution subsidiaries in Romania, IFRIC
12 do not apply and as regards it has recognized the tangible assets of their distribution network asset base.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
392
4.4. MATERIAL ACCOUNTING POLICIES
Foreign currency translation
Parent Company’s functional and presentation currency is the Euro. Transactions involving other currencies are translated into Euro
at the exchange rates, ruling on the date of the transactions. At the reporting date, monetary assets and liabilities, which are
denominated in foreign currencies, are retranslated at the exchange rates at that date. Gains or losses resulting from foreign currency
translation are recognized in the income statement. Non-monetary items denominated in foreign currencies that are measured at
historical cost are translated at the exchange rate at the date of the initial transaction. Non-monetary items denominated in foreign
currencies that are measured at fair value are retranslated at the exchange rates at the date that the fair value was determined. The
foreign currency differences arising from the change in the fair value of these items are recognized in the income statement or directly
in other comprehensive income depending on the underlying item.
Items included in the financial statements of each of the Group entities are measured using the currency of the primary economic
environment in which the entity operates (“functional currency”). Assets and liabilities of entities that have a functional currency
different from the presentation currency, including goodwill and the fair value adjustments to the carrying amounts of assets and
liabilities arising on acquisition, are translated into Euro using exchange rates ruling at the reporting date.
Revenues and expenses are translated at rates prevailing at the date of the transaction. All resulting foreign exchange differences
are recognized in other comprehensive income and are reclassified in the income statement on the disposal of the foreign operation.
Business Combinations
The consolidated financial statements are comprised of the financial statements of the Parent Company and all subsidiaries controlled
by the Parent Company directly or indirectly. Control exists when the Group is exposed to, or has rights to variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control
ceases.
The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of
a subsidiary is calculated by adding the fair values of the assets transferred at the date of acquisition, the liabilities incurred to the
former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of
any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. For each business
combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of
the acquiree’s identifiable net assets. Acquisition costs are expensed as incurred in the Group, while in the Parent Company that
makes the acquisition, they are included in the cost of the investment.
Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest
in the acquiree is remeasured to fair value at the acquisition date through profit or loss.
Subsequent changes to the fair value of the contingent consideration are recognized in accordance with IFRS 9 either in profit or loss
or as a change to other comprehensive income. Contingent consideration that is classified as equity is not remeasured, and its
subsequent settlement is accounted for within equity.
Financial Liability for Contingent Consideration for the acquisition of subsidiaries
Contingent consideration for the acquisition of subsidiaries is recognized on the date of completion of the acquisition of a subsidiary
as a financial liability in the Statement of Financial Position based on the fair value of the contingent consideration, increasing the
cost of investment in the new subsidiary in the Parent Company’s financial statements. In the Group, the initial recognition of the
contingent consideration forms the goodwill/bargain of the acquired business.
Subsequent changes in the fair value of the financial liability resulting from the remeasurement of the contingent consideration are
recognized in the Income Statement in the financial expenses of the Group and the Parent company based on IFRS 9.
Upon payment of the contingent consideration, the financial liability is derecognized with the amount that is finally paid by the Group
and the Parent Company. Whereas if, at the expiry of the obligation, no additional consideration is due, the financial liability of the
Parent company is derecognized by reducing the cost of investment in the subsidiary and any difference affects the financial expenses

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
393
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
of the Income Statement, while the financial obligation of the Group is derecognized in favor of financial income of the Income
Statement.
Emissions Allowances (CO
2
)
The Parent Company acquires CO
2
emission allowances in order to meet its obligation arising from the actual CO
2
emissions of its
electricity generation facilities. This liability is measured at fair value to the extent that Parent Company has the obligation to cover
its emissions through purchases (after offseting of any free CO
2
emission rights held) and is presented in Accrued and other current
liabilities. Emission rights purchased and held are recognized as intangible assets, at their acquisition cost less any accumulated
impairment loss. Emission rights are consumed and recognized in the income statement at the cost acquired, based on the CO
2
emissions of liable electricity generation facilities. As the cash flows of CO
2
emission allowances relate to the operating activities of
the Group and the Parent Company, are shown in the cash flows from operating activities in the Cash Flow Statement.
Goodwill
Goodwill is initially measured at cost and represents the excess amount between the aggregate consideration transferred and the
fair value of the Group's and Parent Company’s share of the acquiree's identifiable assets and liabilities at the date of the acquisition.
If the fair value of net assets acquired by the Group and the Parent Company is in excess of the aggregate consideration transferred,
the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the
procedures used to measure the amounts to be recognised at the acquisition date. If the meassessment still results in an excess of
the fair value of net assets acquired over the aggregate consideration transferred, then the gain (negative goodwill) is recognised in
profit or loss.
After initial recognition, Goodwill is measured at cost less any aggregate impairments. For the purpose of impairment testing,
Goodwill is allocated to cash-generating units (CGU), on acquisition date. The allocation is made to the generating units that are
expected to be benefit from the business combinations in which the goodwill was identified and is recognized according to the
operating segment.Goodwill is subject to an impairment test annually, or even sooner if there are relevant indications. Goodwill
impairment is determined by estimating the recoverable value of each CGU (or group of CGU’s) to which the goodwill has been
allocated. When the recoverable amount (defined as the greater value between value in use and fair value reduced by the required
cost to sell) of the CGU is less than its book value including goodwill, an impairment loss is recognized. Goodwill impairment cannot
be reversed later.
Intangible assets – Trade name “Kotsovolos”
The intangible asset of the trade name “Kotsovolos” that arose upon the acquisition of the subsidiary is initially recognized at fair
value on the date of acquisition. After initial recognition and given that the trade name has an indefinite useful life, it is not amortized
but is tested for impairment by comparing its recoverable amount with its carrying amount annually and whenever there is an
indication that the intangible asset may be impaired.
Property, plant and equipment
Property, plant and equipment are initially recognised at their acquisition cost which includes all direct attributable expenses for their
acquisition or construction. Subsequent to their initial recognition, property, plant and equipment (with the exception of mines and
lakes which are valued at their acquisition cost minus accumulated depreciation and impairment) are valued at fair value minus
accumulated depreciation and impairment.
Fair value estimates are performed periodically by independent appraisers (every three to five years) in order to ensure that fair
value does not differ significantly from net value of the asset. At the date of revaluation, accumulated depreciation is offset against
pre depreciation accounting values and net amounts are restated according to revalued amounts.
Any increase in value is credited to the revaluation surplus in equity net of deferred taxes. However, an increase due to revaluation
will be recognized in the Statement of Income, to the extent that it reverses a previous devaluation of the same asset, which had
previously been recognized in the Income Statement.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
394
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
Any decreases, first offset remaining revaluations surplus and then the remaining amounts burden the Statement of Income. Upon
disposal of revalued property, plant and equipment, the relevant portion of the revaluation surplus is transferred from the
revaluation surplus to the retained earnings.
Repairs and maintenance are recorded in expenses in the fiscal year in which they are incurred. Subsequent expenditure is capitalized
if the criteria for recognizing them as property, plant and equipment are met. For all assets withdrawn or sold, their acquisition cost
and depreciation are written – off when sold or withdrawn. Any gain or loss resulting from the write – off is included in the Statement
of Income.
The use of the own resources for the construction in progress property, plant and equipment constitutes an addition to their
acquisition cost at values which include the direct payroll costs of the staff participated in the construction (corresponding employers’
contributions), the cost of materials used and other general costs.
Depreciation
Depreciation of property, plant and equipment is calculated using the straight-line method over the estimated residual useful life of
the asset. The total useful life (in years) used for calculating depreciation is as follows:
2024
2023
Buildings and Technical Works
Buildings of general use
50-70
50-70
Industrial buildings
35-60
35-60
Dams
50
50
Machinery and Equipment
Thermal power plants
35-40
35-40
Gas Turbines
35
35
Mines
20-40
20-40
Large hydro power plants
50
50
Autonomous diesel power plants
25
25
Wind generators
17-20
17-20
Car charging stations
10-12
10-12
Photovoltaic stations
20-30
20-30
Distribution
Substations
30-40
30-40
Low and medium voltage distribution network
35-40
35-40
Electronic meters
10-20
10-20
Transportation assets
5-15
5-15
Furniture, fixtures and equipment
5-35
5-35
Provision for the dismantling and removal of the infrastructure and the equipment of power plants and mines
The provision for the dismantling and removal of the infrastructure and the equipment of power plants is calculated taking into
account the specificities of each unit (type of fuel, generating capacity, co-installation of units), calculating the present value of the
land remediation cost, the cost of dismantling the existing equipment/machinery, the cost of demolition of infrastructure and
collection of any waste by using a discount rate. The cost includes the direct cost of monitoring/managing the project of the
withdrawal of units. The provision is reduced by actual costs (utilization of provision) and increases with the finance cost.
In case the actual costs exceed the estimated ones, the difference is recorded directly in the Income Statement.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
395
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
Moreover, the respective provision does not take into account any income from the sale of machinery, spare parts and materials of
the decommissioned units or from the utilization of the land, as the relevant revenue will be recognized at the time it is considered
certain.
For all units, the present value of their restoration costs, for the demolition of their infrastructure and the removal of their equipment
is first capitalized on the value of assets they concern proportionately following their remaining useful life, while any remaining
amount is then offset by any revaluation surplus existed with direct record in other comprehensive income and if any further amount
remains it is then recognized in the Statement of Income.
Any changes in the provision of decommissioning of power plants due to a change in Management’s estimate (change of the
restoration time, change of the future use of the property, plant and equipment or related cost) affect the assets’ revaluation surplus
or deficit which was previously recognized, so that:
• a decrease in the liability shall be recognized in other comprehensive income and increase the revaluation surplus included in
equity, with the difference that it will be recognized in the Statement of Income, to the extent that it reverses a previous
revaluation deficit of the assets, which had previously been recognized in the Income
Statement. In the event that a decrease in liability exceeds the book value that would have been recognized if the assets were
recorded in accordance with the cost method, the excess amount will be recognized immediately in the income statement.
• an increase in the liability shall be recognized in the Statement of Income, with the difference that it will be recognized directly
in other comprehensive income and it will reduce the revaluation surplus included in equity as long as there is such, for those
assets.
The amortized amount of assets is depreciated throughout their useful life. Therefore, when the relevant assets reach the end of
their useful life, any subsequent change in liability is recognized in the income statement when is incurred.
Simultaneously, the Group and the Parent Company recognized a provision for the removal of infrastructure /dismantling of
equipment of its mines that includes the cost of the removal of infrastructure and the cost of dismantling of equipment with the use
of a discount rate, while it does not take into account any income from the sale of machinery, spare parts and materials. The provision
is reduced by the actual costs incurred (utilization of the provision) and is increased with the finance cost. Any change in the provision
of the removal of infrastructure /dismantling of equipment of mines follow the same accounting policies for the provision of
decommissioning of power plants as the assets that they concern are measured based on the revaluation model.
Provision of mines’ land restoration
The Group and the Parent Company own and operate lignite mines. Provision for the remediation of the mines’ land was established to
meet the Group’s liabilities for the remediation of the affected land, and was calculated on the basis of the affected area and the average
cost of restoration per metric unit.
As the mines’ lands are measured based on the cost method, any changes in the provision of the mines’ land restoration are added or
deducted from the cost of the relevant asset in the current period. The amount deducted from the cost of the asset cannot exceed its
book value.
• In the event that a decrease in liability exceeds the book value of the asset, the excess amount is recognized immediately in the
income statement.
• In the event of an increase in the cost of an asset, the Company considers whether this is an indication that the asset’s new book
value may not be fully recoverable.
Leases
The determination of whether a transaction involves a lease or not is based on the substance of the transaction at the date of the relevant
contract, i.e. whether the fulfillment of the transaction depends on the use of one or more assets or whether the transaction transfers
rights to use the asset.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
396
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying
assets that are owned by third parties.
i) Right-of-use assets
The Group and the Parent Company recognize right-of-use assets at the commencement date of the lease (i.e., the date the underlying
asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and
adjusted for any re-measurement of lease liabilities.
The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made
at or before the commencement date less any lease incentives received. Unless the Group and the Parent Company are reasonably
certain to obtain ownership of the leased asset at the end of the lease term, the Right-of-use assets are depreciated on a straight-line
basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:
• Buildings: 2 to 89 years
• Other equipment: 1 to 4 years
• Transportation means: 1 to 4 years
• Vessels: 6 to 24 months
The right-of-use assets are also subject to impairment, when indicators exist.
ii) Lease liabilities
At the commencement date of the lease, the Group and the Parent Company recognize lease liabilities measured at the present value
of lease payments to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments)
less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under
residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by
the Group and the Parent Company and payments of penalties for terminating the lease, if the lease term reflects the Group and the
Parent Company will exercise the option to terminate.
Variable lease payments that do not depend on an index or a rate are recognized as expenses in the period in which the event or condition
that triggers the payment occurs.
In calculating the present value of lease payments, the Group and the Parent Company use its incremental borrowing rate at the lease
commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the
amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the
carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the lease payments
(e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the
assessment of an option to purchase the underlying asset.
Those re-measurements are included in a separate line in the note Right of Use Assets “modifications/ re-measurements”.
iii) Short-term leases and leases of low-value asset
The Group and the Parent Company apply the short-term lease recognition exemption to its short-term leases of (i.e. those leases that
have a lease term of 12 months or less from the commencement date and do not contain a purchase option). The Group and the Parent
Company also apply the lease of low-value assets recognition exemption to leases that are considered to be low value (those with value
less than € 5 thousands). Lease payments on short-term leases and leases of low value assets are recognized as expense on a straight-
line basis over the lease term.
Investments in subsidiaries
In separate financial statements, investments in subsidiaries are valued at cost less any accumulated impairment losses. Direct
acquisition costs are included in the cost of participation.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
397
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
Investments in subsidiaries - merger of business
The absorption of the 100% subsidiary company by exchange of shares of the Parent company is treated in the separate financial
statements as a transaction between companies under common control and management is required to determine an appropriate
accounting policy to depict the transaction. The Company de-recognizes its participation in the subsidiary and recognizes the net
assets of the subsidiary either at fair value or at the carrying value that was reflected in the consolidated financial statements of the
Group at the date of the legal merger (taking into account the commercial substance of the transaction).
The spin-off and contribution of a branch to a wholly-owned subsidiary by an exchange of shares is treated as a transaction between
companies under common control and management judgment is required in determining an appropriate accounting policy to depict
the transaction. The Company recognizes the shares received as consideration, as an addition to the cost of investment in the
subsidiary, to the book value or to the fair value of the branch contributed, based on the effect of the transaction on its future cash
flows (assessing whether there is commercial substance).
Investments in associates
These are entities in which the Group has significant influence and which are neither a subsidiary nor a joint venture of the Group.
Significant influence is the power to participate in the financial and operational policy decisions of the associate, without the power
to control or jointly control the said policies. The Group’s investments in associates are accounted for under the equity method.
Investments in associates are carried on the balance sheet at cost plus post-acquisition changes in the Group’s share of net assets of
the associate, less possible provisions for any impairment in value. In case that the Group’s share in an associate’s losses is equal, or
exceeds its participation in the associate, the Group does not recognise the losses exceeding its participation.
The Statement of Income reflects separately the Group’s share on the results of its associates, while amounts that are recorded by
the associates directly to their equity are recognized directly to the Group’s equity. Non – realised profit or loss resulting from the
transactions of the Group with the said associates is eliminated to the extent of the interest in the associates. In the separate financial
statements such investments are accounted for at cost less any accumulated impairment losses.
Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists,
the Group makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash
generating unit’s fair value less cost to sell and its value in use and is determined for an individual asset unless the asset does not
generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an
asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing
value, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessment of the time value of money and the risks specific to the asset.
The fair value of sale (after the deduction of sales costs) is determined, in each case, according to the implementation of a revaluation
model. Impairment losses of continuing operations are recognized to the Statement of Income, except if the particular asset is valued
in fair values and then the impairment loss is recognised as a decrease of the already recognised surplus value. An assessment is
made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist
or may have decreased, for all assets of the Group, except Goodwill. If such indication exists the recoverable amount is estimated. A
previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the assets’
recoverable amount since the last impairment loss was recognized.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
398
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
That increased amount resulting from the reversal of the impairment loss, cannot exceed the carrying amount that would have been
determined (net of depreciation), if no impairment loss had been recognized for the asset in prior years. Such reversal is recognized
in profit and loss unless the asset is carried at fair value amounts in which case the reversal is treated as a revaluation increase. After
such a reversal the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual
value, to be divided equally to future time spans on a systematic basis over its remaining useful life.
Fair value measurement
The Group measures financial instruments such as derivatives, and fair value through other comprehensive income at each reporting
date and non-financial assets such as property, periodically (every 3-5 years) at fair value. Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place
either:
• In the principal market for the asset or liability, or
• In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible to by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset
or liability, assuming that market participants act in their economic best interest.
The fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits
by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and
best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure
fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value
hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable.
• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers
have occurred between Levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to
the fair value measurement as a whole) at the end of each reporting period.
The Group determines policies and procedures applied for both recurring measurements and assets held for distribution or for sale.
Assets of substantial value, as property, plant and equipment, as well as substantial value liabilities are evaluated by the Group and
the Parent Company with the assistance of external appraisers. External appraisers involvement needs, are annually decided by the
Group. The selection criteria include market knowledge and expertise, reputation, independence and observance of professional
standards.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
399
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
On each reporting date, the Group, according to its accounting policies, assesses if there is any change on the carrying values of assets
and liabilities being subject to periodic reassessment and revaluation. For the above mentioned assessment, the management verifies
considerable inputs applied to the last asset or liability evaluation, confirming data used for the evaluation against contracts and
other relevant documents. For disclosing fair values, the Group’s assets and liabilities are categorized according to their nature,
characteristics, potential risks stemming from specific asset or liability categories, as well as fair value hierarchy described above
(Note 48).
Investments and financial assets
Financial assets that fall under and are governed by the provisions of IFRS 9 are classified on initial recognition as financial assets
measured at amortized cost, financial assets at fair value through other comprehensive income and financial assets at fair value
through profit or loss. The classification of financial assets at initial recognition depends
on the contractual characteristics of cash flows of the financial asset and the Group's business model for the management of that
financial asset.
With the exception of trade receivables and receivables from electricity customers that do not contain a significant financial
component, the Group initially evaluates the financial assets at their fair value plus, in case of a financial asset that is not valued
through profit or loss, transaction costs. Trade receivables that do not have a significant financial component and also receivables
from electricity customers are valued at the transaction price determined in accordance with IFRS 15.
In order for a financial asset to be classified and measured at amortized cost or at fair value through other comprehensive income,
the resulting cash flows should be "Solely for Payment of Principal and Interest (SPPI) "οn the initial capital.
The Group's business model for managing financial assets refers to the way in which it manages its financial capabilities in order to
generate cash flows. Business model determines whether cash flows arise from collection of contractual cash flows, sale of financial
assets, or both.
Usual sales and purchases of financial assets are recognized on the transaction date (on which Group is committed to purchase the
financial asset). Usual purchases or sales involve purchases or sales of financial assets that require physical receipt of items within
the period and are also governed by a law or a purchase agreement.
Financial assets measured at amortized cost
Non-depreciated cost of a financial asset is defined as the amount at which the financial asset is measured at initial recognition less
the capital repayments plus or minus the cumulative depreciation using the effective interest method of any difference between that
initial amount and the amortized cost adjusted for any loss provision.
A financial asset is measured at amortized cost only if both of the following are met unless it is measured at fair value through profit
or loss on initial recognition:
i. The financial asset is held in a business model whose objective is to hold financial assets for the collection of contractual cash flows
("HTC") and,
ii. The contractual terms of the financial asset result in specific dates in cash flows that are only capital and interest payments on the
outstanding initial capital.
Consequently, the Group classifies financial assets at amortized cost when financial assets are held in the context of a business model
with a view to being held to maturity mostly concentrating their contractual cash flows, and these financial data lead to cash flows
consisting only of capital and interest payments. Financial assets that do not meet the above conditions are classified as financial
assets at fair value through profit or loss, with the exception of investments in equity instruments that are not held for trading and
for which is selected to be measured at financial assets fair value through other comprehensive income on initial recognition.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
400
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
The Group, after initial recognition, measures financial assets of this category at amortized cost using effective interest rate. These
financial assets are subject to impairment in accordance with IFRS 9. Profit and loss are recognized in Statement of Income when the
asset is derecognized, modified or impaired.
Financial assets measured at fair value through profit or loss
A financial asset is measured at fair value through profit or loss, unless it is measured at amortized cost or at fair value through other
comprehensive income.
Any financial asset whose contractual terms do not result in specific cash flow dates that are only capital and interest payments on
the outstanding initial capital are classified by the Group at fair value through profit or loss (unless it is an investment in an equity
instrument that is classified at fair value through other comprehensive income).
Since the option to determine a financial asset at fair value at its initial recognition is irrevocable, if a financial asset is designated as
at fair value through profit or loss on initial recognition, the Group does not reclassify it as measured at amortized cost or fair value
through other comprehensive income in case the business model changes.
Financial assets measured at fair value through profit or loss are transferred to the statement of financial position at their fair value,
and changes in fair value between reporting dates are recorded in the Statement of Income. Financial assets measured at fair value
through profit or loss are not subject to impairment.
Impairment of Financial Assets
Group assesses at each reporting date whether the value of a financial asset or group of financial assets has been impaired in
accordance with provisions of IFRS 9.
The Group has adopted the expected credit losses model for each of the abovementioned asset categories.
▪ Trade Receivables from the sale of electricity to customers
▪ Trade Receivables from intercompany transactions
▪ Other financial assets measured at amortized cost.
▪ Contract assets
De-recognition of financial assets
Financial receivables (or, where applicable a part of a financial receivable or part of a group of similar financial receivables) are
derecognized when: (1) the rights to receive cash flows from the asset have expired, (2) The Group retains the right to receive cash
flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a “pass-through”
arrangement and (3) The Group has transferred the right to receive cash from that asset while either: (a) has transferred substantially
all the risks and rewards of the assets, or (b) has not transferred substantially all the risks and rewards but has transferred control of
that asset.
Where the Group has transferred the rights to receive cash inflows from that asset but has not transferred substantially all the risks
and rewards or control of that asset, then the asset is recognized to the extent of the Group’s continuing involvement in the asset.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the initial carrying
amount of the asset and the maximum amount of consideration that the Group could be required to pay.
Where continuing involvement takes the form of a written and/or purchase option (including a cash-settled option) on the
transferred asset, the extent of the Group’s continuing involvement is the amount of the transferred asset that the Group may
repurchase, except in the case of a written put option on an asset measured at fair value, where the extent of the Parent
Company’s/Group’s continuing involvement is limited to the lower of the fair value of the transferred asset and the option exercise
price.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
401
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
In the event that the evaluation refers to securitization transactions, the Company applying the aforementioned derecognition
criteria, takes into account the structure of the transaction including its exposure to the subordinated bonds issued, allowances to
the special purpose vehicles, as well as the terms and conditions of the securitization agreements, under which the Company could
retain control over the securitized receivables.
Financial liability from NCI put option
According to IAS 32, the Group recognizes these written put option commitments as a "Financial liability from NCI put option" in the
Statement of Financial Position with equal recognition of "Other Reserves" in equity. The "Non-controlling interests" related with the
above financial liability are recognized in equity according to IFRS 10, while the Group chose their full recognition on the date of initial
recognition.
The above financial liability is initially recognized at the present value of the redemption amount. Subsequent changes in the value
of the financial liability resulting from the remeasurement of the present value of the amount payable upon the exercise of the non-
controlling interest, are recognized in the Income Statement in the results attributable to Company's shareholders and not in the
results attributable to the non-controlling interests.
In the case of exercise of the Put Option (sale) on maturity, the financial liability is de-recognized with the amount paid by the Group
to acquire the shares of the subsidiary. Whereas if the Put Option (sale) expires without being exercised, the financial liability is de-
recognized in other reserves in equity, which have been established on its initial recognition.
On Parent Company level, the Put Option (sale) on subsidiary’s shares is treated as a derivative financial instrument and as its exercise
price is at fair value of the shares, the Put Option (sale) on shares has no value.
Trade Receivables from the sale of electricity to customers
The Group and the Parent Company apply the simplified approach of IFRS 9 for the calculation of expected credit losses, according
to which the provision for impairment is always measured at the amount of the expected credit losses over the lifetime of trade
receivables. More specifically, in Greece:
Regarding the receivables of High Voltage (HV) customers from the sale of energy, the Group and the Parent Company (due to the
individual characteristics of each client and its credit behavior) evaluate the expected credit loss from each customer individually.
Regarding the receivables from Medium Voltage (MV) and Low Voltage (LV) customers from the sale of energy, the Group and the
Parent Company, considering these contracts as sharing similar characteristics, classified them into four distinct portfolios (Medium
Voltage and Low Voltage receivables from public sector, Medium Voltage receivables from non- public sector, Low Voltage
receivables from non- public sector in settlement, Low Voltage receivables from non- public sector without settlement) and in order
to estimate the expected credit losses, use credit loss provision tables based on the maturity of their balances, following the historical
data of the Group and the Parent Company for credit losses and adjusting appropriately for future events and the economic
environment. For the four distinct portfolios, the Group and the Parent Company determine the probability of default for all time
zones of receivables aging.
Additionally, on June 30, 2023, the Group's and the Parent Company's assessment on calculating the expected credit loss for Low
Voltage receivables from non- public sector in settlement, was revised. In particular, the Group and the Parent company classified
them in a distinct portfolio. This revision was carried out by examining the effectiveness of the non- public sector Low Voltage
customer debt settlement program and the service rate of settled debts.
Since the parameters considered for estimating the expected credit loss on receivables from non- public sector of Low Voltage
customers in settlement are affected by various factors, it is not possible to accurately determine the impact of the change in this
accounting estimate on the amount of future estimated expected credit loss.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
402
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
In Romania, depending on the size of the customer and the credit risk information available, the evaluation of the expected credit
loss is performed on:
➢ individual basis, if receivables are significant in value.
➢ collective basis, for which trade receivables are grouped based on common credit risk characteristics (clustering) and the
probability of defaults is calculated for all time zones of receivables aging, taking into consideration historical data and other
information.
Customers’ contributions
Consumers or producers connected to the distribution network are required to participate in the initial cost of connecting to the
network (meters, lines, substations, etc.) or other types of infrastructure by paying institutionally fixed amounts of money or by
contributing property, plant and equipment (extremely rare cases). In the event that a customer leaves a facility and a new customer
enters, then the new customer is not obliged to pay for a new contribution.
Customer’s contributions refer to the initial and continuous connection to the distribution network which is a separate service from
the sale of electricity. The promised service is the only one undertaken by the distribution companies and this transaction is
considered a separate contractual obligation. Therefore, revenue from customers’ contributions is recognized during the transfer of
the service to the customer. As the contract with the customer is not of a specific duration, income is recognized on the basis of the
remaining useful life of distribution network’s property, plant and equipment (35 years for Greece). For Romania, the distribution
companies provide their service to customers based on concession agreements with the Ministry of Energy, and income is recognized
based on the remaining duration of those agreements (31-32 years).
Customers’ contributions are classified as "Long – term contract liabilities". As the cash flows from customers’ contributions relate
to the operating activities of the Group and the Parent Company, are shown in the cash flows from operating activities in the Cash
Flow Statement.
Payments in advance against electricity consumption paid by customers at the time of signing the electricity supply contract.
By signing the electricity supply contract, the customer is required to pay an advance - a guarantee against future electricity
consumption. This amount is not refunded to the customer but is offset by the amount of the last clearing bill following the request
for suspension of electricity supply to the customer. Considering that these amounts are settled in a period over 12 months, the
Group and Parent Company classified them as "Long – term Contract Liabilities".
Other financial assets measured at amortized cost
For the other financial assets of the Group and the Parent Company, measured at amortized cost, the general approach is used. These
financial assets are considered as having low credit risk and any provision for loss is limited to the expected credit losses of the next
12 months from the respective reporting date.
Inventories
Inventories include materials and consumables, spare parts, lignite, liquid fuel, green certificates, electrical and electronic inventories.
Provision for slow moving or obsolete materials and consumables is established if necessary.
• Materials and consumables
Materials and consumables are stated at the lower of cost or net realizable value, which takes under consideration the net realizable
value of the finished product in which they are incorporated. The cost is determined using the weighted average method. These
materials are recorded in inventory when purchased and then are expensed or capitalized upon use.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
403
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
• Lignite (self-produced and purchased)
The cost of lignite inventories which have been excavated / purchased but not yet consumed at the balance sheet date is stated at
the balance sheet. Lignite inventories are stated at the lower of production cost / purchase cost and net realizable value, which
takes under consideration the net realizable value of the finished product in which they are incorporated with the cost being
determined by using the weighted average production / purchase cost method. Production / purchase cost mainly consists of
expenses incurred in order for lignite inventories to be used for electricity generation.
• Liquid fuels
Liquid fuel is stated at the lower of cost and net realisable value which takes under consideration the net realisable value of the
finished product in which it is incorporated. The cost of liquid fuel reflects purchase price plus any taxes (excluding VAT), levies and
any other type of expense for the fuel to be stored in the Group warehouses and determined using the weighted average method.
Liquid fuels are expensed on consumption and appear separately in the Statement of Income.
• Green certificates
The green certificates that the Group and the Parent Company receive from the competent authority as a certification of the energy
produced by the RES Units are free of charge (zero value). These certificates represent goods held for sale in the ordinary course
of business and are recognized in the Group's and Parent Company's inventories at the lower value between their cost and their
net realizable value.
• Electrical and electronic inventories
Electrical and electronic inventories are valued at the lower of their cost and net realizable value. The cost of inventories includes
the purchase price plus specific purchase costs (transportation, insurance premiums, etc.) and less relevant discounts and other
benefits from suppliers. The cost of inventories is determined using the weighted average cost method.
Cash and cash equivalents
The Group considers time deposits and other highly liquid investments with original maturity of three months or less
and they are used to cover short-term cash needs, to be cash equivalents.
Share capital
Share capital reflects the value of the Parent Company’s shares that are fully issued and in circulation. Any proceeds in excess of par
value are recorded in share premium in equity. Expenses related directly to new shares issuance are recognized directly to Equity net
of proceeds.
Treasury shares
Own equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is
recognized in the Statement of Income on the purchase, sale, issue or cancellation of the Group’s own equity instruments. Any
difference between the carrying amount and the consideration, if reissued, is recognized in the share premium. In the event of
cancellation of treasury shares, the acquisition cost reduces the Share Capital and any difference is charged to Retained Earnings.
Equity settled benefits
The Group provides to the executives of PPC S.A. and the Related Companies within the meaning of article 32 of L.4308/2014,
remuneration in the form of share based payments, whereby executives render their services as consideration equity instruments.
The cost of equity- settled transactions is determined by the fair value at the grant date by using an appropriate valuation model.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
404
4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
That cost is recognized in the Payroll Cost of the Statement of Income, together with a corresponding increase in equity (other
reserves), over the period in which the service is rendered (the vesting period). The cumulative expense recognized for equity- settled
transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s
best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss
for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.
Non- market conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the
conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest.
In the contrary, market performance conditions are reflected within the grant date fair value. Any other conditions attached to an
award, but without an associate service requirement, are considered to be non-vesting conditions. Non-vesting conditions are
reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/ or
performance conditions.
No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have
not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of
whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.
In each reporting date, the Group revises its estimates for the number of equity instruments that will ultimately vest. It recognizes
the effect from the revision of its initial estimates, if it exists, in the Statement of Income with a corresponding adjustment of its
equity.
De-recognition of financial liabilities
Financial liabilities are derecognized when the obligation under the liability is discontinued, cancelled or expires. In the event that an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing
liability are substantially modified, such an exchange or modification is treated as a de-recognition of the original liability and the
recognition of a new liability, and the difference in the respective carrying amounts is recognized in the income statement.
Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount is presented in the balance sheet only when the Group has the legally
enforceable right to set off the recognized amounts and intends to either settle such asset and liability on a net basis or claim the
asset and settle the liability at the same time.
Interest bearing loans and borrowings
All loans and borrowings are initially recognized at cost, which reflects the fair value of the amount received less the cost of borrowing.
After initial recognition, they are subsequently measured at amortized cost using the effective interest rate method. For the
calculation of amortized cost, all types of borrowing and issue costs are taken into account.
Provisions for Risks and Expenses, Contingent Liabilities and Contingent Claims
Provisions are recognised when the Group has present legal, contractual or constructive obligations as a result of past events and it
is probable that they will be cleared through outflows of resources and the estimate of the exact amount of the liability can be reliably
made. Provisions are reviewed at each balance sheet date and adjusted to reflect the present value of the expense expected to be
required to settle the liability. Contingent liabilities are not recognised in the financial statements but are disclosed unless the
possibility of an outflow of resources embodying economic benefits is minimal.
Contingent claims are not recognised in the financial statements but are disclosed when the inflow of economic benefits is probable.

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
405




4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)

Post-retirement benefits
a) The Group provides to employees and pensioners electricity at a reduced tariff. The reduced invoice to pensioners is recognized
as a liability and is calculated as the present value of future retirement benefits deemed accrued by the end of the year on the basis
of the rights of employees accumulated during their service and are calculated on the basis of economic and actuarial models on the
basis of economic and actuarial assumptions.
b) PPC and its subsidiaries in Greece pay, in accordance with Law 4533/2018 (OG A’ 7527/4/2018), a severance payment, which may not
exceed € 15 (fifteen thousand Euro) to insured persons who leave due to termination of the employment contract, or because the insured
employees reached the age limit or due to another reason for leaving according to the provisions of the law. The retirement indemnity
plan ,due to retirement from the company, in Romania is based on years of service in accordance with local law and meets the criteria
of 2021 IFRIC agenda decision since it provides a benefit which does not increase after 15 or 25 years of service (depending on the Group
entity). Therefore, the retirement benefit obligation is attributed over the last 15 or 25 years before retirement.
c) All entities in Romania offer to their employees jubilee premiums for continuous service, the amount of which depends on the
continuous years of service in the company.
All the above programs are defined benefit plans. The liability recognized in the statement of financial position is the present value
of the defined benefit obligation at the end of the reporting period. These obligations are calculated annually by independent
actuaries using the Projected Unit Credit Method. The discount rate used is the yield of high quality European bonds with maturity
that approximates the term of the related obligation. The current service cost of the defined benefit plan, recognized in the income
statement in personnel costs, reflects the increase in the defined benefit obligation resulting from employee service in the current
year, benefit changes, curtailments and settlements. Past service costs are recognized immediately in the income statement.
Actuarial gains or losses are recognized directly in other comprehensive income in the period in which they occur and are not
reclassified to income statement in a subsequent period. The post- retirement benefit liability is not funded.


Defined contribution plans
The Parent Company and the Group recognize as an expense the contribution for the employees’ services payable to Social Security
Institution (defined contribution plans) and as a liability the amount that has not been paid yet. At retirement, the pension fund is
responsible for paying pension benefits to retirees.

Subsidies for property, plant and equipment
The Group receives grants from the Greek State and the European Union in order to finance specific projects that are executed
within certain time periods. Subsidies are accounted for when they are collected and are distinctly shown in the balance sheet as
non-current liabilities. Amortization is recognized based on the remaining useful life of the related assets and is included in
depreciation in the Income Statement.


Derivative financial instruments and hedging
1.1 Derivative financial instruments
Derivative financial instruments are recognised as financial assets or financial liabilities and measured at fair value through profit and
loss, both at their initial recognition and subsequently, regardless of the purpose of the transaction, unless they are designated in an
effective cash flow hedging relationship.
Gains or losses arising on the valuation of derivative financial instruments are recognized in the income statement in "Other income” /
"other expenses” for derivatives on commodities, in "Financial expenses" for derivatives on interest rate and other than those designated
as hedges and other than those held for compliance purposes (energy short positions in the derivative energy market) as follows, which
are recognized in the Income Statement in "Energy Purchases" together with changes in the fair value of any derivative financial
instruments that hedge the specific items.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
406

4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)


As of 31 December 2024, the Group and the Parent Company had entered into derivative financial contracts for: a) cash flow hedging
from fluctuations in electricity prices, fuel prices and interest rates and b) conducting for trading purposes transactions. The fair value of
derivatives is obtained from stock market prices, if available, or based on valuation techniques, that use largely unobservable data.
1.2 Power Purchase Agreements
The Group and the Parent Company review the power purchase agreements (PPAs) and if they do not comply with, the requirements
of IFRS 10, IFRS 11 or IAS 28, for the existence of control over one or more assets or jointed control or significant influence by the
counterparty over one or more assets that produce the sold energy, or the requirements of IFRS 16 for the recognition of a lease are
not met, but comply with the definition of a derivative under IFRS 9, are accounted for as derivative financial instruments to the
extent that the criteria for exemption from IFRS 9 as own-use contracts are not met.
Therefore, the contracts for delivery of non -financial assets in accordance with the expected sales/purchases of the Group and the
Parent Company that meet the criteria for exemption from IFRS 9, are not accounted for as derivative financial instruments, but as
executory contracts.
Power purchase agreements without physical delivery of energy, which also include the sale of guarantees of origin of energy, are
examined in terms of meeting the criteria for exemption from the scope of IFRS 9 as contracts for own use/ executory contracts for
the sale of guarantees of origin, while the exchange mechanism of energy price is examined as to whether it meets the definition of
an embedded derivative under IFRS 9.
If the own use contracts contain embedded derivatives, the embedded derivatives are accounted for separately from the host
contract at fair value through profit and loss, as far as the economic characteristics and risks of the embedded derivatives are not
closely related to the economic characteristics and risks of the host contract.
For the power purchase agreements that comply with the recognition criteria of IFRS 9 as derivative financial instruments, their fair
value is determined based on valuation techniques of unobservable data. In case that, at the initial recognition of the derivative, the
Group and the Parent company conclude that the price is different from the fair value as defined by IFRS 13, then the valuation
technique is recalibrated, so that the value of the transaction on the day of initial recognition to approximate the fair value.
In cases where derivatives resulting from electricity purchase and sale contracts represent embedded derivatives, in accordance with
IFRS 9 upon separation they are always recognized at a value equal to zero.
The subsequent recognition of the change in the fair value of derivative financial instruments is recorded either in the Income
Statement when the transaction is carried out for speculative purposes or in the Statement of Comprehensive Income when the
transaction is carried out for cash flow hedge accounting purposes, to the extent that it is effective.
1.3 Hedge Accounting
The Group and the Parent Company apply hedge accounting if the following criteria are met:
- the hedging relationship includes only eligible hedging instruments and eligible hedged items
- at the commencement of the hedging relationship there is a formal identification and documentation of the hedging relationship
and the objective of the entity's risk management and its hedging strategy
-the hedging ratio meets all of the following effectiveness requirements:
(i) there is an economic relationship between the hedged item and the hedging instrument
(ii) the effect of credit risk does not outweigh the changes in value resulting from that economic relationship; and
(iii) the hedging ratio of the hedging relationship is the same as the amount of the hedged item actually offset by the entity and the
amount of the hedging instrument that the entity actually uses to offset that amount of the hedged item.
For the purpose of hedge accounting, hedges are classified either as fair value hedges when hedging the exposure to changes in the
fair value of a recognised asset or liability or as cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or with a future transaction which is considered highly
probable to occur.





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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
407


4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)


Cash flow hedges
The Group and the Parent Company use derivative financial instruments (futures contracts and swaps) in order to hedge the risks arising
from fluctuations in electricity and gas prices. To hedge the fluctuations of cash flows related to future transactions (purchases / sales of
electricity and gas) and have been recognized as hedged items, the Management of the Group and the Parent Company evaluates and
documents that they represent highly probable transactions and reflect the net exposure of the Group and the Parent Company in
changes in their cash flows and affect their results during the period in which they will take place.
Gains or losses relating to the effective part of the hedging arising from changes in the fair value of the derivative financial instrument
are recognized in Equity in a reserve, while the ineffective part of the hedging is recorded directly in the Income Statementin "Other
income” / "other expenses” . The (gains) / losses from hedging transactions are transferred from the reserve to the Income Statement
on "Electricity Purchases" and "Natural Gas" during the period when the hedged item affects the profits or losses of the Group and the
Parent Company.
In cases of hedging of probable future transactions, which result in the recognition of a non-monetary item (eg, stock) or liability, gains
or losses recognized in Equity are transferred to the acquisition cost of the resulting non-financial asset.
The total fair value of a derivative instrument designated as a hedging instrument is classified as non-current asset or long-term liability
if the remaining period of the maturity of the hedged item is longer than 12 months and as current assets or current liabilities if the
remaining period of the maturity of the hedged item is less than 12 months.
Effectiveness test
The Group and the Parent Company evaluate at the inception of the transaction, on a continuous basis and definitely during the
preparation of the interim and annual financial statements, whether the hedging instruments are effective in order to hedge the changes
in the cash flows of the hedged items.
Management of the Group and the Parent Company evaluates the effectiveness of the hedge accounting based on the existence of a
financial correlation between the hedged item and the hedging instrument, the effect of credit risk on price changes and the hedging
ratio as well as through quantitative and qualitative criteria depending on the characteristics of the hedging instrument and the hedged
item.
Hedge accounting discontinuation
The Group and the Parent Company terminate the hedge accounting only when the hedging relationship ceases to meet the application
criteria, taking into account any balancing actions (change in the amount of the hedged instrument or change in the amount of the
hedged item).
When a hedging instrument expires or is sold, or when a hedging relationship no longer meets the accounting hedging criteria,
accumulated gains or losses remain as a reserve and are carried in the Income Statement at the time the hedged item affects gain or
losses.
In the event of hedging a possible future transaction that is no longer expected to occur, the gains or losses accumulated in Equity are
transferred directly to the Income Statement.



Income taxes (current and deferred)
Current Income Taxes
Current income tax expense consists of income taxes for the current year based on the Parent Company’s profits and the profits of the
other companies of the Group as adjusted in their tax returns and, provisions for additional income taxes and increments arising from
unaudited tax years and is calculated by using the enacted or substantively enacted tax rates at the balance sheet date.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
408


4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)

Deferred Income Taxes
Deferred income tax is calculated, using the liability method, on all temporary differences at the balance sheet date between the tax
base and the book value of assets and liabilities. Deferred income tax liabilities are recognized for all taxable temporary differences,
except where the deferred income tax liability arises from initial recognition of goodwill or of an asset or of a liability in a transaction that
is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
Deferred tax assets are recognized for all deductible temporary differences carried forward as well as unused tax credits and unused tax
losses, to the extent that it is possible that taxable profit will be available against the deductible temporary differences and the carried
forward of unused tax credits and unused tax losses can be utilized. No deferred income tax asset is recognized when it arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects
neither the accounting profit nor taxable profit or loss.
Deferred tax assets are reassessed at each balance sheet date and are reduced at the time where it is not considered possible that
enough taxable profits will appear against which, a part or the total of assets can be utilized. Deferred income tax assets and liabilities
are measured at the tax rates that are expected to be in force in the year when the asset is recovered or the liability is settled, based on
tax rates (and tax laws) that are in force or substantively enacted at the balance sheet date.
Income tax relating to items recognized directly in other comprehensive income is recorded in other comprehensive income and not in
the Statement of Income.


Revenue recognition
Revenue from the sale of electricity to customers
The Group and the Parent Company are active in the supply of electricity to high, medium and low voltage customers through the
Operations electricity Supply Sector and in the provision of electricity distribution services. Given the particular characteristics of
electricity, the Group and the Parent Company consider that when their customers buy electricity simultaneously receive and use
the benefits on an ongoing basis resulting from the sale of electricity as the Parent Company fulfills its contractual obligations. For
this reason, revenue recognition (as long as the collection of the total amounts is considered probable) is based on metering data or
on estimation of electricity consumed.
The Group and the Parent Company also assess whether they have the role of principal or agent in any relevant agreement. The
Group's and the Parent Company's assessment is that they have the role of principal in all of its sales transactions, excluding
transaction that involve municipality taxes and taxes that are acting as agents.
If the price agreed under the contract also includes a variable portion, this amount is recognized as revenue to the extent that it is
unlikely to be reversed in the future.
Contract Assets
At each reporting date and taking into account that the invoicing based on the measurement data of the last month of the period is
issued during the first days of the following month, as far as High and Medium Voltage customers are concerned, the total value of
electricity provided that month is recognized as accrued revenue for the period, and is reversed in the following month, after billing
has already been recorded in books. These accruals at the end of each reporting period are classified as “Contract Assets”.
Additionally, at each reporting date, the Group and the Parent Company estimates the value of the energy consumed but not yet
billed from Low Voltage customers, since it has developed an estimation method especially for doing so. The estimated values are
recorded as income receivable for periods ending on the reporting date and are reversed during the following month. Those accruals
are also classified as "Contract Assets” at the end of each reporting period.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
409





4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)

Contract Liabilities
If the customer pays a fee, or the Group reserves an unconditional right to a sum of money, before the Group transfers the goods or
services to the customer, it classified the contract as a contract liability to the customer, either when the payment is made or when
it becomes chargeable (whichever comes first).
For the Group and the Parent Company, contract liabilities come mainly from:
• Customers’ contibutions
• Payments in advance against electricity consumption paid by customers at the time of signing the electricity supply contract
• Prepayments paid by customers against future consumption of electricity
Distribution network revenues
Group considers that when their customers use and benefit from the distribution network simultaneously the Group fulfills its
contractual obligation to them. Distribution network revenues are recognised when customers use the distribution network based
on metering data (either by digital meters, or meter-reading crews, or on estimation of electricity consumed) and by applying the
approved tarriff from regulators.
Distribution network revenues are regulated based on cost-plus system and any over or under recovery of costs is adjusted in the
customers future tariffs.
As such, If revenue earned based on actual metering exceeds the annual amount as approved by the regulator, an adjustment will
be made to future tariffs to reflect this over recovery. No liability is recognized for the over recovery since this adjustment relates to
the provision of future service. If revenue earned based on actual metering is lower than the annual amount as approved by the
regulator, no asset is recognized. The relevant under recovery is recognized in the Income Statement, in the year that the customer
tariffs will be adjusted, according to regulator’s decision.
Interest income
Interest income is recognized on an accrual basis.
Dividend income
Dividend income is recognized when it has been approved by the relevant authority of the company that distributes it.


Energy purchases
Energy purchases are expensed as purchased and presented separately in the Statement of Income.

Revenue Recognition from Sales of merchandise
Sales of merchandise are recognized in the income statement when they have been delivered and title has transferred. Estimated
discounts and promotions are recorded as a reduction of sales.

Merchandise (Income Statement)
Merchandise in the Income Statement includes their purchasing cost, including all expenses incurred until their delivery to retail
outlets (stores).



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
410



4.4 MATERIAL ACCOUNTING POLICIES (CONTINUED)
Earnings/ (Losses) per share
Basic earnings per share are computed by dividing the profit for the year attributable to owners of the parent by the weighted average
number of shares outstanding during each year. The weighted average number of ordinary shares outstanding during the year is the
number of ordinary shares outstanding at the beginning of the year, adjusted by the number of ordinary shares bought back or issued
during the year multiplied by a time-weighting factor. Diluted earnings per share are computed by dividing the profit for the year
attributable to owners of the parent by the weighted average number of shares outstanding during the year adjusted for the impact
of share-based payments.

Subsequent events
Subsequent events that provide additional information about events or circumstances that existed at the balance sheet date and
meet their recognition criteria, are reflected in the financial statements. Otherwise, they are disclosed in the notes of the financial
statements.

Operating Segment
The operating segments of activity are defined based on the Group's structure and business activities, as reviewed by those
responsible for evaluating the Group's performance and making financial decisions. The information of functional areas of activity
that are not separate areas for reporting are collected and displayed in a category entitled "Other". The accounting policies of the
business areas are the same as those followed in the preparation of the financial statements.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
411


5. SPIN-OFF OF POST-LIGNITE EXPLOITATION OF THE CORE LIGNITE PHASE-OUT ZONES BRANCH AND SALE OF SUBSIDIARY
By Law 4956/2022 (OG A' 140/19.07.2022) the Programme Agreement was ratified and acquired the force of law on July 19, 2022
between the Greek State (Ministry of Development and Investments), the public interest company with the distinctive title METAVASI
S.A. and PPC S.A., which provided for the spin-off of the branch Post-Lignite Exploitation of the Core Lignite Phase-out Zones of PPC
(named “the branch”) to its newly established subsidiary METALIGNITIKI S.A. and then in the sale of its shares to METAVASI S.A.
Τhe programme agreement provided, inter alia, for the possibility of assigning to PPC the implementation of the new land uses and
upgrading of the transferred lands, which were included in the attached topographic diagrams, the terms and conditions for their
upgrading, the obligations, the monitoring of the execution of the contract, issues regarding the content of the rehabilitation works
to be made by PPC and any other works that will be required for the implementation of the new land uses according to specific urban
plans, the method of calculating and covering PPC's management costs, as well as the method of transferring to the State the
ownership of the underlying land owned by PPC.
In particular, the terms and conditions of the transfer of the shares, issues concerning the value of the transferred shares in relation
to the value of the assets of METALIGNITIKI S.A., the payment of the consideration for the acquisition of the shares with resources
from the Recovery and Resilience Fund program are regulated and defined.
PPC S.A. may continue the activity of lignite-fired power generation and lignite mining for as long as lignite activity is allowed on the
lands in question under the National Energy and Climate Plan as in force from time to time.
The branch included the rights of all kinds on the properties (approximately 97 km2) included in the land of the Mines of Amynteo,
Ptolemaida, Klidiou (Florina) and Megalopolis as specified in the topographical diagrams of the Programme Agreement, while it did
not include the existing rights to search for and exploit solid fossil fuels that have been granted to PPC, which remained to PPC, as
well as all kinds of permits and approvals, which are related to the mining activity.
On October 4, 2022, PPC's Board of Directors approved the initiation of the spin-off procedures for the branch with a spin-off date of
July 31, 2022, as well as the basic terms of the draft Share Purchase Agreement between PPC, METAVASI S.A. and the Greek State.
On March 30, 2023, the Extraordinary General Meeting of PPC’s Shareholders approved the spin-off of the branch with the
establishment of a new entity and the Draft Demerger Plan including their appendixes.
The spin-off of the branch was completed on June 15, 2023 (decision G.E.MH. 2980019AP/15.06.2023) and its contribution to the
100% newly established subsidiary company METALIGNITIKI S.A. on June 16, 2023 with the establishment of the subsidiary (G.E.MH.
171168001000) in accordance with the provisions of Law 4872/2021 "Fair Developmental Transition, regulation of more specific de-
lignitization issues and other urgent provisions", sanctioned by Law 4956 /2022 "Programme Agreement of par. 4 of article 155 of
Law 4759/2020", of corporate Law 4548/2018 for anonyme société companies, Law 4601/2019 on Corporate Transformations and
Tax Law 4172/2013.
On June 16, 2023, the share capital of METALIGNITIKI S.A., as a result of the spin-off and contribution of the above branch, was
formed in the amount of € 162,182,483 as determined by the 31.10.2022 Valuation Report of the net asset value of the above
contributed branch of PPC with a corresponding recognition of the contributed Property, plants and equipment at their fair value.
The spin-off and contribution of the branch was treated in the financial statements of the Parent Company as a transaction between
companies under common control with a commercial substance, given the subsequent sale of the shareholding. The shares received
were recognized as the cost of the investment in the subsidiary on June 16, 2023 at a value equal to the fair value of the net assets
contributed to METALIGNITIKI S.A. On June 16, 2023, the Parent Company recognized in the Income Statement "Gain from the spin-
off of the Post-Lignite Exploitation branch" amounting to € 124.3 million and resulted as follows:




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
412


5.SPIN-OFF OF POST-LIGNITE EXPLOITATION OF THE CORE LIGNITE PHASE-OUT ZONES BRANCH AND SALE OF SUBSIDIARY
(CONTINUED)
Amounts in euro Balances at 15.06.2023
Fair value of net assets contributed (Property, plant and equipment) 162,182,483
Minus: carrying value of transferred assets (Property, plant and equipment) (20,623,239)
Minus: financial expenses from the initial discounting of the receivable (17,264,958)
Gain from the spin-off of the Post-Lignite Exploitation branch 124,294,286
The fair value of the net assets (property, plant and equipment) contributed differed from their carrying value, as it had taken into
account the valuation at fair value of property, plant and equipment based on the new use of land by the Greek State. At Group level,
the spin-off had no effect on the Group's consolidated financial statements as it was a transaction between related parties.
On June 29, 2023, the transfer was completed and the sale of the shares of the 100% subsidiary METALIGNITIKI S.A. was completed
to METAVASI S.A. in accordance with the Share Purchase Agreement for a consideration of €162.2 million, which is equal to the value
of the spin-off branch. As a result, the Group lost control of the subsidiary and recognized on June 9, 2023 in the Income Statement
"Gain from the sale of subsidiary" amounting to €124.2 million and in the Statement of Financial Position a Receivable from METAVASI
S.A. of € 162.2 million (€140 million after discounting on 31.12.2023) as the consideration for the sale of the shares of METALIGNITIKI
S.A. On the same date, the Parent Company de-recognized the shareholding in the subsidiary METALIGNITIKI S.A. and recognized an
equal amount of Receivable from METAVASI S.A.
The consideration for the sale of the shares will be paid gradually, assuming that METAVASI S.A. will be exclusively responsible to pay
the invoices of the contractors and suppliers who will make the restoration works of the lands to be transferred, being a third party
to the relevant PPC contracts. Within 2024, for the already restored lands, the Parent company has begun to receive part of the
restoration costs of those it had previously paid to contractors. The handover of the restored lands from PPC to METAVASI S.A. it will
be made gradually within next years.
On December 31, 2024 the long-term portion of the discounted receivable from METAVASI S.A. is included in Other long-term
Receivables and amounts to €69.4 million (31.12.2023: €91.8 million) and the short-term portion of €57.3 million (31.12.2023: €48.2
million) is included in Other Receivables of the Group and the Parent Company.
From the date of classification as Assets Held for Sale, until June 16, 2023 for the Parent Company and June 29, 2023 for the Group,
no depreciation was calculated for the contributed fixed assets as provided by IFRS 5. If depreciation had been calculated, these
would amount to €0.2 million for the period 01.01.2023-29.06.2023 for the Group's fixed assets and the Parent Company.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
413

6. ACQUISITION OF SUBSIDIARIES IN ROMANIA 2023
On March 9, 2023, the Parent Company signed a binding agreement with Enel S.p.A. (“Enel”) for the acquisition of all the holdings
held by Enel and its subsidiaries in Romania for a total initial consideration of approximately €1,260 million (based on the total
enterprise value determined at approximately €1,900 million). The final consideration amounted to €1,240 million after adjustments,
while there is an additional contingent consideration based on the future increase in the value of the Supply activities in Romania to
be determined (if a payment obligation exists) within 2025. For the completion of the transaction of the purchase of ENEL's holdings
as a condition, among other things, included the approval from the relevant antitrust authorities. The acquisition was completed on
October 25, 2023, the date that the consideration was paid and all conditions included in the share purchase agreement, were met.
PPC financed part of the acquisition through a combination of debt and equity capital out of which an amount of € 315 million
originated from a loan with duration of 18 months from Alpha Bank.
The costs related directly to the transaction amounting to €43.8 million are included in the investment cost in subsidiaries in the
Parent Company based on accounting policies, while on Group level those costs charged Third party fees in the Statement of Income.
The acquisition represents a transformational event for PPC’s growth strategy with the acquisition of a significant renewable’s
portfolio (both operating and pipeline), leading electricity distribution and supply businesses. The acquisition is PPC’s first material
expansion abroad.
Following the agreement of PPC S.A. with Enel on March 9, 2023 in order to acquire all of Enel's holdings in Romania, the Parent
Company on April 19, 2023 signed an agreement with Fondul Proprietatea S.A. (“Fondul”) for the acquisition of all the holdings held
by Fondul in the companies E-Distributie Muntenia S.A. (12%), Enel Energie Muntenia S.A. (12%), E-Distributie Dobrogea S.A. (24.1%),
E-Distributie Banat S.A. (24.1%), and ENEL Energie S.A. (12%) in Romania, for a total consideration of approximately €130 million. On
October 26, 2023, the acquisition of the minority shares was completed with the payment of the initially agreed consideration.
With the completion of the acquisition, the Parent Company directly and indirectly acquired 29 new subsidiaries (full consolidation
method), namely: Retele Electrice Muntenia S.A. (formerly E-Distributie Muntenia S.A.), PPC Energie Muntenia S.A. (formerly Enel
Energie Muntenia S.A.), Retele Electrice Dobrogea S.A. (formerly E-Distributie Dobrogea S.A.), Retele Electrice Banat S.A. (formerly E-
Distributie Banat S.A.), PPC Energie S.A. (formerly ENEL Energie S.A.), PPC Energy services Co (formerly Enel Romania S.A.), PPC
Renewables Romania S.R.L. (formerly Enel Green Power Romania S.R.L.), PPC Advanced Energy Services Romania S.R.L. (formerly Enel
ex Romania S.R.L.), PPC Blue Romania S.R.L. (formerly Enel x way Romania S.R.L.), PPC Trading S.R.L. (formerly Enel Trade Energy
S.R.L.), PPC Servicii Comune S.A. (formerly Enel Servicii Comune S.A.), Wind Energy Green Park S.R.L., South Wind Energy S.R.L., Dara
Solar investment S.R.L., Energo Sonne S.R.L., Solas Electricity S.R.L., Topwind Energy S.R.L., Prowind Windfarm Viisoara S.R.L., Prowind
Windfarm Bogdanesti S.R.L., Toplet Power Park S.R.L., GV Energie Rigenerabili Ital-ro S.R.L., Elcomex Solar Energy S.R.L., De Rock Intl
S.R.L., Zephir 3 Constanta S.R.L., Oravita Power Park S.R.L., Potoc Power Park S.R.L., Prowind Windfarm Ivesti S.R.L., Prowind
Windfarm Deleni S.R.L, Sun Challenge S.R.L. The shareholding percentages in each new subsidiary after the acquisition of the minority
interests held by Fondul are set out in Note 22.
Based on the terms of the acquisition agreement with ENEL for the payment of an additional consideration of the Supply activities,
the Group and the Parent company recognized on October 25, 2023, a contigent additional consideration of fair value of €18.0 million.
The fair value of the contigent consideration was determined by the use of a Monte Carlo valuation model. The Parent company
increased its investment in subsidiaries companies PPC Energie S.A., PPC Energie Muntenia S.A., PPC Advanced Energy Services
Romania S.R.L. and to PPC Blue Romania S.R.L. by €5.2 million, €10.9 million, €1.0 million and €0.7 million respectively and at the
same time recognized a financial liability of €18.0 million which was included in long-term liabilities.
As of December 31, 2024, this liability was determined by the Parent company to be zero based on calculations of the value of the
Retail activities with reference date 31 December 2024, resulting in a decrease of €18.0 million of the investment in these subsidiaries,
with an equal reduction in the financial liabilities. In the Group, this amount increased financial income (Note 16). The zero value
consideration is expected to be finalized in the second half of 2025 following an agreement with Enel.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
414

6.ACQUISITION OF SUBSIDIARIES IN ROMANIA 2023 (CONTINUED)
Additionally, on the day of the acquisition, the Parent company paid Enel the amount of €517.8 million for the acquisition of the
intercompany balances (Short- term loans) between the former shareholder and the Romanian subsidiaries PPC Energie S.A., PPC
Energie Muntenia S.A., PPC Advanced Energy Services Romania S.R.L., PPC Blue Romania S.R.L. and PPC Trading S.R.L. and recognized
total short-term loan receivables of €516.5 million (RON 2,563.1 million) without guarantees, for general corporate purposes, with
ROBOR of 0.6% to 2.7% (average cost: 7.18%) and accrued interest claim of €1.3 million (RON 6.5 million). These loans on December
31, 2024 amount to €508.6 million (RON 2.5 billion), the initial maturity of which was within 2023 and 2024 and it was extended for
one year from their expiration date (Note 24).
The initial accounting of the abovementioned acquisition in the Group's financial statements was made with provisional data as the
Group made use of paragraph 45 of IFRS 3 which provides the possibility of finalizing the relevant amounts for a period of up to one
year from the date of the acquisition. The relevant assessment and valuation was completed within 2024.
Below are the final data of the assets and liabilities of the companies at the acquisition date:
Fair Value
Amounts in
thousands of €
Non – Current Assets :
Property, plant and equipment 2,244,616
Intangible assets 132,651
Right of use assets 32,345
Financial assets measured at fair value through other comprehensive income 12
Other non – current assets 6,619
Total Non – Current Assets 2,416,243
Current Assets :
Inventories 139,182
Trade receivables 228,797
Contract assets 294,796
Other receivables 563,976
Income tax receivable 14,250
Cash and cash equivalents 197,914
Total Current Assets 1,438,915
Total Assets 3,855,158
Non – Current Liabilities :
Post-retirement benefits to employees 21,245
Provisions 45,429
Long- term financial lease liability 29,828
Contract liabilities 550,546
Subsidies 6,967
Deferred tax liabilities 68,380
Total Non – Current Liabilities 722,395
Current Liabilities :
Trade and other payables 506,256
Income tax payable 2,453
Short – term borrowing 688,884
Short – term financial lease liability 2,220
Accrued and other current liabilities 123,556
Total Current Liabilities 1,323,369
Total Liabilities 2,045,764
Total net assets acquired at fair value 1,809,394
NCI (after the acquisition of Fondul's share) 177,145
Consideration transferred to FONDUL 130,940
Consideration transferred to ENEL 1,240,092
Contingent consideration to ENEL 18,041
Bargain gain from Romanian subsidiaries acquisition 243,175



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
415

6.ACQUISITION OF SUBSIDIARIES IN ROMANIA 2023 (CONTINUED)
Below a comparison of the final and provisional data (as published on 31.12.2023) on the day of the acquisition:
Final amounts Provisional
Fair Value amounts
Amounts in Fair Value Difference
thousands of € Amounts in
thousands of €
Property, plant and equipment 2,244,616 2,251,379 (6,763)
Intangible assets 132,651 120,417 12,234
Total Non – Current Assets 2,416,243 2,410,772 5,471
Total Assets 3,855,158 3,849,687 5,471
Deferred tax liabilities 68,380 69,195 (815)
Total Non – Current Liabilities 722,395 723,210 (815)
Total Liabilities 2,045,764 2,046,579 (815)
Total net assets acquired at fair value 1,809,394 1,803,108 6,286
NCI (after the acquisition of Fondul's share) 177,145 180,115 (2,970)
Bargain gain from Romanian subsidiaries acquisition 243,175 233,919 9,256
The comparative accounts as of 31.12.2024 that were affected by this change in the Group, have been restated in relation to the
published ones as of 31.12.2023 in accordance with paragraph 45 of IFRS 3. Specifically, the following accounts of the Statement of
Financial Position of the Group on 31.12.2023 were restated:
31.12.2023 Effect of 31.12.2023
Published Restatement Amended
Property, plant and equipment 13,305,792 (6,745) 13,299,047
Intangible assets 1,126,027 12,148 1,138,175
Deferred tax assets 291,832 822 292,654
Other reserves (1,190,629) (17) (1,190,646)
Retained earnings (451,071) 9,212 (441,859)
Non-controlling interests 816,411 (2,970) 813,441
The comparative accounts of the Income Statement as of 31.12.2024 that were affected by this change in the Group, have been
restated in relation to the published ones as of 31.12.2023 in accordance with paragraph 45 of IFRS 3. Specifically, the following
accounts of the Income Statement of the Group on 31.12.2023 were restated as following:
31.12.2023 31.12.2023 Effect of
Amended Published Restatement
Depreciation and amortization 672,159 672,105 54
Bargain gain from Romanian subsidiaries acquisition (243,175) (233,919) (9,256)
Profit before tax 631,423 622,221 9,202
Income tax (137,231) (137,239) 8
Profit after tax 494,192 484,982 9,210



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
416

6.ACQUISITION OF SUBSIDIARIES IN ROMANIA 2023 (CONTINUED)
The date of acquisition of control of the subsidiaries was October 25, 2023, the date the consideration was paid and all conditions
included in the share purchase agreement with ENEL, were met. On that date, the Group acquired 78% in Retele Electrice Muntenia
S.A., 51% in Retele Electrice Banat S.A., 51% in Retele Electrice Dobrogea S.A., 51% in PPC Energie S.A., 78% in PPC Energie Muntenia
S.A. and 100% in PPC Advanced Energy Services Romania S.R.L., PPC Blue Romania S.R.L., PPC Energy services Co and PPC Renewables
Romania S.R.L. While, the following day, the Group also acquired the minority share of FONDUL (as above). The acquisition of the
minority stakes is a transaction directly linked to the acquisition of the majority stakes, as it was negotiated at the same time and
would not have been completed without the acquisition of the majority holdings held by ENEL.
The acquisition of the 29 subsidiaries had the purpose to obtain control over the entire operations of Enel in Romania, integrating
substantially all of its assets, liabilities and business activities and benefit from existing synergies between the acquired companies.
For this reason, the acquisition of the 29 subsidiaries was accounted for as a single transaction and based on the Management's
assessment, it was considered a business combination in accordance with IFRS 3 and the allocation of the acquisition costs to the
individual identifiable assets and liabilities was determined, based on valuations at fair value, with the difference being considered
as bargain gain of the acquisition.
The Group re-assessed whether it has correctly recognized all of the assets acquired and all of the liabilities assumed and reviewed
the procedures used to measure the amounts recognized at the acquisition date. As after this re-assessment, the valuation still
resulted in an excess of the fair value of net assets acquired over the aggregate consideration transferred, the bargain gain of €233.9
million (final amounts 2023: € 243.2 million) was recognized in the Statement of Income of the Group in the second half of 2023.
In the context of determining the assets of the acquired subsidiaries, an intangible asset was recognized of the customer base of the
supply companies PPC Energie Muntenia S.A. and PPC Energie S.A., amounting to € 27.3 million (final amounts 25.10.2023: € 26.8
million) with a useful life of 5 to 8 years.
Finally, the acquisition agreement with ENEL contains terms for indemnification of PPC in the event that the Romanian subsidiaries
are called upon to pay funds for taxes and surcharges relating to a period prior to the acquisition date and for specific legal cases.




