To EVN's results for the first half of the 2025-2026 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 Alexandra Wittmann. Thank you. Good morning, everybody, to EVN's conference call on the results for the first half of our current financial year. Overall, EVN's performance has been sound and in line with expectations. The main deviation from our planning assumptions were the below-average wind and hydro conditions in the first six months. On group level, our diversified business model helped to offset such effects. Our generation segment suffered from these weaker generation conditions. Price levels for the marketing of own production also declined year-on-year. The contributions from the equity-consolidated companies, RAG and Burgenland Energie, were also lower. RAG's results returned to a normalized level after last year's exceptional performance. These negative developments were contrasted by, above all, a substantially better performance of the networks segments, which reflects the organic growth from growing investments into the electricity grids. In addition, our heating business in Austria and our operations in Southeastern Europe delivered a very solid performance in the first six months. Regarding recent geopolitical events, especially the Iran conflict, please note that our reporting period covers October through March. Therefore, any market volatility arising in March has not had a material impact on the results we are reporting today. I can confirm that we are fully on track to implement this year's investment program. We plan to invest up to EUR 1 billion annually up to 2030. The majority, around 80%, will be invested regionally in Lower Austria. Key areas include network infrastructure, renewable generation, battery storage, e-charging infrastructure, and drinking water supply. We are also well on track to reach our renewable expansion targets, as is evidenced by the progress made until end of March. Total wind capacity increased to 561 MW installed capacity, and we are working on further projects to reach our 2030 wind target of 770 MW. The same applies to PV. Capacity increased to 133 MW peak with a target of 300 MW peak. Our battery storage currently stands at 12 MW and shall increase to 300 MW by the end of the decade. Construction is underway on two large battery projects at former thermal power plant sites, one with a capacity of 70 MW and another with 60 MW. I would also like to update you on a new cooperation in e-mobility. Together with the petrol station operator, AVIA, we roll out and operate fast charging stations across all Austria. On March 2nd, we completed the closing of the sale of our international project business to Strabag. In this call, I will provide some details on the transactions as well as on the resulting deconsolidation effects. On the next slide, I will take you through the main financial developments in the reporting period. Revenue rose by 3.2% year-on-year to EUR 1.8 billion. The main reasons were positive regulatory price effects from the network companies in Lower Austria and Bulgaria. In contrast, there was a drop in revenue from renewable generation due to price and volume effects. In addition, the reserve capacity contract for the Theiß gas-fired power plant with the Austrian transmission grid operation, APG, ended in September 2025. Last year, other operating income included the insurance compensation payments related to the damages from the flood in 2024. This year, there is a positive effect of EUR 10 million from the badwill associated with the acquisition of a fiber infrastructure company. This acquisition will further strengthen our internet and telecommunication business. The cost of electricity purchases from third parties and primary energy expenses increased due to higher upstream network costs and higher procurement costs in the heating business. This increase was contrasted by lower procurement costs and reduced quantities of natural gas. The cost of materials and services declined as last year was impacted by flood-related repair costs. The rise in personnel expenses reflects mainly the adjustments according to the collective bargaining agreements. The share of results from at equity accounted investees was down by 10% at EUR 68 million, mainly due to the declines at RAG and Burgenland Energie. In year-on-year comparison, our supply company, EVN KG, reported a further improvement, which, however, was dampened by a new provision for the social tariff required under Austria's new electricity law. In total, group EBITDA improved by 8% year-on-year to EUR 553 million. Scheduled depreciation and amortization increased by 9%, reflecting our high investment program. Group's EBIT increased by 8% and amounted to EUR 363 million. Financial results improved to -EUR 22 million. In total, we generated a group net result of EUR 312 million in the reporting period, which represents an increase by 25%. Please note that the group net results includes EUR 33 million from discontinued operations. This amount results from the deconsolidation of the international project business. This is a positive non-cash one-off effect, which includes the OCI recycling of foreign exchange effects and valuations previously recorded in equity. Apart from these P&L effects, the closing of the transaction resulted in cash proceeds of EUR 100 million. In addition to payment of this purchase price, Strabag took over intragroup