The main difference in the expected results for 2Q25 is the consolidation of the GasNet acquisition. This acquisition was not included in the consolidation group for the same period last year. According to our projections, CEZ will report an EBITDA of CZK30.5bn (+5.8% yoy) and a net profit of CZK5.0bn (-34% yoy). Estimates for the first half of 2025 are 57% and 66% of the full-year targets. Given that the second half of the year is usually weaker, we expect CEZ's management to be conservative and confirm its full-year targets.