7. SPIN-OFF OF THE WHOLESALE TELECOMMUNICATION BRANCH
On April 9, 2024, PPC’s Board of Directors approved the initiation of the procedures for the spin-off of the wholesale
telecommunications branch (hereinafter "the branch") and absorption by the 100% subsidiary " DEI OPTIKES EPIKOINONIES SINGLE
MEMBER S.A." and tradename "fibergrid" in accordance with the provisions of Law 4601/2019, Law 4548/2018 and the more specific
provisions of Article 52 of Law 4172/2013 and Article 61 of Law 4438/2016.
In particular, the spin-off branch consists of the "old" urban fiber optic network of PPC, the ownership of which remained with PPC
pursuant to article 129 par. 1 of Law 4819/2021, the "new" fiber optic network under development, the other assets and other
liabilities. The right to grant third parties’ access to the Greek Electricity Distribution Network for the installation of optical fibers or
other electronic communications network elements on it, which belongs to PPC, is not an asset of the Branch.
December 31, 2023 had been set as the spin-off date, the date on which the fair value valuation of the contributed net assets of the
branch was carried out. The division through spin-off and absorption is deemed to have been completed on the date of publication
of the relevant approval decision in GEMI (3327843AP / 31.07.2024) of the General Secretariat of Trade and Consumer Protection,
which took place on July 31, 2024. As mentioned in the Demerger Deed with spin-off and absorption, all deeds and transactions that
carried out from the reference date (31 December 2023) until the completion date of the spin-off (31 July 2024) will benefit and be
borne exclusively by PPC. Therefore, the results of the interim period remained with PPC, while the assets and liabilities of July 31,
2024 were transferred to the subsidiary fibergrid.
The share capital of the subsidiary fibergrid as a result of the spin-off and absorption increased by the amount of the net value of the
above contributed branch of PPC, where based on the valuation report it was determined at €33.6 million and shares of equal value
issued and delivered to PPC while a spin-off reserve of €44.8 million was regognized.
Given the above, the Management of the Parent Company had classified on April 9, 2024 the value of the contributed assets and
liabilities of the branch as group of assets and liabilities held for sale, as the value of the contributed assets and liabilities is expected
to be recovered from the product of their exchange with shares of equal value.
At Group level, the division through spin-off and absorption of the above branch is a transaction between related parties without
commercial substance and therefore has no effect on the Group's consolidated financial statements.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
417


7. SPIN-OFF OF THE WHOLESALE TELECOMMUNICATION BRANCH (CONTINUED)
On July 31, 2024, the Parent Company recognized in the Income Statement "profit from the spin-off of the wholesale
telecommunication branch" of €0.8 million as it increased its participation in the subsidiary by €78.5 million based on the fair value
of the net assets received by the subsidiary while the book value was €77.6 million.
The book value of the assets and liabilities contributed to the subsidiary upon completion of the spin-off on July 31, 2024 was as
follows:
Amounts in thousands of € 31.07.2024
Property, plant and equipment, net 60,657
Intangible assets, net 8,591
Non- Current Assets 69,248
Inventories 25,018
Trade and other receivables 1,059
Current Assets 26,076
Total Assets 95,325
Asset revaluation reserve (equity) 7,400
Deferred tax liabilities 1,869
Non-Current Liabilities 1,869
Trade and other payables 6,688
Accrued and other current liabilities 1,747
Current Liabilities 8,436
Total Liabilities 17,705
Net Assets 77,620
The fair value of the net assets contributed differs from accounting, as it has taken into account the fair value valuation of fixed assets
at the reference date and its effect on deferred tax.
From the date of classification as Held for sale of the above assets, i.e. from April 9, 2024, until July 31, 2024, for the contributed
fixed assets, no depreciation was calculated in the corporate financial statements of PPC as provided by IFRS 5. If depreciation had
been calculated in the Parent Company, it would amounted to €200 thousand for fixed assets.
Additionally, the surplus of €1.3 million from the valuation carried out on 31.12.2023 of the sector's fixed assets at fair value, was
not recognized in the PPC Group's financial statements. However, due to the revaluation of fixed assets as at 31 December 2024, the
fixed assets of the subsidiary have been revalued and are reported at fair value (Note 19). At the level of the Parent Company,
paragraph 15 of IFRS 5 was applicable and as the book value of the fixed assets was lower than their recoverable value, no adjustment
was made.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
418

8. OPERATING SEGMENTS
The following information refers to the segments regularly reviewed by the Executive Committee, which consists of the Chairman of
the Board and CEO, the Deputy CEOs and the Group General Managers. The Executive Committee reviews the internal financial
information reports to assess the Group's performance, in order to make decisions regarding the Group's resource allocation and
strategic actions.
Due to the acquisition of 29 subsidiary companies by PPC in Romania on October 25, 2023 with similar activities to those in Greece
(Distribution companies, Supply companies, Renewable Energy Sources, E-mobility and other supporting companies) and the internal
restructuring of the Group due to this acquisition, the information by operating segments of the Group is now analyzed by activity.
In the operating segment of Generation/ Supply, is also included the activity of the new subsidiary Next Gen Retail Services S.M.S.A.
(former Dixons South - East Europe Commercial and Industrial S.A.) with the trade name "Kotsovolos".
Based on the data examined by the Executive Committee and quantitative criteria of IFRS 8, the following operating segments were
identified:
• Generation/ Supply sector which includes the activity of production from lignite units, oil stations, natural gas stations and
RES, the activity of mining lignite to support the production and the activity of Supply and sale of electronical merchandises
in Greece and Romania.
• Distribution network sector includes the distribution activity in Greece and Romania.
• Other mainly include activities such as e-mobility, telecommunications and Administration.
01.01.2024-31.12.2024
Income Statement Items Generation/ Distribution Other Total Net- Group
Supply Network offs/adjustments Total
Sales
Total Sales 12,883,806 3,682,810 168,858 16,735,474 (7,756,867) 8,978,607
Expenses
Financial Expenses 498,604 92,697 5,641 596,942 (16,735) 580,207
Financial Income (307,388) (13,420) (1,685) (322,493) 116,038 (206,455)
Depreciation and amortization 482,493 437,398 7,001 926,892 1,472 928,364
(Gains)/losses from associates and joint 2,567 - - 2,567 945 3,512
ventures
Provisions for impairment loss on assets 136,594 81,265 2,489 220,348 (13,137) 207,211
Gain from the spin-off of branch - - (841) (841) 841 -
Foreign currency (Gains)/Losses (1,291) 278 61 (952) (495) (1,447)
(Profits)/Losses before tax (264,376) (166,370) 326,690 (104,056) (102,543) (206,599)
Operating earnings before depreciation,
amortization, impairment, net financial results 1,075,955 764,588 (314,024) 1,526,519 191,472 1,717,991
and earnings from related parties
(EBITDA)



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PUBLIC POWER CORPORATION S.A.

NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED

(All amounts in thousands of Euro, unless otherwise stated)


8.OPERATING SEGMENTS (CONTINUED)
01.01.2023-31.12.2023
Income Statement Items Generation/S Distribution Other Total Net- Group
upply Network offs/adjustments Total
Sales
Total Sales 11,241,681 2,915,631 98,236 14,255,548 (6,568,781) 7,686,767
Expenses
Financial Expenses 354,715 64,533 2,889 422,137 491 422,628
Financial Income (183,589) (8,758) (513) (192,860) 52,669 (140,191)
Depreciation and amortization 322,025 340,180 2,285 664,490 7,669 672,159
(Gains)/losses from associates and joint
ventures 2,190 - 2,854 5,044 36 5,080
Provisions for impairment loss on assets 32,745 - 1 32,746 972 33,718
Gain from sale of Subsidiary/Bargain gain from (321,233) (40,765) (5,471) (367,469) 1 (367,468)
Romanian subsidiaries acquisition
Foreign currency (Gains)/Losses (2,420) - (7) (2,427) 118 (2,309)
(Profits)/Losses before tax (221,060) (192,266) 5,317 (408,009) (223,414) (631,423)
Operating earnings before depreciation,
amortization, impairment, net financial results 425,493 547,456 (3,279) 969,670 285,370 1,255,039
and earnings from related parties
(EBITDA)












Balance Sheet Items Generation Distribution Other Total Net- Group Total
/Supply Network offs/adjustments
31.12.2024
Total Assets 24,031,755 9,340,410 2,658,374 36,030,539 (8,711,210) 27,319,329
Total Liabilities 16,489,064 6,633,589 861,220 23,983,873 (2,705,490) 21,278,383
31.12.2023
Total Assets 20,408,746 8,047,655 496,174 28,952,575 (5,095,247) 23,857,327
Total Liabilities 14,010,689 5,796,348 378,734 20,185,771 (1,692,634) 18,493,137














Generation Distribution Other Total Net- Group Total
/Supply Network offs/adjustments
31.12.2024
Assets Additions 643,991 1,042,643 190,847 1,877,481 (2,259) 1,875,222
31.12.2023
Assets Additions 497,470 605,052 66,722 1,169,244 (1,188) 1,168,056












We list the total sales and operating earnings before depreciation, amortization, net financial results and earnings from associates
(EBITDA) of the Group in Greece, Romania, other foreign countries for 2024 and 2023.
As of 31.12.2024 investment in associates of the operating segment Generation/ Supply amounted to € 136.7 million (31.12.2023: €
64.5 million) and of the operating segment Other amounted to 17.5 million (31.12.2023: €0.7 million).








419

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
420

8.OPERATING SEGMENTS (CONTINUED)
The above figures in Romania for 2023 concern the period from 26.10.2023 to 31.12.2023. If the Group had acquired the Activity in
Romania (29 new subsidiaries Note 6) from 01.01.2023, its total revenues would amount to €2.7 billion. It was not possible to
determine the profits before tax from 01.01.2023 for disclosure purposes, due to significant adjustments to harmonize accounting
policies.
Greece Romania Other Total Net- Group
countries offs/adjustments Total
31.12.2024
Total Sales 9,432,057 2,096,640 72,993 11,601,690 (2,623,083) 8,978,607
Operating earnings before depreciation,
amortization, impairment, net financial 1,160,317 343,310 (2,132) 1,501,495 216,496 1,717,991
results and earnings from related parties
(EBITDA)
31.12.2023
Total Sales 9,481,935 502,947 80,075 10,064,957 (2,378,190) 7,686,767
Operating earnings before depreciation,
amortization, impairment, net financial
results and earnings from related parties
(EBITDA) 1,188,826 73,448 (25) 1,262,249 (7,210) 1,255,039



Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
421
9. REVENUES
The revenues for the year 2024 and 2023 are analyzed in the following tables:
GROUP COMPANY
01.01.2024 - 01.01.2023 - 01.01.2024 - 01.01.2023 -
31.12.2024 31.12.2023 31.12.2024 31.12.2023
Revenues to Consumers:
High voltage 152,574 390,254 119,810 367,854
Medium voltage 921,091 1,007,104 657,077 919,528
Low voltage 5,333,771 4,945,352 4,155,749 4,640,382
Renewable energy sources 178,832 65,816 - -
Revenues from e-mobility 2,195 692 2,078 576
6,588,463 6,409,218 4,934,714 5,928,340
Revenues from natural gas sales 189,418 58,558 18,483 20,771
189,418 58,558 18,483 20,771
Other Revenues:
Customers’ contributions 120,620 101,390 248 248
Public Service Obligations 245,010 230,721 245,010 230,721
Distribution network revenues 658,835 414,194 - -
Income from electricity sales from NII 425,006 382,732 425,006 382,732
thermal units
Income from photovoltaics in the roofs 2,123 2,109 2,123 2,109
Income from services from total support 25,481 - - -
Income from services to customers 36,310 10,675 - -
Income from the sale of steam for district 22,784 2,116 22,784 2,116
heating
Income from sales of inventory and scrap 50,276 3,781 6,367 3,781
material
Income from provision of services to - - 16,286 9,577
subsidiaries
Income from commissions and reconnection 38,827 23,508 25,724 23,508
fees
Income from sales of merchandises 497,797 - - -
Other 77,657 47,765 6,090 2,862
2,200,726 1,218,991 749,638 657,654
Total 8,978,607 7,686,767 5,702,835 6,606,765

10. PAYROLL COST
GROUP COMPANY
2024 2023 2024 2023
Payroll cost 860,543 682,847 399,863 387,915
Employer social contributions 169,418 156,503 94,020 93,971
Provision for personnel’s severance payment 13,293 23,226 9,939 9,496
(Note 37)
Provision for supply of electricity at reduced (11,410) (1,073) (2,317) (680)
tariffs (Note 37)
Capitalized payroll cost (98,362) (91,183) (5,938) (8,490)
Free of charge stock awards (Note 25) 16,402 15,957 12,522 14,673
Utilization of the provision for restoration and (10,675) (4,121) (10,675) (4,121)
dismantling of mines and units
Total 939,209 782,156 497,414 492,764


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
422
11. MERCHANDISE
GROUP COMPANY
2024 2023 2024 2023
Cost of Merchandise 422,427 1,126 1,326 1,126
Support Services Costs 2,268 - - -
Other cost 3,593 - - -
Total 428,288 1,126 1,326 1,126

12. ENERGY PURCHASES AND RELATED FEES
GROUP COMPANY
2024 2023 2024 2023
DAS and deviations’ settlement 1,326,414 1,736,732 631,104 1,522,515
Energy imports from abroad 133,887 43,237 42,377 23,201
Other domestic energy purchases 270,683 88,818 49,092 45,296
Purchase rights 4,551 4,052 4,560 4,220
Weighted variable cost of thermal units - 1,210 - 1,210
Net charge for ancillary services - 8,715 - -
Ιncremental accounts 456 3,717 456 3,717
Hedging transactions (Note 50.1) (152,664) 22,612 (152,665) 22,612
(Gain)/Loss from short positions due to lignite (2,179) (5,224) (2,179) (5,224)
production (Note 50.3)
Periodic clearance of alternative suppliers - 3,226 - 3,226
Rental of power generators 39,879 17,507 39,879 17,507
Green certificates 61,129 - - -
Other energy purchase charges 40,193 19,621 19,651 13,383
Total 1,722,349 1,944,223 632,275 1,651,663
The electricity purchases of the Group and the Parent company on December 31, 2024 are significantly reduced compared to 2023
due to the decrease in Market Clearing Prices (MCPs), and due to the decrease in customer shares compared to 2023.
Additionally, for the year ended on December 31, 2024, the Group includes in this figure the cost of energy purchases of the
subsidiaries in Romania that amounted to €1,006.5 million, while for the period 26.10.2023-31.12.2023 amounted to €279.9 million.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
423
13. DEPRECIATION AND AMORTISATION
GROUP COMPANY
2024 2023 2024 2023
Depreciation / Amortisation
Property, plant and equipment (Note 19) 809,484 614,690 317,834 261,052
Intangible assets (Note 20) 54,076 18,126 10,589 6,633
Right-of-use assets (Note 49) 74,068 48,006 39,667 37,026
Transfer from subsidies (Note 39) (9,264) (8,663) (5,036) (6,107)
Total 928,364 672,159 363,054 298,604
For the year ended on December 31, 2024, the Group includes in this financial statement line item the depreciation of the subsidiaries
in Romania amounted to €157.3 million, while for the period 26.10.2023-31.12.2023 amounted to €26.6 million.

14. EMISSION ALLOWANCES (CO
2
)
According to the current European and National legislation, during the 4th implementation phase of the EU-ETS (period 2021- 2030),
PPC is not entitled to free allocation of emission allowances for its bound stations, with the partial exception of allowances allocated
for emissions corresponding to the generation of thermal power for district heating.
On 31.03.2024, the verification of the annual emissions reports for the 30 bound plants of Parent Company for 2023 by accredited third
party verifiers was completed and the reports were promptly submitted to the Competent Authority, according to the current
legislation. The total verified CO2 emissions for 2023 amounted to 9.73 Mt.
Based on provisional ex-post data, the CO2 emissions of the Parent company’s facilities for the year 2024 amounts approximately 10.30
million tons, which constitute the majority of scope 1 CO2 emissions.
It is noted that CO
2
emissions of 2024 will be considered final only by the end of March 2025, when the verification of the 2024 CO
2
emissions reports by accredited third party verifiers will be completed.
Emission allowances (CO
2
) are presented in the following table:
GROUP COMPANY
2024 2023 2024 2023
Cover of emissions from purchased EUAS 833,100 826,136 833,100 826,136
Managing costs 53 73 53 73
Total 833,153 826,209 833,153 826,209
In the Income Statement “emission allowances", the amount of € 833,153 concerns consumption of CO2 as well as their purchasing
costs. In Note 20, the amount of € 833,100 concerns consumption without purchasing costs (fees). In addition, the movement of
intangible emission allowances is presented in this specific note.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
424


15. FINANCIAL EXPENSES
GROUP COMPANY
2024 2023 2024 2023
Interest expenses 233,010 172,065 165,469 131,150
Bank charges 28,815 12,011 2,454 2,350
Amortization of loans’ issuance costs 27,400 13,447 24,857 10,896
Finance cost on right-of-use assets (Note 49) 17,219 8,381 6,552 6,525
Commissions on letter of guarantee 24,803 25,781 5,814 5,726
Financial costs for the provision of decommissioning
and removal of Power Plants’, Mines’ and Wind Parks’ 38,705 34,143 36,994 33,103
facilities and mines’ land restoration (Note 38)
Securitization interest expenses and other costs (Note 125,198 134,620 125,198 134,620
51)
Finance cost of the financial liability from NCI put 32,913 10,984 - -
option
Discount interest on receivables from METAVASI S.A. - 4,836 - 4,836
(Note 5)
Loss from interest rate swap valuation (Note 50.2) 7,857 4,793 - -
Financial cost of employee benefits (Note 37) 6,530 - 3,516 -
Interest expense from derivative transactions 21,457 - 21,457 -
Other 16,300 1,567 188 4
Total 580,207 422,628 392,499 329,210

16. FINANCIAL INCOME
GROUP COMPANY
2024 2023 2024 2023
Interest from outstanding energy bills 68,358 86,415 65,380 85,955
Commission on subsidiary loans’ guarantee - - 720 720
Interest on bank and time deposits (Note 31) 54,181 47,302 24,905 37,916
Dividends from subsidiaries - - 68,102 43,350
Gain from modification of loan agreement terms (Note 11,992 - 11,992 -
36)
Discount interest on receivables from METAVASI S.A. 9,470 1,187 9,470 1,187
(Note 5)
Interest income from interest rate swaps 8,371 4,411 - -
Interest on intercompany loans - - 43,609 7,985
Reassessment of consideration from acquisition of 18,041 - - -
subsidiaries (Note 6)
Interest income from derivative transactions 33,457 - 33,457 -
Other 2,585 876 214 299
Total 206,455 140,191 257,849 177,412



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
425


17. OTHER (INCOME)/ EXPENSES
GROUP COMPANY
2024 2023 2024 2023
OTHER EXPENSES
Transportation and travel expenses 27,489 28,034 9,750 8,061
Taxes and duties 37,060 41,855 9,523 25,710
Losses on dismantling of property, plant and equipment 22,125 7,500 11,364 1,146
Consumables 43,301 17,337 9,336 6,683
Advertisements from press and other media 96,241 44,727 78,894 49,853
Sponsorships-donations 19,571 10,145 18,201 10,212
Benefits in kind 30,475 20,253 14,776 12,171
Penalty clauses from suppliers/contractors 15,525 8,383 12,924 8,383
Εxtraordinary suppliers contribution from Romania 7,087 7,551 - -
Loss from valuation of PPA derivative financial 85,876 7,118 241,864 -
instruments (Note 50.4)
Out-of-court settlement of the Crete bank case (Note 47) 11,753 - 11,753 -
Other expenses 13,900 42,150 12,518 22,808
Total 410,403 235,053 430,903 145,027
OTHER INCOME
Penalties to suppliers/contractors (4,305) (1,940) (2,029) (1,062)
Subsidies to expenses (2,917) (2,669) (2,936) (2,669)
Income from leases (14,587) (1,730) (8,910) (6,136)
Gains from transactions of commodity derivatives (Note (12,052) (21,546) (12,052) (21,441)
50.2)
Gains from valuation of PPA derivative financial - - - (25,234)
instruments (Note 50.4)
Income from safety stock (10,943) (9,891) (10,943) (9,891)
Income from consumer loan settlement (16,508) - - -
Co-advertising income (19,275) - - -
Income from the execution of district heating projects (6,292) (686) (6,292) (686)
Other income (19,174) (15,999) (15,688) (13,616)
Total (106,053) (54,461) (58,850) (80,735)
Ernst & Young's fees for the Group within 2024 amount to € 4.5 million, of which €817 thousand relates to permitted non-audit
services whose compliance (in accordance with Regulation (EU) 537/2014 was confirmed by the Audit Committee.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
426

18. INCOME TAXES (CURRENT AND DEFERRED)
GROUP COMPANY
2024 2023 2024 2023
Current income taxes 76,129 61,994 - -
Additional taxes from tax differences for previous 1,200 4,390 - 4,390
years
Deferred income tax (57,900) 70,847 (64,650) 80,992
Total income tax 19,429 137,231 (64,650) 85,382
Income tax returns for companies residing in Greece are filed annually but profits or losses declared remain provisional, until the tax
authorities audit the Company's returns and records and a final tax audit report is issued. A corresponding obligation exists for foreign
subsidiaries in accordance with local provisions. The current corporate income tax rate in Greece is 22%.
Due to the acquisition of subsidiaries in Romania from 25.10.2023 (Note 6), the Group is liable for income tax in Romania as well. The
current income tax rate in Romania is 16%.
The Group establishes a provision, if deemed necessary, per company and on a case by case basis, against any possible additional
taxes being imposed by the tax authorities.
Based on the applicable Income Tax Code, from the fiscal year 2011 and onwards, for the Group's companies residing in Greece the
Statutory Auditors issue an “Annual Tax Compliance Report” after conducting a tax audit at the same time with the financial audit
("tax certificate").
The tax audit is conducted on particular tax areas, specified by an audit program, according to the provisions of the tax law. Audit
matters which are not covered by the above-mentioned decision are dealt with in accordance to the ISAE 3000 “Assurance
Engagements other than Audits or Reviews of Historical Financial Information”.
From January 1st, 2016 and onwards, pursuant to Law 4410/2016, the issuance of the tax certificate became optional, however, the
Group continues to apply the procedure for its issuance by the Statutory Auditors for subsidiaries residing in Greece.
The process of issuing the tax certificate of year 2024 is ongoing, while the Management estimates that no additional tax liabilities
are expected for the Group and the Parent Company that will have a significant impact on the financial statements until its issuance.
Global minimum taxation - Pillar II rules
On April 5, 2024, Law 5100/2024 was published (OG A 49/5.4.2024) which ensures that large multinational companies will be subject
to a minimum tax rate of 15% from 2024 onwards, in line with the OECD Pillar -II Global Anti-Base Erosion (GloBE) rules and the
corresponding EU directive 2022/2523 (hereinafter referred to as the "Pillar II rules"). The same applies to other jurisdictions in which
the Group operates – whether the legislative process is ongoing at the reporting date, or it has already been completed.
According to Greek law, it appears that the Company meets the conditions to qualify as the ultimate parent entity of the Group for
the purposes of the Pillar II rules. According to said legislation, the ultimate parent entity is generally liable to pay any additional tax
on the profits of its subsidiaries, which are taxed at an effective tax rate (as determined under the Greek Pillar II rules) lower than
15%.
The Group has made draft calculations for the interim safe harbor of the Country-by-Country Reporting for the purposes of Pillar II
rules, based on OECD administrative guidelines and standards. Based on this data, it appears that all jurisdictions in which the Group
operates fall within one of the criteria of the interim safe harbor of the Country-by-Country Reporting. Therefore, no significant impact
of the Pillar II rules is expected for the Group with respect to the period in question.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
427

18.INCOME TAXES (CURRENT AND DEFERRED) (CONTINUED)
Finally, the Group applied the temporary exemption from the accounting requirements for deferred taxation, as provided for in the
amendments to IAS 12 issued in May 2023, so that it neither recognizes nor discloses information about deferred tax assets and
liabilities related to Second Pillar income taxes.
Audit by tax authorities in subsidiary with the trade name “Kotsovolos”
Within 2022, was notified to the subsidiary company Next Gen Retail Services C.I.S.A (ex Dixons South - East Europe CISA
(KOTSOVOLOS)) a tax audit order from the tax authorities for the years ended on 30.04.2019 and up to 30.04.2020 (two consecutive
years). In December 2024, the audit of the tax authorities and the findings that emerged were insignificant.
Audit by tax authorities in subsidiaries in Romania
On 28.11.2022 and 19.12.2022, tax audit was commenced by the Romanian tax authorities for the subsidiary of the Group PPC Energie
and PPC Energie Muntenia for the open tax years 2016 to 2021, which was completed in 2024. In particular, the Romanian tax
authorities issued on September 18, 2024 and on 7 October 2024 their final tax audit report and a tax assessment decision following
the tax audit. By this assessment, the tax authorities imposed an additional corporation tax payable by the subsidiaries in the amount
of € 12.6 million, attributable to the period from January 1, 2016 to December 31, 2021 and a reduction in the carried forward losses
from fiscal year 2021 by an amount of € 26.2 million. In 2024, the Romanian subsidiaries made a portion payment of the additional
tax of €4.5 million by a way of an offset against an overpayment of corporation tax (due to overpayment in fiscal year 2021), which
was included in other receivables as of December 31, 2023. The remaining amount of € 8.1 million was paid to the Romanian tax
authorities. Evaluating uncertain tax positions under IFRS Interpretation 23, only €1.2 million was included in the income tax in the
Statement of Income, as for the remaining amount of €11.4 million a receivable by the tax authorities has been raised and it is included
in other receivables of the Group.
Tax Audit by the Large Business Audit Center
On 27.07.2022 the Parent Company was notified to partial tax audit orders from the Large Business Control Center for the years 2017
and 2018. The audit was completed in September 2023 and based on its findings an additional tax of €4.5 million was charged for the
year 2017, which was paid by submitting an amending statement, while for the year 2018 accounting differences of €11.2 million
arose, the corresponding amending statement was submitted and the accumulated loss of the year was reduced by the said amount.
Tax unaudited years for the subsidiaries of the Group are presented in the following table:



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
428

18.INCOME TAXES (CURRENT AND DEFERRED) (CONTINUED)
Company Country Unaudited years since
PPC S.A. (Parent Company) Greece 2019
PPC RENEWABLES S.M.S.A. Greece 2019
HEDNO S.A. Greece 2019
ARCADIAN SUN ONE S.M.S.A. Greece 2019
ARCADIAN SUN TWO S.M.S.A. Greece 2019
SOLAR ARROW ONE S.M.S.A. Greece 2019
AMALTHIA ENERGY S.M.S.A. Greece 2019
SOLARLAB S.M.S.A. Greece 2019
SOLAR PARKS WESTERN MACEDONIA ONE S.M.S.A. Greece 2019
SOLAR PARKS WESTERN MACEDONIA TWO S.M.S.A. Greece 2019
PPC FINANCE PLC United Kingdom 2009
AIOLIKO PARKO LYKOVOUNI S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS Greece 2019
AIOLIKO PARKO K-R S.M.S.A PARAGOGIS KAI EMPORIAS ENERGEIAS Greece 2019
AIOLIKO PARKO KOUKOULI S.M.S.A PARAGOGIS KAI EMPORIAS ENERGEIAS Greece 2020
AIOLIKO PARKO DOUKAS S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS Greece 2020
HELIOFANEIA S.M. TECHNIKI EMPORIKI KAI VIOMICHANIKI ETAIREIA ANANEOSIMON PIGON Greece 2019
ENERGEIAS
KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION S.M.S.A. Greece 2019
AIOLIKI MΡELECHERΙ MONOPROSOPI ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA Greece 2019
SPARK WIND PARK S.R.L.* Romania 2023
CARGE S.M.S.A. Greece 2020
ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A. Greece 2022
DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A. Greece 2022
PPC (Public Power Corporation) Romania S.A. Romania 2019
PPC Belgium S.A. Belgium 2023
PPC BULGARIA JSCo Bulgaria 2014
PPC ELEKTRIK TEDARIK VE TICARET A.S. Turkey 2014
PPC ALBANIA Sh.a. Albania 2023
PHOEBE ENERGY S.M.S.A. Greece 2019
ENERGEIAKOS STOCHOS S.M.S.A. Greece 2019
WINDARROW ENERGEIAKI S.M.S.A. Greece 2019
EDS AD Skopje Republic of North Macedonia 2012
EDS DOO Belgrade Serbia 2022
EDS International SK SRO Slovakia 2012
EDS International KS LLC Kosovo 2016
PPC – Public Power Corporation Romania S.A. (former PPC ENERGY SERVICES CO S.A.) Romania 2019
RETELE ELECTRICE ROMANIA SA (former RETELE ELECTRICE MUNTANIA S.E.) Romania 2019
PPC ENERGIE SA Romania 2022
PPC RENEWABLES ROMANIA SRL Romania 2019
PPC ADVANCED ENERGY SERVICES ROMANIA SRL Romania 2019
PPC BLUE ROMANIA SRL Romania 2019
PPC TRADING SRL Romania 2020
PPC SERVICII COMUNE SRL Romania 2018
SOUTH WIND ENERGY SRL Romania 2020
DARA SOLAR INVESTMENT SRL Romania 2020
ENERGO SONNE SRL Romania 2020
SOLAS ELECTRICITY SRL Romania 2020
PROWIND WINDFARM VIISOARA SRL Romania 2019
PROWIND WINDFARM BOGDANESTI SRL Romania 2019
TOPLET POWER PARK SRL Romania 2019
GV ENERGIE RIGENERABILI ITAL-RO SRL Romania 2019
ELCOMEX SOLAR ENERGY SRL Romania 2019
DE ROCK INT'L S.R.L. Romania 2019
ZEPHIR 3 CONSTANTA S.R.L. Romania 2020
PROWIND WINDFARM IVESTI SRL Romania 2019
PROWIND WINDFARM DELENI SRL Romania 2019
SUN CHALLENGE SRL Romania 2020
SPARTAKOS ENERGY S.M.S.A. Greece 2023
THRAKIKI WIND 1 S.M.S.A. Greece 2019
LAND POWER S.R.L.** Romania 2022
INKAT ENERGY S.M.S.A. Greece 2019
CLAMWIND POWER S.M.S.A. Greece 2020
GREEK WINDPOWER S.M.S.A. Greece 2019



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
429

18.INCOME TAXES (CURRENT AND DEFERRED) (CONTINUED)
ALPENER S.M.S.A. Greece 2019
KASTRI EVIAS S.M.S.A. Greece 2019
ARCADIA-RE WIND-RENINVEST S.M.S.A. Greece 2019
RENEX AIOLIKI ARTAS S.M.S.A. Greece 2019
Next Gen Retail Services S.M.S.A. (KOTSOVOLOS) (ex Dixons South East Europe Commercial & Greece 2020
Industrial S.A.***
OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS AI SINGLE MEMBER S.A.**** Greece 2024
PPC e-Money Services S.M.S.A.***** Greece 2024
Eko Park Wind Power EOOD****** Bulgaria 2016
Haekon EOOD****** Bulgaria 2010
Mesomarket EOOD****** Bulgaria 2010
Chirpan Solar Plant Ltd********* Bulgaria 2024
PPC ITALIA S.R.L.******* Italy 2024
FELIX RENEWABLE HOLDINGS SRL******** Romania 2019
TMK HYDROENERGY POWER SRL******** Romania 2019
OVIDIU DEVELOPMENT S.A.******** Romania 2019
TOMIS TEAM S.A.******** Romania 2019
MW TEAM INVEST SRL******** Romania 2019
SOLAR RENEWABLE SRL-SPV******** Romania 2020
* On 01.08.2023 the company "SPARK WIND PARK S.R.L." was founded.
** On 01.03.2024 the company “LAND POWER S.R.L.” was acquired.
*** On 10.04.2024, the acquisition of the company “Dixons South East Europe C.I.S.A. (KOTSOVOLOS)” was completed. On 22.11.2024 Dixons South East Europe AEBE
changed its name to Next Gen Retail Services S.M.S.A. (KOTSOVOLOS).
****On 30.07.2024 the company OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS AI SINGLE MEMBER S.A with d.t. OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS AI was
incorporated.
*****On 27.09.2024 the 100% subsidiary company “PPC e-Money Services S.M.S.A. was founded.
******On 30.09.2024 "Eko Park Wind Power EOOD", "Haekon EOOD" & "Mesomarket EOOD" were acquired through the 100% subsidiary company "PPC BULGARIA JSCo".
******* On 19.11.2024 the100% subsidiary company “PPC ITALIA S.R.L. was founded in Italy (Milan).
******** On 20.11.2024 the 100% subsidiaries companies “FELIX RENEWABLES HOLDINGS SRL”, “TMK HYDROENERGY POWER SRL”, “OVIDIU DEVELOPMENT S.A.”, “ΤΟMIS
TEAM S.A.”, “MW TEAM INVEST SRL” and 12.11.2024 the “SOLAR RENEWABLE SRL-SPV “ were acquired by the 100% subsidiary PPC Renewables Romania S.R.L. in Romania.
********* On 10.12.2024 the company “Chirpan Solar Plant Ltd” was acquired through the subsidiary PPC BULGARIA JSCo.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
430

18.INCOME TAXES (CURRENT AND DEFERRED)(CONTINUED)
An analysis and numerical reconciliation between the tax expense and the result of multiplying the accounting profit by the nominal
applicable tax rate is set out below:
GROUP COMPANY
2024 2023 2024 2023
Gain/(Loss) before tax 206,599 631,423 (74,412) 263,881
Nominal tax rate of Parent Company 22% 22% 22% 22%
Income tax calculated at nominal tax rate 45,452 138,915 (16,371) 58,054
Effect of different tax rates of other countries (3,247) (2,279) - -
Non-deductible expenses/exempted revenues (25,507) 10,814 (33,788) 10,236
Subsidiaries’ dividends - - (14,982) (9,537)
Items for which no deferred tax has been recognized (92,177) (2,199) (92,116) (303)
Derecognition of deferred tax asset due to expiration of tax 102,772 - 102,772 -
losses
Other (9,065) (12,410) (10,165) 22,541
Income tax 18,228 132,841 (64,650) 80,992
The movement of the deferred income tax account is presented below:
GROUP COMPANY
2024 2023 2024 2023
Balance, January 1st 292,654 426,393 694,835 760,852
(Debit)/ Credit in the income statement 57,900 (70,855) 64,650 (80,992)
Other/Exchange differences (1,160) 32 (1) 1
(Debit)/Credit directly in other comprehensive income (262,161) 17,938 (102,179) 14,974
Deferred tax liability for the spin-off of the wholesale - - 1,869 -
telecommunications branch
Adjustments on Group 15,257 - - -
Deferred tax liability due to subsidiaries acquisition (Note 3, (91,865) (80,854) - -
Note 6)
Balance, December 31st 10,625 292,654 659,174 694,835
Due to the PPA contracts between the Parent Company and the associate company METON ENERGY S.A., the deferred tax
attributable to the losses from the valuation of these agreements has been appropriately adjusted in the Group.
Deferred income tax receivables and liabilities are disclosed in the accompanying balance sheets as follows:
GROUP COMPANY
31.12.2024 31.12.2023 31.12.2024 31.12.2023
Deferred income taxes
Receivables 1,468,895 1,425,724 953,435 914,186
Liabilities (1,458,270) (1,133,070) (294,261) (219,351)
Total 10,625 292,654 659,174 694,835



Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
431

18.INCOME TAXES (CURRENT AND DEFERRED)(CONTINUED)
GROUP COMPANY
31.12.2024 31.12.2023 31.12.2024 31.12.2023
Deferred tax receivables
Inventories 72,934 81,400 82,529 78,922
Trade receivables 311,879 367,893 289,118 345,321
Provision for risks and expenses 127,934 124,475 92,119 88,642
Subsidies 16,420 15,405 7,448 7,717
Customers’ contributions 317,015 320,389 966 1,075
Property, plant and equipment 1,715 4,686 362 3,333
Derivative financial instruments 51,874 - 46,876 -
Financial assets measured at fair value 7,685 3,116 7,685 3,116
through comprehensive income
Subsidiaries and associates (289) 64 (289) 64
Post retirement benefits 85,487 89,888 26,758 30,550
Other 75,141 119,048 26,116 76,987
Free of charge stock awards 5,177 1,918 5,177 1,918
Provision of Decommissioning and
removal of Power Plants’, Mines’ and 107,241 103,662 101,009 99,775
Wind Parks’ facilities and mines’ land
restoration
Tax losses 288,682 193,779 264,615 174,293
IFRS 16 Right-of-use assets - - 2,945 2,474
Deferred tax receivables 1,468,895 1,425,724 953,435 914,186
Deferred tax liabilities
Long-term loans’ issuance fees and (8,409) (10,742) (7,467) (10,199)
expenses
Depreciation and revaluation of property, (1,444,500) (1,115,482) (286,808) (204,754)
plant and equipment
Foreign currency (gains) 12 (87) 13 (87)
- Derivative financial instruments - (1,698) - (4,312)
- IFRS 16 Right-of-use assets (5,373) (5,061) - -
Deferred tax liabilities (1,458,270) (1,133,070) (294,261) (219,351)
Deferred Tax receivables net 10,625 292,654 659,174 694,835



Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
432

18.INCOME TAXES (CURRENT AND DEFERRED)(CONTINUED)
The movement of deferred taxes in income statement is analyzed below:
GROUP COMPANY
2024 2023 2024 2023
Inventories 1,487 3,491 3,607 3,339
Trade receivables (56,014) 63,688 (56,203) 63,709
Provision for risks and accruals 1,654 (4,155) 3,477 (3,042)
Subsidies and customer contributions (2,359) (4,233) (378) (1,273)
Property, plant and equipment (2,971) (19,248) (2,971) (19,248)
IFRS 16 Right-of-use assets 1,563 1,836 471 1,779
Long-term loans’ issuance fees and expenses 2,334 2,115 2,733 2,658
Subsidiaries and associates (352) 32 (352) 32
Depreciation - Revaluation of property, plant and 41,653 (30,827) 16,318 (55,736)
equipment
Foreign exchange differences 99 (35) 99 (35)
Financial assets measured at fair value through 4,569 (4) 4,569 (4)
comprehensive income
Tax losses 87,311 (115,317) 90,322 (111,005)
Post retirement benefits (3,221) (782) (2,272) (1,961)
Other (41,183) 30,237 (50,868) 39,822
Free of charge stock awards 3,258 1,918 3,258 1,918
Derivative financial instruments 21,912 (6,796) 54,126 (8,658)
Provision of Decommissioning and removal of
Power, Mines and Wind Parks’ facilities and mines’ (1,840) 7,224 (1,288) 6,712
land Restoration
(Debit)/ Credit in income statement 57,900 (70,855) 64,650 (80,992)
Deferred income tax charged in the statement of comprehensive income is attributable to the following items:

GROUP COMPANY
2024 2023 2024 2023
Actuarial gains/ (losses) (1,666) 2,606 (1,521) 1,536
Provision of Decommissioning and removal of 2,358 (3,875) 2,521 (3,823)
Power Plants’, Mines’ and Wind Parks’ facilities
Derivative financial instruments (3,359) 17,993 (2,939) 16,396
Revaluation/ impairments of property, plant and (259,494) 1,214 (100,241) 866
equipment
Debit/ (Credit) in the statement of comprehensive (262,161) 17,938 (102,180) 14,974
income



Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
433


19. PROPERTY, PLANT AND EQUIPMENT
GROUP Land Mines Lakes Buildings and Machinery and Transportation Fixtures and Construction in Total
Technical Works Equipment Assets Furniture progress
Carrying amount
December 31, 2022 448,509 451,913 39,859 1,458,117 7,642,218 32,633 85,259 2,147,032 12,305,544
Impairment of fixed assets - - - - - - - (1,912) (1,912)
Foreign currency differences (126) - - (2,882) (2,508) (32) (6) (390) (5,944)
Carrying amount of fixed assets (subsidiaries acquisition) (Notes 6 & 22) 48,179 - - 1,100,503 1,002,390 12,147 2,225 134,843 2,300,287
Additions/(reduction) of decommissioning and removal costs of Power Plants’, and - (8,425) - - 4,792 - - - (3,633)
Mining facilities and mines’ land restoration
Additions 294 - - 4,138 482,135 1,869 13,931 615,574 1,117,940
Disposals/Sales - - - (321) (16,544) (853) (1,261) (428) (19,406)
Transfers from CIP - 6,649 5 256,487 1,617,505 321 591 (1,881,557) -
Transfers to intangible assets - - - - - - - (17,680) (17,680)
Other Movements 23 - - 273 1,998 86 (2,545) (12,182) (12,346)
December 31, 2023 496,879 450,137 39,864 2,816,314 10,731,986 46,171 98,194 983,300 15,662,845
Accumulated Depreciation
December 31, 2022 (1,590) (410,927) (20,357) (243,870) (1,021,471) (19,231) (37,316) - (1,754,763)
Depreciation charge (364) (8,024) (764) (90,251) (501,844) (4,199) (9,149) - (614,635)
Accumulated depreciation of fixed assets (subsidiaries acquisition) - - - (105) (280) - (9) - (394)
Accumulated depreciation of disposals / sales - - - 38 4,081 778 1,067 - 5,965
Other Movements - - - - (244) - 244 - -
Foreign currency differences - - - 10 14 1 - - 25
December 31, 2023 (1,954) (418,951) (21,121) (334,178) (1,519,784) (22,651) (45,163) - (2,363,802)
Net carrying amount December 31, 2023 494,925 31,186 18,743 2,482,136 9,212,202 23,520 53,031 983,300 13,299,043
Carrying amount
December 31, 2023 496,879 450,137 39,864 2,816,314 10,731,986 46,171 98,194 983,300 15,662,845
Impairment of fixed assets - (9,588) - 1,295 (865) - (9) (2,772) (11,939)
Revaluation surplus / (Devaluation) of fixed assets 91,659 - - 100,503 829,750 19,762 1,963 - 1,043,638
Carrying amount of fixed assets (subsidiaries acquisition) (Note 3) 5,675 - - 373,786 483,444 3,400 19,545 30,272 916,121
Additions/(reduction) of decommissioning and removal costs of Power Plants’, and - 9,588 - - 342 - - - 9,930
Mining facilities, mines’ land restoration and parks
Additions 244 - - 13,144 687,268 557 34,365 1,008,660 1,744,238
Disposals/Sales (653) (6) - (9,031) (35,422) (416) (1,884) (227) (47,638)
Transfers from CIP 5,046 951 - 165,830 257,857 1,981 7,608 (439,272) -
Transfers to intangible assets - - - - - - - (11,511) (11,511)
Other Movements 10,456 (22,080) - (3,180) 3,004 17 49 179 (11,556)
Foreign currency differences 12 - - 471 379 4 - 39 905
Transfers from/to inventories - - - - (2,412) - 3 3,591 1,182
Sale of subsidiaries - - - - - - - (92) (92)
Set-off of accumulated depreciation with carrying amount due to revaluation of - - - (439,067) (1,970,713) (28,627) (55,627) - (2,494,034)
fixed assets
December 31, 2024 609,318 429,003 39,864 3,020,064 10,984,620 42,849 104,206 1,572,167 16,802,091
Accumulated Depreciation
December 31, 2023 (1,954) (418,951) (21,121) (334,178) (1,519,784) (22,651) (45,163) - (2,363,802)
Depreciation charge (343) (7,084) (764) (147,694) (632,217) (6,384) (14,996) - (809,484)
Accumulated depreciation of disposals / sales - 869 (864) 7,909 15,638 375 1,661 - 25,589
Other Movements - 11,624 - 1,458 (878) - (62) - 12,142
Foreign currency differences - - - 4 29 - - - 33
Set-off of accumulated depreciation with carrying amount due to revaluation of - - - 439,067 1,970,713 28,627 55,627 - 2,494,034
fixed assets
December 31, 2024 (2,297) (413,542) (22,749) (33,435) (166,500) (34) (2,931) - (641,489)
Net carrying amount December 31, 2024 607,021 15,461 17,115 2,986,629 10,818,120 42,816 101,275 1,572,167 16,160,601




Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
434


19. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
COMPANY Land Mines Lakes Buildings and Machinery and Transportation Fixtures and Construction in Total
Technical Works Equipment Assets Furniture progress
Carrying amount
December 31, 2022 238,910 451,910 39,859 1,246,935 2,702,431 15,340 54,555 1,827,854 6,577,794
Impairment of fixed assets - - - - - - - (1,773) (1,773)
Additions/(Decrease) in decommissioning and removal costs of Mines (Note - (8,425) - - 4,278 - - - (4,146)
38)
Additions - - - 66 236 20 7,134 183,586 191,042
Disposals/Sales - - - (96) (6,435) (104) (466) - (7,101)
Transfers from CIP - 6,649 5 188,760 1,372,842 - 84 (1,568,339) -
Transfers to intangible assets - - - - - - - (6,170) (6,170)
Other Movements - - - - 2,598 - (2,598) (11,009) (11,009)
December 31, 2023 238,910 450,134 39,864 1,435,665 4,075,950 15,257 58,708 424,148 6,738,636
Accumulated Depreciation
December 31, 2022 (1,590) (410,926) (20,357) (219,020) (685,915) (9,690) (19,877) - (1,367,375)
Depreciation charge (364) (8,024) (764) (61,836) (182,395) (1,413) (6,257) - (261,052)
Accumulated depreciation of disposals / sales - - - 38 1,569 98 314 - 2,020
Other Movements - - - - (244) - 244 - -
December 31, 2023 (1,954) (418,950) (21,121) (280,817) (866,985) (11,005) (25,576) - (1,626,408)
Net carrying amount December 31, 2023 236,956 31,184 18,742 1,154,848 3,208,965 4,252 33,133 424,148 5,112,228
Carrying amount
December 31, 2023 238,910 450,134 39,864 1,435,665 4,075,950 15,257 58,708 424,148 6,738,636
Impairment of fixed assets - (9,588) - - - - - (1,914) (11,502)
Revaluation surplus / (Devaluation) of fixed assets 53,813 - - (2,618) 304,002 6,862 (282) - 361,777
Additions/(Decrease) in decommissioning and removal costs of Mines (Note - 9,588 - - - - - - 9,588
38)
Additions - - - 201 186 46 10,517 221,888 232,838
Disposals/Sales - (6) - (8,552) (20,374) (51) (505) - (29,488)
Transfers from CIP 750 951 - 21,270 83,705 - 6,304 (112,981) -
Spin-off of the wholesale telecommunications branch - - - - (10,882) - (242) (51,963) (63,088)
Other Movements 10,456 (22,080) - - - - - - (11,624)
Set-off of accumulated depreciation with carrying amount due to - - - (316,798) (928,922) (11,913) (32,050) - (1,289,683)
revaluation of fixed assets
December 31, 2024 303,929 429,000 39,864 1,129,168 3,503,664 10,200 42,450 479,178 5,937,454
Accumulated Depreciation
December 31, 2023 (1,954) (418,950) (21,121) (280,817) (866,985) (11,005) (25,576) - (1,626,408)
Depreciation charge (338) (7,084) (764) (70,323) (231,481) (959) (6,884) - (317,834)
Accumulated depreciation of disposals / sales - 869 (864) 7,655 10,900 51 374 - 18,986
Spin-off of the wholesale telecommunications branch - - - - 2,398 - 34 - 2,432
Set-off of accumulated depreciation with carrying amount due to - - - 316,798 928,922 11,913 32,050 - 1,289,683
revaluation of fixed assets
Οther Movements - 11,624 - - - - - - 11,624
December 31, 2024 (2,292) (413,541) (22,749) (26,688) (156,246) - - - (621,517)
Net carrying amount December 31, 2024 301,637 15,459 17,115 1,102,480 3,347,418 10,200 42,450 479,178 5,315,938




Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
435

19. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Revaluation surplus Reserve of fixed assets
The following table presents the total impact of the revaluation of property, plant and equipment on the statement of
comprehensive income and profit or loss.
GROUP COMPANY
Revaluation surplus of property, plant and equipment directly in the
statement of comprehensive income 1,210,411 455,642
Revaluation loss on property, plant and equipment in the income
statement (166,775) (93,866)
Total Effect of the Revaluation 1,043,637 361,777
Revaluation surplus 1,210,411 455,642
Deferred tax (expense) on revaluation (259,494) (100,241)
Total revaluation of property, plant and equipment recognized directly in 950,917 355,401
the statement of other comprehensive income, net of deferred taxes
Revaluation loss on property, plant and equipment in the income (166,775) (93,866)
statement
Deferred tax on devaluation 33,097 20,650
Total revaluation of property, plant and equipment in the income (133,677) (73,215)
statement, net of deferred taxes
Total effect of the revaluation of 2024, net of deferred taxes 817,240 282,186
The following is a table showing the movement of the revaluation surplus:
2024 2023
GROUP COMPANY GROUP COMPANY
Balance 01.01 5,134,571 3,053,026 5,150,332 3,064,597
Change in future outflows of decommissioning and removal costs
of Power Plants’, Mining facilities and mines’ land restoration, (8,564) (8,940) 13,740 13,555
after tax
Increase due to revaluation surplus, after taxes 950,917 355,401 - -
Proportion of increase due to revaluation surplus, after taxes to (211,088) - - -
the minority shareholders
Transfer of revaluation surplus reserve of fixed assets to a - (7,400) - -
subsidiary due to spin-off of a branch
Disposal of fixed assets with revaluation surplus, after tax - - (4,304) (3,071)
Fixed asset disposals, after tax (77,813) (71,573) (27,779) (22,055)
Other movements 491 - 2,582 -
Balance 31.12 5,788,514 3,320,514 5,134,571 3,053,026

Revaluation of property, plant and equipment 2024 Group and Parent Company
On 31 December 2024, the Group and the Parent Company proceeded to the revaluation of property, plant and equipment in
operation. The last revaluation of property, plant and equipment was carried out on 31 December 2019. The revaluation was
carried out in accordance with IAS 16 by independent valuation firms and did not include lignite mining areas, lake areas, as well
as projects under construction. In this context, the valuation firms carried out internal and external inspections (autopsy & drive-
by) on a selected representative sample of real estate and production units of the Group and the Parent Company, in accordance
with valuation standards. Finally, no revaluation of property, plant and equipment was performed for subsidiaries with
insignificant fixed assets that are in operation (core activity in Energy supply or services).


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
436
19. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
The method and significant assumptions applied by the independent valuation firms were the following:
(a) For the calculation of the fair value of the fixed assets, the valuation firms took into account the individual Business Plans of
the Group companies
(b) All of the assessed real estate assets was considered to be fully owned by the Group and the Parent company (except for
those that are joint fixed assets with IPTO SA), while real estate for which the Group and the Parent company notified the
independent valuation firm that there are commitments (e.g. units out of service), were not subject to valuation.
(c) The valuation firms assumed that for all of the real estate assets, the Group and the Parent company have the titles property,
building permits and other similar approvals, or has taken steps to settle any outstanding issues, as required by law.
(d) The majority of the properties valued were considered to be used by the Group and the Parent company for its own purposes,
as well as for the purpose of covering its administrative services, and that the same use is expected throughout their remaining
useful lives.
(e) In order to determine the fair value of urban properties, the Market Approach was mainly applied (documentation based on
market conditions, i.e. using the comparative data method). In particular, the appraiser based his assessment on market research
data and on data collected from professionals operating in each surveyed area of the relevant properties, adjusting the market
data according to the conditions of each area and the physical characteristics of the Group's and the Parent company's properties
(size, condition and exact location).
In the cases of land and buildings where sufficient comparative data were not identified, the Cost Method was applied, which
takes into account the value of the land - either by comparative data or by applying the Utilization Method - and the depreciated
replacement cost for the buildings.
Regarding the determination of the fair value of technical works (various technical constructions - dams), the Cost Approach was
used and specifically the Trending Method.
Furniture and fixtures and means of transport were valued using the Trending Method. This method is applied to a large number
of fixed assets and is based on the carrying values of the Fixed Assets Register and the Useful Lives applied by the Company.
The fair value for special purpose buildings, machinery and technical works (special purpsose fixed assets), was determined on
the basis of the Cost Approach and in particular by the method of depreciated replacement cost, in the context of which the
needed adjustments were made to reflect their physical, functional, technological and economic obsolescence.
For all electromechanical equipment, the appraisers took into account their acquisition date, their degree of utilization and
maintenance thereof, the special tables with the technical and cost data provided by the Group companies, the contractual
construction cost of the new production units, the schedule for the decommissioning of production units and the corresponding
decommissioning of the mines. Moreover, the valuer calculated a remaining useful life of 5 years for the electromechanical
equipment of the units that is still in operation and has been depreciated, provided that it is not expected to cease operation
earlier. Functional depreciation was calculated for the three lignite units of the Agios Dimitrios Power Plant and the production
units of the small non-interconnected islands.
(f) The economic obsolence was determined by the valuators following a profitability test of the individual subsidiaries and the
Parent Company (Profitability testing) by applying the income approach method, and in particular the discounted cash flow
method. The discount rate used at the level of the Parent company and the subsidiaries HEDNO, PPC Renewables (approach as a
Group of all its subsidiaries), RETELE ELECTRICE ROMANIA, PPC RENEWABLES ROMANIA (approach as a Group of all its
subsidiaries) was calculated based on the WACC (weighted average cost of capital) and amounted to 6.3%, 5.2%, 6.1%, 9.64% (in
RON) and 9.56% (in RON), respectively.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
437
19. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
The revalued amounts, from appraisers’ work, compared to Net Book Value of the fixed assets, resulted to a net surplus for the
Group and the Parent Company amounting to €1,210.4 million and €455.6 million respectively, which was credited directly to the
statement of comprehensive income (€ 950.9 and €355.4 million net of deferred taxes for the Group and the Parent Company
respectively). Also, an amount of € 166.7 million and €93.8 million for the Group and the Parent Company, which was not covered
by surplus from previous revaluations (no revaluation reserve of fixed assets was recognized for the acquired companies), was
charged in the income statement of the year ended 31 December 2024 (€133.7 million and €73.2 million net of deferred taxes
for the Group and the Parent Company respectively).
New additions to fixed assets 2024 Group and Parent Company
In the year ended on December 31, 2024, the additions of the assets under construction of the Group and the Parent company
include an amount of € 108 million for the installation of new power capacity in the islands of Thira, Rhodes, Chios. Additions of
the assets under construction of the Group include € 96.4 million, which relates to the cost of the combined cycle Power
Generation Station with natural gas fuel of nominal power of 840 MW at Alexandroupoli, as well as € 223.9 million for the
development of photovoltaic parks and € 60 million for wind parks in Greece, respectively, for the year ended on December 31,
2024. Also, the additions to Assets under Construction in Romania for electricity production from RES were €62.5 million. Finally,
in the year ended on December 31, 2024, the Group proceeded with additions to the development of the distribution network
of € 1.016 million, which mainly concern many small and low voltage development projects in Greece and Romania, as well as
€87.5 million for the development of a high-speed fiber optic network (FTTH) in Greece.
Fixed assets from acquisition of subsidiaries -2024
During 2024, the Group proceeded with acquisitions of Renewable Energy Sources companies in Greece, Bulgaria and Romania
and recognized property, plant and equipment of €888.2 million (Note 3.3) which mainly concern Wind Farms and Photovoltaic
Farms in various stages of development (in commercial operation, in licensing stage) and small Hydroelectric parks.
Finally, from the acquisition of Kotsovolos, the Group recognized property, plant and equipment of €27.9 million (Note 3.4).
New asset additions 2023 Group and Parent Company
On October 9, 2023, the New Ptolemaida V Unit with a gross capacity of 660 MW, with pulverized lignite fuel, and the ability to
provide thermal power of 140 MWth for district heating, was transferred from fixed assets under construction to fixed assets in
operation, according to the commercial operation start protocol signed with the project contractor. Transfers from projects under
construction of the Group and the Parent Company to fixed assets in operation includes an amount of € 1,526 million which
concerns the total capitalized cost of construction of the new Unit after impairments.
The additions of the Group's Assets under Construction include an amount of €161.1 million, which concerns the construction
cost of the combined cycle Power Generation Station with natural gas fuel of nominal power of 840 MW, in the industrial area of
Alexandroupolis for the period ending on December 31, 2023.


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
438

19. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
Finally, in the year ended on December 31, 2023, the Group proceeded with additions of fixed assets for the development of the
Distribution Network amounting to € 601.7 million, which mainly concern many small medium and low voltage network
development projects.
Fixed assets from acquisition of subsidiaries - 2023
The Group proceeded in January 2023 through its subsidiary WINDARROW ENERGEIAKI S.M.S.A. in an agreement to purchase
100% of the shares of the companies AIOLIKI MΡELECHERΙ ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA and KPM ENERGY
COMPANY OF ELECTRICITY PRODUCTION S.M.S.A.
From this acquisition, the Group recognized tangible fixed assets of €55.3 million (note 22) related to Wind Parks in various stages
(commercial operation, licensing stage).
Additionally, on October 25, 2023, the Group through the Parent Company acquired 29 subsidiaries in Romania (note 6) and
recognized property, plant and equipment amounting to €2,251 million which mainly concern the Distribution Network in
Romania and a significant portfolio of renewable energy sources.
Capitalization of Borrowing cost:
The Group capitalized borrowing costs for ongoing projects totaling € 12.0 million for the year ended December 31, 2024 (2023:
€ 30 million Group and € 22 million Parent Company).

Encumbrances on property, plant and equipment:
Encumbrances on the Group’s Property, plant and equipment are presented in Note 36, while claims from third parties are presented
in Note 47.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
439

20. INTANGIBLE ASSETS AND GOODWILL
31.12.2024
Other Emission Energy sales Offshore wind Cost of Intangibles Customer base
GROUP Software Intangible Allowances Trade name rights research license acquiring assets under from acquisitions Total
Assets contracts construction
Net book value, January 1 63,392 53,035 789,839 - 67,315 30,623 27,473 54,886 25,992 1,112,555
Additions 21,543 8,972 418,261 - - - 13,468 87,040 - 549,284
Consumption - - (833,100) - - - - - - (833,100)
Depreciation (Note 13) (23,786) (7,989) - - (6,494) - (11,291) - (4,517) (54,077)
Disposals/Sales (85) - - - - - - (604) - (689)
Sale of subsidiaries - (899) - - - - - - - (899)
Transfers from property, plant and equipment 488 83 - - - - - 10,940 - 11,511
Transfers from intangibles under construction 26,311 11,517 - - - - - (37,828) - -
Impairments (640) - - - - - - (15,318) - (15,958)
Exchange differences (8) (10) - - - - 7 5 7 -
Other movements (264) 486 - - - - - - - 222
Intangible assets from acquisitions 18,092 15,794 - 103,700 50,815 - - - - 188,401
Net book value, December 31 105,042 80,988 375,000 103,700 111,636 30,623 29,657 99,121 21,481 957,249



Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
440

20. INTANGIBLE ASSETS AND GOODWILL (CONTINUED)
31.12.2023
Other Emission Energy sales Offshore wind Cost of Intangibles Customer base
GROUP Software Intangible Allowances rights research license acquiring assets under from acquisitions Total
Assets contracts construction
Net book value, January 1 6,084 32,245 509,137 45,282 - - - - 592,748
Additions 3,925 1,794 1,106,838 - - 2,287 42,114 - 1,156,958
Intangible assets from acquisitions 29,916 21,879 - 23,704 30,623 26,989 27,081 26,892 187,084
Consumption - - (826,136) - - - - - (826,136)
Depreciation (Note 13) (4,683) (6,495) - (4,440) - (1,732) - (830) (18,180)
Disposals/Sales (3) (2) - - - - (1) - (6)
Transfers from property, plant and equipment - - - - - - 17,680 - 17,680
Transfers from intangibles under construction 28,253 3,670 - - - - (31,923) - -
Exchange differences (85) (57) - - - (71) (66) (70) (349)
Other movements (16) - - 2,768 - - - - 2,752
Net book value, December 31 63,392 53,035 789,839 67,315 30,623 27,473 54,886 25,992 1,112,555



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PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
441

20.INTANGIBLE ASSETS AND GOODWILL (CONTINUED)
31.12.2024
COMPANY Software Other Intangible Emission Intangibles assets Total
Assets Allowances under construction
Net book value, January 1 14,669 4,250 789,839 22,779 831,537
Additions 268 175 418,261 49,524 468,228
Consumption - - (833,100) - (833,100)
Depreciation (Note 13) (4,658) (5,933) - - (10,591)
Disposals/Sales (4) - - - (4)
Transfers from intangibles under construction 10,944 9,761 - (20,705) -
Spin-off of the wholesale telecommunications (23) - - (8,570) (8,593)
branch (Note 7)
Net book value, December 31 21,197 8,253 375,000 43,028 447,478
31.12.2023
Other Emission Intangible assets
COMPANY Software Intangible Allowances under construction Total
Assets
Net book value, January 1 2,611 6,346 509,137 - 518,094
Additions 539 7 1,106,838 32,661 1,140,044
Consumption - - (826,136) - (826,136)
Depreciation (Note 13) (1,501) (5,132) - - (6,633)
Disposals/Sales (3) - - - (3)
Transfers from property, plant and equipment - - - 6,170 6,170
Transfers from intangibles under construction 13,023 3,029 - (16,052) -
Net book value, December 31 14,669 4,250 789,839 22,779 831,537
The net carrying amount of intangible assets (excluding emission allowances) is further analyzed as follows:
Offshore Cost of Intangibles assets Customer
GROUP Software Other Intangible Trade Energy sales wind acquiring under base from
Assets name rights research contracts construction acquisitions
license
31.12.2023
Carrying 213,789 74,310 - 72,982 30,623 29,205 54,886 26,822
amount
Accumulated (150,397) (21,275) - (5,667) - (1,732) - (830)
amortization
Net carrying
amount 63,392 53,035 - 67,315 30,623 27,473 54,886 25,992
31.12.2023
31.12.2024
Carrying 279.225 110,252 103,700 123,797 30,623 42,680 99,121 26,828
amount
Accumulated (174.183) (29,264) - (12,161) - (13,023) - (5,347)
amortization
Net carrying
amount 105,042 80,988 103,700 111,636 30,623 29,657 99,121 21,481
31.12.2024



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
442

20.INTANGIBLE ASSETS AND GOODWILL (CONTINUED)
PARENT COMPANY Software Other Intangible Assets
31.12.2023
Carrying amount 89,431 18,943
Accumulated amortization (74,763) (14,693)
Net carrying amount 14,669 4,250
31.12.2023
31.12.2024
Carrying amount 100,617 28,879
Accumulated amortization (79,421) (20,626)
Net carrying amount 21,196 8,253
31.12.2024

Intangible assets from acquisitions in 2024
During 2024, the Group acquired Renewable Energy Sources companies in Greece, Bulgaria and Romania and recognized
intangible assets of €78.2 million (Note 3.3) mainly relating to energy sales rights for Wind Parks and Photovoltaic Parks.
Since the acquisition of the subsidiary Next Gen Retail Services S.M.S.A. in 2024, the Group recognized intangible assets of €119.6
million, of which €103.7 million relate to the trade name “Kotsovolos” (Note 3.4).
Intangible assets from acquisitions in 2023
The Group proceeded in January 2023 through its subsidiary WINDARROW ENERGEIAKI S.M.S.A. in an agreement to purchase
100% of the shares of the companies AIOLIKI MΡELECHERΙ MONOPROSOPI ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA
and KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION S.M.S.A.
From this acquisition, the Group recognized intangible assets amounting to €34.5 million which mainly concern rights to sell
electricity amounting to €23.7 million.
On December 23, 2023, the Group, through its subsidiary PPC Renewables S.M.S.A, signed an agreement with the Kopelouzou
and Samara groups for the acquisition of 100% of the shares of the company "THRAKIKI WIND 1 S.A." which holds the Production
License for the 216 MW Offshore Wind Park (OWP) off Alexandroupolis. From this acquisition, the offshore wind research license
in the amount of €30.6 million was recognized in intangible assets.
Additionally, on October 25, 2023, the Group through the Parent Company acquired 29 subsidiaries in Romania and recognized
intangible assets of €132.6 million (restated figures-Note 6), of which €29.9 million are software, €26.9 million contract
acquisition costs, €27 million intangible assets under construction, €21.7 million other intangible assets and finally €26.8 million
relate to a customer base recognized under IFRS 3.
GOODWILL
GROUP
2024 2023
Net value 1 January 25,620 21,191
Additions 231,270 10,697
Transfer of goodwill - (6,271)
Other movements - 4
Μinus: impairments (3,785) -
Net value 31 December 253,105 25,620


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
443

20.INTANGIBLE ASSETS AND GOODWILL (CONTINUED)
Additions
Additions in goodwill in 2024 mainly concern the goodwill of €73.7 million from the acquisition of Next Gen Retail Services
S.M.S.A. with the trade name "Kotsovolos" and renewable energy subsidiaries in Romania, Greece and Bulgaria amounting to
€157.5 million.
Goodwill impairment test
On 31.12.2024, the Group performed an impairment test of the goodwill that it has recognized from acquisitions. This test was
carried out based on the value in use, which was calculated using the discounted future cash flow method, based on the business
plan approved by Management. This test resulted in an impairment of €3.8 million relating to an acquisition in 2023. A sensitivity
analysis was performed for the key assumptions of the model (EBITDA margin, discount rates and growth rate in perpetuity). The
relevant analyses did not indicate that in the case of the above changes, a significant change in the impairment recognized for
the Group could arise.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
444
21. OTHER NON-CURRENT ASSETS
GROUP COMPANY
31.12.2024 31.12.2023 31.12.2024 31.12.2023
Other non-current assets
KWF long-term borrowing costs - 1,975 - 1,975
Cash at banks of former bank of Crete (Note - 6,805 - 6,805
47)
Non-current portion of receivable from 69,380 91,841 69,380 91,841
METABASI S.A. (Note 5)
Receivables from loans to associates 57,025 24,930 - -
Leases guarantees 6,149 - - -
Receivables from bank commissions
(company fee for intermediation of 411 - - -
consumer loans)
Prepayments to banks 3,496 - - -
Advances for acquisitions of subsidiaries 150,000 - - -
Receivables from settlements (Note 2.1) 34,975 - 34,975 -
Other 48,208 15,163 427 594
Total 369,644 140,714 104,782 101,215
The loan receivable from the subsidiary "Alexandroupolis Electricity Production S.A." of € 37.9 million as of December 31, 2023
was included in Other Long-term receivables and was reclassified to Long-term loan receivables from subsidiaries for better
presentation and due to the significant increase in these items in 2024 (Note 24).
Receivables from loans to associates
As of December 31, 2023 from the amount of € 24.9 million, € 16.1 million concerns the amount that the subsidiary PPC
RENEWABLES S.M.S.A undertook to cover with bonds for the bond loan issued by METON ENERGY S.A. within the year 2023. The
maturity of the loan is on 31.01.2045.
On 04.01.2024, the subsidiary PPC RENEWABLES S.M.S.A paid the amount of €27.8 million to the related company METON
ENERGY S.A., to cover a Bond Loan issued by the related party maturing on 31.01.2046. The loan will be used for the development
of the projects of METON's 100% subsidiary companies and more specifically: i) €23.3 million for the capital needs regarding the
imminent start of construction of the P/V Park with a capacity of 449.98MW at the position Orycheio PPC Amynteo, of the
company AMYNTEO SOLAR PARK NINE SINGLE MEMBER S.A and ii) €4.5 million for the needs of further licensing development of
the projects of IDEA FOS SINGLE MEMBER S.A..
Within the year 2024, the subsidiary PPC RENEWABLES covered long-term bond loans issued by its associate company METON
ENERGY S.A. amounting to € 27.8 million (as above), BALIAGA S.A. € 1.6 million, TEICHIO S.A. € 823 thousand, ALYSTRATI SOLAR
SA € 196 thousand, SPILAIO SOLAR SA € 235 thousand, ARSINOE SOLAR SA € 313 thousand, ATLAS SOLAR SA € 1 million, PTELEOS
SOLAR SA € 600 thousand, EVRYNOMI SOLAR SA € 857 thousand, MEDIUM SOLAR SA € 637 thousand, KORMISTA SOLAR SA €
343 thousand, NIKOPOLI SOLAR SA € 1.2 million, THERMES SOLAR SA € 882 thousand, PHIVOS SOLAR SA € 367 thousand,
MAGOULA SOLARS S.A. € 1.2 million and PTOLEMY SOLAR, S.A. € 1.1 million.
Also, the bond loan issued by OROS ENERGY S.A. amounting to € 0.9 million was modified regarding the repayment schedule, the
duration with an extension of maturity by one year and the interest margin.
Advance payments for acquisitions of subsidiaries
In December 2024, the Parent Company made an advance payment of €50 million to METKA - EGN LTD under this framework
agreement with MYTILINEOS Energy & Metals for future acquisition of subsidiaries (Note 47). This amount is included in the
Group's long-term receivables and in current other receivables of the Parent Company (Note 29).
In December 2024, the subsidiary PPC Renewables Romania made an advance payment of €100 million to METKA - EGN LTD
under a share purchase agreement (SPA) (Note 25).