cash pooling receivables of EUR 106 million. In total, this has a positive effect of EUR 206 million on EVN's net debt. EVN and Strabag also agreed that guarantees for the two projects in Kuwait and Bahrain, as well as claims to future payment inflows in the form of an earn-out, will remain with EVN. The book value of these earn-out receivables recorded by EVN is EUR 128 million. Now, let's move on to the next slide, which provides information regarding the group's balance sheet structure. As just mentioned, international project business had a positive effect of EUR 206 million on EVN's net debt. It declined to EUR 1.1 million with a gearing of 15.7% by end of March. However, due to our high investments, which will total EUR 1 billion for the financial year, net debt will again increase by end of September. Our financial flexibility remains secured and solid. EVN holds contractually committed undrawn credit lines in the amount of EUR 770 million. I can also inform you today that both credit ratings were confirmed recently. In April, Moody's reaffirmed its A1 rating with a stable outlook, and in May, Scope again awarded us an A+ rating with stable outlook. Our declared goal is to maintain solid A category ratings in the future. On the next slide, I will walk you through the development in our segments. The developments in our Energy segment reflect the strong performance of our heating business during the winter half year. Due to the cold weather in Austria, temperature-related energy demand exceeded both the long-term average and the prior year. This resulted in higher heat sales volumes. In addition, the ongoing expansion of our heating network contributed to this overall growth. Overall, the heating business recorded an increase in both revenue and earnings. Segment revenue, however, declined due to the price effects in the marketing of own generation. The normalization of operating results at our equity consolidated supply company, EVN KG, continued during the reporting period. Results that could have reached a double-digit level were dampened by the provision for the new social tariff for vulnerable customers in Austria, which amounted to approximately EUR 13 million. EVN KG's EBITDA contribution improved year-on-year, reaching EUR 1.7 million. Together, these developments led to an EBITDA of EUR 81 million compared to EUR 63 million in the previous year. EBIT came in at EUR 65 million. For each of the segments, we are updating today the outlook originally published in December. For the Energy segment, we take a more positive view on the heating business following its strong performance in the first six months. In contrast, the burden of the social tariff will continue to weigh on EVN KG. Otherwise, the full year result of the segment will largely depend on the further development of the market prices. Let's turn to our Generation segment. Electricity generation volumes in this segment declined by 10% year-on-year. While the commissioning of new wind farms and repowerings helped to offset a substantial share of the lower volumes resulting from below average wind and water flows in Austria, the non-renewal of the reserve capacity contract for the Theiß power plant by APG led to a significant decline in thermal generation. In addition to these volume effects, the lower prices for the marketing of generation resulted in declining revenue and earnings from electricity generation. Our equity accounted Verbund contributed lower earnings compared to the previous year, due to weaker water flows and lower market prices. In total, the segment EBITDA was down by 40% and stood at EUR 58 million. EBIT amounted to EUR 33 million. I confirm the segment outlook, which we gave in December. We expect a decline in EBITDA, which was positively influenced in 2024- 2025, by the insurance compensation payments. Under normal average market conditions, generation typically accounts for 15%-20% of our group EBITDA. Next is the network segment. To begin with, I would like to remind you that the network segment now also includes the drinking water business in Lower Austria, which was previously reported in the environment segment. This segment no longer exists following the sale of the international project business. The water business adds an annual and stable EBITDA contribution of about EUR 15 million to the segment. The main activity in the segment is the operation of the electricity and gas distribution networks in Lower Austria. In line with the Austrian regulation, segment results are reflecting the ongoing high investments in the network infrastructure and related growth. Due to the higher tariffs, EBITDA was up at EUR 265 million, and EBIT totaled EUR 164 million. All in all, a solid first half year for our regulated business. The financials of this segment include a positive one-off effect, which was already recognized in Q1. It relates to the acquisition of a fiber infrastructure company and resulted in a positive effect of EUR 10 million from badwill. Based on the organic growth driven by our investment in the networks, the strong performance in the first six months, and higher tariffs in line with the Austrian regulation, I confirm our segment outlook. We expect higher results for the current financial year. Let's move on to the Southeast Europe segment. This segment had a strong first half year. This was supported by, among others, absence of previous year's regulatory