CEZ, a. s. (OTCPK:CEZYY) Q2 2025 Earnings Conference Call August 7, 2025 10:00 AM ET
Company Participants
Barbara Seidlova – Head of Investor Relations
Ludek Horn – Head of Front Office
Martin Novak – CFO, Deputy CEO of Operations & Executive Director
Conference Call Participants
Anna Webb – UBS Investment Bank, Research Division
Arthur Sitbon – Morgan Stanley, Research Division
Bram Buring – Wood & Company Financial Services, a.s., Research Division
Emanuele Oggioni – Kepler Cheuvreux, Research Division
Jan Raška – Fio Banka, a.s., Research Division
Oleg Galbur – ODDO BHF Corporate & Markets, Research Division
Petr Bartek – Erste Group Bank AG, Research Division
Piotr Dzieciolowski – Citigroup Inc., Research Division
Barbara Seidlova
Hello, everyone, and welcome at CEZ Group Financial Results Conference Call for the first half of 2025. Martin Novak, Chief Financial Officer, will walk you through the presentation. And then we will open the floor to the questions. We also have Ludek Horn, Head of Trading, just in case you have some questions on the power market here.
Now, I’m handing over to Martin.
Martin Novak
Thank you. Good afternoon. Good morning, everybody. So let’s start with the presentation. On the first slide or Slide #3, we can see actually overall financial results where our EBITDA has reached almost CZK 74 billion, which is an increase of CZK 4.7 billion or 7%. Adjusted net income of CZK 16.7 billion and net income, CZK 16.5 billion, which is down the 21 respectively, 22% year-on- year.
Our CapEx has grown by about 11% to CZK 22.8 billion. Important Slide #4 actually shows a difference between first half of 2024 and first half of 2025. There are a few factors, actually, a few negative factors, a few positive factors. The first negative factor is actually a decline in power prices, which has an effect of CZK 6.4 billion
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