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
445
22. INVESTMENTS IN SUBSIDIARIES
The direct subsidiaries of the Parent Company and the value of their investment are as follows:
COMPANY
Note 31.12.2024 31.12.2023
HEDNO S.A. 547,332 547,332
PPC RENEWABLES S.M.S.A. 757,455 606,349
PPC FINANCE PLC 59 59
PPC BULGARIA JSCo 3,405 850
PPC ELEKTRIK TEDARIK VE TICARET A.S. 1,350 1,350
PPC ALBANIA Sh.A. 490 490
EDS AD Skopje 10,300 10,300
CARGE S.M.S.A. 1,357 1,157
ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A. 19,484 19,484
DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A. 149,137 30,000
PPC BELGIUM S.A. 5 5
PPC (Public Power Corporation) Romania S.A. 25 25
RETELE ELECTRICE ROMANIA SA (ex RETELE ELECTRICE MUNTENIA S.A.) 3.5 - 441,776
RETELE ELECTRICE BANAT SA 3.5 - 176,567
RETELE ELECTRICE DOBROGEA SA 3.5 - 142,005
PPC ENERGIE SA 3.5 - 9,743
PPC ENERGIE MUNTENIA SA 3.5 - 15,478
PPC ADVANCED ENERGY SERVICES ROMANIA SRL 3.5 - 10,006
PPC BLUE ROMANIA SRL 3.5 - 6,264
PPC RENEWABLES ROMANIA SRL 3.5 - 631,086
PPC – Public Power Corporation Romania S.A. (ex PPC Energy Services Co S.A.) 3.5 1,415,829 1
Next Gen Retail Services S.M.S.A. (KOTSOVOLOS) (former Dixons South East 3.4 274,875 -
Europe Commercial & Industrial S.A.)
OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS AI S.M.S.A. 5,000 -
PPC e-Money Services S.M.S.A. 42,000 -
PPC ITALIA S.R.L. 250 -
3,228,353 2,650,327
The consolidated financial statements include the financial statements of PPC and its subsidiaries (full consolidation method).
Participation in the subsidiary PPC RENEWABLES S.M.S.A.
By the decision of 12/03/2024 of the Extraordinary General Meeting of the shareholders of the subsidiary company PPC
RENEWABLES S.M.S.A, its share capital was increased by € 150 million by disbursement of cash by the Parent Company.
Additionally, with the decision of 18/10/2023 of the Extraordinary General Meeting of the shareholders of the same subsidiary,
its share capital was increased by €150 million by disbursement of cash by the Parent company.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
446
22. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
Participation in the subsidiary ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A.
At the extraordinary General Assembly of the subsidiary company "ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A.” held on
February 2, 2023, its shareholders committed to the disbursement of cash amounting to €106.2 million, of which €31.8 million
was intended for a share capital increase and €74.4 million for the issuance of a joint bond loan. PPC paid on February 9, 2023
the amount of €54.162 million (which corresponds to its participation interest) out of which €37.9 million are included in other
non-current receivables of the Parent Company and €16.2 million increased PPC’s investment in subsidiary.
With the extraordinary General Meeting of the subsidiary company held on June 14, 2023, the above increase in the share capital
was approved by the amount of €31.8 million. On 31 December 2023, the amount of €15.6 million that was paid by the minority
shareholders increased the Non-controlling interest in the Group’s equity.
Also, on July 3, 2023, the contract for the issuance of a subordinated unsecured joint bond loan between its shareholders, for an
amount up to €157.27 million, was signed. On December 31, 2024 and December 31, 2023, this bond loan amounted to €74.3
million and as a result it remains a long-term loan liability (to the minority shareholders) in the Group for the amount of €36.4
million that was paid by the minority shareholders.
In the Group, from the above transactions in 2023, funds of €52.0 million were received (€36.4 million from the issuance of a
joint bond loan and €15.6 million for the share capital increase from minority shareholders).
Establishment of subsidiary company of "Artificial Intelligence-AI" technology
On 02.08.2024, the announcement of the establishment of the new subsidiary company under the name "OLYMPUS ARTIFICIAL
INTELLIGENCE/OLYMPUS AI S.M.S.A." was registered in the General Commercial Register (G.E.M.H.) since 30.07.2024. with d.t.
"OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS AI". The main activities of the company will be artificial intelligence (AI) design
and development services in Greece and abroad.The duration of the company is set at 50 years and starts from 02.08.2024. The
Parent company paid the initial share capital of €5 million, which consists of 100 thousand common registered shares with a
nominal value of €50 each.
Establishment of a subsidiary company “PPC e-Money services S.M.S.A.”
On 24.09.2024, the Board of Directors of PPC S.A. decided on the establishment of the 100% subsidiary company with the
corporate name "PPC e-Money services S.M.S.A." and d.t. "PPC e-Money services" and on September 28, 2024 its establishment
was registered in the General Commercial Registry (G.E.M.H.).
PPC e-Money services will operate as an “Electronic Money Institution” (EMI) within the meaning of Laws 4021/2011 and
4537/2018, as applicable from time to time, the relevant regulatory actions of the Bank of Greece and the operating license of
the Bank of Greece in the name of the company. As mentioned in the company’s article of association, the new company will
provide services that allow cash deposits into a payment account as well as all activities required to maintain a payment account.
It will also provide services that allow cash withdrawals as well as activities required for account maintenance, execution of card
payment transactions, standing orders, as well as other activities. The duration of the company is indefinite.
The share capital of the subsidiary company on 31.12.2024 is amounted to €42 million by disbursement of cash by the Parent
Company.
Establishment of a 100% subsidiary in Milan, Italy
On November 19, 2024, a 100% subsidiary in Italy was established and on November 21, 2024 it was registered in the Italian
Commercial Register.
The main activity of the company is the development, construction, management, maintenance, installation, operation and
exploitation of electricity generation units from Renewable Energy Sources.
The duration of the company has been set until 31.12.2070. The initial share capital amounts to €250,000 which was paid by the
Parent company on November 13, 2024.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
447
22. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
Establishment of a subsidiary company through “spin-off”
On January 22, 2025, it was registered in the General Commercial Registry (G.E.MH) the decision 3525250ΑΠ/22.01.2025 of the
General Secretariat of Commerce which approved the spin-off by division of the branch Laboratories, Certification & Inspection
Branch of PPC and its contribution to the newly founded 100% subsidiary with the name “PPC LABORATORIES, CERTIFICATION &
INSPECTION” and d.t. “PPC INSPECTRA”, in accordance with the applicable provisions of articles 4, 54 par 3, 57 par. 3, 59-74 and
83-87 of Law 4601/2019 on corporate transformations and the more specific provisions of the Law 1297/1972, the decision of
the Extraordinary General Meeting of the shareholders of PPC SA dated 04/11/2024 and based on the Accounting Statement of
Transformation of the Branch on 31.12.2023.
The share capital of the new subsidiary amounts to € 300 thousand common registered shares, with a nominal value of one euro
(€1.00) each. As of December 31, 2024, the criteria of the IFRS 5, for the presentation of the branch's net assets as “Held for sale”
were not met.
The new subsidiary “PPC INSPECTRA” provides services including laboratory tests, geotechnical researches and studies,
certifications, on-site inspections, monitoring and evaluation of factory acceptance tests, as well as calibration of electrical
quantities. Also, the new subsidiary provides services not only to units of PPC group but has expanded its activities and provides
high-level scientific services to the wider public sector, as well as to a number of Greek industries.
Participation in the subsidiary “DEI OPTIKES EPIKOINONIES S.M.S.A.”
PPC established the 100% special purpose subsidiary company DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A. in December
2022, which has undertaken the construction, operation, exploitation and maintenance of the optical fibers network. On February
16, 2023, an amount of €30 million was paid by the Parent Company as the initial share capital of the subsidiary. On July 31, 2024,
the spin-off of the wholesale telecommunications branch by the Parent Company to the said subsidiary, was completed (Note 7),
increasing the Parent Company's participation by €78.4 million.
Also, on 29.11.2024, the Extraordinary General Meeting of the shareholder of the subsidiary DEI OPTIKES EPIKOINONIES S.M.S.A.
decided to increase its share capital by € 150 million by disbursement of cash payment in installments of a) € 40 million paid on
4.12.2024 by the Parent company and b) the remaining € 110 million until 31.12.2025.
Participation in the subsidiary PPC BULGARIA JSCo
On April 20, 2023, PPC S.A. acquired the remaining share of 15% of the subsidiary PPC BULGARIA JSCO for a consideration of €328
thousands and as a result it is now a 100% subsidiary.
On October 21, 2024, the Parent company paid €2.5 million to the subsidiary PPC Bulgaria as a share capital increase of the
subsidiary.
Sale of Renewable Energy subsidiaries within 2024
As part of the restructuring of the Renewable Energy Sources portfolio in Romania, on August 8, 2024, the sale of four 100%
subsidiaries in Romania took place, named Oravita Power Park SRL, Potoc Power Park SRL, Topwind Energy SRL and Wind Energy
Green Park SRL. The sale consideration of the subsidiaries amounted to € 3.7 million and was settled within 2024. The value of
the net assets of the subsidiary companies at the date of the sale amounted to € 3.6 million, recording a gain of approximately
€0.1 million for the Group.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
448
22. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
Acquisition of RES portfolio subsidiaries in 2023
In January 2023, following the 22.12.2022 agreement with Piraeus Equity Partners, the Group through its subsidiary WINDARROW
ENERGEIAKI S.M.S.A. entered into an agreement to purchase 100% of the shares of the companies AIOLIKI MΡELECHERΙ ANONYMI
& VIOMICHANIKI ENERGEIAKI ETAIREIA and KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION S.M.S.A.
Specifically, the Group acquired 100% of the shares of AIOLIKI MΡELECHERΙ ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA
which owns two Wind Parks, with a total installed capacity of 43.8 MW in the locations "LEFKES" and "MPELECHERI" of the
Municipality of Evrotas Lakonia, Region of Peloponnese and 100% of KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION
S.M.S.A, which has a license to operate a Photovoltaic Power Plant with a power of 1.99 MW in the location "Vlachopigado" of
the Municipality of Estaiotida, P.E. Trikala.
The fair value of the assets and liabilities of the companies recognized in the Group's financial statements at the acquisition date
amounted to:
Fair Value
Amounts in thousands of €
Property, plant and equipment 55,276
Intangible assets 23,812
Right of use assets 197
Other non – current assets 8
Total Non – Current Assets 79,293
Trade receivables 1,226
Cash and cash equivalents 1,749
Restricted cash 19,026
Total Current Assets 22,001
Total Assets 101,294
Post-retirement benefits to employees (3)
Long - term borrowings (34,927)
Subsidies (Long-term portion) (4,343)
Provision for dismantling cost (233)
Long- term financial lease liability (181)
Deferred tax liabilities (12,481)
Total Non – Current Liabilities (52,168)
Trade and other payables (2,963)
Current portion of long - term borrowings (1,670)
Short – term financial lease liability (19)
Accrued and other current liabilities (292)
Income tax payable (36)
Total Current Liabilities (4,980)
Total Liabilities (57,148)
Total net assets acquired at fair value 44,146
On the acquisition date, an assessment of the definition of "business" in accordance with IFRS 3 was carried out and goodwill of
€10.7 million was recognized in intangible assets that was not allocated to any specific intangible asset.
On December 23, 2023, the Group, through its subsidiary PPC Renewables, signed an agreement with the “Kopelouzos” and
“Samaras” groups for the acquisition of 100% of the shares of the company "THRAKIKI WIND 1 S.A." which holds the Production
License for the 216 MW Offshore Wind Park (OWP) off Alexandroupolis. From this acquisition, €30.6 million was recognized in the
intangible assets of the offshore wind research license. Part of this consideration was paid in 2024.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
449
22. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
This acquisition according to IFRS 3 falls under the concept of acquisition of assets and not of a "business".
This Offshore Wind Park falls within the provisions of article 174 of Law 4964/2022 for the Pilot application of Offshore Wind
Parks, and it is planned to be installed in the sea area off Alexandroupolis and to be permanently located.
The subsidiaries of the Group are as follows:
Ownership Interest Country and Year
Subsidiaries 31.12.2024 31.12.2023 of Incorporation Principal Activities
PPC RENEWABLES S.M.S.A. 100% 100% Greece 1998 RES
HEDNO S.A. 51% 51% Greece 1999 HEDN
ARCADIAN SUN ONE S.M.S.A. 100% 100% Greece 2007 RES
ARCADIAN SUN TWO S.M.S.A. 100% 100% Greece 2007 RES
SOLAR ARROW ONE S.M.S.A. 100% 100% Greece 2007 RES
AMALTHIA ENERGY S.M.S.A. 100% 100% Greece 2007 RES
SOLARLAB S.M.S.A. 100% 100% Greece 2007 RES
SOLAR PARKS WESTERN MACEDONIA ONE S.M.S.A. 100% 100% Greece 2007 RES
SOLAR PARKS WESTERN MACEDONIA TWO S.M.S.A. 100% 100% Greece 2007 RES
AIOLIKO PARKO K-R S.M.S.A. PARAGOGIS KAI 100% 100% Greece 2014 RES
EMPORIAS ENERGEIAS
AIOLIKO PARKO LYKOVOUNI S.M.S.A. PARAGOGIS KAI 100% 100% Greece 2017 RES
EMPORIAS ENERGEIAS
AIOLIKO PARKO DOUKAS S.M.S.A. PARAGOGIS KAI 100% 100% Greece 2020 RES
EMPORIAS ENERGEIAS
AIOLIKO PARKO KOUKOULI S.M.S.A. PARAGOGIS KAI 100% 100% Greece 2020 RES
EMPORIAS ENERGEIAS
HELIOFANEIA S.M. TECHNIKI EMPORIKI KAI
VIOMICHANIKI ETAIREIA ANANEOSIMON PIGON 100% 100% Greece 2007 Supply of power
ENERGEIAS
Management of HO
CARGE S.M.S.A. 100% 100% Greece 2020 charging points and
development of billing
applications
ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A. 1 51% 51% Greece 2022 Generation of power
under development
DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A. 100% 100% Greece 2022 Installation-operation of
Telecommunications
PPC FINANCE PLC 100% 100% UK, 2009 Financing Services
PPC BULGARIA JSCo 100% 100% Bulgaria 2014 Supply of power
PPC ELEKTRIK TEDARIK VE TICARET A.S. 100% 100% Turkey 2014 Supply of power
PHOEBE ENERGY S.M.S.A. 100% 100% Greece 2007 RES
PPC ALBANIA Sh.a. 100% 100% Albania 2017 Supply of power
ENERGEIAKOS STOCHOS S.M.S.A. 100% 100% Greece 2017 RES
PPC (Public Power Corporation) Romania S.A. 2 100% 100% Romania 2023 Supporting Services
PPC BELGIUM S.A. 100% 100% Belgium 2023 Supporting Services
PPC – Public Power Corporation Romania S.A. (former 100% 100% Romania 2004 Supporting Services
PPC ENERGY SERVICES CO S.A.)12
RETELE ELECTRICE ROMANIA SA (former RETELE 82% 90% Romania 2002 Distribution
ELECTRICE MUNTENIA S.A.)20
PPC ENERGIE MUNTENIA S.A.20 - 90% Romania 2008 Supply of power
RETELE ELECTRICE DOBROGEA S.A.20 - 75% Romania 2002 Distribution
RETELE ELECTRICE BANAT S.A.20 - 75% Romania 2002 Distribution
PPC ENERGIE S.A.12 78.6% 63% Romania 2007 Supply of power
PPC RENEWABLES ROMANIA SRL7 100% 100% Romania 2011 RES
PPC ADVANCED ENERGY SERVICES ROMANIA SRL7 100% 100% Romania 2019 Supporting Services
PPC BLUE ROMANIA SRL7 100% 100% Romania 2019 E-mobility
PPC TRADING SRL7 100% 100% Romania 2020 Financing Services
PPC SERVICII COMUNE SRL7 82% 75% Romania 2007 Supporting Services


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
450
22. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
WIND ENERGY GREEN PARK SRL7 - 100% Romania 2021 RES
SOUTH WIND ENERGY SRL7 100% 100% Romania 2021 RES
DARA SOLAR INVESTMENT SRL7 100% 100% Romania 2021 RES
ENERGO SONNE SRL7 100% 100% Romania 2021 RES
SOLAS ELECTRICITY SRL7 100% 100% Romania 2021 RES
TOPWIND ENERGY SRL7 - 100% Romania 2021 RES
PROWIND WINDFARM VIISOARA SRL7 100% 100% Romania 2008 RES
PROWIND WINDFARM BOGDANESTI SRL7 100% 100% Romania 2008 RES
TOPLET POWER PARK SRL7 100% 100% Romania 2021 RES
GV ENERGIE RIGENERABILI ITAL-RO SRL7 100% 100% Romania 2010 RES
ELCOMEX SOLAR ENERGY SRL7 100% 100% Romania 2014 RES
DE ROCK INT'L S.R.L. 7 100% 100% Romania 2005 RES
ZEPHIR 3 CONSTANTA S.R.L. 7 100% 100% Romania 2020 RES
ORAVITA POWER PARK S.R.L.7,14 - 100% Romania 2021 RES
POTOC POWER PARK SRL7,14 - 100% Romania 2021 RES
PROWIND WINDFARM IVESTI SRL7 100% 100% Romania 2008 RES
PROWIND WINDFARM DELENI SRL7 100% 100% Romania 2008 RES
SUN CHALLENGE SRL7 100% 100% Romania 2020 RES
WINDARROW ENERGEIAKI S.M.S.A.3 100% 100% Greece 2018 RES
KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION 100% 100% Greece 2012 RES
S.M.S.A. 3
AIOLIKI MΡELECHERΙ MONOPROSOPI ANONYMI KAI 100% 100% Greece 2001 RES
VIOMICHANIKI ENERGEIAKI ETAIREIA3
EDS AD Skopje 100% 100% Republic of North Supply of power
Macedonia 2012
EDS DOO Belgrade 100% 100% Serbia 2016 Supply of power
EDS INTERNATIONAL SK SRO 100% 100% Slovakia 2012 Supply of power
EDS INTERNATIONAL KS LLC 100% 100% Kosovo 2016 Supply of power
SPARK WIND PARK S.R.L.4 100% 100% Romania 2023 RES
SPARTAKOS ENERGY S.M.S.A. 5 100% 100% Greece 2023 RES
THRAKIKI WIND 1 S.M.S.A. 6 100% 100% Greece 2007 RES
LAND POWER S.R.L.8 100% - Romania 2023 RES
INKAT ENERGY S.M.S.A.9 100% - Greece 2007 RES
CLAMWIND POWER S.M.S.A.10 100% - Greece 2020 RES
GREEK WINDPOWER S.M.S.A.10 100% - Greece 2001 RES
ALPENER S.M.S.A.10 100% - Greece 2005 RES
KASTRI EVIAS S.M.S.A.10 100% - Greece 2005 RES
ARCADIA-RE WIND-RENINVEST S.M.S.A. 100% - Greece 2006 RES
RENEX AIOLIKI ARTAS S.M.S.A. 100% - Greece 2011 RES
Next Gen Retail Services S.M.S.A.(KOTSOVOLOS) Supply of electrical
(former Dixons South East Europe Commercial & 100% - Greece 1950 goods
Industrial S.A.) ¹¹
ΟLYMPUS Artificial Intelligence/OLYMPUS AI13 100% - Greece 2024 Information
Technologies
PPC e-Money Services S.M.S.A.15 100% - Greece 2024 Electronic Money
Institution
Eko Park Wind Power EOOD16 100% - Bulgaria 2024 RES
Haekon EOOD16 100% - Bulgaria2024 RES
Mesomarket EOOD16 100% - Βulgaria 2024 RES
Chirpan Solar Plant Ltd19 100% - Βulgaria 2024 RES


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
451
22. INVESTMENTS IN SUBSIDIARIES (CONTINUED)
Development,
construction,
management,
PPC ITALIA SRL.17 100% - Italy 2024 maintenance,
installation, operation
and exploitation of RES
production units
FELIX RENEWABLE HOLDINGS SRL18 100% - Romania RES
TMK HYDROENERGY POWER SRL18 100% - Romania RES
OVIDIU DEVELOPMENT S.A.18 100% - Romania RES
TOMIS TEAM S.A.18 100% - Romania RES
MW TEAM INVEST SRL18 100% - Romania RES
SOLAR RENEWABLE SRL-18 100% - Romania RES
1.ALEXANDROUPOLIS ELECTRICITY PRODUCTION SINGLE MEMBER S.A.” was acquired on 20.12.2022 and on 01.02.2023 was renamed to “ALEXANDROUPOLIS ELECTRICITY
PRODUCTION S.A.”
2. PPC (Public Power Corporation) Romania S.A was incorporated on 15.03.2023 and in its share capital PPC S.A. participates by 99% and PPC RENEWABLES S.M.S.A. by 1%.
3.“KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION S.M.S.A.” and “AIOLIKI MΡELECHERΙ MONOPROSOPI ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA” were acquired
on 31/1/2023 by “WINDARROW ENERGEIAKI S.M.S.A.” and belong to it by 100%.
4.On 01.08.2023 the company "SPARK WIND PARK S.R.L." was founded.
5.In November 2023 the company SPARTAKOS ENERGY S.M.S.A. was established.
6. In December 2023, the company THRAKIKI WIND 1 S.M.S.A. was acquired through PPC RENEWABLES S.M.S.A. by the Kpelouzos-Samaras Group.
7. On October 25, 2023, the Parent Company acquired ENEL's shares in 29 companies in Romania and on October 26, 2023 Fondul's minority rights in certain subsidiary companies
(Note 7). In the companies that the Parent Company does not own 100%, the minority shareholder is SAPE.S.A. (Romanian state company).
8. The company "LAND POWER S.R.L." was acquired on 25.03.2024 by SPARK WIND PARK S.R.L. as 100% subsidiary (Note 3.3).
9. The company "INKAT ENERGY S.M.S.A" was acquired by PPC Renewables on 1.03.2024.
10. The companies "CLAMWIND POWER S.M.S.A." , "KASTRI EVIAS S.M.S.A. “ , “GREEK WINDPOWER S.M.S.A.” and “ALPENER S.M.S.A.” are 100% subsidiaries of "INKAT ENERGY
S.M.S.A".
11. On April 10, 2024 the acquisition of the company “KOTSOVOLOS” was completed. On November 22, 2024 the subsidiary company changed its name with a new distinctive
title "NEXT GEN RETAIL SERVICES S.M.S.A.".
12.On May 30, 2024, the subsidiary PPC ENERGY SERVICES CO S.A. changed its name to PPC - PUBLIC POWER CORPORATION ROMANIA S.A. by decision of the Extraordinary
General Meeting of Shareholders of PPC Energy Services CO S.A. (Note 3.5).
13.On July 30, 2024 the subsidiary company “OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS AI SINGLE MEMBER S.A.” with d.t. "OLYMPUS ARTIFICIAL INTELLIGENCE/OLYMPUS
AI" was founded.
14. On August 8, 2024, the sale of the four 100% subsidiary companies Oravita Power Park SRL, Potoc Power Park SRL, Topwind Energy SRL and Wind Energy Green Park SRL took
place.
15.On September 27, 2024 the subsidiary company PPC e-Money services S.M.S.A. was founded.
16. On September 30, 2024 the companies «Eko Park Wind Power EOOD», «Haekon EOOD» & «Mesomarket EOOD» were acquired through the 100% subsidiary PPC BULGARIA
JSCo (Note. 3.3).
17. On November 19, 2024 the subsidiary company “ PPC ITALIA S.R.L.” was founded in Milan-Italy.
18.On November 20, 2024 the companies “FELIX RENEWABLE HOLDINGS SRL”, “TMK HYDROENERGY POWER SRL”, “OVIDIU DEVELOPMENT SA”, “TOMIS TEAM SA”, “MW TEAM
INVEST SRL” and on November 12, 2024 “SOLAR RENEWABLE SRL-SPV” were acquired through the 100% subsidiary company “PPC RENEWABLES ROMANIA SRL” (Note 3.3)
19. On December 10, 2024 the 100% subsidiary company "Chirpan Solar Plant Ltd" was acquired through the subsidiary company PPC BULGARIA EAD (Note 3.3)
20.On December 31, 2024 , the absorption of the following subsidiaries in Romania was completed. More specifically, the absorption of “PPC ENERGIE MUNTENIA S.A.” by the
subsidiary “PPC ENERGIE S.A.” was completed at the end of December 2024. Also, on November 30, 2024, the subsidiaries “RETELE ELECTRICE DOBROGEA S.A.” and “RETELE
ELECTRICE BANAT S.A.” were absorbed by the subsidiary “RETELE ELECTRICE MUNTENIA S.A.”. Also, in Q4 2024, “RETELE ELECTRICE MUNTENIA S.A.” was renamed to “RETELE
ELECTRICE ROMANIA S.A.” (Note 3.5).


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
452
23. INVESTMENTS IN ASSOCIATES
The Group’s and the Parent Company’s associates as of December 31
st
, 2024 and December 31
st
, 2023 are as follows (equity
method):
GROUP COMPANY
31.12.2024 31.12.2023 31.12.2024 31.12.2023
PPCR-ROKAS INDUSTRIAL AND COMMERCIAL S.A. 2,803 2,664 - -
PPCR - TERNA ENERGY S.A. 1,052 2,336 - -
PPCR - NANKO ENERGEIA M.Y.I.E GITANI ANONYMOS 2,258 2,298 - -
ETAIREIA
PPCR - MEK ENERGY S.A OF ELECTRICITY PRODUCTION 539 659 - -
FROM RENEWABLE SOURCES OF ENERGY
MYIS SMIXIOTIKOU S.A. 2,813 2,825 - -
PPCR – EDF RENEWABLES HELLAS S.A. OF ELECTRICTY 10,269 8,747 - -
PRODUCTION FROM RENEWABLE SOURCES OF ENERGY
Aioliko Parko KILIZA S.A. 2 4 - -
Aioliko Parko LEFKIVARI S.A. - 2 - -
Aioliko Parko AGIOS ONOUFRIOS S.A. 5 7 - -
OROS ENERGY S.A. 308 314 - -
GREENESCO ENERGY S.A. 638 595 - -
BALIAGA S.A. 594 387 - -
TEICHIO S.A. 707 528 - -
PIVOT SOLAR S.A. 670 222 - -
GEOTHERMAL TARGET II S.A. 72 83 - -
METON ENERGY S.A. 88,669 36,510 - -
NVISIONIST S.A. 826 722 3,397 3,397
HELLENIC HYDROGEN S.A. 5,850 6,267 6,468 6,468
Data in Scale S.A. 1,800 - 1,800 -
EMC Subsea Cable Co. Ltd 14,916 - 16,865 -
GREEKSTREAM ENERGY S.A. 1,542 - - -
INTRAKAT AIOLIKI ANATOLIKIS ARGITHEAS S.A. 229 - - -
INTRAKAT NWG S.M.S.A. 181 - - -
INTRA-K ENERGY S.A. 16,744 - - -
PTOLEMAIOS SOLAR S.A. 84 - - -
ΜAGOULA SOLAR S.A. 85 - - -
ΕVRYNOMI SOLAR S.A. 89 - - -
ΑLYSTRATI SOLAR S.A. 92 - - -
SPILAIO SOLAR S.A. 92 - - -
ΑRSINOI SOLAR S.A. 92 - - -
ΑΤLAS SOLAR S.A. 92 - - -
PTELEOS SOLAR S.A. 92 - - -
MΕSAIO SOLAR S.A. 17 - - -
ΚΟRMISTA SOLAR S.A. 19 - - -
ΝΙKOPOLI SOLAR S.A. 11 - - -
THERMES SOLAR S.A. 17 - - -
FOIVOS SOLAR S.A. 19 - - -
Total 154,287 65,170 28,530 9,865
Due to the PPA contracts between the Parent Company and the associate company METON ENERGY SA, the loss from associates
in the Group has been adjusted to exclude the gain from the valuation of these agreements, both in the Income Statement and
in the Statement of Comprehensive Income up to the Group's participation in the investment of the associate.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
453
23.INVESTMENTS IN ASSOCIATES (CONTINUED)
Shareholders’ agreement with Motor Oil
On 23 January 2023 the new associate company “Hellenic Hydrogen S.A.” was established, in which Motor Oil’s stake is 51% of
its share capital and PPC’s stake is 49%, paying the amount of €6.5 million.
The new company aim at the development of green hydrogen generation and storage projects in the country, thus facilitating
Greece’s energy transition to Net Zero CO
2
emissions.
Shareholders’ agreement to construct, operate, manage, own and sell Capacity through the East Med Corridor System
On July 26, 2022, PPC S.A. signed a Shareholders' Agreement for the creation of a joint venture scheme for constructing,
operating, managing, owning and selling capacity through a new submarine cable system and ancillary infrastructure and network
(the “East Med Corridor System” or the project EMC"), which will connect Europe with Asia.
On January 11, 2024, PPC S.A. acquired from TTSA Cyprus limited the 25% the minority shareholding in the newly established
EMC Subsea Cable Company Limited for USD 50 thousand as initial capital. The remaining shareholders of the consortium are the
subsidiary Center3 of STC from Saudi Arabia and the TTSA Cyprus limited, Cypriot company.
In December 2023, PPC paid an amount of $9.7 million (€8.5 million) as an advance included in Current Receivables for which it
was expected to issue and deliver to PPC, preferred shares in proportion to the percentage of its participation. In December 2024,
these shares were issued, resulting in an increase in company's investment by the amount of €8.5 million. Additionally, the Parent
company, based on a Share Purchase Agreement, recognized on 31.12.2024 a liability to the associated company for capital to
be paid, for an amount of € 2.6 million, which is included in long-term liabilities (Note 41).
Establishment of a related company for digital infrastructures (Data Centers)
On 13.09.2024, the company Data in Scale S.A. was established with the d.t. "Data in Scale S.A." after the conclusion of PPC's
agreement with CAIO Holding Company Limited (interests of the Emirati DAMAC based in London). The object and purpose of
the company is the design, construction, development and operation of data centers as well as the promotion of data centers for
sale or lease.
The duration of the company is set at 30 years and can be extended according to the decision of the general meeting of
shareholders.
The initial share capital of the company amounts to €4 million divided into €160,000 thousand common registered voting shares
with a nominal value of €25 each.
The initial share capital is 55% owned by CAIO Holding Company Limited, and 45% by PPC.
On 06.11.2024 PPC S.A. paid an amount of € 1.8 million based on its participation percentage.
The full list of the Group’s and the Parent Company’s associates are as follows:


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
454
23.INVESTMENTS IN ASSOCIATES (CONTINUED)
Ownership Interest Country and Year Principal Activities
of Incorporation
Associates 31.12.2024 31.12.2023
PPCR-ROKAS INDUSTRIAL AND COMMERCIAL S.A. 49.00% 49.00% Greece, 2000 RES
PPCR - TERNA ENERGY S.A. 49.00% 49.00% Greece, 2000 RES
PPCR - NANKO ENERGEIA M.Y.I.E GITANI ANONYMOS ETAIREIA 49.00% 49.00% Greece, 2000 RES
PPCR - MEK ENERGY S.A OF ELECTRICITY PRODUCTION FROM 49.00% 49.00% Greece, 2001 RES
RENEWABLE SOURCES OF ENERGY
MYIS SMIXIOTIKOU S.A.⁹ 49.00% 49.00% Greece, 2004 RES
PPCR – EDF RENEWABLES HELLAS S.A. OF ELECTRICTY 49.00% 49.00% Greece, 2007 RES
PRODUCTION FROM RENEWABLE SOURCES OF ENERGY
E.E.N VOIOTIA ENERGY S.A. 46.55% 46.55% Greece, 2007 RES
WIND PARK LOUKO S.A. 49.00% 49.00% Greece, 2008 RES
WIND PARK MPAMPO VIGLIES S.A. 49.00% 49.00% Greece, 2008 RES
WIND PARK KILIZA S.A. 49.00% 49.00% Greece, 2008 RES
WIND PARK LEFKIVARI S.A. 49.00% 49.00% Greece, 2008 RES
WIND PARK AGIOS ONOUFRIOS S.A. 49.00% 49.00% Greece, 2008 RES
NVISIONIST S.A. 33.34% 33.34% Greece, 2021 Specialized systems &
software
HELLENIC HYDROGEN S.A. 1 49.00% 49.00% Greece, 2023 Production, Storage &
Supply of hydrogen
OROS ENERGY S.A. 49.00% 49.00% Greece 2017 RES
GREENESCO ENERGY S.A. 2 49.00% 49.00% Greece 2017 En. Services
BALIAGA S.A. 49.00% 49.00% Greece, 2020 RES
TEICHIO S.A. 49.00% 49.00% Greece, 2020 RES
PIVOT SOLAR S.A. 49.00% 49.00% Greece, 2021 RES
GEOTHERMAL TARGET TWO (II) S.A. 49.00% 49.00% Greece, 2020 RES
METON ENERGY S.A.. 49.00% 49.00% Greece, 2021 RES
ΙDEA FOS SINGLE MEMBER S.A. 4 49.00% 49.00% Greece, 2020 RES
AMYNTEO SOLAR PARK ONE SINGLE MEMBER S.A. 3 49.00% 49.00% Greece, 2021 RES
AMYNTEO SOLAR PARK TWO SINGLE MEMBER S.A. 3 49.00% 49.00% Greece 2021 RES
AMYNTEO SOLAR PARK THREE SINGLE MEMBER S.A. 3 49.00% 49.00% Greece 2021 RES
AMYNTEO SOLAR PARK FOUR SINGLE MEMBER S.A. 3 49.00% 49.00% Greece, 2021 RES
AMYNTEO SOLAR PARK FIVE SINGLE MEMBER S.A. 3 49.00% 49.00% Greece, 2021 RES
AMYNTEO SOLAR PARK SIX SINGLE MEMBER S.A. 3 49.00% 49.00% Greece, 2021 RES
AMYNTEO SOLAR PARK SEVEN SINGLE MEMBER S.A. 3 49.00% 49.00% Greece 2021 RES
AMYNTEO SOLAR PARK EIGHT SINGLE MEMBER S.A. 3 49.00% 49.00% Greece, 2021 RES
AMYNTEO SOLAR PARK NINE SINGLE MEMBER S.A. 3 49.00% 49.00% Greece, 2021 RES
GREEKSTREAM ENERGY S.A. 49.00% - Greece, 2020 RES
INTRAKAT AIOLIKI ANATOLIKIS ARGITHEAS S.A. 49.00% - Greece, 2011 RES
INTRA-K ENERGY S.A. 49.00% - Greece, 2021 RES
INTRAKAT NWG S.M.S.A. 49.00% - Greece, 2005 RES
WIND DEVELOPMENT ENERGY EPIRUS S.M.S.A.12 49.00% - Greece, 2012 RES
PV SOTIRAS ENERGY S.M.S.A..12 49.00% - Greece, 2021 RES
ΑΝΕΜΟS KIRFIS S.M.S.A.12 49.00% - Greece, 2022 RES
ΑGKATHAKI ARGITHEAS ENERGY S.M.S.A.12 49.00% - Greece, 2022 RES
LIVADOR ENERGY S.M.S.A.12 49.00% - Greece, 2022 RES
PV ΑΜPELIA ENERGY S.M.S.A.12 49.00% - Greece, 2022 RES
FICHTHI ENERGY S.M.S.A.12 49.00% - Greece, 2022 RES
ΙNTRAKAT-PV-SOLAR S.M.P.C. 12 49.00% - Greece, 2019 RES
PV ΑLATARIA ENERGY S.M.S.A. 12 49.00% -- Greece, 2022 RES
ΑΙΟLOS MACEDONIA S.A.12 49.00% - Greece, 2005 RES
DNC ENERGY S.M.S.A.12 49.00% - Greece, 2020 RES
IRIDA 2 S.M.P.C. 13 49.00% - Greece, 2021 RES
IRIDA 5 S.M.P.C. 13 49.00% - Greece, 2021 RES
ΕVRYNOMI SOLAR S.A.14 49.00% - Greece, 2024 RES


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
455
23.INVESTMENTS IN ASSOCIATES (CONTINUED)
ΜAGOULA SOLAR S.A.14 49.00% - Greece, 2024 RES
PTOLEMAIOS SOLAR S.A.14 49.00% - Greece, 2024 RES
Construction-operation-
EMC Subsea Cable Co. Ltd10 25.00% - Cyprus, 2024 management-ownership
and selling capacity
Design, construction,
Data in Scale S.A.11 45.00% - Greece, 2024 development and operation
of data centers
SPILAIO SOLAR S.A.⁵ 49.00% - Greece, 2024 RES
ΑRSINOI SOLAR S.A.12 49.00% - Greece, 2024 RES
ΑΤLAS SOLAR S.A.12 49.00% - Greece, 2024 RES
PTELEOS SOLAR S.A.12 49.00% - Greece, 2024 RES
ΑLYSTRATI SOLAR S.A.12 49.00% - Greece, 2024 RES
FOIVOS SOLAR S.A.⁶ 49.00% - Greece, 2024 RES
THERMES SOLAR S.A.⁷ 49.00% - Greece, 2024 RES
ΝΙKOPOLI SOLAR S.A.⁸ 49.00% - Greece, 2024 RES
ΚΟRMISTA SOLAR S.A.⁸ 49.00% - Greece, 2024 RES
MΕSAIO SOLAR S.A.⁸ 49.00% - Greece, 2024 RES
23.INVESTMENTS IN ASSOCIATES (CONTINUED)
1. HELLENIC HYDROGEN S.A. was incorporated on 23.01.2023 with principal activity the production, storage and supply of hydrogen with shareholders by 49% PPC
S.A. and 51% by the Motor Oil Group
2. Τhe subsidiary of PPC Renewables S.M.S.A., AMALTHIA ENERGY S.M.S.A. was acquired the 49% of the company and the company ATTICA GREENESCO PCC owns
the 51%
3. Participation through METON ENERGY S.A.. The companies were 100% subsidiaries of PPC RENEWABLES S.M.S.A. until January 14, 2022, until were contributed to
"METON ENERGY S.A." for the acquisition of 49% of its share capital. In the current financial statements, they are consolidated using the equity method through
"METON ENERGY S.A.". The company METON ENERGY S.A. on 31.12.2024 owns the 100%
4. Participation through METON ENERGY S.A.. New subsidiary of METON ENERGY S.A. with a percentage of 100% and acquisition date 26/10/2022. In the current
financial statements it is consolidated through METON ENERGY S.A.
5. The company was incorporated on 4.6.2024 with the shareholders by 49% PPC RENEWABLES S.M.S.A. and 51% by UNAGI S.A. (subsidiary of the Motor Oil Group)
6. The company was incorporated on 20.6.2024 with the shareholders by 49% PPC RENEWABLES S.M.S.A. and 51% by UNAGI S.A. (subsidiary of the Motor Oil
Group)
7. The company was incorporated on 21.06.2024 with the shareholders by 49% PPC RENEWABLES S.M.S.A. and 51% by UNAGI S.A. (subsidiary of the Motor Oil
Group)
8. The companies were incorporated on 25.06.2024 with the shareholders by 49% PPC RENEWABLES S.M.S.A. and 51% by UNAGI S.A. (subsidiary of the Motor Oil
Group)
9. On 19.4.2024 the related company PPCR ELTEV S.A. was renamed to MYIS SMIXIOTIKOU S.A. according to the decision of the general meeting of the shareholders
by 49% PPC RENEWABLES S.M.S.A. and 51% by ELLAKTOR S.A.
10.On January 11, 2024, PPC acquired from TTSA Cyprus limited the 25% minority stake in the newly established EMC Subsea Cable Company Limited
11.On September 13, 2024, the subsidiary company Data in Scale S.A. was established, after entering into an agreement between PPC and CAIO Holding Company
Limited
12.The share capital structures of the companies is defined by 49% subsidiaries companies of PPC RENWABLES S.A. and 51% by UNAGI S.A. (subsidiary company of
Motor Oil Group)
13.The companies are 100% subsidiaries companies of GREEKSTREAM ENERGY S.A. which is owned by PPC RENEWABLES S.A. by 49% and 51% by thw companies
Aktor (INTRAKAT) and ENVIRTUS INVESTMENTS LTD (with a percentage of 26% and 25%, respectively)
14.The companies were established on 27.3.2024 with the shareholders by 49% PPC RENEWABLES S.M.S.A. and 51% by UNAGI S.A. (subsidiary of the Motor Oil
Group)
The following tables present PPC’s share (directly or indirectly) of its associates’ financial figures as of 31.12.2024 and 31.12.2023
respectively:


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
456
23.INVESTMENTS IN ASSOCIATES (CONTINUED)
December 31, 2024
Assets Liabilities Equity
PPCR-ROKAS INDUSTRIAL AND COMMERCIAL S.A. 3,556 753 2,803
PPCR - TERNA ENERGY S.A. 5,847 4,796 1,051
PPCR - NANKO ENERGEIA M.Y.I.E GITANI ANONYMOS 2,627 369 2,258
ETAIREIA
PPCR - MEK ENERGY S.A OF ELECTRICITY PRODUCTION FROM 1,141 602 539
RENEWABLE SOURCES OF ENERGY
MYIS SMIXIOTIKOU S.A. 3,670 858 2,812
PPCR – EDF RENEWABLES HELLAS S.A. OF ELECTRICTY 14,189 3,936 10,253
PRODUCTION FROM RENEWABLE SOURCES OF ENERGY
Aioliko Parko LOYKO S.A. 5 8 (3)
Aioliko Parko MBAMBO VIGLIES S.A. 7 11 (4)
Aioliko Parko KILIZA S.A. 7 5 2
Aioliko Parko LEFKIVARI S.A. 2 3 (1)
Aioliko Parko AGIOS ONOUFRIOS S.A. 8 3 5
OROS ENERGY S.A. 742 550 192
GREENESCO ENERGY S.A. 1,649 1,017 632
BALIAGA S.A. 2,016 1,824 192
TEICHIO S.A. 1,181 892 289
PIVOT SOLAR S.A. 551 365 186
GEOTHERMAL TARGET II S.A. 75 4 71
METON ENERGY S.A. 368,522 309,649 58,873
GREEKSTREAM ENERGY S.A. 1,555 698 857
INTRAKAT AIOLIKI ANATOLIKIS ARGITHEAS S.A. 5 36 (31)
INTRAKAT NWG S.M.S.A. 323 81 242
INTRA-K ENERGY S.A. 15,338 4,326 11,012
PTOLEMAIOS SOLAR S.A. 1,266 1,182 84
ΜAGOULA SOLAR S.A. 1,345 1,260 85
ΕVRYNOMI SOLAR S.A. 963 874 89
ΑLYSTRATI SOLAR S.A. 296 204 92
SPILAIO SOLAR S.A. 336 244 92
ΑRSINOI SOLAR S.A. 415 324 91
ΑΤLAS SOLAR S.A. 1,205 1,113 92
PTELEOS SOLAR S.A. 708 617 91
MΕSAIO SOLAR S.A. 667 650 17
ΚΟRMISTA SOLAR S.A. 370 351 19
ΝΙKOPOLI SOLAR S.A. 1,285 1,274 11
THERMES SOLAR S.A. 914 898 16
FOIVOS SOLAR S.A. 395 376 19
HELLENIC HYDROGEN S.A. 5,907 57 5,850
NVISIONIST S.A. 914 88 826
EMC Subsea Cable Co. Ltd 31,101 19,560 11,541
Data in Scale S.A. 1,794 1,786 8
Total 472,897 361,644 111,253


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
457
23.INVESTMENTS IN ASSOCIATES (CONTINUED)
December 31, 2023
Assets Liabilities Equity
PPCR-ROKAS INDUSTRIAL AND COMMERCIAL S.A. 3,377 713 2,664
PPCR - TERNA ENERGY S.A. 8,119 5,783 2,336
PPCR - NANKO ENERGEIA M.Y.I.E GITANI ANONYMOS 2,695 397 2,298
ETAIREIA
PPCR - MEK ENERGY S.A OF ELECTRICITY PRODUCTION FROM 1,204 545 659
RENEWABLE SOURCES OF ENERGY
MYIS SMIXIOTIKOU S.A. 3,840 1,057 2,783
PPCR – EDF RENEWABLES HELLAS S.A. OF ELECTRICTY 12,561 3,814 8,747
PRODUCTION FROM RENEWABLE SOURCES OF ENERGY
Aioliko Parko LOYKO S.A. 5 6 (1)
Aioliko Parko MΒAMBO VIGLIES S.A. 6 8 (2)
Aioliko Parko KILIZA S.A. 9 5 4
Aioliko Parko LEFKIVARI A.E. 3 1 2
Aioliko Parko AGIOS ONOUFRIOS S.A. 10 3 7
OROS ENERGY S.A. 784 586 198
GREENESCO Energiaki S.A. 2,134 1,546 588
BALIAGA S.A. 2,772 2,787 (15)
TEICHIO S.A. 2,126 2,016 110
PIVOT SOLAR S.A. 4,218 4,480 (262)
GEOTHERMAL TARGET II S.A. 121 40 81
METON ENERGY S.A. 181,675 108,574 73,101
HELLENIC HYDROGEN S.A. 6,341 114 6,227
NVISIONIST S.A. 746 24 722
Total 232,746 132,499 100,247
The following table presents PPC’s share of its associates’ revenues and results:


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
458
23.INVESTMENTS IN ASSOCIATES (CONTINUED)
December 31, 2024 December 31, 2023
Revenues Profit/ Revenues Profit/
(Loss) (Loss)
PPCR-ROKAS INDUSTRIAL AND COMMERCIAL
S.A. 780 494 682 357
PPCR - TERNA ENERGY S.A. 1,092 123 1,386 355
PPCR - NANKO ENERGEIA M.Y.I.E GITANI
ANONYMOS ETAIREIA 388 45 412 107
PPCR - MEK ENERGY S.A OF ELECTRICITY
PRODUCTION FROM RENEWABLE SOURCES
OF ENERGY 988 419 1,133 582
MYIS SMIXIOTIKOU S.A. 379 165 499 186
PPCR – EDF RENEWABLES HELLAS S.A. OF
ELECTRICTY PRODUCTION FROM RENEWABLE
SOURCES OF ENERGY 2,466 888 2,177 709
Aioliko Parko LOYKO S.A. - (2) - (2)
Aioliko Parko MBAMBO VIGLIES S.A. - (2) - (2)
Aioliko Parko KILIZA S.A. - (2) - (2)
Aioliko Parko LEFKIVARI S.A. - (2) - (2)
Aioliko Parko AGIOS ONOUFRIOS S.A. - (2) - (2)
OROS ENERGY S.A. 113 (9) 122 8
GREENESCO ENERGY S.A. 971 23 2,125 202
BALIAGA S.A. - (129) - (207)
TEICHIO S.A. - (59) - (156)
PIVOT SOLAR S.A. - (164) - (394)
GEOTHERMAL TARGET II S.A. - (39) - (60)
METON ENERGY S.A. 60 (5,073) 198 (3,379)
GREEKSTREAM ENERGY S.A. - (239) - -
INTRAKAT AIOLIKI ANATOLIKIS ARGITHEAS
S.A. - (641) - -
INTRAKAT NWG S.M.S.A. - 3 - -
INTRA-K ENERGY S.A. - (689) - -
PTOLEMAIOS SOLAR S.A. - (14) - -
ΜAGOULA SOLAR S.A. - (13) - -
ΕVRYNOMI SOLAR S.A. - (9) - -
ΑLYSTRATI SOLAR S.A. - (6) - -
SPILAIO SOLAR S.A. - (6) - -
ΑRSINOI SOLAR S.A. - (7) - -
ΑΤLAS SOLAR S.A. - (6) - -
PTELEOS SOLAR S.A. - (7) - -
MΕSAIO SOLAR S.A. - (7) - -
ΚΟRMISTA SOLAR S.A. - (5) - -
ΝΙKOPOLI SOLAR S.A. - (13) - -
THERMES SOLAR S.A. - (8) - -
FOIVOS SOLAR S.A. - (5) - -
HELLENIC HYDROGEN S.A. - (222) - (241)
NVISIONIST S.A. 568 34 557 25
EMC Subsea Cable Co. Ltd - (1,853) - -
Data in Scale S.A. - (14) - -
Total 7,805 (7,053) 9,291 (1,916)


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
459


24. INTERCOMPANY RECEIVABLE LOANS WITH SUBSIDIARIES
COMPANY
31.12.2024 31.12.2023
Total Long-term borrowing 708,651 37,913
Minus: Current portion of long-term borrowing 26,250 -
Long-term borrowing 682,401 37,913
Total Short-term borrowing 619,648 515,148
Plus: Current portion of long-term borrowing 26,250 -
Short-term borrowing 645,898 515,148
Total Borrowing 1,328,300 553,061
On 03.07.2023, the subsidiary company, Alexandroupolis Electricity Production Single Member S.A, signed a contract for the
issuance of a subordinated unsecured common bond loan, amounting to €157.3 million, as the issuer-borrowing company, with
the Company's shareholders, namely PPC S.A., DAMCO ENERGY and DEPA, as bondholders, as an equity contribution for the
financing of project, expiring on 30.06.2042.
As of 31.12.2024, the part of the disbursed bond loan, as regards the parent company, PPC SA, which holds 51% of the company’s
share capital, amounted to €41.1 million.
On 23.09.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
€19.2 million with its subsidiary company PPC Bulgaria EAD, as the borrowing company, to cover the subsidiary's general corporate
purposes with a duration of 15 years and a fixed interest rate. As of 31.12.2024 the whole amount was disbursed.
On 31.10.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
€500.0 million with its subsidiary company, PPC Renewables Romania SRL, as the borrowing company, to cover the subsidiary's
general corporate purposes, with a duration of 1 year with a possibility of extension and a Euribor interest rate plus spread. As of
31.12.2024 the disbursed balance of the loan amounted to €111.0 million.
On 18.11.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
€640.0 million with its subsidiary company, PPC Renewables Romania SRL, as the borrowing company, to cover the subsidiary's
general corporate purposes with a duration of 15 years and a fixed interest rate. As of 31.12.2024 the disbursed balance of the
loan amounted to €630.8 million.
On 03.12.2024, the Parent Company signed an intercompany loan agreement, as the lending company, for an amount of up to
€114.5 million with its subsidiary company, PPC Bulgaria EAD, as the borrowing company, to cover the subsidiary's general
corporate purposes with a duration of 15 years and a fixed interest rate. As of 31.12.2024 the disbursed balance of the loan
amounted to €17.5 million.
Additionally, on 25.10.2023, the day of the acquisition (Note 6), the Parent company paid Enel the amount of €517.8 million for
the acquisition of the intercompany balances (Short- term loans) between the former shareholder and the Romanian subsidiaries
PPC Energie S.A., PPC Energie Muntenia S.A., PPC Advanced Energy Services Romania S.R.L., PPC Blue Romania S.R.L. and PPC
Trading S.R.L. and recognized total short-term loan receivables of €515.1 million (RON 2,563.1 million) plus interest of €8.3 million,
i.e. a total of €523.4 million without guarantees, for general corporate purposes, with ROBOR of 0.6% to 2.7% (average cost:
7.18%). These loans on December 31, 2024, amounted to €508.6 million (RON 2.5 billion), the maturity of which was within 2023
and 2024, and it will be extended for one year from their expiration date.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
460
25. BALANCES AND TRANSACTIONS WITH RELATED PARTIES
PPC balances with its subsidiaries as of December 31
st
, 2024 and December 31
st
, 2023 are as follows:
December 31, 2024 December 31, 2023
Receivables (Payables) Receivables (Payables)
Subsidiaries
PPC Renewables S.M.S.A 9,297 (1,997) 5,278 (222)
HEDNO S.A. 226,303 (318,833) 219,742 (383,406)
SOLAR PARKS WESTERN MACEDONIA ONE S.M.S.A. 6 - 5 -
SOLAR PARKS WESTERN MACEDONIA TWO S.M.S.A. 5 (225) 5 -
SOLAR ARROW ONE S.M.S.A 80 (3,073) 139 (1,224)
ARCADIAN SUN ONE S.M.S.A. 548 (721) 7 (167)
ARCADIAN SUN TWO S.M.S.A. 8 (2) 2 -
AIOLIKO PARKO K-R S.M.S.A. PARAGOGIS KAI EMPORIAS 3 (1,009) 1 (227)
ENERGEIAS
AIOLIKO PARKO LYKOVOUNI S.M.S.A. PARAGOGIS KAI 7 (2,233) 2 (584)
EMPORIAS ENERGEIAS
HELIOFANEIA S.M. TECHNIKI EMPORIKI KAI
VIOMICHANIKI ETAIREIA ANANEOSIMON PIGON - (49) - (14)
ENERGEIAS
SOLARLAB S.M.S.A. 1,150 (2,564) - (247)
AIOLIKO PARKO KOUKOULI S.M.S.A PARAGOGIS KAI 7 (725) - -
EMPORIAS ENERGEIAS
AIOLIKI MΡELECHERΙ MONOPROSOPI ANONYMI KAI 16 - - -
VIOMICHANIKI ENERGEIAKI ETAIREIA
GREEK WINDPOWER S.M.S.A. 7 - - -
KASTRI EVIAS S.M.S.A. 2 - - -
DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A. 8,060 (875) 159 (927)
CARGE S.M.S.A. 789 (594) 638 (503)
ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A. 41,330 - 38,987 -
Next Gen Retail Services S.M.S.A. (KOTSOVOLOS) (ex 781 (233) - -
Dixons South East Europe Commercial & Industrial S.A.
PPC e-Money Services S.M.S.A. 42 - - -
PPC Finance Plc - (57) 41 (171)
PPC ELEKTRIK TEDARIK VE TICARET AS - (18) - (16)
PPC Bulgaria JSCo 36,703 - - -
PPC Albania Sh.a. - (18) - (18)
EDS AD Skopje 36,812 (1,841) 36,418 (990)
Eds doo Belgrade - - - (18)
EDS International SK S.R.O.. - - - (952)
PPC Belgium S.A. 188 - 147 -
PPC Energie S.A. 309,577 - 315,571 -
PPC Energie Muntenia S.A. 199,145 - 212,803 -
PPC Trading S.R.L 2 - 5,806 -
PPC Advanced Energy Services Romania S.R.L 3 - 2,091 -
PPC Blue Romania S.R.L 4,346 - 5,133 -
PPC RENEWABLES ROMANIA S.R.L. 741,987 - - -
PPC Servicii Comune S.R.L 96 - - -
PPC – Public Power Corporation Romania S.A. (ex PPC 95 - - -
ENERGY SERVICES CO S.A.)
RETELE ELECTRICE BANAT SA 297 - - -
RETELE ELECTRICE DOBROGEA SA 214 - - -
RETELE ELECTRICE MUNTENIA SA 418 - - -
Total 1,618,324 (335,067) 842,975 (389,686)


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
461
25. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
Also, the Parent Company signed for the first time in 2023 power purchase agreements (PPA) (Electricity long positions) with the
subsidiary companies Alexandroupolis Electricity Production S.A., ARCADIAN SUN ONE S.M.S.A., SOLARLAB S.M.S.A. and within
2024 with PHOEBE ENERGY S.M.S.A.,PPC Renewables S.M.S.A. whose valuation is included in derivative financial instruments and
on December 31, 2024 and December 31, 2023 amounted to liability €86.0 million and receivable €21.3 million respectively.
Additionally, the Parent Company signed for the first time in 2023 power purchase agreements (PPA) (Electricity long positions)
with the related companies AMYNTEO SOLAR PARK SEVEN S.M.S.A., AMYNTEO SOLAR PARK EIGHT S.M.S.A., AMYNTEO SOLAR
PARK NINE S.M.S.A. and within 2024 with te related companies NIKOPOLI SOLAR S.A., SPILAIO SOLAR S.A., ALYSTRATI SOLAR S.A.,
ATLAS SOLAR S.A., BALIAGA S.A. whose valuation is included in derivative financial instruments and on December 31, 2024 and
December 31, 2023 amounted to liability € 137.1 million and receivable € 4.4 million, respectively.
Dividend from the subsidiary HEDNO
The General Meeting of Shareholders of the subsidiary HEDNO approved on 10.06.2024 the distribution of a dividend of € 133.5
million for the year ended 31.12.2023, which was paid to the shareholders on 27.6.2024 with a disbursement of € 91 million, as
an amount of € 42.5 million was given as an interim dividend on 4.12.2023 based on the decision of the subsidiary's Board of
Directors.
The Board of Directors of the subsidiary company HEDNO, at its meeting held on 30.07.2024, decided to distribute an interim
dividend for the fiscal year 2024 to the shareholders of PPC SA and MSCIF DYNAMI BIDCO SA, amounting to € 42.5 million,
proportionally to each according to their percentage of participation, which was paid to them in October 2024. In the Statement
of Cash Flows that ended on 31 December 2024, the Group includes the amount of € 65.4 million as dividend payment to the
minority shareholders. From the distribution of the subsidiary's dividend, non-controlling interests were reduced by € 65.4
million.
The Transactions of the Parent Company with subsidiaries for the year ended December 31, 2024 and December 31, 2023 are as
follows:


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
462
25.BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
December 31, 2024 December 31, 2023
Invoiced to Invoiced from Invoiced to Invoiced from
Subsidiaries
PPC Renewables S.M.S.A. 8,973 (7,119) 7,157 (1,491)
HEDNO S.A. 1,554,244 (1,792,914) 1,435,887 (1,644,557)
SOLAR PARKS WESTERN MACEDONIA ONE S.M.S.A. 146 - 36 -
SOLAR PARKS WESTERN MACEDONIA TWO S.M.S.A. 137 (1,224) 34 -
SOLAR ARROW ONE S.M.S.A 729 (23,245) 517 (5,948)
ARCADIAN SUN ONE S.M.S.A. 773 (5,125) 75 (1,780)
ARCADIAN SUN TWO S.M.S.A. 38 (2) 19 -
AIOLIKO PARKO K-R S.M.S.A. PARAGOGIS KAI EMPORIAS 11 (3,348) 6 (1,747)
ENERGEIAS
AIOLIKO PARKO LYKOVOUNI S.M.S.A. PARAGOGIS KAI EMPORIAS 34 (9,075) 27 (6,324)
ENERGEIAS
HELIOFANEIA S.M. TECHNIKI EMPORIKI KAI VIOMICHANIKI 3 (282) 1 (229)
ETAIREIA ANANEOSIMON PIGON ENERGEIAS
SOLARLAB S.M.S.A. 1,229 (9,439) - (247)
AIOLIKO PARKO KOUKOULI S.M.S.A PARAGOGIS KAI EMPORIAS 19 (1,697) - -
ENERGEIAS
AIOLIKI MΡELECHERΙ MONOPROSOPI ANONYMI KAI 141 - - -
VIOMICHANIKI ENERGEIAKI ETAIREIA
GREEK WINDPOWER S.M.S.A. 1 - - -
KASTRI EVIAS S.M.S.A. 23 - - -
DEI OPTIKES EPIKOINONIES SINGLE MEMBER S.A. 7,880 (875) 152 (927)
CARGE S.M.S.A. 46 (1,121) 9 (503)
ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A. 2,344 - 1,073 -
Next Gen Retail Services S.M.S.A. (KOTSOVOLOS) (ex Dixons South 613 (361) - -
East Europe Commercial & Industrial S.A.
PPC e-Money Services S.M.S.A 42 - - -
PPC Finance Plc - (69) - (53)
PPC ELEKTRIK TEDARIK VE TICARET AS - (542) - (221)
PPC Bulgaria JSCo 355 - - -
PPC Albania Sh.a. - (216) - (216)
EDS AD Skopje 50,564 (13,587) 31,167 (17,388)
Eds doo Belgrade - - 461 (108)
EDS International SK S.R.O. - - 8,331 (61)
PPC Belgium S.A. 246 (1,145) 106 (109)
PPC Energie S.A. 26,903 - 4,082 -
PPC Energie Muntenia S.A. 40,453 - 2,655 -
PPC Trading S.R.L 439 - 92 -
PPC Advanced Energy Services Romania S.R.L 85 - 17 -
PPC Blue Romania S.R.L 332 - 57 -
PPC RENEWABLES ROMANIA S.R.L. 4,438 - - -
PPC Servicii Comune S.R.L 96 - - -
PPC – Public Power Corporation Romania S.A. (ex PPC ENERGY 95 - - -
SERVICES CO S.A.)
RETELE ELECTRICE BANAT SA 297 - - -
RETELE ELECTRICE DOBROGEA SA 214 - - -
RETELE ELECTRICE MUNTENIA SA 418 - - -
Total 1,702,361 (1,871,386) 1,491,961 (1,681,909)


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
463
25.BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
Guaranties in favor of subsidiaries/accosiates
As of 31.12.2024 there is a corporate guarantee of PPC S.A. to PPC RENEWABLES S.M.S.A., for an overdraft facility of up to €3
million, of which an amount of €360 thousand has been used, for the issuance of letters of guarantee.
As of 31.12.2024 there were active letters of guarantee confirming the Producer Licenses R/L totaling €137.9 million, issued by
PPC SA, on behalf of PPC Renewables S.M.S.A.
As of 31.12.2024, the Parent Company is a guarantor in loans of the subsidiary company Energy Delivery Solutions EDS AD (EDS)
for working capital and letters of guarantee of € 33 million for which there is a pledge in bank deposits amounting to € 21 million
of the Parent Company. On 31.12.2024 the use of the above limit amounted to € 16 million.
Also, the Parent Company had issued letters of guarantee amounting to €2.35 million, €1.81 million and €0.69 million in favor of
the associate companies AMYNTEO SOLAR PARK EIGHT SINGLE MEMBER S.A., AMYNTEO SOLAR PARK SEVEN SINGLE MEMBER
S.A. and AMYNTEO SOLAR PARK FOUR SINGLE MEMBER S.A. in the framework of the 15-year power purchase agreements with
financial settlement signed between the parties on June 2, 2023.
On 19.9.2023 it was decided by the Board of Directors of the Parent Company, the provision of a corporate guarantee in favor of
the company METKA - EGN LTD, amounting to €228 million in the context of the Share Purchase Agreement (SPA) between the
Company METKA - EGN LTD and the subsidiary PPC Renewables for the acquisition of the option to purchase from the latter of
100% of the share capital of SOLAR REVOLUTION S.R.L. and SUNLIGHT VENTURE S.R.L after the 30.06.2023 supplement to this,
to cover the relevant financial obligations of PPC Renewables S.M.S.A. On 19.12.2024 and on 15.01.2025, there were signed
transfer agreements regarding the substitution of PPC Renewables S.M.S.A (Original Buyer) from PPC Renewables Romania S.R.L.
(Substitute Buyer) with relevant amendments on the Parent Company’s corporate guarantees. On this SPA’s context, on
December 2024, PPC Renewables Romania S.R.L. made an advance payment of €100 million to ΜΕΤΚΑ - EGN LTD against the
purchase price and received an equivalent bank letter of guarantee from the latter. The completion of the acquisition will take
place upon the fulfillment of specific conditions.
In April 2024, a Pending Credit Guarantee was issued, amounting to € 53.9 million ($ 56 million) in favor of the associate company
EMC SUBSEA CABLE COMPANY LIMITED, which concerns the liability of the PPC shareholder to pay Equity to cover part of the
investment costs, as derived from the Shareholder Support Agreement, with an expiry date of 29.04.2029.
In June 2024, the Board of Directors of the Parent Company decided to provide two (2) Corporate Guarantees in favor of its 100%
indirect subsidiaries Prowind Windfarm Viisoara S.R.L. and Prowind Windfarm Deleni S.R.L., for a total amount of up to €128
million, with beneficiaries GE Energy Wind GmbH and General Electric International LLC for the accurate and timely repayment
of the purchase price of the wind turbines and the provision of other electromechanical equipment and related services,
specifically for the projects in the Deleni and Viisoara areas up to €50 million and €78 million respectively, as well as all other
financial obligations that may arise during the execution of the Contracts, with an estimated completion date of December 2025.
On 27.09.2024, as part of the Parent Company's contractual obligations, a bank Letter of Guarantee was issued in the amount of
€6.2 million in favor of the subsidiary of ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A. as well as the National Bank to cover
cost overruns in the 840MW Natural Gas unit under construction in which the parent company has a 51% stake.


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
464
25.BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
Significant transactions and balances with other companies into which the Greek State participates
The following table presents transactions and balances with companies HELLENIC FUELS AND LUBRICANTS INDUSTRIAL AND
COMMERCIAL and National Gas Company (“DEPA”) (subsidiaries of the Parent Company HELLENiQ ENERGY Holdings S.A.), which
are PPC’s liquid fuel and natural gas suppliers, respectively, and into which the Greek State participates. Additionally, transactions
and balances with DAPEEP S.A., HEnEx S.A., ENEXCLEAR S.A., IPTO S.A., and LARCO S.A. are presented. The below tables include
also accrued receivables and payables and accrued income and expenses.
1.1.2024– 31.12.2024 1.1.2023 – 31.12.2023
Invoiced to Invoiced from Invoiced to Invoiced from
HELLENIC FUELS &
LUBRICANTS INDUSTRIAL - 181,129 - 179,752
& COMMERCIAL
DEPA - 393,446 - 344,163
DAPEEP S.A. 847,037 (375,824) 2,408,634 (341,529)
HEnEx S.A. - (2,550) - (3,432)
IPTO S.A 662 (184,035) 600 (175,751)
ENEXCLEAR S.A. 3,014,789 (3,563,617) 2,686,198 (4,267,660)
LARCO S.A. (944) - (512) -
December 31, 2024 December 31, 2023
Receivables (Payables) Receivables (Payables)
HELLENIC FUELS &
LUBRICANTS INDUSTRIAL - (19,188) - (41,882)
& COMMERCIAL
DEPA - (45,828) - (39,028)
DAPEEP S.A. 447,724 (245,497) 586,621 (56,968)
HEnEx S.A. - (7) - (9)
IPTO S.A. 3,424 (10,037) 15,006 (12,680)
ENEXCLEAR S.A. 66,051 (53,108) 23,818 (31,918)
LARCO S.A.* 16,178 - 355,075 -
*The Parent Company, by BoD decision 128/12.12.2024, approved the write-off of PPC's receivables up to € 340.50 million against
the company "LARCO S.A.".
In addition to the above mentioned transactions, PPC S.A. enters into commercial transactions with many state-owned entities,
both profit and non for profit, within its normal course of business (sale of electricity, services received, etc.). All transactions
with state-owned entities are performed at arm’s length terms and are not disclosed, with the exception of transactions that the
Group and the Parent Company enter into with the Hellenic Corporation of Assets and Participations S.A. (HCAP S.A.) and the
companies in which HCAP S.A. participates.


