Ladies and gentlemen, while we are waiting to begin, may I just remind you that a recording of today's conference will be available shortly after the conclusion of the call. The conference call is also being webcast live on the investor relations section of the Siemens Energy website. The website address is www.siemens-energy.com/investorrelations. A recording of the webcast will be available shortly after the close of the call. Good morning, ladies and gentlemen, welcome to the Siemens Energy's 2023 second quarter conference call. As a reminder, this call is being recorded. Before we begin, I would like to draw your attention to the Safe Harbor statement on page two of the Siemens Energy presentation. This conference call may include forward-looking statements. These statements are based on the company's current expectations and certain assumptions and are therefore subject to certain risks and uncertainties. At this time, I would like to turn the call over to your host today, Mr. Michael Hagmann, Head of Investor Relations. Please go ahead, sir. Thank you, Timo. Good morning and a warm welcome to the Siemens Energy Q2 analyst call. As always, all documents were released at 7:00 on our website. Here with me are Christian Bruch, our President and CEO, and our Chief Financial Officer, Maria Ferraro. They will take you through the major events during the last quarter. Approximately that should take 30 minutes. Thereafter, as usual, about 30 minutes for Q&A. We do have a hard stop today, so I would ask you to ask only 1 question later. With that, I hand over to Christian. Yeah. Thank you very much, Michael, and also good morning, everybody, from my side. Thank you very much for joining Maria and myself for our Quarter Two conference call. That is the first conference call without a separate conference call from SGE. This is something obviously what we're gonna pick up here in our discussion. It has been a very important quarter for us. The one thing is obviously Siemens Gamesa delisted in February, and in March, we successfully refinanced the transaction via the equity raise and the green bond. I'm really super proud of what the Siemens Energy and the Siemens Gamesa team have achieved within the last quarter. Post the Siemens Gamesa delisting, we initiate the process to attain now the remaining shares in Siemens Gamesa. We target a selective capital reduction and called for an extraordinary general meeting on June 12th and 13th. Obviously hope that this will be successful. These achievements, what we have seen also really this quarter in particular, mark major milestones on our journey, which started three years ago when we kicked off Siemens Energy. Three years after the spin-off, the operating performance of the former gas and power business is gaining momentum. Our orders are strong, which proves that we are able really to capitalize on the opportunities provided by the energy transition. The different parts of our portfolio help to address very diverse challenges across the globe, which we need to overcome to build a more resilient energy supply. We are at the beginning of a substantial investment cycle in the energy infrastructure, and in that, obviously, we are well-positioned really to benefit from it. We were able to convert backlog into strong revenue growth, Maria will talk about that, and also enjoy margin expansion in line with the trajectory we need to reach to our guidance and our medium-term targets. We continue with the remedial actions at Siemens Gamesa, the leading indicators suggest that we are stabilizing the organization. Nevertheless, Siemens Gamesa incurred another big loss as Jochen and the team are dealing with operational challenges, including those related to the ramp-up of new capacity and new products in the offshore business and the rectification of the quality issues. For the former GP business, the operating environment continues to improve, while it remains challenging in the wind industry. Even so, we see that the various government initiatives are starting to have an effect. It will remain a task for the wind industry, including policymakers, to define auction schemes and commercial conditions in the projects, which ensure a reliable risk and reward profile for all participants in the market. In that regard, seeing that we have a stronger demand growth in the U.S. and in Europe particular, which allows us to continue to remain selective, reaching a better order quality. It will be very interesting also to see the second half of the year where a lot of auctions, particularly on the offshore side, gonna continue. Let me briefly touch on our guidance. 20% comparable growth during the first half was stronger than expected. We therefore raise our revenue guidance from a range of 3% to 7% to a range of 10% to 12%. We maintain our margin guidance of 1% to 3%. Because of the performance of Siemens Gamesa in the first half of the year, we now expect the group margin to be around the low end of this range, and Maria will more talk about the exact numbers. Let me touch base a bit on the boundary conditions in the energy market and obviously with the Inflation Reduction Act and European Green Deal. As important initiatives, they accelerate the shift in these boundary conditions, and we are definitely seeing that we are benefiting from this shift. Let me start with wind. The key message here is that the demand will be strong, which allows us to continue to remain selective in the commercial approach. In the U.S., Production Tax Credits and Investment Tax Credits will foster investments in renewables, including onshore and offshore wind. In Europe, we expect the Green Deal to create a more predictable and simplified regulatory environment, and to provide faster access to funding, which will be required, obviously, also because a lot of extension of fabrication infrastructure and so forth is needed at the end to implement all these projects. This push in renewables requires further investments in grid infrastructure. In the U.S., $3 trillion will be made available in form of loans and grants to support grid investments. In Europe, the Green Deal will support investment, especially due to easier and faster permitting. A higher share of renewables also requires grid stabilization, and with our modern and highly efficient gas turbines, we are well-positioned to provide the peakers and the solutions needed to stabilize these grids. We're developing a lot of new technology around grid stabilization, so there's a lot of things to come. The IRA and the Green Deal support the build-up of hydrogen infrastructure to decarbonize industry and transport. Now the details in some of the programs need to be defined to convert this ambition level into the extraordinary growth which is