Interim report
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CEZ GROUP INTERIM CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH IFRS ACCOUNTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION AS OF SEPTEMBER 30, 2025
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2 CEZ GROUP CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2025 In CZK Millions Note September 30, 2025 December 31, 2024 (adjusted*) ASSETS: Plant in service 1,097,128 1,084,121 Less accumulated depreciation and impairment (595,453) (560,896) Net plant in service 501,675 523,225 Nuclear fuel 21,637 20,712 Construction work in progress 47,179 35,301 Total property, plant and equipment 570,491 579,238 Investments in associates and joint-ventures 11,298 3,582 Restricted financial assets 29,838 27,619 Other non-current financial assets 5 13,311 16,402 Intangible assets 33,148 33,771 Deferred tax assets 12,764 1,644 Total other non-current assets 100,359 83,018 Total non-current assets 670,850 662,256 Cash and cash equivalents 49,347 40,324 Trade and other receivables 49,217 68,491 Income tax receivable 872 437 Materials and supplies 24,736 19,375 Fossil fuel stocks 558 1,382 Emission rights 6 3,738 29,478 Derivatives and other current financial assets 5 42,572 52,401 Other current assets 23,987 23,214 Assets classified as held for sale - 3,735 Total current assets 195,027 238,837 Total assets 865,877 901,093 * Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts stated in the consolidated financial statements as of December 31, 2024 (see Note 2.2.2).
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3 CEZ GROUP CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2025 continued Note September 30, 2025 December 31, 2024 (adjusted*) EQUITY AND LIABILITIES: Stated capital 53,799 53,799 Treasury shares (1,334) (1,334) Retained earnings and other reserves 182,314 186,038 Total equity attributable to equity holders of the parent 234,779 238,503 Non-controlling interests 8,831 10,455 Total equity 243,610 248,958 Long-term debt, net of current portion 8 232,067 218,426 Provisions 9 187,276 181,350 Other long-term financial liabilities 10 13,822 14,057 Deferred tax liability 33,209 51,467 Other long-term liabilities 35 31 Total non-current liabilities 466,409 465,331 Short-term loans 11 23,695 2,552 Current portion of long-term debt 8 6,299 26,501 Trade payables 36,801 50,869 Income tax payable 16,607 2,914 Provisions 9 26,647 34,651 Derivatives and other short-term financial liabilities 10 23,129 47,623 Other short-term liabilities 22,680 18,308 Liabilities associated with assets classified as held for sale - 3,386 Total current liabilities 155,858 186,804 Total equity and liabilities 865,877 901,093 * Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts stated in the consolidated financial statements as of December 31, 2024 (see Note 2.2.2).
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4 CEZ GROUP CONSOLIDATED STATEMENT OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 In CZK Millions Note 1-9/2025 1-9/2024 (adjusted*) 7-9/2025 7-9/2024 (adjusted*) Sales of electricity, heat, gas and coal 153,982 167,712 44,799 53,998 Sales of services and other revenues 84,512 73,200 27,454 26,426 Other operating income 1,908 3,231 608 2,002 Total revenues and other operating income 12 240,402 244,143 72,861 82,426 Gains and losses from commodity derivative trading 13 3,240 4,885 23 1,438 Purchase of electricity, gas and other energies (34,176) (44,945) (9,503) (15,438) Fuel and emission rights (29,477) (28,905) (7,335) (9,622) Services (33,505) (30,061) (12,478) (11,599) Salaries and wages (33,089) (30,132) (11,080) (10,559) Material and supplies (13,655) (15,555) (4,550) (5,787) Capitalization of expenses to the cost of assets and change in own inventories 6,788 3,877 2,490 1,384 Depreciation and amortization (42,209) (27,957) (13,795) (10,041) Impairment of property, plant and equipment and intangible assets (444) (1,840) (288) (1,812) Impairment of trade and other receivables (175) 18 (117) (47) Other operating expenses (3,032) (2,905) (993) (1,053) Income before other income (expenses) and income taxes 60,668 70,623 15,235 19,290 Interest on debt (5,826) (4,358) (1,897) (1,645) Interest on provisions (5,855) (6,051) (1,956) (2,016) Interest income 2,493 2,651 783 909 Share of profit (loss) from associates and joint-ventures (490) (32) (432) (1) Impairment of financial assets 4 (11) 6 (5) Other financial expenses (2,349) (1,556) (937) (369) Other financial income 2,504 2,061 803 381 Total other income (expenses) (9,519) (7,296) (3,630) (2,746) Income before income taxes 51,149 63,327 11,605 16,544 Income taxes (29,621) (40,287) (6,542) (14,561) Net income 21,528 23,040 5,063 1,983 Net income attributable to: Equity holders of the parent 22,162 23,251 5,513) 2,158 Non-controlling interests (634) (211) (450) (175) Net income per share attributable to equity holders of the parent (CZK per share): Basic 41.3 43.3 10.3 4.0 Diluted 41.3 43.3 10.3 4.0 * Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts stated in the interim consolidated financial statements as of September 30, 2024 (see Note 2.2.2).
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5 CEZ GROUP CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 In CZK Millions Note 1-9/2025 1-9/2024 (adjusted*) 7-9/2025 7-9/2024 (adjusted*) Net income 21,528 23,040 5,063 1,983 Change in fair value of cash flow hedges 3,685 5,066 (885) 267 Cash flow hedges reclassified to statement of income (10,806) (13,701) (3,687) (3,886) Change in fair value of debt instruments (691) 60 (550) 621 Disposal of debt instruments 2 5 2 - Translation differences – subsidiaries (1,079) 414 (495) 121 Translation differences – associates and joint- ventures (360) 55 (306) 18 Disposal of translation differences 1,714 (26) (1) 2 Share on other equity movements of associates and joint-ventures 1 (1) (1) 1 Deferred tax related to other comprehensive income 14 6,671 5,726 3,322 1,897 Net other comprehensive income that may be reclassified to statement of income or to assets in subsequent periods (863) (2,402) (2,601) (959) Total comprehensive income, net of tax 20,665 20,638 2,462 1,024 Total comprehensive income attributable to: Equity holders of the parent 21,339 20,826 2,932 1,191 Non-controlling interests (674) (188) (470) (167) * Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts stated in the interim consolidated financial statements as of September 30, 2024 (see Note 2.2.2).
