{"id":108493,"date":"2026-06-05T16:14:09","date_gmt":"2026-06-05T16:14:09","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/108493\/"},"modified":"2026-06-05T16:14:09","modified_gmt":"2026-06-05T16:14:09","slug":"zisk-110-miliard-na-cem-vydelava-imperium-daniela-kretinskeho","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/108493\/","title":{"rendered":"Zisk 110\u00a0miliard. Na \u010dem vyd\u011bl\u00e1v\u00e1 imp\u00e9rium Daniela K\u0159et\u00ednsk\u00e9ho"},"content":{"rendered":"

Spole\u010dnost EP Group<\/a> Daniela K\u0159et\u00ednsk\u00e9ho<\/a> zve\u0159ejnila sv\u00e9 hospod\u00e1\u0159sk\u00e9 v\u00fdsledky a\u00a0sou\u010dasn\u011b tak\u00e9 v\u00fdro\u010dn\u00ed zpr\u00e1vu, kter\u00e1 p\u0159in\u00e1\u0161\u00ed zaj\u00edmavosti o\u00a0jedn\u00e9 z\u00a0nejv\u011bt\u0161\u00edch investi\u010dn\u00edch skupin v\u00a0\u010cesku.<\/p>\n

Rok 2025\u00a0byl pro EP Group rokem masivn\u00edho r\u016fstu, kter\u00fd byl ta\u017een p\u0159edev\u0161\u00edm rozs\u00e1hl\u00fdmi akvizicemi. Skupina se transformovala v\u00a0diverzifikovan\u00fd evropsk\u00fd konglomer\u00e1t, kter\u00fd p\u0159i tr\u017eb\u00e1ch 66,8\u00a0miliardy eur vygeneroval hrub\u00fd provozn\u00ed zisk EBITDA 5,34\u00a0miliardy eur, co\u017e je n\u00e1r\u016fst o\u00a048\u00a0procent. \u010cist\u00fd zisk je meziro\u010dn\u011b \u010dty\u0159n\u00e1sobn\u00fd\u00a0\u2013 4,55\u00a0miliardy eur (zhruba 110\u00a0miliard korun). Tr\u017eby vzrostly o\u00a0v\u00edce ne\u017e 140\u00a0procent na 66,84\u00a0miliardy eur (p\u0159es 1,6\u00a0bilionu korun). Vypl\u00fdv\u00e1 to z\u00a0v\u00fdro\u010dn\u00ed zpr\u00e1vy podniku.<\/p>\n

1.\u00a0Gener\u00e1tor hotovosti<\/p>\n

Skupina generuje vysokou volnou hotovost. Tzv. Free Cash Flow je jeden z\u00a0nejd\u016fle\u017eit\u011bj\u0161\u00edch hospod\u00e1\u0159sk\u00fdch ukazatel\u016f, proto\u017ee \u0159\u00edk\u00e1, kolik pen\u011bz firm\u011b skute\u010dn\u011b z\u016fstane po financov\u00e1n\u00ed b\u011b\u017en\u00e9ho provozu a\u00a0nezbytn\u00fdch investic. EP Group vytvo\u0159ila voln\u00e9 cash flow 2,25\u00a0miliardy eur (54,4\u00a0miliardy korun).<\/p>\n

2.\u00a0N\u00e1r\u016fst dluhu<\/p>\n

V d\u016fsledku n\u00e1kup\u016f nov\u00fdch firem do\u0161lo u\u00a0EP Group k\u00a0v\u00fdrazn\u00e9mu n\u00e1r\u016fstu absolutn\u00ed v\u00fd\u0161e dluhu. \u010cist\u00fd finan\u010dn\u00ed dluh \u010dinil ke konci lo\u0148sk\u00e9ho roku 10,9\u00a0miliardy eur (zat\u00edmco v\u00a0roce 2024\u00a0to bylo 1,38\u00a0miliardy eur).<\/p>\n

D\u016fle\u017eit\u00fd je v\u0161ak pom\u011br tohoto \u010dist\u00e9ho dluhu k\u00a0hrub\u00e9mu provozn\u00edmu zisku EBITDA, kter\u00fd se zv\u00fd\u0161il z\u00a00,4n\u00e1sobku na dvojn\u00e1sobek. P\u0159esto st\u00e1le z\u016fst\u00e1v\u00e1 na \u00farovni b\u011b\u017en\u00e9 pro infrastrukturn\u00ed a\u00a0energetick\u00e9 skupiny.<\/p>\n

