S&P raises PPC’s credit rating

“We believe that the company’s larger scale and more diversified geographic footprint could strengthen its business risk profile,” the report states, adding:

“In our previous report, we highlighted that PPC’s business risk profile was improving following its strategic shift toward renewable energy sources and regulated activities. We now expect this improvement to materialize more rapidly, as PPC’s S&P Global Ratings-adjusted EBITDA is projected to increase significantly to approximately €3.2–3.4 billion by 2028, from €2 billion in 2025, supported by a broader asset base.

This figure exceeds our previous forecast of €2.9 billion by 10%–20%. A stronger domestic economy, PPC’s expansion into new regional markets, and growing demand for data centers will serve as key growth drivers for the company. Its integrated business model supports earnings resilience despite fluctuations in wholesale electricity prices.”

S&P estimates that PPC will generate EBITDA of approximately €2.4–2.5 billion in 2026 and €2.5–2.7 billion in 2027.

Regarding the new strategic plan, the agency notes that the company has increased its planned investments to approximately €24 billion for the 2026–2030 period, compared with roughly €10 billion previously earmarked for 2026–2028. This increase is driven by rising electricity demand, the retirement of fossil fuel-based power generation assets, and improving macroeconomic prospects across Southeastern Europe.

“The company is now expected to invest around €5 billion annually, primarily in renewable energy, data centers, and electricity networks across Southeastern Europe, compared with approximately €3.5 billion per year under the previous plan,” S&P stated.

“The plan is partially financed through a €4.25 billion capital increase, as well as the disposal of treasury shares worth €250 million, which was completed on 22 May 2026. These measures help limit the adjusted increase in debt during the 2026–2028 period to approximately €4 billion.”