Q2 2026 CEZ as Earnings Call Transcript
Key Points
- Net income increased 10% year-on-year to CZK18.1 billion, driven by the end of the windfall tax.
- Operating cash flow rose 55% to CZK26 billion, providing strong liquidity.
- Distribution segment EBITDA grew 10%, with normalized electricity EBITDA up 15% and gas up 25%.
- Nuclear generation exceeded expectations, with 15.3 TWh produced in H1 and full-year guidance raised.
- Guidance for 2026 EBITDA and adjusted net income was raised by CZK2 billion and CZK1 billion, respectively.
- EBITDA declined 20% to CZK59 billion, primarily due to lower power prices.
- Generation and mining segment EBITDA fell 31%, with coal EBITDA down 65%.
- Sales segment EBITDA decreased by CZK2.4 billion, impacted by lower margins and project delays.
- Trading profits were lower, with a negative revaluation of derivatives of CZK2.6 billion.
- Net debt increased 9% to nearly CZK200 billion, raising leverage concerns.
Quarterly call organized by CEZ. It's my pleasure to welcome Martin Nowak, CFO and Pavel Sirani, head of strategy and sales and strategy. I'm now handing over to Martin to walk you through the presentation.
So good afternoon, good morning. Let's start on Slide 3. With the financial results overview.
As you can see, our sales or operating revenue is 5% lower, mainly due to the main factor that's actually influencing all this presentation or entire presentation, which are lower prices. EBITDA down by 20% to CZK59 billion, and we'll go through a higher level of detail on the next slide. Net income up by 10% from CZK16.5billion to CZK18.1 billion, mainly caused by the fact that we are not subject to windfall tax that actually is not in place. It ended its existence on the December 31, 2025. Operating cash flow, CZK26 billion higher or 55% and CapEx 30% higher.
Our net debt is about 9%
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