#1E CLEAN ENERGY OF TOMORROW CEZ Group: Clean Energy of Tomorrow Investor presentation, 1 December 2023 www.cez.cz/en#2AGENDA CEZ Group at a Glance CEZ guidance 2023 & CZ tax measures • Our Vision Appendix www.cez.cz/en ப G 2#3We are an international utility, among the largest in Europe by market cap CEZ Group 13th largest in number of customers 10th largest in installed capacity 9th largest by market capitalization* Sales, 3.3% Distribution, 13.8% Mining, Лля 4.7% 2022 EBITDA CZK 131.6 bn Trading, 16.9% Fossil fuel generation, www.cez.cz/en * 17.4% I as of November 15, 2023 Nuclear generation, 35.7% E Trading & ESCO Retail ✓ Nuclear Renewables Traditional Generation Renewables, 8.7% Distribution Mining 3 ப G#4We lead energy transformation of the Central Europe through bringing the clean energy of tomorrow ப G 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 A Expanding energy services and clean decentralized generation and heating in Czechia, Germany, Poland, Slovakia and Northern Italy www.cez.cz/en 4#5CEZ Group is vertically integrated in Czechia Market position Mining Generation Market share 53% Volume ப E Sales Networks (Retail & ESCO) Market leader in all parts of the value chain 61% 65% 35% 17.8 mil. tons CO₂ free 33.6 TWh Other 18.1 TWh 35.1 TWh 20.7 TWh EBITDA in Czechia (2022) 6.2 CZK billion 58.4* 22.9* CZK billion CZK billion 18.1 CZK billion 2.9 CZK billion www.cez.cz/en * Additional CZK 22.2 billion was generated by Trading. Total EBITDA of Generation segment in Czechia amounted to CZK 103.6 bn. LO 5#6We are delivering value to our shareholders Delivery on guidance ப G High dividend payout Strong balance sheet )0)) ♡ 2022 EBITDA CZK 131.6 billion Adj. Net Income CZK 78.4 billion 15% dividend yield** 100% payout ratio 1.2x Net debt/EBITDA Ambitions EBITDA growth by 35% by 2030* 60-80% payout ratio below 2.5-3.0x Net debt/EBITDA www.cez.cz/en ** * Growth compared to 2021 using electricity prices when Vision 2030 was announced Assuming share price of CZK 990 as of Nov 15, 2023 6#7CEZ Group regularly pays high dividends ப G Payout ratio (%), Dividend per share (CZK) 122%* 116%* 100% 98% 97% 90% 85% 78% 73% 145 56% 55% 54% 59% 56% 49% 50% 52% 40% 41% 43% 50 53 50 45 40 40 40 40 40 15 20 8 9 52 48 33 33 33 34 24 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Dividend paid per share (CZK) 2022 dividend CZK 145 per share, i.e. 100% payout ratio www.cez.cz/en Payout ratio Dividend policy range Dividend policy 60-80% payout ratio from adjusted net income * Dividends for 2020 and 2021 were set in two components: the regular component corresponded to a payout ratio of 100% of CEZ Group's adjusted net income, while the extraordinary component (over the 100% payout ratio) reflected the contribution of the sale of Romanian (2020) and Bulgarian (2021) assets to CEZ Group's debt capacity. 7#8Our strong financial position supports future growth Net economic debt/EBITDA * 2022 RWE 0.4 ■Net financial debt Verbund 1.4 Net economic debt** Ørsted A/S Fortum 1.6 1.6 CEZ Group 1.2 2.0 Engie 2.8 Naturgy Energy 2.9 EDP 3.1 Enel 3.2 Iberdrola EON 3.4 4.1 Ø 2.4x www.cez.cz/en * EBITDA as reported by companies 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: below 2.5-3.0x ** Net economic debt = net financial debt + net nuclear provisions + provisions for employee pensions + net reclamation provision Ε 8#9We have a robust generation portfolio with low and largely fixed costs We have diversified generation portfolio Generation capacity and volumes (2022) Our fuel costs are low, not dependent on commodity prices ப Marginal fuel costs by technology at current forwards (EUR/MWh, prices of gas and carbon as of November 15, 2023) ~124 11,836 MW 54.3 TWh Natural gas 971 2.5 5% 3.0 6% 28 Hard coal 1,168 14.5 27% -81 Lignite/Brown 3,154 coal Upgraded plants integrated with coal mines 4,290 69 96 96 Carbon Nuclear Hydro and renewables 2,253 31.0 57% Fuel 3.3 6% Installed capacity Generation, gross Share on -8 12 Nuclear* Own lignite** CCGT*** generation * Nuclear fuel costs + CZK 55/MWh payment for fuel storage www.cez.cz/en ** Cash cost of extracting own lignite in 2022, 42% efficiency, 11.5 GJ/t calorific value, carbon allowances at 80 EUR/t *** Natural gas at 49 EUR/MWh, 57% efficiency, 0.35 t/MWh CO2 9#10CEZ Group's emission intensity declined by 30% since 2017 CEZ Group's emission intensity (tCO2e/MWh of generated electricity and heat) 0.7 0.6 0.5 Marginal power plant in Germany ப G 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. 0.41 0.40 0.4 0.38 Generation volume CO2 emission intensity New 0.34 (2022, TWh) (2022, t/MWh) CCGT plant 0.29 0.29 CO₂ free 34.3 0.00 0.3 CEZ Gas 2.5 0.35 Group 0.2 Coal and lignite 17.5 0.85 2017 2018 2019 2020 2021 2022 Total 54.3 0.29 www.cez.cz/en 10#11Nuclear plants are important profit generators with stable production volumes 2022 CEZ Group EBITDA Sales, 3.3% Distribution, 13.8% Mining, 4.7% Trading, 16.9% www.cez.cz/en Fossil fuel generation, 17.4% ப G Nuclear generation, 35.7% 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) Renewables, 8.7% 11#12We are growing our regulated asset base in distribution, regulatory visibility until 2025 Regulatory asset base CZK billion 142 134 122 107 102 97 93 Outcome of regulatory review for 2021-2025 supportive for RAB growth ப G RAB will grow by 8% CAGR in 2020-2025 thanks to revaluation and investments .⚫ WACC at 6.54% • Investments directed to digital transformation, preparation for decentralized generation • Accelerated growth in renewables expected, our network is ready to process connection requests 2017 2018 2019 2020 2021 2022 2023 www.cez.cz/en 12#13Our retail business provides robust volume growth and best in class customer satisfaction Electricity and natural gas supplied to retail customers (TWh) www.cez.cz/en +7% 14.3 13.4 5.1 4.4 +16 % 9.2 9.0 +2% 2021 Natural gas 2022 Electricity Retail defended the title of the "Most trusted energy supplier in CZ" • Customer satisfaction indicator (CX) of more than 85% is continually improving * "Most trusted energy supplier" in Czechia Number of connection points increased by 4% to 3.29 m thanks to • some competitors ceasing activities in Q4 2021 lower acquisition campaigns of alternative suppliers due to high price volatility Volume growth driven by growth of customer base partly offset by energy saving incentivized by higher pricing. Gas supply growth driven by acquisitions of customers with higher consumption. * based on an independent survey conducted with more than 4,000 respondents as a part of the 9th annual national Trusted Brands program (monitoring and awarding brands that Czech consumers trust most) G 13#14Strongly growing in energy services business and helping customers to decarbonize Energy Services (ESCO) revenue CZK billion +341 % 24.0 22.5 21.8 18.9 30.9 22.2 15.5 16.1 17.7 13.0 7.0 3.0 8.8 5.9 6.3 6.4 6.4 4.0 2017 2018 2019 2020 2021 2022 www.cez.cz/en 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 ப G 14#15AGENDA ⚫ CEZ Group at a Glance CEZ guidance 2023 & CZ tax measures Our Vision Appendix www.cez.cz/en ப G 15#16Financial Outlook for 2023: EBITDA CZK 115–120 bn, adjusted net income CZK 33-37 bn EBITDA (CZK bn) 131.6 115-120 Selected Generation Assumptions ■ Total electricity supply in the Czech Rep. 43 to 45 TWh E ப ■ Open