Public Power Corporation (PPC) is firmly on track to achieve its 2026 targets, closing the first half of the year with strengthened operational profitability and significant investment activity. The energy group continues to channel substantial resources into the development of Renewable Energy Sources, the expansion of flexible generation units, and the modernization of distribution networks. According to the financial results announced by the company, adjusted EBITDA reached €1.2 billion, while adjusted net profit after minority interests stood at €400 million.
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Total investments reached €1.4 billion, with a focus on Renewable Energy Sources (RES), flexible generation, and distribution network modernization. Investment activity is expected to accelerate during the second half of the year, in line with the Group’s investment plan implementation schedule. Installed RES capacity reached 7.3 GW at the end of H1 2026, up by 1 GW year-on-year, now representing 58% of the Group’s total installed capacity.
During H1 2026, construction was completed on two energy storage stations in Florina with a combined capacity of 98 MW, a hybrid solar generation and storage project on the island of Astypalaia, and a 22 MW solar park in Italy. Development continued beyond the reporting period, with the completion of two solar parks totaling 151 MW in Romania and Bulgaria.
In recent months, the Group also entered into a series of agreements that strengthen its presence in Greece and accelerate its expansion into Central and Southeastern Europe. In Greece, PPC agreed with MORE to acquire six operational wind farms with a combined capacity of 107 MW, as well as the remaining 51% stake in solar project development companies with a total capacity of 1,175 MW, in which it already holds a 49% interest.
In Hungary, the Group agreed with Greenvolt to acquire a 57.5 MW solar park, with an option to acquire an adjacent 49 MW, four-hour battery storage project. In Poland, it signed an agreement with EDP Renewables to acquire an operational portfolio of wind and solar projects of approximately 175 MW, along with 102 MW of solar projects under development.
These agreements, which are subject to customary closing conditions, represent significant milestones in building a unified regional clean energy platform and enhance the geographic and technological diversification of the Group’s generation portfolio. Taking into account both the addition of new solar projects after the reporting period and the above agreements, installed RES capacity reached 7.8 GW on a pro forma basis in August 2026.
In addition, projects totaling 7.4 GW are under construction, ready to build, or in a competitive tender process, providing strong visibility for further RES portfolio growth and the achievement of the Group’s 2030 targets.
Financial performance
Adjusted EBITDA increased to €1.2 billion from €1.0 billion, while adjusted net profit after minority interests rose to €0.4 billion from €0.2 billion.
The Net Debt / EBITDA ratio stood at 1.2x, significantly below the 3.5x threshold set by the Group’s financial policy. The stronger liquidity position following the recent share capital increase further enhanced the Group’s financial flexibility, despite the high level of investments, with net debt amounting to €2.7 billion as of 30 June 2026.
2026 outlook
The Group confirms its 2026 targets, including 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, Giorgos Stassis, Chairman and CEO of PPC, stated:
“The first half of 2026 confirms the momentum and resilience of PPC’s business model. We delivered strong operational profitability, continued to reap the benefits of prior years’ investments, and made meaningful progress in transitioning toward a cleaner, more flexible, and geographically diversified generation portfolio.
Following the successful share capital increase, we are launching the execution of our new investment plan through 2030 with a significantly strengthened capital base. Upon completion of our recent acquisition agreements, our RES capacity will reach 7.8 GW, with an additional 7.4 GW of projects under construction or in advanced stages of development. The agreements to enter the Hungarian and Polish markets represent the first concrete steps toward further strengthening our presence in Central and Southeastern Europe.
We confirm our financial targets for 2026 and continue to advance steadily toward our vision of a stronger, more competitive PPC — with a leading role in the energy transition of the broader region.”
Trading
Electricity demand in Greece fell by 1.5% in H1 2026 compared to the same period in 2025, primarily due to milder weather conditions in June 2026. In Romania, demand declined by 2.5%, mainly reflecting milder weather during Q2 2026.
In Greece, PPC’s average market share in retail electricity supply stood at 49% (down from 50% in H1 2025). In the Interconnected System, the market share was 49% in June 2026 (down from 50% in June 2025). By voltage category, market share was 14% in High Voltage (down from 16%), 36% in Medium Voltage (up from 35%), and 63% in Low Voltage (up from 62%).
In Romania, PPC’s average market share in electricity sales stood at 14%, down from 16% in the same period of 2025, in an increasingly competitive retail environment.
Generation
The Group’s total electricity generation increased by 1.3 TWh to 11.1 TWh in H1 2026, of which 1.3 TWh came from international operations.
RES generation rose significantly to 5.8 TWh from 3.2 TWh in H1 2025, now accounting for 52% of the Group’s total generation, compared to 32% in the same period last year. The increase was driven primarily by a surge in large hydropower generation, which rose by 156% due to favorable hydrological conditions that prevailed mainly during Q1. Wind generation grew by 16%, while solar generation increased by 36%, supported by new capacity additions and despite lower irradiation levels in Romania.
The increase in RES generation, combined with lower output from thermal units, led to a significant shift in the Group’s energy mix. Natural gas generation declined to 2.9 TWh from 3.7 TWh, and oil-fired generation fell to 1.0 TWh from 1.6 TWh, largely due to the electricity interconnection of Crete with mainland Greece. Lignite generation remained stable at 1.4 TWh.
This shift in the energy mix drove a further improvement in the Group’s environmental footprint. CO₂ emissions from power generation fell by 18% to 3.9 million tonnes, while emission intensity dropped to 0.35 tonnes of CO₂ per MWh generated, down from 0.49 tonnes CO₂/MWh in H1 2025.
The Group’s position in generation markets remained essentially stable. In Greece, the average market share in electricity generation stood at 31%, while in Romania, the average market share in RES generation was maintained at 23%.
Distribution
With investments of €0.6 billion in H1 2026, the Group continued the modernization, digitalization, and resilience enhancement of its distribution networks in Greece and Romania.
The SAIDI index in Greece stood at 60 minutes (up from 58 minutes), and the SAIFI index at 0.87 (up from 0.72), despite the impact of network outages in Western Greece caused by adverse weather events during Q1 2026. In Romania, SAIDI improved to 35 minutes (from 36 minutes) and SAIFI also improved to 0.90 (from 0.96). The Group’s ongoing investments are focused on upgrading operational performance, enhancing resilience, and further digitalization of its networks.
Progress also continued in smart meter deployment. Penetration increased to 23% in Greece (up from 16%) and to 63% in Romania (up from 58%), strengthening the digital capabilities of the networks and enabling more efficient grid management.
Telecommunications
PPC FiberGrid has built the second-largest fiber-to-the-home (FTTH) network in Greece, covering 2.05 million homes and businesses, up from 1.3 million at the end of H1 2025. More than 1.3 million are already ready for service, with a target of covering 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 combining the operations of PPC FiberGrid and Fiber2All.
Electric mobility
PPC maintains the largest public charging network in Greece and is expanding its presence in Romania. At the end of H1 2026, the combined network across both countries comprised 4,735 charging points, reflecting a 35% increase year-on-year.
