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

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WEBVTT 00:00:01.381 -- 00:00:06.686 Welcome to the RWE conference call. Markus Kreber, CEO of RWE 00:00:06.686 -- 00:00:11.690 AG, and Michael Mueller, CFO of RWE AG, will inform 00:00:11.690 -- 00:00:14.052 you about the development of the first half of TISCO 2025. 00:00:14.052 -- 00:00:18.016 I'm going to hand the call over to Thomas Denny. 00:00:18.016 -- 00:00:20.516 Please go ahead, sir. 00:00:21.539 -- 00:00:24.602 Thank you, George, and good afternoon, ladies and gentlemen. 00:00:24.602 -- 00:00:26.784 Thank you for joining RWE's conference call on H1 2025. 00:00:26.784 -- 00:00:28.924 Our CEO, 00:00:29.226 -- 00:00:34.237 Markus Kreber, and our CFO, Michael Müller, will first guide you through our presentation, 00:00:34.237 -- 00:00:39.303 and then we will start our Q&A session. And with this, over to you, Markus. 00:00:39.303 -- 00:00:43.188 Thank you, Thomas, and a warm welcome to everyone. 00:00:43.188 -- 00:00:48.915 Our robust portfolio led to a good financial performance in the first half of 2025, despite 00:00:48.915 -- 00:00:53.441 weak wind conditions in Europe and a low trading result. 00:00:53.441 -- 00:00:57.473 We are on track to deliver our full-year earnings guidance. 00:00:57.473 -- 00:01:02.462 Our construction program is progressing well with around 11 gigawatt under construction, 00:01:02.462 -- 00:01:07.550 more than 3 gigawatt will begin commercial operation in the second half of this 00:01:07.550 -- 00:01:09.293 year. 00:01:09.293 -- 00:01:14.399 And all our offshore construction projects are on schedule. 00:01:14.482 -- 00:01:18.209 The investment frameworks in our core markets are taking shape. 00:01:18.209 -- 00:01:22.921 In the UK, the market design provides a stable environment for future investments. 00:01:22.921 -- 00:01:27.988 In...