Report on financial results in Q1-Q3 2025

CLEAN ENERGY OF TOMORROW

Report on CEZ Group Financial Results for Q1-Q3 2025

Non-audited consolidated results

prepared in accordance with International Financial Reporting Standards (IFRS) as

adopted by the European Union

1

November 11, 2025

Agenda

Overall Results and Full-Year Outlook Generation and Mining

Distribution and Sales

Total financial results

(CZK bn) Q1-Q3 2024 Q1-Q3 2025 Diff %

* Adjusted net income = Net income attributable to the equity holders of the parent company, adjusted in particular for extraordinary effects that are generally unrelated to ordinary financial performance in a given period (especially creation and settlement of impairments of property, plant, and equipment)

** The year-over-year decrease of net operating cash flow was caused in particular by a positive change in working capital in 2024 as a result of falling commodity prices.

Main Causes of Year-over-Year Change in EBITDA

+4.6 +7.4 +4.3 -0.2 -9.5

-3.0

-0.6

+2,9 mld. Kč

+3 %

Q1-Q3 2024

Generating facilities

Trading

MINING

ČEZ Distribuce

GasNet

SALES

Intragroup eliminations

Q1-Q3 2025

DISTRIBUTION

GENERATION

CZK billions 120

100

80

60

40

20

GENERATION segment

Generating facilities (CZK -9.5 bn)

• Impact of realized prices of electricity, purchase prices of emission allowances and gas, exchange rate hedging in Czechia (CZK -10.5 bn)

• Lower generation volumes of hydroelectric power plants (CZK -1.9 bn)

• Impact of fuel cycle extension at nuclear power plants and increased capacity of the Dukovany NPP (CZK +3.1 bn)

• Other effects (CZK -0.2 bn), mainly higher fixed expenses

  Trading (CZK -3.0 bn)

• Lower proprietary trading margin (CZK -2.6 bn): income of

  CZK 1.9 bn compared to income of CZK 4.5 bn in Q1-Q3 2024

• Other trade and intragroup effects (CZK -0.4 bn)

  DISTRIBUTION segment

  ČEZ Distribuce (CZK +4.6 bn)

• Higher allowed revenues thanks to growing investments in distribution assets (CZK +2.1 bn)

• Correction factor (CZK +1.3 bn)

• Other (CZK +1.2 bn), mainly other allowed revenues

GasNet (CZK +7.4 bn) - inclusion in CEZ Group consolidation as of September 1, 2024

SALES Segment (CZK +4.3 bn)

• Lower costs of commodity acquisitions and deviations thanks to market stabilization (CZK +4.1 bn)

• Impact of sales of undelivered commodity of ČEZ Prodej due to warmer weather in H1 2024 (CZK +1.3 bn)

• Proceeds in 2024 from litigation with the Railway Administration regarding electricity supply in 2010

  (CZK -1.3 bn)

  4

  
  
  

  Main Causes of Year-over-Year Change in Net Income

  EBITDA	100.2	103.2	+2.9	+3%
  Depreciation and amortization	-28.0	-42.2	-14.3	-51%
  Asset impairments*	-1.6	-0.3	+1.4	+82%
  Other income and expenses	-7.3	-9.5	-2.2	-30%
  Interest income and expenses	-1.7	-3.3	-1.6	-95%
  Interest on provisions	-6.1	-5.9	+0.2	+3%
  Other	0.5	-0.3	-0.8	-
  Income tax	-40.3	-29.6	+10.7	+26%
  Net income	23.0	21.5	-1.5	-7%
  Adjusted net income	24.6	22.2	-2.5	-10%

  (CZK bn) Q1-Q3 2024 Q1-Q3 2025 Diff %

  Depreciation and amortization (CZK -14.3 bn)

  • Inclusion of GasNet acquisition in the consolidated CEZ Group unit as of September 1, 2024 (CZK -6.7 bn)

