Investment case: We are issuing a Sell recommendation for CEZ shares with a new target price of CZK1,079 (previous reco Hold with TP CZK923 from November 15, 2024).

There are four crucial segments for CEZ. The first is Generation, which accounts for 57% of EBITDA (9M25). Nuclear power plants are key in this area. The second is Distribution (27%), which includes a fully regulated business. Third is Sales (10%), which includes ESCO services. The smallest segment is Mining (6%). This segment will gradually decline as coal-fired power generation is phased out.