EPCG Group returned to profitability in the first half of 2026, recording €19.33 million in net earnings after a €30.5 million loss in the same period a year earlier. The almost €50 million year-on-year improvement was supported by higher electricity generation, reduced wholesale purchases and stronger trading performance. Consolidated net sales revenue reached €208.12 million, while operating profit amounted to €21.77 million.
Higher generation and wholesale sales
EPCG Group produced 1.656 TWh of electricity, approximately 3% above plan, improving the balance between domestic generation and electricity purchased from the market. The group sold approximately 542,277 MWh on the wholesale electricity market for around €57 million.
By comparison, wholesale purchases totalled 224,974 MWh, with a cost of approximately €16.2 million. The parent company reported €15.86 million in net profit, compared with a €24.53 million loss in the first half of 2025.
Investment cycle and financial position
The improved results strengthen EPCG’s financial position as the utility enters a broader investment cycle covering renewable generation, energy storage, hydropower modernisation and grid-related projects. EPCG is expanding wind generation through the Gvozd project and has begun discussions with international financial institutions concerning financing for additional generation and energy-security investments.
Higher earnings increase the company’s capacity to provide equity for such projects and potentially reduce dependence on debt financing.
The first-half results also demonstrate the role of electricity trading in EPCG’s financial performance. Higher domestic generation reduces the utility’s exposure to wholesale electricity purchases while increasing the amount of surplus power available for sale on regional markets. Coal costs increased significantly during the period, while liquidity indicators weakened slightly. These developments add financial pressure as EPCG faces substantial capital expenditure requirements.
