CEZ A.S.

Annual / Quarterly Financial Statement • Aug 7, 2025

ČEZ, a. s.

SEPARATE FINANCIAL STATEMENTS

PREPARED IN ACCORDANCE WITH IFRS ACCOUNTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION AS OF JUNE 30, 2025

ČEZ, a. s. BALANCE SHEET AS OF JUNE 30, 2025

	June 30, 2025	December 31, 2024
ASSETS:
Plant in service Less accumulated depreciation and impairment	562,571 (330,620)
Net plant in service	221,791	231,951
Nuclear fuel Construction work in progress	18,835 24,450	20,574 19,684
Total property, plant and equipment	265,076	272,209
Restricted financial assets Other non-current financial assets Intangible assets Investment properties Deferred tax assets	22,074 198,209 2,050 436 870	20,049 195,499 1,969 440 -
Total other non-current assets	223,639	217,957
Total non-current assets	488,715	490,166
Cash and cash equivalents Trade and other receivables Income tax receivable Materials and supplies Fossil fuel stocks Emission rights Derivatives and other current financial assets Other current assets Assets classified as held for sale	63,906 41,616 2 14,259 356 1,952 66,598 12,140 -	32,868 56,047 - 11,853 1,180 24,532 59,780 14,859 1,356
Total current assets	200,829	202,475
Total assets	689,544	692,641

ČEZ, a. s. BALANCE SHEET AS OF JUNE 30, 2025

continued

	June 30, 2025	December 31, 2024
EQUITY AND LIABILITIES:
Stated capital Treasury shares Retained earnings and other reserves	53,799 (1,334) 104,987	53,799 (1,334) 113,335
Total equity	157,452	165,800
Long-term debt, net of current portion Provisions Other long-term financial liabilities Deferred tax liability	163,660 163,777 5,792 -	148,667 159,707 7,982 18,582
Total non-current liabilities	333,229	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	18,879 4,169 23,526 11,795 15,914 123,590 990	2,199 24,173 30,723 852 26,349 106,649 958
Total current liabilities	198,863	191,903
Total equity and liabilities	689,544	692,641

ČEZ, a. s. STATEMENT OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2025

	1-6/2025	1-6/2024	4-6/2025	4-6/2024
Sales of electricity, heat and gas Sales of services and other revenues Other operating income	86,746 3,903 683	89,465 4,256 434	36,287 1,880 377	38,194 2,221 196
Total revenues and other operating income	91,332	94,155	38,544	40,611
Gains and losses from commodity derivative trading Purchase of electricity, gas and other	3,152	3,462	1,234	2,013
energies	(18,789)	(19,174)	(6,677)	(7,193)
Fuel and emission rights	(22,458)	(18,234)	(8,211)	(7,759)
Services	(6,385)	(6,116)	(3,697)	(3,529)
Salaries and wages	(5,823)	(5,348)	(3,030)	(2,825)
Materials and supplies	(1,362)	(1,352)	(693)	(735)
Capitalization of expenses to the cost of
assets and change in own inventories	139	124	73	68
Depreciation and amortization	(14,000)	(9,828)	(6,836)	(4,928)
Impairment of property, plant and equipment
and intangible assets	(2)	(4)	-	(4)
Impairment of trade and other receivables	16	11	(8)	-
Other operating expenses	(1,098)	(1,221)	(631)	(756)
Income before other income (expenses) and
income taxes	24,722	36,475	10,068	14,963
Interest on debt	(3,717)	(4,177)	(1,812)	(1,966)
Interest on provisions	(3,434)	(3,516)	(1,725)	(1,758)
Interest income	2,548	2,544	1,313	1,303
Impairment of financial assets	(3)	(6)	(1)	1
Other financial expenses	(878)	(557)	(396)	(60)
Other financial income	12,275	9,743	12,204	9,155
Total other income (expenses)	6,791	4,031	9,583	6,675
Income before income taxes	31,513	40,506	19,651	21,638
Income taxes	(15,360)	(22,606)	(5,953)	(9,282)
Net income	16,153	17,900	13,698	12,356

