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	333,388	−52.1%	159,727	−52.1%	reported	—	1.00
EBITDA	59,025	137,038	−56.9%	59,025	−56.9%	reported	—	1.00
EBIT	31,966	80,145	−60.1%	31,966	−60.1%	reported	—	1.00
EBT	23,564	66,894	−64.8%	23,564	−64.8%	reported	—	1.00
Net income	17,432	28,107	−38%	17,432	−38%	reported	—	1.00
EPS (basic) (CZK)	32.5	52.4	—	32.5	—	reported	—	1.00
EPS (diluted) (CZK)	32.5	52.4	—	32.5	—	reported	—	1.00
D&A	26,697	56,494	−52.7%	26,697	−52.7%	reported	—	1.00
Interest expense	3,953	7,768	−49.1%	3,953	−49.1%	reported	—	1.00
Income tax	5,482	39,496	−86.1%	5,482	−86.1%	reported	—	1.00

EBITDA margin	36.96%	41.1%	−4.1 pp	36.96%	−4.1 pp	derived	—	1.00
EBIT margin	20.01%	24.04%	−4 pp	20.01%	−4 pp	derived	—	1.00
Net margin	10.91%	8.43%	+2.5 pp	10.91%	+2.5 pp	derived	—	1.00

Cash	82,708	17,208	+380.6%	—	—	reported	—	1.00
Total debt	290,816	248,698	+16.9%	—	—	reported	—	0.85
Net debt	199,900	213,929	−6.6%	—	—	reported	—	1.00
Equity	239,336	249,945	−4.2%	—	—	reported	—	1.00
Total assets	928,732	864,614	+7.4%	—	—	reported	—	1.00
Current assets	254,040	206,725	+22.9%	—	—	reported	—	1.00
Current liabilities	233,078	177,785	+31.1%	—	—	reported	—	1.00
Non-current liabilities	456,318	436,884	+4.4%	—	—	reported	—	1.00
Inventory	23,124	22,610	+2.3%	—	—	reported	—	0.70
Trade receivables	58,878	51,381	+14.6%	—	—	reported	—	1.00

CFO	73,091	64,193	+13.9%	73,091	+13.9%	reported	—	1.00
CapEx	29,525	62,716	−52.9%	29,525	−52.9%	reported	—	1.00
FCF	43,566	1,477	+2849.6%	43,566	+2849.6%	derived	—	1.00
FCF conversion	73.81%	1.08%	+72.7 pp	73.81%	+72.7 pp	derived	—	1.00
CFO conversion	123.83%	46.84%	+77 pp	123.83%	+77 pp	derived	—	1.00
Dividends paid	93	25,195	−99.6%	93	−99.6%	reported	—	1.00

Current ratio	1.09x	1.16x	−0.07x	—	—	derived	—	1.00
Quick ratio	0.99x	1.04x	−0.05x	—	—	derived	—	0.80
Cash ratio	0.35x	0.1x	+0.25x	—	—	derived	—	1.00
Interest coverage	8.09x	10.32x	−2.23x	8.09x	−2.23x	derived	—	1.00

Net debt / EBITDA	1.6x	1.56x	+0.04x	—	—	reported	—	1.00
Debt / equity	1.22x	1x	+0.22x	—	—	derived	—	0.85
Net debt / equity	0.84x	0.86x	−0.02x	—	—	derived	—	0.90

Revenue growth (YoY)	-4.66%	-3.28%	—	-4.66%	—	derived	—	1.00
EBITDA growth (YoY)	-20.11%	-0.31%	—	-20.11%	—	derived	—	1.00
EBIT growth (YoY)	-29.64%	-12.63%	—	-29.64%	—	derived	—	1.00
Net income growth (YoY)	4.7%	-3.62%	—	4.7%	—	derived	—	1.00
EPS growth (YoY)	4.84%	-3.5%	—	4.84%	—	derived	—	1.00
EBITDA margin Δ (YoY)	-7.14 pp	1.22 pp	—	-7.14 pp	—	derived	—	1.00

H1 2026 · Δ YoY

Revenue

159,727 −52.1%

H1 2025: 333,388
YTD 2026: 159,727
Δ YoY: −52.1%

EBITDA

59,025 −56.9%

H1 2025: 137,038
YTD 2026: 59,025
Δ YoY: −56.9%

EBIT

31,966 −60.1%

H1 2025: 80,145
YTD 2026: 31,966
Δ YoY: −60.1%

EBT

23,564 −64.8%

H1 2025: 66,894
YTD 2026: 23,564
Δ YoY: −64.8%

Net income

17,432 −38%

H1 2025: 28,107
YTD 2026: 17,432
Δ YoY: −38%

EPS (basic) (CZK)