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6 CEZ GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 In CZK Millions Note Attributable to equity holders of the parent Stated capital Treasury shares Transla- tion difference Cash flow hedge reserve Debt instru- ments Equity instruments and other reserves Retained earnings Total Non- controlling interests Total equity Balance as at January 1, 2024 53,799 (1,334) (3,468) 8,382 284 (2,324) 188,713 244,052 1,549 245,601 Net income - - - - - - 23,251 23,251 (211) 23,040 Other comprehensive income - - 419 (2,782) (60) - (2) (2,425) 23 (2,402) Total comprehensive income - - 419 (2,782) (60) - 23,249 20,826 (188) 20,638 Dividends - - - - - - (27,875) (27,875) (35) (27,910) Contribution from owners of non-controlling interests - - - - - - - - 4 4 Acquisition of subsidiaries - - - - - - - - 9,374 9,374 Changes of non-controlling interests without loss of control - - - - - - (6) (6) 5 (1) Put options held by non- controlling interests - - 7 - - - 21 28 23 51 Balance as at September 30, 2024 (adjusted*) 53,799 (1,334) (3,042) 5,600 224 (2,324) 184,102 237,025 10,732 247,757 * Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts stated in the interim consolidated financial statements as of September 30, 2024 (see Note 2.2.2).
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7 CEZ GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 continued Note Attributable to equity holders of the parent Stated capital Treasury shares Transla- tion difference Cash flow hedge reserve Debt instru- ments Equity instruments and other reserves Retained earnings Total Non- controlling interests Total equity Balance as at January 1, 2025 (adjusted*) 53,799 (1,334) (2,978) 369 (367) (1,377) 190,391 238,503 10,455 248,958 Net income - - - - - - 22,162 22,162 (634) 21,528 Other comprehensive income - - 315 (595) (545) - 2 (823) (40) (863) Total comprehensive income - - 315 (595) (545) - 22,164 21,339 (674) 20,665 Dividends 7 - - - - - - (25,167) (25,167) (956) (26,123) Transfer of measurement of equity instruments on sale - - - - - 1,375 (1,375) - - - Acquisition of subsidiaries - - - - - - - - 153 153 Changes of non-controlling interests without loss of control - - - - - - 74 74 (84) (10) Put options held by non- controlling interests - - (8) - - - 38 30 (63) (33) Balance as at September 30, 2025 53,799 (1,334) (2,671) (226) (912) (2) 186,125 234,779 8,831 243,610 * Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts as at December 31, 2024 stated in the consolidated financial statements as of December 31, 2024 (see Note 2.2.2).
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8 CEZ GROUP CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 In CZK Millions Note 1-9/2025 1-9/2024 (adjusted*) OPERATING ACTIVITIES: Income before income taxes 51,149 63,327 Adjustments of income before income taxes to cash generated from operations: Depreciation and amortization 42,209 27,957 Amortization of nuclear fuel 2,998 2,694 (Gains) and losses on non-current asset retirements (1,329) (237) Foreign exchange rate loss (gain) (920) (1,052) Interest expense, interest income and dividend income 3,320 1,619 Provisions (3,659) (329) Impairment of property, plant and equipment and intangible assets 444 1,840 Other non-cash expenses and income (11,546) (11,497) Share of (profit) loss from associates and joint-ventures 490 32 Changes in assets and liabilities: Receivables and contract assets 16,890 26,833 Materials, supplies and fossil fuel stocks (4,570) (1,782) Receivables and payables from derivatives (4,895) 23,177 Other assets 22,857 27,529 Trade payables (11,155) (20,046) Other liabilities 4,618 7,578 Cash from operations 106,901 147,643 Income taxes paid (39,105) (37,839) Interest paid, net of capitalized interest (5,616) (4,077) Interest received 2,458 2,659 Dividends received 24 240 Net cash flow from operating activities 64,662 108,626 INVESTING ACTIVITIES: Acquisition of subsidiaries, associates and joint-ventures, net of cash acquired 4 (5,166) (20,533) Disposal of subsidiaries, associates and joint-ventures, net of cash disposed of 4.2 1,458 32 Additions to non-current assets before deducting grants, including capitalized interest (45,231) (36,180) Proceeds from grants to non-current assets 224 501 Proceeds from sale of non-current assets 1,612 347 Loans made (118) (16) Repayment of loans 36 89 Change in restricted financial assets (2,882) (2,554) , Net cash flow from investing activities (50,067) (58,314) * The way of presentation of this statement was changed in 2024 (see Note 2.2.1). The prior year figures were changed accordingly to provide comparative information on the same basis and they do not fully correspond to the interim consolidated financial statements as at September 30, 2024. Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts stated in the interim consolidated financial statements as of September 30, 2024 (see Note 2.2.2).
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9 CEZ GROUP CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 continued Note 1-9/2025 1-9/2024 (adjusted*) FINANCING ACTIVITIES: Proceeds from borrowings 305,192 251,835 Payments of borrowings (281,595) (245,323) Payments of lease liabilities (985) (738) Proceeds from other long-term liabilities 215 146 Payments of other long-term liabilities (1,473) (1,005) Dividends paid to Company’s shareholders (25,083) (27,805) (Dividends paid) contributions received – owners of non-controlling interests, net (928) (32) Acquisition of non-controlling interests (10) (1) Net cash flow from financing activities (4,667) (22,923) Net effect of currency translation and allowances in cash (1,000) 101 Net increase in cash and cash equivalents 8,928 27,490 Cash and cash equivalents at beginning of period 40,419 10,892 , Cash and cash equivalents at end of period 49,347 38,382 Supplementary cash flow information: Total cash paid for interest 6,353 4,470 * The way of presentation of this statement was changed in 2024 (see Note 2.2.1). The prior year figures were changed accordingly to provide comparative information on the same basis and they do not fully correspond to the interim consolidated financial statements as at September 30, 2024. Some figures were adjusted due to the final valuation of GasNet Group companies at fair value on the date of acquisition and do not correspond to the amounts stated in the interim consolidated financial statements as of September 30, 2024 (see Note 2.2.2).
