CEZ (CEZ) investor relations material

Executive summary

• EBITDA rose 3% year-over-year to CZK 103.2 billion, while net income fell 7% to CZK 21.5 billion and adjusted net income was CZK 22.2 billion.

• Operating revenues for Q1–Q3 2025 were CZK 240.4 billion, down 2% year-over-year.

• Net operating cash flow dropped 40% to CZK 64.7 billion, mainly due to prior year working capital changes and margining effects.

• Major portfolio changes included the GasNet acquisition, consolidating Czech gas distribution, and divestments in Poland and nuclear assets.

• CAPEX increased 11% to CZK 38.7 billion, reflecting higher investments across segments.

Financial highlights

• Decline in power prices led to a CZK 10.5 billion negative impact on generation EBITDA; average achieved price for 2025 is EUR 121–124/MWh.

• Depreciation and amortization rose 51% year-over-year, mainly due to GasNet consolidation and accelerated coal asset depreciation.

• Distribution segment EBITDA up 75% year-over-year, driven by GasNet acquisition and higher allowed revenue.

• Sales segment EBITDA up 67%, mainly from lower commodity acquisition costs and proceeds from litigation.

• Net debt/EBITDA ratio stood at 1.5x as of September 30, 2025.

Outlook and guidance

• 2025 EBITDA is forecast at CZK 132–137 billion, with adjusted net income of CZK 26–28 billion.

• Power prices expected to decline further, with 2026 average achieved price at EUR 94/MWh and only 5% of 2029 sales secured at EUR 72/MWh.

• Distribution EBITDA guidance for 2025 raised to CZK 12–13 billion, mainly due to GasNet; correction factors will reverse partially in 2027.

• Sales segment profitability in 2025 seen as exceptional and not expected to repeat at the same level in 2026.

• Windfall tax estimated at CZK 31–34 billion for 2025, expected to be discontinued in 2026.