position of ~2% of electricity supply from generation in the Czech Rep. Average realized price of electricity generated in Czech Rep. EUR 124 - 129/MWh Levy on generation revenues above price caps of CZK 9 - 11 bn ■ Windfall profit tax of CZK 28 - 34 bn 2022 2023 E Adjusted Net Income (CZK bn) 78.4 33-37 2022 2023 E www.cez.cz/en Selected Prediction Risks and Opportunities ■ Amount of the windfall tax and amount of deferred taxes Availability of generating facilities and realized prices of generated electricity ■ Income from commodity trading and revaluation of derivatives 16#17Expected year-on-year change in individual business areas CZK billions EBITDA 2022 GENERATION MINING DISTRIBUTION SALES Intragroup eliminations 131.6 EBITDA 2023 E 115-120 www.cez.cz/en ப G GENERATION of which Generating facilities (CZK -7 to 0 bn) + Higher realized prices of electricity, including hedging - Levy on excess revenues in generation (introduced in Czechia from Dec 1, 2022) - Lower deployment of emission facilities -22 to -16 - Outage schedule for nuclear power plants +4 to +6 -1 to 0 +1 to +3 -2 to -1 - Higher fixed operating expenses of which Trading (CZK -18 to -13 bn) - Record-high income from commodity trading in 2022 + / - Uncertain income from trading in 2023 and revaluation of derivatives MINING + Higher revenues from the sale of coal, mainly due to higher realized prices - Higher fixed operating expenses, mainly on energy DISTRIBUTION - Higher fixed operating expenses and negative effect of correction factors + Higher allowed revenues SALES + Acquisition-induced and organic increase in energy services + Higher margin from the purchase of electricity from RESS - Higher purchase expenses on electricity and gas for customers Intragroup eliminations - Mainly the elimination of impact of the EUR/CZK risk hedging effect of ČEZ ESCO (SALES segment) through ČEZ, a. s., (GENERATION segment), caused by the significant strengthening of CZK against EUR. Within ČEZ, a. s., this hedging effect is included in foreign exchange gains and losses (outside EBITDA). 17#18Status of selected price risk hedges of the generation margin in the Czech Rep.* and estimated 2023 generation realized price Emission allowances - status of generation hedging in Czech Rep.* for 2023 (as of Sep 30) U Electricity - share of hedged deliveries from generation in Czech Rep.* for 2023 (as of Sep 30) -100% EUA (t) O ~0% Purchased Open position Sold Volume (TWh) Open position -98% ~2% - Emission allowances – expected purchase price for 2023 generation as of Sep 30 ■ 100% of purchases of emission allowances for Czechia* are ~14 mil tons. Average purchase price** is EUR ~60 per ton. * Electricity - expected realized price from generation in 2023 as of Sep 30 ■ 100% of the expected electricity supply in Czech Rep.* corresponds to 43-45 TWh. Average expected realized price** is EUR 124-129 per MWh. Electricity - generation revenue hedging as of Sep 30 ■ 42.8 TWh sold at an average realized price of EUR ~125 per MWh. Generation in ČEZ and Energotrans (following the merger, the Dětmarovice power plant has been part of ČEZ, a. s. since January 1, 2023). ** This is the result of hedging trades and as far as electricity is concerned, current market valuation of yet unsold electricity from expected generation in 2023. Some of the hedging contracts for the sales of electricity (mainly from gas and some coal-fired facilities) and the purchase of emission allowances, are continuously revalued in the P/L statement due to uncertain final deliveries. www.cez.cz/en 18#19Existing measures to address energy affordability and taxes introduced to fund these measures in Czechia Consumer Support End-customer price caps for households, small and medium-sized enterprises (SMEs) and large businesses: • CZK 5/kWh for power, CZK 2.5/kWh for natural gas in 2023 (prices for commodity without taxes and distribution fees) • For households, small gas consumers, defined public procurers and customers connected to low voltage, the cap applies to whole consumption of electricity and gas For SMEs and large businesses the cap on electricity and gas applies to 80% of the highest consumption in each month in the last 5 years For large businesses (connected to high and very high voltage) cap is applicable up to the EU financial limit on maximum support The cap for gas will also be applied to consumption to produce heat (cap does not apply to consumption of gas used to produce electricity) Suppliers are compensated for proven losses and a reasonable profit. Financing Revenues Cap - Levy on electricity generation revenues above defined price caps • (from Dec 1, 2022 - Dec 31, 2023) • 90% levy on revenues above defined caps: Nuclear EUR 70/MWh Lignite EUR 170/MWh for units above 140 MW, EUR 230/MWh for units bellow 140 MW Merchant hydro, wind, solar EUR 180/MWh No caps for hard coal, gas, pump-storage, and subsidised renewables Total annual revenue cap based on supplied volume by generation sources within a company The resulting levy is defined on an annual basis (the difference between total revenue and the total cap) and advances are paid monthly Levy is a tax-deductible expense and reduces the company's operating profit ப G Windfall profit tax Financing Windfall tax for the energy, petrochemical and banking sectors of 60% in 2023 - 2025 "Excess Profit" corresponds to the difference between the tax base and the historical arithmetic average tax base of 2018-2021 plus 20% Reasonable Profit taxed at a rate of 19%, "Excess Profit" at a rate of 79% (60% + 19%) Tax imposed on selected energy companies whose main activity is primarily generation, sales and distribution of electricity, if their decisive income exceeds specified limits Group can aggregate the historical Reasonable Profit of individual taxable companies and pay the total tax obligation for the whole group. Advance tax payments for 2023 will be based on the companies' profit in 2022. www.cez.cz/en 19#20Hedging of market risks of generation in the Czech Republic for 2024-2026, Status as of Sep 30, 2023 Contracted emission allowances* in mil t Hedged volume from Jul 1 to Sep 30, 2023 Hedged volume as of Jun 30, 2023 Electricity sold** in TWh Hedged volume from Jul 1 to Sep 30, 2023 Hedged volume as of Jun 30, 2023 35.5 4.9 10.4 22.0 1.9 4.6 5.4 30.7 8.1 8.6 1.6 1.3 17.4 3.8 2024 2025 € 80 € 97 2026 2024 € 101 € 130 2025 € 127 2026 € 108 EUA purchase price (EUR/t) Electricity selling price (EUR/MWh) 2024 2025 2026 Share of electricity supply hedged from generation 77% 51% 20% (100% of expected external annual supply corresponds to 40-47 TWh) * www.cez.cz/en ** ヨ As of Sep 30, 2023, 100% of the expected annual volume of emission allowances for generation in Czechia for 2024-2026 was 10-17 mil t. Includes volumes of expected generation hedged by derivative contracts with supply in Czechia. 