Good morning, ladies and gentlemen, and welcome to the EVN's conference call for the results of the 2023-2024 financial year. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to Stefan Szyszkowitz. Good morning, everybody, to EVN's conference call on the results for the 2023-2024 financial year. Today, I'm together with my colleague, Alexandra Wittmann. Alexandra joined the executive board in September as EVN's new CFO. After taking you through the highlights of the reporting period, I will hand over to Alexandra, and she will present the financial developments to you. In line with our Strategy 2030, we have made good progress again in reaching our renewable expansion targets by the end of the decade. We are currently commissioning a new wind park, which will still start operations before year-end. With this, we have reached a historic milestone of 500 MW installed wind capacity, which corresponds to an average annual wind generation of 1.3 TWh. In photovoltaics, we are also currently constructing two large-scale plants in Lower Austria. They will be commissioned during the first calendar quarter 2025. With this, our installed PV capacity will exceed 100 MW peak. I can therefore confirm our expansion targets. We aim to expand wind power capacity from 500- 770 MW, and PV from about 100- 300 MW peak. The growth of our renewable portfolio is also reflected in our electricity generation. Here, the share of renewables has increased from 77% in the previous year to almost 85%. As already indicated in our capital market communication during the year, our investments have increased to a new all-time high of EUR 753 million. Thereof, the share of investments classified as ecologically sustainable under the EU taxonomy equaled 88.8%. This is in line with our strategic focus. Our aim is to participate and enable the transition towards a renewable energy system. For the remaining years until 2030, we forecast another increase of annual CapEx up to EUR 900 million. The structure of our investment areas will remain stable. About three quarters will be invested into our regulated and stable activities in Lower Austria. The core areas are investments in network infrastructure, renewable generation, drinking water supply, and more and more charging infrastructure for e-mobility. We see strong growth potential for e-mobility as a utility company. We will therefore invest a total of EUR 100 million in this area until 2030. We are convinced that the growing supply of excess renewable energy will also push the growth of e-mobility. In order to increase public acceptance, we will install e-charging stations, which are easily accessible and can be integrated in customers' daily routines. We are therefore working together with supermarket chains, for example, to install charging stations on their parking areas. We also see growth potential in providing charging solutions for company fleets, as well as trucks or buses. Finally, I would like to elaborate on our more strategic topic. Our future strategic focus lies on the energy business. Therefore, we have been evaluating various strategic options for our German subsidiary, WTE, and its international project business. Last week, we published an ad-hoc announcement after having signed a term sheet for a possible sales transaction. Such term sheets are now the basis for further detailed negotiations for a share purchase agreement. Our aim is to find a new partner for WTE, which enables them further international growth based on their long-standing expertise and track record in the drinking and wastewater business. Together with Strabag, we aim to find an agreement on the transaction details by the end of February 2025. With this, I will hand over now to CFO Alexandra Wittmann. Alexandra will now take you through the main financial developments in the reporting period. Thank you, Stefan. Good morning, everybody. I will start with the main developments in the financial performance of the group. Revenue was down by 13.6% year-on-year to EUR 3.3 billion. The main reasons were the decline in wholesale prices, which reduced revenue from electricity generation and in the Southeast Europe segment. Other reasons include the lower use of the Theiss power plant for network stabilization, lower network tariffs in Bulgaria, which offset the overcompensation for costs for covering network losses in the previous year in accordance with the regulation methodology. In addition, revenue at the international project business also declined year-on-year because of the already largely completed wastewater treatment plant in Kuwait. In contrast, our Austrian grid company was able to offset the revenue effects from declining natural gas network sales volumes with higher network tariffs for electricity in Lower Austria. In line with the development of wholesale prices, the cost of electricity purchases from third parties and primary energy expenses were down year-on-year. The cost of materials and services also decreased, corresponding to the development of revenue in the international project business. The rise in personnel expenses reflects the increase in workforce and adjustments according to the collective bargaining agreement as