CEZ A.S.

Annual / Quarterly Financial Statement • May 15, 2025

ČEZ, a. s.

SEPARATE FINANCIAL STATEMENTS

PREPARED IN ACCORDANCE WITH IFRS ACCOUNTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION AS OF MARCH 31, 2025

ČEZ, a. s. BALANCE SHEET AS OF MARCH 31, 2025

	March 31, 2025	December 31, 2024
ASSETS:
Plant in service Less accumulated depreciation and impairment	564,671 (337,537)	562,571 (330,620)
Net plant in service	227,134	231,951
Nuclear fuel Construction work in progress	19,684 20,427	20,574 19,684
Total property, plant and equipment	267,245	272,209
Restricted financial assets Other non-current financial assets Intangible assets Investment properties	20,154 195,150 1,990 438	20,049 195,499 1,969 440
Total other non-current assets	217,732	217,957
Total non-current assets	484,977	490,166
Cash and cash equivalents Trade and other receivables Materials and supplies Fossil fuel stocks Emission rights Derivatives and other current financial assets Other current assets Assets classified as held for sale	53,410 47,287 10,021 370 24,436 50,058 12,455 1,356	32,868 56,047 11,853 1,180 24,532 59,780 14,859 1,356
Total current assets	199,393	202,475
Total assets	684,370	692,641

ČEZ, a. s. BALANCE SHEET AS OF MARCH 31, 2025

continued

	March 31, 2025	December 31, 2024
EQUITY AND LIABILITIES:
Stated capital Treasury shares Retained earnings and other reserves	53,799 (1,334) 117,390	53,799 (1,334) 113,335
Total equity	169,855	165,800
Long-term debt, net of current portion Provisions Other long-term financial liabilities Deferred tax liability	146,419 162,585 6,078 10,378	148,667 159,707 7,982 18,582
Total non-current liabilities	325,460	334,938
Short-term loans Current portion of long-term debt Trade payables Income tax payable Provisions Derivatives and other short-term financial liabilities Other short-term liabilities	6,103 24,846 25,679 8,410 34,177 88,243 1,597	2,199 24,173 30,723 852 26,349 106,649 958
Total current liabilities	189,055	191,903
Total equity and liabilities	684,370	692,641

ČEZ, a. s. STATEMENT OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2025

	1-3/2025	1-3/2024
Sales of electricity, heat and gas Sales of services and other revenues Other operating income	50,459 2,023 306	51,271 2,035 238
Total revenues and other operating income	52,788	53,544
Gains and losses from commodity derivative trading Purchase of electricity, gas and other energies Fuel and emission rights Services Salaries and wages Materials and supplies Capitalization of expenses to the cost of assets and change in own inventories Depreciation and amortization Impairment of property, plant and equipment and intangible assets Impairment of trade and other receivables Other operating expenses	1,918 (12,112) (14,247) (2,688) (2,793) (669) 66 (7,164) (2) 24 (467)	1,449 (11,981) (10,475) (2,587) (2,523) (617) 56 (4,900) - 11 (465)
Income before other income (expenses) and income taxes	14,654	21,512
Interest on debt Interest on provisions Interest income Impairment of financial assets Other financial expenses Other financial income	(1,905) (1,709) 1,235 (2) (482) 71	(2,211) (1,758) 1,241 (7) (497) 588
Total other income (expenses)	(2,792)	(2,644)
Income before income taxes	11,862	18,868
Income taxes	(9,407)	(13,324)
Net income	2,455	5,544

ČEZ, a. s. STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2025

	1-3/2025	1-3/2024
Net income	2,455	5,544
Change in fair value of cash flow hedges	4,626	13,495
Cash flow hedges reclassified to statement of income	(2,727)	(5,657)
Change in fair value of debt financial instruments	(83)	(134)
Deferred tax related to other comprehensive income	(216)	(4,333)
Net other comprehensive income that may be reclassified to
statement of income or to assets in subsequent periods	1,600	3,371
Total comprehensive income, net of tax	4,055	8,915