20 20#21AGENDA CEZ Group at a Glance CEZ guidance 2023 & CZ tax measures Our Vision Appendix www.cez.cz/en ப G 21 21#22CEZ Group's strategy "VISION 2030 - Clean Energy of Tomorrow" has two pillars The main goals of VISION 2030 - Clean Energy of Tomorrow also fulfill the goals in the field of climate protection and increasing the independence of Czechial • We will develop the CEZ Group responsibly and sustainably in accordance with ESG. • We have the ambition to be among the best 20% in the ESG rating by 2023, reduce emission intensity by more than 50% by 2030 and increase EBITDA by 35% by 2030* • We can realize our growth strategy until 2030 while maintaining a Net Debt / EBITDA ratio target of below 2.5-3.0x • We will adapt the structure of CEZ Group to meet the demands of our investors, financing banks and employees Strategy has two strategic pillars: II ப Decarbonize generation portfolio and reach climate neutrality Provide best energy solutions and highest quality customer experience on the market * www.cez.cz/en Growth compared to 2021 using electricity prices when Vision 2030 was announced 22 22#23Empty#24We can execute our growth strategy while keeping the leverage within our 3.0x net debt to EBITDA target Expected cumulative investments 2021-2030* Net debt to EBITDA ratio CZK billion 600-700 Investments Maintenance Organic growth Acquitions 3.0x ப 1.8x 1.5x 1.5x 0.7x 2021 2025 2030 Electricity prices as of March-Aug 2022** Current assumptions*** We will continue to generate positive free cash flow and we expect our leverage would stay below 3.0x of EBITDA www.cez.cz/en Excluding new nuclear CAPEX in 2025-2030 due to assumed 100% state financing, no CAPEX subsidies on RES nor distribution due to their uncertain amount ** Using assumptions of VISION 2030 strategy and electricity prices 2025: 165 EUR/MWh, 2030: 105 EUR/MWh *** Assuming current electricity prices and higher inflation assumptions vs a year ago Note: Organic growth = new renewables and gas capacities, expansion of distribution network, Acquisitions = mainly ESCOS abroad 24 24#25Decarbonize generation portfolio and reach climate neutrality ப G Targets Nuclear " We will safely increase generation volume in existing plants above 32 TWh on average in 2030 and achieve 60-year operating life. We will build a new nuclear power plant in Dukovany. We will prepare construction of small modular reactors (SMR) with total capacity over 3000 MW after 2050. 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 we will terminate coal burning in heating locations by 2030 and we will transform our coal locations to new activities. We will build new gas capacities, which will be ready for hydrogen combustion. We will reduce share of electricity generation from coal to 25% in 2025 and to 12.5% do 2030. www.cez.cz/en 25 45#26We will increase nuclear production over 32 TWh on average in 2030 Nuclear EBITDA CZK billion Nuclear generation 24 2021 TWh 66 53 2025* Annual CAPEX** CZK billion, avg ~13 2021-25 * www.cez.cz/en ~32.5 30.7 ~32 2030 2021 13-14 2026-30 2025 2030 Wholesale electricity prices EUR/MWh 55 165 105 2021 2025 2030 ப G We will increase production of existing power plants above 32 TWh on average in 2030 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 (SMR) after 2050 with total capacity of 3,000 MW with the goal of starting first SMR in 2032. EBITDA adjusted for wind fall tax 2025 (~44 CZK bn.) in order to better indicate operating cash flow 2025 ** Of which CZK ~6 billion p.a. are purchases of nuclear fuel, excluding new nuclear Capex in 2025-2030 due to assumed 100% state financing Note: Targeted extension of fuel cycle will result in greater variability of annual volumes but in higher volumes overall. 26 26#27New nuclear project is in the first preparatory stage ... ப E End Stage date Expected costs* (EUR billion) Permitting and licensing Contract with technology supplier ΕΙΑ A B 1. Preparation, 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 License for 3. Construction, 2036 commencement of trial Construction commissioning ~5.1 operation 4. Warranty period 2038 Operation license A Framework contract B First implementation contract * At 2020 prices, rounded www.cez.cz/en Warranty period operation Power Purchase Agreement (PPA) C Repayable Financial Assistance (RFA) Investor Agreement (IA) Expected timeline of "Preparation, supplier selection" stage 2023 Submission of updated bids for technology 2023/2024 - Evaluation and negotiation of contract details with the suppliers 2024/2025 - Finalization and signing of the contract with the supplier 2024/2025 PPA, RFA, IA finalization and signing with the Czech State (subject to EC notification result) ** It does not include the costs incurred until 2020 for the permitting and contracting and the purchase of land; assuming the current supplier model 27 27#28Government 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 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 ப G . The mechanism according to the low-carbon law will ensure adequacy of the purchase price and return (regular review after 5 years) www.cez.cz/en * Subject to European Commission notification and further detailed negotiation with the State 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 28#29I We will add 6 GW of renewables capacity by 2030 Renewables EBITDA CZK billion* 9 6 14 Renewables capacity GW +1.5 +6.0 PVs, wind Hydro 6.2 We expect to focus our RES development on photovoltaic primarily in Czechia ப G RES development is incentivized by CAPEX grants from Modernisation Fund We will increase storage capacities to above 300 MWe 1.7 0.2 2.0 2.0 2.0 2030 2021 2025 2030 2021 2025 Annual CAPEX* CZK billion, avg 6-7 2021-25 18-20 2026-30 Wholesale electricity prices* ** EUR/MWh 55 165 105 2021 2025 2030 www.cez.cz/en *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 (0.5-0.8) on top of wholesale power price 29 29#30Modernisation 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% H G Support of renewables from Modernisation Fund 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 Investment support for CEZ projects ■ In H1 2022 subsidy of CZK 1.0 bn awarded for 17 projects with 173 MWp capacity. In Q2 2023 subsidy of CZK 3.1 bn awarded to 24 projects with 728 MWp capacity. www.cez.cz/en 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) 30 30#31We are closing coal plants, production of heat to be transformed to low carbon technologies Fossil fuel generation and mining EBITDA* CZK billion New assets Current assets 10 2021 20 20 2025** Annual CAPEX*** 15 Coal and gas generation TWh Gas and Biomass Coal 21.7 3.7 18-19 3.5-4.5 16-17 9.5-10.5 10 18.0 14.0 6.5 5 2030 2021 2025 2030 Coal and gas GW ப G Decarbonisation of our heat plants to gas is continuing. Transition of current coal sites as well, however in short- term there is an increase of EBITDA due to current situation on the market. Long-term EBITDA would be generated mostly by new assets. Newly built gas plants will be hydrogen ready We expect that it would be possible to secure affordable gas supplies within EU in the medium term, if not, we are ready to extend the operation of our coal plants CZK billion, avg 9 - 10 2021-25 2026-30 1.0 1.1-1.3 2.0-2.5 3.8 3.0 2.2 * www.cez.cz/en Assumed electricity prices 2025: 165 EUR/MWh, 2030: 105 EUR/MWh ** EBITDA adjusted for wind fall tax 2025 (~9 CZK bn.) in order to better indicate operating cash flow 2025 ***Includes CZK 5 bn of average annual CAPEX into new capacities in gas and biomass 31#3232 32 | CEZ 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 in 2030 and achieve 60-year operating life. We will build a new nuclear power plant in Dukovany. We will prepare for potential construction of small modular reactors (SMR) after 2050 with total capacity of 3000 MW with the goal of starting first SMR in 2032. 