well. Other operating expenses went up due to the impairment loss on receivables in the international project business, which was already recognized in the Q1 following an arbitration judgment. The share of results from equity accounted investees improved to EUR 30.8 million after EUR -67.6 million in the previous year. Our energy supply company, EVN KG, had to report a loss the second year in a row. This was mainly due to non-cash one-off effects. The first effect is the impairment of natural gas inventories, which were procured in the past as a strategic reserve to ensure supply security for our customers, and the second one-off is the addition to provisions for disputed contract terms. The equity accounted investees with operational nature also contain a positive valuation effect. There was a revaluation of EUR 16.8 million to the Ashta hydropower plant in Albania. In total, Group EBITDA amounted to EUR 799.4 million. Scheduled depreciation and amortization increased by 3.5% year-on-year, reflecting our high investment program. There were negative effects from impairment testing in the total amount of EUR -24.9 million. Hence, Group's EBIT totaled EUR 426.2 million, which means a decline by 19.4%. Financial results improved to EUR 135.3 million, mainly due to the higher dividend from VERBUND. In total, we generated a solid group net result of EUR 471.7 million in the 2023-2024 financial year. Based on these results, we will propose the payment of a dividend of EUR 0.90 per share to the annual general meeting in February 2025. With such proposal, we exceed the minimum dividend of EUR 0.82 per share, according to our current dividend policy. We also fulfill the commitment included in our dividend policy of appropriate participation for our shareholders in strong results. Now, let's move on to the next slide, which provides information regarding the group's balance sheet structure. As of the end of September, EVN's net debt amounted to EUR 1.1 billion and was below the level as of end of September 2023. Correspondingly, gearing ratio stood at 17%. The improvement in net debt was supported by a substantial year-on-year reduction in the capital commitment for the liquidity settlement with our supply company, EVN KG. But with the projected further increase of investments, the level of net debt will rise again over time. Our financial flexibility remains solid. EVN holds contractually committed undrawn credit lines in the amount of EUR 815 million. Our declared goal is to maintain solid A category ratings in the future. To achieve such ratings, we are strictly monitoring the adjusted target ratios of both of our rating agencies. Therefore, we use the net debt to FFO ratio as a KPI to manage our financial performance, investments, and capital structure. Currently, the ratio is about 1.2x. With growing investments over the coming years, we expect this ratio to be between 1.5x and 2.5x. On the next slide, I will present the developments of our segments in more detail. First, the energy segment. Energy demand in the segment was negatively influenced by unusually mild temperatures. Hence, energy sales volumes to end customers dropped year-on-year. This development was intensified by the challenging framework conditions we are currently facing in our supply company, EVN KG. Other challenging factors include strong competition, energy savings, substitution of gas by alternative heating systems, and increasing electricity generation from customers' own photovoltaic systems. Revenue fell year-on-year to EUR 799.8 million. The main factors for this development include lower wholesale prices and the resulting lower valuation effects from hedges. Other reasons are the reduced use of our power plant, Theiss, and volume effects in the heating business. Operating expenses decreased year-on-year by 18.2%, which mainly reflects lower primary energy costs for electricity and heat generation. The earnings contribution from equity accounted investees amounted to EUR -156.5 million after a loss of EUR -238.8 million in the previous year. This is mainly resulting from the supply business in EVN KG. I already mentioned the negative one-off effects before. In total, segment EBITDA amounted to EUR -60.1 million, and EBIT totaled EUR -90.3 million. I will also provide an outlook for each of the segments. Whereas valuation effects have had a negative influence on the energy supply business during the reporting year, EVN KG is expected to return to a positive earnings level in 2025. Therefore, EBIT in the energy segment should range from EUR 50 million-EUR 60 million in the current financial year. Let us now turn to our generation segment, which has shifted almost entirely to renewable energies over the years. Electricity generation volumes in the segment increased by 14.9% year-on-year due to the rise in renewable generation volumes. The main reasons for this positive development are higher wind and water flows and the expansion of our renewable generation capacity. Volumes from thermal energy sources further declined year-on-year due to a further reduced use of Theiss power plant by the Austrian network transmission operator for network stabilization. Revenue decreased