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 JUNE 30 , 2026
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2 CEZ GROUP CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 2026 In CZK Millions Note June 30, 2026 December 31, 2025 ASSETS: Plant in service 1,126,224 1,110,884 Less accumulated depreciation and impairment (624,881) (605,575) Net plant in service 501,343 505,309 Nuclear fuel 23,049 20,603 Construction work in progress 55,494 43,728 Total property, plant and equipment 579,886 569,640 Investments in associates and joint-ventures 8,467 8,692 Restricted financial assets 32,872 30,122 Other non-current financial assets 5 14,035 13,033 Intangible assets 33,947 34,359 Deferred tax assets 5,485 2,043 Total other non-current assets 94,806 88,249 Total non-current assets 674,692 657,889 Cash and cash equivalents 82,708 17,208 Trade and other receivables 58,878 51,381 Income tax receivable 7,264 5,642 Materials and supplies 22,694 22,021 Fossil fuel stocks 430 589 Emission rights 6 2,880 29,859 Derivatives and other current financial assets 5 46,978 49,009 Other current assets 29,917 28,725 Assets classified as held for sale 2,291 2,291 Total current assets 254,040 206,725 Total assets 928,732 864,614
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3 CEZ GROUP CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 2026 continued Note June 30, 2026 December 31, 2025 EQUITY AND LIABILITIES: Stated capital 53,799 53,799 Treasury shares (1,334) (1,334) Retained earnings and other reserves 180,619 189,030 Total equity attributable to equity holders of the parent 233,084 241,495 Non-controlling interests 6,252 8,450 Total equity 239,336 249,945 Long-term debt, net of current portion 8 221,412 205,978 Provisions 9 185,556 182,595 Other long-term financial liabilities 10 14,561 13,721 Deferred tax liability 34,754 34,558 Other long-term liabilities 35 32 Total non-current liabilities 456,318 436,884 Short-term loans 11 22,617 10,298 Current portion of long-term debt 8 46,787 32,422 Trade payables 43,634 48,926 Income tax payable 10,115 8,870 Provisions 9 23,825 37,069 Derivatives and other short-term financial liabilities 10 67,530 22,652 Other short-term liabilities 18,570 17,548 Total current liabilities 233,078 177,785 Total equity and liabilities 928,732 864,614
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4 CEZ GROUP CONSOLIDATED STATEMENT OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2026 In CZK Millions Note 1-6/2026 1-6/2025 (adjusted*) 4-6/2026 4-6/2025 (adjusted*) Sales of electricity, heat, gas and coal 99,686 109,183 45,960 46,411 Sales of services and other revenues 58,773 57,058 28,140 27,069 Other operating income 1,268 1,300 646 678 Total revenues and other operating income 12 159,727 167,541 74,746 74,158 Gains and losses from commodity derivative trading 13 (1,720) 3,217 (1,652) 1,372 Purchase of electricity, gas and other energies (25,416) (24,673) (12,809) (10,737) Fuel and emission rights (20,868) (22,142) (8,483) (7,879) Services (23,147) (21,027) (12,759) (11,355) Salaries and wages (23,209) (22,009) (11,807) (11,267) Material and supplies (8,347) (9,105) (4,435) (4,466) Capitalization of expenses to the cost of assets and change in own inventories 4,648 4,298 2,531 2,146 Depreciation and amortization (26,697) (28,414) (13,252) (13,932) Impairment of property, plant and equipment and intangible assets (423) (156) (399) (130) Impairment of trade and other receivables (195) (58) (87) (100) Other operating expenses (2,387) (2,039) (1,470) (892) Income before other income (expenses) and income taxes 31,966 45,433 10,124 16,918 Interest on debt (3,953) (3,929) (2,013) (1,867) Interest on provisions (4,547) (3,899) (2,273) (1,957) Interest income 1,734 1,710 1,023 863 Share of profit (loss) from associates and joint-ventures (264) (58) 13 (28) Impairment of financial assets (9) (2) (6) - Other financial expenses (1,571) (1,412) (973) (398) Other financial income 208 1,701 (796) 560 Total other income (expenses) (8,402) (5,889) (5,025) (2,827) Income before income taxes 23,564 39,544 5,099 14,091 Income taxes (5,482) (23,079) (1,470) (10,453) Net income 18,082 16,465 3,629 3,638 Net income attributable to: Equity holders of the parent 17,432 16,649 3,934 3,946 Non-controlling interests 650 (184) (305) (308) Net income per share attributable to equity holders of the parent (CZK per share): Basic 32.5 31.0 7.3 7.4 Diluted 32.5 31.0 7.3 7.4 * 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 June 30, 2025 (see Note 2.2.1).
