#1CEZ GROUP CLEAN ENERGY OF TOMORROW ČISTÁ ENERGIE ZÍTŘKA INVESTMENT STORY, MAY 2022 ČISTÁ ENERGIE ZÍTŘKA.... Π#2AGENDA • CEZ Group at a Glance • Our Performance •2022 Outlook • Our Vision Appendix ப G 2#3WE ARE AN INTERNATIONAL UTILITY, AMONG THE LARGEST IN EUROPE BY MARKET CAP CEZ Group 11th largest in number of customers 12th largest in installed capacity 11th largest by market capitalization** Sales 8% N Distribution 30% 2021 EBITDA* CZK 60.6 billion Nuclear generation 37% Mining 7% Renewables 10% Fossil fuel generation 8% ✓ Trading Nuclear ESCO Renewables Retail Traditional Generation Distribution Mining Existing assets, excluding CZK 2.6 billion contribution of divested assets, i.e., Bulgaria, Romania. EBITDA includes contribution of CZK 3.5 billion from trading and specific temporary effects CZK -3.8bn as of May 19, 2022 ** 3 Π#4CEZ GROUP IS VERTICALLY INTEGRATED IN CZECHIA Mining Market share 54% Volume Sales Generation Networks 63% 65% (Retail & ESCO) 30% CO2-free 15.9 mil. tons 33.9 TWh Other 19.3 TWh 36.6 TWh 18.7 TWh EBITDA in Czechia (2021) 4.5 CZK billion 27.7* 4.5 CZK billion CZK billion 18.2 CZK billion 4.0 CZK billion Market position No. 1 No. 1 EBITDA includes contribution of CZK 3.5 billion from trading and specific temporary effects CZK -3.8bn No. 1 No. 1 Π 4#5WE LEAD ENERGY TRANSFORMATION OF THE CENTRAL EUROPE THROUGH BRINGING THE CLEAN ENERGY OF TOMORROW Π Generation D Transforming electricity and heat generation to low- emission, growing renewables Distribution Continuous modernization and digitalization of our distribution networks Retail Leading electricity supplier of energy helping to decarbonize the Czech industrial base ESCO N Expanding energy services and clean decentralized generation and heating in Czechia, Germany, Poland, Slovakia and Northern Italy 50#6AGENDA ⚫ CEZ Group at a Glance Our Performance • 2022 Outlook • Our Vision Appendix ப G CO 6#7WE ARE DELIVERING VALUE TO OUR SHAREHOLDERS - OUR FINANCIAL TARGETS Delivery on guidance High dividend payout Strong balance sheet £ Targets 2022 EBITDA CZK 95-99 billion 2022 Adj. Net Income CZK 45-49 billion 2021 EBITDA CZK 63.2 billion Adj. Net Income CZK 22.3 billion Dividend proposal, subject to approval by AGM ()()) ♡ ப 2022 DPS of CZK 67-73 2023 payout ratio of 60 - 80% CZK 44 DPS * 106% payout 2.5-3.0x Net debt/EBITDA 1.8x Net debt/EBITDA 7#8WE HAVE A GOOD TRACK RECORD ON GUIDANCE DELIVERY - WE HAVE MET OUR NET INCOME GUIDANCE FOUR YEARS IN A ROW Adjusted net income guidance vs actual CZK billion EBITDA guidance vs actual CZK billion 13.0 13.1 18.9 18.0 22.8 22.0 18.5 22.3 64.0 64.8 63.2 60.2 61.5 58.0 52.0 49.5 2018 2019 2020 2018 2019 2020 2021 Middle of guidance range* Actual Middle of guidance range* Actual * Guidance announced in March of a given year 2021 8 Π#9DIVIDEND POLICY OF 60-80% PAYOUT RATIO, 80% PAYOUT EXPECTED IN 2022, 2021 DPS PROPOSED AT 44 CZK Payout ratio (%), Dividend per share (CZK) 59% 56% 55% 56% 54% 52% 50% 40% 41% 43% 98% 97% 90% 85% 78% 73% 122% 50 53 52 50 45 44 40 40 40 40 40 33 33 34 24 20 15 8 9 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021E Dividend paid per share (CZK) Payout ratio Dividend policy range 2021 dividend dividend proposal CZK 44 per share - CZK 37 regular component, i.e. 90% payout ratio CZK 7 contribution of Bulgarian disposal Dividend policy applicable from Jan 1, 2023 60-80% payout ratio General Meeting of ČEZ, a. s. will be held on June 28, 2022 06% 9 Π#10OUR BALANCE SHEET STRENGTH SUPPORTS FUTURE GROWTH Net economic debt/EBITDA* 2021 EDF EON Naturgy Energy Engie EDP Π 5.2x 4.7x 3.7x 3.6x 3.4x 3.4x 2.8x Net financial debt Current credit rating a notch above European utilities • A-, stable outlook from S&P Baa1, stable outlook from Moody's Net debt to EBITDA target of 2.5-3.0x CZK 34 billion of divestments proceeds strengthened our balance sheet in 2021 • Romania - Transaction settled on Mar 31, 2021 • Bulgaria - - Sold to Eurohold for EUR 335 million Transaction settled on Jul 27, 2021 2020 EBITDA contribution: CZK 6.9 billion Iberdrola CEZ 1.8x ẞ.1x Fortum 2.9x RWE 2.8x Enel 2.8x Verbund 2.6x1 Ørsted A/S 1.7x ■Net economic debt** Ø 3.3x * ** EBITDA as reported by companies Net economic debt = net financial debt + net nuclear provisions + provisions for employee pensions + net reclamation provision 10 10#11GOOD FINANCIAL PERFORMANCE WAS ENABLED BY SUCCESSFUL IMPLEMENTATION OF STRATEGY Strategic priorities of CEZ Group Efficient operation, optimal utilization and development of generation portfolio Modern distribution and a care for customers' energy needs Development of new energy in Czechia Main strategic achievements . . 30 TWh production delivered consistently and safely by nuclear plants Increased efficiency of operations of fossil fueled power plants ப G Successful completion of regulatory review of distribution, its modernization and digitalization Increased number of customers in Czech retail, digitalization . CEZ ESCO is a leader in energy savings and decentralized generation in Czechia Development of energy services in Europe Divestment strategy Leader on German market in energy savings and decentralized generation Sale of Romanian and Bulgarian assets completed 11#12GOOD FINANCIAL PERFORMANCE WAS ENABLED BY SUCCESSFUL IMPLEMENTATION OF STRATEGY Strategic priorities of CEZ Group Efficient operation, optimal utilization and development of generation portfolio Modern distribution and a care for customers' energy needs Development of new energy in Czechia Main strategic achievements ⚫ 30 TWh production delivered consistently and safely by nuclear plants . Increased efficiency of operations of fossil fueled power plants Π Successful completion of regulatory review of distribution, its modernization and digitalization • Increased number of customers in Czech retail, digitalization . • CEZ ESCO is a leader in energy savings and decentralized generation in Czechia Development of energy services in Europe Divestment strategy . Leader on German market in energy savings and decentralized generation • Sale of Romanian and Bulgarian assets completed 12#13RECENT INCREASE OF POWER PRICES IS DRIVEN BY NATURAL GAS AND BY CARBON ALLOWANCES Development of prices of electricity price and carbon allowances Czech baseload in EUR/MWh, EUR/t for carbon, Y+1 350 300 250 200 150 100 48 50 53 53 227 121 82 32 93 92 16 0 Dec-19 Apr-20 Aug-20 Dec-20 Apr-21 Aug-21 Dec-21 Apr-22 -Electricity -Carbon -GAS ப G Increase in power prices driven by Natural gas Carbon allowances 1 EUR/t change in carbon. allowance implies 0.6-0.7 EUR changes in electricity price 13#14CEZ GROUP BENEFITS FROM INCREASING CARBON PRICES CEZ Group's emission intensity (tCO2e/MWh of generated electricity) 0.65 0.60 0.55 0.50 0.45 0.41 0.40 0.38 0.40 0.34 0.35 0.30 0.25 0.20 2017 2018 2019 2020 Marginal power plant in Germany CEZ Group's carbon intensity is below marginal plant and even below new CCGT and therefore higher carbon prices are beneficial for profitability of our generation fleet. 1 EUR increase in carbon price results in ~CZK 500 million increase in EBITDA* Π New CCGT plant Generation volume** (2021, TWh) CO2 emission intensity (2021, t/MWh) CO2 free 34.5 0.00 0.29 CEZ Gas 3.2 0.35 Group Coal and lignite 18.0 0.85 2021 Total 55.6 0.29 14 * Assuming no hedging, 2021 generation volumes and emission intensity ** Existing assets, i.e. excluding divested assets in Bulgaria and Romania, which contributed 0.4 TWh#15WE HAVE A ROBUST GENERATION PORTFOLIO WITH LOW AND LARGELY FIXED COSTS We have diversified generation portfolio Generation capacity and volumes (existing assets, excluding assets divested in 2021) Our fuel costs are low, not dependent on commodity prices Current marginal costs by technology (fuel and carbon, EUR/MWh) 11,829 MW 55.6 TWh 6% Natural gas 967 3.2 3.1 6% Black coal 1,168 14.9 27% Lignite/Brown 3,154 coal Nuclear ~213 33 4,290 Upgraded plants integrated with coal mines ~91 180 Carbon 30.7 55% 80 88 Fuel Hydro and 2,249 renewables 3.8 7% Installed capacity Generation, gross Share on generation * Nuclear fuel costs + CZK 55/MWh payment for fuel storage ** Cash cost of extracting own lignite, 42% efficiency, 11.5 GJ/t calorific value, carbon at 92.5 EUR/t *** Gas 92.5 EUR/MWh, 57% efficiency, 0.35 t/MWh CO2 (gas prices depend on market) -8 11 Nuclear* Own lignite** CCGT*** 15 Π#16NUCLEAR PLANTS ARE IMPORTANT PROFIT GENERATORS WITH STABLE PRODUCTION VOLUMES Distribution 30% 2021 CEZ Group EBITDA* Sales 8% Nuclear generation 37% Renewables 10% Mining 7% Fossil fuel generation 8% Our nuclear fleet has low and fixed costs and benefits directly from increasing power prices Operating licenses secured enabling 60 years. operating