CEZ reported a 56% yoy increase in net profit to CZK5.5bn for 3Q25. This exceeded the market consensus by +10%. However, this was influenced by a significant decrease in the effective tax rate, which fell from 88.0% in 3Q24 to 56.4% in 3Q25. EBITDA of CZK29.3bn (-5.7% yoy) fell short of estimates by 7%. This was due to lower electricity realization prices, lower trading profits, and poorer performance of emission sources and hydroelectric power plants. While CEZ repeated its full-year EBITDA guidance, it simultaneously lowered the upper limit of its original net profit expectation to CZK26-28bn from CZK26-30bn.