    Net income adjustments

    Net income from Q1-Q3 2025, adjusted

    for net income attributable to

    non-controlling interests (CZK +0.6 bn)

  • Higher depreciation of coal assets (CZK -5.6 bn) due to accelerated depreciation and amortization as of October 2024

  • Higher depreciation in Severočeské doly (CZK -0.7 bn), ČEZ Distribuce (CZK -0.5 bn), and nuclear power plants (CZK -0.4 bn)

    Asset impairments (CZK +1.4 bn)

  • Impairments of fixed assets in Severočeské doly in 2024

    Other income and expenses (CZK -2.2 bn)

  • Income from the sale of Polish coal companies (CZK +1.0 bn)

  • Interest income and expenses (CZK -1.6 bn) due to higher loan volumes; Exchange rate effects and revaluation of financial derivatives (CZK -1.6 bn)

    Income tax (CZK +10.7 bn)

  • Lower tax, mainly thanks to lower income before income taxes

Total operating results

Q1-Q3 2024 Q1-Q3 2025 Diff %

Sep 30, 2024 Sep 30, 2025 Diff %

* To end-use customers

** Corresponds to emissions as defined in "SCOPE 1 of the GHG Protocol".

Financial outlook for 2025:

EBITDA CZK 132-137 bn, adjusted net income CZK 26-28 bn

EBITDA (CZK bn)

2024

2025 E

Selected assumptions of the current forecast:

• Total electricity supply from generation in Czechia: 44 to 45 TWh

• Average realized price of generated electricity in Czechia: EUR 121 to 124 per MWh

• Average purchase price of emission allowances for generation in Czechia:

  EUR 81 to 83 per t

• Depreciation and amortization of CZK 56 bn, of which CZK 10 bn GasNet

• Windfall tax of CZK 31 to 34 bn

  Adjusted net income (CZK bn) Selected prediction risks and opportunities:

• Availability of generating facilities

• Realized prices of generated electricity

  31.0

• Income from commodity trading and revaluation of derivatives

• Amount of the windfall tax and deferred tax

2024 2025 E

CEZ Group acquired Gas Distribution, operator of gas distribution network in southern Bohemia and part of the Vysočina Region

CEZ Group will expand its gas network to include the last region outside Prague

GD

ČEZ Distribuce electricity and GasNet gas

GasNet gas

Gas Distribution gas

Future of gas in Czechia Medium term: natural gas as a temporary fuel

• By 2030, the extensive district heating network using coal-powered cogeneration units should be replaced with cogeneration units fueled by natural gas.

  Long term: transition to biomethane and hydrogen

• The decarbonization of heavy industry and heavy freight transport will require a shift to low-emission gases, especially hydrogen.

• Hydrogen and biomethane will play an important role in the energy sector, specifically in

decarbonizing the heating industry and ensuring the flexibility of the energy grid.

Agenda

Overall Results and Full-Year Outlook Generation and Mining

Distribution and Sales

GENERATION and MINING Segments EBITDA

(CZK bn)

Q1-Q3

2024

Q1-Q3

2025 Diff %

GENERATION segment - year-over-year effects (CZK -12.5 bn) Nuclear facilities (CZK -1.8 bn)

• Trade effects (CZK -4.3 bn): price effects incl. exchange rate hedging

• Operating effects (CZK +2.5 bn): operation of Temelín NPP (CZK +2.4 bn) and Dukovany NPP (CZK +0.7 bn), mainly fuel cycle extension and increased capacity of Dukovany NPP, higher fixed expenses

  (CZK -0.6 bn)

  Renewables (CZK -1.7 bn)

• Trade effects in Czechia (CZK +0.4 bn): price effects incl. exchange rate hedging (CZK +1.3 bn), ancillary services and regulatory energy

  (CZK -1.0 bn), other services and deviations (CZK +0.1 bn)

• Operating effects (CZK -2.1 bn): hydroelectric facilities Czechia (CZK -1.9 bn), fixed expenses (CZK -0.2 bn)

