Interim Consolidated Financial Statements of CEZ Group as of September 30, 2025

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

PREPARED IN ACCORDANCE WITH IFRS ACCOUNTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION AS OF SEPTEMBER 30, 2025

* Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts stated in the consolidated financial statements as of December 31, 2024 (see Note 2.2.2).

* Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts stated in the consolidated financial statements as of December 31, 2024 (see Note 2.2.2).

* Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts stated in the interim consolidated financial statements as of September 30, 2024 (see Note 2.2.2).

Translation differences -associates and joint-

ventures (360) 55 (306) 18

Disposal of translation

differences 1,714 (26) (1) 2

Share on other equity movements of associates

and joint-ventures 1 (1) (1) 1

Deferred tax related to other

comprehensive income 146,671 5,726 3,322 1,897

Total comprehensive income

* Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts stated in the interim consolidated financial statements as of September 30, 2024 (see Note 2.2.2).

Note Attributable to equity holders of the parent

Net income

Other comprehensive income

Dividends

Contribution from owners of non-controlling interests

Acquisition of subsidiaries Changes of non-controlling

interests without loss of control

Put options held by non-controlling interests

* Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts stated in the interim consolidated financial statements as of September 30, 2024 (see Note 2.2.2).

Note Attributable to equity holders of the parent

Net income

Other comprehensive income

Dividends

Transfer of measurement of equity instruments on sale

Acquisition of subsidiaries Changes of non-controlling

interests without loss of control

Put options held by non-controlling interests

* Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts as at December 31, 2024 stated in the consolidated financial statements as of December 31, 2024 (see Note 2.2.2).

1-9/2024

, (50,067)

(58,314)

* The way of presentation of this statement was changed in 2024 (see Note 2.2.1). The prior year figures were changed accordingly to provide comparative information on the same basis and they do not fully correspond to the interim consolidated financial statements as at September 30, 2024.

Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts stated in the interim consolidated financial statements as of September 30, 2024 (see Note 2.2.2).

49,347

* The way of presentation of this statement was changed in 2024 (see Note 2.2.1). The prior year figures were changed accordingly to provide comparative information on the same basis and they do not fully correspond to the interim consolidated financial statements as at September 30, 2024.

Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts stated in the interim consolidated financial statements as of September 30, 2024 (see Note 2.2.2).

1. The Company

   ČEZ, a. s. ("ČEZ" or "the Company") is a Czech joint-stock company, owned 69.8% (69.9% of voting rights) at September 30, 2025 by the Czech Republic represented by the Ministry of Finance. The remaining shares of the Company are held by legal persons and individuals and they are traded on stock exchange markets in Prague and Warsaw. The address of the Company's registered office is Duhová 2/1444, Praha 4, 140 53, Czech Republic.

   The Company is a parent company of the CEZ Group ("the Group"). CEZ Group is a vertically integrated energy group that is among the largest economic entities in the Czech Republic and Central Europe. The main business of the Group is the generation, distribution, trade and sale in the field of electricity and heat, coal mining, trading in commodities and providing of complex energy services,

   distribution, trade and sale in the field of natural gas and providing of electronic communications.

   The "VISION 2030 - Clean Energy of Tomorrow" strategy is focused on dynamic transformation of the generation portfolio to low-emission one and achievement of full climate neutrality already by 2040.

   The strategy includes a commitment to fundamentally limit the production of heat and electricity from coal and fundamentally reduce the emission intensity by 2030. In areas of distribution and sales, the basic goal is to provide the most advantageous energy solutions and the best customer experience on the market. The goal to develop CEZ Group responsibly and sustainably in accordance with ESG principles is also among the main priorities.

2. Summary of Significant Accounting Policies
   1. Financial Statements

      The interim consolidated financial statements for the nine months ended September 30, 2025 have been prepared in accordance with IAS 34 and have not been audited by an independent auditor. The interim consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial

      statement as of December 31, 2024.

   2. Changes in Accounting Policies

      The accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statement as of December 31, 2024.

      As of January 1, 2025, the Group did not adopt any new or amended accounting standard IFRS that would have a significant impact on Group's interim consolidated financial statements.

      ‌

      Change of Presentation of Consolidated Statement of Cash Flows
      
      

      As of December 31, 2024, the presentation of the statement of cash flows was changed to increase the relevance of information regarding cash flows associated to grants related to assets. The original line item Additions to non-current assets, including capitalized interest, is no longer affected by grants and the receipt of cash and cash equivalents related to grants is reported on a separate line item Proceeds from grants to non-current assets within investing activities. Operating activities are no longer affected by grants related to non-current assets. As a result, some items of the comparative period have been reclassified to be fully comparable with the current period.

