CEZ Raises 2026 Outlook as Power Prices Strengthen on Middle East Tensions

CEZ raised its 2026 profit outlook after first-quarter earnings beat expectations, as stronger electricity prices and higher generation and coal extraction volumes offset weaker year-over-year operating results. The Prague-listed utility reported first-quarter EBITDA of CZK 35.3 billion, or about $1.5 billion, down 18% from a year earlier. Revenue fell 9% to CZK 85 billion. Net profit rose 13% to CZK 14.5 billion after the Czech Republic ended its windfall tax on excess energy profits, while adjusted net profit increased 6% to CZK 13.5 billion. CEZ now expects 2026 EBITDA of CZK 107 billion to CZK 112 billion and adjusted net profit of CZK 30 billion to CZK 34 billion. The company cited higher realized power prices linked to rising global energy prices and concerns over Persian Gulf shipping disruptions. First-quarter power generation fell 4% to 13.8 TWh due to planned outages at the Temelin nuclear plant, while capital spending rose 130% to CZK 15.7 billion.