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5 CEZ GROUP CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2026 In CZK Millions Note 1-6/2026 1-6/2025 (adjusted*) 4-6/2026 4-6/2025 (adjusted*) Net income 18,082 16,465 3,629 3,638 Change in fair value of cash flow hedges (4,279) 4,570 2,246 (33) Cash flow hedges reclassified to statement of income (118) (7,119) 53 (4,378) Change in fair value of debt instruments 147 (141) 945 (48) Disposal of debt instruments 21 - 12 - Translation differences – subsidiaries 19 (584) (248) (302) Translation differences – associates and joint- ventures 82 (54) (22) (28) Disposal of translation differences - 1,715 - - Share on other equity movements of associates and joint- ventures (9) 2 (10) 3 Deferred tax related to other comprehensive income 14 880 3,349 (689) 3,555 Net other comprehensive income that may be reclassified to statement of income or to assets in subsequent periods (3,257) 1,738 2,287 (1,231) Total comprehensive income, net of tax 14,825 18,203 5,916 2,407 Total comprehensive income attributable to: Equity holders of the parent 14,174 18,407 6,232 2,726 Non-controlling interests 651 (204) (316) (319) * 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 June 30, 2025 (see Note 2.2.1).
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6 CEZ GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2026 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, 2025 (adjusted*) 53,799 (1,334) (2,978) 369 (367) (1,377) 190,391 238,503 10,455 248,958 Net income - - - - - - 16,649 16,649 (184) 16,465 Other comprehensive income - - 1,097 771 (111) - 1 1,758 (20) 1,738 Total comprehensive income - - 1,097 771 (111) - 16,650 18,407 (204) 18,203 Dividends - - - - - - (25,230) (25,230) (927) (26,157) Transfer of re-measurement of equity instruments on sale - - - - - 1,375 (1,375) - - - Acquisition of subsidiaries - - - - - - - - 152 152 Changes of non-controlling interests without loss of control - - - - - - 104 104 (114) (10) Put options held by non- controlling interests - - (4) - - - 115 111 (143) (32) Balance as at June 30, 2025 (adjusted*) 53,799 (1,334) (1,885) 1,140 (478) (2) 180,655 231,895 9,219 241,114 * 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 June 30, 2025 (see Note 2.2.1).