despite higher production volumes by 11.6% to EUR 426 million. The reason for this development was declining market prices. Operating expenses were year-on-year lower due to the decline in the energy crisis contribution for electricity. The levy was still due in the Q1 of our financial year in the amount of EUR 9.8 million. Thereafter, in line with the new legal regulations, which became effective in January, no further payments were required. The results from the equity accounted investees were up year-on-year following a revaluation to the Ashta hydropower plant in Albania. All in all, EBITDA amounted to EUR 257 million. Based on higher scheduled depreciation and amortization because of our investment program, which were contrasted by an impairment loss of EUR 18.5 million recognized to EVN Wärmekraftwerke, segment EBIT stood at EUR 189.5 million. Now for the segment outlook, the normalization of spot and forward market prices for electricity will substantially slow revenue development in the generation segment. Based on an EBIT margin of 25%-35% and under the assumption of average wind and water flows, EBIT is expected to be lower than the previous year. Let's continue with the networks segment. The very mild weather conditions and the changing consumer behavior in terms of substitution of gas by alternative heating systems and increasing own photovoltaic production also impacted our network segment. Because of these developments and the lower use of our Theiss power plant for network stabilization, network distribution volumes for electricity and natural gas decreased year-on-year. Despite the lower distribution volumes, segment revenue increased to EUR 643.7 million due to the higher network tariffs for electricity, which compensated lower revenue from natural gas. A positive revenue contribution was also recognized by our internet and telecommunication services company. Operating expenses decreased due to lower upstream network costs and lower expenses for covering network losses. In total, EBITDA was up to EUR 262 million. Taking into account higher depreciation and amortization due to the high investment level, EBIT totaled EUR 93.2 million. The outlook for the network segment is mixed. We expect higher EBIT because of the higher investments and resulting growth in the regulatory asset base in combination with the step-up in tariffs as of January. However, the result before income tax will remain stable due to higher depreciation and interest expenses. Let's move on to the Southeast Europe segment. The network sales and energy sales volumes were influenced by contrasting factors. Higher electricity network sales volumes by household and industrial customers were able to offset effects from the warm winter temperatures. Whereas energy sales volumes showed a stable development in North Macedonia. They declined in Bulgaria due to mild temperatures. Revenue decreased to EUR 1.3 billion due to the decline in electricity prices and lower tariffs in Bulgaria, which offset the overcompensation for costs for covering network losses in the previous year in accordance with the regulation methodology. Corresponding to the development of revenue, operating expenses are lower due to a decreasing cost for third-party electricity purchases and energy carriers. All in all, EBITDA amounted to EUR 198.8 million, and segment EBIT totaled EUR 114.7 million. Even though this is a decline compared to last year, for the second time in a row, we were able to outperform our guidance for Southeast Europe. This brings me to the outlook for the ongoing financial year. EBIT is expected to reflect the lower end of the medium-term range of EUR 60 million- EUR 90 million in 2024-2025. The forecast reflects, above all, the offset of positive effects from the coverage of the previous year's network losses in accordance with the regulatory mechanism. And finally, the environment segment. In our international project business, we were working on eight projects at financial year-end in Germany, Romania, North Macedonia, Bahrain, and Kuwait. In Kuwait, the wastewater treatment plant was completed and test operation was successful. We were awaiting the takeover acceptance of the customer. The second part of the project, which relates to the infrastructure of the pipe system, is also more than 80% complete. I would also like to inform you that we reached closing regarding the sale of the two sludge-fired combined heat and power plants in Moscow on 31 October 2024. With this, we finally completed the exit from the Russian market. These two plants represented WTE's last remaining activities in Russia. During the reporting period, the city of Zagreb decided to exercise an ordinary termination right in the concession agreement and took over the ownership and operation of the equity accounted wastewater treatment project. For the Budva wastewater project in Montenegro, we received the arbitration judgment in the Q1 of the financial year. This explains why these two projects have been excluded in the term sheet with Strabag from the possible sales transaction. The third project, which is excluded, is the wastewater treatment plant in Prague, which has been in operation for some