The CFO of the Year 2025 award has its winner. At a gala ceremony held at Moyzes Hall in Bratislava, the title was presented to Lukáš Maršálek, Chief Financial Officer and First Vice-Chairman of the Board of Directors of Slovenské elektrárne. He emerged as the winner of the 18th edition of the award, selected from seven finalists shortlisted by the expert jury from 15 nominated CFOs across Slovakia.

This year's results also marked a notable first: the expert jury and the public agreed on the winner for the first time. The final ranking was determined by the jury's assessment, accounting for 60% of the overall result, and a public vote, contributing the remaining 40%.

“The competition was exceptionally strong this year. For the first time, the public vote aligned with the expert jury's assessment, making Mr Maršálek's victory particularly clear. He stood out through a combination of tangible results and responsibilities extending far beyond the traditional finance function. His recognition is thoroughly deserved.”

Peter Gunda
Managing Partner, BDO Slovakia

Decisions delivering measurable results: €70 million in annual savings

One of Lukáš Maršálek's most significant achievements was the refinancing of Slovenské elektrárne's loans totalling €3.8 billion. Under his leadership, the company consolidated 20 bilateral loans into a single club financing arrangement, simplifying its debt structure and reducing annual financing costs by €70 million.

This was followed in 2025 by the issuance of seven-year green bonds worth €750 million. Investor demand was almost six times the amount offered, enabling the company to diversify its funding sources and strengthen its access to capital.

These transactions are particularly significant in the context of the earlier energy crisis, during which Slovenské elektrárne implemented measures to protect cash flow amounting to nearly €1 billion. Maršálek had to balance the company's immediate financial stability with its long-term strategic direction.

Decisions of this scale demonstrate the importance of effective financial management and strategic planning in supporting business resilience and sustainable growth.

The modern CFO's role goes far beyond finance

The role of the Chief Financial Officer is evolving significantly. Beyond financial planning, risk management and securing capital, CFOs are increasingly involved in strategic decision-making, digital transformation, operational management and people development.

This year's winner illustrates that evolution. In addition to finance, Lukáš Maršálek oversees procurement, information technology, international relations, ESG and the operational management of 31 hydroelectric power plants. He leads a team of more than 800 employees.

Under his leadership, the company also implemented a major information system serving more than 3,000 users. Slovenské elektrárne is further expanding the use of artificial intelligence across internal processes, maintenance and trading activities.

The ability to combine financial performance with digital transformation and strategic leadership was among the key considerations in the evaluation.

“What particularly impressed us about Lukáš Maršálek was the breadth of his responsibilities and his tangible impact on the operations of Slovenské elektrárne. He personally oversees several divisions and manages financial relationships with shareholders, responsibilities that would normally be associated more closely with a CEO.”

Peter Gunda
Managing Partner, BDO Slovakia

How did BDO evaluate the CFO of the Year 2025 finalists?

As the award's lead evaluator, our role at BDO was to ensure an objective and comparable assessment of the candidates' results. Our aim was to apply consistent evaluation criteria to all finalists and ensure that the final ranking reflected their contribution to the companies they represent.

The expert jury considered much more than financial performance indicators. Strategic decision-making, the ability to navigate challenging situations, digital transformation, team development and long-term value creation were also important factors.

“Our role was to ensure that the evaluation was objective and that the results were comparable. Each member of the expert jury assessed their assigned candidates against the same criteria. BDO was responsible for evaluating the individual assessments fairly. Where differences emerged in the approaches taken by individual evaluators, we accounted for them through benchmarking. The objective was straightforward: to ensure that every finalist was assessed on an equal basis.”

Peter Gunda
Managing Partner, BDO Slovakia

The calibre of shortlisted finalists is typically very high, with only narrow differences between candidates. This made a thorough review of all evaluation inputs and their comparability particularly important.

A strong final seven highlights the quality of financial leadership in Slovakia

The seven finalists in the 18th edition of CFO of the Year represented Dr. Max Slovakia, 365.bank, HB Reavis Slovakia, Slovenské elektrárne, GymBeam, Západoslovenská energetika – ZSE Group and O2 Slovakia.

They represented a broad range of sectors within the Slovak economy, from energy and banking to healthcare, telecommunications, real estate development and e-commerce.

While each industry faces different challenges, successful financial leaders share the ability to make informed decisions, lead change and create long-term value.

Bringing together financial expertise, strategic insight and practical solutions is also central to our advisory services at BDO.

About the CFO of the Year award

The CFO of the Year award is organised by CFO Club to recognise outstanding financial leaders and their contributions to companies operating in Slovakia. Over its 18 editions, more than 285 CFOs have participated in the awards.

The expert jury brings together representatives of CFO Club, BDO, other audit and advisory firms, and the Slovak Association of Finance and Treasury.

Further information about the award is available on the official CFO of the Year website.