Operator

Hello, everyone, and welcome on CEZ Group First Quarter 2026 Results Call. It's my pleasure to welcome Martin Novak, Chief Financial Officer; and Pavel Cyrani, Chief Sales and Strategy Officer.

We will start the call with the presentation, and then we will have room to ask questions. Now I'm handing over to Martin.

Martin Novák
CFO, Head of Finance Division, Deputy CEO of Operations & Executive Director

Good morning, good afternoon. So let's start with Slide #3, where we actually summarize our quarterly earnings and compare it to first quarter of 2025. I think it's important to note the EBITDA number, which has reached CZK 35.3 billion, or 18% less than in the first quarter 2025.

Our net income, on the other hand, has risen by 13% to CZK 14.5 billion and adjusted net income, CZK 13.5 billion, where we actually adjusted for noncontrollable interest from our shareholdings.

Operating cash flow, somewhat higher due to especially accounting treatment of our investment into state bonds. And CapEx is significantly higher as we are actually progressing with our intensive CapEx program this year, and following year will be probably the record high in terms of CapEx. So we can see an increase of 130%. Our net debt is at very similar level, around CZK 200 billion.

Next slide, you can see actually contribution of 2