years and the warranty period is running. Due to the progress in the Kuwait project, revenue in this segment decreased year-on-year to EUR 428.7 million. Correspondingly, operating expenses declined. In addition, an impairment loss of EUR 22.5 million was recognized on the outstanding receivables for the wastewater project in Montenegro in the Q1 following the arbitration judgment. In total, segment EBITDA dropped to EUR 31 million and EBIT amounted to EUR 7.2 million. Financial results nearly matched last year's level and stood at EUR -37.9 million. All in all, results before income tax amounted to EUR -30.8 million. The development of earnings in the environment segment depends on the progress of the international projects. However, due to negative one-offs this year, we expect an improvement in this current financial year. The possible transition with Strabag is not expected to have any significant effects. The next slide shows the development of our group cash flows. Gross cash flow was lower year-on-year at EUR 982.2 million. The main drivers were the lower result before income tax and the correction of non-cash earnings components. The decline was offset in part by higher dividends from equity accounted investees and from Verbund. Other contrasting factors included the correction of higher depreciation as well as impairment losses. Cash flow from operating activities totaled EUR 1.2 billion. Please bear in mind last year's negative effect caused by the cash needs for the supply business and hedging of EVN KG and the related higher capital commitment for working capital. Cash flow from investing activities amounted to EUR -547.2 million. The investment level continued to increase. However, the previous year included the capital contribution provided by EVN to EVN KG. The cash flow from financing activities amounted to EUR -545.7 million and included scheduled repayments and the dividend payments for the previous financial year. The net change in cash and cash equivalents amounted to EUR 73.8 million. Let's come now to the outlook for this current financial year. We expect group net result to be within a range of EUR 400 million-EUR 440 million. This is under the assumption of a stable regulatory and energy policy environment. We don't expect a significant impact from the possible WTE transaction. Let me repeat the dividend proposal for the 2023-24 financial year. We will propose EUR 0.90 per share. Our dividend policy remains unchanged. As of the 2024-2025 financial year, the dividend will equal at least EUR 0.82 per share. But as demonstrated with this year's dividend proposal, we want our shareholders to appropriately participate in any additional earnings growth. In the medium term, a payout ratio equaling 40% of group net result adjusted for extraordinary effects is targeted. Our annual investments will amount to EUR 900 million until 2030. The core areas are investments in network infrastructure, renewable generation, e-charging infrastructure, and drinking water supplies. Ladies and gentlemen, that's the end of our presentation, and we look forward to answering your questions. Thank you very much. Dear ladies and gentlemen, if you would like to ask a question, please press nine followed by the star key on your telephone keypad now to enter the queue. Once your name has been announced, you can ask a question. So one moment for the first question, please. The combination to state your question is nine star. Thank you. So the first question is from Thibault Dujardin of Bernstein Société Générale. Over to you. Hello, good morning. Thank you very much for taking my question. My first question will be regarding EVN KG. If you could give some visibility on what are your expectations for the coming years and when you believe you can turn to positive territory. The second question would be regarding the impact of the recent floods on the hydropower production. And the third question would be regarding the WTE divestiture, just to confirm the EVN debt and the potential impairment associated to the divestment. Thank you very much. Okay, maybe I can start with the EVN KG development. Two-thirds of the loss is coming from operative developments. There has been strong competition, energy savings, and of course, due to PV, customers had different patterns in their demand. So two-thirds are coming from operative factors. One-third is the evaluation coming at the end of September regarding all the derivatives. The expectation is that the turnaround will happen next year and that we will have a margin between EUR 20million-EUR 30 million over time on this amount of volume of the business. The second is the floods. Yes, the second question in terms of the output of the hydropower production. I can state that these were higher than 100%, higher than average, but the whole year effect was higher than 100%. Can you repeat the third question? I'm sorry. Of course. Regarding the WTE divestiture, just to understand, you mentioned a potential price, but could you confirm the EV, the debt associated, and if there is any potential impairment associated? Okay, so it's the EUR 100 million equity value. Okay, and basically the project in Kuwait and Bahrain remain