life, i.e., remaining 30+ years of operations until decommissioning • We have stabilized production volumes at above 30 TWh per year • Capacity increased by 568 MW to 4,290 MW by technical improvements (fuel with higher enrichment, modernization of turbines and generators) Existing assets, excluding CZK 2.6 billion contribution of divested assets, i.e., Bulgaria, Romania, EBITDA includes contribution of CZK 3.5 billion from trading and specific temporary effects CZK -3.8bn ப G 16#17NEW NUCLEAR PROJECT IS IN THE FIRST PREPARATORY STAGE THAT IS COVERED BY THE SIGNED FIRST IMPLEMENTATION CONTRACT... ப G A Framework contract End Stage date Expected costs* (EUR billion) Permitting and licensing Contract with technology supplier B First implementation contract Power Purchase Agreement (TBD) C Repayable Financial Assistance (TBD) A 1. Preparation, ΕΙΑ B Investor Agreement (TBD) supplier 2024 ~0.2** selection Site decision License for the siting Tender process and contract signature 2. Preliminary works 2029 ~0.7 License for construction, Building permit "LWA - Limited Work Authorization" phase 3. Construction, 2036 commissioning ~5.1 License for commencement of trial operation Construction 4. Warranty period 2038 * At 2020 prices, rounded ** Operation license Warranty period operation It does not include the costs incurred until 2020 for the permitting and contracting and the purchase of land; assuming the current supplier model 17#18GOVERNMENT SHALL PROVIDE FINANCING FOR PERMITTING AND CONSTRUCTION PHASES AND SECURE THE OPERATION BY POWER PURCHASE AGREEMENT Currently contemplated financing structure* CEZ Group will fund Stage 1 entirely through its equity investment. (ca EUR 0.2 billion**) Stage 2 onwards will be financed by the repayable financial assistance from state (RFA) During 2024-2029 in the Stage 2 in the amount ca EUR 0.7 billion - - During 2029-2038 in the Stage 3 and 4 in the amount ca EUR 5.1 billion Repayable Financial Assistance from state (RFA) 0% during the period of construction During period of operation: costs of State debt financing plus 1% but not less than 2% p.a. Duration 30 years from the start of operation of NPP As a result of a higher share of state financing, the offtake price is expected to be between 50-55 EUR/MWh, i.e., in the lower interval of the originally assumed range of 50-60 EUR/MWh (subject to EPC tender results) Additional cost overrun financing mechanism CEZ Group will not bear any risk of additional costs in case of "legitimate grounds", the Czech state bears the additional costs Test on the overcompensation will be implemented in the PPA contract The mechanism according to the low-carbon law will ensure adequacy of the purchase price and return (regular review after 5 years) This model will be further discussed in the prenotification with the European Commission and finalized * At 2020 prices, rounded ** It does not include the costs incurred until 2020 for the permitting and contracting and the purchase of land; assuming the current supplier model ப G 18#19GOOD FINANCIAL PERFORMANCE WAS ENABLED BY SUCCESSFUL IMPLEMENTATION OF STRATEGY Strategic priorities of CEZ Group Efficient operation, optimal utilization and development of generation portfolio Modern distribution and a care for customers' energy needs Development of new energy in Czechia Main strategic achievements . 30 TWh production delivered consistently and safely by nuclear plants Increased efficiency of operations of fossil fueled power plants ப G Successful completion of regulatory review of distribution, its modernization and digitalization Increased number of customers in Czech retail, digitalization CEZ ESCO is a leader in energy savings and decentralized generation in Czechia Development of energy services in Europe Divestment strategy . Leader on German market in energy savings and decentralized generation • Sale of Romanian and Bulgarian assets completed 19#20WE ARE GROWING OUR REGULATED ASSET BASE IN DISTRIBUTION, REGULATORY VISIBILITY UNTIL 2025 Regulatory asset base CZK billion 134 122 107 102 97 89 93 2016 2017 2021 2019 2020 2021 2022 Outcome of regulatory review for 2021-2025 supportive for RAB grow RAB will growth by 8% CAGR in 2020-2025 thanks to revaluation and investments WACC at 6.54% among the highest in Europe Π Investments directed to digital transformation, preparation for decentralized generation Accelerated growth in renewables expected from 2021 onwards, our network is ready to process connection requests 20 20#21OUR RETAIL BUSINESS PROVIDES HEALTHY MARGINS, ROBUST VOLUME GROWTH AND BEST IN CLASS CUSTOMER SATISFACTION Retail electricity and natural gas supplies Supplied electricity and gas (TWh) Retail defended the title of the "Most trusted energy supplier in CZ" +16% 11.6 13.4 4.4 3.6 +22% 9.0 8.0 +13% 2020 2021 Natural gas Electricity "Most trusted energy supplier" in Czechia * Customer satisfaction indicator (CX) of more than 86% is continually improving Volume growth driven by lower temperatures, growth in customer base in Q4 and structural shift towards electric heating ⚫ Number of connection points increased by 11% to 3.2 m thanks to competitors ceasing activities in Q4 ** based on an independent survey conducted with more than 4,000 respondents as a part of the 7th annual national Trusted Brands program (monitoring and awarding brands that Czech consumers trust most) 21 Π#22GOOD FINANCIAL PERFORMANCE WAS ENABLED BY SUCCESSFUL IMPLEMENTATION OF STRATEGY Strategic priorities of CEZ Group Efficient operation, optimal utilization and development of generation portfolio Modern distribution and a care for customers' energy needs Development of new energy in Czechia Main strategic achievements • 30 TWh production delivered consistently and safely by nuclear plants • Increased efficiency of operations of fossil fueled power plants ப G • Successful completion of regulatory review of distribution, its modernization and digitalization • Increased number of customers in Czech retail, digitalization . CEZ ESCO is a leader in energy savings and decentralized generation in Czechia Development of energy services in Europe Divestment strategy Leader on German market in energy savings and decentralized generation • Sale of Romanian and Bulgarian assets completed 22 22#23STRONGLY GROWING IN ENERGY SERVICES BUSINESS AND HELPING CUSTOMERS TO DECARBONIZE Energy Services (ESCO) revenue CZK billion 254% 24.8 22.5 21.8 18.9 17.7 15.5 16.1 13.0 7.0 3.0 5.9 6.3 6.4 7.1 4.0 2017 2018 2019 2020 2021 International markets Czechia and Slovakia We are No. 1 player in Czechia We are within Top 3 players in Germany We are helping our customers to decarbonize by: • Installation of efficient cogeneration. units on their sites Providing energy advisory and management Energy storage installations. Rooftop photovoltaic plants. Lighting, cooling, heating installations 23 Π#24AGENDA • CEZ Group at a Glance Our Performance • 2022 Outlook • Our Vision Appendix ப G 24 24#25WE INCREASE THE FINANCIAL OUTLOOK FOR 2022: EBITDA OF CZK 95-99 BN, ADJUSTED NET INCOME OF CZK 45-49 BN EBITDA (CZK bn) 95-99 85-89 2022 E (March 15) 2022 E (May 10) Adjusted net income (CZK bn) 38-42 45-49 2022 E (March 15) 2022 E (May 10) Main reasons for adjusting the financial outlook as compared to the outlook from Mar 15, 2022: ++ Significantly higher realization prices of electricity + Higher profit from commodity trading Selected Prediction Risks and Opportunities: Realization prices of generated electricity Availability of generating facilities The cost of acquiring emission allowances and natural gas for generation Gain from commodity trading and revaluation of derivatives The impact of economic sanctions against Russia imposed in connection with the conflict in Ukraine Dividend from 2022 earnings: Current dividend policy (60-80% of net income adjusted for extraordinary effects) implies dividend at CZK 67-73 per share in the case of setting a dividend at the upper limit of a defined interval. 