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. S 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. www.cez.cz/en Electricity generation of CEZ Group (Existing assets, in TWh) 54.3 17.5 Π 57.0 6.5 Coal 10.0 Gas 6.4 Renewables 3:3 2.2 Hydro 2.1 32.0 31.0 Nuclear 2022 2030 CO2 free generation (in %) 63% 71%#33We will reduce share of our coal generation to 12.5% in 2030, and exit coal by 2033* Expected development of installed capacity in coal GW 8.1 -73% ப G Coal fired power plants are being gradually closed lignite old refurbished • hard coal . 4.4 4.3 0.9 3.0 0.8 0.8 2.2 2.2 2.8 2.2 2.2 1.2 2015 2022 2025 2030 0 2033 Share of coal related revenue ** Share of coal on generation (%) (%) 18% ~ 15% 2 ~ 2% 32% ~25% ~ 12.5% 2022 2025 2030 2022 2025 2030 * . No new coal capacity investments commitment Coal capacity was reduced by 1,719 MW in 2020, further 500 MW has been closed in 2021. We will terminate coal burning in heating locations by 2030. In 2030 only 3 upgraded units planned to be in operations Coal exit by 2033 in line with draft National Energy and Climate Plan approved by the Czech Government in October 2023. Coal extracted is mainly used in own power plants and declining Extraction of coal amounts to 18 mil tones per year, out of which 30% 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 linked to closure of coal plants i.e. by 2033. This is much earlier than depletion of coal reserves. www.cez.cz/en as per draft National Energy and Climate Plan approved by the Czech Government in October 2023 ** Share of sales of electricity, Sales of heat sales and revenues from externally sold coal on consolidated revenues 33#34I We will achieve climate neutrality by 2040 Reduction of CEZ Group's CO2 emission intensity t CO2e/MWh, Scope 1&2 -58% 0.38 0.34 0.29 0.26 2019 2020 2022 2025 ப G SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION 0.16 * Net-zero The VISION 2030 target of achieving climate neutrality by 2040 has been validated by the SBTI as consistent with the long-term net-zero target. Climate neutrality by 2040 in line with 1.5 °C scenario of Paris agreement, 2030 target in line with 2°C scenario CAPEX plan fully aligned with this decarbonization pathway 2030 2040 * CEZ Group commits to reduce scope 1 and 2 GHG emissions 50% per MWh by 2030 from a 2019 base year (in line with a well-below 2°C trajectory) and to achieve climate neutrality by 2040 (in line with a well-below 1.5°C trajectory) www.cez.cz/en 34 4#35| CEZ's near and long-term science-based emission reduction targets were approved by the SBTi GHG emissions reduction targets across all scopes t CO2e/MWh 100% SCIENCE BASED TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION 100% 41.2% 17.0% 2033 2019 _ Scope 3 Category 3 (absolute emissions target) THE NET ZERO STANDARD APPROVED NET-ZERO TARGETS Net-zero 10.0% 2.7% Scope 1&2 2040 (emissions intensity target) * The target boundary includes land-related emissions and removals from bioenergy feedstocks. www.cez.cz/en ப G Overall Net-Zero Target CEZ Group commits to reach net-zero GHG emissions across the value chain by 2040 from a 2019 base year (in line with 1.5 °C scenario of Paris agreement). Near-Term Targets CEZ Group commits to reduce scope 1 and 2 GHG emissions 83% per MWh by 2033 from a 2019 base year*. CEZ Group also commits to reduce absolute scope 3 GHG emissions from use of sold products 58.8% within the same timeframe. Long-Term Targets CEZ Group commits to reduce scope 1 and 2 GHG emissions 97.3% per MWh by 2040 from a 2019 base year*. CEZ Group also commits to reduce absolute scope 3 GHG emissions from use of sold products 90% within the same timeframe. We will achieve climate neutrality by using offsets for residual emissions in 2040. 35#36II Provide best energy solutions and highest quality customer experience on the market Targets Distribution ㄷ ப ■ We invest in Smart grids and decentralization to further develop stable and digital distribution network, including development of fiber optics networks. Sales ■ We digitize 100 % of our core customer processes by 2025. ■ Thanks to growing service quality we maintain the highest NPS (Net Promoter Score) among the largest electricity suppliers and we will grow our customer base. ■ We will offer product portfolio to households, which will enable them to achieve energy savings and emission reduction. ESCO ■ We will build infrastructure for e-mobility - we will quadruple charging capacity and we will operate at least 800 stations by 2025. ■ We will further develop our role of decarbonization leader - we will enable efficient reduction of emissions and delivery of energy savings for our industrial customers, municipalities and state administration in line with EU target of energy efficiency improvements by 39-40%. New segments ■ We will broaden our business activities to the areas of batteries, e-mobility and hydrogen. www.cez.cz/en 36#37|| We will build smart digital electricity grid Distribution EBITDA RAB Development Existing assets in CZK billion CZK billion +12% +10% 6% CAGR 159 198 18 2021 20 22 122 2025 2030 2021 2025 2030 Annual CAPEX* CZK billion, avg 14-15 2021-25 www.cez.cz/en * 16-17 2026-30 CAPEX conservatively assumes no subsidies ப G 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 5,323 km today) Increase network reliability Enable new connections of decentralized generation More efficient network management and cost reduction Utilize fiber optic network capacity for telecommunication services 37#38|| We will grow our retail customer base and maintain high customer satisfaction Retail EBITDA CEZ Prodej, CZK billion Number of customers Million 3.2 2021 +9% 3.5 2025 Annual CAPEX CZK billion, avg 0.4 0.4 2021-25 2026-30 www.cez.cz/en +9% 3.8 3.2 3.5 3.7 2030 2021 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 38 88#39|| We will grow our energy services business by supporting decarbonization of our customers ESCO EBITDA CZK billion Commodity Non-comodity 2 2021 +159% 4 2025 +82% 8 Annual Investments* CZK billion, avg 6-7 2021-25 www.cez.cz/en 6-7 2026-30 ESCO revenues CZK billion ESCO CZ & SK non-commodity Foreign ESCO 17.0 13.0 61.0 7.1 33.0 17.7 2030 2021 2025 2030 * CAPEX and financial investments ** Only non-commodity EBITDA margin (%)** CZK billion, avg 6% 10% 10% 2021 2025 2030 Π B2B 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% 49 39#40II ☐ Electromobility value chain represents an additional source of growth Battery as a Service (BAAS) (4) Electromobility Ecosystem Cars as Energy Storage Systems (ESS) ப G Battery value chain Mining and processing Production of active materials Generation of renewables Supplementation of the entire electromobility ecosystem G www.cez.cz/en Component supplier ecosystem 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 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. 40#41II Areas of battery production and electromobility will be additional sources of growth Proportional EBITDA of battery related activities* CZK billion 1 +110% 2 0 2020 2025 2030 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 ப 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 Annual CAPEX* CZK billion, avg 0-2 2021-25 www.cez.cz/en 2-4 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. 