CEZ (CEZ) Q4 2025 earnings summary

Executive summary

• EBITDA for 2025 reached CZK 137 billion, with adjusted net income at CZK 28.1 billion, both at the upper end of guidance, while net income was CZK 27.4 billion, a 6% decrease year-over-year.

• Distribution and sales segments outperformed, while generation EBITDA declined due to lower prices and asset sales.

• Major progress in decarbonization, including divestment of coal assets, record nuclear generation, and expansion in nuclear and renewables.

• Strategic focus on climate neutrality, ESG leadership, and customer-centric energy solutions, with grid modernization and digitalization initiatives.

• Major portfolio changes included the sale of Polish subsidiaries and a controlling stake in Elektrárna Dukovany II, and new acquisitions in Germany, Spain, Italy, and the Czech Republic.

Financial highlights

• EBITDA was CZK 137 billion, net income CZK 27.4 billion, and adjusted net income CZK 28.1 billion for 2025; operating revenues were CZK 333.4 billion, down 3% year-over-year.

• CapEx was CZK 56.1 billion, nearly flat year-on-year; net debt increased 5% to CZK 213.9 billion.

• Distribution EBITDA rose 49% to CZK 40.3 billion, while generation and mining EBITDA fell 17% year-over-year.

• Operating cash flow dropped 48% to CZK 64.2 billion, mainly due to working capital changes.

• Zero-emission operations contributed 91% of group EBITDA, up from 84% in 2024.

Outlook and guidance

• 2026 EBITDA expected at CZK 103–108 billion and adjusted net income at CZK 27–31 billion, reflecting lower power prices, higher fixed costs, and nuclear outages.

• No windfall tax in 2026; higher gas distribution margin expected due to full-year consolidation of Gas Distribution.

• Power generation forecast: 43–45 TWh, with average achieved electricity price EUR 103–108/MWh.

• Capital expenditures for 2026–2030 projected at CZK 398.6 billion, focusing on distribution upgrades and renewables.

• Strategy targets climate neutrality by 2040 and significant reduction in coal-based generation by 2030.