Public Power Corporation reported a 127 percent surge in net profit to 335 million euros for the first half of 2026. The company achieved this financial growth while completing 1.4 billion euros in capital investments during the six-month period.
For more than four years, the Greek utility company invested aggressively in solar and wind parks, electrical distribution networks, energy storage, and international expansion into Romania and Central Europe. These heavy capital expenditures and financing requirements created constant market pressure on the company to prove that its capital deployment would produce higher earnings.
First-Half Financial Performance
The results for the first half of 2026 showed adjusted EBITDA rising 24 percent to 1.239 billion euros. Pre-tax profit nearly doubled to 432 million euros, up from 148 million euros in net profit recorded in the prior-year period.
Company turnover fell 2 percent to 4.55 billion euros during the first six months. Adjusted net profit after minority interests reached 374 million euros, representing a 92 percent increase from 195 million euros recorded one year earlier.
Equity expanded above 10.3 billion euros, eventually reaching 10.34 billion euros following a recent capital increase. Net debt declined to 2.74 billion euros, lowering the net debt to EBITDA ratio to 1.2x.
Energy Cost Reductions and Fuel Shift
Earnings growth occurred despite lower power prices and sales volumes. Total group expenditure decreased by 314 million euros during the period, driven by cuts across primary generation inputs.
Combined spending on liquid fuels, natural gas, wholesale power purchases, and carbon dioxide emission allowances fell by approximately 400 million euros over six months. Liquid fuel costs dropped 38 percent, natural gas costs fell 32 percent, power purchases decreased 11 percent, and emission allowance expenses declined 9 percent.
Power generation from renewable energy sources grew to 5.8 terawatt-hours, compared with 3.2 terawatt-hours in the previous year. Renewables accounted for 52 percent of total power generation, up from 32 percent last year.
Generation from natural gas declined from 3.7 terawatt-hours to 2.9 terawatt-hours, while oil-fired generation fell from 1.6 terawatt-hours to 1.0 terawatt-hour. Carbon dioxide emissions per megawatt-hour generated dropped 28 percent, falling from 0.49 tonnes to 0.35 tonnes.
Renewable Capacity Expansion and Acquisitions
Installed renewable energy capacity reached 7.3 gigawatts, representing an addition of roughly 1 gigawatt over twelve months. Recent acquisitions pushed pro forma installed renewable capacity to 7.8 gigawatts.
An additional 7.4 gigawatts of projects are currently under construction, mature for building, or in active auction procedures. This pipeline nearly matches the capacity of the operating portfolio.
In Greece, the group agreed to acquire six wind farms totaling 107 megawatts and secured the remaining 51 percent stake in solar development companies totaling 1,175 megawatts. In Hungary, the company acquired a 57.5-megawatt solar park with development rights for a 49-megawatt energy storage unit. In Poland, the company agreed to acquire an operating portfolio of about 175 megawatts alongside 102 megawatts of solar projects under development utilizing cable pooling.
Network Upgrades and Telecommunications Growth
Capital investments totaled 1.4 billion euros, with 86 percent directed toward renewable energy, flexible generation, and distribution networks. Approximately 600 million euros went specifically into grid infrastructure in Greece and Romania.
Smart meter adoption reached 23 percent across the Greek network, up from 16 percent a year ago. In Romania, smart meter coverage reached 63 percent of the network.
The telecommunications subsidiary FiberGrid expanded its fiber-optic network to cover 2.05 million households and businesses, up from 1.3 million last year. More than 1.3 million connections are ready for commercial use, while an exploratory agreement with Vodafone aims to form a joint venture leveraging existing power infrastructure.
Cash Flows and Full-Year Guidance
Operating cash inflows rose to 979 million euros from 604 million euros in the previous year. Cash inflows before working capital changes reached 1.109 billion euros, providing funds for continued capital investments.
Cash reserves reached 6.39 billion euros, supporting total equity of 10.34 billion euros and net debt of 2.74 billion euros. Management maintained its financial targets for 2026, projecting adjusted EBITDA of 2.4 billion euros, adjusted net profit of 700 million euros, and a dividend of 0.80 euros per share.
Apostolos Manthos, head of technical analysis and investment strategy at Capital.gr, noted that technical stock charts indicate potential testing of the 24.60 to 25 euro resistance level, which could open a path toward 30 euros.
Related Market News and Regional Developments
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