PPC's recurring EBITDA stood at €459 million in the first quarter, pushing the group to raise the bar for the whole of 2024 to €1.8 billion. Operating profitability on a recurring basis increased by 64% compared to the same period last year, which the company attributed to the increased contribution of its distribution activities, the improved profitability of its power generation and trading activities, and the addition of its Romanian operations.

FINANCIAL PERFOMANCE

Significantly increased operational profitability in Q1 2024 with recurring EBITDA at €459m, up by 64% compared to Q1 2023, driven by the higher contribution of the distribution business, the improved integrated business profitability, and the addition of operations in Romania. 

Pre-tax profits stood at €122 million compared to €73 million in Q1 2023, mainly as a result of improved operational profitability and the contribution of the operations in Romania.

Net income rose to €86 million from €51 million in the first quarter of 2023.

Solid financial position despite the acceleration of investments. PPC maintained a leverage (net debt/LTM PF EBITDA as of March 2024) of 2x, well below the self-imposed ceiling of 3.5x, with net debt standing at €3,377m as of March 31, 2024. 

Commenting on the results, Georgios Stassis, Chairman and Chief Executive Officer of PPC, said: “PPC has started the year with a strong performance, which gives us confidence to increase our guidance for 2024. We have ramped up our investments in Renewables and Distribution in line with our target to become a leading clean utility and critical infrastructure player in the Southeast Europe region, while at the same time maintaining a solid financial position. We remain focused on the execution of the strategic plan that we presented in our January CMD, leveraging our integrated model, which provides us with resilience in times of volatility but also with opportunities to further grow our activities and create value for our shareholders.”

ΟUTLOOK FOR 2024

For 2024, PPC upgrades its guidance, targeting for a recurring EBITDA of €1.8bn on the back of a strong Q1 2024 performance and despite the continuing volatility in the power markets