needed to achieve a resilient energy infrastructure. Through our Transformation of Industry business area, we want to provide these type of key components as well as the solutions for this build-out. Let me give you an update on Siemens Gamesa. As I said, this is the first time with all the dedicated Siemens Gamesa call. Even so, the financial performance remains weak. It is our focus that the Mistral program is leading to a stabilization of our operations in the short term, and that we are paving the ground for the roads to profitability. Over the last six months, we have progressively been able to de-risk the business via selective bidding, contractual indexation and hedging, the stabilization of our supply chains, and the industrialization of our product development. We have been able to increase prices and to improve terms and conditions on new contracts. Furthermore, we are building long-term partnerships with our clients, as our recently announced agreement with RWE attests. We have been able to improve project execution, manufacturing volume and installations of the Siemens Gamesa 5.X continue to increase, and we see improved project delivery times. Installations have, as for example, rotor up figures risen by 45% in Q2. Our plan fulfillment is up 35%, which compares to an increase of +10% in quarter one. These things go in the right direction. Even so, we clearly also said it, the environment in 2023 for wind we expect still volatile. There's a lot of things still happening back and forth. There's still a long way to go from the current performance to our targets, but we are moving in the right direction even so challenges remain. Let me now turn to the transaction itself. As mentioned before, we have called for an EGM on June 12th and 13th. Here, shareholders are invited to approve a selective capital reduction in case, obviously 25% at the end of the shareholders participate in the EGM and vote in favor for the capital reduction. We would be able to gain control of 100% of the shares and fully integrate Siemens Gamesa into Siemens Energy. Within 30 days, the remaining minority shareholders would receive EUR 18.05 per Siemens Gamesa share, and the shares remain non-fungible in case these conditions are not met. Siemens Gamesa is now treated as a reporting segment of Siemens Energy. This means that reporting in regulated documents is limited due to IFRS. However, for an interim period, we will continue to provide you with the KPIs you need so you can see how we progress as transparent as possible. As we speak, we are working on the integration and are aligning the functions to leverage the best of both processes and structures. Let me briefly comment on the order intake at Siemens Gamesa. In onshore, we had a well-balanced order intake between the regions: Americas, Europe, and Asia Pacific. Order volume remained low. Our customers are adjusting to the new market conditions and our focus on profitability and a balanced risk and reward profile. The onshore order intake, ASP remains on the right trajectory. It increased by around 10% year-on-year to EUR 0.9 million per megawatt in the second quarter and by 28% to EUR 0.88 per megawatt over the last 12 months. We were able to realize strong underlying comparable price increase and had a positive country mix, this was partially offset by lower project scope and product mix. This is why this number always has to be taken with some grain of salt to really understand on what it means. So far, going in the right direction. We will continue to work on pricing, this is also need to be an element which we carefully look after. You are aware also of the seasonality in offshore. We booked one large order in the quarter, I believe the focus should be really on the pipeline. As you can see, we not only have a strong order backlog of 8.6 GW, but we also have a strong order pipeline of 8.5 GW, both of which reflect our market position and the strength of the market. Important here is that it allows to continue to be selective. It will be an interesting second half of the year, seeing the auctions coming and obviously how they finally turn out. I already mentioned the IRA and the Green Deal. We are seeing the impacts already. If you look at the latest forecast by WoodMac, we are now looking at a faster rise in installations. On a cumulative base, WoodMac expects demand to be 464 GW to the end of the decade, 54 GW or 13% higher than a year ago and 26.6 GW higher compared to expectations at the end of last year. To the end of the decade, the U.S., India and Germany are forecasted to be the biggest markets. As you know, our Siemens Gamesa 3.4 turbine serves really as a workhorse in India. We will introduce a new product at the CLEANPOWER Conference & Exhibition in May. While we are ramping up our manufacturing capacity in the U.S. and in Germany, we are gaining traction with the Siemens Gamesa 5.X. In offshore, we are seeing a bit of a push-out in expectation towards the outer years. However, demand increase is still expected to be strong, with installations rising by a factor of five to the end of the decade. 2023 and 2024 will be big auction years, as I said, for these installations. However, towards the end of the decade, we expect the corresponding orders to be placed over the next three years. During quarter two and so far in quarter three, we have signed three preferred supplier agreements, which reflects our competitive strengths. Let me, like always, highlight a couple of projects as an example for each of the business areas. The good thing is that all projects really represent a type of project which we see more than once and really shows that the portfolio is well-positioned. The first project is yet another proof point for the coal to gas shift, which we see happening. It's a highly efficient gas turbine targeting a thermal efficiency of more than 64% in Mintia in Romania. Will be one of the most efficient combined cycle power plants in Europe with a capacity of 1.7 GW and replace several coal-fired power plants, cutting CO2 emissions. Siemens Gamesa secured, as I said, the first order for the new flagship 14-236 direct drive turbine. This is the project East Anglia, and it is in the second-largest offshore wind project in the world, featuring 95 turbines for a total capacity of 1.4 GW which is enough to supply more than one million households. East Anglia Three is the second of four projects planned as part of the ScottishPower Renewables 2.9 GW East Anglia Hub development in the North Sea. Obviously, if you produce so much more electricity, we have to connect it to the grid. For Grid Technologies, the Tyrrhenian Link is a great example of what additions to the grid can do. The HVDC link will allow the flexible exchange of up to 1 GW of