      The overview of adjustments made for the comparable period is disclosed in Note 2.2.2.

      ‌

      Final accounting for the acquisition of GasNet in the year 2024
      
      

      The Group completed the accounting for the acquisition of the companies of GasNet Group, specifying the final fair values of the identifiable assets and liabilities of the acquisition as at the acquisition date of August 28, 2024. The previously presented statements as of September 30, 2024 and December 31, 2024 have been adjusted in this regard. The changes related to the final accounting for the

      acquisition are presented in the following table (in CZK millions):

      	Provisional
      	amounts of
      	GasNet
      	acquisition in				Final
      	the financial				accounting for
      	statements as		GasNet		the
      	of December		acquisition		acquisition of
      	31, 2024		adjustment		GasNet
      Share being acquired	55.21%		-		55.21%
      Property, plant and equipment	108,297		229		108,526
      Intangible assets	792		-		792
      Other long-term financial assets	1,840		-		1,840
      Cash and cash equivalents	2,530		-		2,530
      Other short-term financial assets	1,438		-		1,438
      Materials and supplies	50		-		50
      Trade and other receivables	72		-		72
      Contract assets	915		-		915
      Another current assets	27		-		27
      Bonds payable, net of current portion	(40,844)		(1,374)		(42,218)
      Other long-term debt, net of current portion	(24,910)		(246)		(25,156)
      Long-term provision	(4)		-		(4)
      Other long-term financial liabilities	(5,136)		-		(5,136)
      Deferred tax liability	(16,820)		(48)		(16,868)
      Trade payables	(1,508)		-		(1,508)
      Other short-term financial payables	(1,749)		(26)		(1,775)
      Another current liabilities	(2,827)		212		(2,615)
      Total net assets	22,163		(1,253)		20,910
      Share of net assets acquired	12,236		(692)		11,544
      Repayment of the loan to the former shareholder	7,785		91		7,876
      Goodwill	1,547		601		2,148
      Total purchase consideration	21,568		-		21,568
      Cash outflow on acquisition of the subsidiary in
      2024	21,568		-		21,568
      Less: Cash and cash equivalents in the subsidiary acquired	(2,530)		-		(2,530)
      Cash outflow in 2024, net	19,038		-		19,038

      Quantification of the above-mentioned relevant effect on reported amounts as at December 31, 2024 is provided by the following table (in CZK millions):

      CONSOLIDATED BALANCE SHEET	December 31,		Adjustment of		December 31,
      	2024 original		GasNet acquisition		2024 adjusted
      Plant in service Less accumulated depreciation and impairment	1,083,667 (558,976)		454 (1,920)		1,084,121 (560,896)
      Net plant in service	524,691		(1,466)		523,225
      Total property, plant and equipment	580,704		(1,466)		579,238
      Intangible assets	33,186		585		33,771
      Total other non-current assets	82,433		585		83,018
      Total current assets	663,137		(881)		662,256
      Total ass ets	901,974		(881)		901,093
      Retained earnings and other reserves Total equity attributable to equity holders of the parent	186,809 239,274		(771) (771)		186,038 238,503
      Non-controlling interests	11,640		(1,185)		10,455
      Total equity	250,914		(1,956)		248,958
      Long-term debt, net of current portion	216,908		1,518		218,426
      Deferred tax liability	51,722		(255)		51,467
      Total non-current liabilities	464,068		1,263		465,331
      Current portion of long-term debt	26,689		(188)		26,501
      Total current liabilities	186,992		(188)		186,804
      Total equity and liabilities	901,974		(881)		901,093

      Quantification of the above-mentioned relevant effect on reported amounts as at September 30, 2024 is provided by the following table (in CZK millions):

      CONSOLIDATED STATEMENT OF INCOME

      Depreciation and

      1-9/2024

      original

      Adjustment of GasNet acquisition

      1-9/2024

      adjusted

      7-9/2024

      original

      Adjustment of GasNet acquisition

      7-9/2024

      adjusted

      amortization (27,501) (456) (27,957) (9,585) (456) (10,041)

      Other operating

      expenses (3,083) 178 (2,905) (1,231) 178 (1,053)

      Income before other income (expenses) and income taxes 70,901 (278) 70,623 19,568 (278) 19,290

      Interest on debt (4,288) (70) (4,358) (1,575) (70) (1,645)