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
465
25.BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
The Group’s and the Parent Company’s balances as of December 31, 2024 and December 31, 2023 with HCAP S.A. and the
companies, in which HCAP S.A. participates, are presented below:
GROUP PARENT COMPANY
December 31, 2024 December 31, 2024
Receivables (Payables) Receivables (Payables)
HCAP S.A. 1 - - -
ATHENS INTERNATIONAL AIRPORT S.A. 1,379 (16) 1,318 (14)
ELTA S.A. 279 (5,091) - (4,988)
ELTA COURIER S.A. 1 (55) 1 (13)
ETVA INDUSTRIAL PARKS S.A. 63 (43) 63 (39)
THESSALONIKI INTERNATIONAL FAIR S.A. 41 - 41 -
ODIKES SYNGKOINONIES S.A. 3,059 - 3,035 -
PUBLIC PROPERTIES COMPANY S.A. 6,640 - 6,640 -
URBAN RAIL TRANSPORT S.A. 34 (44) 34 (43)
C.M.F.O. S.A. 168 (1) 168 (1)
Ο.Α.S.Α. S.A. 10 - 10 -
CASINO PARNITHA S.A. 5 - - -
GEA OSE S.A 11 - 2 -
AEDIK 3 - 3 -
HELLENIC SALTWORKS S.A. 15 - 15 -
TOTAL 11,709 (5,250) 11,330 (5,098)
GROUP PARENT COMPANY
December 31, 2023 December 31, 2023
Receivables (Payables) Receivables (Payables)
ATHENS INTERNATIONAL AIRPORT S.A. 1,383 - 1,335 -
ELTA S.A. 208 (3,694) - (3,599)
ELTA COURIER S.A. 1 (71) - (22)
EYDAP S.A. 5,939 (49) 5,939 (3)
ETVA INDUSTRIAL PARKS S.A. 420 (38) 420 (34)
THESSALONIKI INTERNATIONAL FAIR S.A. 94 - 94 -
ODIKES SYNGKOINONIES S.A. 8,822 (1,149) 8,822 -
PUBLIC PROPERTIES COMPANY S.A. 7,258 - 7,258 -
URBAN RAIL TRANSPORT S.A. 1,134 - 1,134 -
C.M.F.O. S.A. 118 (5) 118 -
Ο.Α.S.Α. S.A. 4 - 4 -
Ε.Υ.Α.TH. S.A 3,851 - 3,851 -
MANAGEMENT OF INDUSTRIAL PARK OF KASTORIA - (1) - (1)
GEA OSE S.A 11 - 2 -
AEDIK 16 - 16 -
HELLENIC SALTWORKS S.A. 12 - 12 -
TOTAL 29,271 (5,007) 29,005 (3,659)
It is noted that “Receivables” and “Payables” with the companies E.YD.AP. S.A. and E.Y.A.TH. S.A. are reported as of 30.06.2023.
Since then, these companies ceased to be subsidiaries of HCAP S.A.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
466
25.BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
The transactions made by the Group and the Parent company with HCAP S.A. and the companies in which participates for the
years ended December 31
st
2024 and December 31
st
2023 are as follows:
GROUP PARENT COMPANY
1.1.2024 –31.12.2024 1.1.2024 –31.12.2024
Invoiced to Invoiced from Invoiced to Invoiced from
HCAP S.A. 19 - 18 -
T.A.I.P.E.D S.A. 1 - - -
ATHENS INTERNATIONAL AIRPORT S.A. 675 (324) 371 (165)
ELTA S.A. 1,128 (16,145) 5 (15,588)
ELTA COURIER S.A. 38 (185) 38 (42)
ETVA INDUSTRIAL PARKS S.A. 1,188 (244) 1,183 (135)
THESSALONIKI INTERNATIONAL FAIR S.A. 912 (165) 912 (158)
ODIKES SYNGKOINONIES S.A. 5,852 (6) 4,873 (2)
PUBLIC PROPERTIES COMPANY S.A. 1,597 (2) 1,595 -
URBAN RAIL TRANSPORT S.A. 30,967 (2) 30,967 -
C.M.F.O. S.A. 1,566 (3) 1,562 (3)
Ο.Α.S.Α. S.A. 70 - 70 -
CENTRAL THESSALONIKI MARKET S.A. 34 - 34 -
CASINO PARNITHA S.A. 18 - 8 -
HELLENIC SALTWORKS S.A. 282 - 282 -
MANAGEMENT OF INDUSTRIAL PARK OF KASTORIA 4 - 4 -
GAIA- OSE S.A. 19 - 17 -
A.E.DI.K 27 - 27 -
MARINA FLOISVOU 1 - - -
MARINA ZEAS 1 - - -
TOTAL 44,399 (17,076) 41,966 (16,093)
GROUP PARENT COMPANY
1.1.2023 –31.12.2023 1.1.2023 –31.12.2023
Invoiced to Invoiced from Invoiced to Invoiced from
HCAP S.A. 20 - 20 -
ATHENS INTERNATIONAL AIRPORT S.A. 694 (151) 447 (151)
ELTA S.A. 3,045 (11,448) 4 (11,426)
ELTA COURIER S.A. 11 (81) 11 (72)
EYDAP S.A. 21,565 (71) 21,551 (49)
ETVA INDUSTRIAL PARKS S.A. 1,798 (153) 1,798 (91)
THESSALONIKI INTERNATIONAL FAIR S.A. 1,401 (55) 1,401 (54)
ODIKES SYNGKOINONIES S.A. 6,110 (5) 6,106 -
PUBLIC PROPERTIES COMPANY S.A. 3,068 (2) 3,067 (2)
URBAN RAIL TRANSPORT S.A. 46,381 (526) 46,381 (524)
C.M.F.O. S.A. 2,213 - 2,213 -
Ο.Α.S.Α. S.A. 106 - 106 -
CENTRAL THESSALONIKI MARKET S.A. 125 - 125 -
CASINO PARNITHA S.A. 11 - 11 -
Ε.Υ.Α.TH. S.A. 14,753 (4) 14,744 -
HELLENIC SALTWORKS S.A. 331 - 331 -
MANAGEMENT OF INDUSTRIAL PARK OF KASTORIA 5 - 5 -
GAIA- OSE S.A. 23 - 23 -
A.E.DI.K 32 - 32 -
TOTAL 101,692 (12,496) 98,376 (12,369)


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED

(All amounts in thousands of Euro, unless otherwise stated)

467


25.BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)

It is noted that invoicing "from" and "to" with the companies E.YD.AP. S.A. and E.Y.A.TH. S.A. concerns the period from 01.01.2023
up to 30.06.2023. Since then, these companies ceased to be subsidiaries of HCAP S.A.

Management remuneration

Management Members remuneration (Board of Directors and General Managers) for the year ended December 31
st
, 2024 and
December 31
st
, 2023 is as follows:


GROUP COMPANY
2024 2023 2024 2023
Remuneration of the Board of Directors’ members
- Remuneration of executive members 3,717 2,080 1,630 1,630
- Remuneration of non-executive members 633 417 - -
- Compensation / extraordinary fees and Other benefits 2,712 1,088 1,743 866
- Employer’s social contributions 367 271 144 128
7,429 3,856 3,517 2,624
Remuneration of the Deputy Chief Executive Officers
and General Managers
- Regular remuneration 6,767 3,968 2,627 2,768
- Employer’s Social Contributions 675 427 332 288
- Compensation / extraordinary fees 4,962 2,268 2,270 1,421
12,404 6,663 5,229 4,477
Total 19,833 10,519 8,746 7,101




















































Remuneration to members of the Board of Directors does not include standard salaries and employer’s social contribution,
relating to the representatives of employees that participate in the Parent Company’s Board of Directors. Also, it does not include
the benefit of electricity supply based on the PPC personnel tariff to the executive members of the Board of Directors, the Deputy
Chief Executive Officers and the General Managers, as well as Free of charge stock awards.

Remuneration Policy

On December 14, 2022, the Extraordinary General Meeting of the shareholders of the Parent Company approved the new
Remuneration Policy of PPC S.A. which is a supplement to the regulations of the Remuneration Policy, as it was formulated
pursuant to the relevant Decisions of the Company's General Assembly of June 4, 2021. Additionally, on December 14, 2023, the
Extraordinary General Meeting of the shareholders of the Parent Company approved the amendment of the Remuneration Policy
of PPC S.A. Finally, on April 30, 2024, the Extraordinary General Meeting of the shareholders of the Parent Company approved
the further amendment of the Remuneration Policy of PPC SA.

Free of charge stock awards program

For the period 2020-2025, it had been decided to provide an additional reward incentive for the executives of PPC S.A. and PPC
Renewables S.M.S.A. for their contribution to the achievement of the Group's medium-term goals in the form of 4 rolling cycles
of the equity settled stock awards program and the framework for granting them was determined based on the provisions of
article 49 of Law 4548/2018. While the Board of Directors had been authorized to determine the Key Performance Indicators
which would be linked to market conditions for each cycle of the free of charge stock awards distribution program.

The 4 cycles were as follows: a’ cycle 01.01.2020 to 31.12.2021 with distribution of shares in 2022, b’ cycle 01.01.2021 to
31.12.2022 with distribution of shares in 2023, c’ cycle 01.01.2022 to 31.12.2023 with distribution of shares in 2024 and the end
of the d’ cycle 01.01.2023 to 31.12.2024 with distribution of shares on December 31, 2025, the end date of the program.





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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
468


25. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
In August 2023, the shares corresponding to the first and second cycles were distributed free of charge to the beneficiaries after
the determination of the key Performance Indicators and the approval of their achievement by the Board of Directors of the
Parent company on July 18, 2023, a date which constituted the grant date of the free of charge shares.
The maturity date of each cycle had been defined as the last day of each cycle.
On June 30, 2023, it was not possible to determine the fair value of the Free of charge stock awards as the Key Performance
Indicators had not been determined.
With the Board of Directors meeting of the Parent Company from July 18, 2023, the key Performance Indicators for the specific
provision were determined and as a result, the Parent Company determined the fair value of the Rights to distribute shares for
free on this date (grant date) for cycles c’ and d’ with vesting period of rights from 01.01.2022 to 31.12.2023 and from 01.01.2023
to 31.12.2024. The number of shares per cycle was set at 464,000 shares (by taking into account the achievement of the
sustainability and sustainable development clause) as of December 31, 2023, in accordance with the remuneration policy.
On December 31, 2023, the expense for cycle c’ was recognized in the amount of € 5.5 million and € 5.0 million for the Group
and the Parent Company respectively and the expense for cycle d’ was recognized in the amount of € 3.2 million and € 2.9 million
for the Group and the Parent Company respectively, which reflected the vesting period of the rights and the Group's best estimate
of the number of equity securities that will ultimately vest.
On June 6, 2024, the 231,897 common shares corresponding to cycle c’ were distributed free of charge to the beneficiaries in
accordance with the provisions of articles 49 and 114 of Law 4548/2018.
With the above distribution, for the year ended on December 31, 2024, Payroll Cost was reduced by €3.9 million in the Statement
of Income, the investment in the subsidiary PPC Renewables by €0.4 million for the Parent company, the Other reserves by €5.5
million and the treasury shares by €1.3 million of the Group and the Parent company.
The cost of these benefits had been determined as of December 31, 2023 based on the fair value of the related rights, using the
Monte Carlo valuation model. In this model, a zero-risk discount rate of 3.78% (c’ cycle) and 3.36% (d' cycle) was used and took
into account the future dividend distribution of the Parent company, which occurred withing July 2024.
The cycle d’ of the free of charge stock awards program with an evaluation period of 01.01.2023 to 31.12.2024, was replaced by
the new share program below and was treated in the financial statements as an amendment. As this amendment increases the
fair value of the equity securities vested by the beneficiaries, the additional fair value is gradually recognized in the Results based
on the remaining modified vesting period of the shares by the beneficiaries, i.e. the period from 30.04.2024 to 30.06.2027.
Within the framework of the above free of charge shares distribution programs, the Group and the Parent Company had
purchased own shares within 2022 based on the provisions of article 49 of Law 4548/2018 (Note 32).
The new Free of charge stock awards program effective from April 30, 2024, introduces as beneficiaries of the Program the
executive members of the board of directors, managers of levels A and B of the hierarchy and/or the Affiliated Companies within
the meaning of article 32 of Law 4308/2014. The final selection of the Beneficiaries is made based on criteria related with the
importance of the position, and following a relevant recommendation of the Nomination, Remuneration and Recruitment
Committee and the approval by the Company's Board of Directors.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
469


25. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
The Program is rolling and comprises of 4 individual cycles, each lasting 3 years, and the final number of shares to be distributed
at the end of each cycle will be determined by the difference in the company's performance indicators between the first and last
day of each cycle, as follows:
The 1st cycle has a performance period of 01.01.2022-31.12.2024. The final number of shares to be distributed for the 1st cycle
will be decided within the first half of 2025 and the shares will be distributed in installments. Specifically, 70% of the shares that
constitute the immediately distributable part will be distributed within the year 2025, 20% within the year 2026 and the remaining
10% within the year 2027.
The 2nd cycle has a performance period of 01.01.2023-31.12.2025. The final number of shares to be distributed for the 2nd cycle
will be decided by February 28, 2026 and the shares will be allocated in installments. Specifically, 60% of the shares that constitute
the immediately distributable part will be distributed within the year 2026, 30% within the year 2027 and the remaining 10%
within the year 2028.
The 3rd cycle has a performance period of 01.01.2024-31.12.2026. The final number of shares to be distributed for the 3rd cycle
will be decided by February 28, 2027 and the shares will be allocated in installments. Specifically, 50% of the shares that constitute
the immediately distributable part will be distributed within the year 2027, 30% within the year 2028 and the remaining 20%
within the year 2029.
The 4th cycle has a performance period of 01.01.2025-31.12.2027. The final number of shares to be distributed for the 4th cycle
will be decided by February 29, 2028 and the shares will be allocated in installments. Specifically, 40% of the shares that constitute
the immediately distributable part will be distributed within the year 2028, 30% within the year 2029 and the remaining 30%
within the year 2030.
Business performance indicators are linked to market conditions for each free of charge stock awards program cycle. There is
also a clause of sustainability and sustainable development which is activated only in case of achieving a specific goal. The
determination of the sustainable development goal is subject to a Board of Directors Decision, which is authorized to determine
the goals in question as well as the overachievement goals. The weight given will change for each of the four performance cycles.
In addition, a Matching Shares Program was established where the Beneficiaries can receive free of charge shares of the Parent
Company, on a 1:1 basis with the shares they have purchased (Matching Shares) under the following conditions:
-To invest a percentage of 10% to 100% of the short-term variable fees they receive during the first year of maturity of each
cycle, in Company’s shares.
- To overachieve the target of the Total Share Return (TSR), at a level of at least 110% for each cycle of the Program.
- Beneficiaries must have held the shares for a period of at least 3 years from the date of their acquisition.
- To continue to have an active employment contract or mandate relationship with the Parent company and/or its affiliated
companies on the date of distribution of the respective shares, i.e. after the completion of the three-year retention period.
The vesting period for equity securities was determined to commence on 30.04.2024 for the first 3 cycles as the new free of
charge stock awards program was then approved and the beneficiaries began to provide their service to the Group and the Parent
company for the new program. The cycle d’ has a vesting period that was determined to start from 01.07.2024 and ends on
30.09.2030. Each cycle has a vesting period that ends based on the date the shares are distributed to the beneficiaries.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
470


25. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (CONTINUED)
On December 31, 2024, the new cost of Free of charge stock awards program including the proportion of free shares of the
Matching shares program, recognized in the Statement of Income in Payroll Cost amounted to €20.3 million and €16.4 million in
the Group and the Parent company respectively, while at the same time the investment of the Parent company in subsidiary
companies increased by €3.9 million and the Other Reserves of the Group and the Parent company increased by €20.3 million.
The Free of charge stock awards was determined on the basis of the fair value of the relevant rights, using the Monte Carlo
valuation model. In this model, a discount rate of 9.24% was used, in order to determine their value.
> Additional incentive (bonus)
The amount of the additional incentive for 2024 amounted to €13.2 million (2023: €8.6 million) and €8.6 million (2023: €5.1
million) respectively and is included in the remuneration of the Group and the Parent Company in the Income Statement for the
year ended December 31, 2024.


26. INVENTORIES
GROUP COMPANY
2024 2023 2024 2023
Lignite 33,106 50,402 33,106 50,402
Liquid fuel and natural gas 303,961 326,101 303,960 326,101
Materials and consumables 1,150,102 1,072,356 646,471 629,926
Purchased in transit 5,350 28,644 3,128 7,333
Inventories of electromobility , P/V, retail, 172,167 3,682 3,643 3,682
electrical and electronic goods
Green Certicates 65,478 - - -
1,730,164 1,481,185 990,308 1,017,444
Provision for impairment of inventories (439,816) (434,654) (432,851) (416,455)
Total 1,290,348 1,046,531 557,457 600,989
On December 31, 2024, the Group's inventories appear increased by €243.8 million compared to December 31, 2023 which is
mainly due to a) the inventories of the new subsidiary named “Kotsovolos” amounting to € 165.7 million and b) the inventories
of the new subsidiaries from acquisitions in Romania amounting to € 65.5 million.
Finally, on December 31, 2024, the Parent Company's inventories appear reduced by €43.5 million compared to December 31,
2023, as the lignite inventories were reduced by €17.3 million due to the gradual withdrawal of lignite units and the reduction
in liquid fuels and natural gas by €22.1 million mainly due to the reduction in fuel oil purchases.
The inventories of the Group and the Parent Company are held free of encumbrance.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
471

27. TRADE RECEIVABLES
GROUP COMPANY
2024 2023 2024 2023
High voltage 317,456 797,710 298,703 784,293
Medium and Low voltage 3,021,638 3,091,393 2,796,638 2,859,550
Customers’ contributions 2,741 2,741 2,741 2,741
Other energy suppliers 344,901 331,711 - -
Natural gas receivables 23,232 20,813 2,343 2,072
Receivables from photovoltaics in the roofs 134 1,840 134 1,840
Receivables from electromobility 155 311 158 311
Other trade receivables 62,266 - - -
Cheques receivable 3,047 - - -
Cheques overdue 329 - - -
3,775,899 4,246,519 3,100,717 3,650,807
Provision for expected credit losses (113,530) (517,630) (113,530) (517,630)
High voltage
Provision for expected credit losses (1,922,703) (2,033,371) (1,805,852) (1,926,046)
Medium and Low voltage
Provision for expected credit losses (3,704) - - -
Other trade receivables
Provision for expected credit losses (142,922) (142,844) - -
Other energy suppliers
Provision for expected credit losses (2,182,859) (2,693,845) (1,919,382) (2,443,676)
Total 1,593,040 1,552,674 1,181,335 1,207,131
As of December 31, 2024, the Group includes Trade receivables (before provision for expected credit losses) of subsidiaries
acquired within 2024 amounting to €99.7 million.
The provision for expected credit losses is stated as follows:
GROUP COMPANY
2024 2023 2024 2023
Balance, as at January 1 2,693,845 2,500,179 2,443,676 2,380,342
-Increase/ (Decrease) in provision (505,264) 64,637 (524,294) 63,334
-From acquisition of subsidiaries 3,430 131,647 - -
-Provision usage (9,187) (2,275) - -
-Exchange differences 35 (343) - -
Balance, as at December 31 2,182,859 2,693,845 1,919,382 2,443,676
In 2024, the Parent Company proceeded to write offs of overdue trade receivables, derived from energy sales to Low, Medium
and High Voltage customers, the total amount of which was € 558,100 (31.12.2023: Low and Medium Voltage customers €
121,790). For the majority of trade receivales that were written-off, a provision for expected credit losses has been recorded in
previous years.
The Group and the Parent Company apply the simplified approach provided for in IFRS 9 for the calculation of expected credit
losses for trade receivables arising from energy sales, according to which the provision for loss is always measured at an amount
equal to the expected credit losses over the entire life of the receivables from customers.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
472

27.TRADE RECEIVABLES (CONTINUED)
High voltage customer balances relate to (a) receivables from sales of energy to 119 companies with 206 installations (power
supplies), including large industrial companies, which are invoiced at the end of each calendar month, based on individual
agreements and actual monthly metering that is sent from IPTO and (b) receivables from exports to customers abroad.
Medium voltage customers are mainly industrial and commercial companies. Billing is made on a monthly basis and it is based
on actual meter readings send by HEDNO. Low voltage customers are mainly residential and small commercial companies.
Historically, the majority of low voltage customers were billed every four months based on actual meter readings, while interim
bills were issued every two months based mainly on the energy consumed during the corresponding prior period. Within 2024,
HEDNO announced the gradual start of metering of low-voltage customers' electricity supplies on a monthly basis, which was
implemented in a large part of the customer base by the end of 2024.
There are different types of tariffs for both Medium and Low Voltage customers based on different types of energy use
(commercial, residential, etc).
The provision for expected credit losses for the high voltage customers is established by making a personalized assessment of the
expected credit loss per customer.
For the determination of expected credit losses regarding the receivables from Medium and Low voltage customers, the Group
and the Parent Company use credit loss provision tables based on the ageing of the balances and the historical data of the Group
and the Parent Company for credit losses, adjusted for future factors with respect to debtors and the economic environment,
when deemed necessary.
As at 31 December 2024 and 31 December 2023, the maturity of the invoiced trade receivables and the expected credit loss on
them is as follows:
Ageing analysis of the trade receivables balances (Group)
Non past 30 – 60 60 – 90 180 –365
31.12.2024 due <30 days days days 90 – 180 days days >365 days Total
balance
Expected 5.18% 8.43% 21.15% 30.53% 41.48% 39.56% 85.90% 57.81%
credit loss
Total 641,200 173,780 115,167 112,699 197,044 396,955 2,139,054 3,775,899
receivables
Expected 33,183 14,651 24,352 34,407 81,738 157,035 1,837,493 2,182,859
credit loss
Non past 30 – 60 60 – 90 180 – 365
31.12.2023 due <30 days days days 90 – 180 days days >365 days Total
balance
Expected 7.64% 13.11% 26.11% 28.03% 40.68% 58.81% 93.72% 63.44%
credit loss
Total 827,065 231,137 108,061 97,478 232,084 365,242 2,385,452 4,246,519
receivables
Expected 63,181 30,311 28,216 27,323 94,412 214,793 2,235,609 2,693,845
credit loss



Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
473

27.TRADE RECEIVABLES (CONTINUED)
Ageing analysis of the trade receivables balances (Parent Company)
Non past 30 – 60 60 – 90 180- 365
31.12.2024 due < 30 days days days 90 – 180 days days >365 days Total
balance
Expected 9.10% 10.39% 25.16% 32.00% 40.83% 35.03% 85.36% 61.90%
credit loss
Total 348,965 120,346 88,313 101,545 180,728 363,852 1,896,968 3,100,717
receivables
Expected 31,743 12,509 22,219 32,491 73,791 127,445 1,619,184 1,919,382
credit loss
Non past 60 – 90 180 – 365
31.12.2023 due <30 days 30 – 60 days days 90 – 180 days days >365 days Total
balance
Expected 10.90% 13.74% 26.97% 26.75% 39.64% 60.18% 93.64% 66.75%
credit loss
Total 578,963 186,181 96,789 90,804 213,593 318,440 2,166,037 3,650,807
receivables
Expected 63,087 25,578 26,107 24,294 84,664 191,650 2,028,296 2,443,676
credit loss


28. CONTRACT ASSETS
GROUP COMPANY
2024 2023 2024 2023
Unbilled revenue from energy/natural gas 795,221 951,579 416,612 602,638
Other contract assets 6,620 - - -
Provision for expected credit losses (29,125) (58,292) (23,988) (46,854)
Total 772,716 893,287 392,624 555,784
Revenues from the supply of power to High, Medium and Low voltage customers during the interval from the last measurement
or billing until the reporting date are accounted for as energy consumed but not yet billed (unbilled revenue). At each reporting
date and taking into account that the billing which is based on measurement data of the last month of the period, is carried out
in the first days of the next month with respect to High and Medium Voltage customers, the total value of energy of that month
is recognized as accrued income for the period, which is billed in the next month.
Additionally, at each reporting date, the Parent Company estimates the unbilled revenue from Low Voltage customers, having
developed a specific estimation method. The resulting amounts are accounted for as accrued income for the periods ending until
the reporting date and are billed in the next months. All accrued income from the energy consumed but not yet billed is impaired
at each reporting date with provision for expected credit losses. This provision is calculated on the basis of the possibility of
default for non-past due trade receivables, arising from the expected credit loss provision table.
Within 2024, HEDNO announced the gradual start of metering of electricity supplies to low-voltage customers on a monthly basis,
which was implemented in a large part of the low-voltage customer base by the end of 2024.
On December 31, 2024, the consumed and unbilled energy of the Parent Company appears decreased by €186,026 or 31%
compared to December 31, 2023 due to a parallel decrease in average income compared to 2023 and the amount of unbilled
energy, while there was also a decrease in the share of high-voltage customers compared to 2023.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
474
28.CONTRACT ASSETS (CONTINUED)
On 10.04.2024, contract assets amounted to €17.4 million were recognised in the Group, from the acquisition of the subsidiary
under the trade name Kotsovolos, which on 31.12.2024 amounted to €6.6 milion and they mainly come from the public voucher
program "Recycle".
The analysis of the provision for expected credit losses on the value of the consumed and unbilled energy is as follows:
GROUP COMPANY
2024 2023 2024 2023
Balance as at January 1 58,292 54,731 46,854 54,731
- Increase/(Decrease) in provision (29,170) (5,662) (22,866) (7,877)
- Acquisition of subsidiaries - 9,250 - -
- Exchange differences 3 (27) - -
Balance as at December 31 29,125 58,292 23,988 46,854

29. OTHER RECEIVABLES
GROUP COMPANY
2024 2023 2024 2023
Value Added Tax 174,300 127,944 71,575 86,921
Assessed taxes and penalties 21,846 23,176 68 67
Social security funds (in dispute and current) 24,286 22,488 22,485 22,485
State participation in employees’ social security contributions 1,546 1,546 1,546 1,546
Pensioners’ advances, in dispute 5,262 5,262 5,262 5,262
Loans to employees 4,835 4,711 3,102 3,035
Receivables from contractors (Note 21) 5,144 5,144 55,146 5,146
Receivables from PPC Renewables - - 6,863 4,461
Advances and prepayments 76,031 62,450 41,233 48,344
Accrued receivables ΕΝΕΧ 51,608 40,980 51,608 40,980
Small photovoltaics 9,774 12,805 9,774 12,805
Unbilled revenue from other electricity suppliers 53,548 66,326 - -
Accrued receivables HEDNO from others 73,052 80,547 - -
State subsidy from DAPEEP 437,950 547,621 437,950 547,621
Accrued income 89,944 52,505 61,913 47,712
Accrued receivables from the execution of district heating 14,780 - 14,780 -
projects
Income receivable from PSO 376,071 176,273 376,071 176,273
Receivables from third parties from hedge accounting 11,638 11,638 11,638 11,638
transactions through derivative financial instruments
Claims from over the counter agreements for physical delivery 22,894 22,894 22,894 22,894
of energy
Electricity and CO2 insurance margin 344,934 445,288 344,934 445,288
Receivables from consignment Deposit and Loans Fund 39,014 39,014 39,014 39,014
Pledged deposits for EDS loan (Note 25) 21,112 21,084 21,112 21,084
Current portion of receivable from Metalignitiki S.A. (Note 5) 57,351 48,241 57,351 48,241
Interim dividend HEDNO (Note 46) 20,825 20,825 - -
Receivables from electricity purchases - - 36,424 36,259
State subsidy of Romania for electricity and natural gas (Note 391,653 531,974 - -
2.8)
Connection fees from Romanian subsidiaries 19,465 28,013 - -
Receivables from bank commissions 11,717 - - -
Various receivables from foreign subsidiaries 76,213 73,503 - -
Receivables from power larceny (Romania) 4,867 5,041 - -
Other 99,453 81,871 76,588 69,758
2,541,113 2,559,164 1,769,331 1,696,834
Provision for expected credit losses (182,762) (170,358) (149,127) (141,706)
Total 2,358,351 2,388,806 1,620,204 1,555,128


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
475
29. OTHER RECEIVABLES (CONTINUED)
VAT refunds:
For the year 2024, due to the VAT credit balances that arised mainly from outflows subject to a rate lower than that of the input
tax, VAT refund requests for a total amount of €290 million were submitted by the Parent Company to the Athens Tax Office (year
2023: €160 million) and the specific amounts were refunded to the Company.
State subsidy from DAPEEP:
On December 31, 2024, other receivables include the accrued receivable from DAPEEP of €437,950 (31.12.2023: €547,621) for
the subsidy of energy consumption provided as discount on variable energy supply tarrifs of the company's customers. For further
details on those subsidies refer to Note 2.1. Of the above amount, € 24,320 concerns a state subsidy for heating.
Electricity and CO
2
insurance margin:
On December 31, 2024, the Group's and Parent Company's energy and CO2 insurance margin requirements mainly come from
positions in the energy/ TTF/ CO2 forward market and appear reduced by €100.3 million compared to December 31 2023,
decrease which is mainly due to the decrease in open positions.
Accrued income from PSO:
The Group and the Parent Company have recognized accrued income from PSO as a supplier of electricity as it provided electricity
to the residents of thermal units at the same prices as those of the Board of Direcors covering the excess costs and provided
electricity at lower prices in special categories of consumers.
Since 04/2023 in the framework of each monthly settlement by its manager (HEDNO), ELYKO account was in deficit because the
credits of the month were less than the charges and there was no sufficient reserve in ELYKO account to cover all the charges.
This deficit will be covered through the state budget in 2025 (Note 2.2).
Social Security Funds in Dispute:
The amount relates to social security contributions and deductions (during years 1983-1993) for employees who have worked
with other employers before joining PPC. As PPC undertook the obligation to cover the whole amount of their pensions and other
related benefits, part of their contributions to other social security funds mainly IKA (SII, i.e. Social Insurance Institute which was
the major Greek social security fund) have been claimed by PPC.
Since the claim was not accepted by IKA, PPC resorted to the courts. Following an adverse court decision, PPC together with PPC
– PIO (currently EFKA, Greek Single Social Security Institution) appealed against the said decision. The court rejected PPC’s appeal,
whereas PPC – PIO’s (currently EFKA, Greek Single Social Security Institution) appeal against IKA is still pending. For the
abovementioned amount, an equal provision has been established in the financial statements.
Advances to Pensioners in Dispute:
The amount of € 5,262 represents an advance payment made in 1993 to pensioners. An equal provision has been established of
this amount.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
476
29. OTHER RECEIVABLES (CONTINUED)
State Participation in Employees’ Social Security Contributions:
The amount represents the State’s participation to the social security contributions of employees who started working after
January 1
st
, 1993. For the above mentioned amount, an equal provision has been established.
The analysis of the provision for expected credit losses of other receivables is as follows:
GROUP COMPANY
2024 2023 2024 2023
Balance, January 1 170,358 142,618 141,706 141,706
- Provision charge 13,156 5,495 7,421 -
- Reversal of unused provision (828) (91) - -
-Acquisition of subsidiaries 68 22,401 - -
-Exchange differences 8 (65) - -
Balance, December 31 182,762 170,358 149,127 141,706

30. FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
GROUP COMPANY
2024 2023 2024 2023
National Bank of Greece 53 43 53 43
Evetam 251 251 250 250
Attica Bank - 3 - 2
Other 11 11 - -
Total 315 308 303 295
The total change in the fair value of the above financial assets was recorded in "Other reserves" in Equity (Note 34).


31. CASH AND CASH EQUIVALENTS
GROUP COMPANY
2024 2023 2024 2023
Cash in hand 1,656 2,593 703 466
Cash at banks 1,074,157 989,278 331,573 382,585
Time deposits 922,777 1,607,931 851,000 1,470,000
Total 1,998,590 2,599,802 1,183,276 1,853,051
Interest earned on cash at banks and time deposits are accounted for on an accrual basis and amounted to €54,181 (2023: €
47,302 ) for the Group and to € 24,905 (2023: € 37,916) for the Parent Company and are included in financial income in the
accompanying statements of income (Note 16). All cash and cash equivalents are denominated in Euro.
Additionally, on December 31
st
, 2024 the Group and the Parent Company kept restricted cash in deposit accounts of € 379,452
and € 230,966 respectively (2023: € 177,487 Group and € 42,169 Parent Company). An amount of €15,207 concerns the restricted
cash for a pledged deposit in favor of the Consortium of Banks for the financing of the PTOLEMAIDA V project, while for the Group
an amount of €147,436 concerns pledged accounts of RES subsidiaries in Greece in the context of their financing. Of the above
amounts, € 215,759 for the Group and the Parent Company (31.12.23: €23,041) do not concern restricted deposits related with
loan agreements. More specifically, an amount of € 197.5 million concerns deposits of DAPEEP in a deposit account of the Parent
Company, which is blocked until the fulfillment of specific conditions that are prescripted in Law 5167/2024 on subsidizing part
of the debts of the Municipal Water Supply and Sewerage Enterprises (Note 2.1).



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
477

32. SHARE CAPITAL AND SHARE PREMIUM
Under Law 2773/1999 and P.D. 333/2000, PPC was transformed, into a société anonyme.
Pursuant to the decision of October 19, 2021 of the Extraordinary General Meeting of the shareholders of the Parent Company
and of the decision of October 29, 2021 of its Board of Directors, PPC SA proceeded to Share Capital increase through a public
offering in Greece, to private investors and outside Greece, to institutional and other eligible investors, through a process of
private placement book building.
On November 11, 2021, the share capital increase was completed by cash payment and a chartered accountant certified the
share capital increase by € 372.0 million and the share premium increase by € 978.0 million in cash, with total amount of € 1.350
billion, with the issuance of 150,000,000 new common shares with a nominal value of € 2.48 each and with share premium of €
6.52 each.
Therefore, on December 31, 2023 the Share Capital of PPC SA. amounted to € 947,360 consisting of 382,000,000 common shares
with a nominal value of € 2.48 each, while the Share Premium amounted to € 1,018.7 million minus expenses for the share capital
increase of € 65.9 million.
The total funds raised through the Share Capital Increase amounted to €1.35 bil. and, after deduction of the expenses of € 65.9
million, were used, in accordance with section 16.2 ''Reasons for the Share Capital Increase and use of proceeds'' of the
Company's Prospectus dated 01.11.2021 (the “Prospectus”), by PPC and/or other Group companies or existing or future joint
ventures between 2022 and 2024 as follows:
a) up to €1.284 bil. of the approximately €3.2 bil. the Company had budgeted for capital expenditures on renewable energy
projects through 2024, including hydroelectric power generation and projects in adjacent markets, aiming to reach an installed
RES capacity of 7.2 GW by 2024; and/or
(b) up to €1.284 bil. of the approximately €1.7 bil. the Company had budgeted for capital expenditures through 2024 on
conventional power generation, supply business unit, the construction of a waste-to-energy plant, digitalization,
telecommunications, electric vehicle charge-points; and
(c) to the extent reasonably necessary and only up to amounts that are not material for the Group’s financial condition, for other
general corporate and other investment purposes. It is noted that, within the first half of 2024, the use of the funds raised was
completed.
On November 4, 2024, the Extraordinary General Meeting of Shareholders approved a) the cancellation of 12,730,000 treasury
shares held by the Company within the context of the approved share buyback programs corresponding to 3.3% of its total shares
and b) the reduction of the Company's share capital by the amount of €31,570,400. in accordance with article 29 of Law
4548/2018 and c) the amendment of article 5 of the Company's Articles of Association regarding share capital, in order to reflect
the above reduction.
Following the above and the delisting of these shares from the Athens Stock Exchange on 13 December 2024, the share capital
of the Parent Company amounts to € 915,789,600 divided into 369,270,000 common registered shares, with a nominal value of
€ 2.48 each.
Since the value of the treasury shares that were cancelled amounted to € 96.5 million, the difference of € 64.9 million between
the acquisition value and the nominal value of these shares was recorded as a reduction in the retained earnings in the Parent
Company's equity.
On 31 December 2024, the percentage of participation of the Hellenic Corporation of Assets and Participations S.A. ("HCAP") in
the voting rights of PPC S.A. amounts to 35.30%, following the share capital reduction on 4.11.2024 as mentioned above, while
on 31 December 2023 it amounted to 34.12% respectively, which is the largest shareholder of PPC.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
478

32.SHARE CAPITAL AND SHARE PREMIUM (CONTINUED)
Acquisition of treasury shares for free stock awards program to executives
In the context of the free equity settled stock awards to the executives of PPC S.A. and PPC RENEWABLES S.M.S.A., the Parent
Company proceeded with the purchase of own shares based on the provisions of article 49 of Law 4548/2018. Specifically, the
Parent Company within the year ended as of December 31, 2022 acquired through the Athens Stock Exchange 1,856,000 own
treasury shares with an average purchase price of € 6.6896 per share, with a total value of € 12.163 million, corresponding to
0.4859% of the total shares of the Company, completing the program of stock awards.
On August 16, 2023, a total of 695,887 own treasury shares were distributed free of charge by the Parent Company, through
over-the-counter transactions, to 112 beneficiaries, executives of PPC S.A. and PPC Renewables S.M.S.A., the value of which
based on the purchases made amounted to €5.9 million.
On June 10, 2024, a total of 231,897 own treasury shares were distributed free of charge by the Parent Company, through over-
the-counter transactions, to 127 beneficiaries, executives of PPC S.A. and PPC Renewables S.M.S.A., the value of which based on
the purchases made amounted to €1.3 million.
Finally, since the cancellation of the treasury shares completed on December 13, 2024, the remaining treasury shares of this
program (a total of 928,216 shares) were cancelled. On December 31, 2023, the Parent Company held a total of 1,160,113
treasury shares, with a total value of €6.2 million for this program.
Establishment of treasury shares buyback program
The extraordinary General Meeting of shareholders that took place on August 3, 2022 approved the establishment of a treasury
shares program and authorized the Board of Directors of the Parent Company in order to take all the necessary actions for the
implementation of the said program. The main features of the program are as follows:
-Maximum number of shares: existing common registered shares issued by PPC, which correspond to a maximum of up to 10%
of its paid-up share capital, after excluding the 1,856,000 treasury shares that have been already acquired, thus up to 36,344,000
shares.
-Duration of the Buyback Program: up to 24 months from the day immediately after the day of its approval by the general meeting
of shareholders. The exact starting date of the Buyback Program was set by the 20.09.2022 Board of Directors Decision.
-Range of purchase price of treasury Shares: a minimum price of €2.48, which is equal to the nominal value of the share and a
maximum price of € 17, per own Share.
-Funding of the Buyback Program: exclusively through free cash flows and other available cash resources of PPC, expressly
excluding funds that a) have been raised through its share capital increase that was completed on November 2021, and/or b) are
required to be allocated to specific purposes, in accordance with the relevant commitments undertaken by the company.
Within 2023, the Parent Company acquired through the Athens Stock Exchange 11,855,579 own treasury shares with an average
purchase price of € 9.2 per share, with a total value of € 109.1 million.
Within 2024, the Parent Company acquired through the Athens Stock Exchange 14,777,391 own treasury shares with an average
purchase price of € 11.6 per share, with a total value of € 171.5 million.
Finally, since the cancellation of treasury shares completed on December 13, 2024, a total of 11,801,784 treasury shares of this
program were canceled.
As of December 31, 2024, the Parent Company acquired a total of 19,518,539 treasury shares (31.12.2023: 17,703,045), valued
at €217.5 million (31.12.2023: €143.8 million) for both share buyback programs, corresponding to 5.3% of the total shares of the
Company.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
479
33. LEGAL RESERVE
Under Greek corporate law, corporations are required to transfer a minimum of 5% of their annual net profit as reflected in their
financial statements to a legal reserve, until such reserve equals one-third of the paid-in share capital. This reserve cannot be
distributed through the life of the corporation.
The legal reserve of € 13,194 formed in 2024 results from the profits of the year 2023.

34. OTHER RESERVES
GROUP COMPANY
2024 2023 2024 2023
Tax free 7,458 7,458 7,458 7,458
Specially taxed reserves 95,597 95,597 95,597 95,597
Actuarial losses of personnel benefits/Foreign 14,159 9,532 (24,655) (30,046)
exchange differences
Financial liability from NCI Put option (1,410,833) (1,410,833) - -
Financial assets measured at fair value through (450) (426) (375) (383)
other comprehensive income (Note 30)
Reserve from Hedging activities (52,315) 97,067 (50,264) 103,381
Free of charge stock awards (Note 25) 23,531 8,720 23,531 8,720
Gains from associates 4,395 2,239 - -
Total (1,318,458) (1,190,646) 51,292 184,727
Financial Liability from NCI Put Option
The Shareholders agreement between the Shareholders of PPC and Macquarie Asset Management, for the sale of 49% of the
share capital of HEDNO S.A. on 28 February 2022, included a written Put Option (sale) to the Parent Company under certain
conditions, of the shares acquired by the minority shareholder in HEDNO, after 8 years and within 6 months from the date of sale
with an exercise price at fair value. On 28 February 2022, a valuation of this liability was conducted and on Group level a financial
liability of €1,410,833 was recognized with an equivalent amount recorded directly in other reserves. On December 31, 2024, the
financial liability increased by the financial cost of €32.9 million and amounted to €1,463.9 million (31.12.2023: €1,431.0 million).
In the Parent Company's seperate financial statements, the Put Option is treated as a derivative financial instrument and since
the exercise price is the fair value of the share, the Put Option on shares has no value.
The reserves from cash flow hedging activities as of 31.12.2024 are analyzed as follows:


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
34. OTHER RESERVE (CONTINUED)
GROUP
Hedging Reserves Gas price Electricity Gas Future Electricity Interest Virtual Power
2024 swap Future Contracts Future swap Purchase Total Effect on:
contracts Contracts Contracts contracts Agreements (PPA)
Balance 31/12/2023 (7,774) - (63,551) 174,705 (7,297) 986 97,068
(Debit)/Credit
Gains/(Losses) from Statement of
valuation of effective 2,848 (1,921) 26,208 (98,746) (3,506) 7,233 (67,883) comprehensive income
hedging operations
Reclassification of From statement of
hedging transactions in comprehensive income
the Results 8,339 - 65,232 (152,665) (1,305) - (80,399) to income statement
(Gain)/Losses (energy purchases,
natural gas )
To Reserve for
Other movements - - - - 2,256 - 2,256 Actuarial losses / gains
exchange rate
differences
Tax effect (2,611) 1,058 (1,477) (3,358) Statement of
(751) 423 - comprehensive income
Balance 31/12/2024 2,662 (1,498) 27,889 (79,316) (8,793) 6,742 (52,315)
(Debit)/Credit
Effect on:
Income Statement 8,339 - 65,232 (152,665) (1,305) - (80,399)
31/12/2024
Statement of 2,848 (1,921) 26,208 (98,746) (3,506) 7,233 (67,883)
comprehensive income
(before tax)
31/12/2024
COMPANY
Gas Virtual Power
Hedging Reserves 2024 Gas price swap Electricity Future Electricity Future Purchase Total Effect on:
contracts Future Contracts Contracts Agreements
Contracts (PPA)
Balance 31/12/2023 (7,774) - (63,551) 174,705 - 103,381
(Debit)/Credit
Gains/(Losses) from valuation Statement of
of effective hedging 2,848 (1,921) 26,208 (98,746) (1) (71,612) comprehensive income
operations
Reclassification of hedging From statement of
transactions in the Results 8,339 - 65,232 (152,665) - (79,094) comprehensive income to
(Gain)/Losses income statement(energy
purchases, natural gas )
Tax effect (751) 423 - (2,611) - (2,939) Statement of
comprehensive income
Balance 31/12/2024 2,662 (1,498) 27,889 (79,317) (1) (50,264)
(Debit)/Credit
Effect on:
Income Statement 8,339 - 65,232 (152,665) - (79,094)
31/12/2024
Statement of comprehensive
income (before tax) 2,848 (1,921) 26,208 (98,746) (1) (71,612)
31/12/2024

480

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
481
34. OTHER RESERVE (CONTINUED)
The reserves from cash flow hedging activities as of 31.12.2023 are analyzed as follows:
GROUP
Gas price Gas Future Electricity Future Interest swap Virtual Power
Hedging Reserves 2023 swap Contracts Contracts contracts Purchase Total Effect on:
contracts Agreements (PPA)
Balance 31/12/2022 - 80,059 (118,925) 1,607 - (37,259)
(Debit)/Credit
Gains/(Losses) from Statement of
valuation of effective (9,408) (91,970) 251,531 (11,814) 1,264 139,602 comprehensive
hedging operations income
Reclassification of From statement of
comprehensive
hedging transactions in 1,634 (48,549) 22,612 1,034 - (23,268) income to income
the Results statement(energy
(Gain)/Losses purchases, natural
gas)
Statement of
Tax effect - (3,091) 19,487 1,875 (278) 17,993 comprehensive
income
Balance 31/12/2023 (7,774) (63,551) 174,705 (7,297) 986 97,068
(Debit)/Credit
Effect on:
Income Statement 1,634 (48,549) 22,612 1,034 - (23,268)
31/12/2023
Statement of
comprehensive income (9,408) (91,970) 251,531 (11,814) 1,264 139,602
(before tax)
31/12/2023


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
482
34. OTHER RESERVE (CONTINUED)
COMPANY
Hedging Reserves 2023 Gas price swap Gas Future Electricity Future Total Effect on:
contracts Contracts Contracts
Balance 31/12/2022 - 80,059 (118,925) (38,866)
(Debit)/Credit
Gains/(Losses) from valuation of (9,408) (91,970) 251,531 150,153 Statement of
effective hedging operations comprehensive income
From statement of
Reclassification of hedging transactions 1,634 (48,549) 22,612 (24,302) comprehensive income to
in the Results (Gain)/Losses income statement(energy
purchases, natural gas)
Tax effect - (3,091) 19,487 16,396 Statement of
comprehensive income
Balance 31/12/2023 (7,774) (63,551) 174,705 103,381
(Debit)/Credit
Effect on:
Income Statement 31/12/2023 1,634 (48,549) 22,612 (24,302)
Statement of comprehensive income (9,408) (91,970) 251,531 150,153
(before tax) 31/12/2023


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
483
35. DIVIDENDS
Pursuant to the provisions of the Code for Societe Anonyme L.4548/18, companies are required to pay dividends of at least 35%
of after-tax profit, after necessary deductions for the formation of the legal reserve, and other credit accounts in the income
statement that do not arise from realized earnings. By decision of the General Meeting which is obtained with an increased
quorum and majority that rate may be reduced, but not below 10%.
The non-distribution of a dividend is possible by decision of the General Meeting of Shareholders, which is obtained with an
increased quorum and a majority of 80% of the capital represented in the meeting. Furthermore, Greek corporate law (L. 4548/18
art. 159) requires certain conditions to be met for the dividend distribution. Based on L.4646/2019 which amended the articles
40 and 64 of L.4172/2013, the distributable earnings approved by the General Meetings are subject to a withholding tax of 5%
since 01.01.2019.
In addition, the amount distributed to the shareholders may not exceed the amount of the results of the last year, added with
the profits from previous years that have not been distributed and the reserves for which their distribution is allowed and
approved by the general meeting, and reduced: (a) by the amount of the income statement credits, which do not constitute
realized profits, (b) by the amount of the losses of previous years and (c) by the amounts to be used to form reserves, in
accordance the law and the statute.
The year ended in December 31, 2023 was profitable for the Parent Company and the Board of Directors proposed the
distribution of a dividend of €0.25/share.
On June 27, 2024, the Annual General Meeting of PPC’s Shareholders was held and a dividend distribution of €0.25 per share was
approved for the year 2023. In accordance with the applicable tax provisions, the dividend to be distributed is subject to a
withholding tax of 5% (with an exception or variation of the withholding rate for shareholders who are subject to special
provisions). Consequently, the net amount to be collected from the shareholders amounts to €0.2375 per share. Within 2024,
the Group and the Parent Company recognized dividends payable amounting to €89.5 million.
The ex-date of the dividend took place on July 22, 2024 and the process of paying the dividend to the beneficiaries began on July
26, 2024. Dividends that will not be collected within five (5) years from the end of the current year, i.e. December 31, 2029, are
time-barred in favor of the Greek State.
Since the year ended on December 31, 2024 is profitable for the Parent Company (excluding valuation items), the Board of
directors will propose the distribution of €0.40/ share (which includes the exclusion of treasury shares acquired by the Company
and are not entitled to dividends). The decision of dividend’s distribution will be finalized by the General Meeting of Shareholders
based on the provisions of law, as above.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
36. LONG-TERM BORROWING
GROUP COMPANY
31.12.2024 31.12.2023 31.12.2024 31.12.2023
Banks loans 1,589,660 1,550,047 112,879 148,017
Bonds payable 5,439,063 4,131,573 3,891,457 3,357,520
Unamortized portion of loans issuance fees and (96,813) (81,454) (66,959) (66,111)
adjustments IFRS 9*
Total Long-Term borrowing 6,931,910 5,600,166 3,937,377 3,439,426
Less short- term portion:
Bank Loans 229,659 321,005 25,985 25,985
Bonds Payable 493,862 881,932 397,139 836,130
Unamortized portion of loans issuance fees and (24,627) (22,566) (21,336) (21,380)
adjustments IFRS 9*
Total Short-Term portion 698,894 1,180,371 401,787 840,735
Total Long-Term portion 6,233,016 4,419,795 3,535,590 2,598,691
Short Term Loans 223,681 240,760 70,000 -
Loan Total 7,155,591 5,840,926 4,007,377 3,439,426
*IFRS 9 adjustments relate to presentation of loans after loan terms modifications and and due to low interest borrowings
received.
Within the fiscal year 2024, the Group and the Parent Company proceeded to debt repayments of €1,194.9 million and €869.9
million respectively.
The above repayments do not include funds for which the Parent Company proceeded to redistribution and repurchase within
the period 1.01.2024 – 31.12.2024 from existing credit facilities of RCF Revolving Credit Bond Loans, in the context of better
management of its cash reserves.
The following is a further analysis of the long-term debt (excluding overdrafts, short-term loans and unamortized portion of
borrowing costs and adjustments according to IFRS 9) of the Group and the Parent Company:
GROUP COMPANY
31.12.2024 31.12.2023 31.12.2024 31.12.2023
Bank loans and bonds
Fixed rate 4,280,028 2,880,169 2,029,143 1,413,864
Floating rate 2,748,695 2,790,359 1,975,193 2,082,520
Total 7,028,723 5,670,528 4,004,336 3,496,384
The weighted average borrowing cost of the Group and the Parent Company for 2024 was 4.2% and 4.7% respectively compared
to 4.6% and 5.4% of 2023.
For part of the long-term floating rate borrowing, the Group has entered into interest rate swap agreements (Notes 50.1, 50.2).
The annual repayment plan for long- and short-term borrowing after 31 December 2024 and 2023 is as follows:

484

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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
485
36.LONG-TERM BORROWING (CONTINUED)
GROUP COMPANY
2024 2023 2024 2023
Within one year 945,723 1,243,257 493,123 862,115
In the second year 1,321,212 600,565 1,033,633 427,115
Between three and five years 2,556,210 2,649,904 1,827,077 2,183,821
After five years 2,429,259 1,241,301 720,502 23,333
Total 7,252,404 5,735,027 4,074,336 3,496,384
Below is a brief description of the new loan agreements/bond loans/amendments to existing loan agreements/bond loans signed
within 2024 by the Parent Company:
Issuance of Common Bond Loans with Greek Banks by the Parent Company
On 12.6.2024, the Parent Company signed a Common Bond Loan under Law 4548/2018 and Law 3156/2003 up to €200 million in
the form of revolving credit (RCF), with Piraeus Bank S.A. as Bondholder-Organizer-Representative to cover general business needs
with a maturity of 5 years without collateral, with a floating Euribor rate plus margin. As of 31 December 2024, the drawn amount
was €150 million.
On 30.9.2024, the Parent Company signed a Common Bond Loan under Law 4548/2018 and Law 3156/2003 up to €140 million in
the form of revolving credit (RCF) with Optima bank S.A. and ATTICA BANK S.A. as bondholders with a maturity of 7 years, with a
floating Euribor rate plus margin without collateral. The proceeds of the Common Bond Loan were used for the full repayment of
the €53 million Common Bond Loan dated 15.11.2022 from the specific Banks and to cover for general business needs. The Parent
Company proceeded with a repurchase of €87 million in October 2024. As of 31 December 2024, the disbursed amount was €53
million.
On 12.12.2024, the Parent Company signed a Common Bond Loan of Law 4548/2018 and Law 3156/2003, of an amount up to
€300 million in the form of revolving credit (RCF), with Bondholders National Bank of Greece S.A. and Piraeus Bank S.A. with a
maturity of 3 years, with a floating Euribor rate plus margin, without collateral. The proceeds of the Common Bond Loan were
used for the refinancing of the €300 million Common Bond Loan dated 15.12.2021 from the specific Banks and to cover for
working capital needs and other general business purposes. The Parent Company proceeded with the full disbursement of the
amount in December 2024 with the total outstanding balance amounting to €300 million on 31.12.2024.
On 12.12.2024, the Parent Company signed a Common Bond Loan of Law 4548/2018 and Law 3156/2003, of an amount up to
€100 million in the form of revolving credit (RCF), with National Bank of Greece S.A. as bondholder with a maturity of 5 years,
with a floating Euribor rate plus margin, without collateral. In December 2024, the full amount was drawn.
On 18.12.2024, the Parent Company signed a Common Bond Loan under Law 4548/2018 and Law 3156/2003, up to €150 million.
with Eurobank S.A. as Bondholder with a maturity of 5 years, with a fixed interest rate plus margin without collateral for general
business needs. As of 31.12.2024 the total amount remained undisbursed.
On 28.12.2023, the Parent Company signed a Common Bond Loan up to € 150 million with Eurobank S.A. as bondholder, maturing
in March 2027, at a floating Euribor rate plus margin. As of 31 December 2024, the full amount was disbursed.
On 18.12.2024, the Parent Company signed the extension by 2 years of the Common Bond Loan from 12/8/2021 (Law 4548/2018),
amounting to €300 million in the form of revolving credit (RCF) with Alpha Bank S.A. and Eurobank S.A. as bondholders with an
initial maturity in September 2024 without collateral. As of 31 December 2024, the disbursed amount was €150 million.


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
486
36.LONG-TERM BORROWING (CONTINUED)
Issuance of International Senior Notes expiring in 2031
The Parent Company raised on October 30, 2024, through the issuance of senior notes, an amount of € 600 million, at an interest
rate of 4.625% maturing in 2031, with an issue price of 100%. The Bonds were issued in accordance with Article 59, paragraph 2,
and Article 74 of Law 4548/2018, governed by New York law and are traded on the Dublin Stock Exchange.
The proceeds of the Offering will be used to finance the ongoing capital expenditure projects of the Parent Company and its
subsidiaries as well as to pay the costs and expenses of the Offering.
New Loan Agreement of the Parent Company with the European Investment Bank
On 16.12.2024 the Parent Company signed a loan agreement with the European Investment Bank up to the amount of €195
million for the construction of photovoltaic plants and battery energy storage systems by PPC Renewables S.A., on premises owned
by the Company,
which will be leased to PPC Renewables S.A. The maturity of the loan will be up to 12 years upon signing, with the option between
fixed or variable interest rate plus margin. As of December 31, 2024, the total amount remained undisbursed.
Existing borrowing of the Parent Company
On 4.08.2023, the Parent Company signed a Common Bond Loan under Law 4548/2018 and Law 3156/2003, of an amount up to
€485 million, with a maturity of 5 years, with a floating Euribor rate plus margin with Greek Banks without collateral, with Piraeus
Bank as Payment Agent. Proceeds of the facility were used for general corporate purposes, including among others the partial
financing of the acquisition of all the shares held by Enel and its subsidiaries in Romania. The outstanding balance of the loan as
of 31 December 2024 was €485 million.
On 29.8.2023, the Parent Company signed a Common Bond Loan, of Law 4548/2018 and Law 3156/2003, amounting to €315
million, with a duration of 18 months, with floating interest rate Euribor plus margin without collateral or guarantees, with Alpha
Bank S.A., to finance part of the consideration for the acquisition of all the shares held by Enel and its subsidiaries in Romania. On
December 31, 2024, the full amount of the facility was fully drawn.
In April 2024, the Parent Company made a repayment of €60 million regarding the Common Bond Loan of up to €100 million of 7
October 2022 in the form of Revolving Credit (RCF), without collateral with Piraeus Bank S.A.
In July 2024, the Parent Company proceeded with an early repayment of €11.3 million regarding the 5-year Common Bond Loan
of €30 million of 10 September 2020 from the CoViD-19 Business Guarantee Fund, guaranteed by the Hellenic Development Bank.
In July 2024, the Parent Company proceeded with the repayment of €100 million regarding the Common Bond Loan of up to €100
million of 14 October 2022 in the form of unsecured Revolving Credit (RCF) with National Bank of Greece S.A.
Issuance of Sustainability Bonds by the Parent Company
Issuance of Sustainability Bonds (SLB "sustainability-linked bonds") expiring in 2026
The Parent Company raised on March 18, 2021, through the issuance of viability bonds with a sustainability clause, an amount of
€ 650 million, with an interest rate of 3.875% and maturing in 2026, with an issue price of 100%. On March 24, 2021, through an
additional issue, it raised an amount of € 125.0 million, with an interest rate of 3.875% and maturity in 2026, with an issue price
of 100.75% and a yield of 3.672%, which corresponds to a savings of 0.205% compared to the original issue rate. The Bonds were
issued in accordance with Article 59, paragraph 2, and Article 74 of Law4548/2018, and Article 14 of Law 3156/2003, governed
by New York law and traded on the Dublin Stock Exchange.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
487
36.LONG-TERM BORROWING (CONTINUED)
The proceeds from the sustainability bonds were used to repay existing borrowing, for general corporate purposes and to pay the
costs and expenses of the issue. Both issues have a sustainability clause according to which in case of no reduction of CO2
emissions by 40% in December 2022 compared to those of December 2019, will result an interest rate increased. Based on data
of CO2 emissions for the period 01.01.2022-31.12.2022, this clause had not been achieved as a result of measures for the energy
sufficiency of the country. Failure to meet the target had a result of an interest rate increase, by 0.50% starting from October 2023
onwards.
Issuance of Sustainability Bonds (SLB "sustainability-linked bonds") expiring in 2028
The Parent Company raised on July 21, 2021, through the issuance of sustainability bonds with a sustainability clause, an amount
of €500.0 million, at an interest rate of 3.375% maturing in 2028, at an issue price of 100%. The Notes were issued in accordance
with Article 59, paragraph 2, Article 74 of Law 4548/2018, and Article 14 of Law 3156/2003, are governed by New York law and
traded on the Dublin Stock Exchange. Amount of € 495.0 million From the proceeds from the sustainability bonds, they were used
for the partial repayment of existing bank borrowings on 30.09.2021, while an amount of € 5.0 million. It was used to pay the
costs and expenses of the publication.
The Notes have a sustainability clause according to which in case of failure to achieve a 57% reduction in CO2 emissions in
December 2023 compared to those of December 2019, the interest rate is increased by 0.50% from January 2025. Based on final
data, the reduction of greenhouse gas emissions (Scope 1) for the year 2023 compared to 2019 was 57.81% compared to the 57%
reduction target that had been set. Consequently, the Key Performance Indicator (KPI) has been achieved and therefore no
increase in the interest of Bonds will be made.
Loan Agreements with the European Investment Bank
Existing Loans with the European Investment Bank
The Group is party to a number of loan agreements with the European Investment Bank ("EIB"), which have been provided in the
context of investment project development. EIB loans generally have a maturity of fifteen years from the date of disbursement.
As of 31 December 2024, EIB loans for the Group and the Parent Company amounted to €1,369.8 million and €112.9 million
respectively, of which approximately € 1,220 million are guaranteed by the Greek State. For the provision of the Greek State
guarantee for all loans from the European Investment Bank, the Parent Company pays a relevant guarantee fee to the Greek State.
Bond loan with the participation of the Recovery and Resilience Fund.
On 14.11.2023 the Parent Company signed a Common Bond Loan of Law 4548/2018 and Law 3156/2003, through the Recovery
and Resilience Fund for the financing of the Group's Digital Transformation projects up to €396.4 million with
Bondholders/Organizers National Bank of Greece S.A. and Eurobank S.A. On April 9, 2024, the Parent Company signed a letter of
cancellation of Series C (VAT Tranche) amounting to €70 million. As of 31 December 2024, the total disbursed amount was to €66
million of which €41.3 million concerned the Recovery and Resilience Fund.
Loan Agreements with Foreign Banks
KfW Syndicated Bond Loan
The Parent Company has disbursed until 31 December 2024 an amount of € 663.0 million, of which € 11.8 million within the
financial year 2024, from the €680.0 million Bond Loan to finance part of the construction cost of the new Lignite plant with a
consortium of foreign banks supported by the German Export Insurance Agency Credits ''Euler Hermes''. As of 31 December 2024,
the outstanding balance amounts to € 247.4 million.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
488

36.LONG-TERM BORROWING (CONTINUED)
In addition, as of 31 December 2024, there is a first-class pledge on bank account of €15.2 million regarding this bond loan and is
included in “Restricted cash” of the Group and the Parent Company.

Borrowings of HEDNO S.A.
Loans from the European Investment Bank (EIB)
With the spin-off of the Electricity Distribution Network Sector on 30.11.2021 loans amounting to € 1,256.3 million were
contributed by PPC S.A. to the subsidiary HEDNO S.A. These are loans with a total maturity of 15-20 years from the date of
disbursement, guaranteed by the Greek State.
New Loan Agreements from the European Investment Bank (EIB)
In the context of the installation of smart electricity consumption measurement systems in Greece, the subsidiary HEDNO S.A.
has undertaken an investment program of a total amount of € 1.42 billion with a time horizon until 2030. The first phase of the
project's implementation (“SMART METERS I”) will take place in the period 2023-2026 and it is estimated that an investment
expenditure amounting to € 546.42 million is required for its completion.
For the financing of the first phase of this project, the subsidiary HEDNO signed the following two contracts:
On 6 November 2023, the subsidiary HEDNO S.A. signed a contract with the EIB amounting to € 90.75 million, with the possibility
of increasing the loan amount up to € 150 million. It is a loan with a maturity of 15 years without a guarantee by the Greek State.
As of December 31, 2024, no amount was disbursed.
On December 21, 2023, the subsidiary HEDNO S.A. signed a second contract with the EIB for the financing of the project exclusively
through RRF resources amounting to € 151.25 million. As of December 31, 2024, no amount was disbursed.
In the context of financing the investment program under the general name "HEDNO DISTRIBUTION I", HEDNO S.A. signed on 27
May 2024 a new loan agreement for an amount of € 150 million with the EIB with a maturity of 15 years. The aim of the project
is to strengthen, modernize and expand the electricity distribution network in Greece covering the period 2024-2026. On October
24, 2024, the subsidiary disbursed the total amount of €150 million.
On 6 December 2024, the subsidiary signed a second loan agreement of €296.15 million with the EIB with a maturity of 15 years
to finance this project exclusively with RRF resources. As of December 31, 2024, no amount was disbursed.
As of 31 December,2024, total EIB loans amounted to € 1,179.6 million compared to € 1,159.7 million on 31 December 2023. In
2024, the subsidiary company HEDNO S.A. repaid capital amounting to € 130.2 million to EIB.
Bond Loan with Eurobank
On July 19, 2022, the subsidiary HEDNO S.A. signed a contract with Eurobank S.A. for the issuance of an unsecured common bond
loan with a total amount of up to € 660 million with the possibility of extension for an additional € 440 million. Eurobank
participates in the coverage of the loan by 54.55% and National Bank, Piraeus Bank and Alpha Bank by 15.15% each. The purpose
of the loan is to finance the investment plan of the distribution network, the repayment of part of the loans contributed by PPC
S.A., coverage for working capital needs and the repayment of the expenses of this loan.
On February 21, 2024, the subsidiary HEDNO S.A. proceeded with the third issuance of bonds of € 140 million, on June 21, 2024
with the fourth issuance of bonds of € 130 million and on 16 December 2024 with the fifth issuance of bonds of € 80 million. As
of 31 December 2024, the total amount disbursed from this loan agreement was € 650 million.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
489
36.LONG-TERM BORROWING (CONTINUED)
Bond Loans with the National Bank of Greece (NBG)
On 19 July 2022, the subsidiary HEDNO S.A. signed a contract with National Bank of Greece S.A. for the issuance of a common
bond loan with a maturity of 15 years of € 22.52 million. The purpose of the loan was to finance the cost of purchasing three
properties, which will house the administration services of HEDNO S.A., plus the repair & improvement costs of the properties. It
is noted that NBG has been granted a first-class mortgage on the properties to secure the claims from the bond loan. The
outstanding amount of the bond loan as of 31 December 2024 amounted to € 19.5 million.
On May 13, 2024, subsidiary HEDNO signed a new bond loan with NBG for the partial refinancing of Black Sea Trade &
Development Bank's €80 million loan. On May 14, 2024, the subsidiary disbursed this amount and on May 15, 2024, proceeded
to partial repayment of the loan of Black Sea Trade & Development Bank.
Bond Loans with Alpha Bank
On May 13, 2024, subsidiary HEDNO S.A. signed a new bond loan with Alpha Bank S.A. for the partial refinancing of Black Sea
Trade & Development Bank's €80 million loan. On May 14, 2024, the subsidiary proceeded with the disbursement of this amount
and on May 15, 2024, proceeded in combination with the above-mentioned bond loan with National Bank of Greece S.A. to full
repayment of the Black Sea Trade & Development Bank loan of € 160 million.
In addition, in the context of the implementation of the project under the general title " Projects on Automation and Intelligence
Enhancement of the Network", the subsidiary HEDNO S.A. entered on October 30, 2024, into an agreement with Alpha Bank S.A.
It is an unsecured bond loan agreement with a total amount of up to € 83.56 million, which is composed of two series of bonds,
one with RRF resources and one with Alpha Bank S.A. funds, with a maturity of 10 years. As of December 31, 2024, no capital was
disbursed.
In summary, the total outstanding debt balance of the subsidiary HEDNO S.A. as of 31 December 2024 amounted to € 1,999.3
million compared to € 1,637.1 million on 31 December 2023. In 2024, the subsidiary HEDNO S.A. repaid capital of € 291.7 million
regarding long-term borrowing.
Borrowings of PPC RENEWABLES S.Μ.S.A
The subsidiary PPC Renewables S.M.S.A. signed a loan agreement with the European Investment Bank in December 2017 to
finance finally 17 projects (13 Wind Parks and 4 Small Hydroelectric Power Plants) for an amount of €85.0 million. The full amount
of the approved loan has been disbursed. Principal repayments are semi-annual starting on 24.04.2023 and will be completed on
24.04.2036. On 31.12.2024 the outstanding balance of the loan was €77.4 million.
In addition, in September 2018, PPC Renewables S.M.S.A. signed a Bond Loan secured by collateral for an amount of up to €17.5
million, subscribed by the National Bank of Greece S.A., of which an amount of €16.7 million was eventually disbursed. Principal
repayments are semi-annual starting on 30.06.2021 and ending on 31.12.2026. On 31.12.2024 the loan balance was €5.9 million.
To secure the loan obligations of PPC Renewables SA, an irrevocable notarial letter of attorney has been provided for the
establishment, in the event of a Complaint Event, of a fictitious pledge on the premises and of the mechanical and other
equipment of each project that was funded. In addition, there is a first-class pledge on all claims arising from the Revenue
Contracts for each of the funded projects, a pledge on the Proceeds Account, the Reserve Accounts on Loan Liabilities (DSRA), of
its receivables deriving from the insurance contracts which is obliged to sign for each of the financed projects.
Bond Loan issued by AIOLIKO PARKO DOUKAS S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS
The subsidiary AIOLIKO PARKO DOUKAS S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS is developing a Wind Farm for the
generation of electric power with a capacity of 26 MW, at the location "Doukas", Regional Unit of Kastoria. On 04.08.2023, a
Bond Loan Agreement was signed for an amount of €28.5 million issued by AIOLIKO PARKO DOUKAS S.M.S.A. PARAGOGIS KAI
EMPORIAS ENERGEIAS and subscribed for by the National Bank of Greece S.A., maturing on 31.12.2043. Up to date, €18.2 million
have been disbursed, with €6.7 million remaining to be drawn, after deducting a Letter of Guarantee amounting to €3.6 million,
which has been issued in ordered to cover the needs of the project. As of 31.12.2024 the loan balance amounted to €18.2 million.


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
490




36.LONG-TERM BORROWING (CONTINUED)
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by the National Bank of Greece, for obtaining the
bond loan.
Bond Loan issued by AIOLIKO PARKO KOUKOULI S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS
The subsidiary AIOLIKO PARKO KOUKOULI S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS is developing a wind farm for the
generation of electric power with a capacity of 13.5 MW at the location "Koukouli", Regional Unit of Kozani. On 04/08/2023 an
Ordinary Bond Loan was signed for an amount of €17.6 issued by AIOLIKO PARKO KOUKOULI S.M.S.A. PARAGOGIS KAI EMPORIAS
ENERGEIAS and subscribed by the National Bank of Greece S.A., maturing on 31.12.2043. On 31.12.2024 the loan balance
amounted to €15.3 million.
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by the National Bank of Greece, for obtaining the
bond loan.