electricity between Sardinia, Sicily and Italy mainland, covering a distance of 970 km. This means HVDC link will enable more efficient use of renewable energy, increase stability of the power grids, and allow for the closure of coal-fired power plants on the two islands to reduce CO2 emissions. On the right-hand side, you see from Transformation of Industry, the supply for Silyzer 300, the electrification, as well as the automation for Ørsted's FlagshipONE project. With 50,000 tons of annual production capacity, the plant has Europe's largest green methanol capacity, and as such, is also Europe's largest facility for green marine fuels. Ørsted has outlined its ambitions to become a key player in the Northern Hemisphere which means more projects will come, such as Project Star on the Gulf Coast, the Green Fuels Project for Denmark. There's more things to come in this regard. With this, let me hand over to Maria for the numbers. Thank you very much, Christian, and hello, everybody. Good morning from my side. Going straight into it, looking at the Siemens Energy Group, the company continued to enjoy strong growth in orders and in revenue. As Christian just mentioned, Siemens Energy's market remained quite favorable. Overall volume is very strong. We recorded orders of EUR 12.3 billion, reflecting a 56.3% growth on a comparable basis. This means our order backlog has reached a new record high of EUR 102 billion and exceeded the EUR 100 billion mark for the first time. Again, what's important about that, and you know I have the order backlog slide rather, included to ensure that, of course, it's not only growing in terms of amount, but certainly the quality. This is really building our solid foundation to deliver the growth and the margin improvements that we're all striving for. Looking at revenue, this increased by 23.8% to EUR 8 billion on a comparable basis in the second quarter, with all segments, both in orders and revenue, showing strong growth. What's also important, it was also in new units and in service. Book-to-bill, very strong at 1.53 for the quarter and around 1.5 for the 12-month rolling period. Profit, before special items improved year-over-year and was positive, slightly positive with EUR 41 million or 0.5%. This again is a bit of a mixed picture. We have a higher loss at Siemens Gamesa, which was more than offset by a strong performance in all other segments, led by our Gas Services business. Special items came in at EUR + 23 million. This was driven by a positive effect of EUR 78 million in connection with the Accelerating Impact program. Most measures of the program have been executed or in execution or contractually solved. Again, due to the improved market conditions we just talked about and the volume growth, the assessment of the further progress of the program has now changed. Free cash flow was, as expected, negative, with EUR -294 million, slightly better than in prior year's second quarter and slightly better than expected again, but still negative. A higher cash outflow at Siemens Gamesa was partly offset by a strong cash flow in other segments, primarily at Grid Technologies. I think this is really excellent cash flow following an extremely strong top line at the GT business. Looking again at the order book development, as I just mentioned, we see our increasing order backlog, and it grew in all dimensions, which is also something that we look at. Its new unit service across all businesses, different geographies, and the book-to-bill remains above 1 for all businesses. We confirm very strongly that the margin profile in the backlog continues to support our margin targets. Moving on to the cash bridge as at the end of Q2. First of all, I'm very pleased with the successful financing and transactions via the equity raise and our inaugural green bond issuance, both marking major milestones for us in the second quarter. To recap, on March 15th, we successfully placed approximately EUR 73 million new Siemens Energy shares, reflecting a share capital increase of 10%. This was with institutional investors through an accelerated book building. The shares were placed at a price of EUR 17.32 per share. This resulted in gross proceeds of EUR 1.25 billion. This is important. It concludes the equity portion for the planned acquisition of the outstanding shares of Siemens Gamesa. Remember how that the transaction was formed was to underpin and ensure that we continue to support our solid investment grade rating. We successfully placed, as mentioned, our first-ever green bond for Siemens Energy with a nominal value of EUR 1.5 billion. The proceeds of the green bond placement were used as planned to refinance existing debt at Siemens Gamesa. The green bond has two tranches, a EUR 750 million tranche at a fixed rate with a maturity of three years, and another EUR 750 million tranche at a fixed rate with a maturity of six years. The total order book across the two tranches showing the vote of confidence in Siemens Energy was approximately EUR 5.5 billion. Now let me take you through the group cash bridge. Overall, you see we have EUR 5.2 billion in cash equivalents and EUR 5.3 billion of financial debt, of which EUR 3.3 billion is long-term. This brings us to a net position, debt position of EUR 101 million, which was very similar to the net debt position of EUR 45 million at the end of Q1. Looking at the main cash outflows and inflows, the main cash inflow during Q2 was the EUR 1.2 billion approximate net proceeds from the capital raise. On the other hand, we had cash outflows with respect to negative free cash flow after tax in the amount of EUR 420 million. Therein lies, of course, the operating cash flow and CapEx. The remaining buyback of Siemens Gamesa shares within the standing purchase order of around EUR 400 million is also included. The purchase of treasury shares in the amount of EUR 85 million, financial interest of EUR 56 million, and an increase of lease liabilities at Siemens Gamesa in the amount of approximately EUR 200 million. Again, giving you some context on the cash inflows and outflows. During the quarter, our provision for pensions and similar obligations stood at EUR 546 million at the end of Q2, so no change versus Q1. Taking into account the pensions, we have an adjusted net debt position of EUR 693 million, just a slight increase of EUR 43 million versus Q1. Now looking at our liquidity position. At the end of Q2, Siemens Energy has a total available liquidity of EUR 9.7 billion, as we had around the EUR 5.2 billion mark of cash and cash equivalent and of course our undrawn credit lines of EUR 4.5 billion. Now, as promised, we have our additional transparency for BA for each of the business areas. Let's take a look, starting with Gas Services. Here we