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7 CEZ GROUP CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2026 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, 2026 53,799 (1,334) (2,599) (145) (905) 3 192,676 241,495 8,450 249,945 Net income - - - - - - 17,432 17,432 650 18,082 Other comprehensive income - - 99 (3,472) 124 - (9) (3,258) 1 (3,257) Total comprehensive income - - 99 (3,472) 124 - 17,423 14,174 651 14,825 Dividends 7 - - - - - - (22,546) (22,546) (1,679) (24,225) Equity returned to owners of non-controlling interests - - - - - - - - (1,115) (1,115) Changes of non-controlling interests without loss of control - - - - - - 6 6 (100) (94) Put options held by non- controlling interests - - - - - - (45) (45) 45 - Balance as at June 30, 2026 53,799 (1,334) (2,500) (3,617) (781) 3 187,514 233,084 6,252 239,336
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8 CEZ GROUP CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2026 In CZK Millions Note 1-6/2026 1-6/2025 (adjusted*) OPERATING ACTIVITIES: Income before income taxes 23,564 39,544 Adjustments of income before income taxes to cash generated from operations: Depreciation and amortization 26,697 28,414 Amortization of nuclear fuel 1,926 1,978 (Gains) and losses on non-current asset retirements 106 (1,329) Foreign exchange rate loss (gain) 134 (200) Interest expense, interest income and dividend income 2,207 2,207 Provisions (10,572) (9,746) Impairment of property, plant and equipment and intangible assets 423 156 Other non-cash expenses and income 2,012 (7,556) Share of (profit) loss from associates and joint-ventures 264 58 Changes in assets and liabilities: Receivables and contract assets (8,653) 12,217 Materials, supplies and fossil fuel stocks (462) (3,170) Receivables and payables from derivatives 10,320 (4,153) Other assets 35,895 24,596 Trade payables (1,217) (8,802) Other liabilities 2,146 (1,526) Cash from operations 84,790 72,688 Income taxes paid (9,657) (23,246) Interest paid, net of capitalized interest (3,682) (4,043) Interest received 1,637 1,700 Dividends received 3 4 Net cash flow from operating activities 73,091 47,103 INVESTING ACTIVITIES: Acquisition of subsidiaries, associates and joint-ventures, net of cash acquired 4 (8,247) (731) Disposal of subsidiaries, associates and joint-ventures, net of cash disposed of - 1,466 Additions to non-current assets before deducting grants, including capitalized interest (33,331) (29,294) Proceeds from grants to non-current assets 808 224 Proceeds from sale of non-current assets 178 1,548 Loans made (2) (32) Repayment of loans 100 22 Change in restricted financial assets (2,782) (2,595) Net cash flow from investing activities (43,276) (29,392) * 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 June 30, 2025 (see Note 2.2.1).
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9 CEZ GROUP CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2026 continued Note 1-6/2026 1-6/2025 (adjusted*) FINANCING ACTIVITIES: Proceeds from borrowings 352,284 160,342 Payments of borrowings (311,430) (144,340) Payments of lease liabilities (793) (673) Proceeds from other long-term liabilities 327 192 Payments of other long-term liabilities (1,505) (1,241) Dividends paid to Company’s shareholders (93) (86) Dividends paid, equity contributions returned – owners of non-controlling interests (2,782) (925) Acquisition of non-controlling interests (94) (10) Net cash flow from financing activities 35,914 13,259 Net effect of currency translation and allowances in cash (229) (714) Net increase in cash and cash equivalents 65,500 30,256 Cash and cash equivalents at beginning of period 17,208 40,419 Cash and cash equivalents at end of period 82,708 70,675 Supplementary cash flow information: Total cash paid for interest 4,286 4,543 * 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 June 30, 2025 (see Note 2.2.1).
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10 CEZ GROUP NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2026 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 June 30, 2026 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, responsible and sustainable business, the fulfillment of the growth strategy while maintaining the set level of debt and achievement of full climate neutrality by 2040. The strategy includes a commitment to fundamentally limit the generation of heat and electricity from coal 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 part of the strategy. 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 six months ended June 30, 2026 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, 2025. 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, 2025. As of January 1, 2026, 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.
