Public Power Corp Greece

Clean utility and power tech player. Leveraging on our integrated model by merging energy with intelligence. AI at the core, digitalization at scale. Consistently following our strategy to invest in clean energy sources and flexible generation. Expand and modernize our grids. Focus on customer centricity. Well prepared to face market volatility through a diversified portfolio of electricity generation technologies. Delivering our operational and financial targets, creating value for our shareholders. Maintaining our financial discipline despite significant investments. Supporting our customers and local communities. The leading Southeast European clean utility and power tech player. Serving better living.

Welcome everyone to PPC's Capital Markets Day. Today we will present our strategic plan for the period 2026-2028 along with an update on PPC's financial performance for the first nine months of 2025. A very warm welcome to those joining us here in London and to everyone connected via the webcast. We are here today with our Chairman and CEO, Georgios Tassis, and our CFO, Konstantinos Alexandridis. Since 2019, Georgios has been guiding PPC's transformation, steering the company towards clean energy and sustainable growth. With nearly two decades of experience in the energy sector, he has positioned PPC as a leading player in Southeast Europe's energy transition. Konstantinos, who joined PPC in 2020, brings strong financial expertise and a proven record in managing large listed and private companies. He has played a key role in strengthening PPC's financial foundation and supporting the execution of its transformation strategy. Together with a wider management team and all PPC employees, they continue to advance our strategy, delivering growth, efficiency, and long-term value for our stakeholders. Let me briefly walk you through today's agenda. We will start with a short introduction, where we will initially present nine-month performance, proceeding next with how PPC positions itself in the Southeast European region, as well as highlighting its strong track record to date. We will then outline the RPC strategy and how the company continues to lead across all parts of the value chain. And after that, we will move on to our financial targets before closing with some final remarks and conclusions. And of course, we will end with a Q&A session where we will be happy to take your questions, both from those here in the room and from everyone joining us remotely. If any question remains unanswered, our investor relations team is always at your disposal to follow up after the event. We expect the session to last no more than two hours. And now, let me hand over to our CEO, Georgios Stasis, to begin the presentation. Georgios, the floor is yours.

Thank you, Yanni. Hello, everyone, and welcome to our Capital Markets Day from the City of London. Before we present our track record, Let me provide you an update for the nine-month 2025 financial performance, focusing on the main areas. Robust profitability in the nine-month period with adjusted EBITDA reaching €1.7 billion, up by 24% year-on-year. Strong performance in the third quarter, which has been driven by improvement in our integrated business and by higher revenues in the distribution activity in Greece. following the implementation of a new network charges as of June 2025. Adjusted net income after minorities amounted to 400 million euro being fully on track for the target we have set for the full year, which will also lead to increased dividend per share as we have committed since our previous CMD one year ago. We will further discuss on this later in the presentation. Investments stood at 1.9 billion euro mainly driven by renewables, flexible generation and distribution projects which are the key focus areas for our business plan. Free cash flow stood at minus 1 billion euro due to high investments despite improved FFO performance in line with our plan. Net debt at €6.7 billion at the end of September with a net debt to EBITDA ratio at 3.1 times and below the ceiling of the 3.5 times that we have set in our financial policy and in line with our strategic priorities as we progress our investment plan. Let me now turn to our performance against our 2025 targets. As you can see on the slide, we are well on track on all key metrics. On the financial side, adjusted EBITDA is expected to reach 2 billion, while net income will close at 400 million, with dividend distribution increasing to 60 cents per share. CAPEX, even though below our initial estimates, are expected to reach a 3 billion area, reflecting our continued investments in renewables, flexible generation and distribution networks. And all that, keeping our net debt to EBITDA ratio comfortably below the 3.5 times ratio, supporting a strong and balanced capital structure. In terms of strategy, we continue to deliver on the transformation we set out. PPC is becoming greener and more predictable. as we remain on track to phase out lignite by end of 2026 with no additional decommissioning liabilities thereafter. We have extended the PPC model across Southeast Europe, strengthening our position as a regional energy champion. We are also driving customer centricity, expanding our reach