  MINING segment - year-over-year effects (CZK -0.6 bn)

• Higher external revenues thanks to higher supplies (CZK +0.5 bn)

• Lower revenues from coal supplies to CEZ Group (CZK -0.9 bn), mainly due to price decrease

• Higher fixed expenses (CZK -0.1 bn)

• Lower margin from non-energy activities (CZK -0.1 bn)

  The breakdown of EBITDA of the GENERATION segment into four sub-segments is only indicative on the basis of central allocation assumptions (especially the allocation of ČEZ's gross margin and fixed expenses of the central divisions of ČEZ, a. s.) and simplified consolidation with other companies. The allocation of 2024 EBITDA among the sub-segments is always reported in accordance with the current methodology for allocation of 2025 EBITDA for comparability.

  Temelín NPP - Temelín Nuclear Power Plant, Dukovany NPP - Dukovany Nuclear

  Emission sources (CZK -6.0 bn)

• Trade effects in Czechia (CZK -6.8 bn): price effects incl. exchange rate

  hedging (CZK -7.5 bn), heat sales (CZK +0.3 bn), other services

  (CZK +0.8 bn), ancillary services and regulatory energy (CZK -0.4 bn)

• Operating effects Czechia (CZK +1.0 bn): scheduled outages and operational availability (CZK +0.8 bn), other (CZK +0.2 bn), mainly reversal of an allowance for a receivable from Energotrans

• Poland (CZK -0.2 bn): effect of the sale of assets as at February 6, 2025

  Trading (CZK -3.0 bn)

• Lower proprietary trading margin (CZK -2.6 bn): income of CZK 1.9 bn

  compared to income of CZK 4.5 bn in 2024

• Other trade and intragroup effects (CZK -0.4 bn), in particular temporary revaluation of derivative transactions hedging generation and sales positions

+5%

Nuclear and renewable generation (TWh)

+3%

25.1 25.7

33.4 35.1

-17%

-13%

+5%

+7%

Renewables Nuclear facilities

Q1-Q3 2024 Q1-Q3 2025

Renewables (-0.5 TWh) hydroelectric, wind, solar, biomass, biogas Czechia hydroelectric (-0.5 TWh)

- Better-than-average hydrological conditions in 2024

Nuclear facilities (+1.1 TWh)

+ Fuel cycle extension at both power plants

+ Increase in capacity of the Dukovany Power Plant

+ Shorter outages at the Temelín Power Plant

2024 2025 E

Renewables (-0.5 TWh)

Czechia hydroelectric (-0.6 TWh)

- Better-than-average hydrological conditions in 2024

Nuclear facilities (+2.2 TWh)

+ Fuel cycle extension at both power plants

+ Increase in capacity of the Dukovany Power Plant

+ Shorter outages at the Temelín Power Plant

- Longer scheduled outages of the Dukovany Power Plant

Electricity generation from coal and natural gas (TWh)

9.7

1.6

0.2

9.9

+0% 11.7 11.7 17.2 +27%

-77%

+2%

Q1-Q3 2024 Q1-Q3 2025

Generation from natural gas (+0.3 TWh)

Generation from natural gas

Generation from coal in Poland



Generation from coal in Czechia

2024 2025 E

Generation from natural gas (-0.1 TWh)

+ Higher generation in the Počerady CCGT plant thanks to favorable market prices of electricity and gas

Coal-fired generation in Poland (-0.6 TWh)

• Sales of Polish assets as at February 6, 2025

  Coal-fired generation in Czechia (+0.2 TWh)

  + Shorter outages at the Ledvice 4 power plant

• Lower generation in the Počerady CCGT plant due to

  extension of the scheduled outage

  Coal-fired generation in Poland (-0.9 TWh)

• Sales of Polish assets as at February 6, 2025

  Coal-fired generation in Czechia (-0.3 TWh)

