Czech Republic · Delayed Price · Currency is CZK CEZ, a. s. Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw EBITDA fall 18% year-over-year to CZK 35.3 billion, but net income rose 13% to CZK 14.5 billion. Upgraded full-year guidance reflects higher power prices and increased coal generation, while a major restructuring is planned to separate non-generation assets for improved value and financing.
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A dedicated subsidiary will be created for the customer segment, aiming to improve governance, efficiency, and financing flexibility. Up to 49% of this entity may be sold, with proceeds potentially used for share buybacks or other strategic purposes. The new structure is expected to enhance value and reflect the growing share of regulated activities.
Fiscal Year 2025
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EBITDA and adjusted net income for 2025 reached the top end of guidance, driven by strong distribution and sales, while generation EBITDA declined. 2026 outlook anticipates lower earnings due to power price drops and nuclear outages, but zero-emission operations remain dominant.
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EBITDA rose 3% year-over-year, driven by the GasNet acquisition and strong distribution and sales segments, while net income fell 7% due to higher depreciation and lower power prices. Outlook for 2026 is cautious, with declining power prices and windfall tax removal expected to impact results.
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EBITDA rose 7% to CZK 74 billion in H1 2025, driven by GasNet consolidation and higher distribution revenues, while net income fell over 20% due to increased depreciation. Guidance for 2025 was raised, with CAPEX set at CZK 70 billion and key risks from declining power prices and windfall tax.
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Q1 2025 saw 7% revenue and EBITDA growth, but net income fell 6% year-on-year. Guidance for 2025 EBITDA was raised, while net income guidance remains unchanged due to higher depreciation and windfall tax. Major developments include the sale of an 80% stake in the new nuclear project and strong distribution and sales segment growth.
Fiscal Year 2024
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EBITDA and adjusted net income exceeded guidance, driven by strong generation, cost control, and GasNet acquisition. 2025 outlook anticipates lower earnings due to declining power prices, but higher nuclear utilization and GasNet will offset some impact. Renewables and coal-to-gas transition investments continue, with regulatory and market uncertainties remaining.
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EBITDA rose 5% to CZK 100 billion for the first nine months of 2024, while net income fell 21% year-over-year. Guidance for full-year EBITDA was raised, driven by the GasNet acquisition and improved trading, with significant CapEx focused on energy transition and grid investments.
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EBITDA rose 11% to CZK 69.2 billion, while net income fell 5% year-over-year. Full-year EBITDA guidance was raised, driven by higher trading profits and lower costs, but windfall tax remains a major factor. New nuclear projects advance with government-backed financing.