41#42Our ambition is to be a leader in ESG and we have set specific targets to achieve this goal CEZ Group key ESG commitments Environment CO2e emissions reduction in line with "well below 2°" scenario (decrease from 0.38 tCO2e/MWh in 2019 to 0.26 in 2025 and 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 E We will reach 30% share of women in management Further proceed in Code of Ethics training, annually train above 95% of employees from 2022 onwards CEZ's consensus ESG rating is among 18%* of the best companies www.cez.cz/en * Source: https://www.csrhub.com/CSR and sustainability information/CEZ-AS as of Nov 15, 2023 42#43Improvement in major ESG ratings in 2022 reflects CEZ's systematic efforts towards sustainability S&P Global CEZ, a. s. Electric Utilities S&P Global CSA Score 2023 Akey component f the S&P Global ESG Score 58/100 As of October 27, 2023. The S&P Global Corporate Sustainability Accessibility (CSA) Score is the S&P Global ESG Score without the inclusion of any modelling approaches. Company scores can be compared to their peers in the same industry. Learn more at spglobal.com/esg/scores S&P Global Sustainable1 Moody's Analytics ESG OVERALL SCORE 51 100 Robust ESG Assessment 51/100 Robust as of September 2022, by Moody's Analytics Moody's Analytics provides trusted and transparent data and perspectives across multiple areas of risk - credit; climate; environmental, social, and governance (ESG) - to help market participants identify opportunities and manage the continuously evolving risks of doing business. MSCI MSCI ESG RATINGS AA CCC B BB BBB A AA AAA As of June 26, 2023, CEZ, a.s., received an MSCI ESG Rating of AA. DISCLAIMER STATEMENT THE USE BY CEZ, a.s, OF ANY MSCI ESG RESEARCH LLC OR ITS AFFILIATES ("MSCI") DATA, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT, RECOMMENDATION, OR PROMOTION OF CEZ, a.s., BY MSCI. MSCI SERVICES AND DATA ARE THE PROPERTY OF MSCI OR ITS INFORMATION PROVIDERS AND ARE PROVIDED 'AS-IS' AND WITHOUT WARRANTY. MSCI NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI. www.cez.cz z/en Sustainalytics Rated MORNINGSTAR SUSTAINALYTICS Sustainalytics ESG Risk Rating 29.4 as of 2023, received by CEZ, a.s. Copyright ©2022 Sustainalytics. All rights reserved. This section contains information developed by Sustainalytics (www.sustainalytics.com). Such information and data are proprietary of Sustainalytics and/or its third-party suppliers (Third Party Data) and are provided for informational purposes only. They do not constitute an endorsement of any product or project, nor an investment advice and are not warranted to be complete, timely, accurate or suitable for a particular purpose. Their use is subject to conditions available at https://www.sustainalytics.com/legal-disclaimers. ヨ 43#44Summary 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 We develop CEZ Group responsibly and sustainably We will reduce our emissions intensity by more than 50% by 2030 • Our ESG targets will enable us to be among the best 20% in the ESG rating. We offer attractive dividend while maintaining strong credit rating • We will grow our EBITDA by 35%* • Dividend policy: payout ratio 60-80% from adjusted net income • We keep Net Financial Debt/EBITDA below 2.5x to 3.0x www.cez.cz/en * Growth compared to 2021 using electricity prices when Vision 2030 was announced ப G 44#45AGENDA CEZ Group at a Glance CEZ guidance 2023 & CZ tax measures • Our Vision Appendix www.cez.cz/en ப G 45#46Appendix Electricity market fundamentals Regulation of distribution ESG indicators Financial results www.cez.cz/en ப G 46#47Czech electricity market is integrated with neighbouring countries 2022 Physical electricity flows and current electricity prices DE € 117 -0.0 TWh 1100 PL € 126 1000 900 -Germany Czech and German Electricity prices EUR/MWh, Y+1 baseload forwards CZ € 120 +9.5 TWh 800 -Czechia Net export 13.5 TWh 700 600 -12.5 TWh AT € 125 -10.5 TWh SK € 127 500 400 300 www.cez.cz/en Source: E-NTSOE, ERÚ, EEX, prices as of November 15, 2023 HU € 129 200 100 0 Л- Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 ப G 47#48Commodity prices have stabilised after very volatile in 2023 Carbon prices¹ EUR/t 120 100 Gas prices² Coal prices³ USD/t EUR/MWh 350 400 -Y+1 -Y+1 -Y+2 -Y+2 350 300 80 250 200 60 60 40 40 20 20 Jun-21 Oct-21 Feb-22 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 150 100 50 Jun-21 Oct-21 Feb-22 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 www.cez.cz/en 1. EU allowances, Y+1 forward, 2. Netherlands TTF, Y+1 forward, 3. API2 coal, Y+1 forward 300 250 200 150 100 50 0 ப G Jun-21 Oct-21 Feb-22 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 48#49Electricity spreads declined from extraordinary high and volatile levels seen during 2022 ப G Clean power (electricity - carbon)1 EUR/MWh 1000 900 -Y+1 -Y+2 800 700 60 Clean spark spread (CSS)² EUR/MWh, weekly averages 140 120 •Y+1 100 -Y+2 80 Clean dark spread (CDS)³ EUR/MWh, weekly averages 600 -Y+1 -Y+2 500 400 600 40 500 400 60 40 20 60 300 200 20 0 300 100 -20 200 0 -40 100 -60 0 -100 Jun-21 Oct-21 Feb-22 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 Jun-21 Oct-21 Feb-22 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 Jun-21 Oct-21 Feb-22 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 www.cez.cz/en 1. German electricity baseload minus carbon (36% efficiency) 2. German (55% efficiency) 3. German (38% efficiency), 49#50Appendix Electricity market fundamentals Regulation of distribution ESG indicators Financial results www.cez.cz/en ப G 50#51ப Czech republic: electricity distribution - overview of regulatory E G framework ☐ Regulatory Framework Regulatory period ☐ 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. www.cez.cz/en 51#52Czech Republic: electricity distribution - WACC WACC set using CAPM formula: E D WACC-(k)+(ka)(1-T)] D+E ke = r; + ẞ × MRP. D+E ka = r+ + credit risk margin (CRM) Risk free rate (rf) 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 www.cez.cz/en WACC components 5th regulatory period 2021-2025 Risk free rate (r) 2.04% Market risk premium (MRP) 6.54% ẞ unlevered 0.51 ẞ levered (ẞ) 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% Π 52 42#53Appendix Electricity market fundamentals Regulation of distribution ESG indicators Financial results www.cez.cz/en ப G 53 33#54Key ESG Indicators ப G Environment Social Governance unit 2020 2021 2022 unit 2020 2021 2022 unit 2020 2021 2022 Scope 1 emissions M tCO2e 23.4 19.0 18.2 Number of 000' 32.6 28.0 28.7 Supervisory Board # 13 13 14 Scope 2 emissions M tCO2e 0.3 0.1 0.0 employees meetings Scope 3 emissions M tCO2e 13.7 10.5 12.3 Employee % 9.9 10.3 11.2 Supervisory Board % 98.1 96.2 98.8 turnover member attendance Carbon intensity tCO2 0.34 0.29 0.29 (electricity and heat generation) /MWh Employees % 26 28 28 Supervisory Board % 50 50 55 unionized independence Water consumption m³/MWh 1.37 1.27 1.40 Donorship m CZK 397 319 368 Female Supervisory % 8.3 8.3 9.1 Board members (electricity and heat Fatalities # 3 1 0 generation) Number of 12 12 11 Training 000' 665 880 1,209 Supervisory Board Energy generation - 000' TJ 563 524 514 hours members non-renewable fuels Injuries # 147 130 130 Women in % 16.0 13.5 12.0 Climate neutrality: Interim targets**: Year 2050 2040* 2040* 2025 2025 2025 2030 2030 Women in % 21.4 20.5 21.1 management workforce 2030 SAIDI minutes 220 214 208 Weight of waste 000' t 64 59 48 /customer (non-hazardous) ISO 14001 certified MWs % 91 88 88 98 R&D expenses m CZK 1,031 952 982 * www.cez.cz/en Current climate neutrality target is 2040 ** Interim targets for 2030 are validated by SBTi 54 .....