CEZ reported 4Q24 results well ahead of estimates. 4Q24 EBITDA of CZK37.4bn is above consensus by a strong +17.7%. Margin increased by 5.5 pps yoy. Net profit of CZK6.8bn beats estimates by a strong +20%. FY results beat both CEZ's guidance and analyst consensus. The outlook for the year is also ahead of market expectations. The common denominator for the better numbers should be the higher availability of nuclear resources and the contribution of the acquired GasNet. The dividend from last year's profit could reach up to CZK47 (yield +4.5%).