• Shutdown of the Dětmarovice power plant as of May 1, 2025

+ Shorter outages at the Ledvice 4 power plant

Hedging of the market risks of electricity generation in Czechia for 2026-2029

Concluded business contracts as at September 30, 2025:

Electricity sold in TWh Contracted* emission allowances in mil. t

33.9

22.4

9.3

Electricity

selling prices (EUR/MWh)

1.9

2026

2027

2028

2029

72

1.7

0.0

EUA

purchase price (EUR per t)

9.8 5.4

2026 2027 2028 2029

94

83

76

78

75

75

N/A

Share of hedged expected generation** in Czechia

Annual expected supplies from electricity generation (100%) amount to 36 to 44 TWh.

* Includes emission allowances allocated for free under the derogation for generation of heat.

** This is the hedging of the generation revenues in ČEZ and Energotrans.

Agenda

Overall Results and Full-Year Outlook Generation and Mining

Distribution and Sales

DISTRIBUTION segment EBITDA

(CZK bn) Q1-Q3 2024 Q1-Q3 2025 Diff %

Year-over-year effects (CZK +11.9 bn)

Electricity distribution (CZK +4.6 bn):

• Higher allowed revenues thanks to growing investments in distribution assets (CZK +2.1 bn)

• Correction factors from Y-2 (CZK +0.6 bn) mainly due to lower revenue from reserved capacity in 2023

• Correction factors into Y+2 (CZK +0.7 bn) mainly due to higher distributed electricity volume in 2025

• Other (CZK +1.2 bn) mainly other allowed revenues

  Gas distribution (CZK +7.4 bn)

• Inclusion of GasNet Group in CEZ Group consolidation as of September 1, 2024

  
  
  

  Note: Correction factors are related to the gross margin from electricity or gas distribution and reflect deviations from the regulator's assumptions for the given year. They mostly arise due to differences between the distributed volume, due to the settlement of unbilled volumes, and due to the settlement of purchase costs to cover grid losses.

  Comparison of individual (non-consolidated) results of GasNet Group

  EBITDA (CZK bn) Q1-Q3 2024 Q1-Q3 2025 Diff %

  GasNet Group	7.6	8.3	+0.7	+9%
  o/w correction factors from Y-2	0.1	0.3	+0.1
  correction factors into Y+2	0.0	0.2	+0.1

  Year-on-year effects (CZK +0.7 bn):

• Higher allowed revenues thanks to higher RAB

  (CZK +0.4 bn)

• Change in correction factors (CZK +0.3 bn) mainly due to higher distributed gas electricity

  
  
  

  Year-over-year development of electricity and gas distribution

  Electricity distribution on ČEZ Distribuce territory +1%

  +2%

  +6% (TWh)

  24.6 24.9

  Gas distribution on GasNet territory (TWh)* +9%

  25.9

38.8 42.2

+13% +15%

Small customers

(businesses)

+6%

-1%

Residential customers Large customers

Q1-Q3 2024 Q1-Q3 2025 Q1-Q3 2024 Q1-Q3 2025

The volume of distributed electricity or gas corresponds to the total consumption on the territory of ČEZ Distribuce and GasNet, respectively. The

distribution area of ČEZ Distribuce and GasNet covers 66% and 80% of the territory of Czechia, respectively.

* GasNet included in CEZ Group consolidation as of September 1, 2024.