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11 Final accounting for the acquisition of GasNet in the year 2024 The Group performed the final accounting for the acquisition of the companies of GasNet Group, specifying the fair values of the identifiable assets and liabilities as at the acquisition date of August 28, 2024. The previously presented statements as of June 30, 2025, have been adjusted in this regard. The changes to the financial statements as of June 30, 2025, which represent comparative information in these interim consolidated financial statements, related to the final accounting of the GasNet acquisition are presented in the following tables (in CZK millions): CONSOLIDATED STATEMENT OF INCOME 1-6/2025 original Adjustment of GasNet acquisition 1-6/2025 adjusted 4-6/2025 original Adjustment of GasNet acquisition 4-6/2025 adjusted Other operating income 1,300 - 1,300 672 6 678 Total revenues and other operating income 167,541 - 167,541 74,152 6 74,158 Depreciation and amortization (28,375) (39) (28,414) (13,863) (69) (13,932) Other operating expenses (2,047) 8 (2,039) (903) 11 (892) Income before other income (expenses) and income taxes 45,464 (31) 45,433 16,971 (53) 16,918 Interest on debt (3,945) 16 (3,929) (1,825) (42) (1,867) Total other income (expenses) (5,905) 16 (5,889) (2,786) (41) (2,827) Income before income taxes 39,559 (15) 39,544 14,185 (94) 14,091 Income taxes (23,086) 7 (23,079) (10,464) 11 (10,453) Net income 16,473 (8) 16,465 3,721 (83) 3,638 Net income attributable to: Equity holders of the parent 16,653 (4) 16,649 3,992 (46) 3,946 Non-controlling interests (180) (4) (184) (271) (37) (308) Net income per share attributable to equity holders of the parent (CZK per share): Basic 31.0 - 31.0 7.4 - 7.4 Diluted 31.0 - 31.0 7.4 - 7.4 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME: 1-6/2025 original Adjustment of GasNet acquisition 1-6/2025 adjusted 4-6/2025 original Adjustment of GasNet acquisition 4-6/2025 adjusted Net income 16,473 (8) 16,465 3,721 (83) 3,638 Total comprehensive income, net of tax 18,212 (9) 18,203 2,491 (84) 2,407 Total comprehensive income attributable to: Equity holders of the parent 18,412 (5) 18,407 2,772 (46) 2,726 Non-controlling interests (200) (4) (204) (281) (38) (319)
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12 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 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 Balance as at January 1, 2025 191,162 (771) 190,391 239,274 (771) 238,503 11,640 (1,185) 10,455 250,914 (1,956) 248,958 Net income 16,653 (4) 16,649 16,653 (4) 16,649 (180) (4) (184) 16,473 (8) 16,465 Other comprehensive income 2 (1) 1 1,759 (1) 1,758 (20) - (20) 1,739 (1) 1,738 Total comprehensive income 16,655 (5) 16,650 18,412 (5) 18,407 (200) (4) (204) 18,212 (9) 18,203 Put options held by non- controlling interests 114 1 115 110 1 111 (143) - (143) (33) 1 (32) Balance as at June 30, 2025 181,430 (775) 180,655 232,670 (775) 231,895 10,408 (1,189) 9,219 243,078 (1,964) 241,114
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13 CONSOLIDATED STATEMENT OF CASH FLOWS 1-6/2025 original Adjustment of GasNet acquisition 1-6/2025 adjusted OPERATING ACTIVITIES: Income before income taxes 39,559 (15) 39,544 Adjustments of income before income taxes to cash generated from operations: Depreciation and amortization 28,375 39 28,414 (Gains) and losses on non-current asset retirements (1,321) (8) (1,329) Interest expense, interest income and dividend income 2,223 (16) 2,207 Cash from operations 72,688 - 72,688 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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14 4. Changes in the Group Structure The following table summarizes the cash flows related to acquisitions in the first six months of 2026 (in CZK millions): Cash outflow on acquisition of the subsidiaries 8,190 Payments of payables from acquisitions of previous periods 57 Total acquisition of subsidiaries, associates and joint-ventures, net of cash acquired 8,247 4.1. Acquisitions of Subsidiaries in the First Six Months of 2026 On January 15, 2026, the Group acquired a 100% interest in Gas Distribution s.r.o., the operator of the gas distribution network in the South Bohemian Region and part of the Vysočina Region in the Czech Republic. 