PPC reports €1.2B adjusted EBITDA and €1.4B investments in H1 2026

According to the company, the strong profitability reflects the resilience of the Group’s vertically integrated business model and the growing contribution of investments implemented over recent years.

Total investments amounted to €1.4 billion, of which 86% were directed towards Renewable Energy Sources (RES), flexible generation and distribution networks. According to PPC, investment activity is expected to accelerate during the second half of the year, in line with the Group’s investment plan.

Installed RES capacity reached 7.3 GW at the end of the first half, increasing by 1 GW year-on-year and representing 58% of the Group’s total installed capacity. Following the completion of new projects and recent acquisition agreements, installed capacity reached 7.8 GW on a pro forma basis in August 2026, while additional projects with a total capacity of 7.4 GW are under construction, ready for construction or in the tendering phase.

During the first half, two energy storage stations in Florina with a combined capacity of 98 MW were completed, along with the hybrid solar generation and storage project in Astypalaia and a 22 MW photovoltaic park in Italy. Following the reporting period, two additional photovoltaic parks with a total capacity of 151 MW were completed in Romania and Bulgaria.

At the same time, the Group entered into a series of agreements strengthening its presence in Greece and expanding its activities across Central and Southeastern Europe. In Greece, PPC agreed with MORE to acquire six wind farms with a total capacity of 107 MW, as well as the remaining 51% stake in photovoltaic project development companies with a combined capacity of 1,175 MW, in which it already held a 49% stake.

In Hungary, PPC agreed with Greenvolt to acquire a 57.5 MW photovoltaic project, with an option to acquire an adjacent 49 MW four-hour energy storage project. In Poland, the Group signed an agreement with EDP Renewables to acquire an operating portfolio of wind and solar projects of approximately 175 MW, as well as photovoltaic projects under development with a capacity of 102 MW.

The agreements remain subject to customary closing conditions and, according to PPC, represent important steps towards creating an integrated regional clean energy platform, enhancing the geographic and technological diversification of the Group’s generation portfolio.

Strong Financial Position

Regarding its financial position, the Net Debt-to-EBITDA ratio stood at 1.2x, significantly below the 3.5x threshold set under the Group’s financial policy. Following the recent share capital increase, net debt stood at €2.7 billion as of 30 June 2026, strengthening, according to management, the Group’s financial flexibility despite the high level of investment activity.

PPC reaffirmed its 2026 targets, forecasting adjusted EBITDA of €2.4 billion, adjusted net profit after minority interests of €0.7 billion and a dividend of €0.80 per share.

Commenting on the results, PPC Chairman and CEO Georgios Stassis stated that the first half of 2026 confirms the momentum and resilience of the Group’s business model, with strong operational profitability and substantial progress in the transition towards a cleaner, more flexible and geographically diversified generation portfolio.

He added that, following the successful share capital increase, PPC is launching the implementation of its new investment plan through 2030, while agreements for entry into the Hungarian and Polish markets represent the first concrete steps towards further strengthening the Group’s presence in Central and Southeastern Europe.

Increased Renewable Energy Generation

PPC recorded a significant increase in renewable energy generation, continued progress in modernising distribution networks, and further development in telecommunications and electric mobility during the first half of 2026, according to the Group’s financial results.

Energy Supply and Trading

Electricity demand in Greece declined by 1.5% compared with the first half of 2025, mainly due to milder weather conditions in June 2026. In Romania, demand decreased by 2.5%, primarily reflecting milder weather conditions during the second quarter.

In Greece, PPC’s average retail electricity supply market share stood at 49%, compared with 50% in the same period of 2025. In the interconnected system, its market share also reached 49% in June 2026, compared with 50% a year earlier. By voltage category, market share stood at 14% in High Voltage, 36% in Medium Voltage and 63% in Low Voltage, compared with 16%, 35% and 62%, respectively, in 2025.

In Romania, PPC’s average electricity sales market share stood at 14%, down from 16% in the corresponding period of the previous year, amid a more competitive retail market environment.

Generation

Total electricity generation by the Group increased by 1.3 TWh to 11.1 TWh, of which 1.3 TWh came from international operations.

Renewable energy generation increased significantly to 5.8 TWh, compared with 3.2 TWh in the first half of 2025, representing 52% of total Group generation, compared with 32% in the corresponding period last year.

The increase was mainly driven by stronger output from large hydroelectric plants, which rose by 156% due to favourable hydrological conditions during the first quarter. Wind generation increased by 16%, while photovoltaic generation rose by 36%, supported by new installed capacity despite lower solar irradiation levels in Romania.

The increase in RES generation, combined with reduced thermal generation, further shifted the Group’s energy mix. Natural gas generation declined to 2.9 TWh from 3.7 TWh, while oil-fired generation decreased to 1 TWh from 1.6 TWh, mainly due to the operation of the Crete–Attica electricity interconnection. Lignite generation remained stable at 1.4 TWh.

As a result, carbon dioxide emissions from electricity generation decreased by 18% to 3.9 million tonnes, while emissions intensity declined to 0.35 tonnes of CO₂ per MWh generated, compared with 0.49 tonnes of CO₂/MWh in the first half of 2025, representing a 28% reduction.

In Greece, PPC’s average electricity generation market share remained at 31%, while in Romania its average share of RES generation remained at 23%.

Distribution

Investments in distribution networks amounted to €0.6 billion, aimed at modernisation, digitalisation and strengthening network resilience in Greece and Romania.

In Greece, the SAIDI reliability index stood at 60 minutes, compared with 58 minutes in the same period of 2025, while SAIFI stood at 0.87 interruptions, compared with 0.72, affected by damage caused by severe weather events in Western Greece during the first quarter.

In Romania, both indicators improved, with SAIDI declining to 35 minutes from 36 minutes and SAIFI improving to 0.90 interruptions from 0.96.

Meanwhile, the rollout of smart meters continued, with penetration increasing to 23% in Greece from 16% in the first half of 2025, and to 63% in Romania from 58%.

Telecommunications

PPC FiberGrid further expanded its fibre-to-the-home (FTTH) network, which is now the second-largest in Greece. Its footprint reached 2.05 million households and businesses, compared with 1.3 million at the end of the first half of 2025.

More than 1.3 million households and businesses are already service-ready, while the company aims to cover more than 3.8 million by the end of 2028.

In June, PPC and Vodafone Greece signed a non-binding term sheet to explore the creation of a joint venture combining the activities of PPC FiberGrid and Fiber2All.

Electric Mobility

PPC maintains the largest public electric vehicle charging network in Greece and continues to expand its presence in Romania.

At the end of the first half of 2026, the charging network across the two countries comprised 4,735 charging points, representing a 35% increase compared with the corresponding period of the previous year.