CEZ's net profit for 3Q26 is expected to increase by +42% yoy, reaching CZK7.8bn. This strong growth is due to a base effect, given that the special tax (WFT) is not payable this year. However, EBITDA will fall by 9.6% yoy to CZK26.5bn. The main reason for this is lower electricity prices. We also anticipate that CEZ's full-year projection will be revised upwards, primarily due to the sale of a 49% stake in JESS.