through new cross-sector touchpoints and digital services. and we have enhanced our balance sheet through disciplined financial management and higher cash flow stability from our network business. Finally, all this progress is reflected in the performance of our share price, which combined with our increased dividend distribution adds value to our shareholders. PPC delivered a 168% total shareholder return over the last three years, outperforming the Eurostock Utilities Index, which stood at 62%. Overall, our progress demonstrates that our strategy is delivering the target we have set both operationally and financially, delivering ultimately increasing value to our shareholders. During the last years, We have been consistently growing our operations aiming at becoming a leading clean power tech and critical infrastructure player in Southeast European region. Our activities span from electricity generation to electricity distribution as well as the sale of advanced energy products and services in our two key countries in Greece and Romania while also expanding our renewables footprint in Italy, Bulgaria and in Croatia. We have a total installed capacity of 12.5 gigawatts, of which 50% from renewables, including hydro, while our total regulated asset base amounts to 5.6 billion euros. We are also the leading supplier of electricity in Greece and one of the leading in Romania, servicing 8.6 million customers in total. As highlighted at the bottom of the slide, Our energy management unit acts as a strategic catalyst, driving profitability. At the same time, we are expanding in new sectors to extract additional value and new avenues of growth. First, we have entered the telecom business, rolling out one of Europe's fastest growing state-of-the-art fiber-to-the-home networks in Greece. Based on the competitive advantage we have of the rapid development of the new network at low cost, through the use of our existing infrastructure. Second, we are active in immobility through the deployment of public charging points, being the leader in the Greek market, having also a strong presence in Romania. Last, we are also exploring further opportunities in the data center space, given our position in Greece, as we will see later in the presentation. Getting into more detail, Let me start with the distribution activity which is keep growing, leveraging on the attractive regulatory framework with long-term periods that follow European DSO regulation with regulated asset-based models having a WAC of close to 7% in Greece and Romania. Distribution grids are the backbone of the energy transition and require major investments to keep pace with rising electrification, renewable rollout, and grid flexibility demands. And towards this end, we are upgrading our networks in both countries, focusing on the digitalization of the infrastructure, implementing a nationwide rollout of smart meters, especially in Greece, which is lagging compared to the other European countries. As a result, As a result of continued investments, we have increased our total RAB at 5.6 billion euros, having doubled EBITDA to 800 million over the last four years. Next, a few words about our integrated business model, which is supported by a total generation capacity of 12.4 gigawatts, about half of which comes from renewables, and a customer base of 8.6 million customers in Greece and in Romania, where we hold when we are the leading market in both of the countries' positions. This integrated model covering generation, retail, and energy management has consistently driven our profitability while providing a natural hedge against volatility in energy markets. It allows us to deliver resilient performance even during periods of extreme market disruptions. We have seen both sides of the cycle. In low prices environments, such as during COVID, when wholesale prices and generation margins declined, our retail arm provided a stable revenue stream from our large customer base, keeping overall profitability within the targets. On the other hand, during periods of high prices, such as the recent energy crisis, retail margins came under pressure, but our generation business benefited from stronger wholesale prices, again balancing the overall performance. As a result, PPC has managed to consistently meet its profitability targets, effectively leveraging the advantages of its integrated business. Between 2021 and 2024, we doubled our adjusted EBITDA, achieving a 26% CAGR and we are now on track to reach 1.2 billion in 2025. PPC's growth trajectory is further supported by favorable microeconomic threads in its core markets, despite some headwinds in Romania. Especially in Greece, it is among the fastest growing economies in the European Union, with GDP growth expected to outpace the European Union average over the coming years. The macroeconomic environment in both countries continues to strengthen, particularly in Greece, where the 10-year government bond spread has normalized significantly, now trading below Italy's for the first time in many years. This improved macro backdrop supports investment confidence, providing a stable foundation for PPC's continued expansion and value creation. A growing economy combined with ongoing electrification is expected to drive power demand