25 Π#26EXPECTED YEAR-ON-YEAR CHANGE IN EBITDA BY BUSINESS SEGMENT (CZK bn) EBITDA 2021* GENERATION Nuclear Facilities Renewables Fossil Fuel I I I 60.6 +19 to +24 +3 to +5 +6 to +11 Facilities I I Trading Specific effects MINING DISTRIBUTION SALES EBITDA 2022 E I 95-99 * excluding the divested assets in Romania and Bulgaria -1 to +2 +3.8 -1 to +1 -1 to +0.5 0 to +1 GENERATION Nuclear Facilities Higher realization prices of electricity incl. hedging Renewables Higher realization prices of electricity incl. hedging Fossil Fuel Sources + Effect of realized prices of electricity emission allowances and natural gas on gross margin incl. hedging Higher maintenance costs Trading Uncertain amount of profit from commodity trading Specific effects in 2021 Revaluation of allowance trades related to hedging 2022+ generation positions and time arbitrages with allowances + Revaluation of hedging electricity sales of the portion of 2022 fossil fuel generation that did not meet the IFRS conditions for own-use classification MINING Higher fixed operating expenses, especially expenses on energy + Higher coal sales, particularly to CEZ Group DISTRIBUTION Negative effect of correction factors + Higher regulatory asset base (RAB), and depreciation and amortization SALES + Acquisition and organic growth in ESCO branch Π 26#27AVERAGE POWER PRICE EXPECTED EUR 95-98/MWH, GENERATION VOLUME 56.3 TWH Electricity-share of hedged deliveries ப from generation in Czechia* for 2022 Expected generation volume (TWh) +1% 55.6 56.3*** 3.2 3.2 Natural gas Volume (TWh) Sold Open position Revenues (CZK) 92 % 8% 78 % 22% Electricity-generation revenue hedging status • 43.6 TWh sold at an average achieved price 83 EUR/MWh Open position assumption of 3.6 TWh 100% of the expected electricity deliveries in Czechia* is 47.2 TWh and average expected realization price** is 95 to 98 EUR/MWh * *These are supplies from generation in companies CEZ, Energotrans, and Elektrárna Dětmarovice 18.0 18.9 Coal 3.8 3.5 Renewables 30.7 30.7 Nuclear 2021 2022 E ** This is the result of hedging trades and current market valuation of unsold electricity for expected generation in 2022. In the case of executed hedging contracts for the sale of electricity from gas and some coal-fired facilities, the contracts are revalued in profit or loss on an ongoing basis. Realization price of these contracts, where they effectively enter into the 2022 results, is therefore consistent with the market prices as of December 31, 2021 and is therefore significantly higher than the starting price when they were entered into in the past. *** Volume of generation from natural gas in 2022 may be significantly affected by market conditions and availability of the gas. 27#28FINANCIAL AMBITIONS FOR 2022 HEDGING THE COST OF EMISSION ALLOWANCES AND GAS Hedging the cost of generation in Czechia* for 2022 Emission Allowances Natural Gas** 88 % EUA (t) Purchased Open position 12% 57 % (TWh) 43 % Purchased Open position Emission allowances-generation costs hedging status • The average purchase price of 14.7 million tons of emission allowances is 35 EUR/t. • Open position assumption of 2.1 million tons of EUAs Natural gas-generation cost hedging status • The average cost*** of natural gas in a volume of 3.1 TWh is 81 EUR/MWh. Natural gas open position assumption of 2.4 TWh In addition to the above, hedging the expected generation from CCGT plants, CEZ Group has contracted 100% of the gas volume for 2022 for existing end-use customers of ČEZ Prodej and ČEZ ESCO. * Hedging of net electricity generation volumes from companies CEZ, Energotrans, and Elektrárna Dětmarovice. ** The gas purchase prices quoted correspond to the market prices as of December 31, 2021, at which they will effectively enter the 2022 results. The hedges in question are revalued in the results of operations on an ongoing basis, as are the sales of electricity from gas plants, which are concluded simultaneously *** Volume of generation from natural gas in 2022 may be significantly affected by market conditions and availability of the gas. ப G 28#29HEDGING THE MARKET RISKS OF GENERATION IN CZECHIA FOR 2023-2025 Electricity sold in TWh (as of March 31) Hedged volume from Jan 1, 2022, to Mar 31, 2022 Hedged volume as of Dec 31, 2021 29.3 Contracted emission allowances* in million tons (as of March 31) Hedged volume from Jan 1, 2022, to Mar 31, 2022 Hedged volume as of Dec 31, 2021 8.5 2.9 1.0 14.0 3.2 26.4 2.2 7.5 4.1 0.4 0.4 11.8 2.8 2023 2024 2025 EUR 70.9 EUR 69.2 EUR 76.3 2023 EUR 45.8 2024 2025 EUR 53.1 EUR 91.6 Electricity selling price (EUR/MWh) EUA purchase price (EUR/t) Share of hedged electricity deliveries from generation in Czechia (as of March 31) Proportion of electricity deliveries hedged 2023 2024 2025 100% of expected deliveries 61% 32% 10% 42 to 48 TWh of external deliveries per year In Q1 2022, as part of liquidity risk management, the Risk Committee decided to temporarily limit the hedging of market risks of generation through contracts requiring margining, i.e., mainly by selling on the commodity exchange, thus temporarily slowing down the current pace of hedging market risks of generation. 100% of the expected annual volume of emission allowances for generation in Czechia for 2023-2025 is 11-18 m tons. Π 29 29#3069 Π CURRENT FORWARD COMMODITY PRICES REPRESENT SIGNIFICANT PROFIT UPSIDE COMPARED TO 2021 Power prices EUR/MWh +115 Lignite spread EUR/MWh, power price minus carbon allowance +40 170 29 29 2021 achieved price 2025 Czech forwards 2021 achieved price 2025 Czech forwards 55 55 * Carbon free generation 34.5 TWh Financial impact: CZK +98 billion* Lignite generation 14.9 TWh Financial impact: CZK +15 billion* Theoretical operating profit upside of CZK 113 billion* using current commodity prices compared to 2021 achieved levels Assuming no hedging, 24.7 EUR/CZK exchange rate, 2021 generation volumes, forward prices of electricity and carbon as of May 2022 i.e. power price 170 EUR/MWh and carbon allowance price 101 EUR/t 30 50#31AGENDA • CEZ Group at a Glance Our Performance • 2022 Outlook • Our Vision Appendix ப G 31#32WE ARE ACCELERATING GROWTH WITHIN CURRENT STRATEGY. STRATEGIC DIRECTIONS OF VISION 2030 CLEAN ENERGY OF TOMORROW - Strategic priorities of CEZ Group Efficient operation, optimal utilization and development of generation portfolio Modern distribution and a care for customers' energy needs Development of new energy in Czechia Vision 2030 Strategic directions CLEAN ENERGY OF TOMORROW | 1 Decarbonize generation portfolio and reach carbon neutrality Efficiently managing nuclear power plants and preparing conditions for the construction of a new nuclear power plant as part of enhancement of energy security in Czechia Efficient management of coal-fired power plants located near the coal basins and decarbonization of Czech generating portfolio (including transformation of the heating industry) Developing renewable energy sources (RES) while fulfilling the Czech energy and climate plan Provide best energy solutions and highest quality customer experience || on the market | Modernizing and digitizing distribution and retail in Czechia, developing comprehensive services with respect to customers' needs. Development of energy services in Europe ப G Developing energy services sources (ESCO) in Czechia while fulfilling the Czech energy and climate plan. Developing energy services (ESCO) abroad to achieve a significant market position in Germany, Northern Italy, and Poland 32#33UNDER THE CURRENT STRATEGY WE ARE ACCELERATING DEVELOPMENT. WE WANT TO ACHIEVE 40% INCREASE IN EBITDA BY 2030 ON COMPARABLE POWER PRICES Vision 2030 CLEAN ENERGY OF TOMORROW EBITDA* of CEZ Group Existing assets in CZK billion +40% 100 80-85 | Decarbonize generation portfolio and reach carbon neutrality 80 65-70 58 60 40 || Provide best energy solutions and highest quality customer experience on the market 20 0 * ** 2020 Annual Capex** CZK billion, avg ~48 2021-25 2025 2030 Wholesale electricity prices Π EUR/MWh 50-55 51 ~51 ~ 57 2026-30 2020 2025 2030 33 Assuming forward power prices from March-2021, which were escalated; carbon allowance price assumption for 2020: 25 EUR/t; 2025: 41 EUR/t; 2030: 46 EUR/t, Capex and financial investments#34WE CAN EXECUTE OUR GROWTH STRATEGY WHILE KEEPING THE LEVERAGE WITHIN OUR TARGET EVEN WITHOUT THE TAILWIND FROM CURRENT POWER PRICES Expected Cumulative Capex and EBITDA 2021-2030* CZK billion 650-700 Expected Net debt to EBITDA ratio* 500-550 Capex Maintainance EBITDA Organic growth Acquitions 2.5x 2.2x 3.0x 2020 2025 2030 We will continue to generate positive free cash flow even with the increased Capex and our leverage would stay below 3.0x of EBITDA * Assumed electricity prices 2020: 51 EUR/MWh, 2025: 51 EUR/MWh, 2030: 57 EUR/MWh Note: Organic growth = new renewables and gas capacities, expansion of distribution network, Acquisitions = ESCOs abroad 34 Π#35EBITDA SENSITIVITY TO CHANGES IN WHOLESALE ELECTRICITY PRICES AND CARBON ALLOWANCES EBITDA of CEZ Group Existing assets in CZK billion 58 65-70 2020 Wholesale prices Electricity (EUR/MWh) Carbon allowances 25 (EUR/t) ~+120 2025 185-190** ~ +100 80-85 2030 Π EBITDA at March 2021 prices* EBITDA at current prices** 180-185** 51 ~ 51* - ~ 170** ~ 57* ~ 152** 46* 41* ~ 102** • Assuming froward market prices from March-2021, which were escalated by inflation to 2030 *** Assuming forward prices