CEZ ČEZ, a. s. Giełda Papierów Wartościowych w Warszawie · semiannual · publ. August 11, 2026

H1 2026 report

Zysk netto Grupy rośnie o 10% r/r (18,1 mld CZK), ale wyłącznie dzięki zniesieniu podatku od nadzwyczajnych zysków — EBITDA operacyjnie spadła o 20% r/r, a EBIT o 30% r/r.

Sentiment

Positive Guidance raised

Website

CEZ H1 2026 report

Revenue

159.73 bn CZK

— YoY

Net income

17.43 bn CZK

— YoY

EBITDA

59.03 bn CZK

— YoY

Net debt / EBITDA

1.6x

— YoY

Summary

Investment thesis

Segment regulowany (Dystrybucja) rośnie stabilnie (+10% EBITDA r/r), kompensując słabość segmentów rynkowych Wytwarzania (-35%) i Sprzedaży (-31%).
Zarząd podniósł prognozę finansową na cały 2026 r., licząc na utrzymanie podwyższonych cen energii związanych z kryzysem w Zatoce Perskiej oraz wyższą dostępność elektrowni jądrowych.
Silny wzrost operacyjnego cash flow (+55% r/r) jest w całości wyjaśniony przez spółkę jako efekt jednorazowy (koniec windfall tax, sprzedaż papierów wartościowych), nie poprawa organiczna.
Dług netto/EBITDA rośnie z 1,3x do 1,6x przy jednoczesnym wzroście CAPEX o 30% r/r i deklarowanej, w większości jeszcze niewypłaconej dywidendzie (22,5 mld CZK).

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Financials

BETA

H1 2026

CEZ · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	159,727	—	—	159,727	—	reported	—	1.00
EBITDA	59,025	—	—	59,025	—	reported	—	1.00
EBIT	31,966	—	—	31,966	—	reported	—	1.00
EBT	23,564	—	—	23,564	—	reported	—	1.00
Net income	17,432	—	—	17,432	—	reported	—	1.00
EPS (basic) (CZK)	32.5	—	—	32.5	—	reported	—	1.00
EPS (diluted) (CZK)	32.5	—	—	32.5	—	reported	—	1.00
D&A	26,697	—	—	26,697	—	reported	—	1.00
Interest expense	3,953	—	—	3,953	—	reported	—	1.00
Income tax	5,482	—	—	5,482	—	reported	—	1.00

EBITDA margin	36.96%	—	—	36.96%	—	derived	—	1.00
EBIT margin	20.01%	—	—	20.01%	—	derived	—	1.00
Net margin	10.91%	—	—	10.91%	—	derived	—	1.00

Cash	82,708	—	—	—	—	reported	—	1.00
Total debt	290,816	—	—	—	—	reported	—	0.85
Net debt	199,900	—	—	—	—	reported	—	1.00
Equity	239,336	—	—	—	—	reported	—	1.00
Total assets	928,732	—	—	—	—	reported	—	1.00
Current assets	254,040	—	—	—	—	reported	—	1.00
Current liabilities	233,078	—	—	—	—	reported	—	1.00
Non-current liabilities	456,318	—	—	—	—	reported	—	1.00
Inventory	23,124	—	—	—	—	reported	—	0.70
Trade receivables	58,878	—	—	—	—	reported	—	1.00

CFO	73,091	—	—	73,091	—	reported	—	1.00
CapEx	29,525	—	—	29,525	—	reported	—	1.00
FCF	43,566	—	—	43,566	—	derived	—	1.00
FCF conversion	73.81%	—	—	73.81%	—	derived	—	1.00
CFO conversion	123.83%	—	—	123.83%	—	derived	—	1.00
Dividends paid	93	—	—	93	—	reported	—	1.00

Current ratio	1.09x	—	—	—	—	derived	—	1.00
Quick ratio	0.99x	—	—	—	—	derived	—	0.80
Cash ratio	0.35x	—	—	—	—	derived	—	1.00
Interest coverage	8.09x	—	—	8.09x	—	derived	—	1.00

