Verbund Ag Ord (OEZVF) Q1 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the conference call on the Quarter 1, 2024 results of Fairbairn AG. I am Vassilios, the course call operator. I would like to remind you that all participants will be in listen-only mode when the conference is being recorded. I would like to remind you the presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Peter Coleman. Please go ahead. Thank you very much. Ladies and gentlemen, let me welcome you to the presentation of a boom for the first quarter 24. And let me thank you for joining today's conference call. Before we move into the analysis of the business development of Forbund, let me make a few general comments. Forbund can look back on an extremely successful year 23 with the best results in the company's history and is starting the year 24 as a strong, resilient, and well-positioned company. However, The energy industry value drivers relevant to Verbund's earnings have deteriorated compared to the highs of 22 and 23. Thus, Verbund earnings declined slightly in the first quarter. The fall in gas prices with its consequences on electricity wholesale prices is due to in particular to the lower demand for gas as a result of the mild winter and the rather weak economy in Europe, as well as the comparatively high filling level of gas storage facilities. Now, despite the changed framework conditions in the energy industry, we're working consistently on the implementation of our Sustainable Strategy 2030, which focuses on strengthening our integrated position in the market the expansion of ne...