3.\u00a0Imp\u00e9rium<\/p>\n

Velikost skupiny je impozantn\u00ed. Celkov\u00e1 aktiva, tedy spravovan\u00fd majetek skupiny, se loni t\u00e9m\u011b\u0159 zdvojn\u00e1sobila na 74,6\u00a0miliardy eur (1,8\u00a0bilionu korun). Ko\u0159eny skupiny sahaj\u00ed do roku 2009, kdy vznikl Energetick\u00fd a\u00a0pr\u016fmyslov\u00fd holding (EPH) jako spole\u010dn\u00fd projekt J&T a\u00a0PPF. Mana\u017eersk\u00fd t\u00fdm EPH se nicm\u00e9n\u011b za\u010dal formovat u\u017e kolem roku 2001\u00a0v\u00a0r\u00e1mci divize korpor\u00e1tn\u00edch investic skupiny J&T kolem Daniela K\u0159et\u00ednsk\u00e9ho.<\/p>\n

4.\u00a0Akvizice<\/p>\n

Zlomov\u00fdmi momenty lo\u0148sk\u00e9ho roku byly t\u0159i hlavn\u00ed akvizice a\u00a0jedno partnerstv\u00ed. Prvn\u00ed akvizic\u00ed bylo pln\u00e9 ovl\u00e1dnut\u00ed n\u011bmeck\u00e9ho velkoobchodn\u00edho \u0159et\u011bzce Metro v\u00a0b\u0159eznu. D\u00e1le byla v\u00a0dubnu dokon\u010dena akvizice International Distribution Services, tedy mate\u0159sk\u00e9 spole\u010dnosti bal\u00edkov\u00e9ho oper\u00e1tora GLS a\u00a0britsk\u00e9 po\u0161ty Royal Mail. A\u00a0d\u016fle\u017eit\u00e9 bylo i\u00a0dokon\u010den\u00ed odkupu zb\u00fdvaj\u00edc\u00edho pod\u00edlu od spole\u010dnosti Enel v\u00a0nejv\u011bt\u0161\u00edm slovensk\u00e9m v\u00fdrobci elekt\u0159iny Slovensk\u00e9 elektr\u00e1rne v\u00a0kv\u011btnu.<\/p>\n

Velkou ud\u00e1lost\u00ed pro skupinu bylo partnerstv\u00ed s\u00a0francouzskou glob\u00e1ln\u00ed firmou TotalEnergies, se kterou byl vytvo\u0159en v\u00a0listopadu spole\u010dn\u00fd podnik pro flexibiln\u00ed v\u00fdrobu elekt\u0159iny v\u00a0It\u00e1lii, Nizozemsku a\u00a0Velk\u00e9 Brit\u00e1nii, p\u0159i\u010dem\u017e se EPH stal 4,1procentn\u00edm akcion\u00e1\u0159em TotalEnergies. Toto partnerstv\u00ed znamen\u00e1 pro K\u0159et\u00ednsk\u00e9ho v\u00fdznamn\u00e9 geografick\u00e9 i\u00a0m\u011bnov\u00e9 rozlo\u017een\u00ed rizika, proto\u017ee TotalEnergies p\u016fsob\u00ed po cel\u00e9m sv\u011bt\u011b a\u00a0jej\u00ed hlavn\u00ed m\u011bnou je dolar. V\u0161e bylo dokon\u010deno na konci dubna leto\u0161n\u00edho roku.<\/p>\n

5.\u00a0Diverzifikace<\/p>\n

EP Group se za posledn\u00ed rok transformovala z\u00a0prim\u00e1rn\u011b energetick\u00e9 skupiny na konglomer\u00e1t postaven\u00fd na t\u0159ech hlavn\u00edch pil\u00ed\u0159\u00edch, kter\u00e9 obsluhuj\u00ed z\u00e1kladn\u00ed spole\u010densk\u00e9 pot\u0159eby. Prvn\u00edm je st\u00e1le energetika, co\u017e je tradi\u010dn\u00ed byznys zahrnuj\u00edc\u00ed v\u00fdrobu a\u00a0infrastrukturu. Nov\u011b vytvo\u0159en\u00fdm pil\u00ed\u0159em je logistika d\u00edky IDS, kter\u00e1 je zam\u011b\u0159en\u00e1 na po\u0161tovn\u00ed slu\u017eby a\u00a0trh bal\u00edkov\u00e9 p\u0159epravy. Posledn\u00edm je velkoobchod a\u00a0maloobchod postaven\u00fd kolem n\u011bmeck\u00e9ho Metra, kter\u00fd je zam\u011b\u0159en\u00fd na distribuci potravin profesion\u00e1ln\u00edm z\u00e1kazn\u00edk\u016fm (HoReCa).<\/p>\n

