PPC delivered a strong performance in the first quarter of 2026, with adjusted EBITDA of 0.7 billion euro and adjusted net profit after minority interests of 0.2 billion euro, setting a solid foundation for the rest of the year. The significant increase in profitability reflects the increasing contribution of major investments in recent years, while the favorable hydrological and wind conditions that prevailed in the first quarter of 2026 also contributed positively.

The Group’s investments amounted to 0.5 billion euro, of which 82% were allocated to renewable energy projects (RES), flexible generation and distribution network modernization, in line with the Group’s Business Plan.

The installed capacity of RES was 7.2 GW at the end of the first quarter of 2026, representing 59% of the Group’s total installed capacity. Further growth is expected in the coming quarters, as projects with a total capacity of 6.7 GW are already under construction, ready for construction or in the tender phase.

Financial performance

Adjusted EBITDA increased from 0.5 billion euro to 0.7 billion euro, while adjusted net profit after the decrease of the amount attributable to minority shareholders was 0.2 billion euro, up from 0.1 billion.

The debt ratio Net Debt/EBITDA was 3.0x, in the context of significant investments, but remained below the 3.5x threshold set by PPC Group’s financial policy, while Net debt was 6.9 billion euro as of 31.03.2026.

Outlook for 2026

Targets confirmed, with adjusted EBITDA of 2.4 billion euro and adjusted net profit after minority interests of 0.7 billion euro, respectively a dividend of 0.80 euro /share.

“We had a strong start to 2026, delivering solid financial performance and sustained progress across all pillars of our strategy. The first quarter results demonstrate the strength of our integrated business model, the resilience of our distribution activities and the benefits of our ongoing transition to cleaner and more flexible production.

“We continue to deploy capital in a disciplined manner, with a clear focus on renewables, flexible generation and distribution networks. With 6.7 GW of renewable projects already under construction and ready to be built, we have secured significant visibility towards achieving our 2030 targets. We remain confident in achieving our 2026 financial targets and delivering sustainable value for our shareholders. Our vision is for PPC to lead the energy transition in Central-Southeastern Europe. We are expanding our presence to become a pillar of energy security and sustainability for the entire region, creating value for citizens, businesses and shareholders,” said Georgios Stassis, President and CEO of Public Power Corporation.

Supply

Electricity demand in Greece remained practically stable in the first quarter of 2026 (-0.6% compared to the first quarter of 2025), while in Romania it increased by 1.2%, mainly due to the colder weather conditions in the country.

In Greece, PPC’s average retail market share remained at 50%. In the Interconnected System, the average market share was 49% in March 2026 (from 50% in March 2025). The average market share by voltage level was 16% at High Voltage (from 23%), 33% at Medium Voltage (from 37%) and 62% at Low Voltage. Low (from 62%).

In Romania, the average market share of PPC in electricity sales decreased to 15% from 16% in the first quarter of 2025.

Production

RES production recorded a significant increase of 141% in the first quarter of 2026 and was 3.6 TWh (from 1.5 TWh in the first quarter of 2025). This increase is mainly driven by the increase in production in large hydroelectric plants, which increased by 282% due to heavy rainfall. In addition, wind production increased by 30% compared to the same period in 2025, supported by more favorable wind conditions, especially in Greece. Photovoltaic production also increased by 23%, supported by new capacity additions, despite lower solar radiation levels, as well as reduced snowfall in some areas, especially in Romania. As a result, RES production represented 56% of PPC’s total production, confirming the consolidation of its clean energy mix.

In parallel, there was a significant reduction in thermal energy production. Specifically, production from natural gas-fired units decreased to 1.6 TWh (from 2.3 TWh in the first quarter of 2025), while coal-fired production decreased to 0.9 TWh (from 1.1 TWh in the first quarter of 2025) following the coal phase-out plan, and production from hydrocarbon-fired units was 0.4 TWh (from 0.7 TWh in the first quarter of 2025), following the Crete-Mainland Greece electricity interconnection, which is currently in the final stages of completion.

As a result of the cleaner energy mix, the CO₂ intensity from power generation decreased to 0.35 tonnes per MWh generated in the first quarter of 2026, from 0.55 tonnes per MWh generated in the corresponding quarter of 2025.

PPC’s average market share in Greece remained stable at 34% in the first quarter of 2026. In Romania, PPC’s average market share in renewable energy generation increased to 29% in the first quarter of 2026, from 26% in the first quarter of 2025, following the addition of new solar capacity to the RES portfolio.

Distribution

With investments of EUR 0.2 billion for the first quarter of 2026, the Group continues the modernization and digitalization of distribution networks.

SAIDI in Greece increased to 30 minutes (from 21 minutes) and in Romania to 18 minutes (from 19 minutes). Meanwhile, SAIFI increased in Greece to 0.4 times (from 0.3 times), while in Romania it decreased to 0.4 times (from 0.5 times). The deterioration of the indices in Greece is mainly due to the network failures in western Greece, following the adverse weather events in the first quarter of 2026. In this context, the Group’s increased investments make a significant contribution to strengthening the network, ensuring operational readiness and faster restoration of faults.

PPC continues to expand the deployment of smart meters, with a penetration in Greece of 19% (from 14%), reflecting the accelerated development of the related infrastructure network, while in Romania it is 62% (from 57%)6.

Telco

The “Fibergrid” network in Greece covers 1.8 million households and businesses, registering an increase of 86% (compared to 948,000 at the end of Q1 2025), while over 1 million are ready for immediate connection. The Group continues to implement the plan, aiming to expand the FTTH network to 2.7 million households and businesses by the end of 2026.

E-mobility

PPC continues to consolidate its leadership position in e-mobility by developing the largest public charging network in Greece. At the same time, it is expanding its presence in Romania, further expanding its international presence. At the end of Q1 2026, the total number of charging points (CPs) in both countries reached 4,359, registering an increase of 33% compared to the previous year.