CEZ, a. s. (CEZ) Earnings Call Transcripts
CEZ, a. s.'s Latest Earnings Call - Q1 FY2026
In the first quarter of 2026, CEZ Group reported a net income increase of 13% to CZK 14.5 billion, despite a significant EBITDA decline of 18% to CZK 35.3 billion compared to Q1 2025. The company attributed the EBITDA drop primarily to lower power prices, which negatively impacted the Generation segment, down 33%. Management raised full-year EBITDA guidance from CZK 103 billion to a range of CZK 107 billion to CZK 112 billion, signaling a more optimistic outlook driven by improved trading conditions and increased coal generation.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | null (null) |
| EBITDA | CZK 35.3 billion (miss) |
| Net Income | CZK 14.5 billion (beat) |
| Adjusted Net Income | CZK 13.5 billion (null) |
| CapEx | null (positive) |
| Coal Generation | 15.3 terawatt-hours (positive) |
Guidance from management
Management raised full-year EBITDA guidance to a range of CZK 107 billion to CZK 112 billion, reflecting improved market conditions and operational efficiencies. They also expect net income to increase to between CZK 30 billion and CZK 34 billion for the year.
What management said
LNG transport. The LNG transport, the one that is backed by our contract with the government, would not be transferred to the customer business. That would be excluded and would remain at CEZ because it is government-backed.
If you look at purely commodity supply, so just for ESCO commodity side, no, we do not plan that. We -- I mean, we are expanding in the general ESCO services, but not the commodity business.
What analysts pressed on
Analysts expressed concerns regarding the sustainability of the recent trading performance and whether the current high prices are repeatable. There were also questions about the impact of planned nuclear outages on future generation capacity and profitability.
Main topics on the call
- EBITDA Decline — CEZ reported an EBITDA of CZK 35.3 billion, which is '18% less than in the first quarter 2025.' This decline was primarily due to lower power prices affecting the Generation segment, which saw a 'significant decrease of ...
- Net Income Growth — The company achieved a net income of CZK 14.5 billion, marking a '13% increase' year-over-year. This growth was largely attributed to the absence of a windfall tax in 2026, which positively impacted net income despite de...
- CapEx Increase — Management indicated a 'significant increase of 130%' in capital expenditures, with expectations for record high CapEx in 2027. This reflects the company's commitment to ongoing investments in infrastructure and growth.
- Guidance Upgrade — Management raised full-year EBITDA guidance from CZK 103 billion to a range of CZK 107 billion to CZK 112 billion, citing improved trading conditions and higher coal generation as key drivers for this adjustment.
Read the full CEZ, a. s. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About CEZ, a. s.
CEZ, a. s. (CEZ) is a publicly listed company in the Electric Utilities industry, within the Utilities sector. It trades on SEP and is based in CZ. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 26 calls on record spanning March 17, 2020 to May 14, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 26 CEZ, a. s. earnings call transcripts on record, spanning March 17, 2020 to May 14, 2026. Based on this history, CEZ, a. s. reports quarterly. The most recent call on file is dated May 14, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- CEZ
- Exchange
- SEP
- Country
- CZ
- Sector
- Utilities
- Industry
- Electric Utilities
- Calls on record
- 26
- First call
- March 17, 2020
- Most recent
- May 14, 2026
- Reporting cadence
- quarterly