higher in both Greece and Romania, reaching an approximately 25% increase until 2035 for both countries. We have already seen such inflection points in Greece, with power demand increasing in the last years by 4% between 2020 and 2024, which sets the basis for the evolution of the years to come and provides comfort in our projections. Beyond microeconomic growth, both our key markets are also benefiting from European Union funding, which continues to support investments across multiple sectors, stimulating GDP and further boosting electricity demand. In addition, The acceleration of data centers development is expected to become a significant new demand driver. However, in our projections, we have taken a conservative approach, assuming a base case scenario for data centers in Greece and Romania. Let us now pass to the next section of our presentation, focusing on how our company will continue in the next three years its journey of transformation in one of the most significant European utilities. Over the past few years, we have been focusing on our integrated model, aiming to capitalize on the opportunities presented by the ongoing energy transition and digitalize all our operations. The digitalization theme becomes more and more important, especially given the AI revolution that is underway. In the distribution activity, we have been increasing our investments to modernize our networks and improve service quality. However, we need to continue investing further to address the new challenges posed by rising demand, also driven by the rapid deployment of data centers. On the generation side, we have been scaling up investments in renewables and clean energy technologies, and we will continue to do so, as these are much needed in the Southeast European region. At the same time, we are not investing only in renewables. We are also deploying capital in flexible generation assets, which are critical to balancing the market and are able to secure higher capture prices compared to other generation sources And for that purpose, we are investing in batteries and in new gas assets, in new CCGPs. And of course, all these initiatives are supported by our retail activity and our customers who remain central to our strategy. We are committed to meeting their energy needs and offering additional complementary services. focusing in particular on high-value customer segments that are key to our long-term growth. Before we proceed to the various activities analysis, let me make a brief reference to the strategy we follow, focusing on four key areas. We are a vertically integrated utility with presence in the generation, distribution and sale of electricity, having therefore an internal natural hedge that protects us from the volatility of energy markets, making our business more resilient to exogenous shocks. And it's a very important part of our strategy. Then we are technologically agnostic, I would say, investing in all kinds of electricity generation technologies which are competitive and sustainable for the long run. Technologies which complement each other, so we can be well prepared for power price fluctuations, which we think will continue in the years to come. We are investing in renewables, solar, wind, and hydro, We are investing in batteries as well as in flexible gas units. So technology diversification is a strategic choice for us. Third point. We are doing a regional play. Expanding in neighboring countries. All of them interconnected as a common European market. But with physical interconnections linking them to each other. Countries that have high growth potential, where renewables rollout is not yet in a mature stage, and the decommissioning of coal assets has not finished yet. In fact, in some of them, just started. These are countries with interconnections between them that provide significant cross-border trading opportunities. In the Southeast region, we are operating in the utility space. The power prices, where the power prices are impacted by, I would say, four main forces in the area we are. First, the energy transition itself. So those countries have their own growth potential. Then, the energy saving, meaning that through technology improvement, there is an energy saving. But also, on the other hand, the electrification coming from other industries, moving to our meaning heating and cooling or the automotive industry, for example. Then again, in these regions, we have also something unique that you cannot find elsewhere. And that is, unfortunately, the Russian-Ukraine conflict. that is draining energy through interconnections and that will continue to do so in a much higher pace, especially, God will, during the reconstruction phase, where hopefully the war will end. So, Southeast Europe is an area with relatively high prices versus the rest of Europe, versus Central and West Europe, a situation that we don't expect to change by the end of the decade. being impacted a lot by the reconstruction of Ukraine. So to conclude on this point, our regional play strategy is very important for us, and of course, a source of value. Then, the fourth point of our strategy is our focus on customers, which as I have said many times, are the anchor for our growth, and that is why we are strengthening our retail