#55Developments in ESG area and structure of CEZ activities according to EU taxonomy Selected 2022 Events in ESG SBTi validated CEZ's emission reduction targets. ČEZ was the first Czech company to achieve validation. We are committed to achieving climate neutrality as early as 2040. ப G Structure of CEZ Group activities in 2022 according to EU taxonomy Revenues CAPEX OPEX We joined the CEO Water Mandate initiative-as the first in Czechia The most trusted energy supplier according to Net Promoter Score Czechia-for the seventh time in a row. 22% 21% We were awarded the "Most Desirable Employer" in Czechia- for the third time in a row. • ESG certification of Board of Directors members • Sustainability Report* issued in accordance with international standards (GRI, SASB, WEF, EU Taxonomy) including externally audited key KPIs ESG website launched ** and online ESG library of nonfinancial data prepared (the most extensive in European energy sector) 38% 62% 4% 49% Aligned activities - 28% 13% 12% 7% 12% Aligned activities – transitional (nuclear) Taxonomy - Eligible, but not aligned activities 40% 60% 53% 72% 5% 32% 8% Noneligible neutral activities Noneligible emission activities www.cez.cz/en link to CEZ Group Sustainability Report https://www.cez.cz/webpublic/file/edee/esg/documents/sustainability-reports/cez-zour-aj-2022.pdf ** link to ESG website https://www.cez.cz/sustainability/en 55 59#56Appendix Electricity market fundamentals Regulation of distribution ESG indicators Financial results www.cez.cz/en ப G 56#57Highlights of Financial Results for Q1-Q3 2023 (CZK billions) Operating revenues EBITDA EBIT Net income Adjusted net income* Operating cash flow CAPEX www.cez.cz/en * Q1-Q3 2022 Q1-Q3 2023 Difference 211.1 246.5 +35.4 89.3 95.0 +5.7 65.2 67.1 +1.9 52.3 29.8 -22.5 52.3 31.4 -20.9 13.1 133.7 +120.7 21.4 27.9 +6.6 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). 40 57 Ε#58Q1-Q3 2023 Operating results highlights Q1-Q3 2022 Q1-Q3 2023 Difference % Electricity generation TWh 39.6 37.0 -2.6 -7% of which in Czechia TWh 37.9 35.6 -2.3 -6% Sales of heat TWh 4.5 4.3 -0.3 -6% of which in Czechia TWh 3.3 3.1 -0.2 -5% Sales of electricity* TWh 16.6 17.8 +1.1 +7% of which in Czechia TWh 15.2 15.9 +0.7 +5% Sales of gas* TWh 5.6 7.5 +1.9 +33% Electricity distribution* TWh 26.0 25.0 -1.0 -4% Gas distribution* TWh 0.5 0.7 +0.2 +38% * This refers to the sales and distribution to end-use customers. as of Sep 30, 2022 as of Sep 30, 2023 Difference % Installed capacity GW 11.8 11.9 +0.0 +0% of which in Czechia GW 11.1 11.1 +0.0 +0% Workforce headcount thousands of persons 27.5 30.2 +2.7 +10% of which in Czechia thousands of persons 22.8 24.7 +2.0 +9% www.cez.cz Ε 58#59EBITDA in Q1-Q3 2023 increased by 6% to CZK 95 bn CZK billions 100 95 90 85 80 89.3 75 10 70 +6.7 +3.9 +3.9 -1.1 -0.7 -6.9 CZK +5.7 bn +6% Q1-Q3 2022 ¡Generating facilities Trading MINING GENERATION 95.0 DISTRIBUTION SALES Intragroup eliminations* Q1-Q3 2023 GENERATION Segment - Generating facilities (CZK +6.7 bn): ■ Higher margin on generation in Czechia as a result of higher realized electricity prices and change of purchase prices of emission allowances and gas (CZK +16.0 bn) Levy on excess revenues from generation in Czechia (CZK -8.7 bn) Other effects (CZK -0.6 bn), mainly higher fixed expenses GENERATION Segment - Trading (CZK -6.9 bn): ヨ Lower trading prop margin (CZK -11.7 bn): this year's margin CZK +6.8 bn, while in Q1-Q3 2022 it reached the extraordinary amount of CZK +18.5 bn Negative impact of disruption of gas supply from Gazprom Export in 2022 (CZK +1.7 bn) Other trade and consolidation effects (CZK +3.2 bn): mainly temporary effects due to the revaluation of derivative trades hedging generation and sales positions for the next period MINING Segment (CZK +3.9 bn): ☐ Higher revenues (CZK +5.5 bn) due to growing prices (volume of mining decreased by 1.9 mil tons), higher fixed expenses (CZK -1.5 bn), mainly for energy SALES Segment (CZK +3.9 bn): ☐ Proceeds from litigation between ČEZ Prodej and the state-owned enterprise Railway Administration concerning electricity supply in 2010 and 2011 (CZK +1.2 bn) Purchase of electricity from RES in Czechia (CZK +1.3 bn): impact of market prices and higher purchase volume Sales of commodities by ČEZ ESCO (CZK +0.7 bn), mainly stabilization of prices on the markets and higher delivered volumes of electricity and gas Sales of energy services (CZK +0.6 bn) www.cez.cz * Mainly the elimination of the effect of hedging the currency risks of ČEZ ESCO (SALES segment) through ČEZ, a. s. (GENERATION segment), where the effect is reported under foreign exchange gains and losses (outside EBITDA). 59#60Decline in Q1-Q3 2023 net income driven by windfall tax (CZK billions) EBITDA Depreciation and amortization Q1-Q3 2022 Q1-Q3 2023 Difference % ப G 89.3 95.0 +5.7 +6% -24.3 -26.2 -1.9 -8% Asset impairments* 0.2 -1.7 -1.9 Other income and expenses -1.9 -3.7 -1.8 -95% Interest income and expenses -1.0 0.4 +1.4 Other -0.9 -4.1 -3.2 Income taxes -11.0 -33.6 -22.6 Net income 52.3 29.8 -22.5 Adjusted net income 52.3 31.4 -20.9 >200% >200% -43% -40% Net income adjustments The net income in Q1-Q3 2023 adjusted for impairments of fixed assets, including tax shielding in Severočeské doly (CZK -1.6 bn). Depreciation and amortization (CZK -1.9 bn): 60 60 Increase in depreciation and amortization of ČEZ's coal-fired power plants (CZK -0.7 bn) and nuclear power plants (CZK -0.5 bn), mainly due to an update of provisions for the termination of operation Higher depreciation and amortization of Severočeské doly (CZK -0.6 bn) and ČEZ Distribuce (CZK -0.5 bn) Decrease in depreciation and amortization of Energotrans (CZK +0.7 bn) due to the termination of depreciation of the Mělník 3 power plant in 2022 Impairments (CZK -1.9 bn): Impairments of fixed assets in Severočeské doly (CZK -2.0 bn) Other income and expenses (CZK -1.8 bn): Effect of higher interest rates and development of net debt on the balance of interest expenses and income (CZK +1.4 bn) Exchange rate effects and revaluation of financial derivatives (CZK +1.6 bn) due to the revaluation of ČEZ's margin deposits and the revaluation of bonds and loans Temporary value fluctuations of ownership interests held by Inven Capital (CZK -1.4 bn) due to an increased valuation in 2022 CZK +0.5 bn and the reduction of value in 2022 CZK -0.9 bn Higher interests on nuclear and other provisions (CZK -3.5 bn) due to a major increase in interest rates** and an increase in provisions in 2022 Income tax (CZK -22.6 bn): Newly introduced 60% windfall tax in Q1-Q3 2023 (CZK -21 bn) greatly exceeded the increase of the regular 19% income tax. www.cez.cz ** Including gain/loss from sales of tangible and intangible fixed assets including goodwill Long-term nominal risk-free interest rates increased year-on-year from 2.3% to 4.9% and medium-term rates from 1.6% to 4.8%.