CEZ (CEZ) Q2 2026 earnings summary

Executive summary

• Operating revenue declined 5% year-over-year to CZK 159.7 billion, mainly due to lower power prices.

• EBITDA dropped 20% to CZK 59.0 billion, while net income rose 10% to CZK 18.1 billion, reflecting the end of the windfall tax.

• Operating cash flow surged 55% to CZK 73.1 billion, supported by the end of the windfall tax and sales of short-term securities.

• CapEx increased 30% to CZK 29.5 billion, driven by investments in nuclear fuel, waste-to-energy, and distribution assets.

• Net debt increased by 9% to CZK 199.9 billion.

Financial highlights

• EBITDA variance mainly due to CZK 14.4 billion negative impact from lower power prices and CZK 2.7 billion lower trading profits.

• Distribution segment EBITDA grew 10% to CZK 21.8 billion, while Generation and Mining EBITDA fell 31% to CZK 32.0 billion.

• Sales segment EBITDA declined 31% to CZK 5.3 billion, reflecting normalization of margins and project delays abroad.

• Electricity generation increased 1% to 26.1 TWh, with gas sales and coal mining both up 7% year-over-year.

• Income tax dropped from CZK 23.1 billion to CZK 5.5 billion due to the end of windfall tax.

Outlook and guidance

• EBITDA guidance raised to CZK 109–114 billion and adjusted net income to CZK 31–35 billion, supported by higher distribution EBITDA, increased nuclear generation, and elevated electricity prices.

• Positive drivers include higher distribution EBITDA, increased power prices from geopolitical events, and higher nuclear generation.

• Negative drivers include lower commodity trading profits and project delays in Elevion Group.

• Expected generation: 45–47 TWh at EUR 106–110/MWh; carbon credits at EUR 77–79/ton.

• Key risks: availability of generating facilities, realized electricity prices, and commodity trading income.