services to achieve best-in-class holistic customer experience. We try to offer a holistic service to our customers in various different ways, so to stay in every household, and on the back of this support, and on the back of this to support our generation transformation and growth. And to achieve all this, we are leveraging on the AI and digital evolution, assessing its impact across all operations, as I will elaborate in the next slides. PPC has been in a growth path all these years, increasing its renewables footprint, investing in flexible generation assets while at the same time decarbonizing its generation portfolio. We saw earlier that we have achieved a good track record so far in the renewables build-out, but our targets are even more ambitious going forward. We are targeting a 12.7 gigawatt of renewables capacity by 2028, which is a 5.5 gigawatt increase compared to the projected capacity at the end of this year, increasing its share in our energy mix up to 77%. At the same time, we are phasing out lignite by the end of next year, shutting down the last unit of Polem Aida 5 and starting its conversion to a gas unit. Initially, it will be converted to a 295 megawatt open cycle and by the end of 2027. And next, it will be upgraded to a 400 megawatt CCGT by the second quarter of 2029, having already locked a total capex cost which is significantly below 1 million euro per megawatt. On top of this, we are also adding a new 840 megawatt combined cycle gas turbine unit in Alexandroupolis, as you know, which is ongoing its construction in northern Greece. Those two new high-efficiency units will actually replace two older units, improving the efficiency of our overall generation portfolio. Our portfolio is becoming greener and more efficient with significantly decreased CO2 emissions and which will be even further reduced driven by decommission of oil capacity given that additional Greek islands are interconnected in the mainland in the coming years. Let us now take a closer look at our renewables rollout. our forward targets and the confidence we have in achieving them. As we saw earlier, our goal is to reach 12.7 GW of renewable capacity by 2028, representing an increase of 6.3 GW from where we stand today, more than doubling our current installed base. And while this may appear quite ambitious, we are fully confident on delivering it. Our strong track record, as highlighted in previous slides, supports this confidence. But even more importantly, we have already secured 3.9 gigawatts of projects that are either under construction or ready to build, including our operating capacity of 6.4 gigawatts. This brings the total to 10.2 gigawatts, already operational or secured, which accounts for about 80% of the target we have for 2028. And on top of that, we have a total of 20 gigawatt, anyhow, gross pipeline of various in development stages and technologies, projects, giving us significant optionality and flexibility in selecting the most attractive projects for future investments and replacing also projects which things might not go well. Volatility is another theme. Volatility is one of the most commonly used words over the last years to describe energy markets. In the key markets where we operate, such volatility is evident from the increase of average spreads of power prices in the day-ahead market that has been recorded in the recent years. And, of course, we do acknowledge that all of zero and negative power prices that we have started experiencing within the last two, three years and which we have embedded in the assumptions of our business plan. since this has become a part of the environment we operate. It is true that the renewables evolution inherently produces periods of excess generation with wind and solar output exceeding grid or market capacity. Traditional systems view this as a failure. However, we think there is a great opportunity which lies in monetizing this surplus of generation. Cartelment is a feature of the clean energy system, a reflection of abundance, not of inefficiency. By embracing this as a resource, we transform volatility into profitability and variability into resilience. For us, it is not a story of constraint, but of integration and smart capital allocation, turning a systemic challenge to a competitive advantage. Batteries are the most compelling asset absorbing excess generation when they charge and discharging at high value during low renewables times, particularly in the evening. As the cost of solar and wind continues to fall and their contribution to the power mix rises, flexibility is becoming a top priority. Fossil fuel currently provides the bulk of flexibility in the power system, both in terms of dispatchability and meeting peaks in demand. It is a feature, a signal of successful decarbonization, and a market opportunity for those positioned correct to extract value for flexibility, integration, and optimization. As a vertical integrated utility, PPC, we are uniquely placed to transform crop elements viewed as a waste into sources of margin, resilience, and growth. Flexible generation is key in the current market environment, both for profitability optimization as well as to support the stability of the grid and the security of supply. With wind and solar playing