PPC Group recorded an adjusted EBITDA of 1.2 billion euros during the first half of 2026, up from 1 billion euros in the corresponding period of 2025. Adjusted net profit after minority interests rose to 0.4 billion euros from 0.2 billion euros in the previous year.
The company announced that the strong profitability reflects the resilience of the group's integrated business model and the growing contribution of recent investments. Total investments reached 1.4 billion euros in the first half, with 86 percent directed toward renewable energy sources, flexible production, and distribution networks. PPC expects investment activity to accelerate in the second half of the year in accordance with its investment schedule.
At the end of the first half, installed renewable energy capacity reached 7.3 GW, up by 1 GW year on year, representing 58 percent of the group's total installed capacity. Including newly completed projects and recent acquisition agreements, installed capacity stood at 7.8 GW on a pro forma basis in August 2026. An additional 7.4 GW of capacity is currently under construction, ready for construction, or in the tendering process.
During the first half, PPC completed two energy storage stations in Florina with a total capacity of 98 MW, a hybrid solar production and storage project in Astypalea, and a 22 MW solar park in Italy. Following the reporting period, two solar parks with a total capacity of 151 MW were completed in Romania and Bulgaria.
Regional acquisitions and expansion
PPC entered into a series of agreements to strengthen its presence in Greece and expand across Central and South-Eastern Europe. In Greece, PPC agreed with MORE to acquire six wind parks with a total capacity of 107 MW. PPC also agreed to acquire the remaining 51 percent of solar development companies totaling 1,175 MW in capacity, in which it already held a 49 percent stake.
In Hungary, PPC agreed with Greenvolt to acquire a 57.5 MW solar park, with an option to purchase an adjacent 49 MW four-hour storage project. In Poland, PPC signed an agreement with EDP Renewables to acquire an operating wind and solar portfolio of about 175 MW, along with 102 MW of solar projects under development.
PPC stated that these agreements are subject to customary closing conditions. The company said they represent significant steps toward building a unified regional clean energy platform and enhancing the geographical and technological diversification of its generation portfolio.
Regarding its financial position, PPC's net debt to EBITDA ratio stood at 1.2x, remaining well below the 3.5x cap set by its financial policy. Following a recent capital share increase, net debt stood at 2.7 billion euros on June 30, 2026. Management said this capital raise strengthens the group's financial flexibility despite high investment spending.
PPC reaffirmed its full-year targets for 2026. The company estimates adjusted EBITDA will reach 2.4 billion euros, adjusted net profit after minority interests will reach 0.7 billion euros, and the dividend will be 0.80 euros per share.
Georgios Stassis, chairman and chief executive officer of PPC, said the first half of 2026 confirms the momentum and resilience of the group's business model. He noted that operational profitability was strong alongside progress toward a cleaner, more flexible, and geographically diversified generation portfolio. Stassis said that implementation of the new investment plan through 2030 is beginning following the capital share increase, and added that entry into Hungary and Poland marks the first concrete steps to expand in Central and South-Eastern Europe.
Electricity demand and retail market share
Electricity demand in Greece declined by 1.5 percent compared to the first half of 2025, primarily due to milder weather conditions in June 2026. In Romania, electricity demand dropped by 2.5 percent, reflecting milder weather in the second quarter of the year.
In Greece, PPC's average retail electricity market share stood at 49 percent, compared to 50 percent in the first half of 2025. In the Interconnected System, its share was 49 percent in June 2026, down from 50 percent a year earlier. By voltage category, market share was 14 percent in high voltage, 36 percent in medium voltage, and 63 percent in low voltage, compared to 16 percent, 35 percent, and 62 percent respectively in 2025.
In Romania, PPC's average electricity sales share was 14 percent, down from 16 percent in the same period last year, amid a more competitive retail market environment.
Energy generation and emissions reduction
Total electricity generation by the group increased by 1.3 TWh to 11.1 TWh, with 1.3 TWh coming from international operations. Renewable energy generation rose significantly to 5.8 TWh from 3.2 TWh in the first half of 2025, representing 52 percent of total group generation compared to 32 percent a year earlier.
The growth in renewables was driven mainly by large hydroelectric plants, where output increased by 156 percent due to favorable hydrological conditions in the first quarter. Wind generation grew by 16 percent, and solar generation increased by 36 percent with support from new installed capacity, despite lower sunshine levels in Romania.
Increased renewable production and lower thermal generation shifted the group's energy mix. Natural gas generation fell to 2.9 TWh from 3.7 TWh, while oil-fired generation dropped to 1 TWh from 1.6 TWh, largely due to the operation of the Crete-Attica electrical interconnection. Lignite generation remained stable at 1.4 TWh.
Carbon dioxide emissions from power generation decreased by 18 percent to 3.9 million tonnes. Emission intensity dropped by 28 percent to 0.35 tonnes of CO2 per MWh produced, down from 0.49 tonnes of CO2 per MWh in the first half of 2025.
In Greece, PPC maintained an average power generation market share of 31 percent. In Romania, its average share of renewable generation remained at 23 percent.
Grid distribution and telecommunications expansion
Investments in distribution networks totaled 0.6 billion euros to modernize, digitalize, and strengthen grid resilience in Greece and Romania. In Greece, the SAIDI outage duration index reached 60 minutes, up from 58 minutes in the same period of 2025, while the SAIFI outage frequency index rose to 0.87 times from 0.72 times due to severe weather in Western Greece during the first quarter. In Romania, grid reliability improved, with SAIDI falling to 35 minutes from 36 minutes and SAIFI decreasing to 0.90 times from 0.96 times.
Smart meter installation expanded, reaching a penetration rate of 23 percent in Greece compared to 16 percent in the first half of 2025, and 63 percent in Romania compared to 58 percent previously.
In telecommunications, PPC FiberGrid expanded its fiber to the home network, making it the second largest in Greece. Its footprint reached 2.05 million households and businesses, up from 1.3 million at the end of June 2025. Over 1.3 million households and businesses are ready to receive services, with a company target to cover more than 3.8 million by the end of 2028. In June, PPC and Vodafone Greece signed a non-binding key terms agreement to explore forming a joint venture combining PPC FiberGrid and Fiber2All.
In electric mobility, PPC maintained the largest public charging network in Greece while continuing expansion in Romania. At the end of the first half of 2026, the charging network across both countries numbered 4,735 charging points, a 35 percent increase year on year.
