EPH Announces Financial Results for 2025

2. 4. 2026

Energetický a průmyslový holding, a.s. (“EPH” or “the Group”), a leading utility with a diversified and vertically integrated business mix, is pleased to announce its financial results for the fiscal year 2025. The Group’s Pro forma EBITDA reached EUR 3.7 billion.

In 2025, EPH strengthened its strategic positioning through continued development of flexible and low-carbon capacity, the completion of the acquisition of the controlling stake in Slovenské elektrárne (with a resulting 66% ownership), and the signing of binding agreements with TotalEnergies SE to establish a 50/50 partnership dedicated to flexible power generation across key Western European markets.

Financial Highlights

Pro forma EBITDA[i] reaching EUR 3.7 billion (with EUR 2.6 billion EBITDA[ii] in 2024), supported by materially increasing share of regulated and contracted revenue streams in our overall business mix and acquisition of a controlling share in Slovenské elektrárne.
Pro forma Free Cash Flow[iii] of EUR 2.2 billion (with EUR 1.4 billion Free Cash Flow[iv] in 2024). Excluding CAPEX[v] expensed for development projects, the Pro forma Cash Conversion ratio[vi] (excl. development CAPEX) reached superb 73% which is slightly better than in 2024.
Net Financial Debt[vii] amounted to EUR 5.6 billion at year end 2025 (EUR 4.4 billion at year end 2024) with Pro forma Net leverage[viii] of 1.5x (1.7x in 2024).

Operational Highlights

The Group operated a fleet of power generation assets with 16.7 GW Net installed capacity (14.6 GW in 2024).
The Group generated 51 TWh of power on a pro forma basis, placing EPH among the leading European energy producers (32.0 TWh generated in 2024).
The Group operated Gas storages with unchanged total capacity of over 64.4 TWh, significantly contributing to Europe’s security of gas supply.
The Group distributed 49.1 TWh of natural gas to customers (47.3 TWh in 2024).
The Group supplied 6.4 TWh of power to customers (6.1 TWh in 2024).

Partnership with TotalEnergies

In November 2025, EPH signed binding agreements with TotalEnergies SE to establish a 50/50 partnership dedicated to flexible power generation across key Western European markets, including the United Kingdom, Italy, the Netherlands, Ireland and selected assets in France. Upon completion of the transaction, EPH will contribute its portfolio of flexible generation assets and development projects into the new platform, which is expected to operate more than 14 GW of capacity, creating one of Europe’s leading flexible generation platforms. In exchange, EPH will receive approximately 4.2% of TotalEnergies’ share capital (considering cancelled treasury shares since the signing), establishing long-term strategic alignment and supporting the further development of flexible, dispatchable capacity to enhance Europe’s energy security.

Other achievements

During 2025, EPH continued to advance key development projects that support Europe’s energy security and the transition to a lower carbon system. The Group continued the development of Mochovce Nuclear Unit 4, delivered hydrogen ready combined cycle gas turbine projects at Tavazzano and Ostiglia in Italy, and expanded its pipeline of battery energy storage systems. In May 2025, EPH completed the acquisition of the remaining stake in Slovenské elektrárne, becoming sole owner of Slovak Power Holding, which holds a 66% majority in Slovakia’s largest electricity producer with an exclusively carbon free portfolio.

Jan Špringl, Vice-Chairman of the Board and CEO, commented: “2025 was a defining year for EPH. Our priority is to help deliver energy that is secure, affordable and clean, and in 2025 we made meaningful progress on all three. We increased total electricity production to 51 TWh. We also consolidated our position in Slovakia through completing the acquisition of the remaining stake in Slovenské elektrárne, and we signed binding agreements to form a transformative 50/50 partnership with TotalEnergies to create one of Europe’s leading flexible generation platforms. These steps strengthen EPH’s ability to invest in reliable, flexible and low carbon capacity while maintaining financial strength and discipline.”

For more information please see: https://www.epholding.cz/en/results-centre/

[i] “Pro forma EBITDA” represents EBITDA adjusted to (1) reflect the contribution of Slovenské elektrárne for the period January 2025 to May 2025 (i.e. 5 months), as Slovenské elektrárne has been consolidated only since 1 June 2025 and (2) exclude result of Saale for 9 months of 2025 and Czech CHPs for 3 months of 2025 and EP Resources Group for 2 months.

[ii] “EBITDA” represents the profit (loss) for the period before income tax expenses, finance expense, finance income, change in impairment on financial instruments and other financial assets, share of profit (loss) of equity accounted investees, net of tax, gain (loss) on disposal of subsidiaries, joint ventures and associates, depreciation, amortization and impairment of tangible and intangible assets and negative goodwill.

[iii] “Pro forma Free Cash Flow” represents Pro forma EBITDA less Pro forma CAPEX less income tax paid where income tax paid has been pro forma adjusted for (1) Slovenské elektrárne’s income tax paid for the period January 2025 – May 2025, and (2) income tax paid of Saale for 9 months of 2025 and Czech CHPS for 3 months of 2025 and EP Resources Group for 2 months of 2025 which have been excluded. Pro forma CAPEX represents CAPEX adjusted to (1) include the CAPEX of Slovenské elektrárne for the period January 2025 – May 2025 (i.e. 5 months) and (2) exclude CAPEX of Saale for 9 months of 2025 and Czech CHPS for 3 months of 2025 and EP Resources Group for 2 months of 2025.

[iv] “Free Cash Flow” represents EBITDA less CAPEX less income tax paid.

[v] “CAPEX” represents cash outflow for acquisition of property, plant and equipment, investment property and intangible assets. Presented number does not include amounts related to discontinued operations.