prices from May-2022, which were escalated by inflation to 2030 ~ 113** 2 35 55#36ப G WE ARE ACCELERATING GROWTH WITHIN CURRENT STRATEGY. STRATEGIC DIRECTIONS OF VISION 2030 CLEAN ENERGY OF TOMORROW - Vision 2030 Strategic directions CLEAN ENERGY OF TOMORROW Decarbonize generation portfolio and reach carbon neutrality Efficiently managing nuclear power plants and preparing conditions for the construction of a new nuclear power plant as part of enhancement of energy security in Czechia Efficient management of coal-fired power plants located near the coal basins and decarbonization of Czech generating portfolio (including transformation of the heating industry) Developing renewable energy sources (RES) while fulfilling the Czech energy and climate plan Provide best energy solutions and highest quality customer experience on the market I | Modernizing and digitizing distribution and retail in Czechia, developing comprehensive services with respect to customers' needs. Developing energy services sources (ESCO) in Czechia while fulfilling the Czech energy and climate plan. Developing energy services (ESCO) abroad to achieve a significant market position in Germany, | Developing energy service 36 66#37WE WILL INCREASE NUCLEAR PRODUCTION OVER 32 TWH Nuclear EBITDA CZK billion 21 2020 Nuclear generation TWh 32.0 32.5 30.0 +7% +38% 31 29 2025 Annual Capex* CZK billion, avg ~10 2021-25 ~10 2026-30 2030 2020 2025 2030 Wholesale electricity prices** EUR/MWh 51 ~ 51 ~ 57 2020 2025 2030 Π We will increase production of existing power plants above 32 TWh by Prolonging fuel replacement cycle Optimizing maintenance Increasing capacity by up to 50 MW We plan to start construction of new nuclear unit in Dukovany, which is a subject to agreeing support scheme with government We will prepare for potential construction of small modular reactors after 2040 with total capacity of 1000 MW ** Of which CZK ~4 billion p.a. are purchases of nuclear fuel, excluding new nuclear Capex in 2025-2030 due to assumed 100% state financing Market prices from March-2021 inflationary adjusted and sensitivity applied 37 32#38WE WILL ADD 6 GW OF RENEWABLES CAPACITY BY 2030 Renewables EBITDA Existing assets in CZK billion* GW 5 2020 +20% 6 2025 +67% 10 Annual Capex** CZK billion, avg 6-7 2021-25 14-15 2026-30 ப G Renewables capacity +1.5 +6.0 PVs, wind Hydro 6.2 We expect to focus our RES development on photovoltaic in Czechia RES development in 2022-2030 to be incentivized by Capex grants from Modernization Fund We will increase storage capacities to above 300 MWe 1.7 -0.2 2.0 2.0 2.0 2030 2020* 2025 2030 Wholesale electricity prices*** EUR/MWh 51 ~ 51 ~ 57 2020 2025 2030 ** 2020 figures exclude contribution from 600 MW of Romanian wind, which was disposed on Mar-31, 2021 Capex conservatively assumes no subsidies on Capex from Modernisation fund due to their uncertain amount *** Realized prices for renewables will be adjusted by the shape discount (0.8-0.9) on top of wholesale power price 38#39MODERNISATION FUND TO SUPPORT DEVELOPMENT OF PHOTOVOLTAICS IN CZECHIA Indicative allocation from Modernisation fund to different grant categories Energy Efficiency 17% Transport 10% Others 4% Heat 26% M Support of renewables from Modernisation Fund Π In 2021-2030 CZK ~150 billion* is available for grants to support renewables projects, out of which 60% will be dedicated to projects of existing electricity producers Actual amount of subsidy to be determined in auctions, grants might fund up to 50% of total expenditure and up to CZK 6.2-7.3 m/MW** Generated electricity will be sold at market prices Czechia allocates first investment support for new renewables from the Modernization Fund ⚫ CZK 1.0 bn was approved for CEZ for 17 projects with a total capacity of 173 MW (CEZ submitted 22 projects with 211 MW). The projects must be implemented within 60 months of the granting. The date of the next call is expected in Q2 2022. * Renewables 39% Assuming price of carbon allowances a EUR 80/t; CZK 394 billion available in Modernisation Fund in total and 38.7% of total for renewables ** Maximum per MW grant depends on size and technology (rooftop or ground-mounted) 39#40WE ARE CLOSING COAL PLANTS, PRODUCTION OF HEAT TO BE TRANSFORMED TO LOW CARBON TECHNOLOGIES Fossil fuel generation and mining EBITDA Existing assets in CZK billion Coal and gas generation Existing assets, TWh -60% 10 4 Gas & biomass Coal Decarbonization of our heat plants and transition of current coal sites to new activities Newly built gas plants will be hydrogen ready EBITDA growth between 2025 and 2030 enabled by new gas capacities with better margins compared to coal Existing assets 25.6 New assets 3.9 18.5-19.5 +50% 16.0-17.0 4.5-5.5 6 21.7 9.5-10.5 14.0 6.5 2025 2030 2020 2025 2030 2020 Annual Capex* Coal and gas capacity CZK billion, avg 4-5 in GW 1.0 1.1-1.3 2.0-2.5 2021-25 2026-30 4.8 3.0 2.2 40 40 * Includes CZK 3.5 billion average annual average Capex into new gas and biomass capacities Π#41CEZ GROUP PLANS TO INCREASE GENERATION IN RENEWABLES, NUCLEAR AND GAS Nuclear We will safely increase generation volume in existing plants above 32 TWh on average and achieve 60-year operating life We will build a new nuclear power plant in Dukovany. ✓ Renewables We will build 1.5 GW of renewables by 2025 and 6 GW renewables by 2030. We will increase installed capacity of electricity accumulation to at least 300 MWe by 2030. Traditional We will decarbonize heating and will transform our coal locations to new activities. We will build new gas capacities, which will be ready for hydrogen combustion. Electricity generation of CEZ Group (Existing assets, in TWh) 57 6.5 Coal 55.6 18.0 23 3:3 31 10.0 Gas 6.4 2.2 Renewables Hydro 32.0 30.7 Nuclear 2021 CO2-free generation (in %) 2030 61% 71% 41 Π#42WE WILL REDUCE SHARE OF OUR COAL GENERATION TO 12.5% IN 2030, AND COMPLETELY EXIT COAL BY 2038 Expected development of installed capacity in coal (GW) 8.1 -73% lignite old refurbished black 4.4 4.3 0.9 3.0 0.8 2.2 0.8 2.2 2.8 2.2 2.2 1.2 2015 2021 2025 2030 0 2038 Share of coal related revenue * Share of coal on generation (%) (%) 18% -15% ~2% 32% 25% 12.5% 2021 2025 2030 2021 2025 2030 Π Coal fired power plants are being gradually closed No new coal capacity investments commitment Coal capacity was reduced 1,719 MW in 2020, further 500 MW has been closed in 2021. Post 2030 only 3 upgraded units planned to be in operations Coal exit by 2038 in line with recommendation of Czech Coal Commission or earlier depending on the legal framework (current government is targeting 2033) Coal extracted is mainly used in own power plants and declining CEZ Group produced 15.9 million tones of coal, out of which only 26% is sold externally Volume of extracted coal is expected to decline to 8 million tones in 2030 reflecting the reduction of CEZ Group's coal capacities. Termination of coal mining by 2038 in line with recommendation of Czech Coal Commission, i.e. much earlier than depletion of coal reserves Share of sales of electricity, Sales of heat sales and revenues from externally sold coal on consolidated revenues 42#43WE WILL ACHIEVE CARBON NEUTRALITY BY 2050 Reduction of CEZ Group's CO2 emission intensity (t CO₂e/MWh) 0.34 0.29 > -50% 0.26 0.16 2020* 2021 2025 2030 0.36 in 2019 ப G Full carbon neutrality 2050 Speed of carbon emissions reduction until 2030 in line with Paris agreement "well below 2 degrees" • We will reach carbon neutrality by 2050 • Capex plan fully alligned with the decarbonisation pathway 43#44WE ARE ACCELERATING GROWTH WITHIN CURRENT STRATEGY. STRATEGIC DIRECTIONS OF VISION 2030 - CLEAN ENERGY OF TOMORROW Vision 2030 Strategic directions CLEAN ENERGY OF TOMORROW Decarbonize generation portfolio and reach carbon neutrality Efficiently managing nuclear power plants and preparing conditions for the construction of a new nuclear power plant as part of enhancement of energy security in Czechia Efficient management of coal-fired power plants located near the coal basins and decarbonization of Czech generating portfolio (including transformation of the heating industry) Developing renewable energy sources (RES) while fulfilling the Czech energy and climate plan Provide best energy solutions and highest quality customer experience on the market | Modernizing and digitizing distribution and retail in Czechia, developing comprehensive services with respect to customers' needs. Developing energy services sources (ESCO) in Czechia while fulfilling the Czech energy and climate plan. | Developing energy services (ESCO) abroad to achieve a significant market position in Germany, Northern Italy, and Poland ப G 44#45WE WILL BUILD SMART DIGITAL ELECTRICITY GRID