Public Power Corporation (PPC) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong operational profitability, with adjusted EBITDA at €0.7bn (up €0.2bn year-over-year) and adjusted net income after minorities at €0.2bn, reflecting increased profitability from investments and favorable hydrological and wind conditions.

• Investments reached €0.5bn, with 82% allocated to renewables, flexible generation, and distribution, supporting the business plan.

• The leverage ratio improved to 3.0x, comfortably below the 3.5x threshold.

• Growth in renewables and flexible generation offset declines in thermal output, maintaining resilient market share.

• A €4bn equity capital increase is underway to fund further growth.

Financial highlights

• Revenues declined 5% year-over-year to €2.3bn, mainly due to lower volumes and power prices in Greece and Romania.

• Adjusted EBITDA rose 51% year-over-year to €0.7bn, driven by integrated business, international expansion, and favorable conditions.

• Adjusted net income after minorities tripled year-over-year to €0.2bn.

• Negative free cash flow of €-0.2bn, attributed to high investments and seasonal working capital.

• Net debt increased to €6.9bn, with net leverage at 3.0x.

Outlook and guidance

• 2026 targets reiterated: adjusted EBITDA expected at €2.4bn and adjusted net income after minorities at €0.7bn.

• Dividend per share to increase to €0.80 in 2026.

• Delivery of 2026 targets is well on track, supported by strong Q1 performance.