CEZ (CEZ) investor relations material

Executive summary

• EBITDA rose 7% year-over-year to CZK 73.9 billion, driven by distribution and GasNet consolidation, despite lower power prices and trading profits.

• Adjusted net income fell 21% year-over-year to CZK 16.5 billion, mainly due to higher depreciation, including accelerated depreciation and GasNet acquisition effects.

• Operating revenues rose 4% year-over-year to CZK 167.5 billion in H1 2025.

• Major strategic moves included the sale of an 80% stake in Elektrárna Dukovany II, reducing risk exposure to new nuclear construction, and investments in Rolls-Royce SMR for future modular reactor deployment.

• The Group continued its strategic focus on low-emission energy and climate neutrality by 2040.

Financial highlights

• Power price decline negatively impacted EBITDA by CZK 6.4 billion year-over-year; trading profits dropped due to lower market volatility.

• Distribution segment EBITDA up by CZK 3 billion, mainly from higher allowed revenues and increased investments.

• GasNet contributed CZK 6.4 billion to EBITDA for the first half of 2025, not present in prior year.

• Net operating cash flow dropped 32% year-over-year, mainly due to working capital changes from commodity price movements in 2024.

• Net debt decreased to CZK 181.5 billion, with a net debt/EBITDA ratio of 1.3.

Outlook and guidance

• 2025 EBITDA guidance raised to CZK 132–137 billion; adjusted net income forecast at CZK 26–30 billion.

• Upward revision driven by higher realized electricity prices, cost savings, and improved distribution and sales performance.

• Power generation expected at 43–44 TWh; Czech power prices assumed at €121–125/MWh.

• Key risks include generation facility availability, realized electricity prices, trading profits, and windfall tax impacts.

• The Group maintains its commitment to reducing coal-based production and achieving full climate neutrality by 2040.