CEZ (CEZ) Investor presentation summary

Business overview and strategy

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

• Pursues the "VISION 2030 – Clean Energy of Tomorrow" strategy, focusing on decarbonization, customer-centric solutions, and ESG leadership.

• Targets climate neutrality by 2040, with validated science-based emission reduction goals and a shift to 79% zero-emission generation by 2030.

• Ongoing optimization of ownership structure, including the transfer of customer segments to a new subsidiary and potential minority stake sales.

• Significant investments planned in renewables, nuclear, and grid modernization, with cumulative CAPEX of CZK 399 billion for 2026–2030.

Financial performance and outlook

• 2025 EBITDA reached CZK 137.0 bn; 2026 guidance is CZK 107–112 bn, with adjusted net income of CZK 30–34 bn.

• Dividend policy offers a 60–80% payout ratio from adjusted net income, with CZK 42 per share for 2025.

• Maintains a strong financial position with net debt/EBITDA at 1.6x and a target below 3.5x.

• Q1 2026 saw a 9% drop in revenues and 18% drop in EBITDA year-over-year, mainly due to lower realized electricity prices and nuclear outages.

• Increased CAPEX and acquisitions, notably in gas distribution, contributed to a 13% rise in net debt to CZK 206.7 bn by March 2026.

Operational highlights

• Nuclear generation remains the most profitable and stable segment, with ongoing upgrades and extended operating licenses.

• Emission intensity reduced by 37% since 2019, with 2025 carbon intensity at 0.24 tCO2e/MWh.

• Customer segments (distribution, retail, ESCO) now contribute 39% of EBITDA, enhancing result predictability.

• Energy services (ESCO) revenue grew 86% since 2021, supporting customer decarbonization and energy savings.

• Retail business maintains high customer satisfaction and market leadership in Czechia.