CEZ (CEZ) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was CZK 238.5bn, down 1% YoY; EBITDA fell 17% to CZK 86.1bn, while net income rose 24% to CZK 26.6bn.

• Adjusted net income rose 19% to CZK 26.3bn, mainly reflecting lower income tax after the windfall tax ended.

• FY 2026 EBITDA guidance remained CZK 109–114bn; adjusted net income guidance increased to CZK 34–37bn from CZK 31–35bn.

Financial highlights

• Operating cash flow rose 41% to CZK 91.2bn, mainly reflecting the end of the windfall tax; CAPEX increased 19% to CZK 46.0bn.

• Income tax expense declined to CZK 7.6bn from CZK 29.6bn; income before taxes fell 33% to CZK 34.2bn.

• Gross margin declined to CZK 139.4bn from CZK 152.5bn; depreciation and amortization fell CZK 2.4bn to CZK 39.8bn.

• Cash and cash equivalents rose CZK 30.9bn to CZK 48.1bn; total assets were CZK 1,012.2bn at September 30, 2026.

Outlook and guidance

• FY 2026 assumptions included generation of 45–46 TWh and realized power prices of EUR 108–111/MWh.

• The JESS stake sale is expected to add CZK 2.2bn to Q4 net income; revised outlook also reflected lower commodity trading income and higher realized electricity prices.

• FY generation is forecast 3% lower YoY, including nuclear output down 5%; coal generation is forecast 9% higher at 15.1 TWh.

• Distribution investment plans were under review; Q4 spending was expected to bring CAPEX close to the FY plan, with some carryover possible.

• ESCO revenue growth was expected to reach 10% YoY in 2026, with significant growth anticipated in 2027 as delayed projects progress.