CEZ (CEZ) Investor presentation summary

Business overview and strategy

• Operates as a major European utility with a vertically integrated structure and significant market share in Czechia's power and gas sectors.

• Nuclear generation is the most profitable and accounts for the largest share of generation capacity and EBITDA.

• Emission intensity has declined 37% since 2019, with a target to reach climate neutrality by 2040.

• Strategy centers on decarbonizing the generation portfolio and providing cost-effective, high-quality energy solutions.

• VISION 2030 aims to reduce coal usage, lower emission intensity below 0.16 tCO2e/MWh, and maintain a Net Financial Debt/EBITDA ratio below 3.5x.

Financial performance and outlook

• 2025 EBITDA reached CZK 137.0 bn, with adjusted net income at CZK 28.1 bn; 2026 EBITDA is forecast at CZK 103–108 bn and net income at CZK 27–31 bn.

• Dividend policy targets a 60–80% payout ratio, with CZK 47 per share paid for 2024 (81% payout).

• Net debt/EBITDA stood at 1.6x at year-end 2025, with a strong credit rating and ample liquidity.

• Lower realized electricity prices, scheduled nuclear outages, and higher fixed costs are expected to impact 2026 results.

• Significant CAPEX planned: CZK 399 bn for 2026–2030, doubling previous periods to support transformation.

Decarbonization and generation transformation

• Coal-fired generation and mining to be phased out by 2033, replaced by gas, renewables, and nuclear.

• Investments in renewables (up to CZK 40 bn) and battery storage (targeting 300 MW by 2030).

• Construction of new nuclear units at Dukovany transferred to state majority ownership; CEZ retains a minority stake.

• Preparing for small modular reactors (SMRs), with a 20% stake in Rolls-Royce SMR and plans for 3,000 MW by 2050.

• Emission intensity target for 2030 is below 0.16 tCO2e/MWh, validated by SBTi.