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): Gas Distribution Share being acquired 100% Property, plant and equipment 9,340 Intangible assets 4 Other short-term financial assets 850 Materials and supplies 13 Trade and other receivables 11 Contract assets 41 Long-term debt, net of current portion (4) Other long-term financial liabilities (371) Deferred tax liability (1,348) Trade payables (207) Short-term provisions (8) Other current liabilities (131) Total net assets 8,190 Share of net assets acquired 8,190 Total purchase consideration 8,190 Cash outflow on acquisition in 2026 8,190
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15 From the acquisition date, the newly acquired subsidiaries have contributed the following balances to the Group’s statement of income (in CZK millions): Gas Distribution Revenues and other operating income 764 Income before other income (expense) and income taxes 262 Net income 204 Net income attributable: Equity holders of the parent 113 Non-controlling interests 91
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16 5. Derivatives and Other Financial Assets The overview of derivatives and other financial assets at June 30, 2026 and December 31, 2025 is as follows (in CZK millions): June 30, 2026 December 31, 2025 Non-current assets Current assets Total Non-current assets Current assets Total Other financial receivables 1,768 147 1,915 1,971 369 2,340 Receivables from sale of subsidiaries, associates and joint-venures1) - 3,635 3,635 - 3,603 3,603 Investment in finance lease 188 41 229 198 45 243 Total financial assets at amortized cost 1,956 3,823 5,779 2,169 4,017 6,186 Equity financial assets – investments in Inven Capital, SICAV, a.s., ČEZ sub-funds 3,577 - 3,577 3,979 - 3,979 Commodity and other derivatives 1,425 27,820 29,245 1,480 20,148 21,628 Total financial assets at fair value through profit or loss 5,002 27,820 32,822 5,459 20,148 25,607 Equity financial assets 299 7 306 299 7 306 Cash flow hedge derivatives 6,778 7,123 13,901 5,106 7,276 12,382 Debt financial assets - 8,205 8,205 - 17,561 17,561 Total financial assets at fair value through other comprehensive income 7,077 15,335 22,412 5,405 24,844 30,249 Total 14,035 46,978 61,013 13,033 49,009 62,042 1) Contains receivable from sale of 79.98% interest in the company Elektrárna Dukovany II including the impairment according to the expected credit loss model in the amount of CZK (4) million.
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17 6. Emission Rights The composition of emission rights and green and similar certificates at June 30, 2026 and December 31, 2025 (in CZK millions): June 30, 2026 December 31, 2025 Emission rights for own use 1,926 27,892 Emission rights held for trading 897 1,960 Green and similar certificates, guarantees of origin 57 7 Total 2,880 29,859 7. Dividends On June 1, 2026, the Shareholders Meeting of ČEZ, a. s., approved the dividends per share before tax of CZK 42. The total amount of dividend approved for distribution to shareholders net of treasury shares amounts to CZK 22,546 million.
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18 8. Long-term Debt Long-term debt at June 30, 2026 and December 31, 2025 is as follows (in CZK millions): June 30, 2026 December 31, 2025 3.005% Eurobonds, due 2038 (JPY 12,000 million) 1,584 1,591 2.845% Eurobonds, due 2039 (JPY 8,000 million) 1,056 1,062 4.375% Eurobonds, due 2042 (EUR 50 million) 1,246 1,218 4.500% Eurobonds, due 2047 (EUR 50 million) 1,251 1,216 4.383% Eurobonds, due 2047 (EUR 80 million) 2,004 1,967 3.000% Eurobonds, due 2028 (EUR 725 million) 17,710 17,987 0.875% Eurobonds, due 2026 (EUR 750 million) 18,273 18,168 2.375% Eurobonds, due 2027 (EUR 600 million) 14,619 14,774 4.250% Eurobonds, due 2032 (EUR 750 million) 18,155 18,526 4.125% Eurobonds, due 2031 (EUR 800 million) 20,040 19,628 