Q2 2025 CEZ as Earnings Call Transcript
Key Points
- CEZ AS (CZAVF) reported a 7% increase in EBITDA, reaching almost CZK74 billion.
- The acquisition of GasNet significantly boosted EBITDA by CZK6.4 billion in the first half of 2025.
- The distribution segment saw a CZK3 billion increase due to higher allowed revenues and increased investments.
- CEZ AS (CZAVF) increased its EBITDA target by CZK5 billion, with a new range of CZK132 billion to CZK137 billion.
- The company reported a 6% increase in nuclear generation year-on-year, targeting 32 terawatt hours for the full year.
- Adjusted net income decreased by 21% year-on-year, impacted by depreciation and accelerated depreciation on coal assets.
- The trading segment experienced a decline, with profits down by CZK2.1 billion due to lower market volatility.
- Renewable energy generation decreased by 17% due to less favorable natural conditions compared to the previous year.
- The sales segment's profitability is expected to decline in the second half of the year due to one-off payments and settlements.
- CEZ AS (CZAVF) faces pressure from declining power prices and a narrower spread between power prices and carbon credits.
Hello, everyone, and welcome at CEZ Group financial results conference call for the first half of 2025. Martin Novak, Chief Financial Officer, will walk you through the presentation. And then we will open the floor to the questions. We also have Ludek Horn, Head of Trading, just in case you have some questions on the power market here.
Now, I'm handing over to Martin.
Thank you. Good afternoon. Good morning, everybody. So let's start with the presentation. On the first slide or slide number 3, we can see actually overall financial results where our EBITDA has reached almost CZK74 billion, which is an increase of CZK4.7 billion or 7%.
Adjusted net income of CZK16.7 billion and net income, CZK16.5 billion, which is down the 21 respectively, 22% year-on-year. Our CapEx has grown by about 11% to CZK22.8 billion. Important slide number 4 actually shows a difference between first half of 2024 and first half of 2025. There
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