Rwe Ag Ord S/Adr (RWEOY) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the RWE conference call. Markus Kreber, CEO of RWE AG, and Michael Mueller, CFO of RWE AG, will inform you about the development of the first half of TISCO 2025. I'm going to hand the call over to Thomas Denny. Please go ahead, sir. Thank you, George, and good afternoon, ladies and gentlemen. Thank you for joining RWE's conference call on H1 2025. Our CEO, Markus Kreber, and our CFO, Michael Müller, will first guide you through our presentation, and then we will start our Q&A session. And with this, over to you, Markus. Thank you, Thomas, and a warm welcome to everyone. Our robust portfolio led to a good financial performance in the first half of 2025, despite weak wind conditions in Europe and a low trading result. We are on track to deliver our full-year earnings guidance. Our construction program is progressing well with around 11 gigawatt under construction, more than 3 gigawatt will begin commercial operation in the second half of this year. And all our offshore construction projects are on schedule. The investment frameworks in our core markets are taking shape. In the UK, the market design provides a stable environment for future investments. In Germany, we see a focused energy policy with higher priority for security of supply and industrial competitiveness. In the U.S., the big beautiful bill has been signed into law. And we are prepared to take advantage of the upcoming investment opportunities if our investment criteria are fulfilled. Our U.K. offshore pipeline puts us in a great position to take a selective approach for the upcoming AR7 auctions. In Germany, we have an attractive development pipeline for new gas plants and batteries, which will enable us to benefit from the rising investment opportunities in flexible generation and security of ...