CEZ Group posted FY 2025 EBITDA of CZK 137.0 billion (flat YoY) and net income of CZK 27.4 billion (down 6%), with adjusted net profit declining 9% to CZK 28.1 billion due to lower realized electricity prices and higher depreciation. EPS came in at CZK 53.73. The stock traded at CZK 1,176 on the Prague Stock Exchange, down 9.19% year-to-date, as the company issued weaker-than-expected 2026 guidance of CZK 103-108 billion EBITDA.
About CEZ Group
CEZ Group (Ticker: CEZ on Prague Stock Exchange; ISIN: CZ0005112300; Bloomberg: CEZ CP Equity) is the largest integrated energy conglomerate in the Czech Republic, founded on May 6, 1992, and headquartered in Prague. The company controls approximately 70% of Czech electricity generation and serves over 3.5 million retail customers across Central Europe.
CEZ engages in the generation, distribution, and trading of electricity, heat, natural gas, and related energy services. Its power generation portfolio spans nuclear (Dukovany and Temelin plants), wind, hydroelectric, coal-fired, and gas sources across segments including Generation, Distribution, Sales, and Mining. The company operates in the Czech Republic (84.1% of sales), Germany (8.6%), Hungary (3%), and Poland (2.5%), among other markets.
As of March 2026, CEZ carries a market capitalization of approximately CZK 638.6 billion (roughly EUR 26 billion), with 537.99 million shares outstanding. The company has a trailing P/E ratio of approximately 22x, a forward P/E of 18.6x for 2026, a dividend yield of approximately 3.65%-4.00%, and employs approximately 33,600 people. The Czech government holds a 70% controlling stake in CEZ.
Top Financial Highlights
- Operating Revenues reached CZK 333.4 billion, down 3% year-on-year from CZK 344.7 billion, primarily due to lower realized electricity prices.
- EBITDA was essentially flat at CZK 137.0 billion (vs. CZK 137.5 billion in 2024), down just CZK 0.4 billion or 0%.
- Net Income declined 6% to CZK 27.4 billion, down CZK 1.7 billion from CZK 29.1 billion in 2024.
- Adjusted Net Income (key for dividend) fell 9% to CZK 28.1 billion from CZK 31.0 billion, largely due to higher depreciation and amortization.
- EPS (Basic, TTM) stood at approximately CZK 53.73.
- Gross Margin came in at approximately 54.11%.
- Operating Cash Flow dropped 48% to CZK 64.2 billion from CZK 124.4 billion, primarily due to favorable working capital changes in 2024 and temporary placement of funds in liquid debt securities in 2025.
- Capital Expenditures (CAPEX) held steady at CZK 56.1 billion, nearly unchanged from CZK 56.8 billion in 2024.
- Net Debt increased 5% to CZK 213.9 billion from CZK 204.1 billion.
- Distribution Segment EBITDA surged 49% to CZK 40.3 billion (from CZK 27.2 billion), driven by GasNet consolidation (+CZK 7.8 billion) and CEZ Distribuce growth (+CZK 5.4 billion).
- Sales Segment EBITDA rose 41% to CZK 12.7 billion from CZK 9.0 billion due to lower commodity acquisition costs and market stabilization.
- Generation and Mining Segment EBITDA fell 17% to CZK 84.4 billion from CZK 101.5 billion, impacted by lower realized electricity prices (CZK -15.9 billion impact).
- Record Nuclear Generation of 32.1 TWh of emission-free electricity was achieved, up 2.4 TWh (8%) year-on-year.
- Windfall Tax amounted to CZK 30.4 billion (vs. CZK 32.1 billion in 2024), with the tax expiring as of December 31, 2025.
- 2026 Guidance: EBITDA of CZK 103-108 billion and adjusted net income of CZK 27-31 billion, both below analyst consensus estimates.
- Dividend Indication: Based on results and policy, a dividend of CZK 31 to 42 per share (CZK 17 to 23 billion total) is indicated for 2025, vs. analyst consensus of CZK 43.
Beat or Miss?
| Metric | Reported (FY 2025) | Estimate / Consensus | Difference / Analysis |
| Adjusted Net Income | CZK 28.1 billion | CZK 26-28 billion (company Nov guidance) | Slightly above the upper end of narrowed guidance |
| EBITDA | CZK 137.0 billion | CZK 132-137 billion (company guidance) | At the top of guidance range; met expectations |
| Operating Revenues | CZK 333.4 billion | N/A (consensus ~CZK 335 billion) | Roughly in line with analyst estimates |
| 2026 EBITDA Guidance | CZK 103-108 billion | CZK 110.6 billion (consensus) | ~5% below consensus at midpoint, a clear miss |
| 2026 Adj. Net Income Guidance | CZK 27-31 billion | CZK 32.7 billion (consensus) | ~11% below consensus at midpoint, a significant miss |
| Dividend Indication | CZK 31-42/share | CZK 43/share (consensus) | Below analyst expectations |
CEZ’s 2025 results slightly exceeded the company’s own narrowed guidance from November. However, the 2026 outlook significantly missed analyst consensus expectations across all key metrics, signaling headwinds from lower realized power prices and planned nuclear plant maintenance outages.
