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CEZ Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
EBITDA increased by 3% year-over-year to CZK 103.2 billion, while net income declined by 7% to CZK 21.5 billion; adjusted net income, used for dividends, 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 higher CapEx.
Major portfolio changes included the GasNet acquisition, acquisitions in Germany and Spain, and divestments in Poland and nuclear assets.
Comprehensive income attributable to equity holders was CZK 21,339 million.
Financial highlights
Decline in power prices led to a CZK 10.5 billion negative impact on generation EBITDA.
Trading margins fell by CZK 2.6 billion; mining EBITDA also declined due to lower coal sales and prices.
Distribution segment EBITDA rose by 75% to CZK 27.9 billion, mainly from GasNet acquisition and higher allowed revenues.
Sales segment EBITDA improved by 67% year-over-year to CZK 10.7 billion, driven by lower commodity acquisition costs and market stabilization.
Depreciation and amortization rose 51% year-over-year, mainly due to GasNet consolidation and accelerated coal asset depreciation.
Outlook and guidance
EBITDA guidance maintained at CZK 132–137 billion; adjusted net income range narrowed to CZK 26–28 billion.
Windfall tax for 2025 estimated at CZK 31–34 billion, to be discontinued in 2026.
Power prices expected to decline by EUR 30/MWh year-over-year, impacting 2026 results.
Strategic focus remains on low-emission transformation and climate neutrality by 2040.
Dukovany II sale: strategic implications?
Drivers of operating cash flow decline?
Commodity derivative trading risk management?
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