Financials CEZ,

Stocks

CEZ

CZ0005112300

Electric Utilities

Real-time Estimate Cboe Europe 18:10:00 20/08/2026 +04			5-day change	1st Jan Change
1,354.50 ^CZK	+0.26%		-1.67%	+4.32%

08-11	CEZ, a. s., H1 2026 Earnings Call, Aug 11, 2026
08-11	CEZ raises its outlook again due to rising energy prices	RE

Projected Income Statement: CEZ,

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	227,793	288,485	340,585	344,709	333,388	322,235	300,849	296,250
Change	-	26.64%	18.06%	1.21%	-3.28%	-3.35%	-6.64%	-1.53%
EBITDA ¹	63,240	131,568	124,839	137,462	137,038	111,901	105,597	102,773
Change	-	108.05%	-5.11%	10.11%	-0.31%	-18.34%	-5.63%	-2.67%
EBIT ¹	16,098	101,927	84,512	93,443	80,145	56,766	53,247	50,845
Change	-	533.17%	-17.09%	10.57%	-14.23%	-29.17%	-6.2%	-4.51%
Interest Paid ¹	-3,775	-7,874	-5,496	-10,003	-13,251	-12,277	-14,079	-14,635
Earnings before Tax (EBT) ¹	13,426	99,623	79,016	83,440	66,894	42,696	39,173	36,046
Change	-	642.02%	-20.68%	5.6%	-19.83%	-36.17%	-8.25%	-7.98%
Net income ¹	9,791	80,786	29,524	29,933	28,107	33,295	31,441	28,551
Change	-	725.1%	-63.45%	1.39%	-6.1%	18.46%	-5.57%	-9.19%
Announcement Date	15/03/22	21/03/23	21/03/24	13/03/25	12/03/26	-	-	-

¹CZK in Million

Estimates

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	25,191	94,352	75,997	54,523	80,535	77,430	93,380	76,317	76,769	94,119	87,395	74,322	82,426	100,566	93,389	74,152	72,861	92,986	84,981	74,746
Change	-	274.55%	-19.45%	-28.26%	47.71%	-3.86%	20.6%	-18.27%	0.59%	22.6%	-7.14%	-14.96%	10.9%	22.01%	-7.14%	-20.6%	-1.74%	27.62%	-8.61%	-12.04%
EBITDA ¹	15,900	15,720	43,737	15,683	30,003	42,285	32,534	29,834	32,645	29,826	40,317	28,847	30,882	37,416	42,958	30,931	29,311	33,900	35,275	23,750
Change	-	-1.13%	178.23%	-64.14%	91.31%	40.94%	-23.06%	-8.3%	9.42%	-8.64%	35.17%	-28.45%	7.05%	21.16%	14.81%	-28%	-5.24%	15.66%	4.06%	-32.67%
EBIT	4,219	5,735	36,189	8,011	20,961	36,737	24,298	21,020	21,815	17,379	31,648	19,685	19,568	22,542	28,493	16,971	15,235	19,477	21,842	-
Change	-	35.93%	531.02%	-77.86%	161.65%	75.26%	-33.86%	-13.49%	3.78%	-20.33%	82.1%	-37.8%	-0.59%	15.2%	26.4%	-40.44%	-10.23%	27.84%	12.14%	-
Charge d'intérêts	-1,089	-	-1,493	-	624	-2,735	-3,815	-1,220	-2,479	-	-2,654	-	-2,676	-	-	-	-	-	-	-
Earnings before Tax (EBT)	6,571	-	-	-	-	-	-	19,678	-	-	-	17,789	16,892	-	25,374	14,185	11,541	15,745	18,465	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-5.04%	-	-	-44.1%	-18.64%	36.43%	17.28%	-
Net income ¹	4,314	4,044	26,275	7,325	18,705	28,400	10,772	11,458	7,532	-238	13,534	7,559	2,344	6,514	12,661	3,992	5,513	5,945	13,498	3,600
Change	-	-6.26%	549.73%	-72.12%	155.36%	51.83%	-62.07%	6.37%	-34.26%	-103.16%	5,786.55%	-44.15%	-68.99%	177.9%	94.37%	-68.47%	38.1%	7.84%	127.05%	-73.33%
Announcement Date	09/11/21	15/03/22	10/05/22	09/08/22	10/11/22	21/03/23	11/05/23	10/08/23	09/11/23	21/03/24	14/05/24	07/08/24	12/11/24	13/03/25	15/05/25	06/08/25	11/11/25	12/03/26	14/05/26	11/08/26

