PPC Group reports strong results for the first half of the year, with adjusted EBITDA reaching €927 million, up 57%. The company is, in fact, on track to achieve its target for adjusted EBITDA of €1.8 billion in 2024.

The increased contribution of the Distribution activities, the improved profitability of the electricity generation and trading activities and the addition of the Romanian activities contributed to this positive development. 

Adjusted net income was €228 million compared to €84 million in H1 2023. Adjusted net income after deducting minority interests was €179 million, compared with €78 million in the first half of 2023.

Strong financial position despite accelerated investment. PPC maintained its Net Debt/LTM PF EBITDA ratio in June 2024 at 2.3x, well below the 3.5x threshold set, with net debt at €3,826 million at 30 June 2024.

Commenting on the results, George Stassis, Chairman and CEO of PPC said:

"PPC recorded strong results for another quarter as a result of the growth path it has embarked on, confirming that its profitability is now at significantly higher levels than in the past, while supporting its customers. We continue to make significant investments in Renewable Energy, networks and in the digitalisation of our operations in order to achieve the objectives set out in our Business Plan.

We have been able to increase the capacity of the mature renewable energy projects in our portfolio, now having 3.3 GW of projects under construction or ready for construction, which gives us the confidence to achieve our target of a total installed capacity of 8.9 GW of renewable energy in 2026. For the full year, we are confident that we will achieve our adjusted EBITDA target of €1.8 billion, following on from our strong H1 performance and the resilience of our business model with a presence in both generation and power distribution.".