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, driven by the end of the windfall tax and sales of short-term securities.

• CAPEX increased 30% to CZK 29.5 billion, with higher investments in nuclear fuel, waste-to-energy, and distribution assets.

• Acquisition of Gas Distribution s.r.o. contributed CZK 764 million in revenues and CZK 204 million in net income.

Financial highlights

• Net debt rose 9% year-over-year to CZK 199.9 billion, with net debt/EBITDA at 1.6.

• 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, mainly due to lower margins and project delays abroad.

• Electricity generation increased 1% to 26.1 TWh, with gas and coal sales up 7% each.

• Gross margin declined to CZK 93.5 billion from CZK 106.4 billion year-over-year.

Outlook and guidance

• 2026 EBITDA guidance raised to CZK 109–114 billion and adjusted net income to CZK 31–35 billion, reflecting 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 trading profits and project delays in Elevion Group.

• Risks include availability of generating facilities, realized electricity prices, and commodity trading income.

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