PPC announced strong results for the first half of the year, with adjusted EBITDA reaching €927 million, up 57%.

In particular, the basic financial figures of PPC for the first half of the year are as follows:

  • Investments in “green” projects, as well as in distribution and digitization projects, continued their upward trajectory in line with PPC’s strategy to become a sustainable energy company.
  • The total investments amounted to €1.1 billion. including Romania, with a significant increase in investment in Distribution and RES activities in line with PPC’s plan to increase the participation of clean energy in the electricity generation mix and further strengthen and digitize distribution networks. Investments in RES, Distribution and digitalization activities, including Romania’s contribution, increased to around €0.8 billion, an increase of 120% compared to the first half of 2023.
  • Installed RES capacity stood at 4.7GW at the end of June 2024 from 3.5GW in June 2023. Furthermore, 3.3 GW projects are already under construction or ready for construction, to meet the target of 8.9GW in 2026 (90% of the 2026 target is already either operational or projects under construction or ready for construction).
  • Lignite production in the first half of 2024 decreased by approximately 30% compared to the corresponding period last year and amounted to 1.5TWh, which corresponds to 16% of PPC’s total production. As a result, direct CO2 emissions (Scope 1) decreased by 8% compared to the first half of 2023. The decrease in CO2 emissions follows the positive trend of the previous years and the reduction of 57.8% between 2019 and 2023, which led to the achievement of the target set in the Bonds with a sustainability clause, expiring in 2028, highlighting PPC’s commitment to making its energy mix greener.
  • On the contrary, the production from RES increased by 65% ​​in the first half of 2024 compared to the first half of 2023 and amounted to 3.1TWh, which corresponds to 33% of the total production of PPC.

Financial performance

  • Strong operating profitability for H1 2024 with adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) at €927m, up 57% compared to H1 2023. In this positive development contributed by the increased contribution of Distribution activitiesthe improvement of the profitability of the electricity generation and trading activities and the addition of the activities in Romania.
  • Adjusted net profits amounted to €228 million compared to €84 million in the first half of 2023. Adjusted net profit after deducting minority interests was €179m from €78m in 1H2023.
  • Strong financial position despite accelerating investment. PPC maintained its Net Debt/LTM PF EBITDA ratio in June 2024 at 2.3x, well below the 3.5x limit it has set, with net debt standing at €3,826m as at 30.06.2024.

Commenting on the results, Georgios Stassis, President and CEO of PPC stated:

“PPC recorded strong results for another quarter, as a result of the development path it has entered, confirming that its profitability is now significantly higher than in the past, while supporting its customers. We continue to implement significant investments in Renewable Energy Sources, networks and in the digitization of our activities in order to achieve the goals we have set in our Business Plan. We have been able to increase the capacity of mature RES projects in our portfolio to now have 3.3 GW of projects under construction or ready for construction, which gives us the confidence to achieve our target of total installed capacity of 8.9 GW in RES in 2026. For the full year, we are confident of achieving our adjusted EBITDA target of €1.8 billion, following on from the strong first half performance and the resilience of our business model with a manufacturing presence but and the supply of electricity”

See the entire PPC announcement here