      Total other income

      (expenses) (7,226) (70) (7,296) (2,676) (70) (2,746)

      Income before income taxes 63,675 (348) 63,327 16,892 (348) 16,544

      Income taxes (40,256) (31) (40,287) (14,530) (31) (14,561)

      Net income 23,419 (379) 23,040 2,362 (379) 1,983

      Net income attributable to:

      Equity holders of the

      parent	23,437	(186)	23,251	2,344	(186)	2,158
      Non-controlling interests	(18)	(193)	(211)	18	(193)	(175)
      Net income per share attributable to equity holders of the parent (CZK per share):
      Basic	43.7	(0.4)	43.3	4.4	(0.4)	4.0
      Diluted	43.7	(0.4)	43.3	4.4	(0.4)	4.0

      Quantification of the above-mentioned relevant effect on reported amounts as at September 30, 2024 is provided by the following table (in CZK millions):

      COMPREHENSIVE	1-9/2024		of GasNet		1-9/2024		7-9/2024		of GasNet		7-9/2024
      INCOME:	original		acquisition		adjusted		original		acquisition		adjusted
      Net income Total comprehensive income, net of tax	23,419 21,017		(379) (379)		23,040 20,638		2,362 1,403		(379) (379)		1,983 1,024

      CONSOLIDATED OF

      Adjustment

      Adjustment

      Quantification of the above-mentioned relevant effect on reported amounts as at September 30, 2024 is provided by the following table (in CZK millions):

      Attributable to equity holders of the parent

      Retained earnings Total Non-controlling interests Total equity

      	Original		Adjustment of GasNet acqui- sition		Adjusted		Original		Adjustment of GasNet acqui- sition		Adjusted		Original		Adjustment of GasNet acqui- sition		Adjusted		Original		Adjustment of GasNet acqui- sition		Adjusted
      Net income	23,437		(186)		23,251		23,437		(186)		23,251		(18)		(193)		(211)		23,419		(379)		23,040
      Total comprehensive income	23,435		(186)		23,249		21,012		(186)		20,826		5		(193)		(188)		21,017		(379)		20,638
      Acquisition of subsidiaries Changes of non-controlling interests without loss of control	- (7)		- 1		- (6)		- (7)		- 1		- (6)		11,000 5		(1,626) -		9,374 5		11,000 (2)		(1,626) 1		9,374 (1)
      Balance as at September 30, 2024	184,287		(185)		184,102		237,210		(185)		237,025		12,551		(1,819)		10,732		249,761		(2,004)		247,757

      Quantification of the above-mentioned relevant effects of adjustment of GasNet acquisition and presentation of grants on reported amounts as at September 30, 2024 is provided by the following table (in CZK millions):

      CONSOLIDATED STATEMENT OF					Adjustment of
      CASH FLOWS			Adjustment		presentation of
      	1-9/2024		of GasNet		grants, see		1-9/2024
      	original		acquisition		Note 2.2.1		adjusted
      OPERATING ACTIVITIES:
      Income before income taxes	63,675		(348)		-		63,327
      Adjustments of income before
      income taxes to cash generated
      from operations:
      Depreciation and amortization	27,501		456		-		27,957
      Interest expense, interest income
      and dividend income	1,549		70		-		1,619
      Other non-cash expenses and
      income	(11,498)	1		-		(11,497)
      Changes in ass ets and liabilities :
      Receivables and contract assets	29,546	(2,317)		(396)		26,833
      Materials, supplies and fossil fuel
      stocks	(1,767)	(15)		-		(1,782)
      Other liabilities	5,250	2,323		5		7,578
      Cash from operations	147,864	170		(391)		147,643
      Income taxes paid	(37,840)	1		-		(37,839)
      Net cash flow from operating
      activities	108,846	171		(391)		108,626
      INVESTING ACTIVITIES:
      Acquisition of subsidiaries,
      associates and joint-ventures,
      net of cash acquired	(20,354)	(179)		-		(20,533)
      Additions to non-current assets
      before deducting grants,
      including capitalized interest	(36,079)	9		(110)		(36,180)
      Proceeds from grants to non-
      current assets	-	-		501		501
      Net cash flow from investing
      activities	(58,535)	(170)		391		(58,314)
      Net effect of currency translation
      and allowances in cash	102	(1)		-		101
      Net increas e in cash and cash
      equivalents	27,490	-		-		27,490

3. Seasonality of Operations

   The seasonality within the segments Generation, Distribution and Sales usually takes effect in such a way that the revenues and operating profits of these segments for the 1st and 4th quarters of a calendar year are slightly higher than the revenues and operating profits achieved in the remaining period.