4.125% Eurobonds, due 2033 (EUR 750 million) 18,165 18,521 4.375% Eurobonds, due 2034 (EUR 750 million) 18,135 - 5.625% U.S. bonds, due 2042 (USD 300 million) 6,432 6,233 4.500% Registered bonds, due 2030 (EUR 40 million) 990 967 4.700% Registered bonds, due 2032 (EUR 40 million) 980 1,002 4.270% Registered bonds, due 2047 (EUR 61 million) 1,498 1,466 3.550% Registered bonds, due 2038 (EUR 30 million) 733 745 1.000% Registered bonds, due 2027 (EUR 600 million)1) 14,399 14,164 0.875% Registered bonds, due 2031 (EUR 500 million)1) 10,684 10,581 0.450% Registered bonds, due 2029 (EUR 500 million)1) 11,121 10,928 4.510% CZK bonds, due 2026 (CZK 6,750 million)2) 6,885 6,887 Total bonds and debentures 185,960 167,631 Less: Current portion (41,268) (27,198) Bonds and debentures, net of current portion 144,692 140,433 Long-term bank loans, lease liabilities: 82,239 70,769 Less: Current portion (5,519) (5,224) Long-term bank loans, lease payables, net of current portion 76,720 65,545 Total long-term debt 268,199 238,400 Less: Current portion (46,787) (32,422) Total long-term debt, net of current portion 221,412 205,978 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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19 9. Provisions The following table provides an overview of provisions as at June 30, 2026 and December 31, 2025 (in CZK millions): June 30, 2026 December 31, 2025 Non- current Current Total Non- current Current Total Nuclear provisions 144,544 3,233 147,777 142,364 3,357 145,721 Provision for demolition and dismantling of fossil-fuel power plants 16,570 432 17,002 16,472 437 16,909 Provision for reclamation of mines and mining damages 15,783 200 15,983 15,569 200 15,769 Provision for waste storage reclamation 727 11 738 719 11 730 Provision for CO2 emissions - 14,092 14,092 - 27,129 27,129 Provision for employee benefits 5,310 360 5,670 5,146 405 5,551 Other provisions 2,622 5,497 8,119 2,325 5,530 7,855 Total 185,556 23,825 209,381 182,595 37,069 219,664
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20 10. Derivatives and Other Financial Liabilities Derivatives and other financial liabilities at June 30, 2026 and December 31, 2025 are as follows (in CZK millions): June 30, 2026 Long-term liabilities Short-term liabilities Total Payables from non-current assets purchase 449 - 449 Payables to owners for profit distribution - 23,285 23,285 Other 1,215 963 2,178 Financial liabilities at amortized cost 1,664 24,248 25,912 Cash flow hedge derivatives 8,333 9,905 18,238 Commodity and other derivatives 3,665 33,278 36,943 Liabilities from put options held by non-controlling interests 666 23 689 Contingent consideration from the acquisition of subsidiaries 233 76 309 Financial liabilities at fair value 12,897 43,282 56,179 Total 14,561 67,530 82,091 December 31, 2025 Long-term liabilities Short-term liabilities Total Payables from non-current assets purchase 409 - 409 Other 1,376 2,227 3,603 Financial liabilities at amortized cost 1,785 2,227 4,012 Cash flow hedge derivatives 6,969 3,883 10,852 Commodity and other derivatives 4,157 16,276 20,433 Liabilities from put options held by non-controlling interests 665 23 688 Contingent consideration from the acquisition of subsidiaries 145 243 388 Financial liabilities at fair value 11,936 20,425 32,361 Total 13,721 22,652 36,373 11. Short-term Loans Short-term loans at June 30, 2026 and December 31, 2025 are as follows (in CZK millions): June 30, 2026 December 31, 2025 Bank loans 22,163 9,852 Bank overdrafts 454 446 Total 22,617 10,298