6.\u00a0Energetika st\u00e1le vede<\/p>\n

Ziskovost skupiny (m\u011b\u0159eno pomoc\u00ed ukazatele EBITDA) je rozlo\u017eena n\u00e1sledovn\u011b: <\/p>\n

Energetika (3,82\u00a0miliardy eur): St\u00e1le z\u016fst\u00e1v\u00e1 nejv\u011bt\u0161\u00edm zdrojem provozn\u00edho zisku (cca 72\u00a0procent segmentov\u00e9 EBITDA). Kl\u00ed\u010dov\u00fdmi faktory jsou regulovan\u00e1 infrastruktura (EPIF), flexibiln\u00ed plynov\u00e9 elektr\u00e1rny a\u00a0nov\u011b bezemisn\u00ed zdroje (j\u00e1dro a\u00a0voda) po konsolidaci Slovensk\u00fdch elektr\u00e1ren.Velkoobchod a\u00a0maloobchod (1,06\u00a0miliardy eur): Druh\u00fd nejv\u00fdznamn\u011bj\u0161\u00ed p\u0159isp\u011bvatel. Ziskovost je ta\u017eena rozs\u00e1hlou B2B platformou Metro a\u00a0jej\u00edmi slu\u017ebami v\u00a0oblasti distribuce potravin.Logistika (495\u00a0milion\u016f eur): V\u00fdznamn\u00fd p\u0159\u00edsp\u011bvek od spole\u010dnost\u00ed GLS a\u00a0Royal Mail, p\u0159i\u010dem\u017e t\u011b\u017ei\u0161t\u011bm r\u016fstu je zejm\u00e9na bal\u00edkov\u00e1 doprava GLS.7.\u00a0\u0160pinav\u00fd majetek<\/p>\n

Spole\u010dnost EP Energy Transition je definov\u00e1na jako kl\u00ed\u010dov\u00fd pil\u00ed\u0159 pro transformaci n\u011bmeck\u00fdch uheln\u00fdch aktiv. V\u00a0b\u0159eznu 2025\u00a0odkoupila zb\u00fdvaj\u00edc\u00edch 30\u00a0procent v\u00a0holdingu Leag od skupiny PPF a\u00a0stala se jeho 100procentn\u00edm vlastn\u00edkem.<\/p>\n

Pod tuto firmu spadaj\u00ed n\u011bmeck\u00e9 hn\u011bdouheln\u00e9 doly a\u00a0elektr\u00e1rny LEAG a\u00a0Mibrag. Strategi\u00ed nen\u00ed tato aktiva pouze provozovat, ale prov\u00e9st je \u0159\u00edzen\u00fdm \u00fatlumem, kter\u00fd se m\u00e1 v\u00a0N\u011bmecku uskute\u010dnit nejpozd\u011bji do roku 2038.<\/p>\n

Firma p\u0159ipravuje nahrazen\u00ed uheln\u00fdch kapacit nov\u00fdmi zdroji. Jde hlavn\u011b o\u00a0budov\u00e1n\u00ed ob\u0159\u00edch bateriov\u00fdch \u00falo\u017ei\u0161\u0165, nap\u0159. GigaBattery J\u00e4nschwalde s\u00a0kapacitou 1\u00a0GW \/ 4\u00a0GWh, d\u00e1le plynov\u00e9 elektr\u00e1rny, kter\u00e9 mohou spalovat i\u00a0vod\u00edk, a\u00a0rozvoj obnoviteln\u00fdch zdroj\u016f na rekultivovan\u00fdch ploch\u00e1ch po t\u011b\u017eb\u011b.<\/p>\n

Zaj\u00edmavost\u00ed jsou t\u011b\u017eebn\u00ed fondy, kam spole\u010dnosti LEAG a\u00a0Mibrag povinn\u011b odv\u00e1d\u011bj\u00ed prost\u0159edky na budouc\u00ed rekultivace krajiny po t\u011b\u017eb\u011b. Je v\u00a0nich 622\u00a0milion\u016f eur.<\/p>\n