Distribution EBITDA Existing assets in CZK billion 18 2020 +11% RAB Development CZK billion 6% CAGR 182 158 +10% 22 20 107 2025 Annual Capex CZK billion, avg 14-15 14-15 2021-25 2026-30 2030 2020 2025 Π We will invest into smart grids and decentralization for developing digital distribution grid including fiber optic networks 2030 digital transformation targets • 80% of consumption covered by smart meters • 80% of remotely measured transformer stations 11,000 km of optic fiber networks (compared to 4,200 km today) 2030 Increase network reliability Enable new connections of decentralized generation More efficient network management and cost reduction Utilize fiber optic network capacity for telecommunication services 45#46WE WILL GROW OUR RETAIL CUSTOMER BASE AND MAINTAIN HIGH CUSTOMER SATISFACTION Retail EBITDA CEZ Prodej, CZK billion Number of customers Million 3.4 2020 0% 3.2 3.0 +3% 2.8 0.6 0.5 3.4 3.5 0.4 2025 Annual Capex CZK billion, avg 0.2 0.2 2021-25 2026-30 2.4 2.5 2.6 2030 2020 2025 2030 Gas Electricity Π B2C 100% of key customer processes will be digital by 2025 We will maintain the highest NPS (net promoter score) among largest electricity supplies and we will increase our customer base We will broaden our product portfolio for households, which will enable their decarbonization and energy savings EBITDA improvement despite growing competitive pressures in commodities 46 46#47WE WILL GROW OUR ENERGY SERVICES BUSINESS BY SUPPORTING DECARBONISATION OF OUR CUSTOMERS ESCO EBITDA CZK billion Commodity Non-comodity +400% +60% 8 ESCO revenues CZK billion ESCO CZ & SK non-commodity Foreign ESCO 17.0 B2B Π We will enable efficient decarbonization and delivery of energy savings for our customers in industry, municipalities and public administration in line with EU target 39-40% 1 2020* * ** 5 2025 Annual Investments** CZK billion, avg 6 2021-25 *** 6-7 2026-30 13.0 61.0 5.9 33.0 16.1 2030 2020 2025 2030 3% 2020 EBITDA margin (%) *** CZK billion, avg 10% 2025 10% 2030 47 2020 EBITDA was negatively impacted by Covid-19 pandemic, 2019 EBITDA of CZK 1.4 billion declined to CZK 0.6 billion CAPEX and financial investments Only non-commodity; EBITDA margin (2020) was negatively affected by Covid-19 pandemic, EBITDA margin (2019): 6.5%#48ELECTROMOBILITY VALUE CHAIN REPRESENTS AN ADDITIONAL SOURCE OF GROWTH Battery as a Service (BAAS) Electromobility Ecosystem ☐ Battery value chain Generation of renewables Supplementation of the entire electromobility ecosystem G Component supplier ecosystem Mining and processing Production of active materials Cell production Integration of batteries into modules Car manufacturing Lithium mining in Cínovec Implementation of lithium mining and processing in Cínovec for supply to the Gigafactory Partnership for sustainable and cost-effective battery cell production Mobility Services Integration of CEZ Group's infrastructure with car manufacturers' software, e.g., to find the nearest charging station Cars as Energy Storage Systems (ESS) Using car batteries in the Czech distribution grid Second and third use of battery cells Recycling Utilisation of used batteries to store large amounts of energy Development of recycling infrastructure $ Joint monetization Charging Infrastructure of Energy Services G Building-up charging points in Czechia and providing green energy for charging. 48 Π#49AREAS OF BATTERY PRODUCTION AND ELECTROMOBILITY WILL BE ADDITIONAL SOURCES OF GROWTH Proportional EBITDA of battery related activities* in CZK billion 1 +110% 2 0 2020 2025 2030 Annual Capex* CZK billion, avg Lithium mining and processing in Cínovec CEZ Group owns 51% stake in Geomet, which owns rights to deposit • Pilot ore-processing line is being prepared Preparation of technical and financial feasibility study under way ⚫ In 2023 a decision on mining feasibility Battery production Π • We are discussing possibilities of partnerships on battery production factory Electromobility infrastructure • We will be quadrupling charging capacity and will operate at least 800 stations by 2025 2021-25 2026-30 Values of EBITDA and Capex represent 51% stake of CEZ Group on lithium mining project and 10% stake on battery factory. These projects are unlikely to be fully consolidated. * 2.9 0.2 49 49#50OUR AMBITION IS TO BECOME A LEADER IN ESG Current ESG rating* PGE TAURON POLSKA ENERGIA e.on eNGie IBERDROLA G RWE @fortum ☑eDF Verbund edp enel 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Average rating of MSCI and Sustainalytics ESG ratings ப G CEZ Group targets an improvement of ESG rating* to above 80% by 2023 We have set targets for individual areas of ESG, which would help us to increase ESG rating 50 50#51WE HAVE SET SPECIFIC TARGETS IN ALL THREE AREAS OF ESG TO ACHIEVE THIS AMBITION CEZ Group key ESG commitments Environment CO2 emissions reduction in line with "well below 2°" scenario (decrease from 0.36 tCO2e/MWh in 2019 to 0.16 in 2030) • Lowering share of coal generation to 25% in 2025; to 12.5% in 2030 • Newly build renewables of 1.5 GW until 2025, 6 GW until 2030 . NOx emission reduction from 23 kt in 2019 to 13 kt in 2025 and 7 kt in 2030 • SO2 emission reduction from 21 kt in 2019 and 6.5 kt in 2025 and 3 kt in 2030 Social • Remain good corporate citizen developing good relationship with communities Rank among Top Employers for future talent and current employees Ensuring just transition through re- skilling or compensation for 100% of employees affected by coal exit ● Highest net promoter score among Czech electricity suppliers • Digitalization of all key customer processes by 2025 Governance ப G We will reach 30% share of women in management, increase share of women in non-technical positions to 30% by 2025 Further proceed in Code of Ethics training, annually train above 95% of employees from 2022 onwards 51#52SUMMARY AND INVESTMENT HIGHLIGHTS We are accelerating strategy execution to benefit from energy transition • We are transforming to low emission electricity generator • We provide the most cost-effective energy solutions and the best customer experience on the market ப G We develop CEZ Group responsibly and sustainably • Our new ESG targets will enable us to increase our ESG rating to 80% by 2023 • We will reduce our emissions intensity by more than 50% by 2030 We offer attractive dividend while maintaining strong credit rating • EBITDA is expected to increase by 40% by 2030 • Dividend policy: 60-80% payout ratio from Jan 1, 2023, dividend proposal of CZK 44 per share from 2021 earnings, i.e. 106% of adjusted net income also reflects Bulgarian disposal proceeds • Leverage target of Net Financial Debt/EBITDA between 2.5x and 3.0x 52 62#53AGENDA • CEZ Group at a Glance Our Performance • 2022 Outlook • Our Vision . Appendix ப G 53#54APPENDIX • Electricity market fundamentals Progress in implementing Vision 2030 and key objectives for 2022 Regulation of distribution ⚫ESG indicators Financial results ப G 54#55CZECH ELECTRICITY MARKET IS INTEGRATED WITH NEIGHBOURING COUNTRIES Physical electricity flows and power prices EUR/MWh DE € 227.4 +0.1 TWh Czech and German Electricity prices EUR/MWh, Y+1 baseload forwards 380 330 280 PL € 225.2 230 +8.1 TWh 180 CZ € 229.8 Net export 11.1 TWh SK € 232 130 -8.5 TWh -10.7 TWh 80 AT € 240.5 Czechia Germany HU € 235.4 30 Nov-20 Feb-21 May-21 Aug-21 Nov-21 Feb-22 May-22 Source: EEX, prices as of May 19, 2022 55 59 ப G#56COMMODITY PRICES GREW SIGNIFICANTLY IN 2021, ARE HIGHLY VOLATILE IN 2022 Carbon prices¹ EUR/t 120 100 80 60 40 40 20 20 wwww 0 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Gas prices² EUR/MWh Coal prices³ EUR/t 160 300 -Y+1 -Y+1 -Y+2 140 -Y+2 250 120 100 200 80 150 60 40 40 20 20 1. EU allowances, Y+1 forward, 2. Netherlands TTF, 3. AP12 coal 100 50 50 ப G 0 0 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 56 99#57ELECTRICITY SPREADS: IMPROVEMENT IN LIGNITE MARGIN, VOLATILITY OF CSS AND CDS Clean power (electricity - carbon)1 EUR/MWh Clean spark spread (CSS)² EUR/MWh, weekly averages Clean dark spread (CDS)³ EUR/MWh, weekly averages 300 -Y+1 250 -Y+2 200 150 100 50 200 Y+1 150 -Y+2 100 50 60 0 30 -Y+1 -Y+2 20 20 10 -10 -20 Π -50 -30 0 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 1. German electricity baseload minus carbon (36% efficiency) 2. German (55% efficiency) 3. German (38% efficiency), 57#58APPENDIX Electricity market fundamentals Progress in implementing Vision 2030 and key objectives for 2022 Regulation of distribution ⚫ESG indicators Financial results ப G 58#59ப ? WE MEET THE STRATEGIC GOALS OF VISION 2030-CLEAN ENERGY FOR TOMORROW-PILLAR I TRANSFORM THE GENERATION PORTFOLIO TO LOW-EMISSION AND ACHIEVE CARBON NEUTRALITY • Key strategic ambitions of VISION 2030 We will safely increase generation from existing nuclear sources to over 32 TWh per year and will achieve a 60-year lifetime. We continue to prepare for the construction of a new nuclear unit in Dukovany. We will build 6 GW of RES by 2030, including 1.5 GW by 2025. We will decarbonize production of heat and convert our coal sites to new activities after the shift away from coal. • We will build new gas-fired capacities that are ready to burn hydrogen. We will reduce the share of electricity generated from coal to 25% by 2025 and to 12.5% by 2030. 