CEZ Group Reports Stable 2025 Results as Nuclear Generation Reaches Record Levels
ČEZ Group delivered solid financial performance in 2025 despite ongoing transformation across Europe’s energy sector. The company reported operating profit before depreciation and amortization (EBITDA) of CZK 137.0 billion for the year, while net profit reached CZK 27.4 billion. Adjusted net profit—which is used as the basis for dividend proposals—came in slightly higher at CZK 28.1 billion.
These results highlight the company’s resilience amid evolving energy markets, shifting commodity prices, and continued decarbonization efforts. Based on the current dividend policy and financial performance, shareholders can expect a proposed dividend ranging between CZK 31 and CZK 42 per share. In total, this would represent a payout of approximately CZK 17 billion to CZK 23 billion.
The financial results were supported by strong operational performance, particularly in nuclear power generation. In 2025, CEZ achieved a record level of electricity production from its nuclear fleet, generating 32.1 terawatt-hours (TWh) of emission-free electricity—an increase of 2.4 TWh compared with the previous year.
Looking ahead, CEZ Group expects EBITDA for 2026 to fall within the range of CZK 103 billion to CZK 108 billion, with adjusted net profit projected between CZK 27 billion and CZK 31 billion.
Leadership Perspective on 2025 Performance
According to Daniel Beneš, Chairman of the Board of Directors and CEO of CEZ Group, the results demonstrate the company’s ability to maintain financial stability while continuing its strategic transformation.
Beneš noted that CEZ has continued to expand its customer-focused businesses while strengthening its distribution infrastructure and growing its presence in the gas sector. At the same time, the company’s nuclear power plants reached an all-time record in electricity generation, exceeding the 32 TWh milestone for the first time.
He also emphasized that the company slightly surpassed its expectations for both EBITDA and net profit for 2025, reflecting effective operational management and disciplined investment strategies.
The CEO highlighted that CEZ’s strategy centers on several core pillars: strengthening energy distribution networks, expanding low-emission electricity generation, improving customer energy services, and diversifying energy supply through natural gas infrastructure.
Revenue and Profit Performance
For the full year 2025, CEZ Group generated operating revenues totaling CZK 333.4 billion. This represented a modest year-on-year decline of approximately 3 percent. The decrease was largely driven by lower realized electricity prices and reduced profits from commodity trading activities compared with the previous year.
Despite the decline in revenue, EBITDA remained relatively stable, declining only slightly by CZK 0.4 billion year-on-year to reach CZK 137.0 billion.
Several factors helped offset the negative impact of lower electricity prices. One of the most important contributors was the consolidation of the gas distribution business acquired through the purchase of GasNet. The acquisition was included in CEZ Group’s financial results starting in September 2024, adding a new source of regulated revenue and strengthening the company’s position in the gas infrastructure sector.
Additional positive contributions came from CEZ’s Electricity Distribution and Sales segments, both of which recorded improved operational performance. Increased electricity generation from nuclear power plants also played a key role in supporting earnings.
Net Profit and Depreciation Effects
CEZ Group’s net profit for 2025 declined by CZK 1.7 billion compared with the previous year, reaching CZK 27.4 billion. The primary factor behind the decrease was a significant increase in depreciation and amortization expenses.
Depreciation costs rose by CZK 13.1 billion due mainly to two factors. The first was the inclusion of GasNet assets in CEZ Group’s consolidated financial statements. The second was the accelerated depreciation of coal-related assets beginning in the fourth quarter of 2024.
The acceleration of depreciation reflects the company’s ongoing transition away from coal-based power generation as part of its broader decarbonization strategy. CEZ has been gradually reducing the role of coal in its energy mix while investing more heavily in nuclear power, renewable energy, and modern distribution infrastructure.
Capital Investment and Infrastructure Development
CEZ Group maintained a strong level of investment throughout 2025, allocating CZK 56.1 billion to capital expenditure (CAPEX). This level of investment is comparable to the amount spent in 2024, demonstrating the company’s commitment to long-term infrastructure development and energy transformation.
In addition to its own capital investments, CEZ also utilized approximately CZK 5.8 billion in subsidies to support further development projects. Much of this funding was directed toward strengthening electricity distribution networks, improving grid resilience, and enabling greater integration of renewable energy sources.
The company continues to prioritize investments that support energy transition goals while ensuring reliable electricity and gas supply to customers.
Progress in Environmental Performance
Environmental sustainability remains a central element of CEZ Group’s long-term strategy. In 2025, approximately 91 percent of the company’s EBITDA was generated from emission-free activities, demonstrating significant progress in reducing the carbon intensity of its operations.
The carbon intensity of electricity and heat production declined to 0.24 tons of CO₂ equivalent per megawatt-hour (MWh). This represented a year-on-year decrease of 9 percent and allowed CEZ to meet its interim emission targets set under its long-term decarbonization strategy known as Vision 2030.
In addition to reducing greenhouse gas emissions, CEZ also achieved significant improvements in air pollutant reductions. Sulfur dioxide (SO₂) emissions decreased by 17 percent, while nitrogen oxide (NOₓ) emissions fell by 7 percent compared with the previous year.
These improvements reflect ongoing investments in cleaner energy technologies, environmental protection measures, and the gradual retirement of older coal-fired power assets.
Electricity Consumption Trends
Electricity consumption within the distribution territory of CEZ Distribuce increased slightly in 2025. Total electricity consumption reached 34.1 TWh, representing a year-on-year increase of 1.3 percent.
When adjusting for weather conditions and calendar effects, consumption growth was more modest at approximately 0.3 percent. This indicates relatively stable demand for electricity in the regions served by CEZ’s distribution network.
The modest increase in demand reflects broader economic trends as well as gradual growth in electricity consumption associated with electrification, digital infrastructure, and industrial activity.
Gas Consumption and Supply Growth
Natural gas demand showed stronger growth compared with electricity consumption. Gas consumption within the GasNet distribution territory increased by 7 percent year-on-year to reach 63.3 TWh.
This increase partly reflects changing energy consumption patterns as natural gas continues to play an important role as a transition fuel within Europe’s energy system. Gas infrastructure also supports the integration of renewable energy and provides flexibility to balance electricity supply and demand.
On the retail side, the sales arm of the company, CEZ Prodej, reported growth in both electricity and gas supply to end customers. Electricity sales increased by approximately 1 percent compared with the previous year, while natural gas supply rose significantly by 13 percent.
The increase in customer supply volumes reflects CEZ’s efforts to strengthen its position in retail energy markets and expand its customer base.
Source Link: https://www.cez.cz/