4. ‌Changes in the Group Structure

   The following table summarizes the cash flows related to acquisitions in the first nine months of 2025 (in CZK millions):

   Cash outflow on acquisition of the subsidiaries 324

   Cash outflow on investment to associate in Rolls-Royce SMR Limited1) 4,250 Cash outflow on investments and contributions to joint-ventures and

   associates 456

   Payments of payables from acquisitions of previous periods 178

   Less:

   Cash and cash equivalents acquired on acquisition of the subsidiaries (42)

   Total acquisition of subsidiaries, associates and joint-ventures, net of

   cash acquired 5,166

   1) In first three months of the year 2025, more than 11% of the interest in the company Rolls-Royce SMR Limited was purchased. In third quarter of the year 2025, this interest was increased by a further

   investment of CZK 4,250 million to a total of 20.25%, thus the company Rolls-Royce SMR Limited became an associate of the Group consolidated by the equity method. The Group's total investment in 2025 at the date of acquisition of the 20.25% interest was CZK 7,240 million.

   1. Acquisitions of Subsidiaries in the First Nine Months of 2025

      On January 22, 2025, the Group acquired a 100% interest in German company INC Innovative Netzconzepte GmbH, which focuses on implementation of network infrastructure.

      On May 6, 2025, the Group acquired 100% interests in Spanish companies TREXCOM ENERGÍAS RENOVABLES, S.L. and REVISIONES Y CONTROL DE CARTAGENA, S.L. (hereinafter "Companies

      of BELECTRIC ESPAÑA group"), which focus on the development of solar projects and battery storage, their maintenance and electrical installations.

      The fair values of acquired identifiable assets and liabilities and the purchase considerations have been stated provisionally and could be adjusted in the subsequent period. The following table presents the current best estimate of fair values of acquired identifiable assets and liabilities, which are part of the business combination transaction, as of the date of acquisition (in CZK millions):

      			Companies
      			of
      			BELECTRIC
      	INC Innovative		ESPAÑA
      	Netzconzepte		group		Total
      Share being acquired	100%		100%
      Property, plant and equipment	18		14		32
      Intangible assets	38		39		77
      Other long-term financial assets	-		14		14
      Cash and cash equivalents	25		17		42
      Materials and supplies	11		15		26
      Trade and other receivables	11		35		46
      Other long-term debt, net of current portion	(13)		(9)		(22)
      Deferred tax liability	(12)		(10)		(22)
      Short-term provisions	-		(24)		(24)
      Other current liabilities	(26)		(31)		(57)
      Total net assets	52		60		112
      Share of net assets acquired	52		60		112
      Goodwill	156		118		274
      Total purchase consideration	208		178		386
      Remaining liabilities from acquisition of the subsidiary	(62)		-		(62)
      Cash outflow on acquisition in 2025	146		178		324
      Less: Cash and cash equivalents in the subsidiary acquired	(25)		(17)		(42)
      Cash outflow in 2025, net	121		161		282

      If the acquisitions had taken place at the beginning of the year 2025, net income for CEZ Group as of September 30, 2025 would have been CZK 21,512 million and the revenues and other operating income would have been CZK 240,442 million. The amount of goodwill recognized as a result of the business combination comprise the value of expected synergies arising from the acquisition.

      From the acquisition date, the newly acquired subsidiaries have contributed the following balances to the Group's statement of income (in CZK millions):

      Companies of BELECTRIC

      	INC Innovative Netzconzepte		ESPAÑA group		Total
      Revenues and other operating income	85		62		147
      Income before other income (expense) and income taxes	13		(7)		6
      Net income	7		(6)		1
      Net income attributable: Equity holders of the parent	7		(6)		1
      Non-controlling interests	-		-		-

   2. ‌Sale of Shares in Polish Companies

      On November 11, 2024, the Group concluded the contract for sale of interest in Polish companies CEZ Polska sp. z o.o. (including its interest in CEZ Chorzów S.A. and CEZ Skawina S.A.) and CEZ

      Produkty Energetyczne Polska sp. z o.o. Since September 30, 2024, the Group classified assets and liabilities of these companies as assets and associated liabilities classified as held for sale. The

      transaction was settled after the approval of the Polish competition authority on February 6, 2025. The buyer is ResInvest Group based on an auction process initiated in March 2024. The total sale price for the shares in the Polish companies was paid in full and the Group transferred control over the sold

      subsidiaries.

