CEZ ČEZ, a. s. Giełda Papierów Wartościowych w Warszawie · annual · publ. April 28, 2026

FY 2025 report

Grupa ČEZ utrzymała EBITDA na poziomie 137,0 mld CZK (−0,3% r/r) mimo spadku cen energii, głównie dzięki dystrybucji (+13,2 mld CZK, w tym GasNet) i sprzedaży (+3,7 mld CZK), które skompensowały wytwarzanie (−15,7 mld CZK).

Sentiment

Cautious No guidance change

Website

CEZ FY 2025 report

Revenue

333.39 bn CZK

— YoY

Net income

28.11 bn CZK

— YoY

EBITDA

137.04 bn CZK

— YoY

Net debt / EBITDA

1.56x

— YoY

Summary

Investment thesis

Zysk netto (28,1 mld CZK dla akcjonariuszy) jest pod silnym ciężarem podatku: efektywna stawka 59% (64% rok wcześniej) wskutek podatku od nadmiarowych zysków (windfall tax), który dla spółki matki daje łączną stawkę 73%.
Jakość gotówki słabnie: OCF spadł o 48% do 64,2 mld CZK (rok wcześniej pomagały rozliczenia instrumentów pochodnych), a CAPEX gotówkowy 62,7 mld CZK pochłonął niemal cały OCF — FCF to zaledwie 1,5 mld CZK, przy dywidendzie 25,2 mld CZK finansowanej długiem.
Dług netto rośnie do 213,9 mld CZK (1,56× EBITDA, cel spółki: maks. 3,5×); do tego 219,7 mld CZK rezerw (w tym nuklearne i likwidacyjne), które są zobowiązaniem quasi-dłużnym.
Prognoza na 2026 r. to wyraźne pogorszenie: EBITDA 103–108 mld CZK (−29 do −34 mld), skorygowany zysk netto 27–31 mld CZK, CAPEX 82,5 mld CZK — luka FCF będzie jeszcze większa.

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Financials

BETA

FY 2025

CEZ · FY 2025

Metric	FY 2025	FY 2024	Δ YoY	Value type	Segment	Conf.

Revenue	333,388	—	—	reported	—	1.00
EBITDA	137,038	—	—	reported	—	1.00
EBIT	80,145	—	—	reported	—	1.00
EBT	66,894	—	—	reported	—	1.00
Net income	28,107	—	—	reported	—	1.00
EPS (basic) (CZK)	52.4	—	—	reported	—	1.00
EPS (diluted) (CZK)	52.4	—	—	reported	—	1.00
D&A	56,494	—	—	reported	—	1.00
Interest expense	7,768	—	—	reported	—	1.00
Income tax	39,496	—	—	reported	—	1.00
Shares (basic) (m units)	536.81	—	—	reported	—	1.00

EBITDA margin	41.1%	—	—	derived	—	0.90
EBIT margin	24.04%	—	—	derived	—	0.90
EBT margin	20.06%	—	—	derived	—	0.90
Net margin	8.43%	—	—	derived	—	0.90
D&A margin	16.95%	—	—	derived	—	0.90

Cash	17,208	—	—	reported	—	1.00
Total debt	248,698	—	—	reported	—	1.00
Net debt	213,929	—	—	reported	—	1.00
Equity	249,945	—	—	reported	—	1.00
Total assets	864,614	—	—	reported	—	1.00
Working capital	28,940	—	—	derived	—	1.00
Current assets	206,725	—	—	reported	—	1.00
Current liabilities	177,785	—	—	reported	—	1.00
Non-current liabilities	436,884	—	—	reported	—	1.00
Inventory	22,610	—	—	derived	—	0.90
Trade receivables	51,381	—	—	reported	—	0.80
Trade payables	48,926	—	—	reported	—	1.00
Goodwill	34,359	—	—	reported	—	1.00
Tangible equity	215,586	—	—	derived	—	0.90

CFO	64,193	—	—	reported	—	1.00
CapEx	62,716	—	—	reported	—	1.00
FCF	1,477	—	—	derived	—	0.90
FCF conversion	1.08%	—	—	derived	—	0.90
CFO conversion	46.84%	—	—	derived	—	0.90
Dividends paid	25,195	—	—	reported	—	1.00
Net acquisitions	3,253	—	—	derived	—	0.90