a central role in the power systems of the region, assets that can adjust their output in response to system needs bring substantial value. There is a range of technologies that satisfy flexibility needs. Their contribution depends on their ability to react over shorter or longer periods and their cost competitiveness. Flexibility requirements over shorter periods can be better satisfied by batteries, while flexible hydro and gas are better positioned for longer-lasting challenges. Flexible assets unlock earnings by turning volatility into opportunity, capturing intraday price spreads, firming our renewable output, and protecting supply when the system is tight. Through the combination of multiple revenue streams, these assets sharpen our commercial edge, boost cash flow resilience, and support disciplined growth in a more volatile power market. And that is why, on top of the significant renewables build-out that we are implementing, we are also investing in flexible generation assets. We already have a significant portfolio of pump hydro and gas assets, and we are also developing batteries. Our main focus is standalone batteries. By charging in low price hours and discharging when power prices are high, standalone batteries give us flexibility when it's most valuable. Additionally, they provide ancillary services where reserve capacity is tightening. And this allows us to monetize volatility, combine revenue from both day ahead and balancing markets, creating a flexible trading asset that enhances our commercial performance across the portfolio. There are also certain cases where batteries co-located on the renewable assets with the renewable assets in the same physical site also work for us. Co-located batteries paired directly with our solar and wind assets unlock a different value proposition. They reduce curtailment and cost of imbalances, stabilizing output profile of the renewable asset, enhancing its economics. The main constraint is that Charging is limited to the paired asset which reduces arbitrage optionality. However, the availability of subsidies and grants outweighs that constraint in Romania, for instance, making their business case very solid. And that is why we are proceeding with the development of additional 232 megawatts of co-located batteries by 2028. Overall, our business plan includes the development of approximately 1.5 gigawatt of batteries in Southeast Europe over the next three years. These batteries are coming mainly from our internal licenses development, but we will not exclude further batteries capacity deployment also through partnerships. Gas. gas has a dual role to play in the region both as bulk generator and the source of flexibility as well with approximately 13 gigawatts of thermal capacity coming offline over the next five years due to both technical and economic constraints the region faces a structural capacity deficit which is a huge opportunity for us apart from renewables new high efficiency ccgts can fill this gap delivering reliable base load and mid-meric power with high fuel efficiency and lower emissions. And that is exactly the space within which our under-construction CCGT in Alexandroupoli will operate, on one hand, and additionally, we are also exploring the possibility of a CCGT in Bulgaria. Moreover, gas is also a valuable source of flexibility. As mentioned earlier, as renewable surge and volatility grows, fast-ramping gas units become essential, offering long-duration, unconstrained flexibility. And this flexibility is becoming a premium commodity in the region in Southeast Europe. The conversion of Ptolemaida 5 lignite unit into the open-cycle gas to buy, we said, is such an example, alongside with an opportunity of a picker gas plant in Romania. These two roles, the bulk power and the high value flexibility, create a compelling opportunity for our integrated portfolio. We already have a substantial flexible generation capacity of 6 gigawatts, which generates close to 10 terawatt hours on an annual basis from a series of technologies. And we will continue to invest in flexible technologies for generations. since we see high value as explained previously. In this slide, we try to illustrate the growth of our flexible generation assets to 2028 in such technologies as we described in the previous slides. Just to note that apart from batteries and gas, we are also investing in hydro with 29 megawatt coming in operation till 2028 and being added to the existing 3.2 gigawatt that we have in operation, out of which 700 gigawatt has already pump hydro capability. And of course, we are also developing significant pump hydro capacity in our former lignite areas, in the quarries of these lignite areas, which will become operational beyond 2030. As a result, we are modernizing and increasing our flexible generation capacity at 7.5 gigawatt by 2028, generating 11.4 terawatt hours on an annual basis. Let's take a look now at how we are strengthening our position across the region. I've talked about our regional play before, and this is the slide which illustrates this better. Over the past few years, we have built a solid presence in Greece and Romania, also expanding in the broader Southeast European market. These markets where we see significant growth potential