CEZ reported an increase in EBITDA of +7.2% yoy to CZK30.9bn for 2Q25, surpassing market expectations by +2.1%. This growth was driven by the Distribution and Sales segment. Net profit declined by 47% yoy to CZK4.0bn due to an increase in D&A. The extremely high effective tax rate caused the net profit to be 27% below consensus. However, due to lower operating and commodity costs and higher realized electricity prices, CEZ raised its full-year guidance for both EBITDA and the bottom line. We consider the reported figures to be strong and expect market consensus to increase.