PPC achieved significant performance in the first quarter of 2026, with adjusted EBITDA of €0.7 billion and adjusted net profit after deducting the amount attributable to minority interests of €0.2 billion, laying a solid foundation for the rest of the year. The significant increase in profitability reflects the growing contribution of major investments in recent years, while favorable hydrological and wind conditions that prevailed in the first quarter of 2026 also contributed positively.
The Group’s investments totaled 0.5 billion euros, of which 82% were allocated to projects involving renewable energy sources (RES), flexible generation, and the modernization of distribution networks, in accordance with the Group’s Business Plan.
SRE’s installed capacity stood at 7.2 GW at the end of the first quarter of 2026, accounting for 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 bidding phase.
Financial performance
Adjusted EBITDA increased from €0.5 billion to €0.7 billion, while adjusted net profit after deducting the amount attributable to minority shareholders was €0.2 billion, up from €0.1 billion.
The Net Debt/EBITDA leverage ratio was 3.0x, in the context of significant investments, while remaining below the 3.5x threshold set by PPC Group's financial policy, with Net Debt standing at 6.9 billion euros as of 31.03.2026.
Outlook for 2026
The targets are confirmed, with an adjusted EBITDA of 2.4 billion euros and an adjusted net profit after deducting non-controlling interests of 0.7 billion euros, respectively, and a dividend level of 0.80 euros per 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 use capital in a disciplined way, with a clear focus on renewable sources, flexible production, and distribution networks. With 6.7 GW of renewable energy projects already under construction and ready for construction, we have secured significant visibility towards achieving our 2030 targets.
We remain confident in achieving our financial goals for 2026 and in delivering sustainable value to 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,” says Georgios Stassis, Chairman and CEO of Public Power Corporation.
Supply
Electricity demand in Greece remained virtually unchanged in the first quarter of 2026 (-0.61% YoY compared with the first quarter of 2025), while in Romania it increased by 1.21% YoY, mainly due to colder weather conditions in the country.
In Greece, PPC’s average market share in the retail market remained at 50.1%. In the Interconnected System, the average market share was 49.1% in March 2026 (down from 50.1% in March 2025). The average market share by voltage level was 16% for High Voltage (down from 23%), 33% for Medium Voltage (down from 37%), and 62% for Low Voltage (unchanged from 62%).
In Romania, PPC’s average market share of electricity sales fell to 15.1% from 16.1% in the first quarter of 2025.
Production
Production from SRE saw a significant increase of 1,411 MWh in the first quarter of 2026, reaching 3.6 TWh (up from 1.5 TWh in the first quarter of 2025). This increase is primarily driven by higher production at large hydroelectric power plants, which rose by 2,82% due to heavy rainfall. Additionally, wind power generation increased by 30% compared to the same period in 2025, supported by more favorable wind conditions, particularly in Greece. Production from photovoltaic sources also increased by 23%, supported by new capacity additions, despite lower levels of solar radiation as well as reduced snowfall in certain areas, particularly in Romania. As a result, SRE’s generation accounted for 56% of PPC’s total generation, confirming the strengthening of its clean energy mix.
In parallel, there was a significant reduction in thermal energy production. Specifically, production from natural gas units decreased to 1.6 TWh (from 2.3 TWh in the first quarter of 2025), while coal-based production decreased to 0.9 TWh (from 1.1 TWh in the first quarter of 2025) following the coal phase-out plan, and hydrocarbon unit production was 0.4 TWh (from 0.7 TWh in the first quarter of 2025), as a result of the Crete–mainland Greece electrical interconnection, which is currently in the finalization phase.
As a result of the cleaner energy mix, the intensity of CO₂ emissions from energy production decreased to 0.35 tons per MWh generated in the first quarter of 2026, from 0.55 tons per MWh generated in the corresponding quarter of 2025.
The average market share of PPC in Greece remained stable at 34.1% 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, up from 26% in the first quarter of 2025, following the addition of new solar capacity to the SRE portfolio.
Distribution
With investments of €0.2 billion for the first quarter of 2026, the Group continues the modernization and digitalization of its 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 network damage in western Greece, following unfavorable weather events in the first quarter of 2026. In this context, the Group's increased investments contribute significantly to network strengthening, ensuring operational readiness, and faster fault restoration.
PPC continues to expand the rollout of smart meters, with a penetration rate in Greece of 19% (up from 14%), reflecting the accelerated development of the related infrastructure network, while in Romania the rate stands at 62% (up from 57%)6.
Telecommunications
The „Fibergrid” network in Greece covers 1.8 million households and businesses, marking an increase of 861,000 (compared to 948,000 at the end of the first quarter of 2025), while over 1 million are ready for immediate connection. The Group continues to implement its plan, aiming to expand the FTTH network to 2.7 million households and businesses by the end of 2026.
E-mobility
PPC continues to strengthen its leading 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 broadening its international footprint. At the end of the first quarter of 2026, the total number of charging points (CP) in both countries reached 4,359, marking an increase of 33% compared to the previous year.