Q1 2026 CEZ as Earnings Call Transcript
Key Points
- CEZ AS (XPRA:CEZ) reported a 13% increase in net income to CZK14.5 billion, showcasing strong financial performance despite a decrease in EBITDA.
- The company has announced a significant CapEx increase of 130%, indicating a robust investment strategy for future growth.
- CEZ AS (XPRA:CEZ) plans to optimize its ownership structure by creating a new entity for non-power generation assets, potentially increasing value and improving financing opportunities.
- The Distribution and Sales segment showed stability with an EBITDA of CZK16.3 billion, reflecting consistent performance.
- CEZ AS (XPRA:CEZ) has signed a memorandum with Rolls-Royce for the SMR project, indicating progress in nuclear energy development.
- EBITDA decreased by 18% compared to the first quarter of 2025, primarily due to lower power prices in the Generation segment.
- The Generation segment experienced a significant 33% decrease in EBITDA, largely due to lower power prices and planned nuclear outages.
- The Sales segment saw a decline in sales margin, with a CZK1.2 billion negative impact, returning to standard levels after a strong 2025.
- The company faces challenges with coal exposure affecting financing opportunities, despite being highly rated in ESG areas.
- The trading results include temporary revaluations of derivatives, which may not be sustainable in the long term.
It's my pleasure to welcome Martin Novak, Chief Financial Officer; and Pavel Cyrani, Chief Sales and Strategy Officer. We will start the call with the presentation, and then we will have room to ask questions.
Now I'm handing over to Martin.
Good morning, good afternoon. So let's start with slide number 3, where we actually summarize our quarterly earnings and compare it to first quarter of 2025. I think it's important to note the EBITDA number, which has reached CZK35.3 billion, or 18% less than in the first quarter 2025. Our net income, on the other hand, has risen by 13% to CZK14.5 billion and adjusted net income, CZK13.5 billion, where we actually adjusted for noncontrollable interest from our shareholdings.
Operating cash flow, somewhat higher due to especially accounting treatment of our investment into state bonds. And CapEx is significantly higher as we are actually progressing with our intensive CapEx program this year, and following year will be probably
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