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10 CEZ GROUP NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2025 1. The Company ČEZ, a. s. (“ČEZ” or “the Company”) is a Czech joint-stock company, owned 69.8% (69.9% of voting rights) at September 30, 2025 by the Czech Republic represented by the Ministry of Finance. The remaining shares of the Company are held by legal persons and individuals and they are traded on stock exchange markets in Prague and Warsaw. The address of the Company's registered office is Duhová 2/1444, Praha 4, 140 53, Czech Republic. The Company is a parent company of the CEZ Group (“the Group”). CEZ Group is a vertically integrated energy group that is among the largest economic entities in the Czech Republic and Central Europe. The main business of the Group is the generation, distribution, trade and sale in the field of electricity and heat, coal mining, trading in commodities and providing of complex energy services, distribution, trade and sale in the field of natural gas and providing of electronic communications. The "VISION 2030 – Clean Energy of Tomorrow" strategy is focused on dynamic transformation of the generation portfolio to low-emission one and achievement of full climate neutrality already by 2040. The strategy includes a commitment to fundamentally limit the production of heat and electricity from coal and fundamentally reduce the emission intensity by 2030. In areas of distribution and sales, the basic goal is to provide the most advantageous energy solutions and the best customer experience on the market. The goal to develop CEZ Group responsibly and sustainably in accordance with ESG principles is also among the main priorities. 2. Summary of Significant Accounting Policies 2.1. Financial Statements The interim consolidated financial statements for the nine months ended September 30, 2025 have been prepared in accordance with IAS 34 and have not been audited by an independent auditor. The interim consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s annual financial statement as of December 31, 2024. 2.2. Changes in Accounting Policies The accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group’s annual financial statement as of December 31, 2024. As of January 1, 2025, the Group did not adopt any new or amended accounting standard IFRS that would have a significant impact on Group’s interim consolidated financial statements. Change of Presentation of Consolidated Statement of Cash Flows As of December 31, 2024, the presentation of the statement of cash flows was changed to increase the relevance of information regarding cash flows associated to grants related to assets. The original line item Additions to non-current assets, including capitalized interest, is no longer affected by grants and the receipt of cash and cash equivalents related to grants is reported on a separate line item Proceeds from grants to non-current assets within investing activities. Operating activities are no longer affected by grants related to non-current assets. As a result, some items of the comparative period have been reclassified to be fully comparable with the current period. The overview of adjustments made for the comparable period is disclosed in Note 2.2.2.
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11 Final accounting for the acquisition of GasNet in the year 2024 The Group completed the accounting for the acquisition of the companies of GasNet Group, specifying the final fair values of the identifiable assets and liabilities of the acquisition as at the acquisition date of August 28, 2024. The previously presented statements as of September 30, 2024 and December 31, 2024 have been adjusted in this regard. The changes related to the final accounting for the acquisition are presented in the following table (in CZK millions): Provisional amounts of GasNet acquisition in the financial statements as of December 31, 2024 GasNet acquisition adjustment Final accounting for the acquisition of GasNet Share being acquired 55.21% - 55.21% Property, plant and equipment 108,297 229 108,526 Intangible assets 792 - 792 Other long-term financial assets 1,840 - 1,840 Cash and cash equivalents 2,530 - 2,530 Other short-term financial assets 1,438 - 1,438 Materials and supplies 50 - 50 Trade and other receivables 72 - 72 Contract assets 915 - 915 Another current assets 27 - 27 Bonds payable, net of current portion (40,844) (1,374) (42,218) Other long-term debt, net of current portion (24,910) (246) (25,156) Long-term provision (4) - (4) Other long-term financial liabilities (5,136) - (5,136) Deferred tax liability (16,820) (48) (16,868) Trade payables (1,508) - (1,508) Other short-term financial payables (1,749) (26) (1,775) Another current liabilities (2,827) 212 (2,615) Total net assets 22,163 (1,253) 20,910 Share of net assets acquired 12,236 (692) 11,544 Repayment of the loan to the former shareholder 7,785 91 7,876 Goodwill 1,547 601 2,148 Total purchase consideration 21,568 - 21,568 Cash outflow on acquisition of the subsidiary in 2024 21,568 - 21,568 Less: Cash and cash equivalents in the subsidiary acquired (2,530) - (2,530) Cash outflow in 2024, net 19,038 - 19,038
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12 Quantification of the above-mentioned relevant effect on reported amounts as at December 31, 2024 is provided by the following table (in CZK millions): CONSOLIDATED BALANCE SHEET December 31, 2024 original Adjustment of GasNet acquisition December 31, 2024 adjusted Plant in service 1,083,667 454 1,084,121 Less accumulated depreciation and impairment (558,976) (1,920) (560,896) Net plant in service 524,691 (1,466) 523,225 Total property, plant and equipment 580,704 (1,466) 579,238 Intangible assets 33,186 585 33,771 Total other non-current assets 82,433 585 83,018 Total current assets 663,137 (881) 662,256 Total assets 901,974 (881) 901,093 Retained earnings and other reserves 186,809 (771) 186,038 Total equity attributable to equity holders of the parent 239,274 (771) 238,503 Non-controlling interests 11,640 (1,185) 10,455 Total equity 250,914 (1,956) 248,958 Long-term debt, net of current portion 216,908 1,518 218,426 Deferred tax liability 51,722 (255) 51,467 Total non-current liabilities 464,068 1,263 465,331 Current portion of long-term debt 26,689 (188) 26,501 Total current liabilities 186,992 (188) 186,804 Total equity and liabilities 901,974 (881) 901,093