Net debt / EBITDA	1.6x	—	—	—	—	reported	—	1.00
Debt / equity	1.22x	—	—	—	—	derived	—	0.85
Net debt / equity	0.84x	—	—	—	—	derived	—	0.90

Revenue growth (YoY)	-4.66%	—	—	-4.66%	—	derived	—	1.00
EBITDA growth (YoY)	-20.11%	—	—	-20.11%	—	derived	—	1.00
EBIT growth (YoY)	-29.64%	—	—	-29.64%	—	derived	—	1.00
Net income growth (YoY)	4.7%	—	—	4.7%	—	derived	—	1.00
EPS growth (YoY)	4.84%	—	—	4.84%	—	derived	—	1.00
EBITDA margin Δ (YoY)	-7.14 pp	—	—	-7.14 pp	—	derived	—	1.00

H1 2026 · Δ YoY

Revenue

159,727 —

H1 2025: —
YTD 2026: 159,727
Δ YoY: —

EBITDA

59,025 —

H1 2025: —
YTD 2026: 59,025
Δ YoY: —

EBIT

31,966 —

H1 2025: —
YTD 2026: 31,966
Δ YoY: —

EBT

23,564 —

H1 2025: —
YTD 2026: 23,564
Δ YoY: —

Net income

17,432 —

H1 2025: —
YTD 2026: 17,432
Δ YoY: —

EPS (basic) (CZK)

32.5 —

H1 2025: —
YTD 2026: 32.5
Δ YoY: —

EPS (diluted) (CZK)

32.5 —

H1 2025: —
YTD 2026: 32.5
Δ YoY: —

D&A

26,697 —

H1 2025: —
YTD 2026: 26,697
Δ YoY: —

Interest expense

3,953 —

H1 2025: —
YTD 2026: 3,953
Δ YoY: —

Income tax

5,482 —

H1 2025: —
YTD 2026: 5,482
Δ YoY: —

EBITDA margin

36.96% —

H1 2025: —
YTD 2026: 36.96%
Δ YoY: —

EBIT margin

20.01% —

H1 2025: —
YTD 2026: 20.01%
Δ YoY: —

Net margin

10.91% —

H1 2025: —
YTD 2026: 10.91%
Δ YoY: —

Cash

82,708 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total debt

290,816 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt

199,900 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Equity

239,336 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Total assets

928,732 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

254,040 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

233,078 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

456,318 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

23,124 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Trade receivables

58,878 —

H1 2025: —
YTD 2026: —
Δ YoY: —

CFO

73,091 —

H1 2025: —
YTD 2026: 73,091
Δ YoY: —

CapEx

29,525 —

H1 2025: —
YTD 2026: 29,525
Δ YoY: —

FCF

43,566 —

H1 2025: —
YTD 2026: 43,566
Δ YoY: —

FCF conversion

73.81% —

H1 2025: —
YTD 2026: 73.81%
Δ YoY: —

CFO conversion

123.83% —

H1 2025: —
YTD 2026: 123.83%
Δ YoY: —

Dividends paid

93 —

H1 2025: —
YTD 2026: 93
Δ YoY: —

Current ratio

1.09x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

0.99x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.35x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Interest coverage

8.09x —

H1 2025: —
YTD 2026: 8.09x
Δ YoY: —

Net debt / EBITDA

1.6x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

1.22x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

0.84x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-4.66% —

H1 2025: —
YTD 2026: -4.66%
Δ YoY: —

EBITDA growth (YoY)

-20.11% —

H1 2025: —
YTD 2026: -20.11%
Δ YoY: —

EBIT growth (YoY)

-29.64% —

H1 2025: —
YTD 2026: -29.64%
Δ YoY: —

Net income growth (YoY)

4.7% —

H1 2025: —
YTD 2026: 4.7%
Δ YoY: —

EPS growth (YoY)

4.84% —

H1 2025: —
YTD 2026: 4.84%
Δ YoY: —

EBITDA margin Δ (YoY)

-7.14 pp —

H1 2025: —
YTD 2026: -7.14 pp
Δ YoY: —