PPC Group starts 2026 with profit momentum as renewables and grid upgrades accelerate

PPC Group has opened 2026 with a clear improvement in earnings, supported by a faster pace of renewable expansion and continued upgrades to electricity distribution infrastructure across its regional footprint. For investors, the key development is how the company is combining stronger operating performance with sustained capital intensity while keeping leverage under control.

First-quarter earnings jump on renewables and operational performance

In the first quarter of 2026, PPC reported adjusted EBITDA of approximately €700 million, up from around €500 million in the same period a year earlier. Adjusted net profit attributable to minority interests also increased to nearly €200 million from about €100 million in the first quarter of 2025.

The company said the improvement was driven primarily by the contribution of projects developed in recent years, alongside favorable weather conditions that boosted hydropower and wind generation during the quarter. Management linked the combination of higher renewable production and stronger operational performance to a materially improved earnings profile.

Investment remains intensive, with most spending tied to energy transition priorities

PPC kept its investment activity high through the quarter, allocating roughly €500 million during the first three months of 2026. About 82% of total capital spending was directed toward renewable energy developments, flexible generation assets and modernization of electricity distribution networks, which PPC said is consistent with its long-term strategic transformation plan.

By the end of March, PPC’s installed renewable portfolio had reached 7.2 GW, representing nearly 60% of total generation capacity. The group also reported an expanded forward pipeline totaling approximately 6.7 GW of renewable projects that are either under construction, preparing for construction or in tender procedures.

Balance sheet discipline supports guidance as leverage stays below ceiling

Even with elevated investment spending, PPC maintained its financial indicators within targeted limits. Net debt stood at approximately €6.9 billion at quarter-end, while its leverage ratio remained at 3.0x—below an internal ceiling of 3.5x.

PPC reaffirmed its full-year guidance for 2026, keeping targets at €2.4 billion in adjusted EBITDA and roughly €700 million in adjusted net income after minority interests. The company also confirmed plans to distribute a dividend of €0.8 per share.

Management frames results around integrated model and shift toward cleaner power

CEO Georgios Stassis said PPC entered 2026 with strong operational momentum, emphasizing stability in its integrated business model and continued transition toward cleaner and more flexible energy production. He added that PPC plans to sustain disciplined investments across renewables, network infrastructure and flexible generation technologies as it advances long-term objectives and strengthens its role in the energy transition across Central and Southeastern Europe.