59 • • 2021: Completed Activities and Selected Events NPP Dukovany and NPP Temelín exceeded the annual generation target of 30.5 TWh of electricity (30.7 TWh) Completed increase of the achievable capacity of Unit 1 of ETE by e 4 MW to 1,086 MW (replacement of two new separators-steam heaters in the nonnuclear part of the plant) NPP Dukovany and NPP Temelín successfully passed IAEA verification with a focus on physical and cyber security Operation of power plant Energotrans 3 (500 MW) was terminated Under the RES+ subsidy program, 22 ČEZ projects with an installed capacity of 211 MWp were submitted. • • 2022: Key Objectives and Priorities Continuously improve safety and digitization of nuclear power plants Generation of nuclear power plants above 30.5 TWh and implementation of projects leading to increased availability Permit renewal for Temelín NPP Unit 2 NNPP Dukovany (launch of bidding procedure for contractor and obtain planning permission) Prepare ČEZ's photovoltaic projects with installed capacity of hundreds MWp for submission to subsidy program RES+ Start preparation of a low-emission heat supply solution including controlled decentralization in relation to progressively updated Site Concepts, thus replacing heat supply from large coal-fired power plants#60WE MEET THE STRATEGIC GOALS OF VISION 2030-CLEAN ENERGY FOR TOMORROW DECARBONIZATION AND EMISSION TARGETS Key strategic ambitions of VISION 2030 We will reduce CO2 emissions by 2030 in line with the Paris Agreement "Well Below 2 Degrees". • We will reduce the emission intensity to 0.26 t CO2e/MWh in 2025 and to 0.16 t CO2e/MWh in 2030. By 2030, we will completely phase out coal-fired heat generation. We will achieve full carbon neutrality by 2050. We will reduce NOx emissions from 23 kt in 2019 to 13 kt in 2025 and 7 kt in 2030 and SO 2 from 21 kt in 2019 to 6.5 kt in 2025 and 3 kt in 2030. CO2e emission intensity t CO₂e/MWh of electricity and heat generation 0.70 Marginal plant ton thousands 40 Sulfur dioxide (SO2), Nitrogen oxides (NOx) 0.60 in Germany Sulfur dioxide ■Nitrogen oxides 0.50 30 -13% +5% 0.40 New CCGT plant 0.30 20 0.20 0.34 0.29 0.31 19.4 20 14.3 14.3 14.5 7.8 7.7 10 0.10 0.00 0 2020 2021 E 2022 2020 2021 E 2022 CEZ Group's emission intensity reached 0.29 CO2e /MWh in 2021, a decrease of 13% compared to 2020 (0.34 CO2e /MWh), corresponding to approx. 84% of the emissions from the new CCGT plant and approx. 45% of the emissions from the marginal plant determining current market prices in Germany. SO2 emissions amounted to 7.8 thousand tons in 2021, a decrease of 45% compared to 2020, and NOx emissions amounted to 14.3 thousand tons (a year-on-year decrease of 26%). The reported CO2e corresponds to emissions according to definition of "SCOPE I by GHG protocol". In CEZ Group, these are emissions related to the combustion of fossil fuels in the generation of electricity and heat (CO2, CH4, N2O) but also CO2 emissions from transportation. The indicator also includes CH and N2O emissions from biomass combustion, CH4 emissions from coal mining, and HFC, PFC, and SF6 emissions from air conditioning and other equipment. 60 Π#61WE MEET THE STRATEGIC GOALS OF VISION 2030-CLEAN ENERGY FOR TOMORROW-PILLAR II PROVIDE THE MOST COST-EFFECTIVE ENERGY SOLUTIONS AND THE BEST CUSTOMER EXPERIENCE ON THE MARKET Key strategic ambitions of VISION 2030 • • • • We will invest in Smart grids and decentralization to further develop a stable and digital distribution grid, including the development of fiber optic networks. We will digitize 100% of key customer processes by 2025. We will maintain the highest Net Promoter Score (NPS) among major electricity suppliers and will grow our customer base by increasing service quality. We will build infrastructure for electromobility-quadruple the charging capacity and operate at Min. 800 stations by 2025. We will further develop our role as a decarbonization leader-enabling effective emission reductions and we will help our clients in industry, municipalities, and government with energy savings in line with the EU target of 39-40% reduction of energy consumption. 2021: Completed Activities and Selected Events • 632 km of new fiber optic routes built in the distribution area of CEZ Distribuce; a total of 4,712 km of fiber optic routes have been completed. • • • • CEZ Distribuce already has 4,727 remote-controlled elements and over 8,100 remote-communication stations. After the closure of Bohemia Energy and other suppliers, almost 400 thousand service points were transferred to the supplier of last resort in the area of CEZ Distribuce, and CEZ Prodej gained more than 380 thousand customers. Strategic cooperation between CEZ Prodej and Ceska posta was initiated CEZ Prodej installed 1,544 photovoltaic power plants for its customers (of which 999 including battery solutions) and 1,124 heat pumps. Organic and acquisitive growth of ESCO activities resumed after COVID-19. . • • 2022: Key Objectives and Priorities Preparing the distribution network for the increase of RESS and electromobility and increasing annual investments in distribution networks by over CZK 1 bn to CZK 14.5 bn. Digitizing customer processes in CEZ Distribuce and CEZ Prodej and meeting strategic objectives in the area of end customer service. Continued dynamic increase in the technology products market (PV and heat pumps) CEZ Prodej targets more than 3,800 installations. Full start of the strategic cooperation between CEZ Prodej and Ceska posta in the area of servicing and acquisitions-by the end of 2022, 58 more branches will be opened beyond the 15 branches already opened by the end of 2021. Implementation of the ESCO growth strategy in Czechia and abroad and overall ambition of ESCO sales in the amount of CZK 31.5 bn. 61 Π#62APPENDIX ப G Electricity market fundamentals Progress in implementing Vision 2030 and key objectives for 2022 Regulation of distribution ⚫ESG indicators Financial results 62 62#63CZECH REPUBLIC: ELECTRICITY DISTRIBUTION - OVERVIEW OF REGULATORY FRAMEWORK Regulatory Framework Regulatory period Π ■ Regulated by ERU (Energy Regulatory Office, www.eru.cz) ■ The main components of regulatory formula for distribution ■ Revenue cap = Operating expenses + Depreciation + Regulatory return on RAB - Other revenues corrections +/- Quality factor + Market factor ■ RAB adjusted annually to reflect net investments and revaluation trajectory Regulatory rate of return (WACC nominal, pre-tax) - 6.54% for 2021-2025 Operating costs are indexed to weighted average of wage inflation index and market services price index. In V. Regulatory period efficiency factor set at 0.2% per year. - Quality factor prescribed levels of SAIDI and SAIFI parameters. Maximum bonus or penalisation +/- 4% of allowed profit. Currently has neutral impact on CEZ Distribuce. Market factor to reflect unexpected cost which could not had been planned while setting planned values of allowed costs (e.g. new duties coming from new legislation). Never used by ERU in case of CEZ Distribuce. 