SALES segment EBITDA

(CZK bn) Q1-Q3 2024 Q1-Q3 2025 Diff %

* Germany, Slovakia, Poland, Italy,

Austria, and other countries

** Mainly telecommunications companies and other companies in the SALES segment

ČEZ Prodej (CZK +2.7 bn)

• Lower costs of commodity acquisitions and lower costs of deviations thanks to market stabilization after its deregulation (CZK +2.7 bn)

• Impact of sales of undelivered commodity due to warmer weather in H1 2024 (CZK +1.3 bn)

• Higher commodity volumes delivered to end-use customers thanks to colder weather (CZK +0.2 bn)

• Proceeds in 2024 from litigation with the Railway Administration regarding electricity supply in 2010 (CZK -1.3 bn)

• Higher fixed operating expenses (CZK -0.2 bn),

  ESCO companies (CZK +1.7 bn)

• Energy services and heating industry - Czechia (CZK +0.2 bn): higher heat sales thanks to colder weather

• Energy services - abroad (CZK +0.1 bn), in particular in energy for industry segment

• Commodity sales - Czechia (CZK +1.4 bn): lower costs of commodity acquisitions and lower costs of deviations thanks to market stabilization after its deregulation

Volume of electricity and gas sold, number of customers

ČEZ Prodej - retail customers

Total electricity and gas supply increased by 6% year over year (TWh) +6% 8.7 Stable portfolio of customers (service points in thousands) -0% 3,227 3,225

-1%

8.2

+1%

+16%

Q1-Q3 2024 Q1-Q3 2025

Electricity

Natural gas

+5%

as at Sep 30, 2024 as at Sep 30, 2025

Main causes of the year-over-year growth in electricity and gas supply to end-use customers:

• lower temperatures in Q1 2025

• gradual return of customers to pre-crisis consumption levels

The slight year-over-year decrease in the number of customers purchasing electricity is largely compensated by an increase in natural gas.

-2%

Revenues from sales of energy services

CZK billions

33.5 -8%

-12%

-5%

+2%

30.7 Germany Czechia

Other countries*

47.8 46.7

-10%

+3%

+19%

Q1-Q3 2024 Q1-Q3 2025 2024 2025 E**

Germany (CZK -2.6 bn)

• Postponement of the sale of major PV projects (CZK -1.5 bn),

• Exceptionally high revenues of Elevion Group in 2024 (CZK -0.9 bn)

  Czechia (CZK -0.3 bn)

• Temporary effects due to a different billing pace

  * Slovakia, Poland, Italy, Austria, and other countries

  ** Only includes revenues of existing companies

  Germany (CZK -3.0 bn)

• Exceptionally high revenues of Elevion Group in 2024 (CZK -1.9 bn)

• Postponement of the sale of major PV projects to 2026 (CZK -1.5 bn)

  + Organic growth (CZK +0.4 bn), mainly in industrial energy and automation & digital

  Czechia (CZK +0.3 bn)

  + Organic growth mainly in buildings energy

  Other countries* (CZK +1.6 bn)

  + Organic growth mainly in buildings energy and green energy, mostly thanks to

  Euroklimat and Belectric Group

  
  
  

  Annexes

  
  
  

  Q3 financial results

  • GENERATION and MINING Segments EBITDA in Q3

  • DISTRIBUTION Segment EBITDA in Q3

  • SALES Segment EBITDA in Q3

  • Net income in Q3

    Selected results, emissions and full-year outlook

  • Operating revenues by segment and country

  • EBITDA by segment and country

  • Emissions from electricity and heat generation

  • Expected year-over-year change in EBITDA by segment

  • Expected year-over-year change in the Distribution segment

    Investments, development of cash flow, debt, and financial exposure

  • Investments in fixed assets (CAPEX)

  • Credit lines and debt structure

  • Change in net debt (cash flow)

  • Currency and commodity hedging of generation in Czechia

    Market developments, balance, and other information

  • Market Developments

  • Electricity procured and sold

  • Calculation of Alternative Indicators according to ESMA

GENERATION and MINING Segments EBITDA in Q3

(CZK bn) Q3 2024 Q3 2025 Diff %

MINING Segment - Year-over-Year Effects (CZK -0.6 bn)

• Lower revenues from coal supplies to CEZ Group (CZK -0.5 bn)

• Other (CZK -0.1 bn), mainly lower external revenues

The breakdown of EBITDA of the GENERATION segment into four sub-segments is only indicative on the basis of central allocation assumptions (especially the allocation of ČEZ's gross margin and fixed expenses of the central divisions of ČEZ, a. s.) and simplified consolidation with other companies. The allocation of 2024 EBITDA among the sub-segments is always reported in accordance with the current methodology for allocation of 2025 EBITDA for comparability.