Driven by increasing demand, these are countries which are lagging behind renewables penetration versus the rest of Europe. Countries that have not proceeded with the decarbonization of coal-fired assets in the same pace as the rest of Europe. And on this, we see additional benefits from the existing interconnections between these countries. The vertical corridor, Greece, Bulgaria, Romania, including also Italy, enables PPC to optimize our integrated portfolio, achieve economies of scale, diversify risk, and assess opportunities in less congested renewable markets, such as Croatia. Energy management orchestrates the total commercial performance of our entire portfolio. Every megawatt, whether produced by our conversion plants, generated from renewables, stored in batteries, traded cross-border, or contracted through PPAs, every megawatt is optimized across day-ahead, intra-day, and balancing markets. And this ensures that we monetize flexibility, not just the energy produced. Overall, our regional footprint provides a unique competitive advantage as PPC remains the only vertical integrated utility with a strong operational presence across the Southeast European region. A region characterized by significant energy flows and growing interconnectivity. We have already seen the strong progress we are making in our generation portfolio. But what is also really important is how we grow in renewables and flexible generation, how this growth strengthens the other side of our integrated business model. I'm talking about the retail across both Greece and Romania. Starting with Greece, we continue to hold a long position in retail and that remains practically unchanged even by 2028. That is despite the major build-out in renewables, since we are also retiring older, less efficient thermal plants during the period. So what you see in this slide, our growth is not just about adding capacity. It is making the system cleaner and more efficient. The same story applies in Romania. As we deliver on our pipeline there, we will be able to significantly narrow the gap between generation and retail, reinforcing the balance of our integrated model. And even beyond 2028, PPC remains long in retail. And this is something we like, since it is giving us the flexibility and the headroom to keep growing across both markets. And if the region... in whole. Given the importance of our customers, we have been following all these years a customer-centric approach. During the last three years, we have been rationalizing our customer mix in Greece by reducing market share from low-value customers, which had no meaningful margin for us, while keeping market share in segments with high value for us. And this has helped us build a retail portfolio on a solid customer base with low switching behavior and increased profitability. In Romania, we have entered the market since the end of 2023, having a resilient position in terms of volume sold, and this is something that we are expecting going forward. But we are not only a commodity provider to our clients. We are looking to expand our portfolio of value-added services to support our customers across all aspects of their energy transition journey, such as heat pumps, solar panels, or consulting services. In parallel, we are also introducing technology services that enhance the everyday living for consumer and businesses such as fibre to the home, charging points for electric vehicles, AI-based tools and devices as a service. A retail business unit is strategically important and we will pursue further growth opportunities also throughout our regional footprint if available. A very good example of our synergies in the retail activity is Kotsovolos, the Greek retailer of white and electronic appliances that we acquired in 2024, which is bringing valuable assets in PPC Group. First, procurement capabilities and strong logistics infrastructure, which allow us to manage products and equipment efficiently, have competitive costs with reliable delivery performance. Second, a consolidated delivery and field force network providing nationwide execution capacity across installation, maintenance, and after-sales services. Third, an integrated technology platform for product sales and supply chain management, enabling seamless customer journeys. Fourth, an upscale channel network with access to large and diverse customer base, including both physical and digital touchpoints. And finally, a broad portfolio of around-the-home products and services covering energy solutions and everyday home needs. Building on these assets, several synergy streams with PPC as well, we are already up and running and ongoing in this process. We have launched a joint heat pump proposition and we introduced products and service corners inside the PPC store supported by Kotsopoulos technology. In addition, we have built a new service of Kotsopoulos field technician network that allow us to offer home energy network, safety certificates mandatory for all households in Greece and a huge market for PPC. We are also extending the reach of PPC's energy and fiber plants through Kochovolos channels and enriching PPC's energy consulting tools with Kochovolos marketplace offers. And all of these synergies are designed to accelerate commercial