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21 12. Revenues and Other Operating Income The composition of revenues and other operating income for the first six months ended June 30, 2026 and 2025, is as follows (in CZK millions): 1-6/2026 1-6/2025 Sales of electricity: Sales of electricity to end customers 32,121 34,855 Sales of electricity through energy exchange and other organized markets 28,523 33,500 Sales of electricity to traders 11,510 5,239 Sales to distribution and transmission companies 602 211 Other sales of electricity 9,153 8,979 Effect of hedging – presales of electricity 30 7,744 Effect of hedging – currency risk hedging (282) 397 Total sales of electricity 81,657 90,925 Sales of gas, coal and heat: Sales of gas 8,704 8,502 Sales of coal 2,355 2,553 Sales of heat 6,970 7,203 Total sales of gas, coal and heat 18,029 18,258 Total sales of electricity, heat, gas and coal 99,686 109,183 Sales of services and other revenues: Distribution services - electricity 24,923 23,554 Distribution services - gas 12,405 10,496 Ancillary services of transmission grid 339 758 Other services 19,351 20,823 Rental income 146 126 Revenues from goods sold 416 420 Other revenues 1,193 881 Total sales of services and other revenues 58,773 57,058 Other operating income: Contractual fines and interest fees for delays 109 78 Gain on sale of property, plant and equipment 82 133 Gain on sale of material 131 121 Granted certificates and guarantees of origin 4 11 Other 942 957 Total other operating income 1,268 1,300 Total revenues and other operating income 159,727 167,541
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22 Revenues from contracts with customers for the six months ended June 30, 2026 and 2025, were CZK 158,565 million and CZK 157,974 million, respectively, and can be linked to the above figures as follows: 1-6/2026 1-6/2025 Sales of electricity, heat, gas and coal 99,686 109,183 Sales of services and other revenues 58,773 57,058 Total revenues 158,459 166,241 Adjustments: Effect of hedging – presales of electricity (30) (7,744) Effect of hedging – currency risk hedging 282 (397) Rental income (146) (126) Revenues from contracts with customers 158,565 157,974 13. Gains and Losses from Commodity Derivative Trading The composition of gains and losses from commodity derivative trading for the six months ended June 30, 2026 and 2025, is as follows (in CZK millions): 1-6/2026 1-6/2025 Gain (loss) from electricity derivative trading (3,663) 4,046 Gain (loss) from gas derivative trading 2,202 (577) Loss from oil derivative trading (27) (21) Loss from emission rights derivative trading (232) (231) Total gains and losses from commodity derivative trading (1,720) 3,217 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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23 14. Income Taxes Tax effects relating to each component of other comprehensive income are the following (in CZK millions): 1-6/2026 1-6/2025 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 (4,279) 899 (3,380) 4,570 (1,948) 2,622 Cash flow hedges reclassified to statement of income (118) 25 (93) (7,119) 5,267 (1,852) Change in fair value of debt instruments 147 (32) 115 (141) 30 (111) Disposal of debt instruments 21 (12) 9 - - - Translation differences – subsidiaries 19 - 19 (584) - (584) Translation differences – associates and joint-ventures 82 - 82 (54) - (54) Disposal of translation differences - - - 1,715 - 1,715 Share on other equity movements of associates and joint-ventures (9) - (9) 2 - 2 Total (4,137) 880 (3,257) (1,611) 3,349 1,738
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24 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): 1-6/2026 1-6/2025 Income before other income (expenses) and income taxes 31,966 45,433 Depreciation and amortization 26,697 28,414 Impairment of property, plant and equipment and intangible assets 423 156 Gains and losses on sale of property, plant and equipment, net1) (61) (114) EBITDA 59,025 73,889 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): 1-6/2026 1-6/2025 Operating income 159,727 167,541 Gains and losses from commodity derivative trading (1,720) 3,217 Purchase of electricity, gas and other energies (25,416) (24,673) Fuel and emission rights (20,868) (22,142) Services (23,147) (21,027) Capitalization of expenses to the cost of assets and change in own inventories 4,648 4,298 Other1) 313 (799) Gross margin 93,537 106,415 1) 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 six months ended June 30, 2025, was adjusted due to the final accounting for the acquisition of GasNet Group in 2024 (see Note 2.2.1).
