Separate Financial Statements of ČEZ, a. s., as of September 30, 2025 (parent company unconsolidated)

September 30,

2025

December 31,

2024

ASSETS:

Plant in service

566,424

562,571

Less accumulated depreciation and impairment

(350,071)

(330,620)

Net plant in s ervice

216,353

231,951

Nuclear fuel

21,519

20,574

Construction work in progress

23,231

19,684

Total property, plant and equipment

261,103

272,209

Restricted financial assets

21,913

20,049

Other non-current financial assets

197,371

195,499

Intangible assets

2,078

1,969

Investment properties

443

440

Deferred tax assets

10,779

-

Total other non-current assets

232,584

217,957

Total non-current assets

493,687

490,166

Cash and cash equivalents

41,968

32,868

Trade and other receivables

35,339

56,047

Income tax receivable

3

-

Materials and supplies

16,715

11,853

Fossil fuel stocks

358

1,180

Emission rights

2,028

24,532

Derivatives and other current financial assets

54,801

59,780

Other current assets

11,494

14,859

Assets classified as held for sale

-

1,356

Total current assets

162,706

202,475

Total ass ets

656,393

692,641

September 30,

2025

December 31,

2024

EQUITY AND LIABILITIES:

Stated capital

53,799

53,799

Treasury shares

(1,334)

(1,334)

Retained earnings and other reserves

105,200

113,335

Total equity

157,665

165,800

Long-term debt, net of current portion

163,870

148,667

Provisions

165,105

159,707

Other long-term financial liabilities

7,315

7,982

Deferred tax liability

-

18,582

Total non-current liabilities

336,290

334,938

Short-term loans

23,556

2,199

Current portion of long-term debt

4,121

24,173

Trade payables

21,026

30,723

Income tax payable

9,739

852

Provisions

20,338

26,349

Derivatives and other short-term financial liabilities

82,708

106,649

Other short-term liabilities

950

958

Total current liabilities

162,438

191,903

Total equity and liabilities

656,393

692,641

1-9/2025

1-9/2024*

7-9/2025

7-9/2024*

Sales of electricity, heat and gas

123,018

132,546

36,272

43,081

Sales of services and other revenues

5,558

6,146

1,655

1,890

Other operating income

1,006

597

323

163

Total revenues and other operating income

129,582

139,289

38,250

45,134

Gains and losses from commodity derivative trading

3,333

4,740

181

1,278

Purchase of electricity, gas and other

energies

(25,427)

(27,985)

(6,638)

(8,811)

Fuel and emission rights

(30,634)

(28,225)

(8,176)

(9,991)

Services

(10,371)

(10,172)

(3,986)

(4,056)

Salaries and wages

(8,863)

(8,282)

(3,040)

(2,934)

Materials and supplies

(1,908)

(1,969)

(546)

(617)

Capitalization of expenses to the cost of

assets and change in own inventories

208

170

69

46

Depreciation and amortization

(20,620)

(14,670)

(6,620)

(4,842)

Impairment of property, plant and equipment and intangible assets

(13)

(4)

(11)

-

Impairment of trade and other receivables

21

11

5

-

Other operating expenses

(1,578)

(1,699)

(480)

(478)

Income before other income (expenses) and income taxes

33,730

51,204

9,008

14,729

Interest on debt

(5,537)

(6,126)

(1,820)

(1,949)

Interest on provisions

(5,159)

(5,275)

(1,725)

(1,759)

Interest income

3,781

3,838

1,233

1,294

Impairment of financial assets

3

(7)

6

(1)

Other financial expenses

(1,283)

(635)

(405)

(78)

Other financial income

12,287

9,829

12

86

Total other income (expenses)

4,092

1,624

(2,699)

(2,407)

Income before income taxes

37,822

52,828

6,309

12,322

Income taxes

(19,823)

(35,845)

(4,463)

(13,239)

Net income

17,999

16,983

1,846

(917)

1-9/2025

1-9/2024*

7-9/2025

7-9/2024*

Net income

17,999

16,983

1,846

(917)

Change in fair value of cash flow hedges

3,751

5,060

(871)

267

Cash flow hedges reclassified to statement of income

(10,788)

(13,802)

(3,685)

(3,913)

Change in fair value of debt financial instruments

(554)

8

(433)