8.\u00a0Dan\u011b<\/p>\n

EP Group na dani z\u00a0p\u0159\u00edjm\u016f v\u00a0lo\u0148sk\u00e9m roce odvedla 887\u00a0milion\u016f eur (21,4\u00a0miliardy korun), p\u0159i\u010dem\u017e v\u00a0roce 2024\u00a0to bylo 871\u00a0milion\u016f eur.<\/p>\n

Efektivn\u00ed da\u0148ov\u00e1 sazba EP Group za rok 2025\u00a0tak \u010dinila 12,2\u00a0procenta. Tato hodnota p\u0159edstavuje v\u00fdrazn\u00fd pokles oproti roku 2024, kdy efektivn\u00ed da\u0148ov\u00e1 sazba dosahovala 37,5\u00a0procenta. D\u016fvodem pro takto n\u00edzkou efektivn\u00ed sazbu v\u00a0roce 2025 (v porovn\u00e1n\u00ed se standardn\u00ed \u010deskou korpor\u00e1tn\u00ed sazbou 21\u00a0procent) jsou p\u0159edev\u0161\u00edm mimo\u0159\u00e1dn\u00e9 \u00fa\u010detn\u00ed operace spojen\u00e9 s\u00a0rozs\u00e1hl\u00fdmi akvizicemi, kter\u00e9 nejsou p\u0159edm\u011btem zdan\u011bn\u00ed: 1,83\u00a0miliardy eur poch\u00e1z\u00ed z\u00a0akvizice IDS, co\u017e bylo zp\u016fsobeno zejm\u00e9na uzn\u00e1n\u00edm p\u0159ebytku v\u00a0penzijn\u00edm fondu Royal Mail, a\u00a0d\u00e1le to byl zisk z\u00a0v\u00fdhodn\u00e9 koup\u011b ve v\u00fd\u0161i 2,3\u00a0miliardy eur, kter\u00e9 souvisely s\u00a0akvizicemi IDS a\u00a0Slovensk\u00fdch elektr\u00e1ren.<\/p>\n

9.\u00a0Budouc\u00ed p\u0159\u00edjmy a\u00a0z\u00e1vazky<\/p>\n

V tzv. mimobilan\u010dn\u00edch polo\u017ek\u00e1ch se objevuj\u00ed vysok\u00e9 sumy, kter\u00e9 m\u00e1 EP Group do budoucna zaji\u0161t\u011bn\u00e9 nebo je bude muset vyplatit.<\/p>\n

Nejv\u00fdznamn\u011bj\u0161\u00ed polo\u017ekou jsou smluvn\u011b zaji\u0161t\u011bn\u00e9 budouc\u00ed kapacitn\u00ed platby ve v\u00fd\u0161i 5,8\u00a0miliardy eur. Tyto platby p\u0159edstavuj\u00ed smluvn\u011b zaji\u0161t\u011bn\u00e9 budouc\u00ed p\u0159\u00edjmy za to, \u017ee elektr\u00e1rny skupiny budou p\u0159ipraveny dod\u00e1vat elekt\u0159inu do s\u00edt\u011b (platby za dostupnost v\u00fdkonu). D\u00e1le jsou to nap\u0159\u00edklad p\u0159\u00edjmy z\u00a0budouc\u00edch prodej\u016f ve v\u00fd\u0161i 2,8\u00a0miliardy eur, co\u017e jsou smluvn\u011b sjednan\u00e9 budouc\u00ed prodeje nap\u0159\u00edklad elekt\u0159iny \u010di plynu.<\/p>\n

EP Group m\u00e1 v\u0161ak do budoucna i\u00a0povinnosti platit. Nejv\u011bt\u0161\u00ed jsou v\u00fddaje ve v\u00fd\u0161i 5,5\u00a0miliardy eur na smluvn\u011b sjednan\u00e9 budouc\u00ed n\u00e1kupy, nap\u0159\u00edklad jadern\u00e9ho paliva \u010di emisn\u00edch povolenek apod. S\u00a0budouc\u00ed rekultivac\u00ed povrchov\u00fdch dol\u016f pak souvis\u00ed z\u00e1stavy a\u00a0dal\u0161\u00ed finan\u010dn\u00ed mechanismy, jejich\u017e objem p\u0159esahuje t\u0159i\u00a0miliardy eur.<\/p>\n