Temelín NPP - Temelín Nuclear Power Plant, Dukovany NPP - Dukovany Nuclear

Power Plant

GENERATION segment - year-over-year effects (CZK -4.0 bn)

Nuclear facilities (CZK -0.7 bn)

• Trade effects (CZK -1.3 bn): price effects incl. exchange rate hedging

• Operating effects (CZK +0.6 bn): operation of Dukovany NPP (CZK +1.6 bn) and Temelín NPP (CZK -0.9 bn), mainly fuel cycle extension and increased capacity of Dukovany NPP, higher fixed expenses (CZK -0.1 bn)

  Renewables (CZK -0.6 bn)

• Trade effects in Czechia (CZK -0.1 bn): price effects incl. exchange rate hedging (CZK +0.3 bn), ancillary services and regulatory energy

  (CZK -0.4 bn)

• Operating effects (CZK -0.5 bn): hydroelectric facilities Czechia (CZK -0.5 bn), fixed expenses (CZK -0.1 bn)

  Emission sources (CZK -1.8 bn)

• Trade effects Czechia (CZK -2.2 bn): price effects incl. exchange rate hedging (CZK -2.2 bn), other services (CZK +0.2 bn), ancillary services and regulatory energy (CZK -0.1 bn)

• Operating effects in Czechia (CZK +0.2 bn): scheduled outages and operational availability (CZK +0.3 bn)

  Trading (CZK -0.9 bn)

• Lower proprietary trading margin (CZK -0.5 bn): break-even result

  compared to income of CZK 0.5 bn in 2024

• Other trade and intragroup effects (CZK -0.4 bn), in particular temporary revaluation of derivative transactions hedging generation and sales positions

  
  
  

  DISTRIBUTION Segment EBITDA in Q3

  (CZK bn) Q3 2024 Q3 2025 Diff %

  Distribution Segment Total	5.6	8.1	+2.6	+46%
  o/w electricity*	4.9	6.4	+1.6	+32%
  o/w gas**	0.7	1.7	+1.0	+142%

  Year-over-year effects (CZK +2.6 bn) Electricity distribution (CZK +1.6 bn)

  • Higher allowed revenues thanks to growing investments in distribution assets (CZK +0.5 bn)

  • Correction factors from Y-2 (CZK +0.2 bn)

  • Correction factors into Y+2 (CZK +0.2 bn) due to higher distributed volume

  • Other (CZK +0.7 bn) mainly other allowed revenues

    Gas distribution (CZK +1.0 bn)

  • Inclusion of GasNet Group in CEZ Group consolidation as of September 1, 2024

Comparison of individual (non-consolidated) results of GasNet Group EBITDA (CZK bn) Q3 2024 Q3 2025 Diff %

Year-over-year effects (CZK -0.1 bn)

• Effect of mild increase of costs of services and operating activities, mainly due to inflation

* ČEZ Distribuce and Grid Design

** GasNet Group = GasNet, GasNet Služby, Czech Grid Holding, Czech Gas Networks, and Czech Gas Networks Investments 22

SALES Segment EBITDA in Q3

(CZK bn) Q3 2024 Q3 2025 Diff %

* Germany, Slovakia, Poland, Italy, Austria, and other countries

** Mainly telecommunications companies and other companies in the SALES segment

ČEZ Prodej (CZK -0.5 bn)

• Proceeds in 2024 from litigation with the Railway Administration regarding electricity supply in 2010 (CZK -1.3 bn)

• Lower costs of commodity acquisitions and lower costs of deviations thanks to stabilization of the market after its deregulation (CZK +0.8 bn)