ROE	11.7%	—	—	reported	—	1.00
ROCE	11.67%	—	—	derived	—	0.90

Current ratio	1.16x	—	—	derived	—	0.90
Quick ratio	1.04x	—	—	derived	—	0.90
Cash ratio	0.1x	—	—	derived	—	0.90
Interest coverage	10.32x	—	—	derived	—	0.80

Net debt / EBITDA	1.56x	—	—	reported	—	1.00
Debt / equity	1x	—	—	derived	—	0.90
Debt / assets	0.29x	—	—	derived	—	0.90
Net debt / equity	0.86x	—	—	derived	—	0.90

Revenue growth (YoY)	-3.28%	—	—	derived	—	0.90
EBITDA growth (YoY)	-0.31%	—	—	derived	—	0.90
EBIT growth (YoY)	-12.63%	—	—	derived	—	0.90
Net income growth (YoY)	-3.62%	—	—	derived	—	0.90
EPS growth (YoY)	-3.5%	—	—	derived	—	0.90
EBITDA margin Δ (YoY)	1.22 pp	—	—	derived	—	0.90
EBIT margin Δ (YoY)	-2.57 pp	—	—	derived	—	0.90
Net margin Δ (YoY)	-0.03 pp	—	—	derived	—	0.90

FY 2025 · Δ YoY

Revenue

333,388 —

FY 2024: —

EBITDA

137,038 —

FY 2024: —

EBIT

80,145 —

FY 2024: —

EBT

66,894 —

FY 2024: —

Net income

28,107 —

FY 2024: —

EPS (basic) (CZK)

52.4 —

FY 2024: —

EPS (diluted) (CZK)

52.4 —

FY 2024: —

D&A

56,494 —

FY 2024: —

Interest expense

7,768 —

FY 2024: —

Income tax

39,496 —

FY 2024: —

Shares (basic) (m units)

536.81 —

FY 2024: —

EBITDA margin

41.1% —

FY 2024: —

EBIT margin

24.04% —

FY 2024: —

EBT margin

20.06% —

FY 2024: —

Net margin

8.43% —

FY 2024: —

D&A margin

16.95% —

FY 2024: —

Cash

17,208 —

FY 2024: —

Total debt

248,698 —

FY 2024: —

Net debt

213,929 —

FY 2024: —

Equity

249,945 —

FY 2024: —

Total assets

864,614 —

FY 2024: —

Working capital

28,940 —

FY 2024: —

Current assets

206,725 —

FY 2024: —

Current liabilities

177,785 —

FY 2024: —

Non-current liabilities

436,884 —

FY 2024: —

Inventory

22,610 —

FY 2024: —

Trade receivables

51,381 —

FY 2024: —

Trade payables

48,926 —

FY 2024: —

Goodwill

34,359 —

FY 2024: —

Tangible equity

215,586 —

FY 2024: —

CFO

64,193 —

FY 2024: —

CapEx

62,716 —

FY 2024: —

FCF

1,477 —

FY 2024: —

FCF conversion

1.08% —

FY 2024: —

CFO conversion

46.84% —

FY 2024: —

Dividends paid

25,195 —

FY 2024: —

Net acquisitions

3,253 —

FY 2024: —

ROE

11.7% —

FY 2024: —

ROCE

11.67% —

FY 2024: —

Current ratio

1.16x —

FY 2024: —

Quick ratio

1.04x —

FY 2024: —

Cash ratio

0.1x —

FY 2024: —

Interest coverage

10.32x —

FY 2024: —

Net debt / EBITDA

1.56x —

FY 2024: —

Debt / equity

1x —

FY 2024: —

Debt / assets

0.29x —

FY 2024: —

Net debt / equity

0.86x —

FY 2024: —

Revenue growth (YoY)

-3.28% —

FY 2024: —

EBITDA growth (YoY)

-0.31% —

FY 2024: —

EBIT growth (YoY)

-12.63% —

FY 2024: —

Net income growth (YoY)

-3.62% —

FY 2024: —

EPS growth (YoY)

-3.5% —

FY 2024: —

EBITDA margin Δ (YoY)

1.22 pp —

FY 2024: —

EBIT margin Δ (YoY)

-2.57 pp —

FY 2024: —

Net margin Δ (YoY)

-0.03 pp —

FY 2024: —