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25 The following tables summarize segment information by operating segments for the six months ended June 30, 2026 and 2025 and at December 31, 2025 (in CZK millions): June 30, 2026: Gene- ration Mining Distribu- tion Sales Combined Elimina- tion Consoli- dated Revenues and other operating income – other than intersegment 51,385 2,689 37,445 68,208 159,727 - 159,727 Revenues and other operating income – intersegment 30,936 5,619 272 5,836 42,663 (42,663) - Total revenues and other operating income 82,321 8,308 37,717 74,044 202,390 (42,663) 159,727 Thereof: Sales of electricity, heat, gas and coal 76,068 7,399 7 54,522 137,996 (38,310) 99,686 Sales of services and other revenues 5,193 873 37,494 18,992 62,552 (3,779) 58,773 Other operating income 1,060 36 216 530 1,842 (574) 1,268 Revenues and other operating income, including result from commodity derivative trading 80,263 8,308 37,717 74,100 200,388 (42,381) 158,007 Total sales of electricity, including the result of electricity trading 1) 66,248 - 7 41,190 107,445 (29,451) 77,994 Gross margin 42,617 8,136 30,007 16,507 97,267 (3,730) 93,537 EBITDA 27,319 4,639 21,790 5,349 59,097 (72) 59,025 Depreciation and amortization (14,414) (1,363) (9,212) (1,708) (26,697) - (26,697) Impairment of property, plant and equipment and intangible assets (410) - (18) 5 (423) - (423) Income before other income (expenses) and income taxes 12,537 3,282 12,582 3,637 32,038 (72) 31,966 Interest on debt and provisions (6,603) (386) (1,982) (263) (9,234) 734 (8,500) Interest income 1,595 289 136 448 2,468 (734) 1,734 Share of profit (loss) from associates and joint-ventures (255) (27) 14 4 (264) - (264) Income taxes (1,468) (694) (2,349) (990) (5,501) 19 (5,482) Net income 18,400 2,597 8,322 1,805 31,124 (13,042) 18,082 Identifiable assets 286,543 7,972 264,810 20,985 580,310 (424) 579,886 Investment in associates and joint-ventures 7,537 610 75 245 8,467 - 8,467 Unallocated assets 340,379 Total assets 928,732 Capital expenditure 14,758 619 10,944 3,402 29,723 (198) 29,525 1) The item contains the line Total sales of electricity (Note 12) and the line Gain (loss) from electricity derivative trading (Note 13).
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26 June 30, 2025 (adjusted): Gene- ration Mining Distribu- tion Sales Combined Elimina- tion Consoli- dated Revenues and other operating income – other than intersegment 60,112 2,882 34,074 70,473 167,541 - 167,541 Revenues and other operating income – intersegment 38,994 4,840 288 6,070 50,192 (50,192) - Total revenues and other operating income 99,106 7,722 34,362 76,543 217,733 (50,192) 167,541 Thereof: Sales of electricity, heat, gas and coal 91,568 6,944 8 56,724 155,244 (46,061) 109,183 Sales of services and other revenues 6,522 736 34,159 19,256 60,673 (3,615) 57,058 Other operating income 1,016 42 195 563 1,816 (516) 1,300 Revenues and other operating income, including result from commodity derivative trading 102,115 7,721 34,363 76,751 220,950 (50,192) 170,758 Total sales of electricity, including the result of electricity trading 1) 82,885 - 8 44,191 127,084 (32,113) 94,971 Gross margin 56,927 7,567 27,305 18,356 110,155 (3,740) 106,415 EBITDA 42,305 4,173 19,803 7,706 73,987 (98) 73,889 Depreciation and amortization (15,938) (1,531) (9,404) (1,541) (28,414) - (28,414) Impairment of property, plant and equipment and intangible assets (2) 2 (153) (3) (156) - (156) Income before other income (expenses) and income taxes 26,422 2,657 10,281 6,171 45,531 (98) 45,433 Interest on debt and provisions (6,135) (334) (1,854) (243) (8,566) 738 (7,828) Interest income 1,617 251 147 433 2,448 (738) 1,710 Share of profit (loss) from associates and joint-ventures (18) (55) 5 10 (58) - (58) Income taxes (15,850) (573) (2,816) (3,796) (23,035) (44) (23,079) Net income 16,974 2,076 5,562 2,210 26,822 (10,357) 16,465 Capital expenditure 11,047 626 9,250 1,988 22,911 (124) 22,787 December 31, 2025: Gene- ration Mining Distribu- tion Sales Combined Elimina- tion Consoli- dated Identifiable assets 288,186 8,766 253,808 19,366 570,126 (486) 569,640 Investment in associates and joint-ventures 7,735 638 61 258 8,692 - 8,692 Unallocated assets 286,282 Total assets 864,614 1) The item contains the line Total sales of electricity (Note 12) and the line Gain (loss) from electricity derivative trading (Note 13).