Public Power Corporation (PPC) Q2 2026 earnings summary

Executive summary

• Achieved strong H1 2026 results with adjusted EBITDA of €1.2bn, up 24% year-over-year, and adjusted net income after minorities of €0.4bn, reflecting robust profitability and recent investments.

• Investments reached €1.4bn, with 86% allocated to renewables, flexible generation, and distribution; RES installed capacity rose to 7.3GW, representing 58% of total capacity.

• Net leverage reduced to 1.2x, providing significant headroom for future growth.

• International operations contributed 23% of group EBITDA, with Romania as a key driver and expansion into Hungary and Poland.

• CO2 emission intensity from power generation decreased by 28% year-over-year to 0.35 tons CO2/MWh.

Financial highlights

• Revenues for H1 2026 were €4.5bn, down slightly year-over-year, mainly due to lower demand in Greece, partially offset by international growth.

• Adjusted EBITDA rose to €1.2bn (+24% y-o-y), driven by integrated business and international expansion.

• Adjusted net income after minorities increased by 92% to €374m; adjusted EPS up 69% to €0.95.

• Net debt declined to €2.7bn from €6.5bn, with a net leverage ratio of 1.2x.

• Free cash flow was -€265m, reflecting high investment activity and seasonal working capital outflows.

Outlook and guidance

• 2026 guidance reaffirmed: full-year adjusted EBITDA target of €2.4bn and adjusted net income after minorities of €0.7bn.

• Dividend per share outlook for 2026 set at €0.80, up 33% from 2025.

• ~81% of 2030 renewables capacity target already secured, with 7.4GW of projects under construction or ready-to-build.