CEZ (CEZ) Q3 2025 earnings summary

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.