Bond Loan issued by AIOLIKO PARKO AIOLIKO PARKO K-R S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS
The subsidiary AIOLIKO PARKO AIOLIKO PARKO K-R S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS has two operating Wind Parks
with a total capacity of 16 ΜW in Viotia. On 27.12.2023, an amendment was signed regarding the amount of the Bond Loan dated
20.09.2023 subscribed for by the National Bank of Greece S.A., maturing on 30/06/2039, amounting now to €20.2 million, while
initially it amounted to €20.4 million. Up to date, the entire amount of the loan has been disbursed. At 31.12.2024 the loan
balance was €18.6 million.
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by the National Bank of Greece, for obtaining the
bond loan.

Bond Loan issued by AIOLIKO PARKO LYKOVOUNI S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS
The subsidiary AIOLIKO PARKO LYKOVOUNI S.M.S.A. PARAGOGIS KAI EMPORIAS ENERGEIAS has two operating Wind Parks with
a total capacity of 53.7 ΜW in Viotia. On 27.12.2023, an amendment was signed regarding the repayment schedule of the Bond
Loan dated 20.09.2023 subscribed for by the National Bank of Greece S.A., maturing on 30.06.2042. Up to date, the entire amount
of the loan has been disbursed. As of 31.12.2024 the loan balance was €60.5 million.
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by the National Bank of Greece, for obtaining the
bond loan.

Bond Loan issued by AIOLIKI MΡELECHERΙ ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA
Ιn January 2023, following the agreement of 22.12.2022 with Piraeus Equity Partners, the acquisition of the companies AIOLIKI
MΡELECHERΙ ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA and KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION
S.M.S.A was completed (note 22). AIOLIKI MΡELECHERΙ ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA owns two operating
Wind Parks (W/F) located in "Belecheri" and "Lefkes".
In order to finance the construction of the wind parks, AIOLIKI MΡELECHERΙ ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA
had entered into a Bond Loan Agreement dated 02.11.2018 with Piraeus Bank. The principal of the above loan was fully repaid
on 30.06.2023 and was refinanced by Ordinary Bond Loan dated 28.06.2023 for an amount of up to €62.3 million, issued by
AIOLIKI MΡELECHERΙ ANONYMI KAI VIOMICHANIKI ENERGEIAKI ETAIREIA and subscribed for by Piraeus Bank, maturing on
30.06.2035. To date, a total amount of € 58.8 million has been disbursed. On 31.12.2024 the outstanding amount of the loan
amounted to €48.9 million.
All the shares of the subsidiary PPC RENEWABLES S.M.S.A and KPM ENERGY COMPANY OF ELECTRICITY PRODUCTION S.M.S.A
have been pledged by the Piraeus Bank, for obtaining the bond loan.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
491




36.LONG-TERM BORROWING (CONTINUED)
Bond Loan issued by SOLAR PARKS WESTERN MACEDONIA ONE S.M.S.A.
The company SOLAR PARKS WESTERN MACEDONIA ONE S.M.S.A. (a 100% subsidiary of PPC RENEWABLES S.M.S.A.), signed a
Bond Loan Agreement on 8 April 2021 for an amount of €8.7 million for the financing of the development of a 14.99 MW
photovoltaic power plant in Ptolemaida, Region of Kozani. This amount is part of a broader financing agreement for the
construction of a portfolio of photovoltaic power plants with a total installed capacity of 230 MW, in the same area, in which the
National Bank of Greece S.A. and Eurobank S.A. participate as initial bondholders, whilst from the outset the right of the European
Investment Bank to participate in the financing of the entire 230 MW portfolio had been provided for. To date, the company has
drawn the entire amount of the loan. On December 4, 2023, an amendment to the bond loan was signed in order for the European
Investment Bank to participate. On 31.12.2024 the loan balance was €6.4 million.
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by Eurobank in favor of Eurobank, National Bank of
Greece and European Investment Bank, for obtaining the bond loan.

Bond Loan issued by SOLAR PARKS WESTERN MACEDONIA TWO S.M.S.A.
The company SOLAR PARKS WESTERN MACEDONIA TWO S.M.S.A. signed a loan agreement on 01.07.2021 for an amount of €9.9
million in the form of a Bond Loan Agreement for the financing of the development of a photovoltaic power plant with an installed
capacity of 14.99 MW in Ptolemaida, Region of Kozani. This amount is part of a broader financing agreement for the construction
of a portfolio of photovoltaic power plants with a total installed capacity of 230 MW, in the same area, in which the National
Bank of Greece S.A. and Eurobank S.A. participate as initial bondholders, whilst from the outset the right of the European
Investment Bank to participate in the financing of the entire 230 MW portfolio had been provided for. The subsidiary has drawn
the entire amount of the loan. On 4 December 2023, an amendment to the bond loan was signed in order for the European
Investment Bank to participate. On 31.12.2024 the loan balance was €7.6 million.
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by Eurobank in favor of Eurobank, National Bank of
Greece and European Investment Bank, for obtaining the bond loan.

Bond Loan issued by SOLAR ARROW ONE S.M.S.A.
The subsidiary SOLAR ARROW ONE S.M.S.A. has a 200MW photovoltaic power plant at the location "West Macedonia Lignite
Center", Prefecture of Kozani. For the financing of the project, a Bond Loan dated 21.12.2022 was signed for the amount of €102.4
million between
SOLAR ARROW ONE S.M.S.A. as issuer and Eurobank S.A., National Bank of Greece S.A. and the European Investment Bank, as
initial Bondholders. Up to date, the entire amount has been disbursed. On 31.12.2024 the outstanding balance of the loan was
€89.4 million.
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by Eurobank in favor of Eurobank, National Bank of
Greece and European Investment Bank, for obtaining the bond loan.

Bond Loan issued by SOLARLAB S.M.S.A.
The subsidiary SOLARLAB S.A. constructs 5 photovoltaic plants with a total capacity of 159MW.
On 12.04.2023, a Bond Loan Agreement was signed for an amount of €85.8 million issued by SOLARLAB S.A. and subscribed for
by Alpha Bank S.A., using funds from the Recovery and Resilience Fund, which participates in the loan with 46% of the investment.
To date, €76.7 million have been disbursed which is the final capital raised as long as the remaining € 9.1 million will not be
disbursed due to revision of the project’s plan. On 31.12.2024 the loan balance amounted to €72.9 million.
On 04.08.2023 an Additional Bond Loan Agreement was signed for an amount of €11.6 million issued by SOLARLAB SINGLE-
MEMBER S.A. and subscribed for by Alpha Bank S.A. An amount of €4.2 million concerns Debt Service Reserve Facility (DSRF),
which will be activated in case the company isn’t able to fully cover its loan obligations, for a 6-month period. To date, a total of
€7.4 million has been disbursed. On 31.12.2024 the loan balance amounted to €5.0 million.
All the shares of the subsidiary PPC RENEWABLES S.M.S.A have been pledged by the Alpha Bank of Greece, for obtaining the bond
loan.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
492

36.LONG-TERM BORROWING (CONTINUED)
Bond Loan issued by PHIBE ENERGY SINGLE MEMBER S.A.
The subsidiary PHOEBE ENERGY S.M.S.A. is developing a Photovoltaic Power Plant with a capacity of approximately 550MW at
the location "PPC ORICHEIO PTOLEMAIDA", Prefecture of Kozani. On 19.12.2024, an amendment to the Common Bond Loan of
up to €294.4m was signed between PHIBE ENERGY SINGLE MEMBER S.A. as issuer and Eurobank S.A. and Piraeus Bank S.A. as
Bondholders, using funds of the Recovery and Resilience Fund, as well as the Additional Bond Loan of up to €47 million to cover
VAT and any loan obligations (if necessary).
On 31.12.2024, part of it was disbursed, fully repaying the Credit Agreement with an Open (Overdraft) Account of Eurobank S.A.
The loan balance on 31.12.2024 amounted to €79.5 million.
Bond Loan issued by ARCADIKOS HELIOS ONE SINGLE MEMBER S.A.
The subsidiary company ARCADIKOS HELIOS ONE S.M.S.A. is developing a photovoltaic plant with a total capacity of
approximately 39MW at the location "Megala Lakkes", in Megalopoli, Arcadia. On 06.08.2024, a Common Bond Loan of up to
€24.5 million was signed between ARCADIKOS HELIOS ONE S.M.S.A. as issuer and Eurobank S.A. as Bondholder, maturing on
31.12.2042.
On 6.11.2024 the total amount was disbursed, with the loan balance at 31.12.2024 amounting to €22.5 million.
Bond Loan issued by ARCADIKOS HELIOS TWO SINGLE MEMBER S.A.
The subsidiary company ARCADIKOS HELIOS TWO S.M.S.A. is developing a photovoltaic plant with a total capacity of
approximately 11MW at the location "Megala Lakkes" in Megalopoli, Arcadia. On 06.08.2024 a Common Bond Loan of up to €8
million was signed between ARCADIKOS HELIOS TWO S.M.S.A. as issuer and Eurobank S.A. as Bondholder, maturing on
31.12.2042.
On 6.11.2024 the total amount was disbursed, with the loan balance on 31.12.2024 amounting to €6.9 million.
Bond Loan issued by GREEK WINDPOWER S.M.S.A
On 29.02.2024 the acquisition by PPC Renewables of GREEK WINDPOWER S.M.S.A. was completed.
This company, in order to finance the construction of a 15MW wind farm at the "FRAGAKI" site of the Municipality of Andros,
Regional Unit of Andros, had concluded the Common Bond Loan Agreement dated 18.03.2021 with Piraeus Bank S.A., amounting
to €26.5 million.
On 31.12.2024 the loan amounted to €21.3 million. The Bond Loan matures on 18.09.2038, following the Additional Act of
Amendment to the Repayment Plan of the Bond Loan signed on 12.10.2023.
Borrowing ALEXANDROUPOLIS POWER GENERATION S.A.
Bond Loan of subsidiary ILEKTROGENERATION ALEXANDROUPOLIS S.A.
The subsidiary company ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A. signed at 3.7.2023 a Bond Loan coverage agreement,
for the issuance of a common collateral secured bond loan through a project financing structure, with the original bondholder
and representative of the bondholders, NATIONAL BANK OF GREECE S.A (NBG) for up to €436.1 million. The main purpose is the
partial financing of the construction costs of the Combined Cycle Power Generation Station fueled by natural gas with a nominal
capacity of 840 MW, in the industrial area of Alexandroupolis of the Municipality of Evros. The above financing is expected to
cover a leverage ratio of 60-65%.
In 31.12.2024, the total capital raised from this loan agreement amounted to € 187.3 million (31.12.2023: €79.2 million).
The shares of the subsidiary were pledged by NBG in accordance with the share pledge agreement, in the context of the collateral
provided by shareholders to the bank. In addition, letters of bank guarantee were issued by all the shareholders as collateral for
the loan.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
493
36.LONG-TERM BORROWING (CONTINUED)
In addition, the above subsidiary signed on July 3, 2023 a contract for the issuance of a subordinated unsecured common bond
loan of up to €157.3 million with the Company’s shareholders, namely PPC, DAMCO ENERGY and DEPA, as bondholders, as an
equity contribution for the financing of the above project expiring on 30.06.2042. On December 31, 2024, this bond loan
amounted to € 80.7 million and as a result it remains a long-term loan liability (to the minority shareholders) in the Group for the
amount of €39.5 million.
Next Gen Retail Services Single Member S.A. (former Dixons South - East Europe SA)
Due to the acquisition as of April 10, 2024, of the subsidiary company Next Gen Retail S.M.S.A. under with the trade name
"Kotsovolos", the Group's long-term borrowings increased on 31.12.2024 by €10.8 million. In particular, in November 2022, the
subsidiary company entered into a bond loan with Alpha Bank under the framework defined by the Recovery and Resilience Fund.
The approved amount of the loan amounts to €12.2 million with the full amount been disbursed to finance the automation
project of the Distribution and Repair Center. The interest rate for the Recovery Fund is fixed while the co-financing rate (Alpha
Bank) is calculated at Euribor plus margin. In December 2024, the first instalment of €1.4 million was repaid.
New loan agreements from acquisitions in Romania
On 20.11.2024, PPC Group, through its Romanian entity PPC Renewables Romania S.R.L. acquired the renewable energy portfolio
of EVRYO (Macquarie Group), including the five companies Felix Renewable Holdings S.R.L., Tomis Team S.A., Ovidiu Development
S.A., MW Team Invest S.R.L. and TMK Hidroenergy Power S.R.L.
Felix Renewable Holdings S.R.L. is part of a Senior Facilities Agreement (Term Facility in euros) dated 1 July 2021 for an amount
of €225 million with maturity date on 30.06.2029 and repayment in sculpted annual installments. As of 31.12.2024 the
outstanding debt balance was €143.9 million.
In addition, on July 18, 2024, the subsidiaries in Romania Retele Electrice Banat S.A., Retele Electrice Muntenia S.A. and Retele
Electrice Dobrogea S.A. (later from November 2024 merged under the name Retele Electrice Romania S.A.) signed a loan
agreement for the amount of RON 1.0 billion (€201.0 million) with the European Bank for Reconstruction and Development
(EBRD), Banca Comerciala Romana S.A., Banca Transilvania S.A. and ING Bank N.V. Amsterdam with payment manager Banca
Comerciala Romana S.A. with a maturity of 5 years, at a floating Robor rate plus margin. In December 2024, RON 378.0 million
(€75.9 million) had been raised.
Credit Rating
As of 31.12.2024, the credit rating by S&P and Fitch is set at "BB-" with a stable outlook and by ICAP at "BB".
Compliance with financial ratios
Most loan agreements of the Group and Parent Company, include financial covenants, the non-compliance of which may lead to
the contract defaulting or, if necessary, a change in the margin.
The Parent Company are in compliance with the financial ratios included in their loan agreements on 31.12.2024.
The Group as of 31.12.2024 is not in compliance with the financial indicator "Net Income to Debt (Debt Service Coverage Ratio)
≤ 1.10" for loan agreements it maintains with the National Bank of Greece. This deviation was identified before 31.12.2024 and
the National Bank of Greece has provided a waiver, as a result of which the loan obligations in question are reflected in the
financial statements, based on their contractual repayments.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
494
37. POST-RETIREMENT BENEFITS
37.1 Supply of electricity at reduced tariff
The Group’s employees and pensioners are entitled to the supply of electricity which the Parent Company provides at reduced
tariffs. Such reduced tariffs to pensioners are considered to be retirement obligations and are calculated at the discounted value
of the future retirement benefits deemed to have accrued at year-end based on the employees earning retirement benefit rights
steadily throughout their service period. The relevant retirement obligations are calculated on the basis of financial and actuarial
assumptions.
Net costs for the year are included in the payroll cost in the accompanying income statement consisting of the interest cost, as
well as current service cost, reduced by the benefits granted in the year.
The actuarial gains or losses are recorded in comprehensive income statement. Retirement benefit obligations are not funded.
By the Decision of the Board of Directors of the Parent Company dated on 21.01.2020, the percentage of the discount received
by the employees and pensioners of the Group in Greece was set at 30% of the value of the electricity consumed.
The Group in Romania provides its staff and pensioners with a reduced value electricity tariff with an average consumption of
1,200 KWh per year. On 3 June 2024 a new Collective Labour Agreement was signed in Romania, based on which the benefit of
electricity at reduced tariff ceased for all pensioners as of 31 December 2024 and on 3 June 2024 for the employees. The active
employees who were eligible to receive the benefit of the electricity plan as at 3 June 2024, are entitle to receive an additional
lump sum amount as compensation at their retirement, that depends on the years of service in the Group.
The termination of the benefit of electricity at reduced tarrifs has caused a curtailment gain, which was recognized in the Profit
and Loss of the current year, while the additional lump sum amount at retirement was treated as a Past Service Cost which was
recognized in the Profit and Loss of the year and increased the provision for staff leave indemnities (Note 37.2).
The results of the actuarial study regarding the supply of electricity at reduced tariffs for the fiscal year ended December 31
st
,
2024 and December 31
st
, 2023 are as follows:
GROUP COMPANY
2024 2023 2024 2023
Changes in the Present Value of the Liability
Liability at the beginning of the year 68,460 58,951 38,880 37,487
From acquisition - 7,625 - -
Exchange differences 2 (21) - -
Current service cost 585 418 304 271
Interest cost 2,190 2,109 1,244 1,284
Gain from termination of service (7,065) - - -
Actuarial (gains)/losses (9,652) 2,975 (7,677) 2,073
Benefits provided (4,924) (3,598) (2,621) (2,235)
Liability at the end of the year 49,595 68,460 30,130 38,880
Short-term liability - 91 - -
Long-term liability 49,595 68,369 30,130 38,880
Components that burden the Income Statement
Current service cost/termination of service cost (6,480) 418 304 271
Interest cost 2,190 2,109 1,244 1,284
Benefits granted (4,924) (3,598) (2,621) (2,235)
Total (9,214) (1,070) (1,073) (680)
Statement of Comprehensive income
Actuarial (gains)/losses (9,652) 2,975 (7,677) 2,073
Total (9,652) 2,975 (7,677) 2,073


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
495
37.POST-RETIREMENT BENEFITS (CONTINUED)
Assumption values in the Actuarial Study
Valuation date Discount rate Tariff increases Profit margin Expectancy of future
services
2025:9.0%
31/12/2024 3.4% 0.0% 2026:11.0% 12.23
2027+:10.0%
2024:5.0%
31/12/2023 3.3% 2025:7.0% 11.30
0.0% 2026:10.0%
2027+:9.0%
Sensitivity disclosures 31.12.2024 Percentage change
Increase in discount rate by 0.5% (5.6%)
Decrease in discount rate by 0.5% 6.1%
Sensitivity disclosures 31.12.2023 Percentage change
Increase in discount rate by 0.5% (5.4%)
Decrease in discount rate by 0.5% 5.9%
Actuarial Study Assumptions – Romania
Valuation Date Discount Rate Salary Increase Inflation
31.12.2024 7.50% 3.50% 3.00%
31.12.2023 6.35% 4.00% 3.50%
37.2 PROVISION FOR SEVERANCE PAY
Voluntary retirement programs
On October 16, 2024, the Board of Directors of the Parent Company decided and approved the implementation, for the current
year, of a voluntary retirement plan by providing a financial incentive to the employees of the Megalopolis Lignite Units and Meliti
and all those who are subordinate to other General Directorates and work in the facilities of the units, as well as the executives
and employees who are employed on three-year employment contracts, regardless of the establishment of a pension right.
Employees who will participate in the said program will receive an amount of compensation as a percentage of the regular
remuneration they would receive based on the years remaining for the establishment of full pension rights and in addition the
completion of an age limit.
Also, additional compensation will be given in relation to the completion or non-continuous service of 10 years at PPC, the age
and number of protected children of the employees as well as an amount to cover their insurance outstandings.
The total amount that will be paid to the employees who will participate in the said program cannot be less than €35,000 and
will not exceed the amount:
• of €70,000 for employees who have established the right to retire by the date of leave from the Company based on the program
• of €100,000 for employees who will not have established the right to retire by the date of leave from the Company based on
the program and
• of €110,000 for the employees of the Administrative and Financial Staff devision who will not have established the right to
retire by the date of leave from the Company based on the program.
Employees who met the program's requirements and wished to join it, were required to declare their voluntary participation by
March 14, 2025.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
496
37.POST-RETIREMENT BENEFITS (CONTINUED)
On November 2, 2023, with Decision no. 78, the Board of Directors of the Parent Company decided to implement the voluntary
retirement plan by providing additional financial incentives based on regular remuneration depending on the previous service,
age and number of protected children of employees as well as a fixed amount of € 10,000 to cover their insurance issues.
The program was addressed to all employees of the Parent Company including the employees who are seconded to organizations
outside PPC, who are employed on an indefinite contract, aged 50 and over, including those who reach the age of 50 by December
31, 2023 and have completed at least 15 years of continuous service in the Company or complete the 15-year period up to and
including December 31, 2023 regardless of the establishment of a pension right.
Employees who met the requirements of the program and wished to join it, had to declare their voluntary participation until
February 15, 2024. Those employees who declared their participation within the month of December 2023, received as an
incentive for short registration, the payroll cost of one month. From this program, additional compensations of €13.7 million
arised for the Parent Company for the year ended on December 31, 2023.
Additionally, on 2 March 2023, the Board of Directors of the subsidiary HEDNO decided to implement a new voluntary retirement
program with the provision of financial incentives to its staff. This program resulted in additional compensation of € 11.6 million,
which was not included in the analysis below of the Group's personnel compensation provision as of 31 December 2023, as this
liability was formed within 2023 and an amount of €3.7 million had been included in the Group's Accrued and other liabilities.
As of 31 December 2024, Current portion of post-retirement benefits include amounts of €17.7 million for the Group and the
Parent Company (31.12.2023: €12.4 million and €8.7 million) respectively, relating to obligations to personnel from voluntary
retirement programs that ran within 2024.
All above are defined benefit plans in accordance with the provisions of IAS 19.
HEDNO-Voluntary retirement program
With the decision no. 1/14.01.2025 of the subsidiary company's Board of Directors, it was decided to approve the granting of a
voluntary retirement incentive, as a voluntary benefit, compensation, of € 30 thousand to employees who resign due to meeting
retirement requirements and age limit.
Provision for staff leave indemnities - Actuarial study
The present value of the liability undertaken by PPC and its subsidiaries is calculated using actuarial methods.
As of October 25, 2023, the Group includes in the staff leave indemnites the liability to compensate the personnel in Romania
based on the compensation provisions of the local legislation and meets the criteria of the 2021 Interpretation decision, as it
provides a benefit that does not increase after from 15 or 25 years of service (depending on the subsidiary of the Group). The
present value of the respective liability was calculated using actuarial methods.
The results of the actuarial study regarding the obligation for compensation to staff due to retirement for the year ended
December 31, 2024 and the year ended December 31, 2023 are as follows:


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
497
37.POST-RETIREMENT BENEFITS (CONTINUED)
GROUP COMPANY
2024 2023 2024 2023
Liability, at beginning of year 142,569 143,247 99,984 103,308
From acquisition 1,878 2,894 - -
Exchange differences - (8) - -
Current service cost 1,797 1,259 732 595
Interest cost 3,703 3,985 2,272 2,609
Curtailment cost/settlements/termination of service 9,312 6,292 9,207 6,292
Actuarial (gains)/losses 1,909 9,048 765 4,908
Benefits provided (27,912) (24,148) (21,465) (17,728)
Service costs 1,490 - - -
Liability, end of the year 134,747 142,569 91,495 99,984
Short term portion of liability 53,527 62,428 49,301 59,297
Long term portion of liability 81,220 80,141 42,194 40,687
Components that burden the results
Current service cost 1,797 978 732 595
Interest cost 3,703 3,985 2,272 2,609
Curtailment cost/settlements/termination of service 9,312 6,292 9,207 6,292
Recognition of service costs 1,490 - - -
Total 16,303 11,255 12,211 9,496
Statement of Comprehensive income
Actuarial (gains)/losses 1,909 9,040 765 4,908
Total 1,909 9,040 765 4,908
Assumptions values in the Actuarial Study
Valuation Discount Rate Salary Increase Inflation Resignations Future Service
date Expectancy
31.12.2024 3.25% 2.00% 2.00% 0.00% 8.51
31.12.2023 3.23% 2.10% 2.10% 0.00% 10.20
Actuarial Study Assumptions – Romania
Valuation Discount Rate Salary Increase Inflation
Date
31.12.2024 7.50% 3.50% 3.00%
31.12.2023 6.35% 4.00% 3.50%
.
Sensitivity Analysis 31.12.2024 Percentage change
Increase in the discount rate by 0.5% (4.0%)
Decrease in the discount rate by 0.5% 4.2%
Increase in the expected salary increase by 0.5% 0.4%
Decrease in the expected salary increase by 0.5% (0.6%)


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
498
37.POST-RETIREMENT BENEFITS (CONTINUED)
Sensitivity Analysis 31.12.2023 Percentage change
Increase in the discount rate by 0.5% (4.8%)
Decrease in the discount rate by 0.5% 5.1%
Increase in the expected salary increase by 0.5% 0.5%
Decrease in the expected salary increase by 0.5% (0.7%)
37.3 PROVISION FOR STAFF ANNIVERSARY COMPENSATION
All subsidiaries in Romania offer their employees an anniversary compensation in specific years of service as a benefit for their
continuous service, the amount of which depends on the years of continuous service to the company. This plan is a defined
benefit plan.
The results of the actuarial study regarding the calculation of this benefit for the year ending December 31, 2024 and December
31, 2023 are as follows for the Group:
GROUP GROUP
2024 2023
Liability, at beginning of year 11,110 -
Liability from acquisition 69 10,725
Exchange differences 2 (28)
Current service cost 694 312
Interest cost 679 101
Benefits granted (1,148) -
Liability, end of the year 11,406 11,110
Short term portion of liability 1,284 469
Long term portion of liability 10,122 10,641
Components that burden the results
Current service cost 694 312
Interest cost 679 101
Total 1,373 413
Actuarial Study Assumptions – Romania
Valuation Date Discount Rate Salary Increase Inflation
31.12.2024 7.50% 3.50% 3.00%
31.12.2023 6.35% 4.00% 3.50%


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
499
38. PROVISIONS
GROUP COMPANY
2024 2023 2024 2023
Litigation against employees/ 320,146 354,211 406,725 391,348
third parties (Note 47)
Non-current portion of provision of decommissioning
and removal of Power Plants’, Mines’ and Wind Parks’ 408,296 429,592 363,650 405,387
facilities and mines’ land restoration
PPC-PIO fixed assets 2,400 2,400 2,400 2,400
Provisions for contracts for the promotion of personal 7,281 - - -
consumer loans
Other 5,550 13,652 - -
Total 743,673 799,855 772,775 799,135
During the year ended December 31, 2024, the Group and the Parent Company reduced the provision for disputes by € 34 million
and €15 million respectively. For further details refer to Note 47.
Provision of Decommissioning and removal of Power Plants’, Mines’ and Wind Parks’ facilities and provision for mines’ land
restoration
The Group and the Parent Company has undertaken the commitment to dismantle or alternatively use of the power plants’ and
mining facilities, to remove their equipment and to fully restore mines’ lands when the facilities cease to operate.
The provision is recognized at the present value of future cash flows that will be required to settle the relevant liabilities and has not
taken into account any income from the sale of machinery, spare parts and materials or from the utilization of land.
During 2024, the Group and the Parent Company proceeded with land restoration and removal of equipment in the mines, as a result
of which the relevant provision was reduced by € 53.8 million (31.12.2023: € 23 million). At the same time, they carried out
decommissioning work in various Production Units, reducing the relevant provision by €6.1 million (31.12.2023: €8.7 million). In
particular, within 2024 buildings were demolished and equipment was dismantled in the mines, equipment was dismantled at Kardia
Power Plant and Ptolemaida (Units I-IV) , buildings were demolished in Aliveri and gas turbines were dismantled at Chania Power
Plant and Soroni Power Plant. Within 2023, the demolition of the LIPTOL power plant was completed. In addition, the rehabilitation
studies of specific Production Units had been updated and the schedule for the rehabilitation of the mines and the decommissioning
and removal of the Production Units had been changed based on the most recent available data.
The provision for the decommissioning of Units, Mines and Wind Parks is as follows:


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
500
38.PROVISIONS (CONTINUED)
GROUP
Provision of
Provision for dismantling of Provision of Provision for
mines’ land mining decommissioning of Wind Parks’ Total
restoration facilities/ power plants restoration
equipment
Balance, January 1, 2024 175,984 70,576 233,877 24,205 504,643
From subsidiaries acquisition (Note 3) - - - 20,456 20,456
Exchange differences - - - 5 5
Change in future outflows (property, 9,588 - - 342 9,930
plant and equipment- note 19)
Change in future outflows through 943 343 3,651 (839) 4,098
income statement
Change in future outflows through - (5,424) 16,886 (1,235) 10,226
comprehensive income statement
Finance cost (Note 15) 13,551 5,434 18,009 1,712 38,706
Utilization of the provision (45,744) (8,066) (6,138) - (59,947)
Balance, December 31, 2024 154,323 62.863 266,285 44,646 528,117
Provision of
Provision for dismantling of Provision of Provision for
mines’ land mining decommissioning of Wind Parks’ Total
restoration facilities/ power plants restoration
equipment
Current portion 59,969 25,030 34,822 - 119,821
Non-current portion 94,354 37,834 231,462 44,646 408,296
Balance, December 31, 2024 154,323 62,863 266,285 44,646 528,117
GROUP
Provision of
Provision for dismantling of Provision of Provision for
mines’ land mining decommissioning of Wind Parks’ Total
restoration facilities/ power plants restoration
equipment
Balance, January 1, 2023 190,867 75,561 210,721 6,192 483,341
From subsidiaries acquisition (Note - - - 15,763 15,763
3)
Exchange differences - - - (41) (41)
Change in future outflows (property, (8,425) - 4,278 514 (3,632)
plant and equipment- note 19)
Change in future outflows through (2,363) (1,364) 27,236 973 24,481
income statement
Change in future outflows through - (2,992) (14,387) (235) (17,614)
comprehensive income statement
Finance cost (Note 15) 13,114 5,186 14,803 1,040 34,143
Utilization of the provision (17,209) (5,816) (8,774) - (31,798)
Balance, December 31, 2023 175,984 70,576 233,877 24,205 504,642
Provision of
Provision for dismantling of Provision of Provision for
mines’ land mining decommissioning of Wind Parks’ Total
restoration facilities/ power plants restoration
equipment
Current portion 46,556 18,145 10,349 - 75,050
Non-current portion 129,429 52,431 223,528 24,205 429,592
Balance, December 31, 2023 175,984 70,576 233,877 24,205 504,642


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
501
38.PROVISIONS (CONTINUED)
Provision of Provision of
Provision for mines’ dismantling of decommissioning of Total
land restoration mining facilities/ power plants
equipment
Balance, January 1, 2024 175,985 70,576 233,877 480,438
Change in future outflows (property, 9,588 - - 9,588
plant and equipment- Note 19)
Change in future outflows through 943 343 3,651 4,937
income statement
Change in future outflows through - (5,424) 16,886 11,461
comprehensive income statement
Finance cost (Note 15) 13,551 5,434 18,009 36,994
Utilization of the provision (45,744) (8,066) (6,138) (59,947)
Balance, December 31, 2024 154,323 62,863 266,285 483,471
Provision of Provision of
Provision for mines’ dismantling of decommissioning of Total
land restoration mining facilities/ power plants
equipment
Current portion 59,969 25,030 34,822 119,821
Non-current portion 94,354 37,834 231,462 363,650
Balance, December 31, 2024 154,323 62,863 266,285 483,471
Provision of
Provision for dismantling of Provision of
mines’ land mining decommissioning of Total
restoration facilities/ power plants
equipment
Balance, January 1, 2023 190,867 75,561 210,721 477,149
Change in future outflows (property, (8,425) - 4,278 (4,146)
plant and equipment- note 19)
Change in future outflows through (2,363) (1,364) 27,236 23,509
income statement
Change in future outflows through - (2,992) (14,387) (17,379)
comprehensive income statement
Finance cost (Note 15) 13,114 5,186 14,803 33,103
Utilization of the provision (17,209) (5,816) (8,774) (31,798)
Balance, December 31, 2023 175,985 70,576 233,877 480,438
Provision of
Provision for dismantling of Provision of
mines’ land mining decommissioning of Total
restoration facilities/ power plants
equipment
Current portion 46,556 18,145 10,349 75,050
Non-current portion 129,429 52,431 223,528 405,388
Balance, December 31, 2023 175,985 70,576 233,877 480,438
As of December 31, 2024, the present value of the provision for the dismantling and removal of Production Units, Mines and the
rehabilitation of the Group and the Parent Mine was estimated at the total cost of land rehabilitation, dismantling of existing
equipment/ installations and equipment, demolition any waste by applying an average inflation rate of 2% (31.12.2023: 2%) and
a discount rate of 6.3% (2023: 7.7%).


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
502
38.PROVISIONS (CONTINUED)
Below we present a sensitivity analysis of the forecast for the dismantling and removal of facilities of Production Units, Mines
and restoration of areas of Mines from the change of the discount rate used.
Sensitivity Analysis
Present value of the provision 2024 2023
of decommissioning
2024 2023 0.25% (0.25)% 0.25% (0.25)%
Provision for dismantling and removal of units and mines and 483,471 480,438 477,191 489,994 474,517 486,552
restoration of units and mines
Balance, December 31, 483,471 480,438 477,191 489,994 474,517 486,552
Positive / (Negative) effect on the Results of the Group and - - 6,280 (6,523) 5,921 (6,114)
the Company

39. SUBSIDIES
Net book values GROUP
31.12.2022 182,955
New subsidies for fixed assets of distribution network 21,398
Acquisition of subsidiaries (Note 6) 11,602
Transfer to revenues (Note 13) (8,663)
Exchange differences (22)
31.12.2023 207,270
New subsidies for fixed assets 11,031
Transfer to revenues (Note 13) (9,265)
Low-interest loan subsidy 9,524
Exchange differences 3
31.12.2024 218,563
Net book values COMPANY
31.12.2022 89,217
Transfer to revenues (Note 13) (6,108)
31.12.2023 83,109
New subsidies for fixed assets 540
Transfer to revenues (Note 13) (5,036)
Low-interest loan subsidy 2,954
31.12.2024 81,567
Within 2024, the Group's and the Parent company's Fixed Asset Subsidies include an amount of €9.5 million and €2.9 million
respectively, which was recognized due to the receipt of loans for capital expenditures at a reduced interest rate (from the
Recovery and Resilience Fund) compared to the market rate.


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
503
40. LONG-TERM CONTRACT LIABILITIES
As stated in Note 4.4, Group and the Parent Company classify Customers’ Contributions and Customers’ Advances for Electricity
Consumption to Long-Term Contract Liabilities under the provisions of IFRS 15. The following table presents in detail the
corresponding figures, as well as the balance on December 31
st
, 2024 and December 31
st
, 2023 of the Long-Term Contract
Liabilities.
GROUP COMPANY
Balance, December 31, 2022 2,384,657 435,732
Customers’ contributions receipts 95,472 -
Transfer to revenues (Note 9) (101,390) (248)
Customers contribution from acquisition of subsidiaries (Note 6) 550,546 -
Reduction of customers advances for electricity consumption (10,033) (10,033)
Exchange differences (1,449) -
Balance, December 31, 2023 2,917,803 425,451
Customers’ contributions receipts 154,691 -
Transfer to revenues (Note 9) (120,620) (248)
From acquisition of subsidiary (Note 3.4) 2,553 -
Deferred revenue from total support sales and corporate credit (268) -
interest
Reduction of customers advances for electricity consumption (6,796) (6,708)
Exchange differences 149 -
Other (2,808) -
Balance, December 31, 2024 2,944,704 418,495

41. OTHER NON-CURRENT LIABILITIES
GROUP COMPANY
31.12.2024 31.12.2023 31.12.2024 31.12.2023
Financial liability to pay contingent
consideration for the acquisition of 10,167 32,412 - 18,041
subsidiaries (Note 3 and 6)
Cargo representation guarantees 1,273 1,469 - -
Reserve for electricity stealing 24,608 18,457 - -
Subsidies for expenses 4,995 4,813 - -
Financial liability to associate company
EMC Subsea Cable Company Limited (Note 2,681 - 2,681 -
23)
Other non-current liabilities 3,548 3,172 6,300 4,483
Total 47,272 60,323 8,981 22,524


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
504
42. IMPAIRMENT LOSS ON ASSETS
The provisions for the impairment loss on assets of the Income Statements include the following:
GROUP COMPANY
2024 2023 2024 2023
Decrease in the provision for impairment 4,709 7,324 4,709 7,324
of inventories (Note 26)
Impairment loss on decommissioning
assets/ mines land and under construction 1,173 1,774 1,173 1,774
mines
Decommissioning provision of Units and 4,098 24,481 4,937 23,509
Mines (Note 38)
Impairment of restoration assets (Note 19) 9,588 - 9,588 -
Impairment of intangible assets (Note 20) 15,958 - - -
Losses from revaluation of propertly, plant 166,775 - 93,866 -
and equipment (Note 19)
Impairment of Goodwill (Note 20) 3,785 - - -
Other impairment losses on property, plant 1,125 139 219 -
and equipment
Total 207,211 33,718 114,492 32,607

43. TRADE AND OTHER PAYABLES
GROUP COMPANY
2024 2023 2024 2023
Trade Payables:
Suppliers and contractors 1,526,955 1,116,506 298,726 409,145
Municipalities’ duties 79,262 75,953 79,262 75,953
Social security funds 51,301 44,385 25,112 24,720
Greek TV 29,323 28,549 29,323 28,549
DAPEEP S.A. 218,621 8,517 218,621 8,517
Taxes withheld 56,325 52,017 25,153 23,265
Special consumption tax 5,485 6,867 5,485 6,867
Customers’ credit balances 102,126 140,101 102,126 140,101
IPTO S.A. 8,230 263 8,230 263
HEDNO S.A. - - 61,313 73,200
Bank of Crete - 12,053 - 12,053
Lignite levy 55,749 51,109 55,749 51,109
HEnEx S.A. 38,667 49,080 38,666 49,080
VAT 65,923 96,319 - -
Advances from RES customers/HEDNO 93,755 81,873 - -
Transitional credits of photovoltaic scheme 63,092 107,246 - -
and vulnerable consumers
Customer advances of Romanian 149,903 132,528 - -
subsidiaries
Various liabilities from Romanian 99,982 23,710 - -
subsidiaries
Various liabilities from PPC RENEWABLES 27,637 24,855 - -
S.M.S.A. subsidiary
Other 56,804 43,219 22,430 22,199
Total 2,729,140 2,095,150 970,196 925,021


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
505
43.TRADE AND OTHER PAYABLES (CONTINUED)
As of December 31, 2024, Trade and Other Payables include an amount of €363.4 million arising from the acquisitions of
subsidiaries in 2024.
Transitional credits of photovoltaic scheme and vulnerable consumers
The amount of € 95,220 as of 31.12.2023 concerned an amount deposited on 27.10.2023 to HEDNO by the Ministry of
Environment and Energy as an advance/first installment of the financing of the "Photovoltaics on the roof" Program. This amount
is awarded to customers who joined the "Photovoltaics on the roof" Program and are entitled to a subsidy. This amount as of
31.12.2024, is €52,997.

44. SHORT-TERM BORROWING
An analysis of the short-term borrowings of the Group and the Parent Company is presented in the table below:
GROUP COMPANY
2024 2023 2024 2023
Overdraft facilities
Credit lines available 937,426 1,026,433 142,000 220,000
Unused portion 729,425 795,585 72,000 220,000
Used portion 208,001 230,848 70,000 -
Short-Term borrowing
Credit lines available 117,496 71,245 - -
Unused portion 101,816 61,333 - -
Used portion 15,680 9,912 - -
Short-Term borrowing 223,681 240,760 70,000 -
As of 31.12.2024, the Group's short-term borrowings include an amount of €118.3 million (31.12.2023: €176.3 million) related to
overdraft facilities of Romanian subsidiaries and €12.5 million (31.12.2023: € 9.9 million) related to overdraft accounts of the
subsidiary company Energy Delivery Solutions EDS AD.
In December 2024, the Parent Company proceeded to a draw down of € 70 million from the Open Overdraft Account with Alpha
Bank S.A. It is noted that in the aforementioned facility an amendment (reduction) in margin has occured, effective from
27.12.2024.
Overdraft Facility of SPARTAKOS ENERGY S.M.S.A.
On 24.07.2024 a Credit Agreement with an Open (Overdraft) Account of up to €30 million was signed between SPARTAKOS
ENERGY S.A. and Alpha Bank S.A. Following the additional amendment acts signed on 29.10.2024 and 9.12.2024, its expiration
was gradually extended until 31.03.2025 and the contract amount was increased up to €45 million.
As of 31.12.2024 the balance of the Open (Overdraft) Account was €34.9 million of which the amount of €12 million concerned
letter of guarantee.
Within the first quarter of 2025, the signing and issuance of a syndicated bond loan is expected to refinance the future balance
of the Open (Overdraft) Account.
Overdraft Facility of PHOEBE ENERGY S.M.S.A.
On 31.12.2024, the Credit Agreement with an Open (Overdraft) Account dated from 21.07.2024 of € 79.4 million was fully repaid
which the company had signed with EUROBANK S.A., through a new joint bond loan from Eurobank S.A. and Piraeus Bank S.A.
using funds of the Recovery and Resilience Fund.


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
506
44.SHORT TERM BORROWING (CONTINUED)
Overdraft Facility of PPC RENEWABLES S.M.S.A.
On 14.05.2024, the overdraft Facility of PPC RENEWABLES S.M.S.A. with the National Bank of Greece S.A. was increased by €50
million, which now amounts to €250 million for the issuance of Letters of Guarantee and/or the financing for Working Capital
purposes for an amount of up to €50 million and duration up to 6 months.

45. CONCTRACT LIABILITIES
Short-term liabilities from contracts with customers mainly include the advance payment that the Parent Company receives each
year from the Greek State against the value of electricity consumption of its entities for the following fiscal year.
On December 31, 2024, part of the settlement of the advance payments for the years 2020 to 2024 is pending and a large part
of them is expected to be finalized within 2025 after a series of deposits between the parties.
GROUP COMPANY
2024 2023 2024 2023
Balance, January 1 2,015,265 1,490,085 2,015,265 1,490,085
Advance received from the Greek State for the value
of the electricity consumed by the government 818,300 968,367 818,300 968,367
owned entities (Note 2.1)
Decrease in the Greek State’s advance for the value
of the electricity consumed by the government (408,985) (443,187) (408,985) (443,187)
owned entities
Acquisition of subsidiary (Note 3.4) 4,755 - - -
Movement of short-term portion of deferred
revenue from sales of total support and corporate (1,614) - - -
credit interest
Balance, December 31 2,427,721 2,015,265 2,424,580 2,015,265


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
507
46. ACCRUED AND OTHER CURRENT LIABILITIES
GROUP COMPANY
2024 2023 2024 2023
Accrued interest on loans and borrowings 57,061 60,390 47,668 54,177
Natural gas and liquid fuel purchases 112,164 75,185 112,164 75,185
Energy purchases 69,793 77,135 - -
Personnel day off and overtIme 61,408 59,672 36,400 35,970
RAE fees 13,370 13,520 13,370 13,520
Purchase of CO2 emission allowances 956,494 1,378,332 956,494 1,378,332
Discounts on medium voltage customers 9,171 9,171 9,171 9,171
HEDNO S.A. 654 543 9,545 68,750
Variation margin of CO2 emission allowances 44,771 51,020 44,771 51,020
Extraordinary levy of suppliers (Note 2.1) - 200,000 - 200,000
Unbilled liability PSO/other and HEDNO 19,315 13,267 - -
Energy purchases net-off/HEDNO 3,931 3,357 - -
Interim dividend from HEDNO - - 21,675 21,675
Extraordinary contribution on electricity generators of 17,637 56,645 - -
Romania (Note 2.8)
Accrued operating expenses of subsidiaries 30,721 10,284 - -
DAPEEP S.A. 26,876 22,255 26,876 22,255
Other 76,193 80,840 68,679 68,184
Total 1,499,559 2,111,616 1,346,813 1,998,239
Interim Dividend HEDNO
The Board of Directors of the subsidiary HEDNO with Decision No. 8/30.07.2024 decided the distribution of interim dividend for
the financial year 2024 amounting to € 42,500. With this collection, the Parent Company recognized an amount of € 21,675 under
Accrued and other liabilities until its approval by the General Meeting of the Subsidiary. The Group has a claim of € 20,825 (Note
29) corresponding to the Minority which has been recorded under Other receivables.


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
508


47. COMMITMENTS, CONTINGENCIES AND LITIGATION
OWNERSHIP AND INSURANCE OF PROPERTY
1. The National Cadastral process is in progress. The Parent Company has already completed its Real Estate’s recording. Those
properties are recorded in total in the Land Registries throughout Greece in the Cadastral Offices and at the same time the
cadastral process is monitored, and all pending issues from this process are settled (it has been completed the 52% of the
Country). In this context, over 80 cadastral lawsuits are pending, out of which 20 are in Athens, for which the relevant
judgements have not yet been issued. From 20.03.2023, the Athens Land Registry Office operates for Athens. Land Registration
has been completed in Athens and we are expecting the beginning or completion of Land Registration in areas in the rest of
the country.
2. In several cases, expropriated land, as presented in the expropriation statements, differs from the cadastral or ownership
survey, a reason for which PPC is in the process of cadastral settlement (registration of registrable deeds, filing of declarations,
requests for manifest errors) in collaboration with the Cadastral Offices. In particular, for the properties in question, PPC has
the right till December 2026 (before the year 2016 cadastral areas) to proceed with lawsuits for the said land which are mainly
located in expropriated lignite-bearing areas and in the official records appear to have an unknown owner or third-party owner.
Cadastral lawsuits have not yet been filed, because an out-of-court settlement is being attempted in cooperation with the
central Cadastral Service. At a pre-trial/preliminary stage, 150 objections are still pending, a procedure which, according to the
competent authority, has been reactivated in areas such as Layrion.
3. Agricultural land acquired by the Parent Company through expropriation in order to be used for the operation of hydroelectric
power plants, must be transferred to the State at no charge, following a decision of the Parent Company’s Board of Directors
and a related approval by the Ministry of Development, if such land is no longer needed by the Parent Company for the
fulfilment of its purposes according to article 9, of Law 2941/01.
4. All applications for the removal of expropriations concerning abolished HV Transmission Lines have been served and there are
no pending actions required by PPC S.A.
5. The Group does not carry any form of insurance coverage on its fixed assets in operation (except for its information technology
infrastructures), and as a result if a sizable damage occurs to its properties, it might affect its profitability. Material spare parts
as well as liability risks against third parties are not insured.
LITIGATION AND CLAIMS
The Group is a defendant in several legal proceedings arising from its operations. On December 31, 2024 the total amount claimed
by third parties amounts to € 984.0 million (31.12.2023: €974.0 million) as analysed below. Against all cases 1 to 7 below, the
Group and the Parent Company have established a provision which on 31 December 2024 amounts to € 320.0 million and € 407.0
million respectively (31.12.2023: € 354.0 million Group and € 392.0 million, Parent), which is considered sufficient against the
expected losses that will result from the final adjudication of the above cases.
1. Claims with contractors, suppliers and other claims:
Third parties as well as a number of contractors and suppliers have raised claims against the Group. These claims are either
pending before courts or under arbitration and mediation proceedings. Total claims amount to € 406.0 million (31.12.2023:
€424.0 million). In most cases the Group has raised counter claims, which are not reflected in the accounting records, until the
time of collection.
2. Fire incidents and floods:
A number of individuals have raised claims against the Group for damages incurred as a result of alleged electricity-generated
fires and floods. Total claims amount to € 102.0 million (31.12.2023: €95.0 million).
3. Claims by employees:
A number of the Groups’ Employees are claiming the amount of € 74.0 million (31.12.2023: €75.0 million), for allowances and
other benefits that according to the employees should have been paid by PPC.




Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
509


47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
4. Lawsuits and extrajudicial documents of IPTO against PPC S.A.
Α) Extrajudicial document of IPTO against PPC
On 29.11.2018, IPTO served an extrajudicial document to PPC with which asks from PPC:
-to pay-off debts of € 495.3 million from PPC’s participation in the wholesale electricity market for the period January 2018 to
August 2018, which have become overdue, plus overdue interest.
-to pay overdue interest amounting to € 83.4 million arising from the overdue payment of PPC’s debts from its participation in
the wholesale electricity market for the period August 2016 to September 2018.
Claims relating to overdue receivables have been paid-off by PPC in previous years.
Claims relating to interest on overdue receivables, for which IPTO remained the beneficiary (after Law 4585/2018, art. 4), were
incorporated in IPTO’s later lawsuit, brought in 2021 (4
th
lawsuit).
B) 1st & 2nd Lawsuit of IPTO against PPC
On 28.02.2019, two IPTO’s lawsuits, no. ΓΑΚ/ΕΑΚ 10679/355/2015 and 10682/356/2015 (February 2015) against PPC for a total
amount of € 540.0 million, for amounts due from the Parent Company’s participation in the wholesale electricity market, were
discussed before the Multimember Court of First Instance in Athens. By its first lawsuit IPTO was asking for an amount of € 242.7
million (with interest) for amounts due which PPC collects from electricity bills and conveys to IPTO, that in turn conveys them to
EMO. By its second lawsuit, IPTO was asking for the payment of € 232.6 million (with interest) for amounts due which PPC collects
from electricity bills and conveys to IPTO.
Decision 944/2020 of the Multimember Court of First Instance in Athens was issued and was sent to PPC on 08.07.2020, which is
not provisionally enforceable and obliges PPC to pay:
- regarding the first lawsuit, to IPTO: a) the legal interest on the amount of € 188.3 million for the period from 03.02.2015 until
the payment of each of the invoices included in the lawsuit and paid after that date, and b) the amount of € 18.9 million with the
legal interest from the service of the lawsuit until the full repayment,
- regarding the second lawsuit, to IPTO: a) the legal interest on the amount of € 227.6 million for the period from 03.02.2015 until
the payment of each of the invoices included in the lawsuit and paid after that date, and b) the amount of € 40.3 million with the
legal interest from the service of the lawsuit until the full payment.
-to HEDNO: a) the legal interest on the amount of €5.0 million for the period from 03.02.2015 until the payment of each of the
invoices included in the lawsuit and paid after that date and b) the amount of €244.6 thousands with the legal interest from the
service of the lawsuit until the full payment.
Interests corresponding to these overdue receivables amount to € 62.0 million. PPC has filed an appeal against the above decision,
which was heard on 23.02.2023 before the Three-Member Court of Appeal of Athens and on 21.09.2023, Decision no. 4447/2023
was issued, which accepted PPC’s appeal and fully rejected IPTO’s two initial lawsuits. An appeal has been filed at the Supreme
Court by the parties against PPC and against decision 4447/2023 with filing numbers GAK/EAK 5538/537/2024, which has not yet
been notified to PPC and so we are not aware of a trial date. On its side, PPC has served an extrajudicial document to IPTO
(without the latter having answered), requesting the payment of a total amount of € 14.0 million for overdue interest on invoices
which incorporate debts to PPC from March 2012 until 02.02.2015.
C) 3d Lawsuit of IPTO against PPC
Οn 5.10.2017, a new (third) lawsuit (no.ΓΑΚ/ΕΑΚ 508791/2833/2016 and after the redefinition ΓΑΚ/ΕΑΚ 72442/794/2020) of IPTO
against PPC was discussed and furthermore re-discussed on 07.01.2021, due to a long delay in the issuance of a decision by the
first composition of the Athens Multi-Member Court of First Instance, by which IPTO asks PPC to pay an amount of € 406.4 million
(with interest) for overdue receivables arising also from PPC’s participation in the wholesale electricity market and specifically
relating to non-competitive charges of IPTOs’ invoices for the year 2015 - 2016.
Decision no. 1494/2021 of the Athens Multi-Member Court of First Instance was issued on this lawsuit, which rejected the claim
for interest. The interest corresponding to these overdue receivables, amounted to € 59.0 million. IPTO, together with HEDNO
and DAPEEP (who entered by law in part of the original claim) appealed against the above decision, which was discussed before
the Tri-member Court of Appeal of Athens on 13.10.2022 and on 29.06.2023 the non-final decision no. 3173/2023 was issued, by
which the appeal of the opposing parties was accepted.
By this decision, PPC is required to pay the above interest on overdue receivables, and the Court orders, for the issuance of a final
decision, the carrying out of an accounting expert opinion. On 12.12.2024 the accounting expert opinion was completed and was
submitted to the Court but is still pending the resumption of the discussion of the case with the care of the most diligent of the
parties, and the issuance of a final decision.




Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
510


47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
D) 4th Lawsuit of IPTO against PPC
On 31.12.2021 the lawsuit No. ΓAΚ/ΕΑΚ/106878/4124/2021 (new fourth lawsuit) was served to PPC by IPTO, as it was filed in the
Multi-Member Court of First Instance of Athens on 30.12.2021, by which IPTO requests PPC to pay:
a) an amount of € 78.2 million for interest on arrears, with legal interest from the service of the lawsuit until the full payment.
b) an amount of € 6.5 million for outstanding capital, with legal interest from the respective declared day, otherwise from the
notification, otherwise from the service of the lawsuit until the full repayment.
The above amounts relate to invoices issued by IPTO, that PPC allegedly did not pay or paid late and relate to the years 2016 to
2020. The proposals were submitted on 11.04.2022 and with an addition on 19.04.2022.
The case was discussed on 01.02.2024 and the decision ΠΠΑ 2549/2024 was issued which partially accepted the lawsuit. The
decision has not yet been served, PPC will file an appeal.
All the above amounts of overdue receivables of the lawsuits have been paid to date except for the interest for which the
Parent Company has established a provision in previous years.
5. Alleged claims of DAPEEP (former EMO) against PPC S.A. due to deficits of the Day Ahead Schedule (DAS)
Due to the deficits created by electricity suppliers ENERGA POWER TRADING S.A. and HELLAS POWER S.A. during the years 2011
and 2012, PPC was obligated under RAE’s Decision No. 285/2013 (whose legality was confirmed by the State Council’s decision
No.1761/2016), as well as by the Power Exchange Code for Electricity, to pay to EMO a total amount of € 126.3 million (after a
final clearing according to Article 61 of the Power Exchange Code for Electricity) within 2017.
A. Although EMO explicitly accepted the proposed debt settlement, in December 2016 filed a lawsuit against PPC asking the
(then) residual amount of € 78.0 million (with interest), which the Parent Company paid in 2017. In February 2017, PPC filed a
counter lawsuit asking EMO to be ordered to pay the amount of € 126.0 million (plus an amount of € 100 thousands for PPC’s
moral damages). On these lawsuits, the Multimember Court of First Instance in Athens issued the decision 4810/2018 which
accepted EMO’s lawsuit and rejected PPC’s counterclaim. PPC has filed a relevant appeal which was discussed after
postponement on 19.05.2022 (from initial hearing on 16.09.2021), before the 13th section of the Three-Member Court of Appeal
in Athens.
B. In December 2017, EMO sent to PPC two new Information Notes on the Allocation of Monthly Deficits of the Day Ahead
Schedule (DAS), totalling to € 833 thousand with which, EMO claimed that its new claims arose from the second settlement of
the Deficit for the years 2011 and 2012, due to the disappearance or insolvency of the previous third-party electricity suppliers
of that time.
In this context, in March 2018, PPC filed before the Multimember Court of First Instance in Athens its lawsuit against EMO,
requesting a declaration that it does not owe the above-mentioned amount and EMO to be condemned to pay an amount of €
50 thousand as compensation for PPC’s moral damages. In May 2018, EMO filed its counterclaim. The two opposite lawsuits were
discussed, and the Multimember Court of First Instance in Athens issued the decision No. 932/2020, which justifies EMO (now
DAPEEP), a reason for which a relevant appeal has already been filed, which was to be heard on 17.02.2022. It has been agreed
to postpone them for co-adjudication with the above initial case on 19.5.2022. The cases were discussed on 19.05.2022 and the
decisions MCFI 6663 & 6664/22 were issued, which PPC challenge before the Supreme Court.
6. Claims of third parties against real estate properties
As of December 31, 2024, there are claims from third parties against the Parent Company’s properties with a net book value of
€5.3 million (31.12.2023: €13.2 million) for which the Parent Company has established an adequate provision.
7. HEDNO lawsuits against PPC
HEDNO has so far filed 6 lawsuits against PPC seeking regulated charges and interest on them, the most important of which are
described below:




Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
511


47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
Lawsuit ΓAΚ/ΕΑΚ 121583/4693/2018
On 31.12.2018, the lawsuit No. ΓAΚ/ΕΑΚ 121583/4693/2018 (1st lawsuit) was served to PPC, requesting it to pay the total amount
of € 1.9 million with the legal interest of the lawsuit from the service of the lawsuit until full payment. This amount refers to
interest on arrears due to alleged late payment by PPC of invoices for the year 2013 issued by HEDNO. The case was heard on
1.10.2020, however due to non-issuance of a decision within 8 months and after the submission of a relevant letter of protest by
PPC to the Court of First Instance, the case was assigned to another judge by a decision of 19.04.2022 and received new No.
54481/799/2022. The case was re-heard on 10.11.2022 and on 01.11.2023 the decision No 3775/2023 was issued, which partially
accepted HEDNO’s lawsuit and condemned PPC to pay an amount of € 421,271.71 for overdue interest. This decision has not yet
been served to PPC. PPC with the ΓΑΚ/EAK 5351/4018/2024 appealed to the Court of Appeal against the part of the decision that
accepted the lawsuit, the discussion of which has been determined for 27.02.2025.
Lawsuit ΓAΚ/ΕΑΚ 115464/3775/2019
On 30.12.2019 the lawsuit No. ΓΑΚ/ΕΑΚ 115464/3775/2019 was served (2nd lawsuit), with which PPC is requested to pay to
HEDNO the total amount of € 1.4 million with the legal interest from the service date until full payment. This amount refers to
interest on arrears due to alleged late payment by PPC of invoices for the year 2014 issued by HEDNO. The case was heard on
18.11.2021 and on 18.02.2022 decision no. ΠΠΑ 417/2022 was issued which partially accepted the lawsuit of HEDNO and ordered
PPC to pay to HEDNO the amount of €1.2 million for interest on delayed payments. The decision was served to PPC on 05.05.2022.
PPC filed an appeal on 02.06.2022 with the trial date on 16.11.2023 and following a postponement, it was discussed on
18.04.2024 and a decision is expected.
Lawsuits ΓAΚ/ΕΑΚ 93423/2020 and 2989/2020
The case is a first instance case concerning the payment of interest on arrears due to delays in the payments of regulated charges
by PPC.
With this 3
rd
lawsuit, PPC is requested to pay interest on arrears amounting to €5.0 million (with legal interest from its delivery
on 31.12.2020 - until payment) relating to late payment of invoices of the disputed year 2015. This lawsuit was discussed on
26.05.2022 in the Multimember Court of First Instance in Athens and on 02.10.2023 the 3518/2023 decision was issued which
has partially accepted the HEDNO’s lawsuit and condemned PPC to pay the amount of € 4.6 million for overdue interest to HEDNO.
This decision has not yet been served to PPC. PPC with ΓAK/EAK 5354/4020/2024 appealed to the Court of Appeal against the
part of the decision that accepted the lawsuit, the discussion of which has been determined for 06.03.2025.
The above amount of interest relates to invoices for the following charges:
a) Distribution use charges, b) recovery of cost of purchase of electricity from RES in the NII, c) sale of electricity from PV rooftops
in the NII, d) ETMEAR in the NII, e) intra-group contracts SLAs, ie, repetitive projects, branded projects, supply transport services,
services to PPC customers, vehicle maintenance, PPC staff benefits.
Lawsuit ΓAΚ/ΕΑΚ 105062/4055/2021
On 29.12.2021, lawsuit No. ΓAΚ/ΕΑΚ 105062/4055/2021 (4th lawsuit) was served to PPC by HEDNO, which HEDNO filed before
the Athens Multi-Member Court of First Instance on 24.12.2021, requesting PPC to pay the total amount of € 22.5 million with
the legal interest from the service of the lawsuit until the full payment. No official trial date has been set. This amount refers to
interest on arrears due to alleged late payment by PPC of the invoices issued for the year 2016. Proposals were submitted on
04.04.2022 and an addition on 18.04.2022. The case was discussed on 01.02.2024 and the decision no ΠΠΑ 2311/2024 was issued
which partially accepted the lawsuit. PPC will file an appeal against this decision, which has not yet been served.




Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
512


47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
Lawsuit ΓAΚ/ΕΑΚ 128343/3501/2022
On 27.12.2022, the lawsuit No. ΓAΚ/ΕΑΚ 128343/3501/2022 (5th lawsuit) was served to PPC, filed by HEDNO before the Athens
Multi-Member Court of First Instance, with which it requests PPC to pay the total amount of € 16.9 million with the legal interest
from the service of the lawsuit until full payment. This amount refers to interest on arrears due to alleged late payment by PPC
of the invoices issued for the year 2017. The proposals were submitted on 19.4.2023 and the addition on 04.05.2023.
The case was discussed on 07.03.2024 and the decision ΠΠA 2487/2024 was issued which partially accepts the lawsuit, and it has
not yet been served to PPC. PPC will file an appeal.
Lawsuit ΓAΚ/ΕΑΚ 137044/3102/2023
On 27.12.2023, PPC was served with the lawsuit No. ΓAΚ/ΕΑΚ 137044/3102/2023 (6th lawsuit), filed by HEDNO before the Multi-
Member Court of First Instance of Athens, with which it requests PPC to pay the total amount of € 45 million with legal interest
from the service of the lawsuit until full payment. This amount concerns overdue interest due to the late payment by PPC of the
invoices for the year 2018. The proposals were submitted on 22.4.2024 and the addition on 8.5.2024 and the discussion has been
determined for 14.11.2024.
Lawsuit ΓAΚ/ΕΑΚ 231384/3454/2024
On 27.12.2024, PPC was served with the lawsuit No. ΓAΚ/ΕΑΚ 231384/3454/2024 (7th lawsuit), filed by HEDNO before the Multi-
Member Court of First Instance of Athens, with which it requests PPC to pay the total amount of € 29,544,381.19 million with
legal interest from the service of the lawsuit until full payment. This amount concerns overdue interest due to the late payment
by PPC of the invoices for the year 2019. The proposals were submitted on 22.4.2025 and the addition on 7.5.2025.
PPC’s lawsuit against ETAA/ Department of Engineers and Public Works Contractors (former TSMEDE)
1. ETAA/ Department of Engineers and Public Works Contractors (former TSMEDE) by its Decision 7/2012 has imposed on PPC
the amount of € 27.4 million by applying article 4 of L. 3518/2006, relating to employer’s contributions due to the main
pension branch for the period 01.01.2007 – 30.04.2012 and pertaining to the engineers insured before 01.01.1993 to the
above-mentioned Insurance Fund, that have been employed by PPC with a dependent work relationship for the above-
mentioned period.
Against the above mentioned 7/2012 decision of the Insurance Fund in question, PPC has filed legally and timely the 05.09.2012
appeal to the Athens Administrative Court of First Instance. The discussion of the appeal took place on 03.11.2014. The
preliminary ruling 11872/2016 was issued, which obliges TSMEDE to produce to the Court the documents referred to the
judgment and then the case will be discussed again in order to issue a final decision. The case was finally discussed on December
14, 2021 and the decision no. 4476/23 was issued in favour of PPC, however, e-EFKA has filed an appeal against this decision
before the Athens Administrative Court of Appeal, the hearing of this appeal had been set for 20 January 2025 and was discussed.
2. Certificate of debt 64784/2022
With the No. 64784/15.12.2022 Debt Confirmation Decision with no. prot. 595212/15.12.2022 of the Head of the 4th Pensions
Division of e-EFKA, which was notified on 21.12.2022, the amount of 16,072,423.50 euros (main debt 8,529,388.36 and additional
fees 7,543,035.14 euros) was attributed to PPC as differences in personal contributions for the Main Pension sector and employer
contributions in their entirety, as well as personal and employer contributions on Easter and Christmas gifts and leave allowance
for the period from 1.5.2012 to 31.12.2014, for the insurance settlement of the employees of PPC SA referred to in the said
decision.
Against the above debt certificate, we filed the appeal dated 16.2.2023 with no. Είσ. ΠΡ 1013/16.2.2023, which was supplemented
by the additional grounds dated 31.10.2023 with no. ΠΛ385/3.11.2023. On the above appeal, decision no. 8807/2024 of the DPA
(Department 30th Trim) was issued, which accepted the appeal due to its issuance by an unauthorized body, annulled the
contested act and referred the case to e-EFKA in order to carry out the legal proceedings. An appeal has been filed by e-EFKA
against this decision, the discussion of which has not yet been determined.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
513


47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
3. Certificate of debt 64785/2022
With the no. 64785/15.12.2022 Debt Confirmation Decision with no. prot. 595248/15.12.2022 of the Head of the 4th Pensions
Division of e-EFKA, which was notified on 21.12.2022, the amount of 12,586,811.10 euros (main debt 7,454,759.51 and additional
fees 5,132,051.59 euros) was charged to PPC SA as differences in personal contributions for the Main Pension sector and
employer contributions in their entirety, as well as personal and employer contributions on Easter and Christmas gifts and leave
allowance for the period from 1.1.2015 to 31.12.2016, for the insurance settlement of the PPC SA employee engineers referred
to in the said decision.
Against the above debt certificate, we filed the appeal dated 16.2.2023 with no. Είσ. ΠΡ 1011/16.2.2023, which was
supplemented by the additional grounds dated 31.10.2023 with no. ΠΛ384/3.11.2023. On the above appeal, decision no.
8810/2024 of the DPA (Department 30th Trim) was issued, which accepted the appeal due to its issuance by an unauthorized
body, annulled the contested act and referred the case to e-EFKA in order to carry out the legal proceedings. An appeal has been
filed by e-EFKA against this decision, the discussion of which has not yet been determined.
Similarly, on 21.12.2022, a debt certificate was submitted to the subsidiary DEDDIE (i.e. No. 64787/16.12.2022) for a total amount
of € 15.3 million, as differences between personal contributions in the main pension sector and employer contributions, as well
as contributions on the benefits for the period from 1.5.2012 to 31.12.2016 of its insured. The said appeal was discussed on
24.11.23 and decision no. 8.943/2024 of the Administrative Court of First Instance of Athens was issued, which annuls the decision
- certificate of debt. e-EFKA has filed an appeal against this decision, the hearing of which has not yet been determined.
Similarly, objections were filed against relevant enforcement procedures against PPC, HEDNO and their management (individuals)
over time. PPC’s requests for suspension have already been accepted by the Court of First Instance the decisions No 350/2023
and 351/2023 suspending the execution of the dept certificates No 7/2012, No 67784/2022 and No 67785/2022 on PPC's
applications for suspension. In addition, the Athens Administrative Court of First Instance has issued decision No 430/2023
suspending the execution of dept certificate No 67787/2022 on the suspension request of HEDNO.
Given that the employed engineers are compulsorily insured by the relevant insurance institution based on Law 4491/1966 and
the Group and the Parent Company pay the corresponding employer contributions on their behalf to the said insurance
institution, while the parallel insurance of the said engineers at ETAA is optional and is done at their choice, by paying the
corresponding insurance contributions provided for self-employed engineers, the Group and the Parent Company consider that
the chances of PPC and HEDNO’s appeals not being accepted are limited and no provision has been established.
Lawsuit of former EMO against HEDNO in which a notice was served to PPC
On 19.06.2017, HEDNO S.A. served a notice to PPC on EMO’s lawsuit against HEDNO S.A. With this notice HEDNO S.A. requested
PPC S.A. to intervene in favour of HEDNO S.A. in the court in which EMO claims from HEDNO S.A. overdue amounts from invoices
issued. In particular, EMO S.A. with its lawsuit claims amounts with interest from partially paid and unpaid invoices which
incorporate receivables from the RES Special Account in the Non-Interconnected Islands (mainly debts from ETMEAR, PVs on
rooftops, RES Generation in the Non-Interconnected Islands and balancing of the Special Account in the Non-Interconnected
Islands). The claim from EMO’s part amounted to approximately € 140.0 million, while interest due for late payment amounted
to € 3.9 million.
The Multimember Court of First Instance in Athens, with its decision No.ΠΠΑ1302/2019, rejected in favor of PPC HEDNO’s notice
to PPC as unlawful considering that there is no relationship of procedural guarantee between HEDNO and PPC, and that, on the
contrary, the only relationship that binds them is a contractual one. In particular, the Court considered that according to the NII
Code there is no obligation of PPC to pay-off HEDNO’s lenders other than PPC’s contractual obligations towards HEDNO regarding
the timely payment of invoices under the NII Load Representatives contract.
HEDNO filed an appeal before the Three-Member Court of Appeal in Athens that was discussed on 22.09.2022 and the decision
n. 2643/2023 was issued. With its 2643/2023 Decision, the Court of Appeals confirms what the Court of First Instance had
previously ruled with its 1302/2019 Decision, namely that no procedural guarantee between the notified party (PPC) and the
notifying party (HEDNO), is founded and, on that ground, HEDNO’s notice to PPC is unlawful. In particular, according to the legal
framework governing the relationship of the parties -notably the Non-Interconnected Islands Code-, beyond the contractual
obligations of the notified company regarding the timely payment of invoices, PPC S.A. is not required to pay off any lenders of
the notifying party HEDNO S.A. in case of the breach of the contractual obligations.
Thus, this claim must be rejected as unlawful. The Decision has not been officially notified between the litigants.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
514


47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
Corrective settlements of IPTO, concerning the Special Account of art. 143 L. 4001/2011
According to L.4152/2013, RES energy purchases in the Interconnected System are paid through the market operation, on the
higher amount of either their revenue from DAS plus Deviations or the value of energy they inject to the system multiplied by
the weighted average variable cost of the conventional thermal power plants. This amendment started being applied from August
14, 2013, when RAE’s Decision No. 366/2013 was published in the O.G., amending the relevant articles of the Power Exchange
Code and specifying the methodology of calculations, with which the provision of the law was implemented.
In October 2013, IPTO sent to PPC S.A. corrective clearing statements for months May, June, July and part of August of 2013,
totalling to an amount of € 48.2 million, which was derived from the retrospective application of the relevant methodology. PPC’s
lawsuit against IPTO for the invoices in question was accepted by the Multimember Court of First Instance in Athens (Decision
No. 2260/2016) and is considered that PPC does not have to pay the invoices issued totalling € 54.4 million, which incorporate
claims for the weighted average variable cost of the conventional thermal power plants for the months May to August 2013. IPTO
(which, in the meantime, was substituted in this claim by DAPEEP) filed an appeal which was finally dismissed by the Court of
Appeal in Athens with its decision 4928/2020. Finally, an appeal was filed by DAPEEP, before the Supreme Court, which was
discussed on 15.01.2024 and on which the AΠ 738/2024 Decision was issued. With this, the Court rejects DAPEEP's appeal and
irrevocably confirms the first instance judgment regarding PPC's lack of obligation to pay the disputed tariffs. The case has been
settled by the Supreme Court and in the last instance.
Lawsuits from EKPIZO and INKA against PPC S.A.
In May 2022 (04.05.2022 and 05.05.2022) two (2) collective lawsuits (article 10 par. 16 of Law 2251/1994) were served to PPC
S.A.:
a) of the non-profit Union with the name NION OF CONSUMERS THE QUALITY OF LIFE (hereinafter "EKPIZO") and
b) of the Second level Consumer Union under the name of “INKA - GENERAL CONSUMER FEDERATION OF GREECE (GCFG)” and
of the First level Consumers' Union with the name CONSUMERS UNION OF AETOLOAKARNANIA PREFECTURE (hereinafter
"Unions").
Both lawsuits concerned the cessation of the application of the Supply Charge Adjustment Clause to residential variable tariffs
and the cessation of formulation and use of its terms in electricity supply contracts by PPC.
In addition, the lawsuit of 05.05.2022 was also directed against a) PPC ZEUS DESIGNATED ACTIVITY COMPANY and b) PPC ENERGY
FINANCE DESIGNATED ACTIVITY COMPANY, companies managing receivables from the electricity supply contracts.
The lawsuits were heard on 06.07.2022 and decisions no. 67/2023 and no. 68/2023 of the Multi-Member Court of First Instance
of Athens were issued on 02.03.2023 respectively, which ruled, among other things, in favor of the legality of the Supply Charge
Adjustment Clause applied by PPC. Within a period of one month, an appeal may be filed against the service of these decisions
before the Athens Court of Appeal.
An appeal was filed within the deadline against decision 68/2023 concerning EKPOIZO, while no appeal was filed against decision
67/2023 concerning INKA within the deadline and it appears to be final.
Legal Claim by PPC of Public Service Obligations (PSO)
With RAE’s decision 1526/2011 "Calculation of the Annual Compensation for the Coverage of the Costs of PSO for the year 2011"
(OG B' 2991/28.12.2011), the compensation of the Public Service Obligation ("PSO") for the year 2011 was determined at an
amount of €681.7 million. This amount had to be recovered in 2012, by virtue of the heterochronism system that was in force at
that time. In 2012, however, PPC recovered only the 2012 PSO compensation, due to the change in the recovery system of PSO
compensations established by art. 36 of Law 4076/2012, which was incorrectly interpreted by RAE with its opinion 10/2017. Thus,
the 2011 PSO compensation was not recovered. PPC then filed, from 31.10.2018, a compensation claim against the Greek State
for the 2011 PSO before the Administrative Court of First Instance of Athens.
On 30.10.2019, L.4635/2019 was published, in which Article 16 authorized RAE to determine the PSO compensation due for the
period 2007-2011 that had not been paid to PPC. Pursuant to this provision, RAE issued on 1.11.2019 the decision 1019/2019
(OG Β΄4583/2019), by which it determined as due, only the amount of € 194.6 million, which was collected by PPC for the PSO
compensation of the period 2007-2011.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
515


47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
PPC appealed this decision before the Athens Administrative Court of Appeal and a decision numbered 2917/2023 was issued
whereby the Court postponed the issuance of a final decision for the reasons stated in the decision and set a new hearing for the
discussion of the case on 11.6.2024 which was postponed for January 21, 2025, was discussed and a decision is expected.
On the 31.10.2018 compensation claim against the Greek State, a decision number 14383/2023 was initially issued by virtue of
which the issuance of a final decision was suspended until a final decision is published by the Athens Administrative Court of
Appeal on the above 10.6.2020 appeal of the PPC against the of RAE decision 1019/2019, discussed on 11.6.2024 and after
postponement to 21.1.2025. Subsequently, and because the Administrative Court of First Instance of Athens reinstated the above
action with its summons number KL 1358/2024, even though no decision had yet been issued on the above appeal of PPC against
RAE decision 1019/2019, on 19.4.2024 the lawsuit in question was discussed again and the decision numbered 7243/2024 of the
Administrative Court of First Instance of Athens was published, which once again postpones the issuance of a final decision, until
a final decision is published by the Administrative Court of Appeal of Athens on the above pending before PPC's appeal against
the 1019/2019 decision of the RAE.
With the passing of the provision of article 69 of Law 4876/2021, RAE was authorized to "clear in full" with a decision that it
should issue within 3 months from the entry into force of this law, "debts from Public Services Obligations of past years, which
relate to the years before the entry into force of article 36 of Law 4067/2012 (A' 79) and have not been fully recovered".
Former Bank of Crete
The dispute with the former “Bank of Crete” is dating back to 1989, when the bank was under liquidation. More precisely, by a
mandatory action of the then Trustee of the Bank, PPC’s deposits were mandatorily converted to stake-holding in the share
capital of the Bank and to obligatory credit to the Bank. PPC filed a lawsuit in 1991 against the bank asking to be compensated
for GRD 2.2 billion approximately, (€ 6.5 million) because the above-mentioned Act of the Trustee of the Bank was held invalid.
Moreover, PPC had outstanding loan balances, received under six (6) loan agreements for which it was agreed upon to be repaid
gradually through instalments. However, on June 10th, 1991, although PPC has paid the overdue instalments, the Bank has
terminated all the above-mentioned loan agreements and thus on that date the claim against PPC became overdue for the whole
amount of the loans.
For that reason, in the context of hearing of PPC’s above mentioned lawsuit, the Bank proposed before Court an offset of its claim
resulting by the above-mentioned loans, amounting to GRD 4 billion approximately, and furthermore has asked the payment of
this amount by PPC by a lawsuit in 1995.
After a series of court decisions, the case was heard at the Supreme Court on March 9, 2020, and on July 12, 2022, the no.
1272/2022 decision of the Supreme Court where it rejected PPC's appeal, in which case the admissions of the Court of Appeal's
decision (3680/2014) became binding also for the court that has heard the second action, i.e. the Bank's action against PPC.
Eurobank (as the successor of the above-mentioned Bank of Crete under liquidation) reinstated with a summons the Bank of
Crete lawsuit of 1995, which was to be heard on 19.09.2024 and was postponed by the plaintiff to November 2024. The content
of the summons included the same requests that were included in the lawsuit of the Bank of Crete against PPC dated 28.12.1995,
due to the termination of the loan agreements by the Bank on 10.6.1991, i.e. a demand of approximately 4 billion drachmas, with
default interest of 28% ( but with different starting times of interest per loan amount, from the year 1993 to the year 1995) and
with compound interest every three months until full repayment.
Following an out-of-court settlement with Eurobank, signed on 15.12.2024 and approved by the PPC Board of Directors (decision
no. 119/12.12.2024) and by the Bank's Board of Directors (BoD’s record 18.12.2024), it was agreed that, PPC would pay the Bank
the one-time amount of €17 million by 30.12.2024 and the Bank would waive the petition and the right to the above-filed lawsuit
against PPC, with a parallel declaration by the Bank that it has no further claim against PPC for the reasons stated in the Bank's
above lawsuit and in decision no. 3680/2014 of the Athens Court of Appeal.
In execution of the above agreement, PPC paid Eurobank the amount of €17 million on 20.12.2024 and subsequently, the Bank,
with the 30.01.2025 writ of waiver of writ and right, filed with the Multi-Member Court of First Instance of Athens on 17.02.2025
with General Filing Number 38115/2025 and Special Filing Number 51/2025 and served on PPC on 18.02.2025, waived the writ
and its right of 29.12.1995 with General Filing Number 500005/1995 and Special Filing Number 12187/1995 of its lawsuit against
PPC. This case is now closed.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
516


47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
PPC’s claims from HALYVOURGIKI S.A.
In September 2024, after and in favor of PPC that of September 19, 2023 (ref. no. 71 /2023) Decision of the Paris Court of Appeal
on the annulment action of "HALYVOURGIKI SA" against PPC and against the (May 2021) Decision of the Arbitration of ICC
(INTERNATIONAL COURT OF ARBITRATION) on the appeal of "HALYVOURGIKI SA" against PPC from February 15, 2019, PPC
received a "Certificate of Non-Exercise of Remedies" issued by the Supreme Court of Cassation of Paris, by which it is certified
that, the aforementioned Decision of the ICC Arbitration on the 15 February 2019 appeal of "HALYVOURGIKI SA" against PPC,
with which "HALYVOURGIKI SA" requested to be paid the amount of €270 million for collateral damage plus €1 million for moral
damage, after court costs and legal expenses and which was dismissed in its entirety by the said ICC Arbitral Tribunal by
condemning "HALYVOURGIKI SA" to court costs and legal expenses, has now become irrevocable.
Pricing of High Voltage Energy:
Cases C-701/21 and C-739/21, Mytilineos S.A – Group of Companies (now Metlen Energy & Metals) and European
Commission against PPC S.A.
On 22.02.2024 the Court of Justice of the European Union issued a decision for the above cases concerning the appeals of
Mytilineos S.A. – Group of Companies and the European Commission respectively against a first-instance decision (of 22.09.2021)
of the General Court of the European Union which had vindicated PPC (T-639/14 RENV, T-352/15 & T-740/17), had accepted the
appeals brought by PPC and had annulled each of the three decisions, with which the Commission had rejected the two
complaints of PPC against the state aid in Mytilineos which arose, initially, from the decision of RAE which had imposed on PPC
to sell electricity to Mytilineos at a price which, according to PPC, was below the cost of electricity and, subsequently, from the
31.10.2013 under No. 1/2013 decision of the special arbitration court in RAE, which had imposed an even lower price on PPC.
With its decision of 22.02.2024, the Court annulled the above-mentioned first-instance decision and referred the case to the
General Court of Justice which decided on those reasons, which PPC had raised with its appeals and the which it had not
examined.
With the referral of the case to the General Court, and particularly for the issues on which the General Court has been called
upon to rule, the decision of the Court of 22.02.2024 in no way leads to a definitive solution to the dispute and a retrial on the
substance of the case before the General Court. is expected. Subsequently, the General Court, with its letters of 07.03.2024 and
08.03.2024, invited the Parties in Cases T-639/14 RENV II, T-352/15 RENV and T-740/17 RENV to submit their observations
following the referral of the cases in question by the Court's decision of 22.02.2024. PPC submitted its observations on time and
requested that the General Court 1) deem PPC's appeals in each of the three Cases T-639/14 RENV II, T-352/15 RENV and T-
740/17 RENV as well-founded, 2) cancel, the First Contested Decision and the Second Contested Decision respectively and 3)
order the Commission and Mytilineos to pay the legal costs of PPC in the context of Joined Cases C-701/21 P and C-739/21 P. The
decision of the General Court is awaited.
Judgement of a tax dispute case for the years 2006-2008
In July 2011, the final audit reports of the Company’s tax audit for the years 2006 – 2008, as far as the Income Tax is concerned,
were released after a relevant decision of the Ministry of Finance that electricity benefit from the personnel electricity tariff to
the Group’s employees and pensioners “constitutes the Company’s own discretion and free will and cannot be deducted from its
gross revenue”. The difference between the tariff for residential use and the personnel tariff to the Group’s employees and
pensioners for the years 2006-2007-2008 amounted to €107 million that were included in the taxable income of PPC. Given that
PPC in the years 2006-2008 had tax losses which were carried forward to year 2009, a Partial Tax Audit Report was issued for the
year 2009, as a result of which a tax amount of €26.7 million plus surcharges amounting to €9.1 million (Total amount: €35.8
million) was charged to PPC for the year 2009.
Against the Audit Reports for the years 2006 – 2008, an appeal was brought to the Administrative Court of First Instance of
Athens, which was dismissed for formal reasons pursuant to the no.10769/2016 decision. Then, in 2017, a second appeal with
the same content was brought again (registration no. ΠΡ10518/2017), which was discussed on 19.10.2022. On this second appeal,
published on 16.11.2022, under decision no. 15884/2022, by which the issuance of a final decision was postponed, until the
publication of the decision of the Plenary of the Council of State on the referral decision no. 2460/2021 of its 6th Section, which
would judge whether the possibility of a second appeal is in accordance with the Constitution. Subsequently, the decision no.
1828/2023 of the Plenary of the Council of Ministers, which deemed constitutional the procedural arrangements regarding the
possibility of a second appeal, when the first has been rejected for a formal reason. Following this, we await the appointment of
a new trial in which the above second appeal of PPC SA will be discussed again.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
517


47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
An appeal was filed against the Partial Tax Audit Report for the year 2009 before the Athens Administrative Court of Appeal. With
the filing of the appeal, the 50% of the debt was suspended and the Parent Company paid an amount of €17.9 million. The
Administrative Court of Appeal accepted the appeal of PPC SA with decision no. 5677/2013. Following this, the Greek State
returned to PPC the amount of €17.9 million. Subsequently, the Greek State appealed against the decision of the Athens
Administrative Court of Appeal, which was accepted by virtue of decision no. 289/2022 of the Council of State, which, however,
did not examine the stated legal issue as to its substance.
As a consequence of this, on 11.11.2022 PPC was once again served with a partial Tax Audit Report under no. 174/201, where an
amount of €47.4 million plus surcharges of €17.8 million, totaling to €65.2 million was marked as certified, which was settled
through netting off receivables from the Greek State within 2022 of €56.7 million and within 2023 of €8.5 million.
PPC SA filed before the Administrative Court of First Instance of Athens on 12.12.2022 an appeal for the suspension for all the
cash certificates as well as a contested appeal on 12.12.2022 before the Dispute Resolution Department against the imposition
of the additional tax. The above-mentioned objection was discussed before the Administrative Court of First Instance of Athens
and a decision is expected. The obvious appeal was rejected and against the rejection decision an appeal was filed το the
Administrative Court of First Instance of Athens and a decision is expected.
Although PPC cannot exercise legal remedies against the decision of the Council of State, it can nevertheless claim the return of
the imposed tax differences, in the event that its pending appeal before the Administrative Court of First Instance of Athens,
concerning the years 2006 - 2008 is accepted.
For those tax differences, the Parent Company had established in previous years a provision for this case amounting to €57.1
million and as result, the results for the year 2022 were burdened only for the remaining amount of €8.1 million.
Lawsuit against the Hellenic Capital Market Commission
The Group (through its subsidiary HEDNO) at each balance sheet date calculates based on an estimation method the Network
Usage Fees related to the consumed and unbilled energy for the non-monthly metered connections in the Non-Interconnected
Network of Low Voltage. This estimate was invoiced by HEDNO to the electricity providers and in the next period the relevant
settlement was carried out. The specific procedure was done on a monthly basis due to the specific obligations of the relevant
department based on RAE guidance and the additional role it has in the energy market in non–interconnected islands.
On the contrary, for the non-monthly metered connections of Low Voltage in the Interconnected Network, due to the complexity,
the significant number of connections, but also the different obligations of the Company in the Interconnected Network and the
way of pricing the relevant Network Usage Fees, HEDNO and as well the Group did not recognize a corresponding provision of
accrued income until the year ended 31.12.2019.
During the year ended 31.12.2020, HEDNO re-examined the method of recognizing the revenue from Network Usage Fees in the
Interconnected Network, in order to reflect those revenues that correspond to the consumed and unmetered energy and which
has not been invoiced for those connections.
Based on the specific estimates (Note 44 of the annual financial statements of PPC as of 31.12.2021), it was concluded that the
Group's retained earnings as of December 31, 2019 appear underestimated, as the revenue accrual mentioned above was not
recognized. In addition, the Parent Company did not recognize part of the accrued income as the owner of property, plant,
equipment of the distribution network sector and respectively the accrued expense for the payment of distribution network
usage fees as electricity provider to HEDNO.
In the Group’s and the Parent Company’s financial statements as of December 31, 2020, there was no restatement of the figures
of the comparative period for the above adjustment that took place, as the effect of the non-restatement on the financial figures
of the Group and the Parent Company was not considered significant and especially on "EBITDA" and "EBITDA Recurring", which
are the ratios that have been evaluated by the Group and the Parent Company as the key ones used by the main users of the
financial statements to evaluate the Group’s and the Parent Company’s financial performance.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
518


47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
With the letter dated 1.2.2022, the Hellenic Capital Market Commission requested the Parent Company (PPC SA) to proceed with
the restatement of the relevant figures in the Group’s financial statements of December 31, 2021, in accordance with the
provisions of IAS 8. The Group and the Parent Company keep their position that their initial judgement is correct, that the effect
of the non-restatement does not meet the criteria of significance and do not agree with the request by the Hellenic Capital Market
Commission toward the Parent Company to restate relevant figures and have already challenged the above act before the
competent courts.
Exclusively, for the avoidance of imposition of sanctions against them, the Group and the Parent Company proceeded to restate
the relevant comparative figures in the financial statements of December 31, 2021, reserving all their rights and especially their
right to request the cancellation of the above action.
Therefore, and in accordance with the above, the Group and the Parent Company restated the comparative amounts of the
previously presented periods in their financial statements of the year ended 31.12.2021, with the earlier of the presented periods,
i.e. 01.01.2020.
The trial of the case was initially set for 18.11.2022. Four adjournments followed and a new hearing was set for 14.6.2024 which
was postponed to 18.10.2024 and with a new adjournment a new trial was set for 24.01.2025 which was postponed to
23.05.2025.
PPC’s relation to its personnel’s Social Security Funds
Despite the fact that under the current legislation the Group does not have any obligation to cover in the future any deficit
between revenues and expenses to PPC’s personnel Social Security Funds, there can be no assurance that this regime will not
change in the future. PPC S.A. has not established a provision for the subject in question.
PPC’s audit by the European Commission's Directorate-General for Competition
In February 2017, the European Commission's Directorate-General for Competition conducted a drawn raid audit to PPC in
accordance with Article 102 of the Treaty on the Functioning of the European Union Regulation
and pursuant to the relevant decision of the Commission dated 01.02.2017, for alleged abuse of a dominant position on the
wholesale market for the generation of electricity from 2010 and onwards.
In March 2021, the European Commission announced that it has opened a formal antitrust investigation to assess PPC's activity
in the Greek wholesale electricity market.
On 07.02.2024 the European Commission sent PPC a statement of objections regarding alleged aggressive pricing in the Greek
wholesale electricity market, alleging that PPC violated EU antitrust rules by selling electricity in the Greek wholesale market
below cost in order to impede competition, for the period from 01.07.2013 to 31.12.2019.
On 24.07.2024, the hearing was held before the European Commission. The investigation is ongoing and the outcome and
potential financial impact on the company cannot be estimated at this time, due to the inherently uncertain nature of
investigations into possible infringements of competition rules.
ENVIRONMENTAL OBLIGATIONS
Key uncertainties that may impact the final level of environmental investment which the Group will be required to undertake,
over the forthcoming decade, include:
1. With the Decision E' 144/2024, an application against the Decision on the Approval of the Environmental Conditions (AEPO)
of the Project is rejected and its legality is confirmed. Also, on 27.01.2023 a Partial Installation Permit for Mesochora HPP
was issued.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
519


47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
Based on the actions to date by the competent local Agencies and Authorities, regarding the fulfillment by PPC of the
Conditions of the AEPO, which are a condition for the Blocking of the Diversion Tunnel, the possibility of blockage and the
beginning of filling the Reservoir, are placed within 2028, with estimated operation of the project in the end of 2028.
However, it should be noted that the effort made by PPC S.A continues so that, in cooperation with the State and the
competent Agencies and Authorities, the blockage to become possible earlier. The total cost for the project as of December
31, 2024 (after impairments of € 8 million) amounted to € 284.7 million.
2. In December 2010, the new Directive (2010/75/EU) was issued for industrial emissions (Industrial Emissions Directive – IED),
revising Directives IPPC and 2001/80/ EC, which is effective from January 6th, 2011.
With the end of the Transitional National Emissions Reduction Plan (TNERP), i.e. on 30.06.2020, Units I and II of Ag. Dimitrios
were included in a restricted operation regime (from 01.07.2020, 1500 hours per year as a rolling average of five years),
while in Units III, IV and V the necessary environmental investments have been completed for the continuation of their
operation.
Ptolemaida, Amyntaio, and Kardia stations, as well as Units I-II & III of Megalopolis station, have already ceased operations
permanently.
3. Within the framework of Directive 2010/75/EU and after the issuance of the legally binding conclusions of the revised Manual
on the Best Available Techniques for Large Combustion Plants (executive decision EU 2021/2326 published on 20.11.2021),
the required investments in the thermal plants were examined.
To this date, requests for deviation from the emission levels of ΕΑ 2021/2326/ΕU have been submitted based on Article 15.4
of the IED for specific Units taking into account, inter alia, their remaining life, for which PPC has received the approval of the
Ministry of Environment.
The Directive (2010/75/EU) has been recently revised by Directive 2024/1785/ΕU. Greece must adopt the necessary laws,
regulations and administrative provisions to comply with the new directive no later than 1 July 2026. PPC SA monitors the
developments and analyzes possible effects in order to take the necessary compliance actions in a timely manner.
4. On November 28, 2015 Directive 2015/2193 of the European Parliament and the Council of November 25, 2015 was published
in the Official Journal of the European Union, on the limitation of emissions of certain pollutants into the air from Medium
Combustion Plants, regardless of the type of fuel used and PPC SA took all necessary measures for its timely compliance. For
existing units in Small Isolated Systems, compliance with the new Emission Limit Values is expected from 01.01.2030 onwards.
The provisions of the directive to limit the emissions of certain pollutants into the atmosphere of Medium-sized Combustion
Plants (MCPD) are thoroughly examined by the competent Services of PPC, so that, in cooperation with the co-competent
authorities of the country, appropriate strategies for the electrification of the islands can be promoted in a timely manner
with technically and economically viable solutions, which must also be implemented in a timely manner, and in any case
before the expiry of the provisions of the Directive deadlines. For existing units in Small Isolated Systems, compliance with
the new Emission Limit Values is foreseen from 01.01.2030.
Within the period 2020-2030, almost all the islands of the Aegean will have been interconnected, starting with the
interconnection of Crete, in accordance with the Ten-Year Development Program 2021-2030 of IPTO and the National Plan
for Energy and Climate (ESEK), while any remaining electricity generation units will operate as a backup only in case of
emergency in accordance with the provisions of the Directive for these cases. It is noted that already in the first months of
2018, the interconnection of Syros, Mykonos and Paros with the continental system has been completed and these units are
now in reserve.
5. The extent of land contamination is assessed by PPC for its liable facilities, following the provisions of art. 22 of Directive
2010/75/EU and Environmental Terms Approval taking all appropriate precautionary measures. Indicatively, it is mentioned
that the necessary basic reports were submitted to the Ministry of Environment.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
520


47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
6. PPC has performed studies on the presence of asbestos-containing materials, at its facilities and any dismantling/ removal of
materials containing asbestos from PPC’s facilities is carried out by companies properly licensed for this purpose.
7. In view of PPC’s decarbonization project and the relevant provisions included in the AEPO of the facilities that have already
permanently ceased operation, PPC is proceeding with withdrawals and rehabilitation of Lignite Units, mine rehabilitation,
as wells as the utilization of materials and equipment. Already, complete rehabilitation studies have been submitted and
approved by the licensing authority of the Ministry of Environment for the units Kardia (I-IV), Amyntaio (I-II), Ptolemaida (I-
IV), LIPTOL, Lavrio (I-III), while the approval for the restoration of Aliveri (I- IV) is still pending. A restoration study has also
been submitted to the Ministry of the Environment for the unit Megalopolis. Reclamations of the areas of the Western
Macedonia and Megalopolis mines continue to be implemented, in order for them to be assigned to post-lignite uses.
8. In the same context, after the submission of an AEPO (Decision Approving Environmental Conditions) amendment file for the
Amynteo-Lakkia’s mine and updates for the Ptolemaida and Megalopolis’ mines Environmental Impact Assessment (EIA)
studies the relevant new AEPO have been issued. Also, an Environmental Impact Assessment (EIA) Amendment File for Kleidi
mine is being prepared. These studies include a mining planning corresponding to the decarbonization project, provisions for
mines closure and their final reclamation, in order for their lands to be assigned to post-lignite uses.
In addition to the other environmental obligations arising from the approvals of environmental conditions of the Production
Stations and Mines, in 2019 PPC voluntarily undertook the obligation to proceed with the dismantling or alternative utilization
of the facilities of all Production Stations and Mines and removal of their equipment, when these facilities cease to operate,
as well as in the restoration of land areas.
For this obligation, the required provisions amounting to € 483.5 million were recognized on December 31, 2024 (31
December 2023: € 480.4 million) for the Group and the Parent Company (Note 38).
9. PPC comes under the ETS II provisions for the quantities of natural gas sold in the retail market and the fuels used for
electricity production in energy plants that do not fall under ETS I (categories (i) and (ii) of article 3la of JMD no.
86227/2245/2024, Government Gazette 4674/B/2024). For these activities, in December 2024, PPC obtained a "Greenhouse
Gas Emissions Permit" (GHG) for the period 2025-2030. As part of its obligations, PPC will submit to the competent
authorities, by April 30, 2025, a report on its historical emissions for the year 2024. From 2026 onwards, PPC will submit a
verified report of emissions for the previous year. From 2028, once annual verified emissions are reported for the previous
year, an equivalent number of allowances will be surrendered by 31 May of the same year.
INVESTMENTS
Metsovitiko Hydroelectric Power Plant (HPP)
Metsovitiko HPP of an installed capacity of 29 MW is expected to enter commercial operation in the second half of 2025 and the
outstanding price of the two main contracts as of December 31, 2024 amounts to € 8.0 million (31.12.2023: €10.1 million).




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
521


47.COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
A new Steam Electric Unit 660 MW in Ptolemaida
With the Contract No 11 09 5052, that entered into force on 29.03.2013, TERNA S.A. was awarded the execution of the Project:
"SES PTOLEMAIDA - Engineering, procurement, transportation, installation and commissioning of a new steam Unit V of 660 MW
gross power, firing pulverized lignite and capable to supply 140 MWth thermal power for district heating", for a contractual price
of €1.388 billion. Following the issuance of Supplements No1, No2, No3, No5 and No6 (No3, No5 refer to district heating, and
No6 incorporates the result of the Amicable Settlement procedure between PPC and the Contractor as approved by the BoD of
the Parent Company) the total contractual price amounts to € 1.4 billion.
In November 2022, the unit was put into trial operation and as of October 9, 2023, it was transferred from assets under
construction to the fixed assets used in operation according to the protocol of commencement of commercial operation signed
with the project contractor.
The outstanding balance of the main Contract as of December 31, 2024 amounts to €10,6 million and mainly concerns spare parts
of fixed assets while the outstanding balance of Supplements No 3 & No 5 (concerning district heating) on December 31, 2024
amounts to € 0.6 million and € 0.1 million, respectively.
The Unit “SES Ptolemaida V” was granted an operating license and the permission to participate in the Emission Trading Scheme
from March 6, 2024 on the basis of the competent Ministry relevant decisions, and it was registered in Unit Register of the System
Operator on May 21, 2024.
A new natural gas Unit of 840 MW capacity
PPC S.A. purchased on December 20, 2022 the 51% of the shares of the Company “Power Generation Alexandroupolis Sole
Shareholder S.A.” from the company Damco Energy paying an amount of €3.2 million. The remaining shareholders of the
company are DEPA Supply with 29% and Damco Energy with 20%. The new subsidiary company plans the construction and
operation of a new natural gas-fired power plant, with a nominal capacity of 840 MW, in Alexandroupolis. The new unit will be
directly connected to Gastrade's under construction Floating Natural Gas Storage and Gasification Unit (FSRU). The equipment
that will be installed in the unit will be able to burn hydrogen and will be able to operate with mixed gas fuel.
The project has received the Decision of Approval of the Environmental Conditions (AEPO) and its construction works started at
the end of 2022 while it is expected to be completed in the fourth quarter of 2027. The contract price of the project after revisions
at the beginning of 2024 amounts to €393.9 million while the outstanding balance is €180.1 million on December 31, 2024.
Research, Development and Exploitation of Geothermal potential
PPC Renewables has leased from the Greek State the Research and Management rights of the geothermal potential of four public
mining sites: a) Milos-Kimolos-Polyaigos, b) Nisyros, c) Lesvos and d) Methana.
In agreement with the associate company GEOTHERMAL TARGET II S.A., which took on the development of geothermal power
plants in the aforementioned areas, the development programme that was foreseen for recent years has progressed. Currently,
geophysical surveys are being completed in the field of Lesvos, and design studies are being carried out for the construction of a
small geothermal power plant in Lesvos, which is expected to be operational by 2025. Within days, the Environmental Impact
Assessment (EIA) for conducting exploratory drilling in Milos will be submitted for approval, with operations expected to
commence within the first semester of 2025. The Environmental Impact Study (EIS) for the conduct of exploratory drilling in Milos
has been submitted for approval, the tenders for the construction of which are expected to be announced within the first half of
2025. At the same time, contracts have been concluded with consulting companies for the evaluation of the research results and
the investigation of the most suitable locations for the execution, in principle, of deep geothermal exploratory drilling in the three
other areas, with the expectation of the subsequent productive exploitation of the geothermal potential.
The total capital expenditures of the geothermal projects of the PPC Renewables Group in 2024 amounted to € 0.8 million.
Wind Parks
Construction works for the Doukas Wind Park, by PPC Renewables, “DOUKAS WIND PARK SOLE SHAREHOLDER S.A.”, with a
capacity of 26MW of a total budget of €31.6 million, in “DOUKAS” location of St. Anargyroi, Kleisoura and Lehovo locations of
the Municipalities of Kastoria and Amyntaio, of the prefectures of Kastoria and Florina in the Region of Western Macedonia,
started in September 2022. Construction works are expected to be completed in 2025.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
522


47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
Construction works for the Koukouli Wind Park, by PPC Renewables, “KOUKOULI WIND PARK SOLE SHAREHOLDER S.A.”, with a
capacity of 13.2 MW, of a total budget of €17 million, in the “Koukouli-Grivas” location in Shiatista of the Municipality of Voi, of
the Kozani prefecture in the Region of Western Macedonia, started in September 2022. Construction works and the electrification
of the park were completed in March 2024.
Construction works for the Karkaros Wind Park, by PPC Renewables, “ALTERNATIVE POWER & ENERGY ALPENER SINGLE MEMBER
S.A.” with a capacity of 36.4 MW of a total budget of €45.5 million, in the “Karkaros” location of the Municipality of Delfi of the
Fokis prefecture, started in January 2024. Construction works and electrification are expected to be completed in 2025.
The EPC Contract for the construction of a wind power plant with a maximum installed capacity of 35.4 MW in the Timenio Oros
location of Arcadia and Argolis prefectures, as well as the road construction and electrical interconnection projects of the plant
with the National Electricity Transmission System with the construction of a new substation 33/150kV Timenio Oros, was signed
in October 2024. Construction works are expected to start in the first quarter of 2025.
Regarding the new Wind Park with a total nominal power of 60 MW in the locations of Gerakas (15 MW) and Milia-Kapetanios-
Livadokorfi (45 MW) of the Rodopi prefecture, 2 BoP Contracts were signed in December 2024. The first BoP Contract includes
the infrastructure works of the Wind Park, the Connection of the Park to the New 33/150 kV Organi Substation and the
construction of a High Voltage transmission line to connect the Organi Substation to the KYT Nea Santa in the Rodopi Regional
Unit. The other BoP Contract includes all works related to the supply, installation and commissioning of the new 150/33 kV
Outdoor Type Substation in Organi location of the Rodopi prefecture, the new cable section of the 150 kV transmission line as
well as the expansion works of the existing KYT Nea Santa. A Supply and Installation Agreement for 11 Wind Turbines for the
Wind Park was also signed in the same month. Construction works are expected to start in the first quarter of 2025.
With regards to the Wind Park with a total nominal power of 11 MW in Livadaki location of the Municipality of Dorida, of the
prefecture of. Fokida (company LIVADOR in which PPC Renewables participates with 49% percentage), the Supply and Installation
Agreement was signed in December 2024, while the BoP Contract is expected to be signed in the first quarter of 2025.
The Group has, including offshore wind, additional wind projects in operation or under development.
The total capital expenditure for Wind Parks of the PPC Renewables Group in 2024 amounted to 60.8 million.
Photovoltaic Stations
Construction works of “Pteleonas 1”, “Pteleonas 2”, “Charavgi 1” and “Charavgi 5” PV Plants of 94.9 MW capacity, with horizontal
single-axis trackers and bifacial PV modules and the extension of the “Charavgy” 150kV substation, of a total budget of € 64
million, in the Municipalities of Eordea and Kozani, at Kozani Regional Unit, began in September 2022. Construction works and
electrification were completed in third quarter of 2024.
With respect to the 550MW “Orychio DEI Ptolemaida” PV plant, with horizontal single-axis trackers and bifacial PV modules, and
the necessary grid connection works, of an indicative total budget of € 300 million, in the Municipalities of Eordea and Kozani, at
Kozani Regional Unit, the signing of the contract tool place in July 2023. Construction works started in December 2023.
In addition, PPC, based on the implementation of the National Energy and Climate Plan and the utilization of existing
infrastructures that are permanently decommissioned, has designed and implemented energy storage projects (at the Kardias
Mine) as well as the installation of new means of thermal energy production for covering the thermal needs of the interconnected
district heating system (SITHYA). At the same time, PPC Renewables is developing projects of PV stations and energy storage
stations with BESS which are planned to be interconnected in a common substation utilizing the infrastructure of the Gates of
Units I & II of the former AIS KARDIAS. The contract for AIS KARDIAS was signed in September 2023. The estimated completion
and commissioning of the project is placed in 2025 with a total investment budget of €4.4 million for PPC and €11.5 million for
PPC Renewables. Additionally, in April 2024, a Contract was signed for the commissioning of a 400kV/150kV/30kV
Autotransformer at the KYT Kardias, The projects are necessary conditions for the operation of the whole of 550MW PV Station
ORYCHIO PPC PTOLEMAIDA.
For the new "Akrini" PV plant with a total capacity of 80 MW, which will be installed within the Lignite Center of Western
Macedonia, at the "AKRINI" location, of the Hellespont Municipal Authority, the Municipality of Kozani, the Regional Authority of
Kozani, the Region of Western Macedonia on a fixed support system, with an indicative total budget of €36 million, the contract
was signed in July 2024, when construction work began.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
523


47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
The contract for the construction of PV plants “Eksochi 7”, “ Eksochi 8”, “ Kardia 1”of 170,95426 MW capacity with fixed mounting
system, and their connection to the existing Substations 33/150 kV “Charavgi” and “A1 Kardias-Kleitos”, of an indicative total
budget of € 68 million, in the Municipalities of Eordea and Kozani, at Kozani Regional Unit, was signed in March 2024, when also
construction works started.
With respect to the new PV plant at Katarrachia and Tripotamos location of 125 MW capacity, of an indicative total budget of
€60 million, with fixed mounting system, which is going to be installed in the Municipality of Megalopoli, at Peloponnese Regional
Unit, in location “Orycheio Megalopoli” of total capacity of 490 MW, the EPC contract was signed in June 2024.
47.COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
Regarding the new PV Station at the location "Orycheio Megalopoli" with a capacity of 125 MW, with fixed mounting system,
which is going to be installed within the Municipality of Megalopoli, at Peloponnese Regional Unit, in location “Orycheio
Megalopoli” of total capacity of 490 MW, the contract is expected to be signed within the first quarter of 2025.
PPC Renewables Group has additional PV projects either in operation or under development, while its total capital expenditures
for PV projects amounted to €223.9 million in 2024.
Hybrid Projects
Regarding the project of the 3.0 MW guaranteed capacity Hybrid Plant, consisting of a PV Plant with a maximum production
capacity of 3.531 MW in Marmari location and a Battery Energy Storage System with accumulators with a storage capacity of at
least 10.16 MWh and a maximum charging capacity at least 5.5 MW in Paliomylos location, of Municipality of Astypalea in
Kalymnos prefecture in the Region of South Aegean, the BESS Supply Agreement was signed in December 2024 and construction
works are expected to start in first quarter of 2025.
Capital expenditures for Hybrid Projects amounted to €1.0 million in 2024.
Energy Storage Projects
With respect to the project of the Battery Energy Storage Station with a guaranteed capacity of 100 MWh, maximum incoming
and outcoming power of 50 MW and consisting of accumulators in Ptolemaida 4 location of the Municipal Unit of Dimitrios
Ypsilantis of the Municipality of Kozani, of the prefecture of.Kozani, in the Region of Western Macedonia, the BESS Supply
Agreement and the BoP Contract are expected to be signed in the first quarter of 2025.
With respect to the project of the Battery Energy Storage Station with a guaranteed capacity of 96 MWh, maximum incoming
and outcoming power of 48 MW and consisting of accumulators in Meliti 1 location of the Municipal Unit of Melitis of the
Municipality of Florina, of the prefecture of Florina, in the Region of Western Macedonia, the BESS Supply Agreement and the
BoP Contract are expected to be signed in the first quarter of 2025. The project will be connected to the new KYT Melitis II, where
construction works for the installation of a new 400/33/33kV Transformer and for the Connection and Extension works to the
existing KYT Melitis have already started through a separate Contract.
The Group has additional Energy Storage projects under development. Total capital expenditure for Energy Storage projects in
2024 amounted to €0.2 million.
Small Hydroelectric Power Plants (SHPPs)
Completion of the construction works for Makrochori II SHPP with nominal capacity of 4.84 MW and a total budget of €7.4 million
at the Rapsomaniki location of the Municipality of Alexandria, Prefectural Government of Imathia in the Central Macedonia
Region. The contract was signed in June 2020, when construction works began with the final acceptance of the project expected
within the 1st - 2nd quarter of 2025.
PPC Renewables Group has additional MHP projects either in operation or under development, while its total capital expenditures
for Small Hydropower Plants amounted to €1.8 million in 2024.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
524


47. COMMITMENTS, CONTIGENCIES AND LITIGATION (CONTINUED)
Partnerships for the joint development of RES portfolios
The joint venture company Meton Energy S.A., in which PPC Renewables and RWE Renewables Europe and Australia participate
with 49% and 51%, respectively, has taken the final investment decision for the construction of an additional photovoltaic project
with a total capacity of approximately 450 MW, located in Western Macedonia in Northern Greece, within the boundaries of the
former Amynteo open pit lignite mine. This solar farm, which is now entering the construction phase, is the last project of the
940 MW Amynteo portfolio.
In April 2024, PPC signed a Cooperation Framework Agreement (CFA) with MYTILINEOS Energy & Metals for the development
and construction of a portfolio of solar projects up to 2 GW in Italy (503 MW), Bulgaria (500 MW), Croatia (445 MW) and Romania
(516 MW), which is expected to be implemented in the next three years. The agreement includes approximately 90 solar projects
that MYTILINEOS will fully develop and construct and, which upon completion of their connection to the electricity grid, will be
acquired by PPC Group. Construction of the first two solar projects in Italy with a total capacity of 32 MW has completed and the
projects are expected to commence commercial operations within the first quarter 2025.
In September 2024, PPC signed a strategic agreement-collaboration framework with the Copelouzos and Samaras Groups for the
acquisition of an RES portfolio of 66.6 MW in operation, a pipeline of up to 1.7 GW under development which will be jointly
developed with Copelouzos and Samaras Groups, as well as for the acquisition of a 20% share in the Company Ilektroparagogi
Alexandroupolis S.A., which develops a CCGT unit (840 MW), in which PPC already holds a majority stake (51%).
In November 2024, PPC Renewables entered into an agreement to acquire the minority shareholding percentage developing a
wind project with a total installed capacity of 38.4 MW located in Rodopi.
Pumped-storage hydroelectricity - production-storage of electricity
PPC is in the process of research and project maturation, for the construction of Pumped-Storage Hydroelectricity (PSH) projects
in selected locations within the Greek Territory, for which projects it received a license from the RAEWW and are as follows:
1. Pumped-Storage Hydroelectricity project with a maximum injection power of 304 MW and a maximum absorption power
of 294 MW in the "Kardia Mine" location of the Dimitriou Ypsilanti’s Municipal Unit of the Kozani’s Municipality of the
Kozani’s Regional Unit of the Western Macedonia Region (RAE Decision 122/202/24.10.2023)(AD-05319).
2. Pumped-Storage Hydroelectricity project with a maximum injection power of 183 MW and a maximum absorption power
of 181 MW at the "Megalopolis Mine" site of the Megalopolis Municipal Unit of the Megalopolis Municipality of the
Arcadia Regional Unit of the Peloponnese Region (RAEWW Decision 1234.2023/24.10.2023)(AD-05319).
3. Pumped-Storage Hydroelectricity project with a maximum injection power of 475 MW and a maximum absorption power
of 448 MW at the location "HP Sfikias (Bravas) reservoir" of the Veria Municipal Unit of the Municipality of Veria of the
Imathia Regional Unit of the Region of Central Macedonia (RAEWW Decision 1236.2023/24.10.2023)( AD-05321).
4. Pumped-Storage Hydroelectricity project with a maximum injection power of 238 MW and a maximum absorption power
of 231 MW at the location "South Field" of the Municipal Unit of Elispondou of the Municipality of Kozani of the Regional
Unit of Kozani of the Region of Western Macedonia in replacement (for technical-economic reasons) of the planned
Pumped-Storage Hydroelectricity project with a maximum injection power of 156 MW and a maximum aborption power
of 150 MW at the location "Mavropigis Mine" of the Municipal Unit of Ptolemaida of the Municipality of Eordaia of the
Regional Unit of Kozani of the Region of Western Macedonia (RAEWW Decision 1237.2023/24.10.2023)(AD-05322).
In addition, PPC is in the process of research and project maturation for the construction of additional pumping (electricity
storage) projects at the existing Pournari and Kastraki hydroelectric plants.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
525

48. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT


The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuing technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either
directly or indirectly.
Level 3: techniques which use inputs that have a significant effect on the recorded fair value and are not based on observable
market data.
During the reporting period there were no transfers between level 1 and level 2 fair value measurement, and no transfers into
and out of level 3 fair value measurement.
The following tables compare the carrying amount of the Group’s and the Parent Company’s financial instruments that are carried
at amortized cost and their fair value:
Carrying amount Fair value
GROUP 31.12.2024 31.12.2023 31.12.2024 31.12.2023
Financial Assets
Trade receivables 1,593,040 1,552,674 1,593,040 1,552,674
Restricted cash 379,452 177,487 379,452 177,487
Cash and cash equivalents 1,998,590 2,599,802 1,998,590 2,599,802
Financial Liabilities
Long-term borrowings 6,931,910 5,600,166 6,931,910 5,600,166
Long- term financial liabilities from the securitization 255,998 377,126 255,998 377,126
of trade receivables
Financial liability from NCI Put option 1,463,914 1,431,001 1,463,914 1,431,001
Trade payables 2,729,140 2,095,150 2,729,140 2,095,150
Short- term financial liabilities from the 115,614 10,198 115,614 10,198
securitization of trade receivables
Short-term borrowing 223,681 240,760 223,681 240,760
Carrying amount Fair value
PARENT COMPANY 31.12.2024 31.12.2023 31.12.2024 31.12.2023
Financial Assets
Trade receivables 1,181,335 1,207,131 1,181,335 1,207,131
Restricted cash 230,966 42,169 230,966 42,169
Cash and cash equivalents 1,183,276 1,853,051 1,183,276 1,853,051
Financial Liabilities
Long-term borrowings 3,937,377 3,439,426 3,937,377 3,439,426
Long-term financial liabilities from the securitization
of trade receivables 255,998 377,126 255,998 377,126
Trade payables 970,196 925,021 970,196 925,021
Short- term financial liabilities from the
securitization of trade receivables 115,614 10,198 115,614 10,198
Short-term borrowing 70,000 - 70,000 -
The fair value of trade receivables and trade payable accounts approximates their carrying amounts.
The fair value of other financial assets and financial liabilities is determined by discounting future cash flows using either directly
or indirectly observable inputs and is included in Level 2 of the fair value hierarchy.
As of December 31
st
, 2024, the Group and the Parent Company held the following financial instruments measured at fair value:





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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
526


48. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)


Fair Value Fair value Hierarchy
GROUP 31.12.2024 31.12.2023
Financial Assets
Financial Assets at fair value through Other 315 308 Level 1
Comprehensive Income
Derivative Financial Instruments – Non current Assets 10,655 14,641 Level 1, Level 3
Derivative Financial Instruments – Current Assets 5,415 1,521 Level 1, Level 3
Financial Liabilities
Derivative Financial Instruments – Current Liabilities 38,617 12,163 Level 1, Level 3
Parent Company
Financial Assets
Financial Assets at fair value through Other 303 295 Level 1
Comprehensive Income
Derivative Financial Instruments – Non current Assets 52,406 24,748 Level 1, Level 3
Derivative Financial Instruments – Current assets 5,717 7,429 Level 1, Level 3
Financial Liabilities
Derivative Financial Instruments – Current Liabilities 10,295 11,945 Level 1, Level 3
There were no transfers between Level 1 and 2 of the fair value hierarchy and transfers to / from Level 3 for the calculation of
the fair value of financial receivables and liabilities for the year ended 31 December 2024.
Financial Risk Management Policies
Fair Value
The amounts reflected in the accompanying balance sheets for cash, current assets and current liabilities approximate their
respective fair values due to their short-term maturity.
The fair values of financial Assets at fair value through Other Comprehensive Income that are traded on stock markets are based
on their quoted market prices at the balance sheet date.
The carrying values of long-term borrowing approximate their fair value as these loans are in local currency and mainly of floating
interest rate.
For derivative financial instruments, their fair values are confirmed either by financial institutions with which the Group has
entered into the relevant contracts or on the basis of their stock market prices of the derivative futures market. While the power
purchase agreements PPA (Note 50.4) are based on valuation techniques that use inputs that have a significant effect on recorded
fair value and are not based on observable market data.




Interest rate risk and foreign currency risk
The Group’s and the Parent Company’s debt obligations consist of bank loans, bonds and overdraft facilities. It is the Group’s and
the Parent Company’s policy to have a balanced distribution of the loan portfolio between fixed and floating interest rates
according to the prevailing conditions and to hedge on a case by case basis through derivatives, solely to mitigate risk, against
the fluctuation of floating interest rates and/or foreign currency exchange rates affecting their debt portfolio.
Furthermore, the fluctuation of the Euro against the U.S. dollar exchange rate may adversely impact the prices of the Parent
Company’s liquid fuel purchases (diesel and heavy fuel oil) and natural gas. As oil prices are expressed in U.S. dollars, the Parent
Company is exposed to foreign currency risk in the event of an appreciation of the U.S. dollar against the euro. In order to mitigate
the foreign currency risk arising from liquid fuel purchases, the Parent Company examines the possibility of undertaking, on a
case by case basis and according to the prevailing market liquidity circumstances, hedging transactions for this risk. It should be
noted that any undertaken hedging transactions may not provide full or adequate protection against these risks.




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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
527


48. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)

The recent activity of the Parent Company in the Romanian power market (a member state of the European Union but not of the
Eurozone), through the acquisition at the end of October 2023 of all the power activities of the multinational organization ENEL
in Romania, exposes it to potential foreign exchange risk, due to the potential fluctuation of the EUR / RON exchange rate.
Although the monetary policy followed by the Central Bank in Romania consists of maintaining the exchange rate within a narrow
range of values, a potential broad devaluation of the local currency against the Euro, will negatively affect both the value of the
Parent Company's investment and the level of the Group's operating results.
The following table presents the sensitivity analysis to pre-tax income from reasonable possible interest rate fluctuations with
the other variables remaining fixed, through the effect on existing floating rate borrowing (in millions of Euro):
Increase / Decrease in Effect on profit before tax Effect on profit before tax
basis points (%) (Group) (Company)
2024
Εuro 50 (13.1) (9.3)
Εuro (50) 13.1 9.3
2023
Εuro 50 (13.9) (10.4)
Εuro (50) 13.9 10.4


Liquidity Risk
The Group and the Parent Company face working capital risk, due to the nature of the energy market (price volatility, customer
trading behaviour) which may lead to additional liquidity requirements. The Group and the Parent Company may also face,
following decisions by the Regulator, increased working capital requirements in relation to their payments to and from other
market operators and increased capital expenditure, that could have a significant effect on their liquidity.
The Group and Parent Company are exposed to the risk that counterparties that owe us financial instruments, energy or other
commodities as a result of market transactions, will not fulfil their obligations. The Group and Parent Company also face the risk
of potential default or delay by their counterparties, which include their partners, contractors, subcontractors and suppliers.
Furthermore, the Parent Company may experience difficulties or delays in collecting outstanding debt from Low, Medium and
High Voltage customers. The inability of customers to pay in full and timely amounts billed in relation to their electricity
consumption, the increased availability of competitors’ offers, or the outcome of negotiations with Medium and High Voltage
industrial customers in key economic sectors in Greece on financial and other terms for extending their contracts, may lead to
increase liquidity risk and have an adverse effect on the Group and Parent Company’s business, financial condition and results of
operations.
The contractual maturities of the main financial liabilities (borrowings), not including interest payments are as follows:



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
528


48. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)
≥1 to 5
(In mil. Euro) < 1 year Years > 5 years Total
Overdraft facilities 230.8 - - 230.8
Short term borrowings 9.9 - - 9.9
Long term borrowings 1,178.8 3,397.5 1,094.2 5,670.5
31 December 2023 1,419.5 3,397.5 1,094.2 5,911.2
(Group)
Overdraft facilities 208.0 - - 208.0
Short term borrowings 15.7 - - 15.7
Long term borrowings 722.0 3,877.4 2,429.3 7,028.7
31 December 2024 945.7 3,877.4 2,429.3 7,252.4
(Group)
Overdraft facilities - - - -
Short term borrowings - - - -
Long term borrowings 862.1 2,618.4 15.8 3,496.4
31 December 2023 862.1 2,618.4 15.8 3,496.4
(Company)
Overdraft facilities 70.0 - - 70.0
Short term borrowings - - - -
Long term borrowings 423.1 2,860.7 720.5 4,004.3
31 December 2024 493.1 2,860.7 720.5 4,074.3
(Company)
Future interest payments on loan financial liabilities, excluding overdraft facilities are as follows:
Group (in million €)
Future Interest < 1 year ≥ 1 to 5 > 5 years Total
Payments
31 December 2023 230.9 433.3 247.6 911.8
31 December 2024 234.9 548.3 310.0 1,093.2
Parent Company (in million €)
Future Interest ≥ 1 to 5 > 5
Payments < 1 year Years years Total
31 December 2023 162.3 237.2 0.3 399.8
31 December 2024 149.1 304.5 63.3 516.9
The future interest payments for 2024 and 2023 of the Revolving Bond Loans are based on their balance as of 31.12.2024 and 31.12.2023
respectively.

Market risk
The Group and the Parent Company participate in the wholesale energy market in the countries where they operate both as a
producer and as a supplier of electricity, which exposes them to market price risk arising from fluctuations in the prices of natural
gas, oil and CO2 emission allowances, which are traded on international markets of energy goods, as well as fluctuations in the price
of electricity which is also traded on the markets. Significant fluctuations in the prices or quantities of electricity, natural gas, fuels
and CO2 emission allowances affect, directly or indirectly through the effect on the price of the wholesale EU market, the financial
position, results and cash flows of the Group and the Parent Company as well as their business activities and prospects.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
529


48. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (CONTINUED)
As an electricity supplier, the Company's exposure to market price risk depends on the type of tariffs it offers to its customers. Fixed
tariffs (fixed price products) expose the Company to Greek wholesale electricity prices, as price increases increase the cost of energy
supply. In contrast, floating tariffs that are adjusted to wholesale electricity prices (variable price products) involve less price risk. A
significant part of the Company's customer base is on floating tariffs, which limits its exposure to market price risk from the retail
activity. The Company’s production costs and the Day-Ahead Market Clearing Price (DAQ) are significantly affected by fluctuations in
the price of natural gas. The crisis in Ukraine and sanctions in Russia increased natural gas prices in 2022, leading to higher costs in
the electricity market since then. In 2024, natural gas covered 53% of the electricity generation of the Company’s thermal units.
Although CO2 emissions have been significantly reduced due to the ongoing delignitization project, thereby reducing exposure to the
price of CO2 emission allowances, significant quantities of CO2 emission allowances still need to be purchased each year. The Group
and the Parent Company continuously monitor the markets and developments in Europe, as well as changes in the relevant regulatory
framework, as CO2 allowance prices may be further affected by the expected tightening of the EU 2030 emissions targets, which may
be influenced by the EU's commitments under the Paris Agreement, the ongoing dialogue on the EU 2050 climate targets and the EU
Green Deal. In order to limit exposure to market risk, the Group and the Parent Company have adopted risk management policies to
hedge price risk in accordance with the limits and targets set by the Board of Directors and the relevant committees (i.e. the Risk
Management Committee and the Energy Management Committee). Hedging activities typically include the use of derivative
instruments with the aim of reducing risk. However, exposure to these risks has not been completely eliminated and sufficient
hedging of the volatility of energy commodity prices and wholesale electricity market prices may not be achieved, either due to low
liquidity in the Electricity Futures Market or due to other reasons. In addition, the execution of hedging activities through participation
in organized commodity exchanges creates new needs for financing and settlement with cash, as well as coverage of adverse price
changes or loss limitation procedures, which could lead to significant liquidity needs. In addition, the diversification of the energy
portfolio through increased investments in RES in various geographical areas and efforts to reduce dependence on imported energy
aim to mitigate the impact of external market turbulence.

Progression of net debt ratio
The Group’s net debt/equity ratio is as follows:
2024 2023
Long-term borrowing 6,233,016 4,419,795
Current portion of long-term borrowing 698,894 1,180,371
Short-term borrowing 223,681 240,760
Cash and cash equivalents (1,998,590) (2,599,802)
Restricted cash (162,643) (154,446)
Financial assets measured at fair value through other comprehensive income (315) (308)
Unamortized portion of loans’ issuance fees and loan amendments IFRS 9 96,813 81,454
TOTAL 5,090,856 3,167,824
Shareholders’ equity 6,040,946 5,364,190
Net debt/equity ratio 84% 59%
It is noted that the deducted amounts of the restricted cash in the above table refer only to pledged deposits related to loan
agreements.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
530
49. LEASES
Leases: the Group and the Parent Company as Lessee
The Group and the Parent company have signed contracts for the lease of property, transportation assets, other equipment,
software and vessels that they use for their activity.
Part of the leases of transportation assets and other equipment fall under the recognition exemption as they concern either
short-term leases or low-value leases. Property leases concern leases with a remaining lease term on 31.12.2024 from 1 to 12
years, except for the property of the former military camp “Plessas Michael" which has a remaining lease term on 31.12.2024 of
47 years (assuming that the right to extend the lease by 10 years will be considered) where PPC’s central office will be placed.
The time charters of vessels concern leases of vessels with a duration of 6 to within the next 12 months.
The leases of the subsidiaries in Romania mainly concern land leases with a remaining lease term on 31.12.2024 from 1 to 86
years, building leases with a remaining lease term on 31.12.2024 from 1 to 89 years and transportation leases with a remaining
lease term on 31.12.2024 from 1 to 4 years. In addition, approximately half of the lease agreements of the subsidiaries in Romania
are paid in euros and the rest in ron.
The following table contains the recognition amount of the rights of use of assets and the value of the financial liabilities, as well
as their movement during the year ended 31 December 2024 and 31 December 2023:


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
531


49.LEASES (CONTINUED)
GROUP
ASSETS PROPERTY OTHER TRANSPORTATION VESSELS SOFTWARE TOTAL
EQUIPMENT MEANS
31.12.2022 120,252 28,889 12,529 13,356 444 175,470
Right of Use Asset from
acquisition of subsidiaries 29,988 1,146 1,408 - - 32,542
(Note 3)
Additions 34,009 200 8,444 1,989 5,545 50,187
Reductions (2,291) - (7) - - (2,298)
Depreciation expense (15,959) (16,804) (5,053) (8,892) (1,297) (48,006)
Exchange Differences (94) (3) (4) - - (100)
31.12.2023 165,905 13,428 17,317 6,453 4,692 207,795
Right of Use Asset from new 102,560 418 2,396 - - 105,374
acquisitions (Note 3)
Additions 41,537 1,413 18,778 21,585 17 83,330
Reductions (8,631) (1,127) (84) - - (9,842)
Depreciation expense (35,743) (13,183) (10,456) (12,605) (2,080) (74,067)
Exchange Differences 7 - 1 - - 8
31.12.2024 265,635 949 27,952 15,433 2,629 312,598
LIABILITIES
31.12.2022 126,081 26,129 12,836 13,474 450 178,970
Lease liability from
acquisitions of subsidiaries 29,693 1,146 1,408 - - 32,247
(Note 3)
Additions 34,009 200 8,444 1,989 5,545 50,187
Early termination (1,494) - (1) - - (1,495)
Finance cost 6,544 861 587 324 65 8,381
Payments (18,285) (13,192) (5,548) (9,230) (3,360) (49,615)
Exchange Differences (93) (4) (4) - - (101)
31.12.2023 176,455 15,140 17,722 6,557 2,700 218,572
Lease liability from new 101,256 419 2,660 - - 104,335
acquisitions (Note 3)
Additions 43,371 1,413 18,786 21,585 17 85,172
Early termination (8,425) (1,081) (49) - - (9,555)
Finance cost 15,029 377 1,206 520 87 17,219
Payments (45,347) (15,252) (11,804) (13,072) (1,155) (86,630)
Exchange Differences 17 - 1 - - 18
31.12.2024 282,356 1,016 28,521 15,591 1,649 329,133
LIABILITIES 31.12.2023
Current 14,326 14,469 6,833 6,557 1,051 43,232
Non-Current 162,130 672 10,889 - 1,649 175,340
LIABILITIES 31.12.2024
Current 35,745 717 10,559 9,823 1,179 58,023
Non-Current 246,611 299 17,962 5,768 470 271,110


The increase in the Group's Rights of Use Assets and Lease Liabilities on December 31, 2024 compared to December 2023 is
mainly due to the balances recognized during the acquisition of the subsidiaries in 2023 (Note 6) and in 2024 (Note 3).
In the following table, the contractual maturities of the Group's lease liabilities are presented as of December 31
st
, 2024 and as
of December 31
st
, 2023:


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
532
49.LEASES (CONTINUED)
31.12.2023 PROPERTY OTHER TRANSPORTATION VESSELS SOFTWARE TOTAL
EQUIPMENT MEANS
Up to 12 months 18,562 14,776 7,317 6,664 1,138 48,456
1 to 5 years 69,256 657 11,255 - 1,695 82,863
More than 5 years 235,776 15 17 - - 235,809
31.12.2024 PROPERTY OTHER TRANSPORTATION VESSELS SOFTWARE TOTAL
EQUIPMENT MEANS
Up to 12 months 46,501 730 11,563 10,256 1,219 70,269
1 to 5 years 140,332 249 19,397 5,845 475 166,298
More than 5 years 261,819 55 1,122 - - 262,996
PARENT COMPANY
ASSETS PROPERTY OTHER EQUIPMENT TRANSPORTA VESSELS TOTAL
TION MEANS
31.12.2022 104,753 28,499 1,115 13,356 147,723
Additions 25,027 200 1,683 1,989 28,899
Early termination (2,123) - - - (2,123)
Depreciation expense (11,057) (16,329) (748) (8,892) (37,026)
31.12.2023 116,600 12,370 2,050 6,453 137,473
Additions 19,079 768 2,026 21,585 43,458
Early termination (2,005) (14) (2) - (2,021)
Depreciation expense (12,864) (12,790) (1,408) (12,605) (39,667)
31.12.2024 120,810 334 2,666 15,433 139,243
LIABILITIES
31.12.2022 110,359 25,914 1,137 13,475 150,885
Additions 25,027 200 1,683 1,989 28,899
Early termination (1,326) - - - (1,326)
Finance cost 5,298 845 58 324 6,525
Payments (12,610) (12,884) (797) (9,230) (35,522)
31.12.2023 126,748 14,075 2,081 6,556 149,461
Additions 19,079 768 2,026 21,585 43,458
Early termination (2,117) (15) (2) - (2,134)
Finance cost 5,579 331 121 521 6,552
Payments (14,751) (14,817) (1,507) (13,072) (44,147)
31.12.2024 134,538 342 2,719 15,590 153,189
LIABILITIES 31.12.2023
Current 8,609 14,045 1,018 6,556 30,228
Non-Current 118,139 30 1,064 - 119,233
LIABILITIES 31.12.2024
Current 10,306 342 1,314 9,823 21,785
Non-Current 124,232 - 1,405 5,767 131,404
In the following table, the contractual maturities of the Parent Company’s lease liabilities are presented as of December 31
st
,
2024 and as of December 31
st
, 2023:


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
533
49.LEASES (CONTINUED)
31.12.2023 PROPERTY OTHER TRANSPORTATION VESSELS TOTAL
EQUIPMENT MEANS
Up to 12 months 12,132 14,352 1,091 6,664 34,239
1 to 5 years 43,227 30 1,108 - 44,365
More than 5 years 212,384 - - - 212,384
31.12.2024 PROPERTY OTHER TRANSPORTATION VESSELS TOTAL
EQUIPMENT MEANS
Up to 12 months 15,665 348 1,412 10,256 27,681
1 to 5 years 48,904 - 1,448 5,845 56,198
More than 5 years 207,863 - - - 207,863
The amounts recorded in the Statement of Income are as follows:
GROUP 31.12.2024 31.12.2023
Rights in use assets depreciation expense (Note 13) 74,067 48,006
Finance cost (Note 15) 17,219 8,381
Short term lease expenses 44,771 22,790
Low value lease expenses 401 365
Total 136,458 79,542
The Group and the Parent Company paid for leases in 2024 a total amount of € 131,802 (31.12.2023: € 72,770) and €88,665
(31.12.2023: € 57,672) respectively.
PARENT COMPANY 31.12.2024 31.12.2023
Rights in use assets depreciation expense (Note 13) 39,667 37,026
Finance cost (Note 15) 6,552 6,525
Short term lease expenses 44,117 21,785
Low value lease expenses 401 365
Total 90,736 65,701
Lease obligations are secured by the landlord's title deeds. There are contracts that include a term of extension or early
termination of the lease and a term of increase of rents based on the consumer price index (variable rents).
The Group and the Parent Company have the right for some leases, to extend the duration of the lease or the option to terminate
the contract. The Group and the Parent Company assess whether there is reasonable certainty that the relevant right will be
exercised, taking into account all the factors that create financial incentive, to exercise the right of renewal or termination.
The Group and the Parent Company on December 31, 2024 from the evaluation they made, concluded that for some lease
agreements that give the right of extension they will exercise this right, with the except of lease agreements for houses, while for
all contracts that have the option to terminate the contract, they will not exercise this option.