10.\u00a0\u00daroky<\/p>\n

\u00darokov\u00e9 n\u00e1klady na dluh \u010dinily loni 798\u00a0milion\u016f eur (19,3\u00a0miliardy korun). Hrub\u00fd \u00farokov\u00fd n\u00e1klad vych\u00e1z\u00ed p\u0159ibli\u017en\u011b na 3,7\u00a0procenta, co\u017e je relativn\u011b n\u00edzk\u00e9 \u010d\u00edslo vzhledem k\u00a0dne\u0161n\u00edm evropsk\u00fdm sazb\u00e1m. D\u016fvodem je, \u017ee velk\u00e1 \u010d\u00e1st dluhu byla emitov\u00e1na v\u00a0dob\u011b nulov\u00fdch sazeb.<\/p>\n

V\u00fdro\u010dn\u00ed zpr\u00e1va uv\u00e1d\u00ed, \u017ee pr\u016fm\u011brn\u00e1 v\u00e1\u017een\u00e1 \u00farokov\u00e1 sazba bankovn\u00edch \u00fav\u011br\u016f (bez dluhopis\u016f) dokonce klesla z\u00a05,95\u00a0procenta na 4,77\u00a0procenta. To nazna\u010duje, \u017ee EP Group i\u00a0po velk\u00fdch akvizic\u00edch z\u00edsk\u00e1v\u00e1 \u00fav\u011bry od bank za relativn\u011b v\u00fdhodn\u00fdch podm\u00ednek.<\/p>\n

11.\u00a0Kdo vlastn\u00ed EP Group<\/p>\n

Ke konci roku 2025\u00a0vlastnili EP Group dva akcion\u00e1\u0159i: Daniel K\u0159et\u00ednsk\u00fd (89,26\u00a0procenta) a\u00a0management skupiny.<\/p>\n

EP Group sice kontroluje skupinu, ale \u0159ada firem m\u00e1 v\u00fdznamn\u00e9 men\u0161inov\u00e9 akcion\u00e1\u0159e. Nap\u0159\u00edklad po odkupu pod\u00edlu ve Slovensk\u00fdch elektr\u00e1rn\u00e1ch od Enelu z\u00edskala EP Group kontrolu, ale st\u00e1le zde existuje 34procentn\u00ed men\u0161inov\u00fd pod\u00edl, kter\u00fd vlastn\u00ed slovensk\u00fd st\u00e1t. V\u00fdznamn\u00fdm akcion\u00e1\u0159em ve spole\u010dnostech skupiny je Patrik Tk\u00e1\u010d.<\/p>\n

\u010cesk\u00e1 elita\u00a0\u2013 \u017deb\u0159\u00ed\u010dek nejhodnotn\u011bj\u0161\u00edch firem \u010ceska<\/p>\n

\u010cesk\u00e1 elita 2025<\/a>.\u00a0Klikn\u011bte na banner n\u00ed\u017ee a\u00a0projd\u011bte si po\u0159ad\u00ed nejhodnotn\u011bj\u0161\u00edch firem \u010ceska. Dal\u0161\u00edm kliknut\u00edm na \u0159\u00e1dek v\u00a0tabulce nebo na interaktivn\u00ed grafiku m\u016f\u017eete zjistit podrobnosti o\u00a0firm\u011b.<\/p>\n

Odborn\u00fdm garantem\u00a0\u017eeb\u0159\u00ed\u010dku TOP 100\u00a0\u010cesk\u00e9 elity je spole\u010dnost Deloitte<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Spole\u010dnost EP Group Daniela K\u0159et\u00ednsk\u00e9ho zve\u0159ejnila sv\u00e9 hospod\u00e1\u0159sk\u00e9 v\u00fdsledky a\u00a0sou\u010dasn\u011b tak\u00e9 v\u00fdro\u010dn\u00ed zpr\u00e1vu, kter\u00e1 p\u0159in\u00e1\u0161\u00ed zaj\u00edmavosti o\u00a0jedn\u00e9 z\u00a0nejv\u011bt\u0161\u00edch…\n","protected":false},"author":2,"featured_media":108494,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[67,68,156,8005,17084,10941,6800,15949,8006],"class_list":["post-108493","post","type-post","status-publish","format-standard","has-post-thumbnail","category-byznys","tag-business","tag-byznys","tag-ceska-elita","tag-daniel-kretinsky","tag-energeticky-a-prumyslovy-holding-eph","tag-ep-group","tag-metro","tag-patrik-tkac","tag-royal-mail"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116698393265312978","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/108493","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=108493"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/108493\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/108494"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=108493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=108493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=108493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}