• Higher fixed operating expenses (CZK -0.1 bn),

  ESCO companies (CZK +0.9 bn)

• Energy services and heating industry - Czechia (CZK +0.1 bn): higher heat sales thanks to colder weather

• Energy services - abroad (CZK +0.1 bn), in particular in energy for industry segment

• Commodity sales - Czechia (CZK +0.7 bn): lower costs of commodity acquisitions and lower costs of deviations thanks to market stabilization

  after its deregulation

  23

  Net income in Q3

  (CZK bn) Q3 2024 Q3 2025 Diff %

  EBITDA	31.1	29.3	-1.8	-6%
  Depreciation and amortization	-10.0	-13.8	-3.8	-37%
  Asset impairments*	-1.7	-0.2	+1.5	+86%
  Other income and expenses	-2.7	-3.6	-0.9	-32%
  Interest income and expenses	-0.7	-1.1	-0.4	-51%
  Interest from nuclear and other provisions	-2.0	-2.0	+0.1	+3%
  Other	0.0	-0.6	-0.6	-
  Income tax	-14.6	-6.5	+8.0	+55%
  Net income	2.0	5.1	+3.1	+155%
  Adjusted net income	3.5	5.5	+2.0	+56%

  Depreciation and amortization (CZK -3.8 bn)

  • Inclusion of GasNet acquisition in the consolidated CEZ Group unit as of September 1, 2024 (CZK -1.5 bn)

    
    
    Net income adjustments

    Net income from Q3 2025, adjusted for net income attributable to non-controlling interests (CZK +0.5 bn)

  • Higher depreciation of coal assets (CZK -1.7 bn) due to accelerated depreciation and amortization as of October 2024

  • Higher depreciation in Severočeské doly (CZK -0.2 bn) and ČEZ Distribuce (CZK -0.2 bn), and in nuclear power plants (CZK -0.1 bn)

    Asset impairments* (CZK +1.5 bn)

  • Impairments of fixed assets in Severočeské doly in 2024 (CZK +1.4 bn)

    Other income and expenses (CZK -0.9 bn)

  • Interest income and expenses (CZK -0.4 bn) due to higher loan volumes

  • Share on the business results of Rolls-Royce SMR (CZK -0.4 bn)

    Income tax (CZK +8.0 bn)

  • Lower tax, mainly thanks to lower income before income taxes

    
    
    

    Annexes

    Q3 financial results

    • GENERATION and MINING Segments EBITDA in Q3

    • DISTRIBUTION Segment EBITDA in Q3

    • SALES Segment EBITDA in Q3

      
      
      

    • Net income in Q3

      Selected results, emissions and full-year outlook

    • Operating revenues by segment and country

    • EBITDA by segment and country

    • Emissions from electricity and heat generation

    • Expected year-over-year change in EBITDA by segment

    • Expected year-over-year change in the Distribution segment

      Investments, development of cash flow, debt, and financial exposure

    • Investments in fixed assets (CAPEX)

    • Credit lines and debt structure

    • Change in net debt (cash flow)

    • Currency and commodity hedging of generation in Czechia

      Market developments, balance, and other information

    • Market Developments

    • Electricity procured and sold

    • Calculation of Alternative Indicators according to ESMA

Operating revenues by segment and country

Czechia 90%

(CZK bn)

Q1-Q3

2025 Stake

Operating revenues in Q1-Q3 2025 by country

Other countries 3%

Slovakia 0%

Poland 1%

Germany 6%

EBITDA by segment and country

(CZK bn)

Q1-Q3

2025 Stake

Emissions from electricity and heat generation

0.60

0.40

0.20

0.00

CO2e emission intensity of electricity and heat generation (t CO2e/MWh)

Marginal plants in Germany

-7%

-1%

New CCGT plants

Expected CEZ Group's emission intensity

for electricity and heat generation in 2025 of

0.25 t CO2e/MWh corresponds to:

• 71% of the emissions of the new CCGT

  power plant

• 45% of emissions produced by the marginal generating facility determining

  Q1-Q3 2024 Q1-Q3 2025

  2024 E 2025

  the current electricity market prices in

  Germany

  Sulfur dioxide (SO2), nitrogen oxides (NOx), (thousand tonnes)

  In Q1-Q3 2025:

  3.4 2.9 7.8 7.0

  Q1-Q3 2024 Q1-Q3 2025

  Sulfur dioxide
  Nitrogen oxides
  
  10.8 9.8 4.8 3.8

  2024 E 2025

  • SO2emissions were 2,900 t and decreased by 14% year over year,

  • NOX emissions were 7,000 t and

decreased by 10% year over year.

The CO2e indicator corresponds to emissions as defined in "SCOPE 1 of the GHG Protocol". Under CEZ Group's conditions, these are emissions related to the combustion of fossil fuels in the generation of electricity and heat (CO2, CH4, and N2O emissions) and CO2emissions from transport. The indicator also includes CH4and N2O emissions from biomass combustion, CH4emissions from coal mining, and HFC, PFC, and SF6emissions from air conditioning and other equipment.

The volume of SO2and NOx emissions is now in accordance with the rules of the data collection format within the framework of non-financial reporting (ESRS), which

only works with emissions from facilities that exceed the reporting threshold in accordance with Annex II of Regulation (EC) No. 166/2006 of the European

Expected year-over-year change in EBITDA by segment

CZK billions

-18 to -12 -2 to -1 +12 to +13 +3 to +4 -1 to +1 GENERATION

• Lower realized prices of electricity incl. impact of exchange rate hedging

• Lower revenues from ancillary services and regulation energy

• Dissolution of provisions in 2024

  + Higher availability of generating facilities, especially nuclear power plants

  MINING

• Lower revenues from the sale of coal, especially due to lower realized prices

• Higher fixed expenses

  DISTRIBUTION

  + Contribution of GasNet Group CZK +7 to +8 bn (consolidation in CEZ Group as of September 1, 2024)

  + Higher allowed revenues of ČEZ Distribuce

• Higher operating expenses and lower revenues from connections

• Settlement of costs of electricity losses in the distribution grid (CZK -0.8 bn) with

  ČEZ Prodej, i.e., with the SALES segment

  SALES

  + Lower costs of commodity acquisitions, lower costs of deviations thanks to stabilization of the market after its deregulation, sale of undelivered commodity

  + Settlement of costs of losses in the distribution grid of ČEZ Distribuce (CZK +0.8 bn) with the DISTRIBUTION segment

  + Organic growth in energy services

• 2024 proceeds from litigation with Railway Administration (CZK -1.3 bn)

  Intragroup eliminations

• Mainly the effect of elimination of impact of the EUR/CZK risk hedging of ČEZ ESCO (SALES segment) through ČEZ, a. s. (GENERATION segment), where the hedging effect is reported under other expenses and revenues (outside EBITDA)

Expected year-over-year change of EBITDA in the DISTRIBUTION segment

EBITDA 2024

EE distribution NG distribution EBITDA E 2025

Distribution segment

27

+4 to +5

38 - 40

+7 to +8

EBITDA

normalized*

CF R-2 CF R+2 EBITDA

Electricity distribution

2024 2025 E

+0.7 year over year +3 to +4 +4 to +5

EE - electricity, NG - natural gas, CF - correction factor * Normalized EBITDA is adjusted for correction factors (CF Y-2 and CF Y+2)

Comparison of individual (non-consolidated) results of GasNet Group

EBITDA of NG distribution (CZK bn) 2024 2025 E Diff

Correction factors are related to the gross margin from electricity or gas distribution and reflect deviations from the regulator's assumptions for the given year. They mostly

arise due to differences between the distributed volume, due to the settlement of unbilled volumes, and due to the settlement of purchase costs to cover grid losses.