E.ON SE (EONGY) Q1 2025 Earnings Call

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WEBVTT 00:00:01.465 -- 00:00:06.472 Good morning, everyone. Dear analysts and investors, a warm welcome from my side 00:00:06.472 -- 00:00:10.696 to our first quarter 2025 earnings 00:00:11.259 -- 00:00:12.822 call. 00:00:12.822 -- 00:00:17.709 I am here with our CFO, Nadja Jacobi, who will present our results. 00:00:17.709 -- 00:00:22.356 As always, we will leave enough room for your questions at the end. 00:00:22.356 -- 00:00:25.598 With that, over to you, Nadja. 00:00:26.061 -- 00:00:30.912 Thank you, Iris, and a warm welcome from my side as well. 00:00:30.912 -- 00:00:36.302 Since our full year results, much has happened from a global macroeconomic perspective. 00:00:36.302 -- 00:00:41.111 With Liberation Day, a spiral of tariff announcement resulted in recessionary fears and 00:00:41.111 -- 00:00:44.518 high volatility in equity markets globally. 00:00:44.518 -- 00:00:46.942 But with the suspension of tariffs between the U.S. 00:00:46.942 -- 00:00:53.272 and several countries, a relatively quick recovery has started during the last days. 00:00:53.272 -- 00:00:57.680 In this period of uncertainty, we have seen that our business model proves to be very 00:00:57.680 -- 00:01:02.424 resilient and robust against these macroeconomic developments. 00:01:02.448 -- 00:01:08.699 In Germany, we had federal elections and the new coalition government was formed swiftly. 00:01:08.699 -- 00:01:13.547 They are encouraging signs of positive momentum for the German economy as well as the 00:01:13.547 -- 00:01:15.547 energy transition. 00:01:15.547 -- 00:01:21.273 On the regulatory side, we expect the framework and methodologies for the fifth regulatory 00:01:21.273 -- 00:01:26.136 period in Germany for power to be developed by the end of 2025. 00:01:26.738 -- 00:01:31.903 However...