What Leadership Is Saying?
“The financial results confirm the stability of CEZ Group even during the ongoing energy sector transformation. We continued to successfully implement our strategy of developing customer segments, strengthening our position in distribution, and expanding our activities in gas. Our nuclear power plants reached an all-time high in electricity generation, surpassing the 32 TWh mark. We also slightly exceeded our expectations for 2025 EBITDA and net profit.”– Daniel Benes, Chairman of the Board of Directors and CEO
“Power prices are steadily declining with our straightforward three-year hedging policy. The decline in electricity prices next year will reduce revenues and profits. Our bottom line will be helped by an expiring windfall tax at the end of this year. However, the easing of prices for gas and electricity across Europe will have a negative impact on revenue.”– Martin Novak, Chief Financial Officer (from prior earnings calls and commentary)
Historical Performance
CEZ Group: FY 2025 vs. FY 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Operating Revenues | CZK 333.4 bn | CZK 344.7 bn | -3% |
| EBITDA | CZK 137.0 bn | CZK 137.5 bn | -0% |
| Net Income | CZK 27.4 bn | CZK 29.1 bn | -6% |
| Adjusted Net Income | CZK 28.1 bn | CZK 31.0 bn | -9% |
| Depreciation & Amortization | CZK 56.5 bn | CZK 43.4 bn | +30% |
| Income Tax (incl. windfall) | CZK 39.5 bn | CZK 52.6 bn | -25% |
| Operating Cash Flow | CZK 64.2 bn | CZK 124.4 bn | -48% |
| CAPEX | CZK 56.1 bn | CZK 56.8 bn | -1% |
| Net Debt | CZK 213.9 bn | CZK 204.1 bn | 5% |
The key takeaway is that while EBITDA remained flat, the substantial 30% increase in depreciation and amortization (driven by the GasNet acquisition and accelerated coal asset write-downs) was the primary factor eroding net income. The 48% decline in operating cash flow is notable but largely attributable to favorable base-year effects from falling commodity prices in 2024.
Competitor YoY Comparison
European Utilities, FY 2025 vs. FY 2024
| Company | EBITDA 2025 | EBITDA 2024 | Change (%) | Net Income 2025 | Net Income 2024 | Change (%) |
| CEZ Group | CZK 137.0 bn (~EUR 5.5 bn) | CZK 137.5 bn (~EUR 5.5 bn) | -0% | CZK 27.4 bn (~EUR 1.1 bn) | CZK 29.1 bn (~EUR 1.2 bn) | -6% |
| Enel (Italy) | EUR 22.9 bn | EUR 22.4 bn | +2.2% | >EUR 6.9 bn | EUR 6.5 bn (approx.) | ~+6% |
| RWE (Germany) | EUR 4.55-5.15 bn (guidance) | EUR 5.7 bn (approx.) | ~-13% | EUR 1.3-1.8 bn (guidance) | EUR 2.8 bn (approx.) | ~-46% |
| Fortum (Finland) | EUR 1.24 bn | EUR 1.56 bn | -20% | EUR 0.85/share | EUR 1.30/share | -35% |
CEZ’s performance was relatively resilient compared to European peers. While Enel posted modest growth driven by international operations, RWE and Fortum both faced steeper profit declines due to normalizing power prices and lower generation volumes. The broader European utility sector saw aggregate EBITDA contract in 2025 as post-energy-crisis tailwinds faded.
How the Market Reacted?
CEZ shares traded at CZK 1,176 on the Prague Stock Exchange as of March 10, 2026, reflecting a decline of 9.19% year-to-date and a drop of approximately 8.12% over the preceding three months. The stock hit a 52-week high of CZK 1,373 earlier in the year before retreating sharply, including a dramatic two-day sell-off in January 2026 that wiped approximately $5.5 billion from CEZ’s market value. Overall sentiment following the FY 2025 results release on March 12, 2026, appeared bearish.
While the 2025 results themselves slightly beat company guidance, the significantly weaker-than-expected 2026 outlook (EBITDA ~5% below consensus, adjusted net income ~11% below consensus) raised concerns about the sustained impact of declining wholesale power prices across Europe. The analyst consensus currently carries a “sell” rating, with an average price target of CZK 905, representing a roughly 24% downside from current levels.
The market’s cautious stance reflects the structural shift from peak energy-crisis profitability toward a lower-price environment, partially offset by the expiration of the windfall tax and growing contributions from regulated distribution assets.
Sources