compensation factors in the Bulgarian grid business, as well as higher energy demand in North Macedonia due to colder weather. Segment EBITDA was up by 31% and amounted to EUR 104 million. Segment EBIT was EUR 55 million in the first six months. In April, we commissioned our first large battery storage facility with a capacity of 10 MW and which is co-located with a PV plant. Around one third of our 300 MW battery storage target for 2030 is planned to be built in Bulgaria and North Macedonia. I confirm the segment outlook. Both EBITDA and EBIT are expected to remain broadly in line with the prior year. For your reference, EBIT in 2024- 2025 equaled EUR 88 million. Let me now continue with the development of our group cash flows. Gross cash flow rose by 1.7% year- on- year to EUR 487 million. Positive factors were partly offset by the correction of non-cash earnings components related to the deconsolidation of international project business. Cash flow from operating activities totaled EUR 268 million. Higher seasonal capital commitment resulted from an increase in trade receivables at EVN Wärme and the Southeast Europe sales companies, as well as in trade liabilities. Cash flow from investing activities amounted to - EUR 98 million. Higher investments were contrasted by the proceeds from the sale of the international project business. The cash flow from financing activities was - EUR 179 million and included scheduled repayments of loans as well as our dividend payment for the 2024- 2025 financial year. In the previous year, a new promissory note loan of EUR 100 million had been issued. The net change in cash and cash equivalent amounted to - EUR 9 million. Let's come now to the outlook for the current financial year. I confirm our guidance for the financial year. We expect group net results to be within a range of EUR 430 million-EUR 480 million. This is under the assumption of a stable regulatory and energy policy environment. Based on our massive investment program of around EUR 1 billion per year, we aim for an organic growth of results over the next years. I therefore reiterate our financial ambition for 2030. EBITDA will range between EUR 1.1 billion and EUR 1.2 billion. Based on EBITDA of EUR 900 million in the last financial year, this implies an annual growth rate of 8% per annum. Ladies and gentlemen, that's the end of our presentation, and we are looking forward to answering your questions. Thank you very much. Ladies and gentlemen, we are looking forward to your questions. You can either click on the dial-in button if you joined via online. Please click on the button and then raise your hand to ask a question. If you're dialed in into the conference call, please press star nine and the pound key to raise a question. I repeat, the combination is star nine, pound key. One moment for the first question, please. All right. The questions are incoming. The first one is from Emanuele Oggioni, Kepler Cheuvreux. Please, over to you. Good morning, everybody. Thank you for the presentation and for taking my questions. The first one is on the 2026 guidance. You mentioned already by segment, by business unit, the confirmation or the improvement for the energy segment, for example, the outlook compared with what provided in December. My question is about each two moving parts now, considering that apparently, compared with at least the EBITDA guidance, seems a bit conservative after a good set of results in Q2 and so in H1. Apparently, if we assume an EBITDA almost stable year-on-year, the weight of H1 EBITDA in this fiscal year is above 60% compared with lower numbers, for example, in 56% was last year. Also, it's true that there is a seasonality skewed in H1, which favors H1 compared with H2, but in any case, seems a bit more prudent as a guidance. I simply ask, what are the moving parts and probably the negative moving parts affecting H2, which will decrease the growth compared with H1? Thank you. This is the first question. The second question is an update on the regulatory framework in Austria. In particular, we know that there is a price cap in place since a few years, for four years and until 2030. My question is, if you feel the risk that there is something could happen further additionally in terms of, I don't know, a special tax on utilities or something else could affect the profitability of your company. Thank you. Thanks, Emanuele. Good to hear you. Thank you also for your analysis. I will tackle your first question, which was included with your being too conservative. As you know, in our business, there is a clear seasonal bias with significantly higher energy demand during our winter half year. Especially our fourth quarter results always differ from those of the rest of the year, and also as a consequence, the EBITDA development. In view of the below average hydro conditions in the first six months, we also amended planning assumptions for the rest of the year. I think that's the main drivers. In terms of your second question to further implications, I would say, we know that the electricity law was issued, and I think we also discussed the implications, and we are not aware of further result impacts as the legislation to the discussions is still missing. Thank you. Thank you so much. Welcome. Also from my side. The next question is from Peter Crampton, Barclays. Please, over to you. Good morning, Peter Crampton here from Barclays. Thank you for