Nordex Se

Ladies and gentlemen, welcome to the Q2 Figures 2024 conference call. I am Moira, the chorus call operator. I would like to remind you that all participants will be in listen-only mode and the conference has been recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcasting. At this time, it's my pleasure to hand over to Anja Wieler, Head of Investor Relations. Please go ahead.

Thanks, Moira, and also a very warm welcome from the Nordics team. Thank you for joining the H1-24 Nordics Conference Call. As always, we ask you to take notice of our safe harbor statements. With me are our CEO, Jose Luis Banco. our CFO, Ilja Hartmann, and our CSO, Patil Landa, who will lead you through the presentation. Afterwards, we will open the floor for your questions. Just a small housekeeping topic, you might have seen that we added some appendix slides in the presentation, giving you a broad breakdown of the key operational and financial KPIs. These are for informational purposes only and are not part of today's presentation. Now, I would like to hand over to our CEO, Jose Luis. Please go ahead.

Thank you very much for the introduction, Anja. I would like as well to welcome all of you on behalf of the entire management board. As always, I would like to start with our executive summary for the first half of 2024. half of 2024, we secure an order intake of 3.4 gigawatts up from 2.6 gigawatts in the first half of 2023. The pricing has been stable and our order intake ASP stands at 0.89 million euros per megawatt. The same level as the last year. Installations picked up since quarter one 2024 with 1.9 gigawatts in the second quarter. As a result, the total installations reached three gigawatts in the first half of the year. Probably same level compared to the previous year. We continue to expect higher installation run rate during the second half of the year, similar to previous years. Regarding our financial performance, first half and second quarter developed according to plan with gross margins of 19.5%, stable now, unexpected for the quarters ahead. We achieved an EBITDA margin 3.4% in the first half, which is a substantial improvement over the last year. Within this year, the EBITDA margin has remained quite stable with the Porter 2 margin reported as 3.5%. This is again in line with our communication during the last call. On the liquidity side, we were able to improve liquidity since the last quarter and have closed the quarter with a healthy level of 827 million. On the strategic part, we have finalized our U.S. re-entry plan with first reactivating our Nacelle and drivetrain production facilities in West Branch, Iowa. And second, we recently launched our US-tailored turbine, Nordex 1695.X. The new turbine will be a better fit for grid cross-train areas and will put us apart with the other market participants in the US market. Lastly, given our stable H1 performance and the visibility we have today, we have decided to tighten our guidance to the upper end of the corridor namely 3% to 4% EBITDA margin. And last, we remain on track to achieving our mid-term 8% EBITDA margin subject to stable market environment and continuing price discipline in the industry, as well as market growth. Moving to the slide number five, let me provide you a summary of how we see it. This slide provides an overview of the drivers and projected onshore capacity additions based on external forecasts. As you can see, both our core regions, Americas and EMEA, are expected to experience healthy growth in the coming years on the back of unusual long-term demand drivers. Despite some recent political developments in some markets, we believe The positive trends and developments in EMEA and Americas outweigh the negative ones on the whole. For example, fantastic performance on Germany is in the permitting rules and increasing volume in auctions, as well as kickstart of the onshore demand in UK after the elections. And with this introduction, I would like to hand over to Pachi for market and order intake discussions.