¹CZK in Million

Estimates

Fiscal Period: December	2022 S1	2023 S1	2024 S1	2025 S1	2026 S1
Net sales ¹	130,520	169,697	161,717	167,541	159,727
Change	-	30.02%	-4.7%	3.6%	-4.66%
EBITDA ¹	59,420	-	69,164	73,889	59,025
Change	-	-	-	6.83%	-20.12%
EBIT	44,200	45,318	51,333	45,464	-
Change	-	2.53%	13.27%	-11.43%	-
Charge d'intérêts	-	-	-	-	-
Earnings before Tax (EBT)	-	-	46,783	39,559	-
Change	-	-	-	-15.44%	-
Net income ¹	33,600	22,230	21,093	16,653	18,082
Change	-	-33.84%	-5.11%	-21.05%	8.58%
Announcement Date	09/08/22	10/08/23	07/08/24	06/08/25	11/08/26

¹CZK in Million

Estimates

Forecast Balance Sheet: CEZ,

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	110,700	-	158,018	205,825	231,490	221,415	230,463	233,774
Change	-	-	-	30.25%	12.47%	-4.35%	4.09%	1.44%
Announcement Date	15/03/22	21/03/23	21/03/24	13/03/25	12/03/26	-	-	-

¹CZK in Million

Estimates

Cash Flow Forecast: CEZ,

Fiscal Period: December	2021	2023	2024	2025	2026	2027	2028
CAPEX ¹	32,226	44,792	54,116	62,716	69,030	71,170	69,775
Change	-	-	20.82%	15.89%	10.07%	3.1%	-1.96%
Free Cash Flow (FCF) ¹	27,398	92,775	70,319	25,251	34,104	19,204	31,629
Change	-	-	-24.2%	-64.09%	35.06%	-43.69%	64.7%
Announcement Date	15/03/22	21/03/24	13/03/25	12/03/26	-	-	-

¹CZK in Million

Estimates

Forecast Financial Ratios: CEZ,

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	27.76%	45.61%	36.65%	39.88%	41.1%	34.73%	35.1%	34.69%
EBIT Margin (%)	7.07%	35.33%	24.81%	27.11%	24.04%	17.62%	17.7%	17.16%
EBT Margin (%)	5.89%	34.53%	23.2%	24.21%	20.06%	13.25%	13.02%	12.17%
Net margin (%)	4.3%	28%	8.67%	8.68%	8.43%	10.33%	10.45%	9.64%
FCF margin (%)	12.03%	-	27.24%	20.4%	7.57%	10.58%	6.38%	10.68%
FCF / Net Income (%)	279.83%	-	314.24%	234.92%	89.84%	102.43%	61.08%	110.78%
Profitability
ROA	-	-	-	3.46%	3.18%	-	-	-
ROE	4.96%	-	11.74%	12.39%	11.71%	13.27%	11.55%	10.79%
Financial Health
Leverage (Debt/EBITDA)	1.75x	-	1.27x	1.5x	1.69x	1.98x	2.18x	2.27x
Debt / Free cash flow	4.04x	-	1.7x	2.93x	9.17x	6.49x	12x	7.39x
Capital Intensity
CAPEX / Current Assets (%)	14.15%	-	13.15%	15.7%	18.81%	21.42%	23.66%	23.55%
CAPEX / EBITDA (%)	50.96%	-	35.88%	39.37%	45.77%	61.69%	67.4%	67.89%
CAPEX / FCF (%)	117.62%	-	48.28%	76.96%	248.37%	202.41%	370.59%	220.61%
Items per share
Cash flow per share ¹	110.3	-	-	-	119.6	186.4	161.5	160.2
Change	-	-	-	-	-	55.9%	-13.38%	-0.76%
Dividend per Share ¹	44	-	52	47	47	45.95	47.64	41
Change	-	-	-	-9.62%	0%	-2.24%	3.69%	-13.94%
Book Value Per Share ¹	300.1	-	454.6	445.7	448.9	474.1	479.4	489.5
Change	-	-	-	-1.96%	0.71%	5.63%	1.1%	2.12%
EPS ¹	18.3	150.5	55	55.8	52.4	62.76	58.7	51.45
Change	-	722.4%	-63.46%	1.45%	-6.09%	19.77%	-6.47%	-12.35%
Nbr of stocks (in thousands)	535,474	536,731	536,810	536,810	536,810	536,810	536,810	536,810
Announcement Date	15/03/22	21/03/23	21/03/24	13/03/25	12/03/26	-	-	-