taking my questions. My first one was relating to this financial year. There seemed to be quite a lot of positive one-offs. Can you quantify kind of the total one-offs? Looking at your guidance for the full year, did you ever assume these one-offs in the guidance, or is it kind of sensible to assume that at one point you update the guidance for this? The second question relates to your capital markets day on the 1st of October. Maybe very briefly, what to kind of expect. Is this simply kind of an update on 2030 targets? Or maybe even. Peter, thanks for your question. I think the total one-offs revolve around two incidents, the acquisition of a fiber infrastructure company with a badwill of EUR 10 million, and the deconsolidation effects of the sale of the international project business to Strabag of EUR 32.5 million. These are the positive one-offs, please also bear in mind that we already provided also in Q1 around EUR 13 million for the social tariffs, which came with the new Electricity Industry Act. Having said that, our guidance is as we communicated that. We don't foresee any update to that. Second question, Peter, on the Capital Markets Day, I think we will update on the targets for 2030. There will be also some other updates on trends, developments, also discussions within the EVN Group on what is our investments portfolio in the future and also a view on electricity markets. Okay. Very clear. Thank you for that. Thanks, Peter. The next question is from Patrick Steiner, ODDO BHF. Please over to you. Good morning. Patrick Steiner, ODDO BHF. Three questions from my side. In the renewables generation segment, how should we think about volume development in terms of new capacities added, but also with regards to seasonality, and second, about the pricing development for the rest of the year? That would be the first one. Second question, could you maybe walk us through what you believe to be the potential implications from the Iran war by segment from Q3 onwards? The third question would be on the drinking water business. You mentioned the EUR 15 million EBITDA contribution from drinking water. I've looked it up in my model, between 2017, 2018, 2019, you already had EUR 15 million of contribution. Was there no significant earnings growth over the years? Thanks. Patrick, thanks for your questions. I will tackle the wind and hydro conditions first. The decline in EBITDA of our own renewable generation in Austria was about EUR 18 million. Thereof, EUR 1 million were volume effects, the rest are really price effects. The price effect may seem high, please bear in mind that we are comparing to the period October 2024 to March 2025. Based on our pre-running hedging strategy of 12 - 18 months, this means that we started to hedge the previous half year one back in 2023. At that time, forward prices were still at substantially higher levels. I hope that answers the question. Yes. I will then hop to the second question, which is the Iran topic. I confirm basically the full year guidance for the 2025- 2026 financial year. The guidance has been reviewed and carefully assessed after the first six months of the financial year. Any impacts known so far are therefore already reflected in our outlook. Please bear in mind that EVN has a diversified business model. That means that volatility in energy prices can have contrasting effects in, for example, generation versus supply. The other aspect I see is that we have a pre-running hedging strategy for both marketing of our own generation and procurement. I guess, and I'm convinced that adds stability to our outlook. Last but not least, your question to the drinking water, the 15 million mark. That's about 2% contribution to the group EBITDA. That's very stable. We have continued high investment, and also maintenance for that segment. Okay. Thank you. Maybe on the second question. Should we expect, the last time when energy prices went up quite significantly in 2022, we experienced some kind of cost overruns in the energy business. Afterwards, you've restructured contracts and you've done lots of constructive work. Should we now expect a negative effect again in energy, or should this be way less severe relatively? Secondly, maybe on generation, we should see positive effects probably going forward for the next two, three quarters, right? Thanks, Patrick. I think I would start with the situation now is not comparable with the situation in 2022. That's why I come back to the guidance I confirmed, and we don't see any other impacts at the moment. Okay, perfect. Thank you. Thank you very much, Mr. Steiner. At the moment, there are no more questions in the queue. Dear ladies and gentlemen, a little reminder, if you're dialed in by phone, please press star nine and the pound key now to raise a question or a follow-up question. If you're dialed in online, please press on the dial-in button, and then raise your hand. We'll wait a couple more moments, everything seems to be quite clear. No more questions incoming. Perfect. Thank you very much, ladies and gentlemen. With that, I'm closing the Q&A session and handing the floor back to the host. Thank you, and thanks for joining today's conference call. We will publish the results for the first half of the current financial year on Thursday 27th of August, and please save the date for our Capital Markets Day, which will be held on the 1st of October in London. Goodbye and have a great day