5th regulatory period from January 1, 2021 till December 31, 2025, Main focus: - lowering allowed costs compared to the previous period (reflecting actual costs in the previous regulatory period); - pressure on quality and security of electricity distribution (prescribed SAIDI and SAIFI parameters); - renew and develop the networks incentivised by reasonable regulation parameters. Unbundling & Liberalization Since January 1, 2006 all customers can choose their electricity supplier, market is 100% liberalized ■ Prices for distribution regulated as per above, price of commodity is not regulated at all. 63 65#64CZECH REPUBLIC: ELECTRICITY DISTRIBUTION - WACC WACC set using CAPM formula: E D WACC-(k)+(k) (1-T)] ke = r; + ẞ × MRP. D+E ka = r+ + credit risk margin (CRM) Risk free rate (r) was derived from median yields of 10-y Czech sovereign bonds for 10 years period Credit risk margin set as a difference between BBB rated corporate bonds and 10Y AAA EUR Sovereign bonds WACC components 5th regulatory period 2021-2025 Risk free rate (r₂) 2.04% Market risk premium (MRP) 6.54% ẞ unlevered 0.51 ẞ levered (B) 0.90 Cost of equity (ke) 7.94% Credit risk margin (CRM) 1.09% Cost of debt, pre tax (kd) 3.14% Tax rate (T) 19% Cost of debt, post-tax 2.54% Debt/(Debt+Equity) 48.92% WACC (nominal, before tax) 6.54% 99 64 Π#65APPENDIX Electricity market fundamentals Progress in implementing Vision 2030 and key objectives for 2022 Regulation of distribution • ESG indicators Financial results 65 99 ப G#66IMPROVEMENT IN MAJOR ESG RATINGS REFLECTS CEZ'S EFFORTS TOWARDS SUSTAINABILITY CEZ' ESG Rating Score MSCI Scale AAA to CCC (best to worst) S&P Global Ratings 100 to 0 SUSTAINALYTICS a Morningstar company 0 to 100 ISS ESG▷ CDP A+ to D- DISCLOSURE INSIGHT ACTION A to D- BBB AA 50 50 56 37.0 37.6 C C+ C C ■ 2021 2022 2020 2021 2021 2022 2021 2022 ■2020 2021 ப G 66#67KEY ESG INDICATORS Environment Social Governance Π unit 2019 2020 2019 2020 unit 2019 2020 Scope 1 emissions Mt CO2e 26.1 23.2 Number of employees 000' 32.4 32.5 Supervisory Board meetings # 12 13 Scope 2 emissions Mt CO2e 0.4 0.3 Employee turnover % 10.4 9.9 Supervisory Board member % 97.9 98.1 attendance Scope 3 emissions Mt CO2e 18.3 17.4 Employees unionized % 26% 26% Supervisory Board % 67 67 Carbon intensity kg/MWh 0.36 0.33 Donorship m CZK 349 397 independence (electricity and heat Fatalities # 0 3 generation) Female Supervisory Board % 8.3 8.3 members Water consumption m³/MWh 8.9 8.6 Training hours 000' 624 665 Fuel consumption 000' TJ 603 563 Injuries # 363 147 Number of Supervisory # 12 12 Board members from non- Women in workforce % 21.6 21.4 renewable sources Women in management % 15.8 16.0 SAIDI minutes 233 220 Carbon neutrality: Year 2050 2050 /custom Interim targets: 2025 2025 er and and 2030 2030 R&D expenses m CZK 961 961 Weight of waste 000't 294 64 (non-hazardous) ISO 14001 certified MWs % 88 88 91 20 67#68APPENDIX Electricity market fundamentals Progress in implementing Vision 2030 and key objectives for 2022 Regulation of distribution ⚫ESG indicators • Financial results ப G 68#69FINANCIAL AND OPERATING RESULTS Operating revenues EBITDA of which: Existing assets* EBIT Net income Adjusted net income** Operating cash flows CAPEX Q1 2021 Q1 2022 Difference % CZK bn 59.1 76.0 +16.9 +29% CZK bn 19.9 43.7 +23.8 +119% CZK bn 17.9 43.7 +25.8 +144% CZK bn 11.2 36.2 +25.0 >200% CZK bn 8.4 26.7 +18.3 >200% CZK bn 8.4 26.7 +18.3 >200% CZK bn 5.6 33.5 +27.9 >200% CZK bn 4.8 4.7 -0.2 -4% ப E Q1 2021* Q1 2022 Difference % Installed capacity*** GW 12.3 11.8 -0.5 -4% Electricity generation Electricity distributed to end-use customers Sales of electricity to end customers TWh 15.5 14.9 -0.6 -4% TWh 10.3 9.9 -0.4 -4% TWh 5.8 6.4 +0.6 +11% Sales of gas to end customers TWh 2.7 3.4 +0.7 +26% Sales of heat Workforce headcount*** thousands TJ 10.8 9.6 -1.2 -11% thousands persons 27.4 27.7 +0.3 +1% * ** without divested assets. Romanian companies sold on March 31, 2021 and Bulgarian companies on July 27, 2021. Adjusted net income = Net income adjusted for extraordinary effects that are generally unrelated to ordinary financial performance in a given period (such as fixed asset impairments and goodwill write-off) 69 69 ***As of the last date of the period#70MAIN CAUSES OF YEAR-ON-YEAR CHANGE IN EBITDA CZK bn 50 +28.0 +0.4 -0.1 -2.4 43.7 45 40 35 30 25 19.9 Divested assets* 43.7 20 2.1 15 10 17.9 EXISTING CZK 25.8 bn ASSETS +144% Existing assets 5 Q1 2021 GENERATION MINING DISTRIBUTION SALES Q1 2022 Existing assets (CZK +25.8 bn): GENERATION Segment (CZK +28.0 bn): Π • The impact of extreme increase in market prices of commodities on the wholesale market (CZK +13.8 bn) • Profit from commodity trading (CZK +4.9 bn) • Specific temporary effect (CZK +4.3 bn) from the sale of emission allowances for generation according to the Risk Committee's decision to strengthen liquidity to cover margining risks on exchanges. This income will be eliminated in the remaining months of 2022 as part of a higher provision for generating emissions (due to the higher purchase value of emission allowances). Other specific effects mainly due to the revaluation of generation hedging contracts (CZK +3.5 bn) SALES Segment (CZK -2.4 bn): * Retail segment―ČEZ Prodej (CZK -1.6 bn)-significant increase in commodity prices and market volatility, which amplified the seasonality of the result** • B2B segment-Sales of commodities in Czechia (CZK -0.8 bn)—mainly significant increase in commodity purchase prices and market volatility, which amplified the seasonality of the result** In Q1 2021 divested assets generated EBITDA (CZK +2.1 bn): of which Romania (CZK +1.2 bn) and Bulgaria (CZK +0.8 bn) ** Prices for end-use customers are generally set the same for winter and summer, while the purchase price of electricity and gas is generally higher in winter than at other times of the year. This seasonal effect was significantly higher in Q1 2022, given the extreme increase in gas and thus electricity prices. 70 70#71GENERATION SEGMENT EBITDA EBITDA (CZK bn) Q1 2021* Q1 2022 Diff % Zero-emission Generating Facilities 7.6 15.6 +8.1 +107% of which: nuclear 6.4 12.4 +6.0 of which: renewables 1.1 3.2 +2.1 +93% +187% Fossil-Fuel Generating Facilities 1.7 8.4 +6.7 > 200% Trading 0.0 5.4 +5.4 > 200% Specific temporary effects -0.5 7.4 +7.9 > 200% Total Generation Segment 8.8 36.7 +28.0 > 200% Year-on-year effects: Nuclear facilities (CZK +6.0 bn): Π The division of EBITDA of the GENERATION segment into five sub-segments is only indicative on the basis of central allocation assumptions (in particular the allocation of gross margin and fixed costs of the central divisions of ČEZ) and simplified consolidation with other companies in the segment. RMC-Risk Management Committee * excluding the divested assets in Romania and Bulgaria Business effects (CZK +5.7 bn): price impact (CZK +5.9 bn), lower intra-group revenues (CZK -0.2 bn) Operating effects (CZK +0.3 bn): Temelín nuclear power plant operating availability (CZK +0.3 bn), Dukovany nuclear power plant operating availability (CZK +0.2 bn), fixed costs (CZK -0.3 bn) Renewables (CZK +2.1 bn): Business effects (CZK +2.2 bn): price impact (CZK +0.7 bn), ancillary services and regulatory energy (CZK +1.5 bn) • Operating effects (CZK -0.1 bn): hydroelectric plants in Czechia (CZK -0.3 bn), photovoltaic plants in Czechia (CZK +0.1 bn), wind power plants in Germany (CZK +0.1 bn) Fossil-Fuel sources (CZK +6.7 bn): Business effects in Czechia (CZK +6.8 bn): price impact (CZK +6.8 bn), ancillary services and regulatory energy (CZK +0.1 bn), lower intra-group revenues (CZK -0.1 bn) • Operating effects in Czechia (CZK +0.2 bn): operating availability (CZK -0.1 bn), heat sales revenues (CZK +0.2 bn), trading at generating facilities (CZK +0.3 bn), fixed costs (CZK -0.1 bn) . Poland (CZK -0.2 bn) mainly lower generation margin due to the increase in the cost of emission allowances Trading (CZK +5.4 bn): higher trading prop margin (CZK +4.9 bn), consolidation and other effects on gross margin (CZK +0.5 bn) Specific temporary effects (CZK +7.9 bn): Income from the sale of generation allowances due to RMC's decision to strengthen liquidity to cover margining risks on exchanges (CZK +4.3 bn). This income will be eliminated in the remaining months of 2022 as part of the higher provision for generation emissions (due to the higher cost value of emission allowances purchased). Revaluation of the CCGT facility generation hedging commodity contracts for Q2, Q3, and Q4 2022 (CZK +1.7 bn) Revaluation of other hedging commodity contracts for generation and other specific effects (CZK +1.8 bn) 71#72MAIN CAUSES OF YEAR-ON-YEAR CHANGE IN NET INCOME (CZK bn) Q1 2021 Q1 2022 Difference % EBITDA 19.9 43.7 +23.8 +119% Depreciation and amortization -6.7 -7.5 -0.9 -13% Impairments* -2.0 0.1 +2.1 Other income (expenses) -0.8 -2.8 -2.0 >200% Interest income (expenses) -1.0 -0.5 +0.5 +47% Other 0.2 -2.2 -2.4 Income tax -2.0 -6.7 -4.7 >200% Net income 8.4 26.7 +18.3 >200% Adjusted net income 8.4 26.7 +18.3 >200% Impairments* (CZK +2.1 bn) • Provisioning in Q1 2021 for fixed assets in Romania (CZK +1.1 bn) and Bulgaria (CZK +0.9 bn) Depreciation and Amortization (CZK -0.9 bn) • Acceleration of depreciation and amortization of coal-fired power plants in Czechia as a result of the deterioration of market and regulatory conditions for the long-term operation of coal-fired power plants in Czechia (CZK -1.1 bn) • Higher depreciation and amortization of ČEZ Distribuce (CZK -0.1 bn) • Lower depreciation and amortization of assets at Severočeské doly (CZK +0.3 bn) reflecting provisioning in 2021 Other Income and Expenses (CZK -2.0 bn) • Exchange rate effects and revaluation of financial derivatives (CZK -2.2 bn), mainly due to the revaluation of