453

Deferred tax related to other comprehensive income

6,624

5,764

3,293

1,939

Net other comprehensive income that may

be reclas s ified to statement of income or to assets in subs equent periods

(967)

(2,970)

(1,696)

(1,254)

Total comprehensive income, net of tax

17,032

14,013

150

(2,171)

Equity

financial

Cash flow

Debt

instruments

Treasury

hedge

financial

and other

Retained

Total

Stated capital

shares

reserve

instruments

reserves

earnings

equity

Balance as at January 1, 2024 53,799

(1,334)

8,478

301

(2,195)

122,533

181,582

Net income -

-

-

-

-

16,983

16,983

Other comprehensive income -

-

(2,863)

(107)

-

-

(2,970)

Total comprehensive income

-

-

(2,863)

(107)

-

-

16,983

14,013

Effect of business combinations

-

-

-

-

-

40

40

Dividends

-

-

-

-

-

(27,875)

(27,875)

Balance as at September 30, 2024*

53,799

(1,334)

5,615

194

(2,195)

111,681

167,760

Balance as at January 1, 2025

53,799

(1,334)

337

(267)

(1,242)

114,507

165,800

Net income

-

-

-

-

-

17,999

17,999

Other comprehensive income

-

-

(529)

(438)

-

-

(967)

Total comprehensive income

-

-

(529)

(438)

-

17,999

17,032

Dividends

-

-

-

-

-

(25,167)

(25,167)

Transfer of measurement of equity

instruments on sale

-

-

-

-

1,375

(1,375)

-

Balance as at September 30, 2025

53,799

(1,334)

(192)

(705)

133

105,964

157,665

1-9/2025

1-9/2024*

OPERATING ACTIVITIES:

Income before income taxes

37,822

52,828

Adjustments of income before income taxes to cash generated from operations:

Depreciation and amortization

20,620

14,670

Amortization of nuclear fuel

3,072

2,733

(Gains) and losses on non-current asset retirements

(160)

(137)

Foreign exchange rate loss (gain)

531

(958)

Interest expense, interest income and dividend income

(10,361)

(6,419)

Provisions

(2,654)

2,527

Impairment of property, plant and equipment and intangible assets

13

4

Other non-cash expenses and income

(11,169)

(11,617)

Changes in ass ets and liabilities :

Receivables and contract assets

22,838

32,861

Materials, supplies and fossil fuel stocks

(4,085)

(1,700)

Receivables and payables from derivatives

(5,847)

24,387

Other assets

19,271

20,952

Trade payables

(8,613)

(21,043)

Other liabilities

(7)

1,961

Cash from operations

61,271

111,049

Income taxes paid

(33,677)

(33,825)

Interest paid, net of capitalized interest

(6,171)

(6,252)

Interest received

3,167

3,302

Dividends received

10,299

3,368

Net cash flow from operating activities

34,889

77,642

INVESTING ACTIVITIES:

Acquisition of subsidiaries, associates and joint-ventures

(12,605)

(24,257)

Proceeds from disposal of subsidiaries, associates and joint-ventures and original investments repayments

21

1,003

Additions to non-current assets before deducting grants, including capitalized interest

(12,620)

(14,999)

Procceds from grants to non-current assets

192

456

Proceeds from sale of non-current assets

1,460

152

Loans made

-

(80)

Repayments of loans

1,490

1,590

Change in restricted financial assets

(2,383)

(2,072)

Net cash flow from investing activities

(24,445)

(38,207)

1-9/2025

1-9/2024*

FINANCING ACTIVITIES:

Proceeds from borrowings

304,346

250,612

Payments of borrowings

(279,991)

(244,983)

Payments of lease liabilities

(252)

(231)

Proceeds from other long-term liabilities

2

5

Payments of other long-term liabilities

(1,012)

(901)

Change in payables/receivables from Group cash pooling

1,431

7,071

Dividends paid

(25,083)

(27,805)

Net cash flow from financing activities

(559)

(16,232)

Net effect of currency translation and allowances in cash

(785)

56

Net increas e in cash and cash equivalents

9,100

23,259

Cash and cash equivalents at beginning of period

32,868

5,680

Cash and cash equivalents at end of period

41,968

28,939

Supplementary cash flow information:

Total cash paid for interest

6,716

6,634