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Results Preview: CEZ: EBITDA declined, bottom line rose due to lower effective tax rate

07/05/2026 10:42

For the first quarter, we estimate a 20% yoy decline in EBITDA to CZK34.4bn. Realized electricity prices will be lower this year, and we also expect operating costs to rise. However, net profit will rise by +10.5% yoy and, according to our estimates, will reach CZK14bn. Since the windfall tax is no longer in effect this year, the effective tax rate will drop significantly, positively impacting net profit.

Autor: Bohumil Trampota
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