      The following table provides an overview of the impacts related to the derecognition of Polish companies from consolidation, with the derecognized net assets broken down by operating segments (in CZK millions):

      Sold interest	100%
      Tangible and intangible assets	303
      Deferred tax asset	36
      Another non-current assets	273
      Cash and cash equivalents	1,806
      Trade and other receivables	1,351
      Derivatives and other current financial assets	47
      Fossil fuel stocks	346
      Emission rights	366
      Another current assets	216
      Long-term liabilities	(190)
      Trade payables	(602)
      Income tax payable	(467)
      Current provisions	(2,526)
      Derivatives and other short-term financial liabilities	(133)
      Another short-term liabilities	(122)
      Total net assets	704

      The effect of using average exchange rate on the cost of

      sale (25)

      Disposal of translation differences 1,715

      Total cost of sale of the Group 2,394

      The effect of using the average exchange rate on revenue

      from sale (35)

      Revenue from sale 3,389

      Gain on sale 960

      Gain on sale from sale of interest in stated Polish companies is presented in the statement of income as part of the line-item Other financial income.

      The following table shows the cash flows related to the sale and derecognition of the Polish companies from consolidation (in CZK millions):

      Revenue from sale	3,389
      Less: Cash from sale received in 2024	(125)
      Cash from sale received in 2025	3,264
      Cash disposed of on derecognition from consolidation	(1,806)
      Total cash flow from sale of Polish companies in 2025	1,458

   3. ‌The Loss of Control over the Company Elektrárna Dukovany II

      On April 30, 2025, based on The First Implementation Agreement between the state and the companies Elektrárna Dukovany II, a. s., and ČEZ, the Government of the Czech Republic decided that the state buys interest of 79.98% in the company Elektrárna Dukovany II, a. s., which is preparing the construction of a new nuclear power plant in the Dukovany site. The settlement of this transaction was made on May 5, 2025. The Group lost control over the company Elektrárna Dukovany II, a. s., and kept the interest of 20.02% representing the significant influence. The following table shows the

      summary of impacts of the sale (in CZK millions):

      Lands	322
      Construction work in progress	3,284
      Other non-current assets	36
      Trade and other receivables	2
      Other current assets	18
      Long-term liabilities	(52)
      Trade payables	(76)
      Other short-term liabilities	(67)

      Total net assets of former subsidiary disposed from

      the balance sheet (100%) 3,467

      Less items newly recognized on the balance sheet of the Group:

      Effect of intercompany balances:
      Trade and other receivables	(42)
      Trade payables	2
      Payables from cash pooling	821
      Other	1

      Fair value of the remaining interest 20.02%, which is

      kept by the Group (903)

      Total of derecognized and newly recognized items 3,346 Revenue from sale of 79.98% interest 3,607

      Gain on sale 261

      The gain on sale of controlling interest in the company Elektrárna Dukovany II, a. s., is presented in the statement of income as part of the line-item Other financial income and contains the gain CZK 52 million attributable to measuring investment retained by the Group in the former subsidiary. The sale of the controlling interest and loss of the control is associated with no cash flows as of September 30, 2025, the receivable from the sale is due on March 31, 2026.

5. ‌Derivatives and Other Financial Assets

   The overview of derivatives and other financial assets at September 30, 2025 and December 31, 2024 is as follows (in CZK millions):

   		September 30, 2025						December 31, 2024
   	Non-current	Current					Non-current	Current
   	assets	assets			Total		assets	assets			Total
   Other financial receivables	1,725	189			1,914		1,561	115			1,676
   Debt financial assets	3	-			3		-	-			-
   Receivables from sale of subsidiaries, associates
   and joint-venures1)	-	3,603			3,603		-	-			-
   Investment in finance lease	206	47			253		206	47			253
   Total financial assets at amortized cost	1,934	3,839			5,773		1,767	162			1,929
   Equity financial assets - investments in Inven
   Capital, SICAV, a.s., ČEZ sub-funds	3,584	-			3,584	3,501		-			3,501
   Commodity and other derivatives	1,884	22,307			24,191	2,093		32,071			34,164
   Total financial assets at fair value through profit
   or loss	5,468	22,307			27,775	5,594		32,071			37,665
   Equity financial assets	442	5			447	342		6			348
   Cash flow hedge derivatives	5,467	9,963			15,430	8,699		17,085			25,784
   Debt financial assets	-	6,458			6,458	-		3,077			3,077
   Total financial assets at fair value through other
   comprehensive income	5,909		16,426		22,335		9,041		20,168		29,209
   Total	13,311		42,572		55,883		16,402		52,401		68,803

   1) Contains receivable from sale of 79.98% interest in the company Elektrárna Dukovany II, a. s., (Note 4.3), including the impairment according to the expected credit loss model in the amount of CZK (4) million.

