According to our estimates, CEZ will report an EBITDA of CZK33.9bn (-8.8% yoy) and a net profit of CZK5.3bn (-21% yoy) for 4Q25. We believe lower electricity prices are behind this decline. We expect CEZ to meet its full-year targets. This would imply a dividend of CZK41 per share from 2025 profits. Investors will focus on projections for this year.