CEZ Group Energy Transformation and Financial Results

EXPECTED 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

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