performance, enhance customer experience and demonstrate the value of Kochovolos in our holistic approach towards our customers. It is this value that Kochovolos is bringing to PPC which makes it one of the best acquisitions we have ever made. Moving next to our telecom business, where we are building a leading position as a wholesale provider to a fiber-to-the-home network in Greece. During the last two and a half years, we have been deploying our network all over Greece, taking advantage of our electricity distribution network. This existing infrastructure is mostly aerial, providing us a unique competitive advantage to quickly roll out our fiber network, and at a lower cost compared to other telco players, having an average cost of 160 euro per home passed. Our network has already exceeded 1.4 million homes passed, and we expect to reach 1.7 million at the end of the year. Given the high pace that we are having so far, we are targeting 3.8 million households by 2028. Currently, we are able to provide connection to the FTTH network to a 600,000 ready-for-service homes and businesses. And at the same time, we have recently launched a retail telecom FTTH offering, providing ultra-fast internet services at very competitive prices, given the very low development costs that we have in the FTTH network rollout. As we speak, We have reached a pace of 5,000 customers per month, although we almost just launched. I mean, we launched in the middle of the summer. And by the end of the year, we expect to reach 18,000 connections. And that is in an area of 600,000 ready-for-service neighborhoods. For this going forward, we are targeting at ramping up significantly our customer base, leveraging on our existing clientele on the electricity side, as well as our unique retail proposition, which combines the most technologically advanced FTTH network in Greece at the lowest price. We have already invested around 190 million, and we plan to invest another 420 million until 2028, targeting at a run rate EBITDA of more than 100 million euros beyond 2030. Let's now take a look at our distribution business in Greece and Romania, where we plan to continue investing significantly to capitalize on the stable and favorable regulatory frameworks in both markets. Both countries operate under a regulated asset base model with long-term regulatory periods and a weighted average cost of capital, the WACC, of around 7%, providing strong visibility and attractive returns to support the continuous growth of our asset base. In Greece, the WACC has been set at 7.05% for 2025. with a WAC being on average at the 7% area for the period 25 to 28. In Romania, the regulatory framework is broadly similar, with a five-year period extending to 2029 and a WAC of around 6.94%. Importantly, we have also secured RAB indexation for inflation, further supporting returns and value growth. We plan to invest an average of 900 million per year until 2028, which will enable us to increase the share of regulated EBITDA and enhance our overall cash flow stability. By 2028, our target is to reach a total RAB of 6.5 billion, split between 5 billion in Greece and 1.5 billion in Romania. Investments. Excuse me. Investments in distribution networks are essential to support the rapid electrification of the economy. The large-scale integration of renewables and the overall energy transition. And to this end, we are increasing the pace of our investments in order to enhance and digitalize our electricity distribution networks. As you can see in the left two graphs, we are increasing investments for the period 25 to 28 by 40% increase. and by 36% in Romania compared to the previous four years. And even though this increase may seem as quite high, still it is not enough to fully address the challenges that the distribution networks are facing. However, we need to keep a balance between the modernization of the grids and the affordability of electricity tariffs for the end consumers. For the next three-year period, we are focusing on grid enhancement and digitalization placing emphasis on smart meters rollout, especially in Greece. Over the past few years, PPC has undergone one of the most ambitious transformation journeys in our industry. We began by building the digital foundations of the group, modernizing our core systems, migrating 100% of our applications to the cloud, and digitalizing customer and operational touchpoints across the portfolio. This work has already delivered significant performance improvement, with our digital performance index increasing nearly twofold since 2021. We are today one of the very few utilities that we are 100% cloudified. And this is very important because only in that position you can now have all data available in the cloud for AI engines to begin work and operations and applications in our way of working. Unless the digital transformation work was not performed in the past years, this benefit would not have been in front of us. And moreover, this year PPC has entered our next AI-driven This Time chapter. Our strategy is clear. One hand, to reinvent PPC as an AI power utility, so to let AI guide us in the changes we need to do internally, while on the other hand, to benefit from the AI infrastructure needs as a utility, servicing others. And