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13 Quantification of the above-mentioned relevant effect on reported amounts as at September 30, 2024 is provided by the following table (in CZK millions): CONSOLIDATED STATEMENT OF INCOME 1-9/2024 original Adjustment of GasNet acquisition 1-9/2024 adjusted 7-9/2024 original Adjustment of GasNet acquisition 7-9/2024 adjusted Depreciation and amortization (27,501) (456) (27,957) (9,585) (456) (10,041) Other operating expenses (3,083) 178 (2,905) (1,231) 178 (1,053) Income before other income (expenses) and income taxes 70,901 (278) 70,623 19,568 (278) 19,290 Interest on debt (4,288) (70) (4,358) (1,575) (70) (1,645) Total other income (expenses) (7,226) (70) (7,296) (2,676) (70) (2,746) Income before income taxes 63,675 (348) 63,327 16,892 (348) 16,544 Income taxes (40,256) (31) (40,287) (14,530) (31) (14,561) Net income 23,419 (379) 23,040 2,362 (379) 1,983 Net income attributable to: Equity holders of the parent 23,437 (186) 23,251 2,344 (186) 2,158 Non-controlling interests (18) (193) (211) 18 (193) (175) Net income per share attributable to equity holders of the parent (CZK per share): Basic 43.7 (0.4) 43.3 4.4 (0.4) 4.0 Diluted 43.7 (0.4) 43.3 4.4 (0.4) 4.0 Quantification of the above-mentioned relevant effect on reported amounts as at September 30, 2024 is provided by the following table (in CZK millions): CONSOLIDATED OF COMPREHENSIVE INCOME: 1-9/2024 original Adjustment of GasNet acquisition 1-9/2024 adjusted 7-9/2024 original Adjustment of GasNet acquisition 7-9/2024 adjusted Net income 23,419 (379) 23,040 2,362 (379) 1,983 Total comprehensive income, net of tax 21,017 (379) 20,638 1,403 (379) 1,024
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14 Quantification of the above-mentioned relevant effect on reported amounts as at September 30, 2024 is provided by the following table (in CZK millions): Attributable to equity holders of the parent Retained earnings Total Non-controlling interests Total equity Original Adjust- ment of GasNet acqui- sition Adjusted Original Adjust- ment of GasNet acqui- sition Adjusted Original Adjust- ment of GasNet acqui- sition Adjusted Original Adjust- ment of GasNet acqui- sition Adjusted Net income 23,437 (186) 23,251 23,437 (186) 23,251 (18) (193) (211) 23,419 (379) 23,040 Total comprehensive income 23,435 (186) 23,249 21,012 (186) 20,826 5 (193) (188) 21,017 (379) 20,638 Acquisition of subsidiaries - - - - - - 11,000 (1,626) 9,374 11,000 (1,626) 9,374 Changes of non-controlling interests without loss of control (7) 1 (6) (7) 1 (6) 5 - 5 (2) 1 (1) Balance as at September 30, 2024 184,287 (185) 184,102 237,210 (185) 237,025 12,551 (1,819) 10,732 249,761 (2,004) 247,757
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15 Quantification of the above-mentioned relevant effects of adjustment of GasNet acquisition and presentation of grants on reported amounts as at September 30, 2024 is provided by the following table (in CZK millions): CONSOLIDATED STATEMENT OF CASH FLOWS 1-9/2024 original Adjustment of GasNet acquisition Adjustment of presentation of grants, see Note 2.2.1 1-9/2024 adjusted OPERATING ACTIVITIES: Income before income taxes 63,675 (348) - 63,327 Adjustments of income before income taxes to cash generated from operations: Depreciation and amortization 27,501 456 - 27,957 Interest expense, interest income and dividend income 1,549 70 - 1,619 Other non-cash expenses and income (11,498) 1 - (11,497) Changes in assets and liabilities: Receivables and contract assets 29,546 (2,317) (396) 26,833 Materials, supplies and fossil fuel stocks (1,767) (15) - (1,782) Other liabilities 5,250 2,323 5 7,578 Cash from operations 147,864 170 (391) 147,643 Income taxes paid (37,840) 1 - (37,839) Net cash flow from operating activities 108,846 171 (391) 108,626 INVESTING ACTIVITIES: Acquisition of subsidiaries, associates and joint-ventures, net of cash acquired (20,354) (179) - (20,533) Additions to non-current assets before deducting grants, including capitalized interest (36,079) 9 (110) (36,180) Proceeds from grants to non- current assets - - 501 501 Net cash flow from investing activities (58,535) (170) 391 (58,314) Net effect of currency translation and allowances in cash 102 (1) - 101 Net increase in cash and cash equivalents 27,490 - - 27,490 3. Seasonality of Operations The seasonality within the segments Generation, Distribution and Sales usually takes effect in such a way that the revenues and operating profits of these segments for the 1st and 4th quarters of a calendar year are slightly higher than the revenues and operating profits achieved in the remaining period.
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16 4. Changes in the Group Structure The following table summarizes the cash flows related to acquisitions in the first nine months of 2025 (in CZK millions): Cash outflow on acquisition of the subsidiaries 324 Cash outflow on investment to associate in Rolls-Royce SMR Limited1) 4,250 Cash outflow on investments and contributions to joint-ventures and associates 456 Payments of payables from acquisitions of previous periods 178 Less: Cash and cash equivalents acquired on acquisition of the subsidiaries (42) Total acquisition of subsidiaries, associates and joint-ventures, net of cash acquired 5,166 1) In first three months of the year 2025, more than 11% of the interest in the company Rolls-Royce SMR Limited was purchased. In third quarter of the year 2025, this interest was increased by a further investment of CZK 4,250 million to a total of 20.25%, thus the company Rolls-Royce SMR Limited became an associate of the Group consolidated by the equity method. The Group's total investment in 2025 at the date of acquisition of the 20.25% interest was CZK 7,240 million. 4.1. Acquisitions of Subsidiaries in the First Nine Months of 2025 On January 22, 2025, the Group acquired a 100% interest in German company INC Innovative Netzconzepte GmbH, which focuses on implementation of network infrastructure. On May 6, 2025, the Group acquired 100% interests in Spanish companies TREXCOM ENERGÍAS RENOVABLES, S.L. and REVISIONES Y CONTROL DE CARTAGENA, S.L. (hereinafter "Companies of BELECTRIC ESPAÑA group"), which focus on the development of solar projects and battery storage, their maintenance and electrical installations.
