Financials CEZ,

Stocks

CEZ

CZ0005112300

Electric Utilities

End-of-day quote Prague S.E. Other stock markets 2026-07-10			5-day change	1st Jan Change
1,300.00 ^CZK	+3.01%		+4.08%	+0.39%

06-01	CEZ shareholders approve carving out distribution as lead-up to sale, share buyback	RE
05-27	CEZ: Skoda JS to become one of two suppliers of key components for small modular reactors from Rolls-Royce SMR	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	306,759	296,321	287,803
Change	-	26.64%	18.06%	1.21%	-3.28%	-7.99%	-3.4%	-2.87%
EBITDA ¹	63,240	131,568	124,839	137,462	137,038	111,808	105,898	103,339
Change	-	108.05%	-5.11%	10.11%	-0.31%	-18.41%	-5.29%	-2.42%
EBIT ¹	16,098	101,927	84,512	93,443	80,145	57,902	53,516	50,449
Change	-	533.17%	-17.09%	10.57%	-14.23%	-27.75%	-7.57%	-5.73%
Interest Paid ¹	-3,775	-7,874	-5,496	-10,003	-13,251	-12,277	-13,419	-13,678
Earnings before Tax (EBT) ¹	13,426	99,623	79,016	83,440	66,894	44,591	40,002	36,449
Change	-	642.02%	-20.68%	5.6%	-19.83%	-33.34%	-10.29%	-8.88%
Net income ¹	9,791	80,786	29,524	29,933	28,107	35,592	30,635	28,018
Change	-	725.1%	-63.45%	1.39%	-6.1%	26.63%	-13.93%	-8.54%
Announcement Date	3/15/22	3/21/23	3/21/24	3/13/25	3/12/26	-	-	-

¹CZK in Million

Estimates

Fiscal Period: December	2021 Q2	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
Net sales ¹	49,175	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
Change	-	-48.77%	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%
EBITDA ¹	11,676	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
Change	-	36.18%	-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%
EBIT ¹	-5,091	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	-	182.87%	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	-1,056	-1,089	-	-1,493	-	624	-2,735	-3,815	-1,220	-2,479	-	-2,654	-	-2,676	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-6,147	6,571	-	-	-	-	-	-	19,678	-	-	-	17,789	16,892	-	25,374	14,185	11,541	15,745	18,465
Change	-	206.9%	-	-	-	-	-	-	-	-	-	-	-	-5.04%	-	-	-44.1%	-18.64%	36.43%	17.28%
Net income ¹	-6,971	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
Change	-	161.88%	-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%
Announcement Date	8/10/21	11/9/21	3/15/22	5/10/22	8/9/22	11/10/22	3/21/23	5/11/23	8/10/23	11/9/23	3/21/24	5/14/24	8/7/24	11/12/24	3/13/25	5/15/25	8/6/25	11/11/25	3/12/26	5/14/26

¹CZK in Million

Estimates

Fiscal Period: December	2022 S1	2023 S1	2024 S1	2025 S1
Net sales ¹	130,520	169,697	161,717	167,541
Change	-	30.02%	-4.7%	3.6%
EBITDA ¹	59,420	-	69,164	73,889
Change	-	-	-	6.83%
EBIT ¹	44,200	45,318	51,333	45,464
Change	-	2.53%	13.27%	-11.43%
Charge d'intérêts	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	46,783	39,559
Change	-	-	-	-15.44%
Net income ¹	33,600	22,230	21,093	16,653
Change	-	-33.84%	-5.11%	-21.05%
Announcement Date	8/9/22	8/10/23	8/7/24	8/6/25

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	221,430	229,198	228,247
Change	-	-	-	30.25%	12.47%	-4.35%	3.51%	-0.41%
Announcement Date	3/15/22	3/21/23	3/21/24	3/13/25	3/12/26	-	-	-

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	66,768	69,538	65,667
Change	-	-	20.82%	15.89%	6.46%	4.15%	-5.57%
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	3/15/22	3/21/24	3/13/25	3/12/26	-	-	-

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%	36.45%	35.74%	35.91%
EBIT Margin (%)	7.07%	35.33%	24.81%	27.11%	24.04%	18.88%	18.06%	17.53%
EBT Margin (%)	5.89%	34.53%	23.2%	24.21%	20.06%	14.54%	13.5%	12.66%
Net margin (%)	4.3%	28%	8.67%	8.68%	8.43%	11.6%	10.34%	9.74%
FCF margin (%)	12.03%	-	27.24%	20.4%	7.57%	11.12%	6.48%	10.99%
FCF / Net Income (%)	279.83%	-	314.24%	234.92%	89.84%	95.82%	62.69%	112.89%
Profitability
ROA	-	-	-	3.46%	3.18%	4.2%	4%	3.4%
ROE	4.96%	-	11.74%	12.39%	11.71%	13.71%	12.12%	10.88%
Financial Health
Leverage (Debt/EBITDA)	1.75x	-	1.27x	1.5x	1.69x	1.98x	2.16x	2.21x
Debt / Free cash flow	4.04x	-	1.7x	2.93x	9.17x	6.49x	11.93x	7.22x
Capital Intensity
CAPEX / Current Assets (%)	14.15%	-	13.15%	15.7%	18.81%	21.77%	23.47%	22.82%
CAPEX / EBITDA (%)	50.96%	-	35.88%	39.37%	45.77%	59.72%	65.66%	63.55%
CAPEX / FCF (%)	117.62%	-	48.28%	76.96%	248.37%	195.78%	362.09%	207.62%
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	52.02	45.49	40.77
Change	-	-	-	-9.62%	0%	10.69%	-12.56%	-10.37%
Book Value Per Share ¹	300.1	-	454.6	445.7	448.9	474.5	482.5	489.2
Change	-	-	-	-1.96%	0.71%	5.71%	1.69%	1.38%
EPS ¹	18.3	150.5	55	55.8	52.4	65.66	58.29	53.06
Change	-	722.4%	-63.46%	1.45%	-6.09%	25.31%	-11.23%	-8.98%
Nbr of stocks (in thousands)	535,474	536,731	536,810	536,810	536,810	536,810	536,810	536,810
Announcement Date	3/15/22	3/21/23	3/21/24	3/13/25	3/12/26	-	-	-