32.5 —

H1 2025: 52.4
YTD 2026: 32.5
Δ YoY: —

EPS (diluted) (CZK)

32.5 —

H1 2025: 52.4
YTD 2026: 32.5
Δ YoY: —

D&A

26,697 −52.7%

H1 2025: 56,494
YTD 2026: 26,697
Δ YoY: −52.7%

Interest expense

3,953 −49.1%

H1 2025: 7,768
YTD 2026: 3,953
Δ YoY: −49.1%

Income tax

5,482 −86.1%

H1 2025: 39,496
YTD 2026: 5,482
Δ YoY: −86.1%

EBITDA margin

36.96% −4.1 pp

H1 2025: 41.1%
YTD 2026: 36.96%
Δ YoY: −4.1 pp

EBIT margin

20.01% −4 pp

H1 2025: 24.04%
YTD 2026: 20.01%
Δ YoY: −4 pp

Net margin

10.91% +2.5 pp

H1 2025: 8.43%
YTD 2026: 10.91%
Δ YoY: +2.5 pp

Cash

82,708 +380.6%

H1 2025: 17,208
YTD 2026: —
Δ YoY: —

Total debt

290,816 +16.9%

H1 2025: 248,698
YTD 2026: —
Δ YoY: —

Net debt

199,900 −6.6%

H1 2025: 213,929
YTD 2026: —
Δ YoY: —

Equity

239,336 −4.2%

H1 2025: 249,945
YTD 2026: —
Δ YoY: —

Total assets

928,732 +7.4%

H1 2025: 864,614
YTD 2026: —
Δ YoY: —

Current assets

254,040 +22.9%

H1 2025: 206,725
YTD 2026: —
Δ YoY: —

Current liabilities

233,078 +31.1%

H1 2025: 177,785
YTD 2026: —
Δ YoY: —

Non-current liabilities

456,318 +4.4%

H1 2025: 436,884
YTD 2026: —
Δ YoY: —

Inventory

23,124 +2.3%

H1 2025: 22,610
YTD 2026: —
Δ YoY: —

Trade receivables

58,878 +14.6%

H1 2025: 51,381
YTD 2026: —
Δ YoY: —

CFO

73,091 +13.9%

H1 2025: 64,193
YTD 2026: 73,091
Δ YoY: +13.9%

CapEx

29,525 −52.9%

H1 2025: 62,716
YTD 2026: 29,525
Δ YoY: −52.9%

FCF

43,566 +2849.6%

H1 2025: 1,477
YTD 2026: 43,566
Δ YoY: +2849.6%

FCF conversion

73.81% +72.7 pp

H1 2025: 1.08%
YTD 2026: 73.81%
Δ YoY: +72.7 pp

CFO conversion

123.83% +77 pp

H1 2025: 46.84%
YTD 2026: 123.83%
Δ YoY: +77 pp

Dividends paid

93 −99.6%

H1 2025: 25,195
YTD 2026: 93
Δ YoY: −99.6%

Current ratio

1.09x −0.07x

H1 2025: 1.16x
YTD 2026: —
Δ YoY: —

Quick ratio

0.99x −0.05x

H1 2025: 1.04x
YTD 2026: —
Δ YoY: —

Cash ratio

0.35x +0.25x

H1 2025: 0.1x
YTD 2026: —
Δ YoY: —

Interest coverage

8.09x −2.23x

H1 2025: 10.32x
YTD 2026: 8.09x
Δ YoY: −2.23x

Net debt / EBITDA

1.6x +0.04x

H1 2025: 1.56x
YTD 2026: —
Δ YoY: —

Debt / equity

1.22x +0.22x

H1 2025: 1x
YTD 2026: —
Δ YoY: —

Net debt / equity

0.84x −0.02x

H1 2025: 0.86x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-4.66% —

H1 2025: -3.28%
YTD 2026: -4.66%
Δ YoY: —

EBITDA growth (YoY)

-20.11% —

H1 2025: -0.31%
YTD 2026: -20.11%
Δ YoY: —

EBIT growth (YoY)

-29.64% —

H1 2025: -12.63%
YTD 2026: -29.64%
Δ YoY: —

Net income growth (YoY)

4.7% —

H1 2025: -3.62%
YTD 2026: 4.7%
Δ YoY: —

EPS growth (YoY)

4.84% —

H1 2025: -3.5%
YTD 2026: 4.84%
Δ YoY: —

EBITDA margin Δ (YoY)

-7.14 pp —

H1 2025: 1.22 pp
YTD 2026: -7.14 pp
Δ YoY: —