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17 The fair values of acquired identifiable assets and liabilities and the purchase considerations have been stated provisionally and could be adjusted in the subsequent period. The following table presents the current best estimate of fair values of acquired identifiable assets and liabilities, which are part of the business combination transaction, as of the date of acquisition (in CZK millions): INC Innovative Netzconzepte Companies of BELECTRIC ESPAÑA group Total Share being acquired 100% 100% Property, plant and equipment 18 14 32 Intangible assets 38 39 77 Other long-term financial assets - 14 14 Cash and cash equivalents 25 17 42 Materials and supplies 11 15 26 Trade and other receivables 11 35 46 Other long-term debt, net of current portion (13) (9) (22) Deferred tax liability (12) (10) (22) Short-term provisions - (24) (24) Other current liabilities (26) (31) (57) Total net assets 52 60 112 Share of net assets acquired 52 60 112 Goodwill 156 118 274 Total purchase consideration 208 178 386 Remaining liabilities from acquisition of the subsidiary (62) - (62) Cash outflow on acquisition in 2025 146 178 324 Less: Cash and cash equivalents in the subsidiary acquired (25) (17) (42) Cash outflow in 2025, net 121 161 282 If the acquisitions had taken place at the beginning of the year 2025, net income for CEZ Group as of September 30, 2025 would have been CZK 21,512 million and the revenues and other operating income would have been CZK 240,442 million. The amount of goodwill recognized as a result of the business combination comprise the value of expected synergies arising from the acquisition. From the acquisition date, the newly acquired subsidiaries have contributed the following balances to the Group’s statement of income (in CZK millions): INC Innovative Netzconzepte Companies of BELECTRIC ESPAÑA group Total Revenues and other operating income 85 62 147 Income before other income (expense) and income taxes 13 (7) 6 Net income 7 (6) 1 Net income attributable: Equity holders of the parent 7 (6) 1 Non-controlling interests - - -
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18 4.2. Sale of Shares in Polish Companies On November 11, 2024, the Group concluded the contract for sale of interest in Polish companies CEZ Polska sp. z o.o. (including its interest in CEZ Chorzów S.A. and CEZ Skawina S.A.) and CEZ Produkty Energetyczne Polska sp. z o.o. Since September 30, 2024, the Group classified assets and liabilities of these companies as assets and associated liabilities classified as held for sale. The transaction was settled after the approval of the Polish competition authority on February 6, 2025. The buyer is ResInvest Group based on an auction process initiated in March 2024. The total sale price for the shares in the Polish companies was paid in full and the Group transferred control over the sold subsidiaries. The following table provides an overview of the impacts related to the derecognition of Polish companies from consolidation, with the derecognized net assets broken down by operating segments (in CZK millions): Sold interest 100% Tangible and intangible assets 303 Deferred tax asset 36 Another non-current assets 273 Cash and cash equivalents 1,806 Trade and other receivables 1,351 Derivatives and other current financial assets 47 Fossil fuel stocks 346 Emission rights 366 Another current assets 216 Long-term liabilities (190) Trade payables (602) Income tax payable (467) Current provisions (2,526) Derivatives and other short-term financial liabilities (133) Another short-term liabilities (122) Total net assets 704 The effect of using average exchange rate on the cost of sale (25) Disposal of translation differences 1,715 Total cost of sale of the Group 2,394 The effect of using the average exchange rate on revenue from sale (35) Revenue from sale 3,389 Gain on sale 960 Gain on sale from sale of interest in stated Polish companies is presented in the statement of income as part of the line-item Other financial income. The following table shows the cash flows related to the sale and derecognition of the Polish companies from consolidation (in CZK millions): Revenue from sale 3,389 Less: Cash from sale received in 2024 (125) Cash from sale received in 2025 3,264 Cash disposed of on derecognition from consolidation (1,806) Total cash flow from sale of Polish companies in 2025 1,458
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19 4.3. The Loss of Control over the Company Elektrárna Dukovany II On April 30, 2025, based on The First Implementation Agreement between the state and the companies Elektrárna Dukovany II, a. s., and ČEZ, the Government of the Czech Republic decided that the state buys interest of 79.98% in the company Elektrárna Dukovany II, a. s., which is preparing the construction of a new nuclear power plant in the Dukovany site. The settlement of this transaction was made on May 5, 2025. The Group lost control over the company Elektrárna Dukovany II, a. s., and kept the interest of 20.02% representing the significant influence. The following table shows the summary of impacts of the sale (in CZK millions): Lands 322 Construction work in progress 3,284 Other non-current assets 36 Trade and other receivables 2 Other current assets 18 Long-term liabilities (52) Trade payables (76) Other short-term liabilities (67) Total net assets of former subsidiary disposed from the balance sheet (100%) 3,467 Less items newly recognized on the balance sheet of the Group: Effect of intercompany balances: Trade and other receivables (42) Trade payables 2 Payables from cash pooling 821 Other 1 Fair value of the remaining interest 20.02%, which is kept by the Group (903) Total of derecognized and newly recognized items 3,346 Revenue from sale of 79.98% interest 3,607 Gain on sale 261 The gain on sale of controlling interest in the company Elektrárna Dukovany II, a. s., is presented in the statement of income as part of the line-item Other financial income and contains the gain CZK 52 million attributable to measuring investment retained by the Group in the former subsidiary. The sale of the controlling interest and loss of the control is associated with no cash flows as of September 30, 2025, the receivable from the sale is due on March 31, 2026.
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20 5. Derivatives and Other Financial Assets The overview of derivatives and other financial assets at September 30, 2025 and December 31, 2024 is as follows (in CZK millions): September 30, 2025 December 31, 2024 Non-current assets Current assets Total Non-current assets Current assets Total Other financial receivables 1,725 189 1,914 1,561 115 1,676 Debt financial assets 3 - 3 - - - Receivables from sale of subsidiaries, associates and joint-venures1) - 3,603 3,603 - - - Investment in finance lease 206 47 253 206 47 253 Total financial assets at amortized cost 1,934 3,839 5,773 1,767 162 1,929 Equity financial assets – investments in Inven Capital, SICAV, a.s., ČEZ sub-funds 3,584 - 3,584 3,501 - 3,501 Commodity and other derivatives 1,884 22,307 24,191 2,093 32,071 34,164 Total financial assets at fair value through profit or loss 5,468 22,307 27,775 5,594 32,071 37,665 Equity financial assets 442 5 447 342 6 348 Cash flow hedge derivatives 5,467 9,963 15,430 8,699 17,085 25,784 Debt financial assets - 6,458 6,458 - 3,077 3,077 Total financial assets at fair value through other comprehensive income 5,909 16,426 22,335 9,041 20,168 29,209 Total 13,311 42,572 55,883 16,402 52,401 68,803 1) Contains receivable from sale of 79.98% interest in the company Elektrárna Dukovany II, a. s., (Note 4.3), including the impairment according to the expected credit loss model in the amount of CZK (4) million.