in the EVN scope, right? And you should still benefit from the reimbursement of the project, right? Just to understand. Yes, this is the main thinking behind it. The two projects are so big, but they are highly completed already, and we agreed with the potential buyer that a shared kind of evaluation and, of course, cash flow management and guarantees would make sense because then it's for them better to judge what they are buying. Understood, very clear. And regarding the EUR 100 million EV, does it imply any impairment or not? No. Not at least for today, yes. But we will inform if we have more details regarding the share purchase agreement at the end of February. All right, thank you very much. Then, Thibault, if your questions have been answered, thank you. We are moving on to the next question. Next question is from Richard Alderman of BTIG. Over to you. Thank you. Hi, can you hear me? Yes. Very well. Very well. Good morning. Thank you for taking my question. Can I just follow up on that last question around the WTE disposal process? I didn't quite gather exactly what you're doing with the Kuwait and Bahrain projects. I think in the statement it says the payment will be primarily contingent upon the progress of construction and completion of these projects. Furthermore, a significant part of the associated guarantees will remain with EVN. But going forward, EVN will continue to be entitled to participate in the results of Kuwait and Bahrain that are currently under construction. So by that statement, do you mean you have all the risk on the completion if for some reason there is a dispute over final payments on completion, etc.? But actually, if those payments arrive, you're still sharing them with the buyer. I guess the follow-up question to Thibault is, so is there a chance still that there is an impairment at the end to clear all of this out of the system, so to speak? Y ou say for certain that there won't be an impairment. Richard, the wording of the ad hoc statements is the thing which both sides have confirmed too. The understanding that, of course, for a certain period, we are responsible also to fulfill the construction. We have this kind of obligation. But the chances and the risk will be shared, and this is the beauty of the deal. Therefore, it is our way out of the situation. Otherwise, we would have to pursue the next big project. The turning point to get out is now when the construction is almost completed. Of course, if you're in the last phase of construction, you have obligations by definition. And the customer pays to WTE, and there will be regulation how all interests will be served. This was the breakthrough in our negotiations with Strabag that we agreed on a model like that. And its chances and risk will be shared, and we'll put it now down in the share purchase agreement, and then we can inform you more in detail. So does that mean there is a chance that the EUR 100 million payment could be higher? Definitely. This is the issue, as we always have discussed. It's not easy to sell a project if you are realizing it. And therefore, we found an understanding. There were site visits. We debated the two projects, and we found a model how we can do it that we differentiate between WTE Europe and the two big projects. So the special regulation will be defined by these two projects, not by the other projects. So as it stands today, you don't anticipate any further impairment to finalize your exit from WTE? No. Okay, that's good. Thank you very much. Thank you very much. Also from my side. Dear ladies and gentlemen, if you would like to state your question, please press 9 star now. This is the final call. One moment, please, for the last questions. The combination is nine star. Well, thank you very much. There is a follow-up of Richard Alderman again, BTIG. Over to you, Richard. Yeah, just one follow-up question. On the recovery assumption that you're making around the supply business, where are you on hedging into the end of this current financial year on that assumption? Have you largely bought in what you think you need to do to achieve the number that you quoted? Richard, the model is that we are rolling over for certain products depending on their terms. So it's a difference if you have a 12-month fixed tariff to a rolling one on a monthly basis. So we try to be as much as possible having a corresponding kind of procurement to the sales prices we offer to our customers. This is also part of the pain because in the old days, it was one volume. Today, you have different customer groups with different contract bases, and we try to mirror as much as possible, and then, of course, you have weather. Of course, you have energy savings, and of course, you have PV production, which makes the whole thing more complicated, and we're working on this for the midterm because this will be the future of the energy industry. Thank you. Thank you very much. As there are no more questions in the queue, with that, I would like to close the Q&A session and give the floor back over to the hosts. Thank you, ladies and gentlemen. With this, we wish you a happy and joyful festive season and all the best for the coming year. Goodbye and enjoy.