#61GENERATION segment EBITDA in Q1-Q3 2023 EBITDA (CZK billions)* Q1-Q3 2022** Q1-Q3 2023 Difference % Q3 2022** Q3 2023 Difference % Zero-emission generating facilities of which: 41.2 45.2 +4.0 +10% 12.3 17.6 +5.3 +44% Nuclear Renewable Emission generating facilities Trading GENERATION Segment Total 31.8 37.0 +5.2 +16% 9.0 15.0 +6.0 +67% 9.4 8.2 -1.2 -13% 3.3 2.6 -0.7 -21% 11.1 13.7 +2.7 +24% 3.7 1.9 -1.9 -50% 14.7 7.8 -6.9 -47% 5.0 1.7 -3.3 -65% 66.9 66.7 -0.2 -0% 21.0 21.2 +0.2 +1% Year-on-year effects Q1-Q3 (CZK -0.2 bn): Nuclear facilities (CZK +5.2 bn): Price and trade effects (+14.8) Levy on excess revenues (-8.5)*** Year-on-year effects Q3 (CZK +0.2 bn): Nuclear facilities (CZK +6.0 bn): Price and trade effects (+3.8) ■ Π Operating effects (-1.1): outage schedule for power plants (-0.3), other effects (-0.8), mainly higher fixed expenses Renewables (CZK -1.2 bn): Trade effects (-1.4): ancillary services and regulatory energy (-1.1), price effect (-0.1), levy on excess revenues (-0.2) Operating effects (+0.2): hydroelectric plants in Czechia (+0.4), photovoltaic plants in Czechia (-0.2) Emission facilities (CZK +2.7 bn): Trade effects in Czechia (+2.1): price effect (+1.3), on-site trading (+0.9), sales of heat (+0.5), ancillary services (-0.2), other services and deviations (-0.4) Operating effects in Czechia (-0.4): availability of coal-fired facilities (+0.4), fixed expenses (-0.8) Poland (+1.0): higher revenues from the sales of electricity and heat Trading (CZK -6.9 bn): " Lower trading prop margin (-11.7): in Q1-Q3 2022 it reached the extraordinary amount of CZK +18.5 bn and in Q1-Q3 2023 it reached CZK +6.8 bn Negative impact of interruption of gas supply from Gazprom Export in 2022 (+1.7) Other trade and consolidation effects (+3.2), mainly temporary effects due to the revaluation of derivative trades hedging generation and sales positions with supply in the remaining part of the year and with supply in 2024 www.cez.cz ** Levy on excess revenues (+2.6)*** Operating effects (-0.5): outage schedule for power plants Renewables (CZK -0.7 bn): Trade effects (-0.6): price effect including the effect of levy on excess revenues (-0.2), ancillary services and regulatory energy (-0.3) Operating effects (-0.1): hydroelectric plants in Czechia (-0.2), photovoltaic plants in Czechia (+0.1) Emission facilities (CZK -1.9 bn): Trade effects in Czechia (-1.8): price effect (-2.1), on-site trading (+0.3), Operating effects in Czechia (-0.7): availability of coal-fired facilities (-0.1), fixed expenses (-0.6) Poland (+0.5) higher revenues from the sales of electricity and heat Trading (CZK -3.3 bn): Trading prop margin (-5.2): in Q3 2022 it reached the extraordinary amount of CZK +6.8 bn and in Q3 2023 it reached CZK +1.6 bn Negative impact of interruption of gas supply from Gazprom Export in 2022 (+0.6) Other trade and consolidation effects (+1.4) The breakdown of EBITDA of the GENERATION segment into four sub-segments is only indicative on the basis of central allocation assumptions (in particular the allocation of ČEZ's gross margin and fixed expenses of the central divisions of ČEZ) and simplified consolidation with other companies. The historical allocation of EBITDA between the sub-segments is always reported in accordance with the current methodology for allocation of EBITDA between the subsegments for comparability. *** In Q3, the statutory cap was higher than the average generated revenues of ČEZ, hence the positive impact on P/L as a result of lower accounting expenses in 2023. 61#62SALES segment EBITDA in Q1-Q3 2023 EBITDA (CZK billions) Retail segment - ČEZ Prodej B2B segment - ESCO companies: Energy services - Czechia and Slovakia Q1-Q3 2022 Q1-Q3 2023 Difference % Q3 2022 Q3 2023 Difference % 2.7 3.8 +1.1 +39% 2.4 3.6 +1.2 +48% 0.7 3.5 +2.9 >200% 0.7 1.0 +0.3 +40% 0.3 0.8 +0.5 +181% 0.1 0.2 +0.2 >200% Energy services - Germany and other countries* 0.7 0.8 +0.1 +11% 0.3 0.3 -0.0 -7% Sales of commodities and purchases from RESS - Czechia -0.3 2.0 +2.3 0.3 0.5 +0.2 +46% B2B segment - Other activities** 0.4 0.3 -0.1 -19% 0.0 -0.1 -0.0 SALES Segment Total 3.9 7.7 +3.9 +100% 3.1 4.6 +1.4 +45% Year-on-year effects Q1-Q3 (CZK +3.9 bn): Retail segment - ČEZ Prodej (CZK +1.1 bn): " Proceeds from litigations with SŽ concerning electricity supply in 2010 and 2011 (CZK +1.2 bn) Sales of electricity and gas (CZK -0.6 bn), mainly due to higher expenses on purchases to cover fluctuations in customer consumption and lower volume of supply due to customers' consumption savings Lower loss from trade receivables (CZK +0.2 bn) Other (CZK +0.3 bn): increase of the number of photovoltaic plant installations, fixed expenses and other effects B2B segment - ESCO companies (CZK +2.9 bn): • Energy services - Czechia and Slovakia (CZK +0.5 bn): mainly in the field of industrial energy " " - Energy services - Germany and other countries (CZK +0.1 bn): higher profitability of orders of German and Polish companies Sales of commodities and purchases from RESS Czechia (CZK +2.3 bn): Purchase of electricity from RESS in Czechia (CZK +1.3 bn) due to market prices and higher purchase volume - Sales of commodities to end-use customers (CZK +0.7 bn), mainly stabilization of prices on the markets and higher delivered volumes of electricity and gas Effect of commencement of hedging accounting for foreign exchange risk of revenues from the sales of electricity and gas in ČEZ ESCO since May 2022 (CZK +0.3 bn); in the past, the hedging effects were reflected outside EBITDA www.cez.cz Year-on-year effects Q3 (CZK +1.4 bn): Retail segment - ČEZ Prodej (CZK +1.2 bn): Sales of commodities to end-use customers (CZK +0.9 bn), mainly due to lower purchase prices of commodities and seasonal factors Lower loss from trade receivables (CZK +0.4 bn) Higher fixed operating expenses (CZK -0.1 bn) B2B segment - ESCO companies (CZK +0.3 bn): Energy services - Czechia and Slovakia (CZK +0.2 bn), mainly in the field of industrial energy Sales of commodities and purchases from RESS Czechia (CZK +0.2 bn): Purchase of electricity from RESS (CZK +0.4 bn), development of market prices and higher purchase volume Sales of commodities to end-use customers (CZK -0.2 bn), mainly lower supply to customers and loss from the sales of commodities at currently lower prices SŽ - state-owned enterprise Railway Administration of the Czech Republic (formerly SŽDC) * Poland, Italy, Austria, and other countries where ESCO activities are managed by the Elevion Group ** Mainly telecommunications companies, ČEZ Teplárenská, and other companies in the SALES segment 62 Π#63Net debt decreased by CZK 19.4 bn. Outside EBITDA, the decrease of margin deposits on commodity exchanges played a major role. 95.0 155.7 -43.1 26.1 54.3 -29.6 Decrease in net debt -77.1 -1.6 by CZK 19.4 bn -4.7 136.3 1.0 U Net debt as of Dec 31, 2022 EBITDA Income tax Margin deposits Other operating effects Additions to fixed assets Dividends Acquisitions/ divestments Other Net debt as of Sep 30, 2023 1.2 -Net debt/ annual EBITDA ■ Income tax (CZK -43.1 bn): Regular income tax paid, including the paid windfall tax advance for 2023 Margin deposits (CZK +54.3 bn): temporary margin deposits on commodity exchanges and with trading counterparties due to generation pre-sales decreased due to lower