see a very strong quarter for all KPIs for Gas Services. Really well done. Looking at orders, the overall gas market, as Christian outlined, remains very solid. In the second quarter, we booked orders worth EUR 4.5 billion. This exceeds the relatively strong prior year quarter by 23% comparable. The substantial order growth, as I mentioned earlier, was driven by demand in Europe with strong orders in Eastern Europe. Book-to-bill, very solid at 1.57, and an order backlog in our Gas Services business after Q2 of EUR 42 billion. In the second quarter, we booked 31 gas turbines greater than 10 MW, thereof 12 large gas turbines and 19 industrial gas turbines, excuse me, in the range of between 10 MW and 100 MW. In Q2, the market for gas turbines greater than 10 MW was strong with 67 units. We reached the number one position with a market share of 46%. Very strong quarter. Revenue grew substantially by just over 27%, albeit versus a relatively low prior year base and came in at EUR 2.8 billion, mainly driven by strong new unit business and of course our underlying service business. Profit increased sharply, came in at just shy of EUR 300 million, reflecting a 10.5% margin. The strong increase reflects a combination of higher revenue, an improved cost structure really due to the hard work on many measures over the last years of the Gas Services team, strong execution, as well as a strong contribution from service. Moving on to Grid Technology on the next page, please. Orders. Overall, the market environment for Grid Technology remains positive, and we continue to see strong order growth momentum. In the second quarter, we booked orders worth EUR 2.9 billion, an increase of 44% comparable. All regions showed growth, which is important, and the strongest increase was in the United States. Book-to-bill 1.67 with a backlog rising to just shy of EUR 20 billion. Revenue grew significantly, 26.8% on a comparable basis, again supported by that strong order intake from previous years. Profit before special items. This came in strong at EUR 150 million or a margin of 6.6%. This is an improvement of approximately 160 basis points versus Q2 last year. The increase was based on a higher share of margin-accretive volume and operational improvements that the team's been working on. As you may recall, last year, we were burdened by negative impacts related to supply chain and higher material and logistics costs and also including COVID. Let's now move to Transformation of Industry on the next slide. The main message that you see here for Transformation of Industry is that our focus on profitability pays off with margin improvements across all businesses. Let's start with orders. Orders after a strong quarter and prior year, particularly in our electrification, automation, and digitalization business, orders reported were basically flat at EUR 1.4 billion. However, if you take out some large orders from last year and look at the base business, we're growing at 11% year-over-year. We see substantial order growth and Compression, and we booked another EUR 64 million worth of orders at our SES business. Book-to-bill was 1.21, with the backlog rising to EUR 6.4 billion. Revenue, as you see here, 21.2% on a comparable basis. What's important is all four of the independently managed businesses here showing double-digit growth with a very strong service contribution. I think that's also important to note that here in TI, we do have a strong service business. Profitability continues the positive trend during the prior fiscal year and the first quarter of this year, which is confirming the turnaround of this business. Profit before special items came in at EUR 73 million or a margin of 6.3%. This compares to a profit of EUR 5 million in Q2 of last year and implies an improvement of 580 basis points versus Q2 prior year. Again, the increase was based on progress across all of the businesses within TI due to higher revenue, improved business mix, and very important, hard work on the operational improvements which will result in a better cost position. From a business perspective, I should note that the biggest improvements come from our turnaround cases, with Compression at + 630 basis points and Industrial Steam at + 780 basis points. Well done to the TI team. Moving on to slide 17, Siemens Gamesa. Of course, as a consequence of the delisting, as Christian mentioned, Siemens Gamesa is no longer publishing an activity report as such. We will elaborate here on Siemens Gamesa's quarterly performance in our analyst presentation going forward. On this slide, we show you the same KPIs for Siemens Gamesa as we do for our other business areas. Again, just to reiterate, to ensure a smooth transition and to ensure that you have the transparency required from the previous disclosure level of Siemens Gamesa, we've added an additional slide in the appendix with the most relevant KPIs for Siemens Gamesa and its business. Please note that in particular, with respect to the profit before special items margin for the wind turbine business and service, we will provide you with this information on a business unit level only temporarily until the full integration of Siemens Gamesa is completed in line and according to our IFRS reporting. Looking at Q2, Christian explained some of the progress that we've made at Siemens Gamesa, and let's take a look at the financial performance. Orders. In the second quarter, orders more than tripled and rose to EUR 3.6 billion. This growth shows a strong quarter this year and of course a relatively low basis of comparison. That increase was mainly driven by offshore, including the large order in the U.K. as mentioned earlier, and we're ramping up our manufacturing capacity in the U.S., where we've restarted our commercial activity and the U.S. market was the largest contributor to our onshore order intake in Q2 by volume. The order backlog for Siemens Gamesa at the end of the second quarter increased to EUR 34.6 billion. What's even more important is that we continue to apply strict selectivity with a strong focus on a profit profile and a balanced risk and reward profile included in the contract that it is acceptable. Looking at revenue also grew substantially by 13.6% year-over-year on a comparable basis and came in at EUR 2.4 billion. Supported by increases in all businesses. Offshore increased nominally, driven by higher manufacturing and installation activity, and of course executing on their very strong backlog. The revenue conversion is still impacted by ramp-up challenges in offshore. Looking at onshore, it increased by 13%, driven by higher prices, and service increased by 10% with strong growth in post-warranty fleet under maintenance, in spare parts sales, and in value added solutions. Coming on