CEZ A.S.

Quarterly Report • Nov 11, 2025

ČEZ, a. s.

SEPARATE FINANCIAL STATEMENTS

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

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

	September 30, 2025	December 31, 2024
ASSETS:
Plant in service Less accumulated depreciation and impairment	566,424 (350,071)	562,571 (330,620)
Net plant in service	216,353	231,951
Nuclear fuel Construction work in progress	21,519 23,231	20,574 19,684
Total property, plant and equipment	261,103	272,209
Restricted financial assets Other non-current financial assets Intangible assets Investment properties Deferred tax assets	21,913 197,371 2,078 443 10,779	20,049 195,499 1,969 440 -
Total other non-current assets	232,584	217,957
Total non-current assets	493,687	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	41,968 35,339 3 16,715 358 2,028 54,801 11,494 -	32,868 56,047 - 11,853 1,180 24,532 59,780 14,859 1,356
Total current assets	162,706	202,475
Total assets	656,393	692,641

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

continued

	September 30, 2025	December 31, 2024
EQUITY AND LIABILITIES:
Stated capital	53,799	53,799
Treasury shares Retained earnings and other reserves	(1,334) 105,200	(1,334) 113,335
Total equity	157,665	165,800
Long-term debt, net of current portion	163,870	148,667
Provisions	165,105	159,707
Other long-term financial liabilities	7,315	7,982
Deferred tax liability	-	18,582
Total non-current liabilities	336,290	334,938
Short-term loans	23,556	2,199
Current portion of long-term debt	4,121	24,173
Trade payables	21,026	30,723
Income tax payable	9,739	852
Provisions	20,338	26,349
Derivatives and other short-term financial liabilities	82,708	106,649
Other short-term liabilities	950	958
Total current liabilities	162,438	191,903
Total equity and liabilities	656,393	692,641

ČEZ, a. s. STATEMENT OF INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Sales of electricity, heat and gas 123,018 132,546 36,272 43,081 Sales of services and other revenues 5,558 6,146 1,655 1,890 Other operating income 1,006 597 323 163 Total revenues and other operating income 129,582 139,289 38,250 45,134 Gains and losses from commodity derivative trading 3,333 4,740 181 1,278 Purchase of electricity, gas and other energies (25,427) (27,985) (6,638) (8,811) Fuel and emission rights (30,634) (28,225) (8,176) (9,991) Services (10,371) (10,172) (3,986) (4,056) Salaries and wages (8,863) (8,282) (3,040) (2,934) Materials and supplies (1,908) (1,969) (546) (617) Capitalization of expenses to the cost of assets and change in own inventories 208 170 69 46 Depreciation and amortization (20,620) (14,670) (6,620) (4,842) Impairment of property, plant and equipment and intangible assets (13) (4) (11) - Impairment of trade and other receivables 21 11 5 - Other operating expenses (1,578) (1,699) (480) (478) Income before other income (expenses) and income taxes 33,730 51,204 9,008 14,729 Interest on debt (5,537) (6,126) (1,820) (1,949) Interest on provisions (5,159) (5,275) (1,725) (1,759) Interest income 3,781 3,838 1,233 1,294 Impairment of financial assets 3 (7) 6 (1) Other financial expenses (1,283) (635) (405) (78) Other financial income 12,287 9,829 12 86 Total other income (expenses) 4,092 1,624 (2,699) (2,407) Income before income taxes 37,822 52,828 6,309 12,322 Income taxes (19,823) (35,845) (4,463) (13,239) Net income 17,999 16,983 1,846 (917)	1-9/2025	1-9/2024*	7-9/2025	7-9/2024*

^* Some figures were adjusted due to the final accounting of the acquisition of the company Czech Gas Networks S.à r.l. (selected originally reported costs are now part of the purchase price) and does not correspond to the amounts published as of September 30, 2024.

ČEZ, a. s. STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

	1-9/2025	1-9/2024*	7-9/2025	7-9/2024*
Net income	17,999	16,983	1,846	(917)
Change in fair value of cash flow hedges Cash flow hedges reclassified to statement	3,751	5,060	(871)	267
of income	(10,788)	(13,802)	(3,685)	(3,913)
Change in fair value of debt financial instruments	(554)	8	(433)	453
Deferred tax related to other comprehensive income	6,624	5,764	3,293	1,939
Net other comprehensive income that may
be reclassified to statement of income or to assets in subsequent periods	(967)	(2,970)	(1,696)	(1,254)
Total comprehensive income, net of tax	17,032	14,013	150	(2,171)

^* Some figures were adjusted due to the final accounting of the acquisition of the company Czech Gas Networks S.à r.l. (selected originally reported costs are now part of the purchase price) and does not correspond to the amounts published as of September 30, 2024.