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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
534

50. DERIVATIVE FINANCIAL INSTRUMENTS
50.1. Hedging Transactions
Commodities hedging transactions (energy, natural gas)
In the ordinary course of business, as a vertically integrated electricity company, the Group and the Parent Company participate
in the Greek energy wholesale market both as producer and as supplier of electricity, which exposes them to market price risk
stemming from commodity price fluctuations. Their generation business is exposed to the fluctuations of natural gas, oil, the
selling price of electricity in the wholesale market and CO
2
emission rights prices which are traded in international commodity
markets.
The exposure of the Group and the Parent company to the fluctuation of the purchase prices of CO
2
emission allowances is
partially covered by futures market positions on the European Energy Exchange. These positions are taken for compliance
purposes, with the exception of IFRS 9 (exception due to own use) and are included in intangible assets (Note 20).
The exposure of the Group and the Parent Company to the risk of the wholesale electricity market is determined by its net
exposure, ie the amount of energy required to be purchased from (or sold to) the wholesale market to meet the supply needs
(or production respectively) that can not be covered by its own portfolio of production units (or customers respectively). Any
change in both the commercial portfolio and the production portfolio of the Group and the Parent Company, leads to fluctuations
of the net exposure either to a position of "buy" or to a position of "sell" of electricity. For either two positions, the variable
wholesale electricity prices may have a material adverse effect on the Group's and Parent Company's operating results and
financial position.
Due to the application from 08.07.2022 of the Temporary Mechanism for Returning Part of Next Day and Intraday Electricity
Market (the ”Mechanism”), the Group and the Parent Company had no exposure to the risk of price fluctuations due to their
participation in the Greek wholesale electricity market and the risk of fluctuating natural gas prices for the period when the
mechanism was in force, i.e. from 08.07.2022 until 31.12.2023 (the Mechanism was gradually implemented throughout the year
2023).
The accumulated amounts in the reserve from cash flow hedges until the time of the discontinuation of hedging positions as
Producer affected the Group’s and the Parent Company’s results at the time the hedged item (energy, natural gas) affected the
results of the Group and the Parent company.
The Group and the Parent Company in order to hedge the risk of future fluctuations in natural gas prices has entered until
December 31, 2024 into futures contracts on the Commodities European Energy Exchange (mainly in ICE) with settlement dates
within 2025 (hedge for the year 2025). Respectively, the open positions on December 31, 2023 were related to the year 2024
(hedge for the year 2024) and are analyzed as follows:
Position’s Nominal Cash/Other
Hedging Instruments Position Nominal quantity value reserves
(MW/h) (in thousand euro) (debit)/credit
(in thousand euro)
Futures Gas Commodity as of Buy 2,785,910 105,338 27,889
31.12.2024
Futures Gas Commodity as of Buy 4,403,605 194,545 (63,550)
31.12.2023
The Group and the Parent Company, in order to hedge the risk of future fluctuations in energy prices, entered until December
31, 2024 and December 31, 2023 in futures contracts on the Hellenic Energy Exchange (Henex) and the European Energy Exchange
(EEX) with maturity dates within 2025 (hedging for 2025) and within 2024 (hedging for 2024) respectively, which are analyzed as
below:
Nominal quantity Position’s Nominal Cash/Other reserves
Hedging Instruments Position (MW/h) value (debit)/credit
(in thousand euro) (in thousand euro)
Futures Energy commodity as of Sell (3,673,817) (354,370) (79,317)
31.12.2024
Futures Energy commodity as of Sell (4,504,582) (618,989) 172,094
31.12.2023



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
535

50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
As futures contracts are valued and settled on a daily basis through the Energy Exchanges, the valuation of open positions on
31.12.2024 and 31.12.2023 has directly affected the cash and cash equivalence of the Group and the Parent Company.
In order to hedge the risk of future fluctuations in natural gas prices, the Group and the Parent Company had entered into, until
December 31, 2024, over the counter gas swap agreements with financial institutions and entities in the energy sector with
settlement dates within 2025, which are analyzed as below:
Derivative financial
Nominal quantity Position’s Nominal value instruments/Other
Hedging Instruments- swap contracts Position (MW/h) (in thousand euro) reserves
(debit)/credit
(in thousand euro)
Swap Gas Commodity as of Buy 590,990 24,051 3,414
31.12.2024
Swap Gas Commodity as of Buy 394,500 21,306 (7,774)
31.12.2023
In order to hedge the risk of future fluctuations in energy prices, the Group and the Parent Company had entered into, until
December 31, 2024, over the counter energy swap agreements with financial institutions with settlement dates within 2025,
which are analyzed as below:
Derivative financial
Nominal quantity Position’s Nominal value instruments/Other
Hedging Instruments- swap contracts Position (MW/h) (in thousand euro) reserves
(debit)/credit
(in thousand euro)
Swap Energy Commodity as of Sell (220,464) (23,930) (1,921)
31.12.2024
Swap Energy Commodity as of Sell - - -
31.12.2023
The hedged items for the natural gas follow the Title Transfer Facility (TTF) index, as well as the hedged instruments and as a
result the hedged ratio is 1:1. Hedging items for electricity follow the Day Ahead Market (DAM) of Greece and the European
Energy Exchanges. As the characteristics of the hedged instrument and the hedged item are highly correlated, the hedged ratio
is 1:1.
All cash flow hedging transactions for both year 2024 and 2023 are considered to be effective in the future and the hedged items
are highly probable future transactions.
The valuation of the swap contracts and futures contracts was carried out based on prices provided by financial institutions with
which the Group has concluded the relevant contracts, or based on their prices in the derivative futures market.
From the hedging transactions of the fluctuation of the price of electricity and natural gas products within 2024, Energy gains
before tax of € 152.6 million (2023: losses €22.6 million) (Note 12) and Natural Gas losses before tax €73.6 million (2023: gains
€46.9 million) were reclassified from the Statement of Comprehensive Income to the Statement of Income of the Group and the
Parent Company i.e. total gains €79.0 million.
Interest rate swap agreements-Group
To hedge the interest rate risk arising from floating interest rate loan contracts, the Group has entered into over the counter
derivative interest rate swap agreements with banks and follows cash flow hedge accounting.
As of December 31, 2024, the nominal value of those contracts amounted to € 201.8 million (31.12.2023: € 177.8 million) while
the fair value of the contracts amounted to €11.3 million (31.12.2023: €6.5 million). The amount of €0.6 million (31.12.2023: €1.7
million) is included in non-current derivative financial instruments in Total Assets and the amount of €11.9 million (31.12.2023:
€ 8.2 million) is included in non-current derivative financial instruments in Total Liabilities. The nominal value of these contracts
changes to follow the capital repayments/gradual disbursement plan of each loan contract that expires until 2043. Within 2024,
new interest rate swap agreements were signed of nominal value €27.6 million, in the context of obtaining new loans. The
valuation of the interest rate swap contracts was carried out based on prices provided by financial institutions with which the
Group has concluded the relevant contracts. For 2024 and 2023, no ineffective portion of cash flow hedge has arisen.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
536

50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
An analysis of the above open positions in derivative financial instruments for cash flow hedging as of 31.12.2024 based on their
maturity date is presented:
GROUP 31/12/2024 Up to 12 >1 to 5 years > 5 years Total Fair value Statement of financial
months position
Nominal
Quantity 2,785,910 - - 2,785,910 -
Gas commodity (MW/h) Cash / other reserves
future contracts Position’s (debit)/credit
Nominal price 105,338 - - 105,338 27,889
in thousand €
Nominal
Quantity (3,673,817) - - (3,673,817) -
Energy commodity (MW/h) Cash / other reserves
future contracts Position’s (debit)/credit
Nominal price (354,370) - - (354,370) (79,317)
in thousand €
Interest rate swap Position’s Financial instruments
agreements Nominal price / other reserves
in thousand € (406) 52,007 150,192 201,793 (11,274) (debit)/credit
Nominal
Quantity 590,990 - - 590,990 -
Gas commodity (MW/h) Financial instruments
swaps Position’s / other reserves
Nominal price 24,051 - - 24,051 3,414 (debit)/credit
in thousand €
Nominal
Quantity (220,464) - - (220,464) -
Energy commodity (MW/h) Financial instruments
swaps / other reserves
Position’s (debit)/credit
Nominal price (23,930) - - (23,930) (1,921)
in thousand €
COMPANY 31/12/2024 Up to 12 >1 to 5 years > 5 years Total Fair value Statement of financial
months position
Nominal
Quantity 2,785,910 - - 2,785,910 -
Gas commodity (MW/h) Cash / other reserves
future contracts Position’s (debit)/credit
Nominal price 105,338 - - 105,338 27,889
in thousand €
Nominal
Quantity (3,673,817) - - (3,673,817) -
Energy commodity (MW/h) Cash / other reserves
future contracts Position’s (debit)/credit
Nominal price (354,370) - - (354,370) (79,317)
in thousand €
Nominal
Quantity 590,990 - - 590,990 - Financial instruments /
Gas commodity (MW/h) other reserves
swaps Position’s (debit)/credit
Nominal price 24,051 - - 24,051 3,414
in thousand €
Nominal
Quantity (220,464) - - (220,464) - Financial instruments /
Energy commodity (MW/h) other reserves
swaps Position’s (debit)/credit
Nominal price (23,930) - - (23,930) (1,921)
in thousand €



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
537

50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
An analysis of the above open positions in derivative financial instruments for cash flow hedging as of 31.12.2023 based on their
maturity date is presented:
GROUP 31/12/2023 Up to 12 >1 to 5 years > 5 years Total Fair value Statement of financial
months position
Nominal
Quantity 4,403,605 - - 4,403,605 -
Gas commodity (MW/h) Cash / other reserves
future contracts Position’s (debit)/credit
Nominal price 194,545 - - 194,545 (63,550)
in thousand €
Nominal
Quantity (4,504,582) - - (4,504,582) -
Energy commodity (MW/h) Cash / other reserves
future contracts Position’s (debit)/credit
Nominal price (618,989) - - (618,989) 172,094
in thousand €
Interest rate swap Position’s Financial instruments /
agreements Nominal price 4,315 42,143 131,428 177,886 (6,463) other reserves
in thousand € (debit)/credit
Nominal
Quantity 394,500 - - 394,500 -
Gas commodity (MW/h) Financial instruments /
swaps Position’s other reserves
Nominal price 21,306 - - 21,306 (7,774) (debit)/credit
in thousand €
COMPANY 31/12/2023 Up to 12 >1 to 5 years > 5 years Total Fair value Statement of financial
months position
Nominal
Quantity 4,403,605 - - 4,403,605 -
Gas commodity (MW/h) Cash / other reserves
future contracts Position’s (debit)/credit
Nominal price 194,545 - - 194,545 (63,550)
in thousand €
Nominal
Quantity (4,504,582) - - (4,504,582) -
Energy commodity (MW/h) Cash / other reserves
future contracts Position’s (debit)/credit
Nominal price (618,989) - - (618,989) 172,094
in thousand €
Nominal
Quantity 394,500 - - 394,500 - Financial instruments /
Gas commodity (MW/h) other reserves
swaps Position’s (debit)/credit
Nominal price 21,306 - - 21,306 (7,774)
in thousand €
Additionally, in the reserve from cash flow hedging transactions there were gains of €50,944 (hedged item natural gas) and losses
of €68,321 (hedged item electricity) from positions for which hedge accounting was discontinued due to the application of the
Temporary Mechanism from 08.07.2022 Return of Part of the Next Day and Intraday Markets Revenue and which were
recognized in the results of 2023 at the time the hedged item affected the results of the Group and the Parent Company.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
538

50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
50.2. Transactions for speculative purposes
The Parent Company, in the context of its business activity has carried out transactions for trading porpuses. From these
transactions, the Group and the Parent Company recorded gains of € 12.0 million (31.12.2023: losses € 5.2 mil.) and are included
in the Income Statement in "Other Ιncome " (Note 17).
Additionally, on 31.12.2023 gains of €16.2 million are included in the Statement of Income under "Other income" (Note 17)
related to the result of buy positions of natural gas and sell positions of energy contracts that arose from the date of
discontinuance of the cash flow hedging relationship due to the gradual extension of the Mechanism throughout the year 2023
(initially the Mechanism was valid for the period 01.01.2023-01.06.2023).
As of 31 December 2024 and 31 December 2023, the open positions for the Group and the Parent Company in commodities
derivative financial instruments for speculative purposes, that mature in the next year were as follows:
Financial Instrument Position Nominal quantity Position’s Nominal Cash/Results
(MW/h) value in thousands’ €
Energy commodity futures 31.12.2024 Buy 116,299 15,537 116
Natural Gas commodity futures 31.12.2024 Buy 63,570 2,489 (191)
Energy commodity futures 31.12.2023 Buy 33,963 6,906 (169)
Natural Gas commodity futures 31.12.2023 Buy 64,520 3,292 (1,205)
Financial Instrument Position Nominal quantity Position’s Nominal Financial
(MW/h) value in thousands’ € instruments/Results
Energy commodity swaps 31.12.2024 Sell (87,600) (10,008) (216)
Natural gas commodity swaps 31.12.2023 Buy 218,300 6,891 (3,993)
Energy commodity Swaps 31.12.2023 Sell (93,600) (12,460) 861
As futures contracts are valued and settled on a daily basis through the Energy Exchanges, the valuation of open positions on
31.12.2024 and 31.12.2023 has directly affected the cash and cash equivalence of the Group and the Parent Company.
The valuation of the swap contracts and futures contracts was carried out based on prices provided by financial institutions with
which the Group has concluded the relevant contracts, or based on their prices in the derivative futures market.
Interest rate swap agreements-Group
In order to hedge the interest rate risk arising from two floating rate loan agreements (Eurobank and NBG amounting to €660
million and €22.52 million respectively), the Group proceeded in 2022 to conclude over-the-counter interest rate derivative
contracts (Interest Rate Cap) with each banking institution. Hedge accounting is not followed for these contracts. As of December
31, 2024, there is one active interest rate contract as one of the two loans was repaid in 2024, due to its maturity. As of December
31, 2024, the nominal value of the contract amounts to €18 million (maturity on 31.12.2036) and its fair value to €0.5 million
(2023: €6.8 million), which is reflected in long-term liabilities.
Since the acquisition on 20 November 2024 of the new renewable energy subsidiaries in Romania (Note 3.3), the Group has
recognized Derivative financial instruments – Receivables of €5.9 million relating to the valuation of two interest rate swap
contracts maturing on 30.06.2029 with a banking institution (contract currency in euros). No hedge accounting is followed for
these contracts. The fair value of these contracts as at 31 December 2024 amounted to €5.3 million (nominal position value
€107.9 million) of which €2.0 million and €3.3 million are included in the Group’s Derivative financial instruments in short-term
and long-term Receivables respectively.
The change in the fair value of all the above contracts amounted to €7.8 million (2023: €4.8 million) and is included in the Group's
financial expenses (Note 15). The nominal value of the contracts is changing to follow the principal repayments of the
corresponding loan contracts.
The valuation of the interest rate swap contracts was carried out based on prices from financial institutions with which the Group
has entered into the relevant contracts.



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
539

50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
50.3. Derivatives for antitrust compliance purposes
Since September 1, 2021, PPC due to its exclusive access to lignite power generation assumed the obligation (Article 44 of
N4348/2021) to create a Seller's Net Position in quarterly futures contracts corresponding to 50% of the electricity production
from lignite of the corresponding calendar quarter of the previous calendar year and up to the third quarter of the year 2022 and
to 40% of the electricity production from lignite of the corresponding calendar quarter of the previous calendar year, during the
following quarters, until 31 December 2024 at the latest.
In this context, PPC from the positions that it has taken within 2024 to comply with the anti-trust rules, it has recorded gains
reflected in the "Energy Purchases" of the Income Statement amounting to €2.2 million (2023: gains of €5.2 million) including
changes in the fair value of the opposite market positions (long), it took in energy futures contracts and energy swap contracts
to cover its exposure to this specific obligation. As of 31 December 2024, there is no open position in derivative financial
instruments, as there is no longer a relevant liability for the Parent Company (31.12.2023: gains of €660 thousand).
50.4. Energy Purchase Agreements
Within 2023 the Group and the Parent company concluded for the first time into long-term bilateral power purchase agreements
("PPAs") with end customers (sell positions), with subsidiaries (buy positions) and with associated companies (buy positions).
These contracts are designed to exchange the price of energy between the Producer and the end customer so that the end customer
achieve fixed energy charges over the time. Also, for those contracts concerning "green" energy, the end customer achieves a
reduction of the carbon footprint. For the other hand, the Producer (subsidiaries and associates) ensures a) fixed cash flows/income
in the future from the operation of the Photovoltaic Parks Units/Wind Parks that operate without operating subsidies (merchant
assets) and b) financing for their construction.
As of December 31, 2024, all PPA’s signed by the Parent company are for speculative purpose, excluding PPA (buy positions of energy)
that cover the agriculture tariffs “GAIA”, for which cash flow hedge accounting is followed.
On Group, for two PPA, the Group as Producer has taken an energy sell position to hedge the risk of future Electricity price
fluctuations (cash flow hedge).
On December 31, 2024 and 2023, the positions in PPAs with financial settlement without physical delivery for the Parent Company
were as follows:
Derivative Nominal Derivative Financial Long - Term Long - Term Short - Term Short - Term
Financial Position quantity Instrument Assets / Asset (Liability) Asset (Liability)
Instruments (MW/h) (Liabilities)
Energy Contract
for differences Sell (291,144) 6,597 6,653 - - (56)
31.12.2024
Energy Contract
for differences Buy 44,860,007 (223,227) 45,753 (263,182) 2,303 (8,101)
31.12.2024
TOTAL 44,568,863 (216,631) 52,406 (263,182) 2,303 (8,157)
Energy Contract
for differences Sell (3,253,208) (455) 1,442 (1,718) - (178)
31.12.2023
Energy Contract
for differences Buy 28,658,448 25,689 23,307 (3,525) 5,908 -
31.12.2023
TOTAL 25,405,240 25,234 24,748 (5,244) 5,908 (178)



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
540

50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
Buy positions
As of December 31, 2023, the energy buy positions concerned PPA of the Parent company with the subsidiaries
ALEXANDROUPOLIS ELECTRICITY PRODUCTION S.A., ARCADIAN SUN ONE S.M.S.A., SOLARLAB S.M.S. A. and the associate
companies Amyntaio Solar Park 4 S.M.S.A., Amyntaio Solar Park 7 S.M.S.A., Amyntaio Solar Park 8 S.M.S.A., Amyntaio Solar Park
9 S.M.S.A. Some contracts have fixed price and some others variable price throughout the duration of the PPA.
On March 4, 2024, the Parent Company signed power purchase agreement (buy position) with the subsidiary company PHOEBE
ENERGY S.M.S.A.
On November 29, 2024, the Parent Company signed power purchase agreement (buy position) with the associates ΝΙKOPOLI
SOLAR S.A., SPILAIO SOLAR S.A., ΑLYSTRATI SOLAR S.A., ΑΤLAS SOLAR S.A., BALIAGA S.A., the subsidiary PPC Renewables S.M.S.A.
and Aioliki Thrakis S.M.S.A. in the context of the provision of the agricultural tariff "GAIA" with a fixed price from 3rd to 10th year,
to cover 30% of the annual electricity consumption of the supplies that have been included in "GAIA".
The price exchange period of the PPAs is for a periοd of 8 to 15 years and starts only when certain conditions are fulfilled. Also,
most of these agreements concern quantities of energy with the term "pay as produced", i.e. based on the energy produced by
the asset/ Park (either 100% or a percentage of the energy produced). All agreements concern specific assets/ Photovoltaic Parks/
Wind Parks, which are either in the financing stage, under construction or in operation.
Sell positions
On December 31, 2023, the energy sell positions concerned PPAs of the Parent company with end consumers of electricity. All
contracts are of fixed price throughout the duration of the PPAs and the price exchange period is for a period of 8 to 10 years,
starting when certain conditions are met. Also, most of these agreements concern quantities of electricity with the term "pay as
produced", i.e. based on the energy produced by the asset/Park (at 100% of the energy produced).
In August 2024, amendments to certain power purchase agreements (sell positions) were signed with end customers, which led
to the derecognition of the derivative financial instrument, benefiting the results of 2024 by €1.7 million. Specifically, the delivery
of energy was changed from virtual (financial) to physical, using an injection and absorption declaration to the Day-Ahead Market
through an intermediary energy supplier, as the criteria of the own use were met.
Among these contracts, there were PPAs relating to Photovoltaic Parks that had not received connection terms and had not been
included in category B under ΥΑ ΥΠΕΝ/ΓΔΕ/84014/7123 (OG 4333/B’/12.08.2022) and on 31/12/2023 the significant uncertainty
around their construction had been taken into account and the "pay as produced" quantity had been determined as zero for
valuation purposes. These contracts were amended to meet the requirements of the Law for obtaining connection terms from
the operator.
On December 31, 2024 and December 31, 2023, some agreements concern specific assets/Photovoltaic Parks, which are in the
process of receiving connection terms or have received connection terms, while others refer to the sale of energy from the
Group's Renewable Energy portfolio.
The nominal quantity in MWh based on which the fair value of the contract for differences was determined for the PPA
agreements with the term "pay as produced", was derived based on simulation results from the Park's technical specifications
and weather scenarios. On the contrary, the expected Settlement Price was derived based on estimates from available market
data. A discount rate was determined on the basis of the risk-free Euribor (curve based on the duration of the PPAs) and
counterparty risk, that was used to discount future cash flows.
Also, all the contracts, excluding one, include the delivery of guarantees of origin of green energy (they met the criteria of own
use –exception of IFRS 9) and were considered to represent embedded derivatives, and as a result the initial valuation of the
derivatives (contract for differences) was recalibrated to be equal to zero.
Finally, some of the PPA contracts sell positions include 2 periods. In period A, a physical delivery of energy produced by the Units
of the existing production portfolio of the Parent Company takes place to the end customer, with a settlement of the price
difference, which was evaluated as own use (IFRS 9 exception). While period B, as of 31.12.2023 it was assessed as a swap contract
with financial settlement without physical delivery of electricity. On 31.12.2024 after the amendment of these contracts (as
above), period B was considered as a physical delivery contract (excluding IFRS 9).
On December 31, 2024 and December 31, 2023, the Group's positions in PPA sap contracts with financial settlement without
physical delivery for the Group were as follows:



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PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
541

50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
Derivative Nominal Derivative Financial Long - Term Long - Term Short - Term
Financial Position quantity Instrument Assets / Asset (Liability) (Liability)
Instruments (MW/h) (Liabilities)
Energy Contract (119,236)
for differences Sell (11,571,829) (145,833) 6,653 (33,250)
31.12.2024
Energy Contract
for differences Buy 12,004,862 (137,159) - (133,929) (3,230)
31.12.2024
TOTAL 433,033 (282,992) 6,653 (253,165) (36,480)
Energy Contract
for differences Sell (13,131,333) (10,226) 1,442 (11,490) (178)
31.12.2023
Energy Contract
for differences Buy 7,504,772 4,372 4,383 (11) -
31.12.2023
TOTAL (5,626,561) (5,854) 5,824 (11,501) (178)
On December 31, 2023, the energy buy positions concerned the Group's PPA with the associate companies Amyntaio Solar Park
4 S.M.S.A., Amyntaio Solar Park 7 S.M.S.A., Amyntaio Solar Park 8 S.M.S.A., Amyntaio Solar Park 9 S.M.S.A. and are described as
above (Parent company’ buy positions).
As of December 31, 2024, the energy buy positions include the PPAs signed in 2024 with the associate companies Nikopoli Solar
S.A., Spilaio Solar S.A., Alistrati Solar S.A., Atlas Solar S.A., Baliaga S.A., and Aioliki Thrakis S.M.S.A. (associate company in 2025) in
the context of the provision of the agricultural tariff "GAIA".
As of December 31, 2023, Group's energy sell positions included, in addition to the parent company's sell positions (as above -
sell positions) with end customers, and the PPA that PPC's subsidiary has signed with a minority shareholder. This agreement is
of variable price throughout its duration, based on the variable cost of the Unit, and the price exchange period is for a period of
15 years, which begins when certain conditions are met.
From the acquisition, on 20 November 2024, of the new renewable subsidiaries in Romania (Note 3.3), the Group recognized in
its liabilities Derivative Financial Instruments amounting to €129.1 million which at 31 December 2024 amounted to a liability of
€127.2 million. These relate to PPA (sell position) contracts of fixed quantity of energy and price, with a financial settlement
expiring on 31.12.2028, with a counterparty an energy company. The Group, as a Producer, performs hedge accounting (cash
flow hedging). Also, the new subsidiaries in Romania have entered interest rate swaps (Note 50.2).
As of December 31, 2024, from the valuation of the PPA contracts, the Group and the Parent Company recognized in "Other
Expenses" losses of €85.8 million (31.12.2023: losses €7.1 million) and losses of €241.8 million (31.12.2023: gains €25.2 million),
respectively (Note 17), while the Group recognized in reserves from hedging transactions a gain of €5.6 million (31.12.2023: gains
€0.9 million) (after deferred tax) for a PPA contract with the purpose of cash flow hedging against future fluctuations in energy
prices.
The decrease in the estimated future prices of 31.12.2024 compared to 31.12.2023, led to the negative valuation of the buy
positions and the positive valuation of the PPA sell positions for the Group and the Parent company.
The impact on the Group of the change in the valuation price of the buy positions of PPA contracts with associates affected the
Group's Income Statement only in terms of the majority shareholder's shareholding.
Finally, it should be noted that the valuations of all the above contracts belong to the level 3 hierarchy, i.e. are based on
techniques using inputs that have a significant effect on recorded fair value and are not based on observable market data. This
implies that actual cash flows in the future may differ significantly from the valuation result.
Below is an analysis of the above open positions as of 31.12.2024 and 31.12.2023 based on the exchange dates of the future cash
flows.



Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
542

50. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
Nominal quantity (MW/h)
GROUP Position up to 12 months >1 to 5 Years > 5 years Total
Energy Contract for differences Sell (381,060) (3,902,613) (7,288,157) (11,571,829)
31.12.2024
Energy Contract for differences Buy 259,748 4,385,406 7,359,708 12,004,862
31.12.2024
TOTAL (121,312) 482,793 71,552 433,033
Energy Contract for differences Sell (15,456) (3,393,015) (9,722,861) (13,131,333)
31.12.2023
Energy Contract for differences Buy - 2,114,091 5,390,680 7,504,772
31.12.2023
TOTAL (15,456) (1,278,924) (4,332,181) (5,626,561)
Nominal quantity (MW/h)
COMPANY Position up to 12 months >1 to 5 Years > 5 years Total
Energy Contract for differences Sell (30,660) (122,640) (137,844) (291,144)
31.12.2024
Energy Contract for differences Buy 730,824 14,513,650 29,615,533 44,860,007
31.12.2024
TOTAL 700,164 14,391,010 29,477,689 44,568,863
Energy Contract for differences Sell (15,456) (1,444,578) (1,793,174) (3,253,208)
31.12.2023
Energy Contract for differences Buy 253,519 6,867,427 21,537,502 28,658,448
31.12.2023
TOTAL 238,063 5,422,849 19,744,328 25,405,240
An analysis of certain assumptions as of 31.12.2024 and 31.12.2023 follows below:
31.12.2024 up to 12 months >1 to 5 Years > 5 years
Expected DAM prices(€/MWh) 118 93 95
Average risk free interest rate 2.69% 2.23% 2.34%
31.12.2023 up to 12 months >1 to 5 Years > 5 years
Expected DAM prices(€/MWh) 125 115 108
Average risk free interest rate 3.17% 1.99% 2.55%



Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
543
51. SECURITIZATION OF TRADE RECEIVABLES FROM ELECTRICITY SALES
Securitization of receivables from electricity sales bills overdue more than 90 days
The Parent Company on April 9, 2021 signed the securitization contracts with a delay of more than 90 days and proceeded until
June 30, 2021 to raise funds of € 325,020 maturing in 2026 with an interest rate of 6.8% for an amount of securitized receivables
of nominal value € 1.645 billion and received bonds of reduced security amounting to € 145.4 million with an interest rate of 8%.
The investors are Carval Investors and Deutsche Bank AG and under management of PIMCO. The issuer of the transaction is PPC
Zeus DAC and the administrator (Servicer) in the transaction is PPC SA, while Qualco SA. acts as a Sub-Servicer.
This Program is covered by a portfolio of claims from active or non-active low voltage customer contracts, with one or more
claims overdue by more than 90 days. The program includes a period that it operates as a revolving period and a period during
which the capital will be repaid from the proceeds of the above claims.
On July 27, 2023, PPC agreed to amend the terms of the securitization under the fulfillment of certain conditions, namely: i) the
extension of the revolving period from July 2023 to July 2024 (with the possibility of extending it for additional 12 months) where
it was extended until July 2025, ii) the extension of the maturity date until July 2028 or until July 2029, in case the revolving period
is extended for an additional 12 months (extended until July 2029), iiI) the modification of the initial interest rate for the high-
yield bonds (senior notes) from 6.8% to EURIBOR + 4.5% margin.
The Parent Company has recognized a financial liability to PPC Zeus DAC, which undertook the issuance of bonds of €325.0 million
against the above-mentioned securitized trade receivables. As at December 31, 2024, the financial liability (capital received by
PPC minus the cash equivalents received by the issuer from PPC and the unamortized part of the issuance costs) to PPC Zeus DAC
amounts to €256.0 million (31.12.2023: €260.7 million) and is included in non-current liabilities. On 31 December 2024, the
receivables that have been included in the securitization continue to appear in the Statement of Financial Position as the
derecognition criteria of IFRS 9 are not met and amount to € 1.429 billion (31.12.2023: € 1.555 billion) nominal value and € 93.3
million value after the provision for expected credit loss (31.12.2023: €117.8 million). Finally, the IFRS requirements for the
consolidation of the PPC special purpose company Zeus DAC are not met.
Securitization of trade receivables from electricity sales for current bills and bills overdue up to 60 days
On August 6, 2020, the Parent Company signed a securitization agreement from electricity sales for current bills and bills with a
delay of up to 60 days and on November 24, 2020 proceeded with the initial withdrawal of € 150.0 million with interest rate 3.5%
for an amount of securitized receivables with a nominal value of € 206.8 million with investor JP Morgan Chase Bank and issuer
PPC Energy Finance DAC and received Bonds of reduced security amounting to € 55.7 million.
On June 30, 2021, the Parent Company raised the remaining amount of € 50 million from the securitization contract for up to 60
days, resulting in the total financial liability amounting to € 200.0 million.
Servicer in the transaction is the Parent Company that has assigned specific services for the management of securitized trade
receivables to Qualco SA. (Sub-Servicer). This line of finance is revolving, allowing the Parent Company to make future
disbursements and has a duration of 3 years.
On June 29, 2022, the Parent Company came to an agreement with JP Morgan and certain other parties of the transaction to
amend the terms of the transaction in connection with, among other things, (i) an increase in the available commitment amount
from €200 million to €300 million and on June 30, 2022, it drew down an amount of €30 million as a result, the total financial
liability amounting to €230.0 million (ii) the reduction of the interest rate on drawn capital to 3% and (iii) the extension of the
expiration date of the transaction from August 2023 to June 2025.


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
544
51. SECURITIZATION OF TRADE RECEIVABLES FROM ELECTRICITY SALES (CONTINUED)
As at December 31, 2024, the financial liabilities (capital received by PPC minus the cash equivalents received by the issuer from
PPC and the unamortized part of the issuance costs) from the securitization of trade receivables amount to € 115.6 million and
are included in short-term liabilities, compared to € 126.5 million as at December 31, 2023, where € 10.2 million was included in
current liabilities and € 116.3 million was included in long-term liabilities as at December 31, 2023. The total securitized
receivables have a nominal value of € 167.7 million (31.12.2023: € 189.9 million), while the subordinated bonds are of zero value.
Finally, receivables from Low Voltage customers for current electricity bills and electricity bills in arrears up to 60 days (after
provisions for expected credit loss) amount to €180.2 million as of 31 December 2024 (31.12.2023: €231.9 million).
Finally, there are two (2) pledge agreements on the Parent's accounts, held by National Bank of Greece, ALPHA BANK, ATTICA
BANK, Piraeus Bank and EUROBANK in favor of CITIBANK NA, LONDON BRANCH and JP Morgan Chase Bank, as part of the above
securitizations.

52. SUBSEQUENT EVENTS
In addition to those presented in other notes, the following events occurred from December 31
st
, 2024 until the date of approval
of the Financial Statements:
Issuance - Repayment of loans
On 30.01.2025, the Parent Company, as the lending company, signed 2 intercompany loan amendments-extensions, for a total
amount of up to RON 2.5 billion with its subsidiary, PPC Energie SA, as the borrowing company.
On 02.01.2025 the Parent Company proceeded with the repayment of an amount of € 70 million related to the Open Overdraft
Account with Alpha Bank S.A.
On 02.01.2025 the Parent Company proceeded with the repurchase of bonds amounting to € 100 million of the Revolving Bond
Loan with National Bank of Greece S.A.
During the period 01.01.2025-26.03.2025, the Group and the Parent Company proceeded to debt repayments of € 397.9 million
and €355.8 million respectively.
In January 2025, the Parent Company proceeded with the extension of the Common Bond Loan under Law 4548/2018 with Alpha
Bank S.A. dated from 29.8.2023 amounting to €315 million and maturing on 4.3.2025, by 3 months, i.e. 4.6.2025.
On 20.02.2025, the Joint Secured Bond Loan Program and a Coverage Agreement of up to €48.6 milion were signed between the
subsidiary ALPENER S.M.S.A. as issuer and the banks National Bank of Greece S.A. and Piraeus Bank S.A. as Bondholders.
On 20.02.2025, the subsidiary HEDNO, within the framework of the loan agreement it has concluded with the EIB for the financing
of the "HEDNO DISTRIBUTION I" project exclusively with RRF resources amounting to € 296.15 million, draw down an amount of
€ 150 million.
Acquisition of shares of PPC S.A. in the company Qualco Intelligent Finance S.M.S.A.
On February 6, 2025, PPC S.A. paid the amount of €25 thousands for the acquisition of 25% of the share capital of "Qualco
Intelligent Finance S.M.S.A.", that is, 250 shares with a nominal value of €100, each. The company Qualco Intelligent Finance has
extensive experience in managing non-bank receivables portfolios and providing integrated securitization solutions.
Fire at a power station in Crete
On 03.03.2025 at the power station in Atherinolakkos, Crete, a powerful explosion occurred in the crankcase of unit MEK1
(12Κ90MC-S power 51MW). There were no injuries, but serious material damage was caused, most notably the collapse of the
roof of the engine room that houses 2 identical DIESEL units and the serious damage of the DIESEL unit No1. The net carrying
value of the unit as of 31 December 2024 amounts to €20 million approximately. The impairment of property, plant and
equipment is being examined within the first quarter of 2025.


Graphics
PUBLIC POWER CORPORATION S.A.
NOTES TO THE ANNUAL FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND FOR THE YEAR ENDED
(All amounts in thousands of Euro, unless otherwise stated)
545
52. SUBSEQUENT EVENTS (CONTINUED)
Voluntary Resignation Program 2025
In March 2025, by the Board of Directors decision 20/18.03.2025 the Parent Company decided to implement a Voluntary
Retirement Program with the provision of a financial incentive for the year 2025. The program is addressed to the company's
personnel, including those seconded to external entities, aged 50 and over, who have completed at least 15 years at PPC and are
on permanent employment contracts and salaried mandates.


Graphics
PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
546
D. APPENDIX I -UNBUNDLED FINANCIAL STATEMENTS
Under the provisions of L.4001/2011
and the approved methodology of
the Regulatory Authority for Energy

Graphics
PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
PUBLIC POWER CORPORATION S.A.
SYSTEM INTEGRATION UNBUNDLED BALANCE SHEETS
DECEMBER 2024
AMOUNTS IN MILLIONS OF EURO

ADMINISTRATION
MINES
GENERATION
ELECTRICITY
NATURAL GAS
OTHER
ELIMINATIONS
TOTAL PPC

SUPPLY
SUPPLY

2024
2023
2024
2023
2024
2023
2024
2023
202
202
2024
2023
2024
2023
2024
2023
4
3
ASSETS

































NON-CURRENT ASSETS
















Tangible Assets
194.3
167.0
210.5
152.9
4,844.2
4,736.3
39.2
20.1
0.0

26.7
43.6
0.9
(7.6)
5,315.9
5,112.2
Intangible assets, net
23.1
20.5
0.5
0.8
376.7
795.7
3.9
7.8
0.0

0.3
6.8
43.0

447.5
831.5
Goodwill














0.0

Right of use assets
2.6

51.6
9.6
137.1
118.5
9.3
9.3
0.0

0.0

(61.4)

139.2
137.5
Investments in subsidiaries
2,668.5
2,151.3
40.1
40.1
476.6
476.6
(7.8)
(7.8)
0.0

79.4

(28.5)
(9.9)
3,228.4
2,650.3
Investments in associates
0.0

0.0

0.0

0.0

0.0

0.0

28.5
9.9
28.5
9.9
Financial assets measured at fair value through
0.3
0.3




0.0





0.0

0.3
0.3
other comprehensive income
Deferred tax asset
67.3
67.3
46.4
42.5
178.5
67.7
603.2
602.8
0.0

0.3

(236.6)
(85.6)
659.2
694.8
Derivative Financial instruments - Non-Current






24.7
24.7
Asset





52.4
0.0
52.4
Loan claims from subsidiaries














682.4
37.9
Other non–current assets
641.0
10.7
1.4
1.4
103.0
103.1
(2.9)
(2.7)
0.0

(0.0)

(60.0)
26.7
104.8
101.2
Administration non-current assets
(3,597.1
(2,417.1
183.1
144.2
3,359.5
2,237.4
50.6
42.9
0.0

5.1
2.0
(1.1)
(9.4)


)
)

10,658.
TOTAL NON-CURRENT ASSETS
0.0
0.0
533.6
391.6
9,475.6
8,535.3
695.5
672.4
0.0
0.0
164.2
52.3
(315.1)
(51.2)
6
9,600.4

















CURRENT ASSETS
















Inventories
8.9
8.9
5.6
25.6
552.0
537.1
0.0
0.1
0.0

3.8
22.4
(12.8)
6.9
557.5
601.0
Trade receivables
29.8
990.2
1.0
106.3
53.0
1,405.6

2.4

0.4
1.2
(310.7)
(1,241.8
1,181.3
(210.5)
1,550.4
11.4
)
1,207.1
Contract assets
(0.0)

0.0

0.0

390.5
554.5
2.3
1.6
0.0

(0.1)
(0.3)
392.6
555.8
Other receivables
1,210.6
121.2
71.8
(18.5)
(74.4)
132.7
1,148.5
826.8

1.6
5.1

(763.4)
491.2
1,620.2
1,555.1
22.0
Loan claims from foreign subsidiaries












645.9
523.4
645.9
523.4
Derivative Financial instruments-Current Asset
0.0

0.0

3.4

0.0

0.0

2.3

0.0
(19.5)
5.7
7.4
Cash and cash equivalents
(0.0)

40.1
14.9
1,241.4
680.1
473.6

0.0

(0.0)

(340.9)
(421.2)
1,414.2
1,895.2
1,621.4
Assets held for sale












0.0

0.0

Administration current assets
(1,249.3
(1,120.2
15.0
13.3
(144.9)
(169.7)
1,293.0

0.0

1.4
1.3
84.8
13.1


)
)
1,262.3



TOTAL CURRENT ASSETS
(0.0)
0.0
133.5
141.6
1,630.5
969.7
4,711.2
5,815.5
26.7
14.6
13.0
51.8
(697.3)
(648.2)
5,817.5
6,345.0



11,106.




(1,012.5
16,476.
15,945.
TOTAL ASSETS
0.0
0.0
667.1
533.1
1
9,505.0
5,406.7
6,487.9
26.7
14.6
177.2
104.1
)
(699.3)
1
5


















EQUITY AND LIABILITIES
































EQUITY
















Share Capital
521.7
553.2
76.7
76.7
296.2
296.2
21.2
21.2
(0.0)

(0.0)

0.0

915.8
947.4
Share Pemium
946.8
946.8
14.7
14.7
56.8
56.8
0.4
0.4
(0.0)

(0.0)

(0.0)

1,018.7
1,018.7
Legal reserve
69.1
55.9
4.8
4.8
107.4
107.4
(2.7)
(2.7)
(0.0)
(0.0)
(0.1)
(0.1)
8.6
(8.6)
187.0
173.8
Statutory revaluation surplus
0.0

(171.2)
(171.2)
(770.8)
(770.8)
(5.3)
(5.3)
(0.0)

(0.0)

0.0

(947.3)
(947.3)
Revaluation surplus
149.1
156.5
516.1
390.9
2,597.5
2,440.8
32.3
28.6
(0.0)

(0.1)

25.6
(36.2)
3,320.5
3,053.0
Other Reserves
32.5
17.7
25.2
22.9
82.2
152.0
(76.2)
6.1
(0.0)

0.0

(12.6)
14.0
51.3
184.7
Treasury shares
(0.0)
(143.9)
(27.0)

(187.4)

(3.2)

(0.0)

(0.0)

(0.0)
(0.0)
(217.5)
(143.9)
(2,211.2
(2,097.2
(1,483.9
(1,877.1
(288.6
Retained earnings
2,155.7
2,320.4
)
)
)
)
2,214.6
2,229.1
3.9
(5.3)
)
(7.9)
680.0
614.4
1,070.4
1,176.3
(3,874.9
(3,906.6
Administration equity
)
)
382.2
388.0
3,438.0
3,478.5
29.7
30.4
(0.0)

(0.0)

25.0
9.6
(0.0)

(1,389.7
(1,370.4
(288.8

TOTAL EQUITY
0.0

(0.0)


)

)
4,136.1

3,883.8

2,210.8

2,307.8

3.9

(5.4)

)

(8.0)

726.6

654.9

5,398.9

5,462.8

NON-CURRENT LIABILITIES
















Long-term borrowings
(0.0)

110.7
90.0
3,443.2
2,543.4
12.5
7.2
(0.0)

8.6
2.7
(39.3)
(44.7)
3,535.6
2,598.7
Post retirement benefits
84.1
84.1
(14.3)
(8.4)
(14.7)
(5.0)
1.8
3.3
(0.0)

(0.0)

15.5
5.5
72.3
79.6
Provisions
148.5
148.4
371.9
345.7
222.0
245.2
151.1
151.1
(0.0)

(0.0)

(120.7)
(91.2)
772.8
799.1
Deferred tax liability
(101.9)
(100.0)
120.2
112.0
968.7
734.9
11.3
10.8
(0.0)

0.2

(998.6)
(757.8)
(0.0)

Financial lease liability
87.1

2.1

35.5

6.7

(0.0)

0.0

(0.0)
119.2
131.4
119.2
Deferred customers’ contributions and subsidies
2.5
0.1
(0.1)
(0.1)
83.1
87.8
(0.1)
(0.1)
(0.0)

0.5

414.1
420.8
500.1
508.6
Long term financial liability from the securitization






377.1
377.1
of receivables
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
256.0
256.0
Financial liability from NCI Put option
(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

Derivative Financial instruments-Non Current






5.2
5.2
Liability
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
263.2
263.2
(3,442.7
(2,881.6
Other non-current liabilities
(0.3)
82.6
0.0
1.9
2.1
24.8
3,186.3
2,794.3
0.4
0.4
263.2
0.1
)
)
9.0
22.5
Administration non-current liabilities
(220.0)
(215.3)
(82.3)
(82.5)
337.8
332.3
(34.5)
(34.5)
(0.0)

0.0

(1.0)

(0.0)

(3,653.4
(2,847.5
TOTAL NON-CURRENT LIABILITIES
(0.0)
(0.0)
508.2
458.6
5,077.5
3,963.5
3,335.1
2,932.2
0.4
0.4
272.5
2.8
)
)
5,540.3
4,510.1

















CURRENT LIABILITIES
















Trade and other payables
(131.3)
(314.4)
195.4
202.1
433.3
514.1
705.3
919.6
0.0

8.3
16.8
(240.9)
(403.1)
970.2
925.0
Short term financial liabilities from the
(0.0)
(0.0)
(0.0)
230.0
(0.0)
(0.0)
(114.4)
115.6
securitization of receivables







10.2
Short – term borrowings
0.0

2.3

67.2

0.3

0.0

0.2

(0.0)

70.0

Current portion of interest bearing loans and
(0.0)
11.2
431.6
1.3
(0.0)
0.9
(43.1)
401.8
borrowings

30.9
858.0
2.5

0.9
(21.4)
840.7
Short–term financial lease liability
(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

21.8
30.2
Dividends payable
0.1

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

0.0

0.1

Income taxes payable
(50.9)
(50.9)
21.5
21.5
30.5
30.5
5.5
5.5
(0.0)

(0.0)

0.0

6.6
6.6
Accrued and other current liabilities
87.6
367.6
0.0
23.7
1,032.7
1,305.4
202.4
458.5
(0.0)

8.4
7.8
15.7
(164.7)
1,346.8
1,998.2
Derivative Financial instruments-Current Liability
(0.0)

(0.0)

1.9
7.1
0.2
3.1
(0.0)

8.2
1.7
0.0

10.3
11.9
Current portion of the provision of
decommissioning and removal of Power Plants’,
(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

119.8
75.1
119.8
75.1
Mines’ and Wind Parks’ facilities and mines’ land
restoration areas
Current portion of post-retirement benefits
(0.0)

16.0
16.0
44.7
44.7
4.1
4.1
(0.0)

(0.0)

(15.5)
(5.5)
49.3
59.3
Short-term contract liabilities
(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

(0.0)

2,424.6
2,015.3
2,424.6
2,015.3
Administration current liabilities
94.5
(2.3)
(2.6)
0.3
163.8
21.7
(107.0)
(17.5)
(0.0)

0.1
0.1
(148.7)
(2.4)
(0.0)

TOTAL CURRENT LIABILITIES
(0.0)
(0.0)
243.9
294.5
2,205.7
2,781.5
1,042.0
1,375.9
0.1
(0.0)
26.0
27.3
1,997.4
1,493.3
5,536.9
5,972.6
Other movements between activities
(1,123.8
(1,181.2
0.0
(0.0)
1,304.7
1,150.4
(313.2)
)
)
(128.0)
22.4
19.6
167.3
82.0
0.0
(0.1)


11,106.
16,476.
15,945.
TOTAL LIABILITIES AND EQUITY
(0.0)
(0.0)
667.1
533.1
1
9,505.0
5,406.7
6,487.9
26.7
14.6
177.1
104.1
(929.4)
(699.3)
1
5


* Any differences are due to decimal roundings.



547

Graphics
PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
PUBLIC POWER CORPORATION S.A.
INTERCONNECTED SYSTEM UNBUNDLED BALANCE SHEET
DECEMBER 2024
AMOUNTS IN MILLIONS OF EURO


MINES
GENERATION
ELECTRICITY SUPPLY
NATURAL GAS SUPPLY
OTHER
TOTAL

2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
ASSETS

























NON-CURRENT ASSETS












Tangible Assets
210.5
152.9
4,340.0
4,082.9
35.1
18.2
0.0
0.0
26.7
43.6
4,612.3
4,297.6
Intangible Assets
0.5
0.8
380.2
798.6
2.6
6.2
0.0
0.0
0.3
6.8
383.6
812.5
Right of use assets
51.6
9.6
111.5
104.4
8.9
8.9
0.0
0.0
0.0
0.0
172.0
122.9
Investments in subsidiaries
40.1
40.1
388.0
388.0
(7.0)
(7.0)
0.0
0.0
79.4
0.0
500.5
421.1
Investments in associates










0.0
0.0
Available for sale financial assets
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Deferred tax assets
46.4
42.5
152.5
57.0
517.3
516.9
0.0
0.0
0.3
0.0
716.4
616.4
Derivative Financial instruments - Non-Current Asset








52.4

52.4

Other non-current assets
1.4
1.4
102.3
102.4
(2.7)
(2.5)
0.0
0.0
(0.0)
0.0
101.0
101.3
Administration non-current assets
183.1
144.2
2,641.4
1,674.7
43.8
36.5
0.0
0.0
5.1
2.0
2,873.4
1,857.4
TOTAL NON-CURRENT ASSETS
533.6
391.6
8,115.8
7,208.0
597.9
577.3
0.0
0.0
164.2
52.3
9,411.6
8,229.2













CURRENT ASSETS












Materials, spare parts and supplies, net
5.6
25.6
267.6
254.3
(0.5)
(0.1)
0.0
0.0
3.8
22.4
276.5
302.1
Trade receivables, net
66.6
106.3
(187.3)
(182.1)
1,793.6
1,646.2
22.8
11.4
1.1
1.2
1,696.7
1,583.1
Contract assets
0.0
0.0
0.0
0.0
306.7
459.9
2.3
1.6
0.0
0.0
309.0
461.5
Other receivables, net
6.2
(18.5)
173.7
115.6
481.4
580.6
1.6
1.6
4.4
0.0
667.3
679.3
Derivative Financial instruments-Current Asset
0.0
0.0
3.4
0.0
0.0
0.0
0.0
0.0
2.3
26.9
5.7
26.9
Cash and cash equivalents
40.1
14.9
987.5
482.7
253.6
1,425.9
0.0
0.0
(0.0)
0.0
1,281.2
1,923.5
Administration current assets
15.0
13.3
(196.6)
(205.4)
1,173.7
1,147.5
0.0
0.0
1.4
1.3
993.5
956.6
TOTAL CURRENT ASSETS
133.5
141.6
1,048.3
465.0
4,008.6
5,259.9
26.7
14.6
13.0
51.8
5,230.0
5,932.9
TOTAL ASSETS
667.1
533.1
9,164.1
7,673.0
4,606.5
5,837.2
26.7
14.6
177.2
104.1
14,641.6
14,162.1


























EQUITY AND LIABILITIES

























EQUITY












Share Capital
76.7
76.7
228.6
228.6
18.5
18.5
(0.0)
(0.0)
(0.0)
(0.0)
323.8
323.8
Share Pemium
14.7
14.7
43.8
43.8
0.4
0.4
(0.0)
(0.0)
(0.0)
(0.0)
58.9
58.9
Legal reserve
4.8
4.8
68.0
68.0
(5.6)
(5.6)
(0.0)
(0.0)
(0.1)
(0.1)
66.9
66.9
Fixed assets’ statutory revaluation surplus included in share capital
(171.2)
(171.2)
(581.6)
(581.6)
(5.0)
(5.0)
(0.0)
(0.0)
(0.0)
(0.0)
(757.7)
(757.7)
Revaluation surplus
516.1
390.9
2,193.5
1,767.2
29.3
26.3
(0.0)
(0.0)
(0.1)
0.0
2,738.8
2,184.4
Other Reserves
25.2
22.9
69.6
138.6
(76.7)
5.7
(0.0)
(0.0)
0.0
(0.0)
18.2
167.2
Treasury shares
(27.0)
0.0
(138.3)
(0.0)
(2.7)
0.0
(0.0)
(0.0)
(0.0)
(0.0)
(168.0)
(0.0)
Retained earnings
(2,211.2)
(2,097.2)
(2,010.5)
(2,452.9)
1,584.6
1,762.9
3.9
(5.3)
(288.6)
(7.9)
(2,921.8)
(2,800.5)
Administration equity
382.2
388.0
2,495.1
2,525.1
27.6
28.2
(0.0)
(0.0)
(0.0)
(0.0)
2,904.9
2,941.3
TOTAL EQUITY
(1,389.7)
(1,370.4)
2,368.3
1,736.8
1,570.4
1,831.3
3.9
(5.4)
(288.8)
(8.0)
2,264.0
2,184.3













NON-CURRENT LIABILITIES












Interest bearing loans and borrowings
110.7
90.0
2,956.4
1,942.8
11.3
6.6
0.0
(0.0)
8.6
2.7
3,086.9
2,042.1
Post retirement benefits
(14.3)
(8.4)
4.3
10.3
(0.1)
1.3
0.0
(0.0)
(0.0)
(0.0)
(10.1)
3.2
Provisions
371.9
345.7
182.9
207.9
142.3
142.3
0.0
(0.0)
(0.0)
(0.0)
697.1
695.9
Deferred tax liability
120.2
112.0
739.5
560.9
10.4
9.9
0.0
(0.0)
0.2
(0.0)
870.3
682.8
Financial lease liability
2.1

40.0

6.5

0.0

0.0

(48.6)
0.0
Deferred customers’ contributions and subsidies
(0.1)
(0.1)
83.1
87.9
(0.1)
(0.1)
0.0
(0.0)
0.5
(0.0)
83.5
87.7
Long term financial liability from the securitization of receivables










0.0
0.0
Derivative Financial instruments-Non Current Liability








263.2

263.2

Other non-current liabilities
0.0
1.9
76.7
111.4
2,685.4
2,351.7
0.4
0.4
0.1
0.1
2,762.6
2,465.5
Administration non-current liabilities
(82.3)
(82.5)
201.9
197.7
(25.1)
(25.1)
(0.0)
(0.0)
0.0
0.0
94.5
90.1
TOTAL NON-CURRENT LIABILITIES
508.2
458.6
4,284.7
3,118.9
2,830.7
2,486.6
0.4
0.4
272.6
2.8
7,896.7
6,067.4













CURRENT LIABILITIES












Trade and other payables
195.4
202.1
360.0
436.8
323.4
567.4
0.0
0.0
8.3
16.8
887.2
1,223.2
Short – term borrowings
(0.0)

(0.0)

230.0

(0.0)

(0.0)

230.0

Current portion of interest bearing loans and borrowings
2.3
(0.0)
58.0
0.0
0.2
(0.0)
(0.0)
(0.0)
0.2
(0.0)
60.7
0.0
Short–term financial lease liability
11.2
30.9
379.1
662.8
1.1
2.3
(0.0)
(0.0)
0.9
0.9
392.4
696.9
Dividends payable
(0.0)
(0.0)
(0.0)
(0.0)
0.0
0.0
(0.0)
(0.0)
(0.0)
(0.0)
0.0
0.0
Income taxes payable
21.5
21.5
23.9
23.9
29.7
29.7
(0.0)
(0.0)
(0.0)
(0.0)
75.1
75.1
Accrued and other current liabilities
0.0
23.7
909.5
1,195.1
146.5
366.4
(0.0)
(0.0)
8.4
7.8
1,064.5
1,592.9
Short term part of forecasting the dismantling and removal o facilities /
equipment of Production Units, Mines and Wind Parks and










0.0
0.0
rehabilitation of Mining areas
Current portion of post-retirement benefits
16.0
16.0
32.5
32.5
3.8
3.8
(0.0)
(0.0)
(0.0)
(0.0)
52.4
52.4
Derivative Financial instruments-Current Liability
(0.0)
(0.0)
1.9
7.1
0.2
3.1
(0.0)
(0.0)
8.2
1.7
10.3
11.9
Administration current liabilities
(2.6)
0.3
113.5
14.6
(123.7)
(46.0)
(0.0)
(0.0)
0.1
0.1
(12.8)
(31.0)
TOTAL CURRENT LIABILITIES
243.9
294.5
1,878.5
2,372.8
611.4
926.8
0.0
0.0
26.0
27.3
2,759.8
3,621.5
Other movements between activities
1,304.7
1,150.4
632.6
444.5
(406.0)
592.4
22.4
19.6
167.3
82.0
1,721.0
2,288.9
TOTAL LIABILITIES AND EQUITY
667.1
533.1
9,164.1
7,673.0
4,606.5
5,837.2
26.7
14.6
177.2
104.1
14,641.6
14,162.1

* Any differences are due to decimal roundings.





548

Graphics
PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
PUBLIC POWER CORPORATION S.A.
CRETE UNBUNDLED BALANCE SHEET
DECEMBER 2024
AMOUNTS IN MILLIONS OF EURO


GENERATION
ELECTRICITY SUPPLY
TOTAL

2024
2023
2024
2023
2024
2023
ASSETS













NON-CURRENT ASSETS






Tangible Assets
233.2
246.8
1.4
0.3
234.5
247.2
Intangible Assets
(8.6)
(8.4)
0.5
0.5
(8.1)
(7.8)
Right of use assets
31.5
14.8
0.2
0.2
31.8
15.1
Investments in subsidiaries
46.7
46.7
(0.4)
(0.4)
46.2
46.2
Investments in associates
0.0
0.0
0.0
0.0


Available for sale financial assets
(0.0)
0.0
0.0
0.0
(0.0)

Deferred tax assets
11.2
5.4
35.5
35.5
46.7
40.9
Other non-current assets
0.2
0.2
(0.0)
0.0
0.2
0.2
Administration non-current assets
286.8
227.8
2.9
2.9
289.6
230.7
TOTAL NON-CURRENT ASSETS
601.0
533.3
40.0
39.1
641.0
572.4







CURRENT ASSETS






Materials, spare parts and supplies, net
104.7
116.4
0.3
0.2
105.0
116.6
Trade receivables, net
(33.7)
(22.7)
(323.9)
(219.3)
(357.7)
(242.0)
Contract assets
0.0
0.0
45.1
52.2
45.1
52.2
Other receivables, net
45.8
49.0
192.4
120.4
238.2
169.4
Derivative Financial instruments
0.0
0.0
0.0
0.0


Cash and cash equivalents
125.3
103.9
150.9
107.6
276.2
211.5
Administration current assets
6.0
(0.8)
75.5
72.7
81.5
71.9
TOTAL CURRENT ASSETS
248.0
245.8
140.2
133.8
388.2
379.6
TOTAL ASSETS
849.0
779.2
180.3
172.9
1,029.2
952.1







EQUITY AND LIABILITIES













EQUITY






Share Capital
26.0
26.0
1.3
1.3
27.4
27.4
Share Pemium
5.0
5.0
0.0
(0.0)
5.0
5.0
Legal reserve
18.1
18.1
2.1
2.1
20.1
20.1
Fixed assets’ statutory revaluation surplus included in share capital
(82.8)
(82.8)
(0.1)
(0.1)
(82.9)
(82.9)
Revaluation surplus
318.0
348.1
1.7
1.3
319.6
349.4
Other Reserves
4.6
4.6
0.3
0.3
4.9
4.9
Treasury shares
(25.3)
(0.0)
(0.3)
(0.0)
(25.6)

Retained earnings
(21.0)
98.9
(73.6)
(205.6)
(94.6)
(106.7)
Administration equity
480.2
485.7
1.3
1.4
481.5
487.1
TOTAL EQUITY
722.7
903.5
(67.3)
(199.3)
655.4
704.2







NON-CURRENT LIABILITIES






Interest bearing loans and borrowings
183.9
236.8
0.2
0.1
184.1
236.9
Post retirement benefits
(9.5)
(7.4)
0.8
0.9
(8.7)
(6.4)
Provisions
17.5
16.4
5.0
5.0
22.5
21.4
Deferred tax liability
111.0
89.2
0.6
0.6
111.6
89.8
Financial lease liability
4.4
1.2
0.1

4.6
1.2
Deferred customers’ contributions and subsidies
0.0
0.0
(0.0)
(0.0)
(0.0)
0.0
Other non-current liabilities
(42.2)
(42.3)
293.0
256.6
250.8
214.3
Administration non-current liabilities
56.4
55.9
(0.6)
(0.6)
55.8
55.3
TOTAL NON-CURRENT LIABILITIES
321.6
349.9
299.1
262.6
620.7
612.5







CURRENT LIABILITIES






Trade and other payables
11.7
13.2
215.7
207.1
227.3
220.3
Short – term borrowings
3.5
(0.0)
0.0
(0.0)
3.5

Current portion of interest bearing loans and borrowings
19.8
77.0
0.0
0.0
19.8
77.0
Dividends payable
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
Income taxes payable
2.2
2.2
(7.8)
(7.8)
(5.6)
(5.6)
Accrued and other current liabilities
75.5
65.6
16.0
33.6
91.5
99.2
Current portion of post-retirement benefits
6.6
6.6
0.2
0.2
6.8
6.8
Short term part of forecasting the dismantling and removal o facilities /
equipment of Production Units, Mines and Wind Parks and rehabilitation of
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
Mining areas

Contract Liabilities
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)

Derivative Financial instruments
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
0.0
Administration current liabilities
24.6
3.7
(1.6)
4.8
23.0
8.5
TOTAL CURRENT LIABILITIES
143.8
168.3
222.5
238.0
366.3
406.3
Other movements between activities
(339.1)
(642.5)
(274.0)
(128.4)
(613.2)
(770.9)
TOTAL LIABILITIES AND EQUITY
849.0
779.2
180.3
172.8
1,029.2
952.0

* Any differences are due to decimal roundings.






549

Graphics
PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
PUBLIC POWER CORPORATION S.A.
OTHER NON INTERCONNECTED ISLANDS
UNBUNDLED INCOME STATEMENT (INCL. RHODES)
DECEMBER 2024
AMOUNTS IN MILLIONS OF EURO


GENERATION
ELECTRICITY SUPPLY
TOTAL

2024
2023
2024
2023
2024
2023
REVENUES













Revenues from 3rd Parties






Energy sales to customers


278.9
233.6
278.9
233.6
PSO's revenues from customers


24.5
21.9
24.5
21.9
Energy sales to wholesale market
731.6
682.6


731.6
682.6
Customer's contribution


(0.0)
0.0
(0.0)
0.0
ETMEAR's revenues


23.4
21.1
23.4
21.1
PSO's revenues from Administrators


305.2
279.2
305.2
279.2
Other Sales
2.7
0.2
1.6
1.4
4.2
1.5
Allocated Administration Revenues
8.2
0.5
1.0
0.1
9.2
0.5







Interdepartmental Revenues






Lignite yard & ash revenue






Energy


2.1
2.4
2.1
2.4
Lignite













REVENUES
742.5
683.2
636.7
559.7
1,379.2
1,242.9







Expenses (3rd Parties)






Payroll Cost
43.8
39.7
2.8
2.6
46.6
42.4
Own production lignite






Third party lignite - Hard coal






Natural Gas






Liquid fuel
360.6
353.4


360.6
353.4
Materials & Consumables
25.5
20.5
0.0
0.0
25.5
20.5
Depreciations
51.6
58.8
0.2
0.1
51.7
58.9
Energy Purchases from third party
23.7
12.6
508.5
484.2
532.1
496.8
Energy imports






Energy Purchases to wholesale market



0.0

0.0
Return of receivable ETMEAR to Administrators


23.3
21.6
23.3
21.6
Return of receivable PSO to Administrators


27.4
24.1
27.4
24.1
Transmission Network Fees






Distribution Network Fees


38.2
36.8
38.2
36.8
Utilities & Maintenance
14.1
13.2
1.5
1.5
15.6
14.7
Third party fees
8.7
5.8
5.2
4.2
14.0
10.0
Taxes and duties
0.5
0.6
(0.4)
0.1
0.1
0.8
CO2 emissions rights
126.4
126.6
0.0

126.4
126.6
Provisions
2.4
1.4
1.8
6.4
4.2
7.8
Financial expenses
32.5
17.6
10.0
9.2
42.6
26.8
Financial income
(24.9)
(8.7)
(3.7)
(4.2)
(28.6)
(13.0)
Other (income)/ expense, net
6.5
5.4
(17.5)
(84.7)
(11.0)
(79.3)
Devaluation of fixed assets
(24.7)

0.4

(24.3)

Extraordinary contribution on electricity generators



12.8
0.0
12.8
Impairment loss of marketable securities

0.0

0.0

0.0
Gain from partial sale of a subsidiary/ the spin off of distribution network 2024






Foreign currency gains/ (losses), net
0.4
(1.8)
0.0
0.0
0.4
(1.8)
Allocated Administration Expenses
65.8
36.8
7.1
4.9
73.0
41.8







Interdepartmental Expenses






Lignite yard & ash expenses






Change in stock






Energy
2.1
2.4


2.1
2.4
PROFIT (LOSS) BEFORE TAX
27.5
(1.2)
31.9
39.9
59.4
38.7

* Any differences are due to decimal roundings.




550

Graphics
PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
PUBLIC POWER CORPORATION S.A.
SYSTEM INTEGRATION UNBUNDLED INCOME STATEMENT
DECEMBER 2024
AMOUNTS IN MILLIONS OF EURO

NATURAL GAS

MINES
GENERATION
ELECTRICITY SUPPLY
OTHER
ELIMINATIONS
TOTAL PPC
SUPPLY

2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
REVENUES





























Revenues from 3rd Parties














Energy sales to customers




4,581.2
5,616.0




353.5
312.3
4,934.7
5,928.3
Natural gas sales to customers






18.5
20.8


0.0
(0.0)
18.5
20.8
PSO's revenues from customers




343.1
310.1




(343.1)
(310.1)


Energy exports




10.6
5.5




(10.6)
(5.5)


Energy sales to wholesale market


3,857.0
3,450.5
158.7
86.7


1.0

(4,016.7)
(3,537.3)


Transitional Flexibility Assurance Mechanism



(0.1)







0.1


Sales from Lignite
0.1
0.0








(0.1)
(0.0)


Customer's contribution


0.2
0.2






(0.2)
(0.2)


ETMEAR's revenues




378.2
348.3




(378.2)
(348.3)


PSO's revenues from Administrators




606.3
550.8




(606.3)
(550.8)


Other Sales
0.2
0.1
39.7
5.1
25.8
24.4


5.0
3.0
678.9
625.1
749.6
657.7
Allocated Administration Revenues
18.0
1.6
35.2
2.0
15.1
0.9


0.3
0.0
(68.5)
(4.6)

















Interdepartmental Revenues














Lignite yard & ash revenue
10.3
6.2








(10.3)
(6.2)


Energy




94.0
110.2




(94.0)
(110.2)


Lignite
148.3
148.5








(148.3)
(148.5)

















REVENUES
176.8
156.4
3,932.1
3,457.8
6,212.9
7,052.7
18.5
20.8
6.3
3.0
(4,643.8)
(4,084.0)
5,702.8
6,606.8















Expenses (3rd Parties)














Payroll Cost
103.6
122.7
222.7
206.9
49.0
47.1


3.5
4.3
118.6
111.8
497.4
492.8
Merchandise








1.3
1.1
(0.0)
0.0
1.3
1.1
Own production lignite
(22.9)
(6.8)
134.9
149.7






(90.1)
(137.2)
21.9
5.8
Third party lignite - Hard coal


7.1
10.3






(7.1)
(10.3)


Natural Gas


735.2
700.6


9.3
14.4


(0.0)
0.0
744.6
715.0
Liquid fuel


721.8
724.1






0.0
0.0
721.8
724.1
Materials & Consumables
11.5
11.4
62.5
51.6
0.1
0.1


0.1
0.0
0.3
0.2
74.4
63.3
Depreciations
28.9
23.8
313.0
260.2
4.5
2.2


1.6
1.5
15.0
10.9
363.1
298.6
Energy Purchases from third party


39.9
17.5
753.4
709.4




(793.2)
(726.9)


Energy imports




35.6
(8.4)




(35.6)
8.4


Energy Purchases to wholesale market


(90.7)
179.2
3,527.0
3,909.3


14.9

(2,818.9)
(2,436.9)
632.3
1,651.7
Return of receivable ETMEAR to Administrators




381.2
350.5




(381.2)
(350.5)


Return of receivable PSO to Administrators




361.2
320.0




(361.2)
(320.0)


Transmission Network Fees




178.4
169.3




(0.0)

178.4
169.3
Distribution Network Fees




647.2
580.7




(0.0)

647.2
580.7
Utilities & Maintenance
35.5
62.2
34.4
45.2
25.3
23.7


1.7
1.7
24.1
21.6
121.0
154.5
Third party fees
1.9
4.3
34.6
20.7
68.8
52.8


17.6
13.6
140.3
74.4
263.2
165.7
Taxes and duties
0.4
0.3
7.2
11.5
(6.9)
3.1


0.0
0.0
(0.7)
(14.8)


CO2 emissions rights


833.1
826.2






0.0
0.0
833.2
826.2
Provisions
12.3
2.2
9.5
7.7
20.1
177.2




15.4
(14.9)
57.3
172.2
Financial expenses
28.0
33.1
237.9
160.7
126.3
135.4


0.3
0.0
0.0
(0.0)
392.5
329.2
Financial income
(15.7)
(5.1)
(176.0)
(85.9)
(65.8)
(86.4)
(0.1)
(0.0)
(0.2)

0.0
(0.0)
(257.8)
(177.4)
Other (income)/ expense, net
4.2
10.4
29.4
3.6
(7.6)
(11.2)

0.1
240.6
(20.4)
105.5
81.8
372.1
64.3
Devaluation of fixed assets
24.2
4.4
79.5
28.2
10.1



0.2

0.5
(0.0)
114.5
32.6
Extraordinary contribution on electricity generators





200.0




0.0
(0.0)

200.0
(Gains) from the sale of a Subsidiary/ spin-off of
0.0



post-lignite branch 2024

(124.3)



(0.8)
0.0
0.0
(0.8)
(124.3)
Gain from partial sale of a subsidiary/ the spin off of




distribution network







0.0


Impairment loss of marketable securities

0.0









0.0

0.0
Foreign currency gains/ (losses), net
(0.0)
0.0
(0.3)
(2.4)
0.0



(0.0)
0.0
0.0
0.0
(0.3)
(2.4)
Allocated Administration Expenses
27.4
37.4
265.3
153.8
120.6
70.8


6.6
2.2
(419.9)
(264.2)

















Interdepartmental Expenses














Lignite yard & ash expenses


10.3
6.2






(10.3)
(6.2)


Change in stock
31.5
7.9








(31.5)
(7.9)


Energy
23.1
35.8
70.8
74.3






(94.0)
(110.2)


PROFIT (LOSS) BEFORE TAX
(117.1)
(63.1)
349.9
(92.2)
(15.8)
407.2
9.3
6.3
(281.0)
(1.1)
(19.7)
6.8
(74.4)
263.9

* Any differences are due to decimal roundings.