6. ‌Emis s ion Rights

   The composition of emission rights and green and similar certificates at September 30, 2025 and December 31, 2024 (in CZK millions):

   	September 30, 2025		December 31, 2024
   	Current		Non-current Current	Total
   Emission rights for own use	2,322		4 27,102	27,106
   Emission rights held for trading	1,415		- 2,369	2,369
   Green and similar certificates	1		- 7	7
   Total	3,738		4 29,478	29,482

   Non-current emission rights for own use are part of intangible assets.

7. ‌Dividends

   On June 23, 2025, the Shareholders Meeting of ČEZ, a. s., approved the dividends per share before tax of CZK 47. The total amount of dividend approved for distribution to shareholders net of treasury shares amounts to CZK 25,230 million.

8. ‌Long-term Debt

   Long-term debt at September 30, 2025 and December 31, 2024 is as follows (in CZK millions):

   December

   	September		31, 2024
   	30, 2025		(adjusted)
   3.005% Eurobonds, due 2038 (JPY 12,000 million)	1,679		1,866
   2.845% Eurobonds, due 2039 (JPY 8,000 million)	1,121		1,245
   4.875% Eurobonds, due 2025 (EUR 750 million)	-		19,540
   4.375% Eurobonds, due 2042 (EUR 50 million)	1,210		1,265
   4.500% Eurobonds, due 2047 (EUR 50 million)	1,214		1,262
   4.383% Eurobonds, due 2047 (EUR 80 million)	1,946		2,044
   3.000% Eurobonds, due 2028 (EUR 725 million)	17,936		18,731
   0.875% Eurobonds, due 2026 (EUR 750 million)	18,351		18,840
   2.375% Eurobonds, due 2027 (EUR 600 million)	14,738		15,323
   4.250% Eurobonds, due 2032 (EUR 750 million)	18,400		19,230
   4.125% Eurobonds, due 2031 (EUR 700 million)	19,504		17,759
   4.125% Eurobonds, due 2033 (EUR 750 million)	18,398		-
   5.625% U.S. bonds, due 2042 (USD 300 million)	6,348		7,319
   4.500% Registered bonds, due 2030 (EUR 40 million)	1,003		1,003
   4.700% Registered bonds, due 2032 (EUR 40 million)	994		1,040
   4.270% Registered bonds, due 2047 (EUR 61 million)	1,519		1,522
   3.550% Registered bonds, due 2038 (EUR 30 million)	742		774
   1.000% Registered bonds, due 2027 (EUR 600 million)1)	14,081		14,423
   0.875% Registered bonds, due 2031 (EUR 500 million)1)	10,463		10,715
   0.450% Registered bonds, due 2029 (EUR 500 million)1)	10,833		11,049
   4.480% CZK bonds, due 2026 (CZK 6,750 million)2)	6,812		6,917
   Total bonds and debentures	167,292		171,867
   Less: Current portion	(1,548)		(21,409)
   Bonds and debentures, net of current portion	165,744		150,458
   Long-term bank and other loans, lease liabilities:	71,074		73,060
   Less: Current portion	(4,751)		(5,092)
   Long-term bank and other loans, lease payables, net of current
   portion	66,323		67,968
   Total long-term debt	238,366		244,927
   Less: Current portion	(6,299)		(26,501)
   Total long-term debt, net of current portion	232,067		218,426

   1) Bonds were recognized at fair value as part of the acquisition of the GasNet Group. The effective interest rate is the market interest rate at the date of acquisition and is in the range of 3.9-4.4%.

   2) This is a floating interest rate bond 1% + 6M PRIBOR.