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21 6. Emission Rights The composition of emission rights and green and similar certificates at September 30, 2025 and December 31, 2024 (in CZK millions): September 30, 2025 December 31, 2024 Current Non-current Current Total Emission rights for own use 2,322 4 27,102 27,106 Emission rights held for trading 1,415 - 2,369 2,369 Green and similar certificates 1 - 7 7 Total 3,738 4 29,478 29,482 Non-current emission rights for own use are part of intangible assets. 7. Dividends On June 23, 2025, the Shareholders Meeting of ČEZ, a. s., approved the dividends per share before tax of CZK 47. The total amount of dividend approved for distribution to shareholders net of treasury shares amounts to CZK 25,230 million.
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22 8. Long-term Debt Long-term debt at September 30, 2025 and December 31, 2024 is as follows (in CZK millions): September 30, 2025 December 31, 2024 (adjusted) 3.005% Eurobonds, due 2038 (JPY 12,000 million) 1,679 1,866 2.845% Eurobonds, due 2039 (JPY 8,000 million) 1,121 1,245 4.875% Eurobonds, due 2025 (EUR 750 million) - 19,540 4.375% Eurobonds, due 2042 (EUR 50 million) 1,210 1,265 4.500% Eurobonds, due 2047 (EUR 50 million) 1,214 1,262 4.383% Eurobonds, due 2047 (EUR 80 million) 1,946 2,044 3.000% Eurobonds, due 2028 (EUR 725 million) 17,936 18,731 0.875% Eurobonds, due 2026 (EUR 750 million) 18,351 18,840 2.375% Eurobonds, due 2027 (EUR 600 million) 14,738 15,323 4.250% Eurobonds, due 2032 (EUR 750 million) 18,400 19,230 4.125% Eurobonds, due 2031 (EUR 700 million) 19,504 17,759 4.125% Eurobonds, due 2033 (EUR 750 million) 18,398 - 5.625% U.S. bonds, due 2042 (USD 300 million) 6,348 7,319 4.500% Registered bonds, due 2030 (EUR 40 million) 1,003 1,003 4.700% Registered bonds, due 2032 (EUR 40 million) 994 1,040 4.270% Registered bonds, due 2047 (EUR 61 million) 1,519 1,522 3.550% Registered bonds, due 2038 (EUR 30 million) 742 774 1.000% Registered bonds, due 2027 (EUR 600 million)1) 14,081 14,423 0.875% Registered bonds, due 2031 (EUR 500 million)1) 10,463 10,715 0.450% Registered bonds, due 2029 (EUR 500 million)1) 10,833 11,049 4.480% CZK bonds, due 2026 (CZK 6,750 million)2) 6,812 6,917 Total bonds and debentures 167,292 171,867 Less: Current portion (1,548) (21,409) Bonds and debentures, net of current portion 165,744 150,458 Long-term bank and other loans, lease liabilities: 71,074 73,060 Less: Current portion (4,751) (5,092) Long-term bank and other loans, lease payables, net of current portion 66,323 67,968 Total long-term debt 238,366 244,927 Less: Current portion (6,299) (26,501) Total long-term debt, net of current portion 232,067 218,426 1) Bonds were recognized at fair value as part of the acquisition of the GasNet Group. The effective interest rate is the market interest rate at the date of acquisition and is in the range of 3.9–4.4%. 2) This is a floating interest rate bond 1% + 6M PRIBOR.
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23 9. Provisions The following table provides an overview of provisions as at September 30, 2025 and December 31, 2024 (in CZK millions): September 30, 2025 December 31, 2024 Non- current Current Total Non- current Current Total Nuclear provisions 147,630 2,201 149,831 142,736 2,375 145,111 Provision for demolition and dismantling of fossil-fuel power plants 15,480 232 15,712 15,112 548 15,660 Provision for reclamation of mines and mining damages 16,163 210 16,373 15,654 210 15,864 Provision for waste storage reclamation 794 15 809 778 15 793 Provision for CO2 emissions - 18,816 18,816 - 25,860 25,860 Provision for employee benefits 5,683 401 6,084 5,478 452 5,930 Other provisions 1,526 4,772 6,298 1,592 5,191 6,783 Total 187,276 26,647 213,923 181,350 34,651 216,001
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24 10. Derivatives and Other Financial Liabilities Derivatives and other financial liabilities at September 30, 2025 and December 31, 2024 are as follows (in CZK millions): September 30, 2025 Long-term liabilities Short-term liabilities Total Payables from non-current assets purchase 441 - 441 Payables to owners for profit distribution - 976 976 Other 928 1,822 2,750 Financial liabilities at amortized cost 1,369 2,798 4,167 Cash flow hedge derivatives 6,946 3,181 10,127 Commodity and other derivatives 4,476 16,953 21,429 Liabilities from put options held by non-controlling interests 780 27 807 Contingent consideration from the acquisition of subsidiaries 251 170 421 Financial liabilities at fair value 12,453 20,331 32,784 Total 13,822 23,129 36,951 December 31, 2024 Long-term liabilities Short-term liabilities Total Payables from non-current assets purchase 634 - 634 Other 1,636 2,144 3,780 Financial liabilities at amortized cost 2,270 2,144 4,414 Cash flow hedge derivatives 7,159 1,794 8,953 Commodity and other derivatives 3,626 43,370 46,996 Liabilities from put options held by non-controlling interests 749 38 787 Contingent consideration from the acquisition of subsidiaries 253 277 530 Financial liabilities at fair value 11,787 45,479 57,266 Total 14,057 47,623 61,680 11. Short-term Loans Short-term loans at September 30, 2025 and December 31, 2024 are as follows (in CZK millions): September 30, 2025 December 31, 2024 Bank loans 22,601 2,071 Bank overdrafts 1,094 481 Total 23,695 2,552
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25 12. Revenues and Other Operating Income The composition of revenues and other operating income for the first nine months ended September 30, 2025 and 2024, is as follows (in CZK millions): 1-9/2025 1-9/2024 Sales of electricity: Sales of electricity to end customers 48,928 54,463 Sales of electricity through energy exchange and other organized markets 47,703 31,153 Sales of electricity to traders 8,301 21,218 Sales to distribution and transmission companies 329 325 Other sales of electricity 13,767 23,317 Effect of hedging – presales of electricity 12,405 13,013 Effect of hedging – currency risk hedging (176) 698 Total sales of electricity 131,257 144,187 Sales of gas, coal and heat: Sales of gas 10,477 10,887 Sales of coal 3,798 3,281 Sales of heat 8,450 9,357 Total sales of gas, coal and heat 22,725 23,525 Total sales of electricity, heat, gas and coal 153,982 167,712 Sales of services and other revenues: Distribution services - electricity 34,634 33,654 Distribution services - gas 13,929 1,126 Ancillary services of transmission grid 1,026 2,035 Other services 32,553 33,999 Rental income 186 164 Revenues from goods sold 675 634 Other revenues 1,509 1,588 Total sales of services and other revenues 84,512 73,200 Other operating income: Contractual fines and interest fees for delays 118 871 Gain on sale of property, plant and equipment 178 197 Gain on sale of material 168 166 Granted certificates and guarantees of origin 12 16 Other 1,432 1,981 Total other operating income 1,908 3,231 Total revenues and other operating income 240,402 244,143