to profit before special items. This did come in at - EUR 374 million. In the second quarter, Siemens Gamesa's profit continued to be burdened by the ongoing impact of inflation, challenges related to supply chain, the ramp-up of the offshore activities, as well as the ongoing execution of onerous projects. Free cash flow for Siemens Gamesa was negative as expected, and negative at EUR 886 million. Again, the higher cash outflow at Siemens Gamesa was mainly driven by the profit performance and the ongoing execution of projects, including onerous projects. Maybe just to sum up what we've achieved in the first half. We're already at the end of the first half of the fiscal year. I'm really pleased, we all are, on the successful financing transactions via the equity raise and our first green bond issuance. I think those both mark very important milestones to us to, one, support the Siemens Gamesa transaction and also look to how we're combining both Siemens Gamesa and Siemens Energy, looking at refinancing and the overall efforts required for our investment-grade balance sheet. We had an excellent performance of the former GP businesses in the first half with EUR 20 billion in orders. That's +55% year-over-year, 24% comparable revenue growth, and a profit before special item margin of more than 8%. Again, driven by hard work, strong underlying operational improvements at all three business areas. I think Gas Services, Grid Technology, and Transformation of Industry really worked hard to get us to where we are today. Again, also thank you to the team at Siemens Gamesa, yeah. I mean, the situation does remain very volatile. We see that the financial performance in the first six months were weak. They continue to work very hard on the Mistral program actions, and those actions are ongoing. The indicators, as suggested earlier, that we're starting to stabilize in certain areas, paving the road for profitability in the future. Let me also caution, as Christian did, this will take time. It's still quite volatile, and we have a long journey ahead. Now let's move finally to the amended guidance. I think the guidance here reflects two things. It reflects our strong demand and of course, the ongoing challenging market environment in the wind industry. Looking at revenue. We now expect much higher revenue growth in all segments, while we maintain our margin assumptions for Gas Services, Grid Technologies, and Transformation of Industry. For Siemens Gamesa, looking at the first six months, we expect a better second half. The situation remains quite volatile, and we still expect a negative margin for the full year, moving to where we are at the half-year mark towards the - 11%. Jochen and his team are making progress and are rigorously executing the Mistral program. The challenges are substantial, and it will take time. For Siemens Energy as a whole, we now expect comparable revenue growth in the range of 10% to 12%, comparing to the range of 3% to 7% before. We maintain the profit before special items margin guidance around the 1% to 3%, but now expect to come out around the lower end of the range due to Siemens Gamesa's higher than expected losses, as mentioned during the first half year and the continued volatility. Accordingly, regarding net loss of the group, we now expect to exceed prior fiscal year's level of EUR 712 million up to a low triple-digit EUR million amount. We previously indicated to be on par with prior year's reported level. We confirm our guidance of positive free cash flow pre-tax up to a low triple-digit EUR million. Again, as already mentioned, we maintain our margin assumptions for GS, GT, and TI, and we raise our revenue assumptions. We see further growth in the second half for all business areas, but at a lower pace due to the higher base of comparison. With that, I mean, for each of the BAs, we have indicated the new revenue growth ranges. I think that's apparent. With that, now I will hand over to Christian for our key priorities in the current fiscal year and some final remarks. Thank you very much, Maria. I mean, let me flag up the key points for 2023. I mean, obviously we continue to focus on the fiscal year 2023 targets. The bar is now higher. Don't forget that because we have raised our growth targets. Second, we are pushing for the change in the organization so that the new operating model which we introduced back in last October, becomes a new way of working. We see a lot of boundary conditions in our favor. We're always aware this can rapidly change, and we need to continue to work on becoming more leaner, more agile, but this will be an evolutionary process and not a revolutionary process inside the organization. No question, Siemens Gamesa remains the top priority for us. We need to turn Siemens Gamesa around, and we want to progress rapidly towards the integration, particular on the corporate functions side. We also very clearly have to say, we are operating in a volatile environment still, right? 2023 is not a, not an easy environment in which to operate, the wind industry has, as a whole, to continue to work on right risk and reward profiles for all participants in the market going forward. Fourth, we are in the middle of the process to capitalize on the market opportunities, as I mentioned briefly around IRA and the Net Zero Industry Act, we are strongly convinced that with our portfolio, we are in a prime position to build an energy-resilient infrastructure. Michael, over to you. Thank you, Christian. Thank you, Maria. As always, we now have Q&A. As I said, unfortunately, we do have a hard stop. If you want to ask a question, please press star one. If you want to remove yourself, press star two. As before, please, for the beginning, you know, stick to one question if you can. The first three questions will go to Ben Uglow, Akash Gupta, and Alexander Virgo. With that, Ben, please go ahead. Brilliant. Thank you very much. Hi, Christian, Maria, and Michael. Sorry to begin on a sour note, but I did just want to understand some of the movements within the cash and particularly Siemens Gamesa. Maria, you kindly gave us an indication of what was driving the EUR 886 million cash outflow. I guess the question is: How much is pure operational performance? How much is onerous contracts? Am I right to assume that there's not a big impact of working capital in that number? The related question is, you're now kind of guiding to a pretty neutral EBIT outcome in the second half for Siemens Gamesa. Should there be a big variation between the EBIT outcome and the cash? i.e. What potential line items could make the cash much worse than the EBIT? Bearing in mind there was quite a big spread in the second quarter. Thank you. Thank you, Ben. Good morning. Of course, be happy to take