market prices of electricity ■ Other operating effects (CZK +26.1 bn): non-cash expense on emission allowances used for generation (CZK +21.7 bn), change in stocks of materials and fossil fuels (CZK +0.7 bn), other operating effects (CZK +3.7 bn) Additions to fixed assets (CZK -29.6 bn): acquisition of fixed assets - CAPEX (CZK -27.9 bn), change in liabilities from acquired fixed assets (CZK -1.3 bn), Inven Capital investment (CZK -0.3 bn) Acquisitions/divestments (CZK -1.6 bn): mainly acquisitions of new subsidiaries in Germany (SERCOO Group and Hofmockel) ■ Other (CZK -4.7 bn): change of restricted assets (CZK -1.4 bn), change of fair value of the debt due to exchange rate change (CZK -1.4 bn), payments of other long-term liabilities (CZK -2.4 bn) www.cez.cz 63 63#64Credit lines and debt structure as of Sep 30, 2023 Committed bank credit lines UNDRAWN CZK 73.0 bn DRAWN available credit CZK 0.35 bn lines* Bond maturity profile (CZK billions) 20 15 10 10 5 * Available committed bank credit lines include an undrawn long-term loan from the EIB of EUR 790 mil. Committed bank lines are kept as a reserve for covering unexpected expenses and to fund short-term financial needs. ■ As of September 30, 2023, CEZ Group had access to CZK 73.3 bn of committed bank credit lines, of which only CZK 0.35 bn have been drawn. Of the loan contract with Czechia, only EUR 1 bn was drawn as of September 30, 2023 (payable by April 2, 2024). The company can still draw an additional EUR 1 bn. www.cez.cz 0 2030 2032 2038 2039 2042 2047 Debt level Debts and loans CZK billions as of Sep 30, 2022 as of Sep 30, 2023 205.9 154.8 of which short-term bank CZK billions 3.0 2.1 Cash and fin. assets** CZK billions 84.2 18.5 Net debt CZK billions 121.7 136.3 Net debt/EBITDA 1.2 1.0 Total liquid financial assets** and undrawn committed bank credit lines amounted to CZK 91.5 bn as of September 30, 2023. ** Cash and cash equivalents & highly liquid financial assets 99 64 EUR USD JPY ப G#65Nuclear and mining provisions as of YE 2022 Responsibility of: Cash cover (CZK) Nuclear and mining provisions as of YE 2022 in accordance with IFRS (discount rate 2.0% p.a. (real), est. inflation effect 2.8%) Provision (CZK bn) Interim storage of spent nuclear fuel 9.3 bn CEZ Permanent storage of spent nuclear fuel 41.0 bn State, costs paid by CEZ 0.01 bn ப G Fee 55 CZK/MWh generated in NPP paid to Nuclear Account** 15.1 bn Nuclear Facility decommissioning 59.4 bn CEZ Mining reclamation 13.4 bn CEZ (SD***) 5.2 bn Landfills (ash storage) 0.6 bn CEZ 0.1 bn Coal plants dismantling 19.7 bn CEZ 0.0 bn www.cez.cz/en * RAWRA - Radioactive Waste Repository Authority ** State Nuclear Account balance as of YE 2022 CZK 36.4 bn *** SD Severočeské doly 65 55#66Selected historical financials of CEZ Group (CZK) CZK bn Revenues 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 216.7 201.8 210.2 203.7 205.1 184.5 206.2 213.7 227.8 288.7 Sales of electricity 189.4 173.8 182.1 174.9 104.1 103.1 110.2 118.7 136.2 165.6 Sales of services 76.3 59.9 71.4 71.5 67.3 75.4 Sales of gas, heat and coal and other income 27.4 27.9 28.1 28.8 24.7 21.5 24.6 23.5 24.3 47.7 Operating Expenses 134.7 129.3 145.1 145.6 151.2 135 146 148.9 164.6 157.1 Purchased power and related services 79 75.8 90.9 59.5 57.4 52.2 55.5 56.3 62.7 69.6 Fuel and emission rights 13.8 12.7 13.1 15.1 16.0 19.1 21.4 23.3 24.6 45.4 Salaries and wages 18.7 18.9 17.8 19.2 22.1 25.6 28.8 30.9 30.6 31.9 Other 23.2 21.9 23.4 51.8 54.5 38.1 40.3 38.4 46.7 25.5 EBITDA 82 72.5 65.1 58.1 53.9 49.5 60.2 64.8 63.2 131.6 EBITDA margin 38% 36% 31% 29% 26% 27% 29% 30% 28% 46% Depreciation, amortization, impairments 36.4 35.7 36.3 32.1 29.5 29.7 33.8 52.2 47.1 29.9 EBIT 45.7 36.9 29 26.1 25.6 19.8 26.4 12.6 16.1 101.9 EBIT margin 21% 18% 14% 13% 12% 11% 13% 6% 7% 35% Net Income 35.2 22.4 20.5 14.6 19 10.5 14.5 5.5 9.9 80.7 Net income margin 16% 11% 10% 7% 9% 6% 7% 3% 3% 28% Adjusted net income 43 29.5 27.7 19.6 20.7 13.1 18.9 22.8 22.3 78.4 Adjusted net income margin 20% 15% 13% 10% 10% 7% 9% 11% 8% 27% CZK bn 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Non current assets 485.9 497.5 493.1 489.3 487.9 480.4 501.9 471.9 474.4 552.0 Current assets 154.5 130.4 109.6 141.6 136 227 202.7 230.5 708.4 555.4 - out of that cash and cash equivalents 25 20.1 13.5 11.2 12.6 7.3 9.8 6.1 26.6 36.6 Total Assets 640.4 627.9 602.7 630.8 623.9 707.4 704.6 702.5 1182.9 1107.4 Shareholders equity (excl. minority. int.) 258.1 261.3 267.9 256.8 250 234.7 250.8 233.9 161.1 258.9 Return on equity 16% 9% 8% 6% 7% 4% 6% 2% 5% 38% Interest bearing debt 199 184.1 157.5 167.8 154.3 161 171.9 151.8 137.9 193.3 Other liabilities 183.3 182.4 177.3 206.2 219.6 311.7 281.9 316.8 883.9 655.2 Total liabilities www.cez.cz/en 640.4 627.9 602.7 630.8 623.9 707.4 704.6 702.5 1182.9 1107.4 99 66 Π#67Total liabilities www.cez.cz/en Selected historical financials of CEZ Group (EUR) EUR M Revenues 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 8,821 8,215 8,557 8,292 8,349 7,511 8,394 8,699 9,273 11,752 Sales of electricity 7,710 7,075 7,413 7,120 4,238 4,197 4,486 4,832 5,544 6,743 Sales of services 3,106 2,438 2,907 2,911 2,740 3,068 Sales of gas, heat and coal and other income 1,115 1,136 1,144 1,172 1,005 875 1,001 957 989 1,941 Operating Expenses 5,483 5,264 5,907 5,927 6,155 5,496 5,943 6,061 6,701 6,395 Purchased power and related services 3,216 3,086 3,700 2,422 2,337 2,125 2,259 2,292 2,552 2,833 Fuel and emission rights 562 517 533 615 651 778 871 949 1,001 1,848 Salaries and wages 761 769 725 782 900 1,042 1,172 1,258 1,246 1,299 Other 944 892 953 2,109 2,219 1,551 1,641 1,563 1,901 1,038 EBITDA 3,338 2,951 2,650 2,365 2,194 2,015 2,451 2,638 2,573 5,357 EBITDA margin 38% 36% 31% 29% 26% 27% 29% 30% 28% 46% Depreciation, amortization, impairments 1,482 1,453 1,478 1,307 1,201 1,209 1,376 2,125 1,917 1,217 EBIT 1,860 1,502 1,181 1,062 1,042 806 1,075 513 655 EBIT margin 21% 18% 14% 13% 12% 11% 13% 6% 7% 4,149 35% Net Income 1,433 912 835 594 773 427 590 224 403 Net income margin 16% 11% 10% 7% 9% 6% 7% 3% 3% 3,285 28% Adjusted net income 1,750 1,201 1,128 798 843 533 769 928 Adjusted net income margin 20% 15% 13% 10% 10% 7% 9% 11% 908 8% 3,192 27% EUR M 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Non current assets 19,780 20,252 20,073 19,919 19,862 Current assets 6,289 - out of that cash and cash equivalents 1,018 5,308 818 Total Assets 26,070 25,561 4,462 550 24,535 5,764 456 25,679 5,536 513 25,398 19,556 9,241 297 28,797 20,432 8,252 19,210 19,312 22,471 9,383 28,838 22,609 399 28,683 248 28,598 1,083 1,490 48,155 45,080 Shareholders equity (excl. minority. int.) 10,507 Return on equity 16% 10,637 9% 10,906 8% 10,454 6% 10,177 7% Interest bearing debt 8,101 7,494 6,412 6,831 6,281 Other liabilities 7,462 7,425 7,218 26,070 25,561 24,535 8,394 25,679 8,940 25,398 9,554 4% 6,554 12,689 11,476 28,797 28,683 10,210 9,522 6,558 10,539 6% 2% 6,998 6,180 5% 5,614 38% 7,869 12,896 35,982 26,672 28,598 48,155 45,080 40 67 Π#68G CLEAN ENERGY OF TOMORROW Investor Relations Contacts CEZ, a. s. Duhova 2/1444 14 053 Praha 4 Czech Republic www.cez.cz www.cez.cz/en Barbara Seidlová ☐ Investor Relations Phone: +420 211 042 529 email: [email protected] Zdeněk Zábojník Investor Relations Phone: +420 211 042 524 email: [email protected]