we'll talk about that later on. But first, becoming AI-reinvented utility. This means embedding artificial intelligence across every part of our business, reimagining the customer experience, optimizing our core operations, accelerating new business growth, transforming corporate functions, and empowering every employee with AI capabilities. We see AI not as an add-on, but as a fundamental competitive advantage that will allow us to operate smarter, faster and more efficiently. And we have a disciplined plan to deliver this. At first, we have activated AI across the group, launching priority AI use cases and upskilling our people. Then we scale adoption and accelerate value creation across business units. And from year three onward, we invent key processes end-to-end, inventing AI at the heart of how PPC operates. The result will be a PPC that is more agile, more customer-centric, more operationally efficient, and better positioned to lead the energy transition across the region. Our commitment is simple. to execute with certainty and to continue creating sustainable, measurable value for our shareholders. And as I said, the one side of the coin is how AI is impacting the way we operate internally, while the other side is how we, as a utility, impact and help the AI evolution through our infrastructure. Around the world, data centers have become one of the fastest growing sources of electricity demand, driven by cloud expansion, AI adoption and digitalization of every sector. Global capacity continues to increase at a fast pace. Europe is a dynamic market in transformation, driven by sovereignty mandates and enterprise adoption. Historically, development has been concentrated in the primarily European Union markets, the so-called flap D, where connectivity and hyperscaler presence created powerful network effects. But today, those core markets are increasingly limited by land, scarcity, grid constraints, and long connection queues. As demand accelerates, the industry is expanding outward creating new growth corridors across Europe where power and land can be secured at scale. This shift opens a strategic window for energy players like us. As a vertically integrated utility with access to land, infrastructure and reliable diversified power, we are uniquely positioned to step into this emerging market. Our entry into data centers builds on our core strengths and supports regional digitalization. Our role is evolving from a traditional energy supplier to infrastructure provider for AI-driven growth. With our generation portfolio expanding renewables, flexibility assets, grid capabilities, and fiber connectivity, we can offer the reliable diversified energy ecosystem that AI consumers need. And for this reason, we have announced the development of a megadata center in the region of Kozani, where our former Lignite mines were located. Initially, the megadata center will have a capacity of 300 megawatt, with the potential of expansion to 1 gigawatt. The data center will be powered by a diverse mix of power capacity, including both clean and flexible technologies that are already under development. Leveraging the existing grid infrastructure, the availability of land and the new power capacity, the biggest advantage of this project is scale and time to market. However, I want to highlight that this project is not included in the business plan that we are presenting today, since we do not have a third commitment yet from a hyperscaler. This is an optionality that we are developing, but we will only invest when the commitment is in place. Our mega data center development in Kozani location is unique. It brings together grid connection, water for cooling, gas infrastructure, land ownership and soon international fiber connectivity. Very, very few places in Europe can offer this full package. The site can host 300 megawatt within two years of signing and is fully scalable up to 1000 megawatt. Behind the meter supply ensures no impact on the national electricity system, neither on prices nor on grid stability. And to support the 300 megawatt phase, we would upgrade Ptolemaida 5 to a 440 megawatt CCGT and add an additional 100 megawatt OCGT next to the data center, giving us 540 megawatt of flexible capacity dedicated for this ecosystem. We are already in discussions with several hyperscalers and global DC developers, and the feedback has been very positive. Demand today is centered in the U.S., but Europe will follow. And when it does, we want to be ready with what we believe is one of the best sites in Europe. Such a project de-risks totally the output of the 2.7 gigawatt we are developing in Kozani, secures long-term PPAs with top-tier off-takers, and creates additional value from land and infrastructure. All in all, Kozani site provides everything a data center needs in one place. Power assets, cooling facilities, fiber connectivity, and land. Positioning PPC with a site that very few locations in Europe can match. Again, I want to be very clear. What we are presenting here is an optionality. We are investing zero equity today. And we will move only once we have an agreement with the hyperscaler. Let me now... Pass the floor to Konstantinos, who will present you our group financial targets for the following years.