CER posted a strong performance in Q1 2026, with adjusted EBITDA at €0.7 billion. and adjusted net profit after minority interests at €0.2 billion, setting a strong foundation for the rest of the year. The significant increase in profitability reflects the growing contribution of the significant investments implemented in recent years, while the favourable hydrological and wind conditions that prevailed in Q1 2026 also made a positive contribution.
Total investments amounted to €0.5 billion, of which 82% was directed to Renewable Energy Sources (RES) projects, flexible generation and upgrading of distribution networks, following the implementation of the Group’s Business Plan.
Renewable installed capacity stood at 7.2 GW at the end of Q1 2026, representing 59% of the Group’s total installed capacity. Further growth is expected in the coming quarters, with projects with a total capacity of 6.7 GW under construction, ready for construction or in the tender process (bidding).
Financial Performance
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased to €0.7bn. from €0.5 billion, while adjusted net profit after minority interests was €0.2 billion from €0.1 billion.
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Net Debt/EBITDA ratio was 3.0x, despite the significant level of investments, remaining well below the 3.5x limit set by the Group’s financial policy, while net debt amounted to €6.9 billion. at 31.03.2026.
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Outlook for 2026
Confirmation of adjusted EBITDA targets at €2.4 billion. and adjusted net profit after minority interests at €0.7 billion, and a dividend of €0.80/share.
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Commenting on the results, George Stassis, Chairman and CEO of PPC said:
“We started 2026 strongly, recording strong financial performance and continued progress across all pillars of our strategy. Our first quarter results highlight the momentum of our vertically integrated business model, the resilience of our distribution business and the benefits of our continued transition to a cleaner and more flexible production portfolio.
We continue to consistently implement our investment plan, with a focus on renewable energy, flexible generation and distribution networks. With 6.7 GW of renewable energy projects already under construction or ready for construction, we have made significant steps towards achieving our 2030 targets.
We remain optimistic about achieving our financial targets for 2026. Our vision is for PPC to lead the energy transition in Central-Southeastern Europe. We are expanding our footprint to become a pillar of energy security and sustainability for the entire region, creating value for our citizens, businesses and shareholders.”
Further analysis by business
Commerce
Electricity demand, in Greece remained essentially unchanged in first quarter 2026 (- 0.6% compared to first quarter 2025), while Romania recorded an increase of 1.2% , mainly due to the colder weather conditions in the country.
In Greece, PPC’s average market share in retail electricity supply remained at 50%. In the Interconnected System, the average share was 49% in March 2026 (up from 50% in March 2025). By voltage category, the share was 16% in High Voltage (from 23%), 33% in Medium Voltage (from 37%) and 62% in Low Voltage (from 62%).
In Romania, PPP’s average share of electricity sales fell to 15%from 16% in the first quarter of 2025.
Production
Renewable generation recorded a significant increase of 141% in the first quarter of 2026to 3.6 TWh (from 1.5 TWh in the first quarter of 2025). This increase was largely due to the enhanced contribution of large hydroelectric plants which increased by282% as a result of heavy rainfall. In addition, wind generation increased by 30% against the corresponding period in 2025,thanks to more favourable wind conditions, particularly in Greece. Theproduction from photovoltaics also saw an increase by23%, supported by the addition of new power and despite the fact that Q1 2026 was characterized by limited sunshine and local snowfall mainly in the Romanian region. As a result, renewable energy production amounted to 56% of PPC’s total production, confirming the strengthening of its clean energy mix.
Significant decrease was recorded in thermal power generation. In particular, production from natural gas decreased to 1.6TWh (from 2.3TWhin the first quarter of 2025), lignite production at 0.9TWh (from 1.1 TWh the first quarter 2025) following de-lignification and pproduction from oil to 0.4TWh(from 0.7TWhin the first quarter of 2025) due to the electricity interconnection between Crete and the Greek mainland, which is in the final stage of interconnection.
As a result of the cleaner energy mix, the intensity of CO₂ emissions from electricity generation, reduced to 0.35 tonnes per MWh produced in the first quarter 2026 down from 0.55 tonnes per MWh produced in the corresponding quarter of 2025.
The average share of PPC in Greece remained stable at 34% in the first quarter of 2026. In Romania, PPC’s average share of RES generation increased to 29% in the 1st quarter of 2026 from 26%in the first quarter 2025, as a result of the addition of new PV projects to the renewable energy portfolio.
Distribution
With investments of more than €0.2 billion, in the first quarter of 2026, the Group is dynamically continuing the modernisation and digitalisation of its distribution networks.
The SAIDI in Greece increased to 30 minutes (from 21 minutes), while in Romania it decreased to 18 minutes (from 19 minutes). Similarly, the SAIFI in Greece increased 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 ratios in Greece is mainly due to network failures in Western Greece, as a result of the adverse weather conditions that prevailed during the first quarter of 2026. In this context, the Group’s increased investments contribute substantially to strengthening the resilience of the network, ensuring higher operational readiness and faster restoration of faults.
The PPC continues to boost smart meter deployment, with penetration in Greece at 19% (up from 14%) reflecting the progress of widespread deployment in the country, while in Romania it stands at 62% (up from 57%)6.
Telecommunications
The “Fibergrid” network in Greece now covers 1.8 million people. In Greece, FiberGrid’s network now covers 1.8 million households and businesses, recording an 86% annual growth (compared to 948 thousand at the end of Q1 2025), while more than 1 million are already available for direct connection. The Group continues to implement its investment plan, with the aim of having the FTTH network covering 2.7 million households and businesses by the end of 2026.
Electric Mobility
PPC is further strengthening its presence in the electromobility sector by developing the largest public network of charging points in Greece, while at the same time expanding its activity in Romania, enhancing its international footprint. At the end of Q1 2026, the network in the two countries had 4,359 charging points, recording a 33% year-on-year growth.
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