ČEZ, a. s. STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 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	- -	- -	- (2,863)	- (107)	- -	16,983 -	16,983 (2,970)
Total comprehensive income	-	-	(2,863)	(107)	- -	16,983	14,013
Effect of business combinations Dividends	- -	- -	- -	- -	- -	40 (27,875)	40 (27,875)
Balance as at September 30, 2024*	53,799	(1,334)	5,615	194	(2,195)	111,681	167,760
Balance as at January 1, 2025	53,799	(1,334)	337	(267)	(1,242)	114,507	165,800
Net income Other comprehensive income	- -	- -	- (529)	- (438)	- -	17,999 -	17,999 (967)
Total comprehensive income	-	-	(529)	(438)	- -	17,999	17,032
Dividends	-	-	-	-	-	(25,167)	(25,167)
Transfer of measurement of equity instruments on sale	-	-	-	-	1,375	(1,375)	-
Balance as at September 30, 2025	53,799	(1,334)	(192)	(705)	133	105,964	157,665

^* Some figures were adjusted due to the final accounting of the acquisition of the company Czech Gas Networks S.à r.l. (selected originally reported costs are now part of the purchase price) and does not correspond to the amounts published as of September 30, 2024.

ČEZ, a. s. STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

	1-9/2025	1-9/2024*
OPERATING ACTIVITIES:
Income before income taxes	37,822	52,828
Adjustments of income before income taxes to cash
generated from operations:
Depreciation and amortization	20,620	14,670
Amortization of nuclear fuel	3,072	2,733
(Gains) and losses on non-current asset retirements	(160)	(137)
Foreign exchange rate loss (gain)	531	(958)
Interest expense, interest income and dividend income	(10,361)	(6,419)
Provisions	(2,654)	2,527
Impairment of property, plant and equipment and intangible
assets	13	4
Other non-cash expenses and income	(11,169)	(11,617)
Changes in assets and liabilities:
Receivables and contract assets	22,838	32,861
Materials, supplies and fossil fuel stocks	(4,085)	(1,700)
Receivables and payables from derivatives	(5,847)	24,387
Other assets	19,271	20,952
Trade payables	(8,613)	(21,043)
Other liabilities	(7)	1,961
Cash from operations	61,271	111,049
Income taxes paid	(33,677)	(33,825)
Interest paid, net of capitalized interest	(6,171)	(6,252)
Interest received	3,167	3,302
Dividends received	10,299	3,368
Net cash flow from operating activities	34,889	77,642
INVESTING ACTIVITIES:
Acquisition of subsidiaries, associates and joint-ventures	(12,605)	(24,257)
Proceeds from disposal of subsidiaries, associates and joint
ventures and original investments repayments	21	1,003
Additions to non-current assets before deducting grants, including
capitalized interest	(12,620)	(14,999)
Procceds from grants to non-current assets	192	456
Proceeds from sale of non-current assets	1,460	152
Loans made	-	(80)
Repayments of loans	1,490	1,590
Change in restricted financial assets	(2,383)	(2,072)
Net cash flow from investing activities	(24,445)	(38,207)

^* 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.

Some figures were adjusted due to the final accounting of the acquisition of the company Czech Gas Networks S.à r.l. (selected originally reported costs are now part of the purchase price) and does not correspond to the amounts published as of September 30, 2024.

ČEZ, a. s. STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025

continued

	1-9/2025	1-9/2024*
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	304,346 (279,991) (252) 2 (1,012) 1,431 (25,083)	250,612 (244,983) (231) 5 (901) 7,071 (27,805)
Net cash flow from financing activities	(559)	(16,232)
Net effect of currency translation and allowances in cash	(785)	56
Net increase in cash and cash equivalents	9,100	23,259
Cash and cash equivalents at beginning of period	32,868	5,680
Cash and cash equivalents at end of period	41,968	28,939
Supplementary cash flow information: Total cash paid for interest	6,716	6,634

^* 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.

Some figures were adjusted due to the final accounting of the acquisition of the company Czech Gas Networks S.à r.l. (selected originally reported costs are now part of the purchase price) and does not correspond to the amounts published as of September 30, 2024.