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26 Revenues from contracts with customers for the nine months ended September 30, 2025 and 2024, were CZK 226,079 million and CZK 227,037 million, respectively, and can be linked to the above figures as follows: 1-9/2025 1-9/2024 Sales of electricity, heat, gas and coal 153,982 167,712 Sales of services and other revenues 84,512 73,200 Total revenues 238,494 240,912 Adjustments: Effect of hedging – presales of electricity (12,405) (13,013) Effect of hedging – currency risk hedging 176 (698) Rental income (186) (164) Revenues from contracts with customers 226,079 227,037 13. Gains and Losses from Commodity Derivative Trading The composition of gains and losses from commodity derivative trading for the nine months ended September 30, 2025 and 2024, is as follows (in CZK millions): 1-9/2025 1-9/2024 Gain from electricity derivative trading 3,852 6,081 Loss from gas derivative trading (668) (517) Gain (loss) from oil derivative trading 4 (63) Gain from coal derivative trading - 8 Gain (loss) from emission rights derivative trading 52 (624) Total gains and losses from commodity derivative trading 3,240 4,885 Reported gains and losses from derivative trading consist of trades with commodities for the purpose of speculative trading, but also trades concluded for the purpose of hedging the gross margin from electricity generation, where changes in their fair value do not enter the hedge accounting scheme mainly due to the uncertainty of the hedged deliveries of electricity from generation sources (where the expected deliveries of electricity may not be produced eventually, but trading positions on electricity and related positions for emission allowances and fuels will be closed, e.g., for deliveries from the Počerady CCGT power plant). Given the high volatility of commodity market prices, these trades have a significant impact on reported gains and losses from derivative trading.
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27 14. Income Taxes Tax effects relating to each component of other comprehensive income are the following (in CZK millions): 1-9/2025 1-9/2024 Before tax amount Tax effect Net of tax amount Before tax amount Tax effect Net of tax amount Change in fair value of cash flow hedges 3,685 (1,450) 2,235 5,066 (3,898) 1,168 Cash flow hedges reclassified to statement of income (10,806) 7,976 (2,830) (13,701) 9,749 (3,952) Change in fair value of debt instruments (691) 145 (546) 60 (124) (64) Disposal of debt instruments 2 (1) 1 5 (1) 4 Translation differences – subsidiaries (1,079) - (1,079) 414 - 414 Translation differences – associates and joint-ventures (360) - (360) 55 - 55 Disposal of translation differences 1,714 - 1,714 -26 - (26) Share on other equity movements of associates and joint-ventures 1 1 2 (1) - (1) Total (7,534) 6,671 (863) (8,128) 5,726 (2,402)
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28 15. Segment Information The Group reports its result using four reportable operating segments: - Generation - Mining - Distribution - Sales The segments are defined across the countries in which CEZ Group operates. Segment is a functionally autonomous part of CEZ Group that serves a single part of the value chain of the Group. The Group accounts for intersegment revenues and transfers as if the revenues or transfers were to third parties, that is, at current market prices or where the regulation applies at regulated prices. In segment reporting, IFRS 16 is applied to external leases from the Group's perspective, but it is not applied to leases between individual operating segments, although in some cases the asset is leased to another segment internally. The Group evaluates the performance of its segments based on earnings before interest, taxes, depreciation and amortization (EBITDA). The reconciliation of EBITDA to income before other income (expenses) and income taxes summarizes the following table (in CZK millions): 1-9/2025 1-9/2024 Income before other income (expenses) and income taxes 60,668 70,623 Depreciation and amortization 42,209 27,957 Impairment of property, plant and equipment and intangible assets 444 1,840 Gains and losses on sale of property, plant and equipment, net1) (155) (195) EBITDA 103,166 100,225 1) Gains on sale of property, plant and equipment are presented in the statement of income as part of the line- item Other operating income (Note 12). Losses on sale of property, plant and equipment are presented in the statement of income as part of the line-item Other operating expenses. The Group follows and analyses results of individual segments also based on the ratio of Gross margin, which is defined as follows (in CZK millions): 1-9/2025 1-9/2024 Operating income 240,402 244,143 Gains and losses from commodity derivative trading 3,240 4,885 Purchase of electricity, gas and other energies (34,176) (44,945) Fuel and emission rights (29,477) (28,905) Services (33,505) (30,061) Capitalization of expenses to the cost of assets and change in own inventories 6,788 3,877 Levy on revenues above price caps1) - 46 Other2) (734) (3,908) Gross margin 152,538 145,132 1) Levy on revenues above price caps is part of the statement of income line-item Other operating expenses. 2) Other includes relevant part of the material costs (part of the statement of income line-item Material and supplies) and excludes part of the statement of income line-item Services, which refers to repair and maintenance services and other services that have rather overhead nature. The information about operating segments for preceding periods of nine months ended September 30, 2024 and as of December 31, 2024, was adjusted due to the final accounting for the acquisition of GasNet Group in 2024 (see Note 2.2.2).