ČEZ, a. s. STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2025

	1-6/2025	1-6/2024	4-6/2025	4-6/2024
Net income	16,153	17,900	13,698	12,356
Change in fair value of cash flow hedges Cash flow hedges reclassified to statement	4,622	4,793	(4)	(8,702)
of income	(7,103)	(9,889)	(4,376)	(4,232)
Change in fair value of debt financial instruments	(121)	(445)	(38)	(311)
Deferred tax related to other comprehensive income	3,331	3,825	3,547	8,158
Net other comprehensive income that may
be reclassified to statement of income or to assets in subsequent periods	729	(1,716)	(871)	(5,087)
Total comprehensive income, net of tax	16,882	16,184	12,827	7,269

ČEZ, a. s. STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 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	- -	- -	- (1,296)	- (420)	- -	17,900 -	17,900 (1,716)
Total comprehensive income	-	-	(1,296)	(420)	- -	17,900	16,184
Dividends	-	-	-	-	-	(27,914)	(27,914)
Balance as at June 30, 2024	53,799	(1,334)	7,182	(119)	(2,195)	112,519	169,852
Balance as at January 1, 2025	53,799	(1,334)	337	(267)	(1,242)	114,507	165,800
Net income Other comprehensive income	- -	- -	- 824	- (95)	- -	16,153 -	16,153 729
Total comprehensive income	-	-	824	(95)	- -	16,153	16,882
Dividends Transfer of measurement of equity	-	-	-	-	-	(25,230)	(25,230)
instruments on sale	-	-	-	-	1,375	(1,375)	-
Balance as at June 30, 2025	53,799	(1,334)	1,161	(362)	133	104,055	157,452

ČEZ, a. s. STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2025

In CZK Millions

	1-6/2025	1-6/2024*
OPERATING ACTIVITIES:
Income before income taxes	31,513	40,506
Adjustments of income before income taxes to cash generated from operations:
Depreciation and amortization	14,000	9,828
Amortization of nuclear fuel	2,026	1,763
(Gains) and losses on non-current asset retirements	(153)	7
Foreign exchange rate loss (gain)	567	(967)
Interest expense, interest income and dividend income Provisions	(10,947) (8,219)	(7,071) (4,208)
Impairment of property, plant and equipment and intangible
assets	2	4
Other non-cash expenses and income	(7,252)	(7,548)
Changes in assets and liabilities:
Receivables and contract assets	16,798	37,372
Materials, supplies and fossil fuel stocks	(1,628)	(1,485)
Receivables and payables from derivatives	(4,524)	14,949
Other assets	20,709	18,923
Trade payables	(5,798)	(22,066)
Other liabilities	33	(418)
Cash from operations	47,127	79,589
Income taxes paid	(20,539)	(23,246)
Interest paid, net of capitalized interest	(4,449)	(4,930)
Interest received	2,296	2,305
Dividends received	1,301	313
Net cash flow from operating activities	25,736	54,031
INVESTING ACTIVITIES:
Acquisition of subsidiaries, associates and joint-ventures Proceeds from disposal of subsidiaries, associates and joint	(4,327)	(543)
ventures and original investments repayments	-	78
Additions to non-current assets before deducting grants, including
capitalized interest	(8,880)	(9,660)
Procceds from grants to non-current assets	192	456
Proceeds from sale of non-current assets Loans made	1,439 -	102 (80)
Repayments of loans	1,307	1,275
Change in restricted financial assets	(2,163)	(1,876)
Net cash flow from investing activities	(12,432)	(10,248)

* 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 SIX MONTHS ENDED JUNE 30, 2025

continued

	1-6/2025	1-6/2024*
FINANCING ACTIVITIES:
Proceeds from borrowings Payments of borrowings Payments of lease liabilities Proceeds from other long-term liabilities Payments of other long-term liabilities Change in payables/receivables from Group cash pooling Dividends paid	159,673 (143,233) (168) 1 (994) 3,095 (86)	163,183 (175,491) (149) 2 (898) (618) (195)
Net cash flow from financing activities	18,288	(14,166)
Net effect of currency translation and allowances in cash	(554)	57
Net increase in cash and cash equivalents	31,038	29,674
Cash and cash equivalents at beginning of period	32,868	5,680
Cash and cash equivalents at end of period	63,906	35,354
Supplementary cash flow information: Total cash paid for interest	4,829	5,196

* 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.