CEZ raises 2025 outlook despite lower than expected Q2 net profit
Earnings before interests, tax, depreciation and amortisation (EBITDA) rose by 7% to 30.9 billion Czech crowns ($1.47 billion), beating a forecast in a Reuters poll of 30.2 billion, and the company raised its full-year EBITDA outlook to 132-137 billion crowns from previous outlook of 127-132 billion crowns.
"The results exceed our initial expectations. Therefore, we have increased the outlook for our full-year earnings," Chief Executive Daniel Benes said in a statement.
Adjusted net profit fell 47% to 4.0 billion crowns, versus expectation of 5.5 billion crowns in a Reuters poll, with CEZ citing higher depreciation and amortisation due to the GasNet acquisition and higher write-offs of coal assets.
CEZ however also improved its full-year outlook for the adjusted profit, to 26-30 billion crowns from previous expectation of 25-29 billion crowns.
Total revenue in the second quarter dipped to 74.2 billion crowns from 74.3 billion crowns a year ago, below the average analyst forecast of 80.1 billion crowns.
CEZ said it has benefited so far this year from better sales segment results, higher production at nuclear power plants, and consolidation of GasNet, CEZ said.
"On the other hand, declining selling prices of electricity and lower profits from commodity trading were the main
negative factors," it said, commenting on the full first half.
($1 = 21.0480 Czech crowns)
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