you through a little bit of understanding of that free cash flow. I tried to elaborate that. ... also in the presentation, let me take it a little bit like step-by-step. Of course, the cash flow for Siemens Gamesa in the first half follows the profit. That's a half, if you'd like, of that is related to the project. We do have onerous contracts, that is being executed, of course, the cash outflow related to that also impacts us on a quarterly basis. Looking at operating net working capital, anticipating this question a little bit... ... there's nothing, you know, based on the backlog and the execution that needs to happen, there's nothing there that I would flag up as a concern at this point in time. It's really just part of their seasonality. If you see in the past, Siemens Gamesa does dip, let's say, mid-year as well as this, you know, as they execute. There's, you know, I can't even say there's no relevant, you know, impact from factoring or anything. It's really just executing on that big backlog. There are, and there is CapEx impacts, of course, in there, Ben. necessary, of course, to ensure that we're able to deliver on the backlog. That's also embedded. Again, here, those are the main components for the free cash flow, you know, and certainly can provide further color if necessary, but that's it in a nutshell. Looking at, you know, should there be different movements, could the cash become much worse? Maybe let's flip it around and look at, you know, in terms of our order intake and so on. If that continues to progress, you know, there could be potential upside because of course, as mentioned earlier- -in looking even at the cash, flow performance of our Grid Technologies business, for example, this is following a very strong order intake. Yeah. There could be some, you know, positive there. Again, I think you know both Christian and I have underpinned the volatility that continues to remain in Siemens Gamesa as we continue to ramp up and so on. You know, I think that's fair and embedded in the second half as such. Got it. Just one quick follow-up. On the onerous contracts, obviously, these are thankfully, thank God, running off. If we had to put a number on how much of those have finally gone away by the end of this fiscal year, is it 70%, 80%, 90%? I mean, to what extent are we still gonna be talking about onerous contracts in the next fiscal year? No, thank you for that. I mean, we mentioned that at the beginning of the year that the onerous contracts persist for another 12 to 18 months. As we work our way through it. Looking at towards the end of the year, where would we stand? I would say about 60% to 70% of that. Great. That's very helpful. Thank you very much. I'll pass it on. Thanks. Thanks, Ben. Thank you, Ben. Next question goes to Akash Gupta at J.P. Morgan. Akash, please go ahead. Thank you, Michael, and good morning, everyone. My question is also on Gamesa, and it's on the accounting side. Gamesa capitalize about half of R&D, while Siemens Energy has a much lower number. As you plan to integrate Gamesa within the company, how this will going to change, and if there will be a change, from when that would be applicable? Thank you. Thank you, Akash. Thank you for that question. I mean, at this point in time, as you know, I mean, we follow the same guidelines and there is some particularity where Siemens Gamesa does have, let's say, partial capitalization. That's going to continue into, let's say, the midterm and run off. You know, look, we're still operating separate companies. We consolidate as such, but we're still separate companies, and we need to ensure that what was already committed to in terms of the orders on hand continues to have comparative basis as we move forward. Akash, I can't give you a specific date as such, but, you know, that'll run off into the midterm. Thank you, Maria. The next question goes to Alexander Virgo at Bank of America. Alex, please go ahead. Thank you, Michael. Morning, Christian, Maria. Thanks for taking the questions. I guess I wondered if you could talk a little bit more, give us a bit more color on Mistral and some of the KPIs. You mentioned a couple in your prepared remarks, but I just wondered if you can give us a little bit more detail around things that you can see that we can't, that gives you confidence in that -11, I guess, the trajectory on the margin improvement into 2024. I wondered, just staying on that as a follow-up, whether you could just make a comment around the IRA content, domestic content rules that came out on Friday evening, whether you could. Yeah. Give us any color around your footprint locally, and whether or not you feel you're well positioned for those changes. Thank you. Hi, Alex. Thank you very much for the question. First, on Mistral, what is happening in the background is obviously also, I would say across the portfolio, managing it differently to look about, let's say, all the blade type of structures within the overall company, looking from a onshore and offshore perspective jointly. You do see a different way on, first of all, how do we run technology and portfolio management. The second piece is obviously how do we run the factories accordingly. The things which we do not flag up here is numbers in the report, but which I obviously see is everything which is related to these type of things. This is why I mentioned also things like rotor up, blades out of factory, rework numbers, and this I see going in the right direction. That said, you also have to see that obviously we look a lot, and I have to say a lot really, through all the quality issues and really try to understand carefully, bring all ex-experts together. This is why I said also sometimes you see, and you have seen this in quarter two here and there also, things where we say, "Hey, we need to do this slightly different." You need also to continuously be aware that there is some volatility in working through it. What I do see is a very diligent, more consolidated approach to that. This gives me obviously the comfort that we're tackling the right things, this is also why we continuously say, "Hey, 2023 will not be a straightforward home run. It will be puts and takes continuously. I'm confident that we have the right organization on how to approach it. One thing you have to keep in mind also with Mistral, the other thing we're also doing is ramping up relatively fast increasing offshore business. This is obviously now completely the contrary in terms of hiring a lot of people, ramping up factory, and doing all the likes. Mistral helps there because all factories are managed under one person. That's good, it obviously also means that on the one side, we have to close down or change the footprint, factories, on the other side, we have to