ČEZ, a. s. STATEMENT OF CHANGES IN EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2025

	Stated capital	Treasury shares	Cash flow hedge reserve	Debt financial instruments	Equity financial instruments and other reserves	Retained earnings	Total equity
Balance as at January 1, 2024	53,799	(1,334)	8,478	301	(2,195)	122,533	181,582
Net income Other comprehensive income	- -	- -	- 3,519	- (148)	- -	5,544 -	5,544 3,371
Total comprehensive income	-	-	3,519	(148)	-	5,544	8,915
Balance as at March 31, 2024	53,799	(1,334)	11,997	153	(2,195)	128,077	190,497
Balance as at January 1, 2025	53,799	(1,334)	337	(267)	(1,242)	114,507	165,800
Net income Other comprehensive income	- -	- -	- 1,665	- (65)	- -	2,455 -	2,455 1,600
Total comprehensive income	-	-	1,665	(65)	-	2,455	4,055
Balance as at March 31, 2025	53,799	(1,334)	2,002	(332)	(1,242)	116,962	169,855

ČEZ, a. s. STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2025

In CZK Millions

	1-3/2025	1-3/2024*
OPERATING ACTIVITIES:
Income before income taxes	11,862	18,868
Adjustments of income before income taxes to cash generated from operations:
Depreciation and amortization	7,164	4,900
Amortization of nuclear fuel	1,034	947
(Gains) and losses on non-current asset retirements	(19)	1
Foreign exchange rate loss (gain)	438	(502)
Interest expense, interest income and dividend income	670	970
Provisions	9,039	6,775
Impairment of property, plant and equipment and intangible
assets	2	-
Other non-cash expenses and income	(3,423)	(4,458)
Changes in assets and liabilities:
Receivables and contract assets	10,739	32,552
Materials, supplies and fossil fuel stocks	2,616	445
Receivables and payables from derivatives	(3,349)	4,846
Other assets	(957)	3,531
Trade payables	(3,387)	(19,444)
Other liabilities	640	289
Cash from operations	33,069	49,720
Income taxes paid	(10,269)	(16,105)
Interest paid, net of capitalized interest	(1,061)	(1,558)
Interest received	901	979
Net cash flow from operating activities	22,640	33,036
INVESTING ACTIVITIES:
Acquisition of subsidiaries, associates and joint-ventures	(1,081)	(500)
Proceeds from disposal of subsidiaries, associates and joint
ventures and original investments repayments	-	31
Additions to non-current assets before deducting grants, including
capitalized interest	(3,238)	(3,542)
Proceeds from grants to non-current assets	122	400
Proceeds from sale of non-current assets	46	59
Loans made	-	(35)
Repayments of loans	322	305
Change in restricted financial assets	(193)	(179)
Net cash flow from investing activities	(4,022)	(3,461)

* The way of presentation of this statement was changed for 2024 year-end. The prior year figures were changed accordingly to provide comparative information on the same basis.

ČEZ, a. s. STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2025

continued

	1-3/2025	1-3/2024*
FINANCING ACTIVITIES:
Proceeds from borrowings Payments of borrowings Payments of lease liabilities Payment of other long-term liabilities Change in payables/receivables from Group cash pooling Dividends paid	65,345 (62,134) (84) (67) (792) (57)	31,609 (28,478) (69) (72) (74) (135)
Net cash flow from financing activities	2,211	2,781
Net effect of currency translation and allowances in cash	(287)	(52)
Net increase in cash and cash equivalents	20,542	32,304
Cash and cash equivalents at beginning of period	32,868	5,680
Cash and cash equivalents at end of period	53,410	37,984
Supplementary cash flow information:
Total cash paid for interest	1,141	1,630

* The way of presentation of this statement was changed for 2024 year-end. The prior year figures were changed accordingly to provide comparative information on the same basis.