PPC announced its financial results for the first half of 2026, with Adjusted EBITDA at 1.2 billion euros and Adjusted Net Income after minorities at 0.4 billion euros.
Group’s investments stood at 1.4 billion euros, focused on Renewable Energy Sources (RES) projects, flexible generation, and the upgrading of distribution networks. Investment activity is expected to accelerate in the second half of the year, in line with the implementation schedule of the Group’s investment plan.
The installed capacity of RES stood at 7.3 GW at the end of H1 2026, increasing by 1GW year-on-year, now representing 58% of the Group’s total installed capacity.
During Η1 2026, the construction of two battery energy storage stations (BESS) in Florina with a total capacity of 98 MW, a hybrid PV and storage project in Astypalaia as well as a 22 MW solar park in Italy was completed. Development continued after the reporting period, with the completion of two solar parks in Romania and Bulgaria, with a total capacity of 151 MW.
In recent months, the Group also entered into a series of agreements that strengthen its presence in Greece and accelerate its expansion in Central and Southeastern Europe. In Greece, it reached an agreement with MORE to acquire six operational wind farms with a total capacity of 107 MW, as well as the remaining 51% stake in PV development companies with a total capacity of 1,175 MW, in which it already held 49%.
In Hungary, the Group agreed with Greenvolt to acquire a 57.5 MW solar park, with an option to acquire an adjacent 49 MW 4-hour BESS project. In Poland, it signed an agreement with EDP Renewables for the acquisition of an operating portfolio of wind and solar assets totaling approximately 175 MW, as well as 102 MW of solar projects under development.
These agreements, which are subject to customary closing conditions, represent important steps towards the creation of an integrated regional clean energy platform and further strengthen the geographical and technological diversification of the Group’s generation portfolio.
Taking into account the addition of the new solar parks after the reporting period, as well as the aforementioned agreements, RES installed capacity stood at 7,8 GW in August 2026 on a pro forma basis.
In parallel, projects totaling 7.4 GW are currently under construction, ready-to-build, or in the tender process, providing strong visibility for further growth of the RES portfolio and the achievement of the Group’s 2030 targets.
Financial Performance
Adjusted EBITDA increased to €1.2 bn from €1.0 bn. while Adjusted Net Income after minorities stood at €0.4 bn from €0.2 bn.
The Leverage ratio (Net Debt/EBITDA) stood at 1.2x, significantly below the Group’s financial policy threshold of 3.5x. Enhanced liquidity following the recent Share Capital Increase further strengthened the Group’s financial flexibility, despite high investment levels, with net debt amounting to €2.7 bn on 30.06.2026.
Outlook for 2026
The targets are reaffirmed with Adjusted EBITDA at €2.4 bn and Adjusted Net Income after minorities at €0.7 bn, and dividend distribution of €0.80/share.
Commenting on the results, Georgios Stassis, Chairman and Chief Executive Officer of Public Power Corporation S.A. said:
“The first half of 2026 confirms the momentum and resilience of PPC’s business model. We delivered strong operating profitability, continued to increase the contribution from investments made in previous years, and made tangible progress in our transition towards a cleaner, more flexible and geographically diversified generation portfolio.
Following the successful share capital increase, we are beginning the implementation of our new investment plan through 2030 with a significantly strengthened capital base. Upon completion of the recent acquisition agreements, our renewable capacity will reach 7.8 GW, while an additional 7.4 GW of projects are under construction or at an advanced stage of development. The agreements supporting our entry into the Hungarian and Polish markets represent the first concrete steps towards further strengthening our presence across Central and Southeast Europe.
We reaffirm our financial targets for 2026 and continue to advance steadily towards our vision of a stronger and more competitive PPC, with a leading role in the energy transition of the wider region.”