EPH expands Its Presence in Carbon-Free Power Generation and reports Solid First Half 2025 Performance
16. 9. 2025
Prague, 16 September – Energetický a průmyslový holding, a.s. (“EPH” or the “Group”) is pleased to announce its financial performance for the first half of 2025. The Group’s strategic focus on growth, diversification, prudent financial management, while focusing on sustainability goals has delivered strong results.
Acquisition of Slovenské elektrárne (“SE”)
Major event of the past six months was completion of the acquisition of the remaining 50% stake in Slovak Power Holding B.V., gaining full control of Slovenské elektrárne — Slovakia’s largest carbon-free electricity producer. This acquisition further strengthens EPH’s commitment to low-carbon energy production and sustainable long-term growth. On a pro-forma basis for the twelve months ending 30 June 2025, EPH’s results would have been:
- Underlying EBITDA [1] of EUR 4.0 billion (SE contribution EUR 1.8 billion)
- Free Cash Flow [2] of EUR 2.4 billion (SE contribution EUR 1.3 billion)
- Net power production of 54.9 TWh (SE contribution 18.3 TWh)
Underlying EBITDA performance
In the twelve months ended 30 June 2025, the Group’s Underlying EBITDA reached EUR 2,355 million, despite declining commodity prices and reduced volatility. Full consolidation of Slovenské elektrárne from June 2025 positions EPH for a substantial increase in Underlying EBITDA underpinned by long-term contracted performance, primarily stemming from capacity payments for securing grid stability.
Maintained Low Net Leverage Ratio [3]
EPH maintains a healthy financial position, demonstrated by strong liquidity and an exceptionally favorable Pro-forma Net Leverage Ratio (incl. SE), which currently stands at 1.6 multiple of EBITDA (for the last twelve months), underscoring EPH’s commitment to financial stability and sound capital structure.
Final phase of strategic development program and continued ESG progress
EPH is entering the final phase of a major investment cycle aimed at strengthening its position in the merit order, improving revenue predictability through capacity payments, and reducing exposure to the Group’s construction-related risks. These strategic projects also play a key role in advancing the Group’s ESG and sustainability agenda. Below is an overview of the most significant projects completed and currently underway.
- 800 MW hydrogen-ready combined cycle unit at Tavazzano, Italy, launched in March 2025
- 4th unit at Mochovce nuclear power plant (Slovakia) – major zero-carbon investment, recently completed hot functional testing, moving closer to full operation
- 880 MW CCGT plant in Ostiglia, Italy, scheduled for 2026
- 695 MW (1,544 MWh) of battery storage systems across key European markets such as the UK, Italy, France, Germany, the Netherlands, and Slovakia
- Refurbishment projects aimed at life extension, supported by 15-year UK capacity contracts, ensuring stable cash flows and enhancing grid stability.
EPH continues its transition away from coal, aiming to be nearly coal-free by the end of 2025 and fully coal-free by 2030.
Jan Špringl, Vice-Chairman of the Board and CEO, said: “ The first half of 2025 has demonstrated the strength and resilience of our business model. We continued to deliver solid financial results, advance our sustainability goals, and invest in the future of energy. Completion of acquisition of Slovenské elektrárne marks a pivotal milestone in our journey toward low-carbon growth. I am proud of the progress we’ve made and confident in our ability to create long-term value for our stakeholders while contributing to a cleaner, more secure energy future.”
For more details on the results, as well as the financial indicators used, please refer to www.epholding.cz/en/results-centre.