ČEZ's margin deposits on exchanges and with trading counterparties (the total amount of margin deposits exceeded CZK 100 bn as of March 8 and subsequently decreased below CZK 60 bn as of March 31). • Lower interest expense (CZK +0.3 bn) due to a decrease in the total amount of debt * Including gain/loss from sales of tangible and intangible fixed Assets ப G 72#73NET DEBT DECREASED BY CZK 29 BN IN Q1 Net debt as of December 31, 2021 Other EBITDA Interest, Acquisition of income tax operating effects fixed assets Divestments/ acquisitions Other Net debt as of March 31, 2022 110.7 +43.7 -1.0 Decrease in net debt by CZK 29.0 bn -9.2 81.8 -6.6 -0.1 +2.2 ப 1.8 Net debt / Annual EBITDA Interest, income taxes (CZK -1.0 bn): income taxes paid 0.9 Other operating effects (CZK -9.2 bn): change in trade receivables and payables (CZK -14.3 bn), inventories of materials and fossil fuels (CZK -1.0 bn), change in emission allowances (CZK +2.7 bn), other (CZK +3.4 bn) Acquisition of fixed assets (CZK -6.6 bn): acquisition of fixed assets (CAPEX) (CZK -4.7 bn), change in liabilities from fixed asset acquisition (CZK -1.9 bn) Divestments/acquisitions (CZK -0.1 bn): acquisition of ELIMER, a.s. Other (CZK +2.2 bn): mainly change in the fair value of loans and bonds due to the appreciation of the EUR/CZK exchange rate CEZ Group takes all measures to manage liquidity risks associated with extreme increases in commodity market prices and related margining on commodity exchanges and to trading counterparties • ČEZ is required to replenish cash on margin deposits on exchanges and with counterparties due to futures contracts related to generation and significant increases in commodity prices. • As of March 31, ČEZ had cash on margin deposits, and therefore a receivable, in the amount of CZK 57 bn. ČEZ is negotiating at European and national level on measures and instruments to address the risks of a surge in additional cash needs. • Cash, highly liquid assets and available credit lines of ČEZ amounted to CZK 82 bn as of March 31, 2022. 73#74CREDIT FACILITITES AND DEBT STRUCTURE Utilization of Short-Term Lines and Available Committed Credit Facilities (as of Mar 31, 2022) Bond Maturity Profile (as of Mar 31, 2022) CZK bn 25 22 UNDRAWN committed CZK 29.5 bn 20 15 DRAWN uncommitted Available credit facilities 10 CZK 0.2 bn Issue of USD 266 million duly repaid April 4, 2022 On April 6, 2022, EUR 600 million, Sustainability-Linked Bond with 2.375% coupon was issued DRAWN committed CZK 13.5 bn Committed facilities are kept as a reserve for covering unexpected expenses and to fund short-term financial needs. On March 14, 2022, long-term loans from the EIB for a total amount of EUR 400 million fully drawn down for 10 years. CEZ Group has access to a total of CZK 46 bn of committed credit facilities*. CZK 13.5 bn of committed lines drawn as of March 31, 2022. Use of credit facilities was primarily related to higher margin deposits on commodity exchanges following a high increase of electricity market prices. • On April 6, 2022, a EUR 600 million sustainability linked bond with a coupon of 2.375% and maturing in 2027 was issued under the EMTN program. * including the commitment increase signed on April 4, 2022 150 0 Debt Level CZK 2028 2030 EUR /// JPY 2032 2038 2039 USD 2042 As of Mar 31, 2021 As of Mar 31, 2022 Debt and loans CZK bn 151.9 133.7 Cash and fin. assets** CZK bn 35.9 52.0 Net debt CZK bn 116.0 81.8 Net debt/EBITDA 2.0 0.9 ** Cash and Cash Equivalents & Highly Liquid Financial Assets 74 2047 Π#75NUCLEAR AND MINING PROVISIONS AS OF YE 2021 Nuclear and mining provisions as of YE 2021 in accordance with IFRS (discount rate 0.3 % p.a. (real), est. Inflation effect 2.0%) Responsibility of: Cash cover (CZK) Provision (CZK bn) CEZ Interim storage of spent nuclear fuel 10.0 Permanent storage of spent nuclear fuel 41.4 bn State*, costs paid by CEZ Nuclear Facility decommissioning Mining reclamation Landfills (ash storage) * RAWRA - Radioactive Waste Repository Authority - **SD Severočeské doly *** State Nuclear Account balance as of YE 2020 CZK 31.7bn 42.3 bn CEZ 12.4 bn CEZ (SD**) 0.7 bn CEZ 0.01 bn Fee 55 CZK/MWh generated in NPP paid to Nuclear Account*** 14.8 bn 5.7 bn 0.2 bn ப G 75#76SELECTED HISTORICAL FINANCIALS OF CEZ GROUP (CZK) Π CZK bn 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Revenues 221.9 216.7 201.8 210.2 203.7 205.1 184.5 206.2 213.7 227.8 Sales of electricity 186.8 189.4 173.8 182.1 174.9 104.1 103.1 110.2 118.7 136.2 Sales of services 76.3 59.9 71.4 71.5 67.3 Sales of gas, heat and coal and other income 35.1 27.4 27.9 28.1 28.8 24.7 21.5 24.6 23.5 24.3 Operating Expenses 136.1 134.7 129.3 145.1 145.6 151.2 135 146 148.9 164.6 Purchased power and related services 71.7 79 75.8 90.9 59.5 57.4 52.2 55.5 56.3 62.7 Fuel and emission rights 15.8 13.8 12.7 13.1 15.1 16.0 19.1 21.4 23.3 24.6 Salaries and wages 18.7 18.7 18.9 17.8 19.2 22.1 25.6 28.8 30.9 30.6 Other 29.9 23.2 21.9 23.4 51.8 54.5 38.1 40.3 38.4 46.7 EBITDA 85.8 82 72.5 65.1 58.1 53.9 49.5 60.2 64.8 63.2 EBITDA margin 39% 38% 36% 31% 29% 26% 27% 29% 30% 28% Depreciation, amortization, impairments 28.9 36.4 35.7 36.3 32.1 29.5 29.7 33.8 52.2 47.1 EBIT 57 45.7 36.9 29 26.1 25.6 19.8 26.4 12.6 16.1 EBIT margin 26% 21% 18% 14% 13% 12% 11% 13% 6% 7% Net Income 40.1 35.2 22.4 20.5 14.6 19 10.5 14.5 5.5 9.9 Net income margin 18% 16% 11% 10% 7% 9% 6% 7% 3% 4% Adjusted net income 41.3 43 29.5 27.7 19.6 20.7 13.1 18.9 22.8 22.3 Adjusted net income margin 19% 20% 15% 13% 10% 10% 7% 9% 11% 10% CZK bn 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Non current assets 494.7 485.9 497.5 493.1 489.3 487.9 480.4 501.9 471.9 474.4 Current assets 141.1 154.5 130.4 109.6 141.6 136 227 202.7 230.5 708.4 - out of that cash and cash equivalents 18 25 20.1 13.5 11.2 12.6 7.3 9.8 6.1 26.6 Total Assets 635.8 640.4 627.9 602.7 630.8 623.9 707.4 704.6 702.5 1182.9 Shareholders equity (excl. minority. int.) 250.2 258.1 261.3 267.9 256.8 250 234.7 250.8 233.9 161.1 Return on equity 17% 14% 9% 8% 6% 8% 4% 6% 2% 5% Interest bearing debt 192.9 199 184.1 157.5 167.8 154.3 161 171.9 151.8 137.9 Other liabilities 192.6 183.3 182.4 177.3 206.2 219.6 311.7 281.9 316.8 883.9 Total liabilities 635.8 640.4 627.9 602.7 630.8 623.9 707.4 704.6 702.5 1182.9 76#77SELECTED HISTORICAL FINANCIALS OF CEZ GROUP (EUR) Π EUR M 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Revenues 8,926 8,717 8,117 8,455 8,194 8,250 7,422 8,294 8,596 9,163 Sales of electricity 7,514 7,619 6,991 7,325 7,035 4,187 4,147 4,433 4,775 5,479 Sales of services 3,069 2,409 2,872 2,876 2,707 Sales of gas, heat and coal and other income 1,412 1,102 1,122 1,130 1,158 994 865 990 945 977 Operating Expenses 5,475 5,418 5,201 5,837 5,857 6,082 5,430 5,873 5,990 6,621 Purchased power and related services 2,884 3,178 3,049 3,656 2,393 2,309 2,100 2,233 2,265 2,522 Fuel and emission rights 636 555 511 527 607 644 768 861 937 990 Salaries and wages 752 752 760 716 772 889 1,030 1,158 1,243 1,231 Other 1,203 933 881 941 2,084 2,192 1,533 1,621 1,545 1,879 EBITDA 3,451 3,298 2,916 2,619 2,337 2,168 1,991 2,422 2,607 2,542 EBITDA margin 39% 38% 36% 31% 29% 26% 27% 29% 30% 28% Depreciation, amortization, impairments 1,163 1,464 1,436 1,460 1,291 1,187 1,195 1,360 2,100 1,895 EBIT 2,293 1,838 1,484 1,167 1,050 1,030 796 1,062 507 648 EBIT margin 26% 21% 18% 14% 13% 12% 11% 13% 6% 7% Net Income 1,613 1,416 901 825 587 764 422 583 221 398 Net income margin 18% 16% 11% 10% 7% 9% 6% 7% 3% 175% Adjusted net income 1,661 1,730 1,187 1,114 788 833 527 760 917 897 Adjusted net income margin 19% 20% 15% 13% 10% 10% 7% 9% 11% 394% EUR M 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Non current assets 19,899 19,545 20,012 19,835 19,682 19,626 19,324 20,189 18,982 19,083 Current assets 5,676 6,215 5,245 - out of that cash and cash equivalents 724 1,006 Total Assets 25,575 25,760 809 25,257 4,409 543 24,244 5,696 451 25,374 5,471 9,131 8,154 9,272 28,496 507 25,097 294 28,455 394 245 1,070 28,343 28,258 47,583 Shareholders equity (excl. minority. int.) 10,064 Return on equity 17% Interest bearing debt 7,759 10,382 14% 8,005 Other liabilities Total liabilities 10,511 10,776 9% 8% 7,405 6,335 7,747 7,373 7,337 7,132 25,575 25,760 25,257 24,244 10,330 6% 6,750 8,294 25,374 10,056 9,441 10,088 8% 4% 6% 6,207 6,476 6,915 8,833 12,538 11,340 25,097 28,455 28,343 28,258 9,409 2% 5% 6,106 5,547 12,743 35,555 47,583 6,480 77#78INVESTOR RELATIONS CONTACTS CEZ, a. s. Duhova 2/1444 14 053 Praha 4 Czech Republic www.cez.cz Barbara Seidlová Investor Relations Phone: +420 211 042 529 email: [email protected] Zdeněk Zábojník Investor Relations Phone: +420 211 042 524 email: [email protected] ப G 78