Public Power Corporation (PPC) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 results with adjusted EBITDA of €0.7bn and adjusted net income after minorities of €0.2bn, reflecting increased profitability from recent investments and favorable hydrological and wind conditions.

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

• RES installed capacity at 7.2GW, with 6.7GW under construction or ready to build, and RES generation accounted for 56% of total output.

• CO2 emission intensity dropped to 0.35 tons/MWh from 0.55 tons/MWh year-over-year, highlighting progress in clean energy transition.

Financial highlights

• Revenues for Q1 2026 were €2.3bn, down from €2.5bn in Q1 2025.

• Adjusted EBITDA rose to €0.7bn from €0.5bn year-over-year.

• Adjusted net income after minorities increased to €0.2bn from €0.1bn.

• Net debt stood at €6.9bn as of March 31, 2026, with a net debt/EBITDA ratio of 3.0x, below the 3.5x policy threshold.

• Cash and cash equivalents at period end were €1.8bn, down from €2.4bn a year earlier.

Outlook and guidance

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

• Dividend distribution of €0.80/share planned for 2026.