PPC Group announced investments of 1.4 billion euro in the first half of this year (H1), of which 86% allocated to renewable energy sources (RES), flexible generation and distribution. The installed RES capacity was 7.3GW in June 2026 and will be 7.8GW in August 2026 on a pro forma basis, with an additional 7.4GW projects under construction or ready to build. Renewable generation represents 52% of PPC’s total production, up from 32% in the same period last year.

The market share in the supply activity in Romania experienced a slight decrease, from 16% to 14% in H1 2026, due to a “more competitive retail environment”, company officials say.

At the same time, the targets for the full year 2026 are reconfirmed, with an adjusted EBITDA of 2.4 billion euros and an adjusted net profit after the decrease of the amount attributable to minority shareholders of 0.7 billion euros, as well as a dividend distribution of 0.80 euros/share.

“The first half of 2026 confirms the dynamism and resilience of PPC’s business model. We achieved solid operational profitability, continued to increase the contribution of investments made in previous years and made tangible progress in our transition to a cleaner, more flexible and more geographically diversified production portfolio.

Following the share capital increase, we are starting the implementation of our new investment plan until 2030 with a significantly strengthened capital base. Upon completion of the recent acquisition agreements, our renewable capacity will reach 7.8 GW, while additional projects of 7.4 GW 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 in Central and South-Eastern Europe.

We reconfirm our financial targets for 2026 and continue to advance towards our vision of a stronger and more competitive PPC, with a leading role in the energy transition of the wider region,” said Georgios Stassis, President and CEO of Public Power Corporation S.A.

H1 2026 Highlights

The PPC Group recorded a solid performance in the first half of 2026, with an adjusted EBITDA of EUR 1.2 billion and an adjusted net profit after the decrease in the share due to minority shareholders of EUR 0.4 billion. The profitability reflects the resilience of the Group’s integrated business model and the contribution of the investments made in recent years.

The Group’s investments amounted to EUR 1.4 billion, focused on renewable energy projects (RES), flexible generation and the modernization 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 RES capacity stood at 7.3 GW at the end of the first half of 2026, up 1 GW year-on-year and now represents 58% of the Group’s total installed capacity.

During the first half of 2026, the construction of two battery energy storage (BESS) projects in Florina, with a total capacity of 98 MW; a hybrid photovoltaic and storage project in Astypalaia, as well as a 22 MW solar park in Italy were completed. Development continued after the reporting period, with the completion of two photovoltaic parks in Romania and Bulgaria, with a total capacity of 151 MW.

In recent months, the Group has concluded a series of agreements that strengthen its presence in Greece and accelerate the development of its portfolio in Central and South-Eastern Europe. In Greece, the Group reached an agreement with MORE for the acquisition of six operational wind farms with a total capacity of 107 MW, as well as the remaining 51% stake in photovoltaic project 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 BESS project with a charge/discharge cycle time of 4 hours. In Poland, an agreement was signed with EDP Renewables for the acquisition of an operational 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 PPC Group’s production portfolio.

Taking into account the addition of new solar parks after the reporting period, as well as the aforementioned agreements, the installed capacity from renewable sources 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 for construction or in the tender process, providing solid prospects for developing the renewable portfolio and achieving the Group’s 2030 targets.

Financial performance

Adjusted EBITDA increased to EUR 1.2 billion from EUR 1 billion in H1 2025, while adjusted net profit after the decrease in the amount attributable to minority shareholders stood at EUR 0.4 billion, from EUR 0.2 billion in H1 2025.

The gearing (Net debt/EBITDA) stood at 1.2x, significantly below the 3.5x threshold set by the Group’s financial policy. Improved liquidity following the recent share capital increase strengthened the Group’s financial flexibility, despite accelerated investments, with net debt reaching EUR 2.7 billion as of 30.06.2026.

Retail

Electricity demand in Greece in H1 2026 decreased by 1.5% compared to the same period in 2025, mainly due to milder weather conditions in June 2026. In Romania, demand decreased by 2.5%, mainly reflecting milder weather conditions in Q2 2026.

PPC’s average retail market share in Greece was 49% (from 50% in H1 2025). In the Interconnected System, the market share was 49% in June 2026 (from 50% in June 2025). Market share by voltage type was 14% in High Voltage (from 16%), 36% in Medium Voltage (from 35%) and 63% in Low Voltage (from 62%).

In Romania, PPC’s average market share in electricity supply stood at 14%, compared to 16% in the same period of 2025, in a more competitive retail environment.

Production

The Group’s total electricity production increased by 1.3 TWh, to 11.1 TWh in H1 2026, of which 1.3 TWh came from international operations.

RES production increased significantly to 5.8 TWh, from 3.2 TWh in H1 2025, representing 52% of the Group’s total production, compared to 32% in the same period last year. This increase was mainly driven by higher production from large hydropower plants, which increased by 156% due to favorable hydrological conditions, especially in the first quarter. At the same time, wind production increased by 16% and solar production increased by 36%, supported by new capacity additions, despite lower solar radiation levels in Romania.

The increase in RES production, combined with lower thermal production, led to a change in the Group’s energy mix. Specifically, gas production decreased to 2.9 TWh from 3.7 TWh and fuel oil production decreased to 1.0 TWh from 1.6 TWh, mainly due to the electrical interconnection of Crete with mainland Greece. Lignite production remained stable at 1.4 TWh.

The change in the energy mix led to an improvement in the Group’s environmental footprint. CO₂ emissions from electricity generation decreased by 18% to 3.9 million tonnes, while emission intensity decreased to 0.35 tonnes CO₂/MWh, from 0.49 tonnes CO₂/MWh in H1 2025.

The Group’s position in the generation market remained practically stable. In Greece, the average market share in electricity generation stood at 31%, while in Romania the average market share in RES generation remained at 23%.

Distribution

With investments of EUR 0.6 billion in H1 2026, the Group advanced the modernization, digitalization and resilience of its distribution networks in Greece and Romania.

SAIDI in Greece stood at 60 minutes (from 58 minutes) and SAIFI at 0.87 times (from 0.72 times), despite the impact of network failures in western Greece, following adverse weather events in the first quarter of 2026. In Romania, SAIDI improved to 35 minutes (from 36 minutes) and SAIFI also improved to 0.90 times (from 0.96 times). The Group’s investments are focused on improving operational efficiency, increasing resilience and further digitalizing the distribution networks.

At the same time, the deployment of smart meters continued. The penetration rate of smart meters is steadily improving, to 23% in Greece (from 16%) and 63% in Romania (from 58%), increasing the digital capabilities of the networks and allowing for more efficient network management.

Telecom

PPC FiberGrid has developed the second largest Fiber-to-the-Home (FTTH) network in Greece, with a coverage of 2.05 million households and companies, compared to 1.3 million at the end of H1 2025. Over 1.3 million are already ready-for-service, with a target to cover over 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 that would combine PPC’s FiberGrid and Fiber2All operations.

E-mobility

PPC operates the largest public charging network in Greece, while also expanding its footprint in Romania. At the end of H1 2026, the network in the two countries reached 4,735 charging points, registering a year-on-year growth of 35%.

 

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.