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29 The following tables summarize segment information by operating segments for the nine months ended September 30, 2025 and 2024 and at December 31, 2024 (in CZK millions): September 30, 2025: Gene- ration Mining Distribu- tion1) Sales Combined Elimina- tion Consoli- dated Revenues and other operating income – other than intersegment 86,870 4,246 48,652 100,634 240,402 - 240,402 Revenues and other operating income – intersegment 53,301 6,760 559 8,757 69,377 (69,377) - Total revenues and other operating income 140,171 11,006 49,211 109,391 309,779 (69,377) 240,402 Thereof: Sales of electricity, heat, gas and coal 128,779 9,937 8 78,389 217,113 (63,131) 153,982 Sales of services and other revenues 9,891 1,019 48,902 30,228 90,040 (5,528) 84,512 Other operating income 1,501 50 301 774 2,626 (718) 1,908 Revenues and other operating income, including result from commodity derivative trading 143,187 11,005 49,210 109,617 313,019 (69,377) 243,642 Total sales of electricity, including the result of electricity trading 2) 116,689 - 8 62,800 179,497 (44,388) 135,109 Gross margin 81,373 10,830 39,346 26,616 158,165 (5,627) 152,538 EBITDA 59,037 5,746 27,950 10,740 103,473 (307) 103,166 Depreciation and amortization (23,537)3) (2,257)3) (14,052) (2,363) (42,209) - (42,209) Impairment of property, plant and equipment and intangible assets (105) 9 (346) (2) (444) - (444) Income before other income (expenses) and income taxes 35,473 3,512 13,606 8,384 60,975 (307) 60,668 Interest on debt and provisions (9,193) (499) (2,714) (384) (12,790) 1,109 (11,681) Interest income 2,396 376 218 612 3,602 (1,109) 2,493 Share of profit (loss) from associates and joint-ventures (426) (86) 11 11 (490) - (490) Income taxes (20,315) (761) (3,385) (5,087) (29,548) (73) (29,621) Net income 18,417 2,742 7,640 3,083 31,882 (10,354) 21,528 Identifiable assets 289,158 9,520 254,520 17,815 571,013 (522) 570,491 Investment in associates and joint-ventures 10,304 689 46 259 11,298 - 11,298 Unallocated assets 284,088 Total assets 865,877 Capital expenditure 19,064 1,147 15,178 3,569 38,958 (279) 38,679 1) Significant changes of Distribution segment resulting from comparison of first nine months of 2024 and 2025 are mainly due to acquisition of companies from GasNet Group. 2) The item contains the line Total sales of electricity (Note 12) and the line Gain from electricity derivative trading (Note 13). 3) The significant year-to-year increase of depreciation and amortization of Generation and Mining segments is mainly due to the change of depreciation method of coal assets. Since October 1, 2024, the Group depreciates coal assets using a method in which depreciation decreases evenly over the remaining useful life (see also Note 2.4 of the Group’s annual financial statement as of December 31, 2024).
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30 September 30, 2024 (adjusted): Gene- ration Mining Distribu- tion Sales Combined Elimina- tion Consoli- dated Revenues and other operating income – other than intersegment 88,142 3,727 34,663 117,611 244,143 - 244,143 Revenues and other operating income – intersegment 65,360 7,656 426 11,705 85,147 (85,147) - Total revenues and other operating income 153,502 11,383 35,089 129,316 329,290 (85,147) 244,143 Thereof: Sales of electricity, heat, gas and coal 141,905 10,344 - 94,243 246,492 (78,780) 167,712 Sales of services and other revenues 10,384 956 34,819 33,032 79,191 (5,991) 73,200 Other operating income 1,213 83 270 2,041 3,607 (376) 3,231 Revenues and other operating income, including result from commodity derivative trading 158,259 11,384 35,089 129,443 334,175 (85,147) 249,028 Total sales of electricity, including the result of electricity trading 1) 130,380 - - 79,344 209,724 (59,456) 150,268 Gross margin 93,385 11,310 24,610 20,805 150,110 (4,978) 145,132 EBITDA 71,549 6,341 16,007 6,421 100,318 (93) 100,225 Depreciation and amortization (17,413) (1,591) (6,838) (2,115) (27,957) - (27,957) Impairment of property, plant and equipment and intangible assets (71) (1,369) (400) - (1,840) - (1,840) Income before other income (expenses) and income taxes 54,196 3,392 8,788 4,340 70,716 (93) 70,623 Interest on debt and provisions (9,227) (549) (1,188) (348) (11,312) 903 (10,409) Interest income 1,844 521 347 842 3,554 (903) 2,651 Share of profit (loss) from associates and joint-ventures (26) (25) - 19 (32) - (32) Income taxes (36,486) (1,042) (1,698) (1,086) (40,312) 25 (40,287) Net income 18,271 2,488 6,252 3,378 30,389 (7,349) 23,040 Capital expenditure 17,325 1,181 13,837 2,742 35,085 (339) 34,746 December 31, 2024 (adjusted): Gene- ration Mining Distribu- tion Sales Combined Elimina- tion Consoli- dated Identifiable assets 298,623 10,632 253,722 16,653 579,630 (392) 579,238 Investment in associates and joint-ventures 2,669 604 35 274 3,582 - 3,582 Unallocated assets 318,273 Total assets 901,093 1) The item contains the line Total sales of electricity (Note 12) and the line Gain from electricity derivative trading (Note 13).
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31 16. Events after the Balance Sheet Date On October 1, 2025, the Group acquired a 100% interest in company ELPRO - DELICIA, a.s., which focuses on operation and maintenance of local distribution grids. The best estimate of purchase price as of date of acquisition is CZK 143 million. On November 1, 2025, the Group sold 100% interest in the company Distribuce Ostrava s.r.o. The company Distribuce Ostrava s.r.o. was created by internal business combination within the Group during the year 2025.