open. This is a lot of puts and takes, and this is not so different from what you have seen us doing when we started with the company, what we did in generation at this time and transformation and then industrial applications of really turning it around. This is where, I look on how people do things and what is the Number of stable processes and so forth is what gives me the comfort. On IRA, yes, you might recall that we mothballed the two factories on the wind side, what we had. We obviously restarting these up because of the local needs. This is largely driven onshore, right? I mean, and repowering type of activities. The other element is now with the offshore auctions. Yes, I think we have been vocal on this. We're looking also then extending the factories for the offshore side in the U.S. I think in terms of the content rules, nothing really super surprising. Obviously our planning going forward in terms of factories, is encountering that. But obviously it will now all depend on how the auctions go and come and land also, in our books. This will still take some time to take a final investment decision there. If so, if this all comes, we would extend also our footprint. Very helpful. Thank you both. We've got six more people in the Q&A list, so please stick to one question. The next three questions will go to Gael, Vivek, and Supriya. Gael at Deutsche, please go ahead. Yes. Thanks very much, Michael. Good morning, everyone. Look, this was obviously another very strong quarter in terms of orders, but I'm sure you're now starting to see some capacity constraints in some of your businesses, in particular in grid and, you know, with localization becoming increasingly important as well. Could you give us some update on the group's CapEx outlook and in particular on the potential investment plans in the U.S.? Thanks very much. Maybe I start very generic, Maria Ferraro goes then a little bit, let's say more in detail. Absolutely, yes. However, first of all, Gael de-Bray, be aware we run 85 factories around the globe. We have a pretty good infrastructure. If you talk about grid and the growth there, a lot of this will be actually more people-related, engineering-related, and less factory-related. Yes, we are looking in the U.S. also to extend some of our existing facilities. This will be some investment, not always massive investment. We're also obviously looking there for support of these type of projects. Keep in mind that a lot of this will also be about people capabilities, and this is not to be underestimated. No, thanks, Gael de-Bray. Of course, when we look at CapEx, and we've said that from the beginning, if you remember, we're like EUR 1 billion R&D, EUR 1 billion CapEx, more or less approximate, where the CapEx is mainly, not only, but mainly within the Siemens Gamesa area. I mentioned that earlier, you know, that CapEx is necessary, as Christian Bruch just alluded to support the contracts that we're executing, to support the demand that we see. That is all embedded, if you'd like, into our guidance with respect to cash for this year. Do we see that further, let's say, expanding in the years to come? This is something that we need to watch very closely, because I think this is not an inexhaustible source of cash, especially if we're looking at some of the demand that we see forthcoming that's quite significant. So we have to ensure that we prioritize where our CapEx is spent and do that in line with our cash expectations for ourselves, not only for this year, but 2024 and onwards. When it comes to the lease liabilities, you know, the EUR 200 million increase we saw in fiscal Q2. I mean, is this the kind of things we should continue to expect in the future? Well, again, I think, you know, that is in particular relating to certain commitments where we had to expand. And so we've incurred that. You know, is this something that we expect, you know, per quarter? Of course not. I mean, CapEx is not done smoothly. We're certainly able to provide more detail on that if necessary, Gael, but my reaction there is no. Thanks very much. I'll get back in next queue. Thank you. Thanks, Gael. Next question goes to Vivek Midha at Citi. Vivek, if you go ahead, please. Thanks very much, everyone. Good morning. My question's on margins in the former Gas and Power business. You've raised revenue guidance, but no changes to the margin guidance in those businesses. If I look at the implied second half margins in, for example, Gas Services, Transformation of Industry, they look relatively low. Is it driven by conservatism? Are there certain developments in project mix or services equipment mix and so on? Thank you very much. Yeah. No. Thanks, Vivek. I hope, sorry, because on, it was a little bit difficult to understand, but I hope I got it. It's really looking at the fact that we continue to say for the SE without SGE, we stay within the profit expectations as we proceed into, let's say, the next half of the year. You mentioned the mix, and you're fully right. And I think I mentioned that earlier, that we're seeing a nice progress, not only in the new unit side, but also on service side. We saw a strong outage season in the first six months, so we have to take that into consideration as we progress through into the next six months. We also have some FX impacts, positive impacts that we see tapering off into the next part of the year. Taking that all into consideration, and I've mentioned this, even last year, if you recall, that the mix of our revenue that comes in the last half of the year is normally such that we kinda taper off. It's a lot of the project revenues. Some of those in the past have been, as you know, some of our legacy projects, but that's generally the trend that we see, in the last six months of the year. Very much reflective of a mix. Thank you. Thank you. Next question goes to Supriya Subramanian at UBS. Supra, if you please go ahead. Yes. Thanks Michael. Good morning all. Maybe one very quick follow-up on Siemens Gamesa profitability. Given that the guidance implies broadly breakeven or close to breakeven for the second half of this year. Is that a good benchmark to take for when you think about margin trajectory into 2024 and the midterm? Then sort of my main question is on the, I just wanted to get your thoughts on the regasification capacity expansion market, especially in Europe, given the strong growth. You know, how is Siemens Energy really exposed to that end market, especially, I guess maybe a bit more relevant for Transformation of Industry? Are you seeing a good opportunity in that space? Thank you. Maybe I take the first one. Yeah? All right. Hello, and thank you for the question on the forecast and the profit trajectory regarding Siemens Gamesa. I think look, we're six months