9. ‌Provisions

   The following table provides an overview of provisions as at September 30, 2025 and December 31, 2024 (in CZK millions):

   Non-

   September 30, 2025 December 31, 2024 Non-

   current Current Total current Current Total

   Nuclear provisions Provision for demolition and dismantling of fossil-fuel power plants	147,630 15,480		2,201 232		149,831 15,712		142,736 15,112		2,375 548		145,111 15,660
   Provision for reclamation of mines and mining damages	16,163		210		16,373		15,654		210		15,864
   Provision for waste storage
   reclamation	794		15		809		778		15		793
   Provision for CO2 emissions Provision for employee benefits	- 5,683		18,816 401		18,816 6,084		- 5,478		25,860 452		25,860 5,930
   Other provisions	1,526		4,772		6,298		1,592		5,191		6,783
   Total	187,276		26,647		213,923		181,350		34,651		216,001

10. ‌Derivatives and Other Financial Liabilities

    Derivatives and other financial liabilities at September 30, 2025 and December 31, 2024 are as follows (in CZK millions):

    September 30, 2025
    	Long-term		Short-term
    	liabilities		liabilities		Total
    Payables from non-current assets purchase	441		-		441
    Payables to owners for profit distribution	-		976		976
    Other	928		1,822		2,750
    Financial liabilities at amortized cost	1,369		2,798		4,167
    Cash flow hedge derivatives	6,946		3,181		10,127
    Commodity and other derivatives	4,476		16,953		21,429
    Liabilities from put options held by non-controlling interests	780		27		807
    Contingent consideration from the acquisition of
    subsidiaries	251		170		421
    Financial liabilities at fair value	12,453		20,331		32,784
    Total	13,822		23,129		36,951
    December 31, 2024
    	Long-term		Short-term
    	liabilities		liabilities		Total
    Payables from non-current assets purchase	634		-		634
    Other	1,636		2,144		3,780
    Financial liabilities at amortized cost	2,270		2,144		4,414
    Cash flow hedge derivatives	7,159		1,794		8,953
    Commodity and other derivatives	3,626		43,370		46,996
    Liabilities from put options held by non-controlling interests	749		38		787
    Contingent consideration from the acquisition of subsidiaries	253		277		530
    Financial liabilities at fair value	11,787		45,479		57,266
    Total	14,057		47,623		61,680

11. ‌Short-term Loans

    Short-term loans at September 30, 2025 and December 31, 2024 are as follows (in CZK millions):

    	September 30, 2025		December 31, 2024
    Bank loans	22,601		2,071
    Bank overdrafts	1,094		481
    Total	23,695		2,552

12. ‌Revenues and Other Operating Income

    The composition of revenues and other operating income for the first nine months ended September 30, 2025 and 2024, is as follows (in CZK millions):

    1-9/2025 1-9/2024

    Sales of electricity:

    Sales of electricity to end customers Sales of electricity through energy exchange and other	48,928		54,463
    organized markets	47,703		31,153
    Sales of electricity to traders	8,301		21,218
    Sales to distribution and transmission companies	329		325
    Other sales of electricity	13,767		23,317
    Effect of hedging - presales of electricity	12,405		13,013
    Effect of hedging - currency risk hedging	(176)		698
    Total sales of electricity	131,257		144,187
    Sales of gas, coal and heat:
    Sales of gas	10,477		10,887
    Sales of coal	3,798		3,281
    Sales of heat	8,450		9,357
    Total sales of gas, coal and heat	22,725		23,525
    Total sales of electricity, heat, gas and coal	153,982		167,712
    Sales of services and other revenues:
    Distribution services - electricity	34,634		33,654
    Distribution services - gas	13,929		1,126
    Ancillary services of transmission grid	1,026		2,035
    Other services	32,553		33,999
    Rental income	186		164
    Revenues from goods sold	675		634
    Other revenues	1,509		1,588
    Total sales of services and other revenues	84,512		73,200

    Other operating income:

    Contractual fines and interest fees for delays	118	871
    Gain on sale of property, plant and equipment	178	197
    Gain on sale of material	168	166
    Granted certificates and guarantees of origin	12	16
    Other	1,432	1,981

    Total other operating income 1,908 3,231 Total revenues and other operating income 240,402 244,143

    Revenues from contracts with customers for the nine months ended September 30, 2025 and 2024, were CZK 226,079 million and CZK 227,037 million, respectively, and can be linked to the above figures as follows:

    	1-9/2025		1-9/2024
    Sales of electricity, heat, gas and coal	153,982		167,712
    Sales of services and other revenues	84,512		73,200
    Total revenues	238,494		240,912
    Adjustments: Effect of hedging - presales of electricity	(12,405)		(13,013)
    Effect of hedging - currency risk hedging	176		(698)
    Rental income	(186)		(164)
    Revenues from contracts with customers	226,079		227,037

13. ‌Gains and Los ses from Commodity Derivative Trading

    The composition of gains and losses from commodity derivative trading for the nine months ended September 30, 2025 and 2024, is as follows (in CZK millions):

