The contents of the CEZ presentation are exactly the crux of our problem. Yet again, almost no changes to the two slides at the end of their corporate presentation on Cinovec and this is supposed to be a strategic project for CZ. It's even listed as one of the PM's 6 strategic projects to restart CZ but the level of urgency and progress communication from CEZ over the last 12-18 months has been pathetic.
In their May (Q1) 23 earnings call I pointed out to them they were forecasting 1billion CZK of EBITDA in 2025 onwards from Cinovec and that didnt seem realistic given the rate of progress. Pavel Cyrani rightly agreed this wasnt correct but it took them nearly 1 year to update their presentation, I even followed up and exchanged email correspondence with their IR team. If you look at the December version it still has the 1 billion there. Aspects of their leadership on this project have been dreadful. I hope they show some sort of redemption as part of this end April announcement
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(20min delay)