in. I think we've seen the profit so far from a forecast. From an overall perspective, I think it's important that we reiterate that this year was, and is meant to be the transformational year, as we put all the pieces of Mistral together, as we continue to execute on the backlog, et cetera. The whole point of that is being that come 2024 and beyond, then we're in a more stable mode. I think that's important for us to understand the trajectory of the profit. Based on if you look at it just from this year's perspective, which I believe was also part of your question, of course, based on the back of the six months ended so far, we expect again to move towards the overall -11% for Siemens Gamesa in the back half of the year. An improvement from the first half of the year. Maybe to the third question. Look, I think you always have to be aware in the field, particularly if it comes to Grid Technologies, this is very long-running projects. You also have heard, I think Maria saying that obviously there was a big order at the end around EUR 7 billion from TenneT, which only will be shown in the order intake for to come. Some of this deliverable will be way beyond 2030. I think with the high numbers coming in, and I believe, let's say we will continue to benefit in the different areas from these things. We also have to see what is at the end, the execution speed the industry can realize. This does not just require Siemens Energy. This requires other suppliers to be in line, infrastructure to be available. This, by the way underlines the logic of our company. What we are trying to do is ensure that we can use our execution capability across the different Business Areas, irrespective of where the order comes, that we can digest this order intake. The question in terms of what speed will be in which area at the end be possible to realize as an industry is to be seen. I think we just see a massive demand and now the speed of execution will be key, and this not just implies us. What we do is we build it on a very broad portfolio base. That is the logic of the company. We will have to see on how this now unfolds over the years to come. Okay. Maybe I. We have to give air to the others. Yeah. Sure. All right. Yeah, no worries. Thanks for that. Will Mackie at Kepler is next. Hi. Good morning to everybody. Thanks for the time. I guess my question would be related to your guidance around cash flow again. You know, after the pre-tax outflow in the first half of EUR 351, and you're still guiding for a positive uptake in the second half of the year. Could you please walk through your expectations of the drivers for the big pickup across each of the divisions, especially, you know, whether there is the sort of scale of the scope of a recovery in Siemens Gamesa. Thank you. Hi, Will, and thanks for the question. I think in light of time, let me encapsulate why and let's say some of the levers that we see and why we continue to maintain our guidance for the second half of the year and perhaps any of the more detailed topics we can take or we can take offline. Look, so again, for the first six months of the year, I think we've indicated why and where the cash outflows are coming from, also the cash inflows. As we progress in the next six months, we see positive cash flow coming from all of the businesses, Gas Services, Grid Technologies, and Transformation of Industry. Again, that's also following the very strong order intake line. Of course, if you look at the composition of our balance sheet right now, we're seeing a very high contract liabilities amount that exceeds actually our contract assets and inventory. We see that actually trending towards and continuing in the next six months. On the back of, again, that very high order intake, and of course, not to be forgotten, is that stringent cash and working capital management continues to be top of the agenda. Some of the areas that we'll continue to work on that will have impact in the last six months will be things like accounts receivable and inventories. We're looking at that constantly. For example, in the first quarter, if you recall, I indicated I was not happy with where we were with respect to aging of accounts receivable, and we're continuing to work on that very persistently, if you'd like. Quarter-over-quarter, we actually see a bit of progress being made there even in Q2. That will continue to persist in the last six months. Again, I think strong oil cash flow still expected across the board from the three, as Siemens Energy without SGRE, and again, SGRE, that follows their profit and their CapEx requirements as we progress since the last six months. I hope that provides some color, Will. Probably not as detailed step by step as you wish, happy to take that on later. Thank you. Great. Great framework. Thank you. Thanks. Then the last question goes to Philip Buller at Berenberg. Phil, if you please go ahead. Yeah, sure. Thanks. Maria, I hear your comments about mix in the Gas Services business, and how that evolves over the course of the year. Given that, I'm surprised the margin range hasn't moved lower. How should we be thinking about the OE margin evolution? Is that trending ahead of expectations? Also on the service side, are margins stable there or are they set to expand? Thanks. No. Thanks, Phil. I think I'd be happy to talk about that. I think again, on the new unit side, we do see, and as I mentioned in our order backlog, we see progress there. On the margin side, not only in new units, but also in service where that remains quite stable. I think this is something that underlines or underpins, again, the backlog that we have. Again, I think, you know, with the market momentum, we are seeing a relatively positive pricing environment, and that is also reflected through into the other parts of the business and, yes. Thank you. Bye. Okay. Right. Thanks, everybody, for participating. One minute for closing remarks and then ready for follow-ups later, as you always know. Yeah. Thank you very much, Michael, and thanks to all of you for being with us while we obviously work through, let's say, the transformation of the company. I would like to hint really on the Capital Markets Day in November. That will be an interesting one, and hopefully, you all have the opportunity to join, when we can lay out further in detail the plans going forward. In that regard, stay healthy, stay tuned. Looking forward to talk to you. Thank you very much. Thanks, Christian. Thanks, everybody. Ladies and gentlemen, that will conclude today's conference call. Thank you for participating. A recording of this conference call will be available on the Investor Relations section of the Siemens Energy website. The website address is www.siemens-energy.com/investorrelations. Goodbye.