E.ON SE (EONGY) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.078 Hello everyone and welcome to our 9-month 2025 results call. 00:00:05.078 -- 00:00:07.301 Thank you for taking the time to join us today. 00:00:07.301 -- 00:00:12.428 I am here with our CFO, Nadja Jacobi, who will give you an update on our 00:00:12.428 -- 00:00:13.830 financials. 00:00:13.830 -- 00:00:18.396 As with every occasion, we will leave enough room at the end for your questions. 00:00:18.396 -- 00:00:21.019 With that, over to you, Nadja. 00:00:21.019 -- 00:00:25.985 Thank you, Iris, and a warm welcome to all of you from my side as well. 00:00:25.985 -- 00:00:31.413 Before I turn to our financials, I would like first to touch upon the latest 00:00:31.413 -- 00:00:34.298 regulatory developments in Germany. 00:00:34.298 -- 00:00:38.945 The German regulator has announced the start of the final consultation process concerning 00:00:38.945 -- 00:00:44.132 the framework concept with a committee of representatives from regional regulatory 00:00:44.132 -- 00:00:46.132 authorities. 00:00:46.135 -- 00:00:51.083 Compared to its draft proposals published in the summer, the regulator has introduced 00:00:51.083 -- 00:00:57.885 amendments to certain items, most of which affect smaller network operators. 00:00:57.948 -- 00:01:02.956 The main aspect for us is that the regulator intends to maintain the seven-year average 00:01:02.956 -- 00:01:08.224 approach for determining the cost of debt on the existing asset base without 00:01:08.224 -- 00:01:10.227 annual adjustments. 00:01:10.227 -- 00:01:16.340 This fails to consider that material debt must be refinanced at current market rates. 00:01:16.340 -- 00:01:21.767 The proposed higher rating of years with higher investment is a step in the right direction, 00:01:21.767 -- 00:01:26.293 but it...