    1-9/2025		1-9/2024
    Gain from electricity derivative trading	3,852		6,081
    Loss from gas derivative trading	(668)		(517)
    Gain (loss) from oil derivative trading	4		(63)
    Gain from coal derivative trading	-		8
    Gain (loss) from emission rights derivative trading	52		(624)

    Total gains and losses from commodity derivative trading 3,240 4,885

    Reported gains and losses from derivative trading consist of trades with commodities for the purpose of speculative trading, but also trades concluded for the purpose of hedging the gross margin from electricity generation, where changes in their fair value do not enter the hedge accounting scheme mainly due to the uncertainty of the hedged deliveries of electricity from generation sources (where the expected deliveries of electricity may not be produced eventually, but trading positions on electricity and related positions for emission allowances and fuels will be closed, e.g., for deliveries from the Počerady CCGT power plant). Given the high volatility of commodity market prices, these trades have a significant impact on reported gains and losses from derivative trading.

14. ‌Income Taxes

    Tax effects relating to each component of other comprehensive income are the following (in CZK millions):

    1-9/2025 1-9/2024

    Before tax amount

    Tax effect

    Net of tax amount

    Before tax amount

    Tax effect

    Net of tax amount

    Change in fair value of cash flow
    hedges	3,685		(1,450)		2,235		5,066		(3,898)		1,168
    Cash flow hedges reclassified to
    statement of income	(10,806)		7,976		(2,830)		(13,701)		9,749		(3,952)
    Change in fair value of debt
    instruments	(691)	145		(546)		60		(124)		(64)
    Disposal of debt instruments	2	(1)		1		5		(1)		4
    Translation differences -
    subsidiaries	(1,079)	-		(1,079)		414		-		414
    Translation differences -
    associates and joint-ventures	(360)	-		(360)		55		-		55
    Disposal of translation
    differences	1,714	-		1,714		-26		-		(26)
    Share on other equity
    movements of associates and
    joint-ventures	1		1		2		(1)		-		(1)
    Total	(7,534)		6,671		(863)		(8,128)		5,726		(2,402)

15. Segment Information

The Group reports its result using four reportable operating segments:

• Generation

• Mining

• Distribution

• Sales

The segments are defined across the countries in which CEZ Group operates. Segment is a functionally autonomous part of CEZ Group that serves a single part of the value chain of the Group.

The Group accounts for intersegment revenues and transfers as if the revenues or transfers were to third parties, that is, at current market prices or where the regulation applies at regulated prices.

In segment reporting, IFRS 16 is applied to external leases from the Group's perspective, but it is not applied to leases between individual operating segments, although in some cases the asset is leased to another segment internally.

The Group evaluates the performance of its segments based on earnings before interest, taxes, depreciation and amortization (EBITDA). The reconciliation of EBITDA to income before other income (expenses) and income taxes summarizes the following table (in CZK millions):

1) Gains on sale of property, plant and equipment are presented in the statement of income as part of the line-item Other operating income (Note 12). Losses on sale of property, plant and equipment are presented in the statement of income as part of the line-item Other operating expenses.

The Group follows and analyses results of individual segments also based on the ratio of Gross margin, which is defined as follows (in CZK millions):

1) Levy on revenues above price caps is part of the statement of income line-item Other operating expenses.

2) Other includes relevant part of the material costs (part of the statement of income line-item Material and supplies) and excludes part of the statement of income line-item Services, which refers to repair and maintenance services and other services that have rather overhead nature.

The information about operating segments for preceding periods of nine months ended September 30, 2024 and as of December 31, 2024, was adjusted due to the final accounting for the acquisition of GasNet Group in 2024 (see Note 2.2.2).

The following tables summarize segment information by operating segments for the nine months ended September 30, 2025 and 2024 and at December 31, 2024 (in CZK millions):

1) Significant changes of Distribution segment resulting from comparison of first nine months of 2024 and 2025 are mainly due to acquisition of companies from GasNet Group.

2) The item contains the line Total sales of electricity (Note 12) and the line Gain from electricity derivative trading (Note 13).

3) The significant year-to-year increase of depreciation and amortization of Generation and Mining segments is mainly due to the change of depreciation method of coal

assets. Since October 1, 2024, the Group depreciates coal assets using a method in which depreciation decreases evenly over the remaining useful life (see also Note 2.4 of the Group's annual financial statement as of December 31, 2024).

1) The item contains the line Total sales of electricity (Note 12) and the line Gain from electricity derivative trading (Note 13).