551

Graphics
PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
PUBLIC POWER CORPORATION S.A.
INTERCONNECTED SYSTEM UNBUNDLED INCOME STATEMENT
DECEMBER 2024
AMOUNTS IN MILLIONS OF EURO


MINES
GENERATION
ELECTRICITY SUPPLY
NATURAL GAS SUPPLY
OTHER
TOTAL

2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
REVENUES

























Revenues from 3rd Parties












Energy sales to customers




3,980.1
5,107.1




3,980.1
5,107.1
Natural gas sales to customers






18.5
20.8


18.5
20.8
PSO's revenues from customers




291.9
263.4




291.9
263.4
Energy exports




10.6
5.5




10.6
5.5
Energy sales to wholesale market


2,542.7
2,224.9
158.2
86.7


1.0

2,702.0
2,311.7
Transitional Flexibility Assurance Mechanism



(0.1)







(0.1)
Sales from Lignite
0.1
0.0








0.1
0.0
Customer's contribution


0.2
0.2
0.0
(0.0)




0.3
0.2
ETMEAR's revenues




327.1
301.8




327.1
301.8
PSO's revenues from Administrators




77.7
65.0




77.7
65.0
Other Sales
0.2
0.1
34.5
4.9
22.2
21.2


5.0
3.0
62.0
29.1
Allocated Administration Revenues
18.0
1.6
22.7
1.3
12.7
0.8


0.3
0.0
53.7
3.7













Interdepartmental Revenues












Lignite yard & ash revenue
10.3
6.2








10.3
6.2
Energy




89.5
104.7




89.5
104.7
Lignite
148.3
148.5








148.3
148.5













REVENUES
176.8
156.4
2,600.2
2,231.2
4,970.1
5,956.1
18.5
20.8
6.3
3.0
7,771.9
8,367.5













Expenses (3rd Parties)












Payroll Cost
103.6
122.7
146.9
140.2
43.2
41.4


3.5
4.3
297.2
308.6
Merchandise








1.3
1.1
1.3
1.1
Own production lignite
(22.9)
(6.8)
134.9
149.7






112.0
143.0
Third party lignite - Hard coal


7.1
10.3






7.1
10.3
Natural Gas


735.2
700.6


9.3
14.4


744.6
715.0
Liquid fuel


33.1
58.1






33.1
58.1
Materials & Consumables
11.5
11.4
30.9
23.6
0.1
0.1


0.1
0.0
42.5
35.1
Depreciations
28.9
23.8
230.5
160.4
4.1
2.1


1.6
1.5
265.1
187.7
Energy imports




35.6
(8.4)




35.6
(8.4)
Energy Purchases to wholesale market


(90.7)
179.2
3,318.9
3,354.7


14.9

3,243.1
3,533.9
Return of receivable ETMEAR to Administrators




357.9
328.8




357.9
328.8
Return of receivable PSO to Administrators




307.1
270.7




307.1
270.7
Transmission Network Fees




178.4
169.3




178.4
169.3
Distribution Network Fees




610.9
543.8




610.9
543.8
Utilities & Maintenance
35.5
62.2
15.4
26.6
21.8
20.2


1.7
1.7
74.3
110.8
Third party fees
1.9
4.3
23.0
13.6
56.2
43.0


17.6
13.6
98.6
74.5
Taxes and duties
0.4
0.3
6.5
10.5
(6.0)
2.8


0.0
0.0
0.8
13.6
CO2 emissions rights


592.1
584.3






592.1
584.3
Provisions
12.3
2.2
1.5
5.3
19.7
164.5




33.5
172.0
Financial expenses
28.0
33.1
183.6
131.0
114.5
126.2


0.3
0.0
326.5
290.3
Financial income
(15.7)
(5.1)
(134.8)
(70.3)
(58.8)
(76.7)
(0.1)
(0.0)
(0.2)

(209.7)
(152.1)
Other (income)/ expense, net
4.2
10.4
14.7
(6.5)
27.5
174.5

0.1
240.6
(20.4)
287.1
158.0
Devaluation of fixed assets
24.2
4.4
107.6
28.2
9.4



0.2

141.3
32.6
Extraordinary contribution on electricity generators





172.2




0.0
172.2
(Gains) from the sale of a Subsidiary/ spin-off of
post-lignite branch 2024

(124.3)


0.0



(0.8)

(0.8)
(124.3)
Gain from partial sale of a subsidiary/ the spin off of
distribution network











0.0
Impairment loss of marketable securities

0.0

0.0

0.0

0.0



0.0
Foreign currency gains/ (losses), net
(0.0)
0.0
(0.2)
(1.2)
0.0
0.0


(0.0)
(0.0)
(0.2)
(1.2)
Allocated Administration Expenses
27.4
37.4
167.6
96.3
100.2
59.6


6.6
2.2
301.9
195.5













Interdepartmental Expenses












Lignite yard & ash expenses


10.3
6.2






10.3
6.2
Change in stock
31.5
7.9








31.5
7.9
Energy
23.1
35.8
66.4
68.9






89.5
104.7
PROFIT (LOSS) BEFORE TAX
(117.1)
(63.1)
318.6
(83.9)
(170.6)
567.4
9.3
6.3
(281.0)
(1.1)
(240.8)
425.6

* Any differences are due to decimal roundings.





552

Graphics
PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
PUBLIC POWER CORPORATION S.A.
CRETE UNBUNDLED INCOME STATEMENT
DECEMBER 2024
AMOUNTS IN MILLIONS OF EURO


GENERATION
ELECTRICITY SUPPLY
TOTAL

2024
2023
2024
2023
2024
2023
REVENUES













Revenues from 3rd Parties






Energy sales to customers


322.2
275.2
322.2
275.2
PSO's revenues from customers


26.7
24.7
26.7
24.7
Energy sales to wholesale market
582.7
543.0
0.5

583.1
543.0
Other Services to wholesale market






Customer's contribution


(0.0)
0.0
(0.0)
0.0
ETMEAR's revenues


27.7
25.4
27.7
25.4
PSO's revenues from Administrators


223.4
206.6
223.4
206.6
Other Sales
2.5
0.1
2.1
1.8
4.5
1.9
Allocated Administration Revenues
4.3
0.3
1.4
0.1
5.6
0.4







Interdepartmental Revenues






Lignite yard & ash revenue






Energy


2.3
3.1
2.3
3.1
Lignite






REVENUES
589.4
543.4
606.1
537.0
1,195.5
1,080.3







Expenses (3rd Parties)






Payroll Cost
31.9
27.0
3.1
3.1
35.0
30.1
Own production lignite






Third party lignite - Hard coal






Natural Gas






Liquid fuel
328.2
312.6


328.2
312.6
Materials & Consumables
6.2
7.4
0.0
0.0
6.2
7.4
Depreciations
31.0
41.0
0.2
0.1
31.2
41.0
Energy Purchases from third party
16.2
4.9
244.9
225.2
261.1
230.1
Energy imports




0.0

Energy Purchases to wholesale market


208.2
554.7
208.2
554.7
Return of receivable ETMEAR to Administrators



0.0
0.0
0.0
Return of receivable PSO to Administrators


26.7
25.2
26.7
25.2
Transmission Network Fees






Distribution Network Fees


(1.9)
0.0
(1.9)
0.0
Utilities & Maintenance
4.9
5.4
2.1
2.0
7.0
7.4
Third party fees
2.9
1.4
7.5
5.6
10.4
6.9
Taxes and duties
0.3
0.3
(0.5)
0.2
(0.2)
0.5
CO2 emissions rights
114.7
115.2


114.7
115.2
Provisions
5.6
1.0
(1.4)
6.4
4.1
7.4
Financial expenses
21.7
12.1
1.7
0.0
23.4
12.1
Financial income
(16.3)
(6.8)
(3.3)
(5.5)
(19.6)
(12.3)
Other (income)/ expense, net
8.2
4.7
(17.6)
(101.0)
(9.5)
(96.3)
Devaluation of fixed assets
(3.4)

0.4

(3.0)

Extraordinary contribution on electricity generators



15.0

15.0
Impairment loss of marketable securities






Gain from partial sale of a subsidiary/ the spin off of distribution network 2024






Foreign currency gains/ (losses), net
(0.5)
0.6
0.0

(0.5)
0.6
Allocated Administration Expenses
31.8
20.6
13.3
6.3
45.1
26.9







Interdepartmental Expenses






Lignite yard & ash expenses






Change in stock






Energy
2.3
3.1


2.3
3.1
PROFIT (LOSS) BEFORE TAX
3.7
(7.1)
122.9
(200.2)
126.7
(207.2)

* Any differences are due to decimal roundings.





553

Graphics
PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
PUBLIC POWER CORPORATION S.A.
OTHER NOΝ INTERCONNECTED ISLANDS
UNBUNDLED BALANCE SHEET (INCL. RHODES)
DECEMBER 2024
AMOUNTS IN MILLIONS OF EURO


GENERATION
ELECTRICITY SUPPLY
TOTAL

2024
2023
2024
2023
2024
2023
ASSETS













NON-CURRENT ASSETS






Tangible Assets
271.0
406.5
2.8
1.5
273.8
408.1
Intangible Assets
5.1
5.4
0.8
1.0
5.8
6.4
Right of use assets
(5.9)
(0.7)
0.2
0.2
(5.6)
(0.5)
Investments in subsidiaries
42.0
42.0
(0.4)
(0.4)
41.6
41.6
Investments in associates
0.0
0.0
0.0
0.0
0.0
0.0
Available for sale financial assets
0.0
0.0
0.0
0.0
0.0
0.0
Deferred tax assets
14.9
5.4
50.4
50.4
65.3
55.8
Other non-current assets
0.4
0.4
(0.2)
(0.2)
0.2
0.3
Administration non-current assets
431.3
334.9
4.0
3.5
435.2
338.4
TOTAL NON-CURRENT ASSETS
758.8
793.9
57.6
56.1
816.4
850.0







CURRENT ASSETS






Materials, spare parts and supplies, net
179.7
166.4
0.2
0.1
179.9
166.5
Trade receivables, net
15.0
(5.7)
179.6
123.4
194.6
117.7
Contract assets
0.0
0.0
38.7
42.4
38.7
42.4
Other receivables, net
(34.9)
(31.8)
231.1
125.9
196.1
94.0
Derivative Financial instruments
0.0
0.0
0.0
0.0
0.0
0.0
Cash and cash equivalents
128.6
93.5
69.1
87.8
197.8
181.4
Administration current assets
45.8
36.4
43.8
42.1
89.6
78.6
TOTAL CURRENT ASSETS
334.2
258.8
562.4
421.8
896.6
680.6
TOTAL ASSETS
1,093.0
1,052.8
620.0
477.9
1,713.0
1,530.6







EQUITY AND LIABILITIES













EQUITY






Share Capital
41.6
41.6
1.4
1.4
42.9
42.9
Share Pemium
8.0
8.0
0.0
0.0
8.0
8.0
Legal reserve
21.4
21.4
0.8
0.8
22.2
22.2
Fixed assets’ statutory revaluation surplus included in share capital
(106.4)
(106.4)
(0.3)
(0.3)
(106.7)
(106.7)
Revaluation surplus
86.1
325.6
1.3
1.0
87.4
326.6
Other Reserves
8.0
8.7
0.2
0.1
8.2
8.8
Treasury shares
(23.7)
(0.0)
(0.1)
(0.0)
(23.9)

Retained earnings
547.6
477.0
703.6
671.8
1,251.1
1,148.8
Administration equity
462.6
467.8
0.8
0.9
463.5
468.6
TOTAL EQUITY
1,045.1
1,243.5
707.7
675.7
1,752.8
1,919.2







NON-CURRENT LIABILITIES






Interest bearing loans and borrowings
302.9
363.8
1.0
0.6
303.9
364.4
Post retirement benefits
(9.5)
(7.9)
1.0
1.1
(8.5)
(6.9)
Provisions
21.6
20.9
3.8
3.8
25.3
24.7
Deferred tax liability
118.2
84.8
0.3
0.3
118.6
85.1
Financial lease liability
(9.0)
(0.0)
0.1
(0.0)
(8.9)

Deferred customers’ contributions and subsidies
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)

Long term financial liability from the securitization of receivables
(0.0)
(0.0)
(0.0)
(0.0)
0.0

Other non-current liabilities
(32.4)
(45.6)
207.9
186.1
175.5
140.5
Administration non-current liabilities
79.4
78.7
(8.8)
(8.8)
70.7
69.9
TOTAL NON-CURRENT LIABILITIES
471.2
494.7
205.3
183.0
676.4
677.7







CURRENT LIABILITIES






Trade and other payables
61.6
64.0
166.2
145.1
227.9
209.1
Short – term borrowings
5.8
(0.0)
0.0
(0.0)
5.8

Current portion of interest bearing loans and borrowings
32.6
118.3
0.1
0.2
32.7
118.5
Dividends payable
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)

Income taxes payable
4.4
4.4
(16.5)
(16.5)
(12.1)
(12.1)
Accrued and other current liabilities
47.7
44.7
39.9
58.6
87.6
103.2
Current portion of post-retirement benefits
5.6
5.6
0.1
0.1
5.7
5.7
Short term part of forecasting the dismantling and removal facilities / equipment of
(0.0)
(0.0)
(0.0)
(0.0)
0.0

Production Units, Mines and Wind Parks and rehabilitation of Mining areas
Contract Liabilities
(0.0)
(0.0)
(0.0)
(0.0)
0.0

Administration current liabilities
25.7
3.4
18.3
23.7
44.0
27.1
TOTAL CURRENT LIABILITIES
183.4
240.4
208.2
211.2
391.6
451.6
Other movements between activities
(606.6)
(925.8)
(501.2)
(592.0)
(1,107.9)
(1,517.9)
TOTAL LIABILITIES AND EQUITY
1,093.0
1,052.8
620.0
477.9
1,713.0
1,530.6

* Any differences are due to decimal roundings.







554

Graphics
PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
PUBLIC POWER CORPORATION S.A.
CONSOLIDATED AND SEPARATE BALANCE SHEET AS OF
DECEMBER 2024
AMOUNTS IN MILLIONS OF EURO

COMPANY
HEDNO
OTHER COMPANIES
ELIMINATIONS
GROUP

31/12/2024
31/12/2023
31/12/2024
31/12/2023
31/12/2024
31/12/2023
31/12/2024
31/12/2023
31/12/2024
31/12/2023 (revised)
ASSETS










Non – Current Assets










Tangible assets
5,315.9
5,112.2
6,034.1
5,065.1
4,836.4
3,133.4
(25.8)
(11.7)
16,160.6
13,299.0
Intangible assets, net
447.5
831.5
25.6
13.0
492.6
238.9
(8.4)
29.1
957.2
1,112.6
Goodwill
-
-
-
-
-
-
253.1
25.6
253.1
25.6
Right of use assets
139.2
137.5
35.0
40.0
216.3
91.0
(78.0)
(60.6)
312.6
207.8
Investments in subsidiaries
3,228.4
2,650.3
-
-
0.0
(0.0)
(3,228.4)
(2,650.3)
-
-
Investments in associates
28.5
9.9
-
-
64.5
55.3
61.2
(0.0)
154.3
65.2
Available for sale financial assets
0.3
0.3
-
-
0.0
0.0
0.0
(0.0)
0.3
0.3
Deferred tax assets
659.2
694.8
(382.9)
(291.1)
(232.9)
(100.4)
601.3
(10.7)
644.7
292.7
Derivative Financial instruments
52.4
24.7
-
7.0
133.3
5.3
(175.0)
(22.4)
10.7
14.6
Loan claims from subsidiaries
682.4
37.9
-
-
-
-
(682.4)
(37.9)
-
-
Other non- current assets
104.8
101.2
0.3
0.2
214.3
39.1
50.3
0.2
369.6
140.7
Total non-current assets
10,658.6
9,600.4
5,712.0
4,834.2
5,724.5
3,462.6
(3,231.9)
(2,738.8)
18,863.2
15,158.5











Current Assets










Materials, spare parts and supplies, net
557.5
601.0
392.6
335.7
357.4
127.0
(17.1)
(17.2)
1,290.3
1,046.5
Trade receivables, net
1,181.3
1,207.1
211.8
215.9
694.2
584.1
(494.2)
(454.5)
1,593.0
1,552.7
Contract assets
392.6
555.8
-
-
-
-
380.1
337.5
772.7
893.3
Other receivables, net
1,620.2
1,555.1
323.1
391.9
672.5
681.8
(257.4)
(240.1)
2,358.4
2,388.8
Loan claims from foreign subsidiaries
645.9
523.4
-
-
-
-
(645.9)
(523.4)
-
-
Derivative Financial instruments
5.7
7.4
-
-
-
-
(0.3)
(5.9)
5.4
1.5
Income tax receivable
-
-
-
-
13.1
11.6
44.0
27.1
57.1
38.7
Cash and cash equivalents
1,183.3
1,853.1
122.9
196.1
692.4
550.7
(0.0)
(0.0)
1,998.6
2,599.8
Restricted Cash
231.0
42.2
-
-
148.5
135.3
(0.0)
0.0
379.5
177.5
Assets held for sale
-
-
-
-
-
-
-
-
-
-
Total Current Assets
5,817.5
6,345.0
1,050.4
1,139.7
2,578.1
2,090.6
(991.0)
(876.4)
8,455.0
8,698.8
Total Assets
16,476.1
15,945.5
6,762.4
5,973.8
8,302.6
5,553.2
(4,222.9)
(3,615.2)
27,318.1
23,857.3











EQUITY AND LIABILITIES










Equity










Share capital
915.8
947.4
991.2
991.2
1,708.1
1,434.2
(2,699.3)
(2,425.4)
915.8
947.4
Share premium
1,018.7
1,018.7
-
-
55.1
56.4
(55.1)
(56.4)
1,018.7
1,018.7
Legal reserve
187.0
173.8
14.5
7.4
87.1
87.3
(101.5)
(94.7)
187.0
173.8
Fixed assets’ statutory revaluation surplus included in share capital
(947.3)
(947.3)
-
-
7.4
-
(7.4)
-
(947.3)
(947.3)
Revaluation surplus
3,320.5
3,053.0
443.8
33.4
220.8
27.8
1,803.4
2,020.4
5,788.5
5,134.6
Other Reserves
51.3
184.7
104.6
104.6
68.7
(83.1)
(1,543.1)
(1,396.9)
(1,318.5)
(1,190.6)
Treasury shares
(217.5)
(143.9)
-
-
-
-
-
-
(217.5)
(143.9)
Retained earnings
1,070.4
1,176.3
124.6
154.8
985.8
1,058.4
(2,561.0)
(2,831.4)
(380.2)
(441.9)
Total Equity attributable to owners of the Parent
5,398.9
5,462.8
1,678.7
1,291.5
3,132.9
2,580.9
(5,164.1)
(4,784.4)
5,046.5
4,550.8
NON-CONTROLLING INTEREST
-
-
-
-
179.8
-
814.7
813.4
994.5
813.4
Total Equity
5,398.9
5,462.8
1,678.7
1,291.5
3,312.7
2,580.9
(4,349.4)
(3,970.9)
6,040.9
5,364.2











Non-Current Liabilities










Interest bearing loans and borrowings
3,535.6
2,598.7
1,845.1
1,345.8
1,534.7
514.3
(682.4)
(39.0)
6,233.0
4,419.8
Post retirement benefits
72.3
79.6
50.9
58.1
17.3
21.5
0.0
(0.0)
140.5
159.2
Provisions
772.8
799.1
27.1
33.9
62.6
56.0
(118.8)
(89.2)
743.7
799.9
Deferred tax liabilities
-
-
-
-
-
-
635.3
-
635.3
-
Financial lease liability
131.4
119.2
-
-
-
35.8
139.7
20.3
271.1
175.3
Contract liabilities
418.5
425.5
2,042.8
1,934.4
631.9
557.9
(148.6)
(0.0)
2,944.7
2,917.8
Subsidies
81.6
83.1
(11.5)
95.0
-
29.2
148.5
0.0
218.6
207.3
Long-term financial liability from the securitization of receivables
256.0
377.1
-
-
-
-
-
-
256.0
377.1
Financial liability from NCI Put option
-
-
-
-
-
-
1,463.9
1,431.0
1,463.9
1,431.0
Derivative Financial instruments-Non Current Liability
263.2
5.2
-
-
-
8.2
2.4
6.3
265.5
19.7
Other non-current liabilities
9.0
22.5
56.1
52.6
368.1
91.7
(385.9)
(106.5)
47.3
60.3
Total Non-Current Liabilities
5,540.3
4,510.1
4,010.6
3,519.8
2,614.6
1,314.7
1,054.0
1,222.9
13,219.5
10,567.4











Current Liabilities










Trade and other payables
970.2
925.0
685.2
622.4
1,205.8
680.9
(132.0)
(133.2)
2,729.1
2,095.2
Short term financial liability from the securitization of receivables
115.6
10.2
-
-
-
-
-
-
115.6
10.2
Short-term borrowings
70.0
-
-
-
799.9
756.4
(646.3)
(515.7)
223.7
240.8
Current portion of long-term borrowings
401.8
840.7
154.2
291.3
169.0
49.7
(26.1)
(1.4)
698.9
1,180.4
Short-term financial lease liability
21.8
30.2
-
-
-
2.4
36.2
10.6
58.0
43.2
Dividends payable
0.1
-
-
-
0.3
-
0.0
-
0.4
-
Income tax payable
6.6
6.6
33.1
42.0
7.7
3.2
44.0
27.1
91.4
78.9
Accrued and other current liabilities
1,346.8
1,998.2
200.1
206.7
189.4
158.3
(236.8)
(251.7)
1,499.6
2,111.6
Derivative Financial instruments
10.3
11.9
-
-
-
5.9
28.3
(5.7)
38.6
12.2
Short term part of forecasting the dismantling and removal of facilities / equipment of Production
119.8
75.1
-
-
-
-
-
-
119.8
75.1
Units, Mines and Wind Parks and rehabilitation of Mining areas
Current portion of post-retirement benefits
49.3
59.3
-
-
-
0.8
5.5
2.9
54.8
63.0
Short-term contract liabilities
2,424.6
2,015.3
0.5
0.2
3.1
-
(0.5)
(0.2)
2,427.7
2,015.3
Liabilities held for sale
-
-
-
-
-
-
-
-
-
-
Total Current Liabilities
5,536.9
5,972.6
1,073.1
1,162.6
2,375.3
1,657.6
(927.6)
(867.1)
8,057.7
7,925.7











Total Liabilities and Equity
16,476.1
15,945.5
6,762.4
5,973.8
8,302.6
5,553.2
(4,222.9)
(3,615.2)
27,318.1
23,857.3

* Any differences are due to decimal roundings.



555

Graphics
PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
PUBLIC POWER CORPORATION S.A.
CONSOLIDATED AND SEPARATE STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 2023

AMOUNTS IN MILLIONS OF EURO


COMPANY
HEDNO
OTHER COMPANIES
ELIMINATIONS
GROUP








31/12/2023
31/12/2022

31/12/2023

31/12/2022
31/12/2023
31/12/2022
31/12/2023
31/12/2022

31/12/2023
31/12/2022

REVENUES





Revenue from energy sales
5.928.3
10.694.9
1.118.1
854.1
548.2
317.6
(1.185.4)
(1.153.9)
6.409.2
10.712.7
Revenue from natural gas
20.8
4.9
-
-
37.8
-
(0.0)
(0.0)
58.6
4.9
Other sales
657.7
147.3
1.691.3
1.457.7
62.8
0.5
(1.192.7)
(1.070.0)
1.219.0
535.5

6.606.8

10.847.1

2.809.4

2.311.8

648.8
318.1

(2.378.2)
(2.223.9)
7.686.8

11.253.1

EXPENSES



Payroll cost
492.8
480.8
262.5
263.2
31.5
26.9
(4.6)
(2.3)
782.2
768.6
Lignite
5.8
14.7
-
-
-
1.6
-
0.0
5.8
16.2
Liquid Fuel
724.1
850.1
-
-
0.5
3.1
0.0
(0.0)
724.5
853.2
Natural Gas
715.0
1.758.2
-
-
25.0
-
(0.0)
-
739.9
1.758.2
Depreciation and Amortization
298.6
306.1
323.7
313.8
52.9
23.8
(3.1)
(3.4)
672.1
640.4
Energy purchases
1.651.7
4.883.8
1.666.7
1.425.8
357.8
126.1
(1.732.0)
(1.715.4)
1.944.2
4.720.2
Materials and consumables
64.4
92.2
33.2
26.5
7.2
2.9
(0.0)
(0.0)
104.8
121.5
Transmission system usage
169.3
143.3
-
-
0.2
-
(0.0)
-
169.5
143.3
Distribution system usage
580.7
429.6
-
-
49.3
0.0
(580.7)
(429.6)
49.3
-
Utilities and maintenance
154.5
135.9
149.2
129.9
19.8
15.1
(59.4)
(69.9)
264.1
210.9
Third party fees
165.7
116.2
90.4
70.5
17.4
8.0
35.0
(10.3)
308.5
184.4
CO2 emission rights
826.2
963.9
-
-
-
73.7
-
0.0
826.2
1.037.5
Provision for Land restoration
-
-
-
-
1.0
-
(1.0)
-
-
-
Provision for risks
(12.9)
5.8
(6.4)
(7.5)
0.2
-
(44.8)
(15.0)
(63.9)
(16.7)
Provision for slow – moving materials
7.9
1.2
0.7
(8.2)
1.2
0.2
0.0
0.0
9.7
(6.8)
Allowance for doubtful balances
177.2
161.7
(0.1)
(0.6)
9.1
0.2
(0.0)
46.3
186.3
207.5
Financial expenses
329.2
283.9
63.1
47.1
28.7
5.5
1.6
7.9
422.6
344.5
Financial income
(177.4)
(86.0)
(8.6)
(12.3)
(6.3)
(1.1)
52.1
43.9
(140.2)
(55.5)
(Gains) from the sale of a Subsidiary/ spin-off of
post-lignite branch
(124.3)
-
-
-
-
-
-
-
(124.3)
-
Devaluation of fixed assets
32.6
(200.0)
-
-
0.1
2.3
1.0
0.0
33.7
(197.7)
Bargain gains from Romanian Subsidiaries
aquisition
-
-
-
-
-
-
(233.9)
-
(233.9)
-
Extraordinary contribution on electricity
generators
200.0
245.3
-
-
-
-
-
-
200.0
245.3
Other income
(80.7)
(26.0)
(5.2)
(4.3)
(3.0)
(1.0)
34.5
(45.4)
(54.5)
(23.4)
Other expenses
145.0
326.3
56.7
42.4
51.5
10.9
(18.2)
55.4
235.1
381.7
Loss / (Gain) of associates and joint ventures
net
0.0
-
-
-
5.0
(61.7)
(0.0)
0.0
5.1
(61.7)
Gain from partial sale of a subsidiary/ the spin
off of distribution network
-
(790.0)
-
-
-
-
-
790.0
-
-
Foreign currency (gain)/loss, net
(2.4)

7.3


-
-

0.1

(0.1)

0.0
0.0
(2.3)

7.3





6.342.9
10.104.2
2.625.7
2.286.3
649.2
236.3
(2.553.3)
(1.347.7)
7.064.5
11.279.1
PROFIT / (LOSS) BEFORE TAX
263.9
742.9
183.7
25.5
(0.5)
81.8
175.1
(876.2)
622.2
(26.0)


* Any differences are due to decimal roundings.




























556



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PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
NOTES TO THE UNBUNDLED FINANCIAL STATEMENTS
1. GENERAL INFORMATION
According to the provisions of European Directive 2009/72/EC, as well as the provisions of Law 4001/2011, which integrates
the aforementioned European Directive into the national legislation, unbundling is the separation of financial statements
(balance sheet and income statement) of an integrated electric utility into different financial statements for each one of its
activities.
The unbundled financial statements will reflect each activity’s financial position, assets and liabilities, as if such activities
prepared financial statements had they been separate (independent) legal entities.
PPC, as a vertically organized integrated electric utility, keeps in its internal accounting, separate accounts for its activities
and prepares separate balance sheets and statements of income for each one of its activities (balance sheet and statement
of income before tax – hereinafter referred to as “unbundled financial statements”), as if these activities were carried out by
different entities, in order to avoid discriminations, cross subsidization and distortion of competition.
Further to the above, PPC should keep separate accounts for its activities carried out in the non-interconnected islands.
The accounting principles applied for the preparation of the unbundled financial statements are those applied for the
preparation of the Company’s separate and consolidated financial statements. The unbundling methodology applied by the
Company for the preparation of the accompanied unbundled financial statements was approved by the 266/2014 and
162/2019 Decisions of the Regulatory Authority for Energy. Additionally, in the Non – Interconnected System the transactions
of energy between PPC’s Generation and Supply and HEDNO, are carried out according to RAE’s Decision 641/2013.
2. ACCOUNTING UNBUNDLING METHODOLOGY
The methodology applied for the preparation of the unbundled financial statements consists of the following phases:
• Determination of activities into which the integrated electric utility should be unbundled
• Preparation of unbundled trial balances
• Preparation of unbundled balance sheets
• Preparation of the unbundled statements of income
• Quantification of inter-segment revenues and expenses among activities through the application of an internal pricing
system
Determination of activities into which the integrated electric utility should be unbundled
The activities for unbundled financial statements are prepared, on a first level, are Mines, Generation, Supply of Electricity,
Supply of Natural Gas, Other (Electromobility, Telecommunications, Power Purchase agreements without physical delivery
with net settlement and other) and Corporate.
On a second level, these activities are presented as follows:
• Interconnected System
o Mines
o Generation
o Supply of Electricity
o Supply of Natural Gas
o Other

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PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
• System of Crete
o Generation
o Supply of Electricity
• System of other Non-Interconnected Islands
o Generation
o Supply of Electricity
Mines
Mines include the lignite extraction activity carried out in the Lignite Center of West Macedonia and Megalopolis.
Generation
Generation includes the electricity generation activities in the Interconnected System, the System of Crete and the System of
Non-Interconnected Islands.
Supply of Electricity
Supply reflects the Company’s activity which monitors relationships with final customers of electricity in the Interconnected
System, the System of Crete and the System of Non-Interconnected Islands.
Supply of Natural Gas
Supply reflects the Company’s activity which monitors relationships with final customers of natural gas in the Interconnected
System.
Other
Other include the Electromobility, Telecommunications, Power Purchase agreements without physical delivery with net
settlement and other in the Interconnected System.
Corporate
The Corporate is the adninistrative departments of the Parent Company, which provide support to PPC’s activities. The
Balance Sheet and Statement of Income of the Corporate is further allocated based on certain allocation rules, which are
described in detail in the following pages.
Related parties are reflected as a separate activity in the group unbundled financial statements.
Preparation of unbundled trial balances
In the Company’s accounting system, each the cost center and the profit center represent an organizational entity, in which
the assets and liabilities are recorded. In order for these trial balances to be generated, the following tasks are performed,
which are applied per account and cost / profit center for the minimum account degree in General Accounting:
• Cost / profit centers are recorded in order to identify the boundaries of activities and then all cost / profit centers to be
assigned to activities with which they are related to.
• The sum totals of the cost / profit centers and accounts are reconciled with the comprehensive trial balance of the
Company.
• The trial balance accounts are codified and grouped into sections of the balance sheet and of the income statement
based on Company’s consolidated Financial Statements.
Preparation of unbundled balance sheets
At the end of each financial year, balance sheets are prepared for each of the four activities, Mines, Generation, Supply of
Electricity and Supply of Natural Gas in the Interconnected System as well as balance sheet for Other Activities. In the Crete

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PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
System and in the Non – Interconnected Islands System the balance sheet includes only the activities of Generation and
Supply of Electricity.
The balance sheet for each activity is prepared under the principle of independent accounting.
The accounts of each balance sheet are as follows:
• Direct, which include the direct charges and credits of the accounts of the relevant profit centers of the
corresponding level of activity,
• Indirect of the administration departments, which derive from the administration departments of each activity and
include its allocated balance sheet accounts.
• Indirect of the Corporate, which include the allocated balance sheet accounts, which are presented in a separate
line on each activity’s balance sheet.
Additionally, the Balance Sheets of PPC’s subsidiaries are depicted separately.
Preparation of the unbundled statements of income
For each accounting period income statements are prepared for each of the four activities Mines, Generation, Supply of
Electricity, Supply of Natural Gas as well as income statement for Other Activities.
Income statements are prepared separately for the Interconnected System, Crete System and Non – Interconnected Islands
System. Additionally, the Income Statements of PPC’s subsidiaries are depicted separately. Mines, Supply of Natural Gas and
Other activities are included only in the Interconnected System.
Income statement accounts of financial nature are allocated to activities based on the loans of each activity.
Then, income statement account balances that have remained in Corporate are allocated in the activities.
For the allocation of revenues and expenses to Activities the criterion is based on direct expenses of every Activity.
Upon completion of the above allocations, the Statements of income for each Activity are prepared. The Corporate expenses
and revenues allocated to the activities are presented separately in a line item in each activity.
Quantification of inter-segment revenues and expenses among activities through the application of an internal pricing
system
Within the framework of an integrated utility products and services are exchanged among its activities, which would be
recorded if these activities would operate as independent entities.
In order for these products and services to be quantified and recorded, an internal pricing system is applied if necessary
(where there is no external determination of internal exchanges). The most important services and products internally
exchanged in PPC among its Activities, that are presented in the Unbundled Financial Statements are the following:
Activity which
Product/ Service Renders Receives
Interconnected system
Lignite Mines Generation
Other Services Mines Generation
Self-consumption energy Supply Mines, Generation
System of Crete
Self-consumption Energy Supply Generation
System of other non-interconnected islands

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PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024
APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
Self-consumption Energy
Supply
Generation
Each activity’s revenues from product sales or services to another activity are quantified, through the internal pricing system.
Also, the activity that receives the product/ service records the related cost.
The internal revenues – expenses for each activity are defined as follows:
In the interconnected system:
• The internal energy sales for self-consumption are calculated based on each Activity’s metered consumption of
energy with the average marginal price including the Return of receivable Public Service Obligations, Transmission
System Tariffs and IPTO uplift charge.
• The Mines internal revenue is calculated in accordance of the agreement for the lignite supply between Mines and
Generation. The lignite supply contract determines the internal lignite market, i.e the lignite sales of the activity of
the Lignite General Division to the activity of the Generation General Division. The contract covers the consumption
of the lignite stations on a continuous basis, as well as with the
necessary stock for the specific period. The calculation of the relative amounts takes place on the monthly basis,
taking into account the monthly consumption and the calorific value of the lignite delivered.
In the Non-Interconnected system:
• The internal energy sales are calculated based on each activity’s metered consumption of energy priced by the
average revenue of PPC’s tariffs for the sale of electricity to Medium Voltage for Industrial Use customers.

560

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PUBLIC POWER CORPORATION S.A. AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2024

APPENDIX I- UNBUNDLED FINANCIAL STATEMENTS
ANALYSIS OF REVENUES – EXPENSES FROM GENERATION AND SUPPLY


GENERATION
SUPPLY

2024
2023
2024
2023

in millions of €
in millions of €
in millions of €
in millions of €
INCOME




Energy sales


5,293.5
6,270.8
Competative charges


3,853.3
5,140.8
Revenue from low voltage sales


3,221.7
3,996.6
Revenue from medium voltage sales


528.0
791.8
Revenue from high voltage sales


103.6
352.4
Transmission system usage


178.6
171.0
Revenue from low voltage sales


151.9
140.9
Revenue from medium voltage sales


22.7
23.5
Revenue from high voltage sales*


4.0
6.6
Distribution system usage


657.9
561.1
Revenue from low voltage sales


616.6
523.7
Revenue from medium voltage sales


41.2
37.4
Revenue from other charges


0.0
0.0
Revenue from low voltage sales


0.0
0.0
Revenue from medium voltage sales


0.0
(0.0)
Unbilled revenue and discounts *


(117.5)
(260.4)
Revenue from PSO


343.1
310.1
Revenue from low voltage sales


274.2
236.7
Revenue from medium voltage sales


65.0
66.8
Revenue from high voltage sales


3.9
6.6
Revenue from the special fee for the reduction of CO2 emissions


378.2
348.3
Revenue from low voltage sales


327.5
301.7
Revenue from medium voltage sales


34.2
32.4
Revenue from high voltage sales


(3.6)
5.0
Provisions


20.1
9.1





Exports of Energy


10.6
5.5





Wholesale energy sales
3,857.0
3,450.4
158.7
86.7
Sales of energy to wholesale market
2,727.7
2,403.7


Sales of energy to HEDNO
1,129.3
1,046.8


Transitional Flexibility Assurance Mechanism
0.0
(0.1)


Lignite sales
0.0
0.0


Customer's contribution
(0.2)
(0.2)







GREENPASS sales


5.0
1.7
FIXIT sales


4.0
1.8
Gas sales


18.5
20.8





Other sales


26.0
24.2
Revenue from reconnection fees


2.4
1.9
Other income from consummers


1.1
1.1
Commission from Municipal Levy and tax


22.9
21.3
Other income


(0.4)
(0.0)





EXPENSES


4,697.1
4,960.8
Purchases of energy- Interconnected System


3,527.0
3,909.3
Purchases of energy by wholesale market


3,445.1
3,856.1
Transitional Flexibility Assurance Mechanism


0.0
(0.1)
Coverage of the generation variable cost recovery


0.1
(0.1)
Charge according to the thermal units' variable cost


0.0
1.2
Settlement of losses - clearances


0.0
(0.2)
Non-compliance charges


0.8
0.3
Fees to EXE


6.6
6.2
Administrative expenses


70.6
39.1
Hedging


0.0
0.0
Hedging other expenses


0.8
0.9
Other expenses


3.1
6.0





Energy imports


35.6
(8.4)
Energy purchases from non interconnected islands


704.3
664.1
Energy purchases from RES


49.1
45.3
Special fee for the reduction of CO2 emissions


381.2
350.5
Revenue from the special fee for the reduction of CO2 emissions from


357.9
328.8
interconnected system
Revenue from the special fee for the reduction of CO2 emissions from non


23.3
21.6


interconnected islands



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E.APPENDIX II

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1.INDEPENDENT AUDITOR’S REPORT ON THE SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS

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ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Maroussi
151 25 Athens, Greece

Tel: +30 210 2886 000
Fax:+30 210 2886 905
ey.com




THIS REPORT HAS BEEN TRANSLATED FROM THE ORIGINAL VERSION IN GREEK

INDEPENDENT AUDITOR’S REPORT
To the Shareholders of Public Power Corporation S.A.
Report on the Audit of the Separate and Consolidated Financial Statements
Opinion
We have audited the accompanying separate and consolidated financial statements of Public Power Corporation S.A. (the
“Company”), which comprise the separate and consolidated statements of financial position as of December 31, 2024, and the
separate and consolidated statements of income, comprehensive income, changes in equity and cash flows for the year then
ended and notes to the financial statements, including material accounting policy information.
In our opinion, the separate and consolidated financial statements present fairly in all material respects the financial position of
Public Power Corporation S.A., and its subsidiaries (the “Group”) as at December 31, 2024, and their financial performance and
their cash flows for the year then ended in accordance with International Financial Reporting Standards (“IFRS”), as endorsed
by the European Union.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (“ISAs”), as incorporated in Greek Law. Our
responsibilities under those standards are further described in the “Auditor’s Responsibilities for the Audit of the Separate and
Consolidated Financial Statements” section of our report. We remained independent of the Company and the Group throughout
the period of our appointment in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for
Professional Accountants (“IESBA Code”), as incorporated in Greek Law, together with the ethical requirements that are relevant
to the audit of the separate and consolidated financial statements in Greece, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the separate
and consolidated financial statements of the current period. These matters and the related risks of material misstatement were
addressed in the context of our audit of the separate and consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
For each matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the “Auditor’s Responsibilities for the Audit of the Separate and Consolidated
Financial Statements” section of our report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material misstatement of the separate and
consolidated financial statements. The results of our audit procedures, including the procedures performed to address the
matters below, provide the basis for our audit opinion on the accompanying separate and consolidated financial statements.
Key audit matter
How our audit addressed the key audit matter
Unbilled revenue recognition and related contract assets from low tension customers (separate and consolidated financial
statements)
The Company’s and the Group’s unbilled revenue for the
year ended December 31, 2024, and the corresponding
contract assets from low tension customers as at
December 31, 2024, amounted to €282mil.
The audit procedures that we performed, among others, were as
follows:

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The estimation method used requires the management to
make judgments and use estimates and assumptions with
a high degree of uncertainty, of which the most significant
are related to the technical and non-technical losses of the
distribution network, the invoicing period, the average
revenue and the adjustments for expected credit losses.
We have identified the estimation process of the unbilled
revenue and the corresponding contract assets from low
tension customers as one of the key audit matters for the
Company and the Group due to the inherent risk of
improper revenue recognition, the significant audit effort
required, and the high degree of subjectivity in the
management’s judgments, estimates and assumptions
used in this process.
The Company’s and Group’s disclosures relevant to the
accounting policy, the judgments, the estimates and the
assumptions used to determine the unbilled revenue and
the corresponding contract assets from low tension
customers can be found in notes 4.3, 4.4, 9 and 28 to the
separate and consolidated financial statements.
- We discussed with management and assessed the design of
internal controls over the estimation process of the unbilled
revenue and the corresponding contract assets from low
tension customers.
➢
- We received and audited the calculation of the
management’s estimate, evaluating, among others, the
judgments, estimates and assumptions related to the
technical and non-technical losses of the distribution
network, the invoicing period, the average revenue and the
adjustments for expected credit losses.
➢
- We assessed the consistency of application of the estimation
process, the methods, the assumptions, and the calculations
performed and whether events of the current year that alter
the environment, the circumstances and data in which the
estimates and assumptions used by the management are
based, have been taken into consideration, as well as
changes in the business practices, accounting principles and
policies affecting the related calculations.
➢
- We tested the calculations for mathematical accuracy and
the correct accounting treatment of the related amounts in
the separate and consolidated financial statements.
➢
- Finally, we assessed the adequacy and appropriateness of
related disclosures in the separate and consolidated financial
statements.


Key audit matter
How our audit addressed the key audit matter
Trade receivables impairment test (separate and consolidated financial statements)
At December 31, 2024, the Company’s and the Group’s
trade receivables amounted to €1.181mil and €1.593mil.,
respectively, after accumulated impairment losses of
€1.919mil. and €1.183mil., respectively.
The audit procedures that we performed, among others, were as
follows:

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- We discussed with management and assessed the design of
internal controls over the trade receivables impairment
process.
Key audit matter
How our audit addressed the key audit matter
Trade receivables impairment test (separate and consolidated financial statements) (continue)
The Company and Group apply the simplified approach of
IFRS 9 “Financial Instruments” and determine lifetime
expected credit losses on their trade receivables by using
historical information, including the current economic
conditions, which reflect the expected effect of current
information in future.
We have identified the trade receivables impairment
process as a key audit matter due to the magnitude of the
related accounts and the significance of management’s
assumptions and estimates used in this process.
The Company’s and Group’s disclosures relevant to the
accounting policy, the judgements, the estimates and the
assumptions used for the impairment test of trade
receivables can be found in notes 4.3, 4.4 and 27 to the
separate and consolidated financial statements.
- We received and audited the calculation of trade
receivables impairment performed by management,
evaluating, among others, the completeness and accuracy
of the data used for the determination of expected credit
losses and the basic assumptions used in management’s
estimate.
➢
- We tested the calculations for mathematical accuracy and
the correct accounting treatment of the related amounts in
the separate and consolidated financial statements.
➢
- Finally, we assessed the adequacy and appropriateness of
related disclosures in the separate and consolidated
financial statements.


Key audit matter
How our audit addressed the key audit matter
Valuation of Property, Plant and Equipment (separate and consolidated financial statements)
At December 31, 2024, the Company’s and the Group’s
property, plant and equipment amounted to €5.316mil.
and €16.161mil., respectively.

Property, plant and equipment are measured at revalued
amounts (fair values less accumulated depreciation and
impairment loss), except for the mines and lakes that are
measured at cost (less accumulated depreciation and
impairment) and property, plant and equipment under
construction, that are measured at cost (less accumulated
impairment loss).

The fair values of property, plant and equipment that are
measured at revalued amounts, are determined by
independent appraisers periodically, in order to assure
that the carrying value of an asset does not differ
significantly from its fair value.


➢ The audit procedures that we performed, among others,
were as follows:
- We discussed with management and assessed the design of
management controls over the assessment process of
whether the fair values of the property, plant and equipment
have changed significantly, and whether impairment
indications or indications of reversal of an impairment loss
recognised in prior periods exist for the property, plant and
equipment.

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- For property, plant and equipment that are measured at fair
values, we received the valuation report of the independent
valuator, and we assessed, with the contribution of EY
valuation specialists, the reasonability and the accuracy of
the assumptions used, as well as the methodology used.
- We performed sampling tests regarding the mathematical
accuracy of the determination of revaluation surplus and
deficit of property, plant and equipment that were measured
at fair values, evaluating also the consistency and the
accuracy of the accounting policy applied and the
correctness of the accounting treatment.
Key audit matter
How our audit addressed the key audit matter
Valuation of Property, Plant and Equipment (separate and consolidated financial statements) (continue)
The Company and the Group performed a revaluation
exercise (conducted by an independent valuator) for the
property, plant and equipment as of December 31, 2024.
The result of the revaluation exercise was (1) revaluation
surplus amounted to €456mil. and €1.210mil. for the
Company and the Group, respectively, which were
recorded in the statements of comprehensive income and
(2) impairment losses amounted to €94mil. and €167mil.
for the Company and the Group, respectively, that were
not covered by the revaluation surplus of prior
revaluations and were recorded in the current year’s
statements of income.
The determination of the fair values of property, plant and
equipment requires the management to make, among
others, estimations, assumptions and judgements
regarding the ownership, the use and the existence of any
physical, operational and economic obsolescence.

In addition to the above, the Company and the Group
assess annually whether impairment loss indications or
indications of reversal of an impairment loss recognised in
prior periods exist and if this is the case, estimate the
recoverable amount of the related property, plant and
equipment.

This process incorporates judgements, estimates and
assumptions with high degree of subjectivity, the most
important of which are related to the estimated future
production capacity and the use of the property, plant and
equipment, the determination of the cash generating unit
on which the estimation of the recoverable amount of the
- We evaluated the competence, capabilities and objectivity of
the independent appraiser to whom the management
assigned the revaluation exercise.
- For property, plant and equipment that are measured at
cost, we assessed the management’s evaluation on whether
indications of impairment or indications of reversal of
impairment loss recognised in prior periods existed.
- For property, plant and equipment that are measured at
cost, and for which impairment indications or indications of
reversal of impairment loss recognised in prior periods
existed, and therefore an assessment of their recoverable
amount was performed, we assessed with the contribution,
where necessary, of EY valuation specialists, the
reasonability and accuracy of the assumptions and the
methodology used in estimating the recoverable amounts.
- We tested the calculations for mathematical accuracy and
the correct accounting treatment of the related amounts in
the separate and consolidated financial statements.
➢

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property, plant and equipment will be performed, their
discounted future cash flows and other factors.

In the context of the impairment loss indications
assessment process and the indications of reversal of an
impairment loss recognised in prior periods assessment
process, management estimated the recoverable amount
of the related property, plant and equipment, which
resulted in an impairment loss of €1mil. for the Company
and the Group, which was recognised in the current year’s
separate and consolidated income statements.





- Finally, we assessed the adequacy and appropriateness of
the related disclosures in the separate and consolidated
financial statements.

Key audit matter
How our audit addressed the key audit matter
Valuation of Property, Plant and Equipment (separate and consolidated financial statements) (continue)
We have identified the valuation of property, plant and
equipment as a key audit matter for the Company and the
Group due to the magnitude of the related accounts and
the degree of subjectivity
of management’s judgments, estimates and assumptions
on which is based.


The Company’s and Group’s disclosures relevant to the
accounting policy, the judgments, the estimates and the
assumptions used in the valuation of fair values and the
assessment of impairment loss indications and indications
of reversal of an impairment loss recognised in prior
periods for the property, plant and equipment can be
found in notes 4.3, 4.4, 19 and 42 to the separate and
consolidated financial statements.


Key audit matter
How our audit addressed the key audit matter
Accounting treatment of the acquisitions of subsidiaries (consolidated financial statements)
During the current year, the Group acquired subsidiaries
in Greece and abroad for a total consideration of
€1.003mil. gaining control over them.

In the consolidated financial statements, the business
combinations are accounted for using the acquisition
method in accordance with IFRS 3 “Business
Combinations”. At the acquisition dates, the Group
recognised and accounted for acquired assets, liabilities
and contingent liabilities assumed at their value.
Comparing the net fair value of the above with the
acquisition cost of €1.003mil., resulted to a goodwill of
€231mil., which was recorded in the consolidated
statement of income. Of this goodwill, an amount of
€145mil. was recognised by applying provisional
accounting in accordance with the provisions of IFRS 3
➢ The audit procedures that we performed, among others,
were as follows:
- We verified based on the sale and purchase agreements, as
well as the criteria defined in IFRS 10 “Consolidated Financial
Statements”, the management’s assessment with regard to
gaining control over the acquired subsidiaries and their
consolidation in the consolidated financial statements.
➢

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"Business Combinations". The costs of the transaction
were recognised in the consolidated statement of
income.

In addition to the above, from the valuation of the
acquired assets in the context of the above acquisitions,
intangible assets of €105mil. were recognised in the
consolidated statement of financial position.




- We evaluated the management’s estimates and judgments in
relation to the application of IFRS 3 “Business Combinations”
when determining and measuring the identifiable assets,
including the intangibles, and liabilities assumed of the
acquired subsidiaries.
➢
- We evaluated the competence, capabilities and objectivity of
the independent appraisers to whom the management
assigned the fair value assessment of the identifiable assets,
including the intangibles, and liabilities assumed.

➢

Key audit matter
How our audit addressed the key audit matter
Accounting treatment of the acquisitions of subsidiaries (consolidated financial statements) (continue)
We have identified the accounting treatment of the
acquisition of subsidiaries in Romania as a key audit
matter for the Group due to the magnitude of the related
accounts, the degree of judgment in the application of the
appropriate accounting treatment and the importance of
management’s assumptions and estimates in
determining the fair values of the identifiable acquired
assets and liabilities assumed.

The Group’s disclosures relevant to the accounting policy,
the judgments, the estimates and the assumptions used
for the accounting treatment of the acquisition of the
subsidiaries can be found in notes 3, 4.3, 4.4 and 20 to the
consolidated financial statements.

- We received the fair value assessments of the identifiable
assets, including the intangibles, and liabilities assumed and
assessed with the contribution of EY valuation specialists, the
appropriateness of the methodology, as well as the
reasonability and accuracy of the assumptions used.
➢
- We assessed the appropriateness of the accounting policies
applied in the consolidated financial statements.
- We tested the calculations for mathematical accuracy and the
correct accounting treatment of the related amounts in the
consolidated financial statements.
➢
- Finally, we evaluated the adequacy and the appropriateness
of the related disclosures in the consolidated financial
statements.

Other information
Management is responsible for the other information in the Annual Report. The other information, includes the Board of
Directors’ Report, for which reference is also made in section “Report on Other Legal and Regulatory Requirements”, the
Statements of the Members of the Board of Directors, and any other information either required by law or voluntarily

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incorporated by the Company in its Annual Report prepared in accordance with Law 3556/2007, but does not include the
separate and consolidated financial statements and our auditor’s report thereon.
Our opinion on the separate and consolidated financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the separate and consolidated financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially inconsistent with the
separate and consolidated financial statements, or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Management and Those Charged with Governance for the Separate and Consolidated Financial
Statements
Management is responsible for the preparation and fair presentation of the separate and consolidated financial statements in
accordance with International Financial Reporting Standards, as endorsed by the European Union, and for such internal control
as management determines is necessary to enable the preparation of the separate and consolidated financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the separate and consolidated financial statements, management is responsible for assessing the Company’s and
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company and the Group or to cease operations,
or has no realistic alternative but to do so.
The Company’s Audit Committee (Article 44, Law 4449/2017) is responsible for overseeing the Company’s and the Group’s
financial reporting process.
Auditor’s Responsibilities for the Audit of the Separate and Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the separate and consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs, as
incorporated in Greek Law, will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these separate and consolidated financial statements
As part of an audit in accordance with ISAs, as incorporated in Greek Law, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the separate and consolidated financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit, in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s and the Group’s internal control.

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• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company’s and the Group’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the separate
and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company and the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the separate and consolidated financial statements,
including the disclosures, and whether the separate and consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

• Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information
of the entities or business units within the Group as a basis for forming an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and review of the audit work performed for the purposes
of the group audit. We remain solely responsible for our audit opinion

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the separate and consolidated financial statements of the current period and are therefore the key
audit matters.

Report on Other Legal and Regulatory Requirements

1. Board of Directors’ Report
Taking into consideration that management is responsible for the preparation of the Board of Directors’ Report and Corporate
Governance Statement that is included therein, in accordance with the provisions of paragraph 1, citations aa, ab and b, of
article 154C of Law 4548/2018, which do not include the sustainability statement, on which we have issued a limited assurance
report dated 26/03/2025, based on International Standard on Assurance Engagements 3000 (Revised), we report that:
a) The Board of Directors’ Report includes a Corporate Governance Statement that contains the information required by
article 152 of Law 4548/2018.

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b) In our opinion the Board of Directors’ Report has been prepared in accordance with the legal requirements of articles
150 and 153 of Law 4548/2018, excluding the requirement of paragraph 5A of article 150 of the same law to submit a
sustainability statement, and the content of the Board of Directors’ report is consistent with the accompanying
separate and consolidated financial statements for the year ended December 31, 2024.
➢
c) Based on the knowledge and understanding concerning Public Power Corporation S.A. and its environment, we have
not identified information included in the Board of Directors’ Report that contains a material misstatement.
2. Unbundled Financial Statements
The management is responsible for the preparation of the Company’s and the Group’s unbundled financial statements as
required by the article 141 of Law 4001/2011 and the Decision 266/2014 of the Regulatory Authority for Energy (RAE) and for
those internal controls that management determines are necessary to enable the preparation of the Company’s and Group’s
unbundled balance sheets as at December 31, 2024 and the unbundled statements of income before tax for the period from
January 1, 2024 to December 31, 2024 that are free from material misstatement, whether due to fraud or error. The
methodology of preparation of the unbundled financial statements is described in note 2 of appendix 1 to the separate and
consolidated financial statements.
In our opinion, the Company’s and Group’s unbundled financial statements as at December 31, 2024, as presented in the
relevant appendix to the separate and consolidated financial statements, have been prepared in accordance with the provisions
of article 141 of Law 4001 / 2011 and the Decision 266/2014 of the Regulatory Authority for Energy (RAE).
3. Additional Report to the Audit Committee
Our opinion on the accompanying separate and consolidated financial statements is consistent with our Additional Report to
the Audit Committee of the Company, in accordance with Article 11 of the EU Regulation 537/2014.
4. Provision of Non-audit Services
We have not provided to the Company and its subsidiaries any prohibited non-audit services per Article 5 of the EU Regulation
537/2014.
Permissible non-audit services provided by us to the Company and its subsidiaries during the year ended December 31, 2024,
are disclosed in Note 17 of the accompanying separate and consolidated financial statements

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5. Appointment of the Auditor
We were firstly appointed as auditors of the Company by the General Assembly on June 7, 2018. Our appointment has been
uninterruptedly renewed annually by virtue of decisions of the annual general meetings of the shareholders for a continuous
period of six years.
6. Rules of Procedure
The Company has in place Rules of Procedure, the context of which is in accordance with the provisions of article 14 of Law
4706/2020.
7. Reasonable Assurance report on the European Single Electronic Format
Subject Matter

We have been engaged to perform a reasonable assurance engagement in order to examine the digital files of Public Power
Corporation S.A., prepared in accordance with the European Single Electronic Format (“ESEF”), which includes the separate and
consolidated financial statements of the Company and the Group for the year ended December 31, 2024 in XHTML format and
the XBRL file [name of the file “213800T9Y5XCOVRZ4Y57-2024-12-31.xhtml.zip”] with appropriate tagging on the
aforementioned consolidated financial statements, including the explanatory notes, (the “Subject Matter”), and report about
whether the Subject Matter is prepared in accordance with the Applicable Criteria.

Applicable Criteria

The Applicable Criteria for the European Single Electronic Format (ESEF) are defined in the EU Delegated Regulation 2019/815,
as amended by the EU Delegated Regulation 2020/1989 of the European Commission (the “ESEF Regulation”) and the
Interpretative Communication of the European Commission 2020/C 379/01 dated 10 November 2020, as required by Law
3556/2007 and the relevant communications of the Hellenic Capital Market Commission and the Athens Stock Exchange.

The Applicable Criteria provide, among others, the following requirements:

• all annual financial reports should be prepared in XHTML format.
• for the consolidated financial statements prepared in accordance with International Financial Reporting Standards,
the financial information included in the statement of comprehensive income, the statement of financial position, the
statement of changes in equity and the statement of cash flows, as well as the financial information included in the
explanatory notes, should be marked-up (XBRL tags and block tag), according to the Taxonomy of ESEF (ESEF
Taxonomy) as applicable. The technical specifications for ESEF, including the relevant taxonomy, are set out in the
ESEF Regulatory Technical Standards.

Responsibilities of Management and Those Charged With Governance

Management is responsible for the preparation and submission of the separate and consolidated financial statements of the
Company and the Group for the year ended December 31, 2024, in accordance with the Applicable Criteria, and for such internal
control as management determines is necessary to enable the preparation of the digital files that are free from material
misstatement, whether due to fraud or error.

Auditor’s Responsibilities

Our responsibility is to issue this report regarding the evaluation of the Subject Matter, based on the work performed, which is
described below in the section “Scope of work performed”.


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We conducted our engagement in accordance with the International Standard on Assurance Engagements 3000 (Revised),
"Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” (ISAE 3000).
ISAE 3000 requires that we plan and perform our engagement to obtain reasonable assurance for the evaluation of Subject
Matter in accordance with the Applicable Criteria. As part of the procedures performed, we assess the risk of material
misstatement of the information related to the Subject Matter

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ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Maroussi
151 25 Athens, Greece

Tel: +30 210 2886 000
Fax:+30 210 2886 905
ey.com




We believe that the evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our conclusion.
Professional ethics and quality management
We remained independent of the Company and the Group throughout the period of this assignment, and we have complied
with the requirements of International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants
(IESBA Code), the ethical and independence requirements of Law 4449/2017 and the EU Regulation 537/2014.
Our audit firm applies the International Standard on Quality Management (ISQM) 1, “Quality Management for Firms that
Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services engagements”, which requires that
we design, implement and operate a system of quality management including policies or procedures regarding compliance with
ethical requirements, professional standards and applicable legal and regulatory requirements.
Scope of work performed
The assurance engagement we performed is limited to the objectives included in the Decision 214/4/11-02-2022 of the Board
of Directors of the Hellenic Accounting and Auditing Standards Oversight Board and the guiding instructions to auditors in
connection with their assurance engagement on the European Single Electronic Format (ESEF) of public issuers in regulated
Greek markets, as issued by the Institute of Certified Public Accountants of Greece on 14 February 2022, in order to obtain
reasonable assurance that the separate and consolidated financial statements of the Company and the Group prepared by
management comply, in all material respects, with the Applicable Criteria.
Inherent limitations
Our work is limited to the objectives mentioned in the section “Scope of work performed” for obtaining reasonable assurance
based on the procedures described. In this context, the work we performed could not guarantee that all issues that might be
considered material weaknesses would be disclosed.
Conclusion
Based on the procedures performed and the evidence obtained, we express the conclusion that the separate and consolidated
financial statements of the Company and the Group for the year ended December 31, 2024, in XHTML file format, as well as
the required XBRL file [name of the file “213800T9Y5XCOVRZ4Y57-2024-12-31.xhtml.zip”] with appropriate tagging on the
aforementioned consolidated financial statements, including the explanatory notes, have been prepared and presented, in all
material respects, in accordance with the Applicable Criteria.
Athens 26 March 2025


Ioannis Pierros
Certified Auditor Accountant
SOEL R.N. 3505



ERNST & YOUNG (HELLAS)
Certified Auditors – Accountants S.A.
8B Chimarras, Maroussi,
151 25, Greece
Company SOEL R.N. 107


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2.INDEPENDENT AUDITOR’S LIMITED ASSURANCE REPORT ON THE SUSTAINABILITY STATEMENT



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A member firm of Ernst & Young Global Limited



ERNST & YOUNG (HELLAS)
Certified Auditors-Accountants S.A.
8B Chimarras str., Maroussi
151 25 Athens, Greece

Tel: +30 210 2886 000
ey.com




THIS REPORT HAS BEEN TRANSLATED FROM THE ORIGINAL VERSION IN GREEK

Independent practitioner’s limited assurance report on Public Power Corporation S.A. Sustainability Statement
To the shareholders of Public Power Corporation S.A.
We have conducted a limited assurance engagement on the consolidated Sustainability Statement of Public Power Corporation
S.A. (hereinafter the “Company”) and its subsidiaries (collectively referred to as the “Group”), included in section Sustainability
Statement of the consolidated Board of Directors’ Report (hereinafter the “Sustainability Statement”), for the period from
01.01.2024 to 31.12.2024.
Limited assurance conclusion
Based on the procedures we have performed, as described below in the paragraph “Scope of Work Performed”, as well as the
evidence obtained, nothing has come to our attention that causes us to believe that:
• the Sustainability Statement is not prepared, in all material respects, in accordance with article 154 of L. 4548/2018
as amended and in effect by L. 5164/2024 with which it was incorporated into Greek legislation the article 29(a) of EU
Directive 2013/34/EU;
• the Sustainability Statement does not comply with the European Sustainability Reporting Standards (hereinafter
“ESRS”), in accordance with Regulation (EU) 2023/2772 of the Commission of 31 July 2023 and Directive (EU)
2022/2464 of the European Parliament and of the Council of 14 December 2022;
• the process carried out by the Company for the identification and assessment of material impacts, risks and
opportunities (hereinafter the "Process"), as set out in section “Description of the process to identify and assess
material impacts, risks and opportunities [IRO 1]” of the Sustainability Statement, does not comply with "Requirement
IRO-1-Description of the processes to identify and assess material impacts, risks and opportunities" of ESRS 2 "General
Disclosures";
• the disclosures of section “EU Taxonomy Disclosures” of the Sustainability Statement do not comply with article 8 of
EU Regulation 2020/852.
This assurance report does not extend to information for previous periods.

Basis for the conclusion
The limited assurance engagement was conducted in accordance with International Standard on Assurance Engagements (ISAE)
3000 (Revised) “Assurance Engagements Other than Audits or Reviews of Historical Financial Information” (hereinafter “ISAE
3000”).
The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable
assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower
than the assurance that would have been obtained had a reasonable assurance engagement been performed.
Our responsibilities are further described in the “Practitioner’s Responsibilities” section.

Professional Ethics and Quality Management
We are independent from the Company and its consolidated subsidiaries, throughout this work and have complied with the
requirements of the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for
Accountants (IAS Code), the ethics and independence requirements of L.4449/2017 and EU Regulation 537/2014.


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Our firm applies the International Standard on Quality Management (ISQM) 1 “Quality Management for Firms that Perform
Audits or Reviews of Financial Statements, or Other Assurance or Related Services engagements”, and consequently maintains
a comprehensive quality management system, which includes documented policies and procedures regarding compliance with
ethical requirements, professional standards, and applicable legal and regulatory requirements.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Responsibilities of the Company’s Management for the Sustainability Statement
The Company’s Management is responsible for designing and implementing an appropriate process to identify the information
reported in the Sustainability Statement in accordance with the ESRS and for disclosing this Process in section “Description of
the process to identify and assess material impacts, risks and opportunities [IRO 1]” of the Sustainability Statement.
More specifically, this responsibility includes:
• Understanding the context in which the Group activities and business relationships take place and developing an
understanding of its affected stakeholders;
• The identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as
well as risks and opportunities that affect, or could reasonably be expected to affect, the Group’s financial position,
financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term;
• The assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters
by selecting and applying appropriate thresholds; and
• Making assumptions that are reasonable in the circumstances.
The Company’s Management is further responsible for the preparation of the Sustainability Statement, in accordance with
article 154 of L. 4548/2018, as amended and in force with L. 5164/2024 by which article 29(a) of EU Directive 2013/34 was
incorporated into Greek legislation.
In this context, the Company’s Management is responsible for:
• Compliance of the Sustainability Statement with the ESRS;
• Preparing the disclosures in section “EU Taxonomy Disclosures” of the Sustainability Statement, in compliance with
Article 8 of EU Regulation 2020/852;
• Designing and implementing such internal controls that management determines are necessary to enable the
preparation of the Sustainability Statement, that is free from material misstatement, whether due to fraud or error;
and
• Selecting and implementing appropriate reporting methods and making assumptions and estimates about individual
sustainability disclosures within the Sustainability Statement that are reasonable in the circumstances.
The Company’s Audit Committee is responsible for supervising the drafting process of the Company’s Sustainability Statement.

Inherent limitations in preparing the Sustainability Statement

In reporting forward-looking information in accordance with ESRS, the Company’s Management is required to prepare the
forward-looking information on the basis of disclosed assumptions, about events that may occur in the future and possible
future actions by the Group. The actual outcome is likely to be different since anticipated events frequently do not occur, as
expected.
As stated in section “Material impacts, risks and opportunities (IROs) [IRO-1]” of the Sustainability Statement, the information
incorporated in the relevant disclosures is based, among other things, on climate-related scenarios, which are subject to
inherent uncertainty regarding the likelihood, timing or impact of potential future natural and transient climate-related impacts.

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Our work covered the items listed in the “Scope of Work Performed” section to obtain limited assurance based on the
procedures included in the Program, as this is defined in this section. Our work does not constitute an audit or review of historical
financial information, in accordance with the applicable International Standards on Auditing or International Standards on
Review Engagements, and therefore we do not express any assurance other than those listed in the "Scope of Work Performed"
section.

Practitioner’s responsibilities
This limited assurance report has been drawn up based on the provisions of Article 154C of L. 4548/2018 and Article 32A of
L.4449/2017.
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the
Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance
report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability
Statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000, we exercise professional judgement and maintain
professional skepticism throughout the engagement.
Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:
• Carrying out risk assessment procedures, including an understanding of the relevant internal control gaps, to identify
risks related to whether the Process, followed by the Group to determine the information referred to in the
Sustainability Statement does not cover the applicable requirements of the ESRS, but not for the purpose of providing
a conclusion regarding the effectiveness of the internal controls on the Process and
• Designing and carrying out procedures to assess whether the Process for identifying the information referred to in the
Sustainability Statement is consistent with the description of the Process as disclosed in section “Description of the
process to identify and assess material impacts, risks and opportunities [IRO 1]” of the said Statement.
Moreover, we are responsible for:
• Performing risk assessment procedures, including an understanding of the relevant internal control mechanisms, to
identify those disclosures that are likely to be materially misstated, whether due to fraud or error, but not for the
purpose of providing a conclusion on the effectiveness of the Group's internal control mechanisms.
• Designing and carrying out procedures related to those disclosures of the consolidated Sustainability Statement, in
which a material error is likely to occur. The risk of not detecting a material misstatement arising from fraud is higher
than that arising from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the
circumvention of internal control barriers.

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Scope of Work Performed
Our work includes performing procedures and obtaining assurance evidence for the purpose of deriving a limited assurance
conclusion and covers only the limited assurance procedures provided for in the limited assurance program issued by ELTE's
decision 22.01.2025 (hereinafter "Program"), as it was formed for the purpose of issuing a limited assurance report on the
Group's Sustainability Statement.
Our procedures were designed to obtain a limited level of assurance on which to base our conclusion and do not provide all
of the evidence that would be required to provide a reasonable level of assurance.



Athens, 26 March 2025
Certified Auditor Accountant


Ioannis Pierros
SOEL R.Ν.: 3505

ERNST & YOUNG (HELLAS)
Certified Auditors Accountants S.A.
Chimarras 8Β
151 25 Maroussi, Greece
Company SOEL R.N.: 107