Rwe Ag Ord S/Adr

Very good morning, ladies and gentlemen. Cordial welcome on the occasion of the RWE Annual Press Conference for Fiscal 2025. It's great to have you here in Essen, and also thank you very much to those who dialed in. So we have got our CEO, Markus Köder, here, Michel Müller, CFO, and Katja van Doren. So my name is Bette Heller and I'm in charge of communication as a successor of Stephanie Schunk. For you, ladies and gentlemen. There will be no changes. So, Markus Greber and Michael Müller will share the most recent financial news with you of fiscal 2025 and they will also give an outlook into the future. Despite a challenging environment, RWE delivered and is very confident about 2026 and beyond. So our strategy was... revamped and we have got this strategy in order to get to new areas. But of course we are troubled by the current developments such as the war, Russia-Ukraine, but also the situation in the Gulf region. And even if our company is not active in these locations we nevertheless are concerned by the developments so there are very many victims already now and nobody has got a clue where it is all going to end and it also goes to show how fragile safety, security and peace has become and therefore energy of paramount importance and this is exactly what we are going to talk about and we are doing this in a hybrid format and after the presentations we will enter into a discussion and if you want to ask questions here in the room You can indicate that by a show of hands, and if you have dialed in, you can enter your questions into the chat, and I'll read out the questions. For our international guests, you have to know that we've got simultaneous interpretation. into English, but you may ask questions in English and they will be answered in English. And we are of course also happy to get your input. And it would be a good idea to switch on your cameras if you want to ask questions. So the webcasts and all the presentations will then be put onto our website. And then, eventually, before we get started, the following. At 11 o'clock the sirens will be sounded. They are acoustic alerts that will be tested. And this is only a drill, a nationwide drill. But if you cannot switch off the flight mode, you should, shortly before 11 o'clock, switch off your telephones entirely because the sirens will come through the mute status. So, Marcus, the floor is yours. Thank you very much. Europe will be forged in crises that, ladies and gentlemen, was said many years ago by one of the founding fathers of the EU, Jean Monnet. He was a politician but also an entrepreneur, and he knew that stability and resilience do not arise from comfort. They arise from dealing with uncertainty in politics and in business. The key question in both cases is how do you build resilience for uncertain times and how do you invest in a world where the rules of the game can constantly change? At RWE we have a clear answer to this question and today we brought you the figures that give way to this statement. I am therefore delighted that you have taken the time to join us and would like to warmly welcome you all. to this year's annual press conference. 2025 was a decisive year for RWE. We continued to make good progress with our growth strategy. In an uncertain environment, we once again invested billions of euros, expanded our portfolio in a value-accretive way. further reduced our CO2 emissions, and above all, achieved our financial targets at the upper end of the guidance. And this, despite the fact that the framework conditions often develop dynamically. That is why we are adjusting our plans for further investments where necessary, for example in the US. We had put further investment decisions on hold for the time being in view of the debates on technologies and tariffs. Since summer 2025, however, clarity has returned thanks to the so-called One Big Beautiful Bill and the Safe Harbour Rules. We have therefore resumed our investment activities in full. For a second example, we can turn to the UK. There the government has provided a reliable framework for offshore wind build-out. In the last round of auctions, the so-called AR7 auction, we were successful with five large offshore wind projects. That was more than we had originally expected. We were awarded contracts for difference for 6.9 gigawatts, which now gives us a solid planning basis for the electricity revenues from our assets. This was and remains a major milestone for the further expansion of our offshore wind portfolio. At the same time, we have entered into new strategic partnerships. Strong alliances are particularly important when making billion-euro investments in turbulent times. With the Norwegian Sovereign Wealth Fund, the renewable energy investor Mazda from Abu Dhabi, and the US financial investor KKR, we are increasing our financial scope for offshore wind projects. And thanks to our partnership with the infrastructure investor Apollo, we have secured the further capital requirements for the expansion of the transmission grid, through our stake in Amphim. In brief, 2025 was a successful year for us strategically, operationally and financially. Above all, however, we have a product that is in demand, namely electricity. The world will need significantly more of this in the future than it does today. The International Energy Agency expects electricity demand to rise by more than 10% in Europe and the US alone by 2030. This is driven by advancing digitalisation, the boom in AI, electromobility, new forms of heat supply and air conditioning. This additional demand cannot be met without additional generation capacity and massive investment. And we can deliver it. Thanks to our technological expertise across a broadly diversified portfolio in renewables, battery storage and flexible generation. And thanks to our financial headroom. We intend to use this and invest significantly through 2030, a total of 35 billion euros net. This will grow our generation portfolio of renewables, battery storage and flexible generation to a total of around 65 gigawatts. We are not spending this money indiscriminately. RWE has a large, broadly diversified pipeline. This allows us to focus on the most attractive projects. And we only give the green light if the risks associated with the new projects are manageable and the returns are right. We expect an average internal rate return of over 8.5% on our investment programs. We are focusing on four major areas for investment over the next six years. Firstly, power generation in the US. Second, flexible generation in Germany. Third, offshore wind, primarily in the North Sea. And fourthly, onshore wind and solar in our core European markets, including Germany and in Australia. What are our specific plans? In the US, we want to expand our business even more than previously planned, and we will be investing almost half of our total investment volume there over the next six years, 17 billion euros. We already operate a broad portfolio from the East Coast to the West Coast and over the next six years we want to add 9 gigawatts with onshore wind, solar, battery storage and now also with flexible generation i.e. gas-fired power plants. Our focus here is on new gas peaking power plants. They perfectly complement our renewable energy portfolio as they can supply electricity particularly quickly to meet short-term demand. A reliable supply is especially important for electricity-intensive customers such as data centres. These power plants are planned at sites where we already have grid access. We aim to have the first unit in operation by the end of the decade. Our second investment focus is to expand flexible power generation in our home market of Germany. According to the Federal Network Agency, Germany will need an additional 22 to 36 gigawatt of firm flexible capacity by 2035. This includes modern gas-fired power plants. that are technically prepared to operate on hydrogen as well as large battery storage systems. Both ensure the secure supply of electricity even when solar and wind power are not available. The German government therefore intends to put out to tender a total of 12 gigawatts of new flexible capacity this year with commissioning planned by 2031. The relevant legislation and tender conditions must now follow quickly so that the schedule can be met. We are ready to build 3 GW of new hydrogen-ready gas-fired power plants. These will be located at the former power plant sites with existing grid connections. We'll sign preliminary contracts for turbines and are pushing ahead. with the relevant planning and approval processes. These power plants will be supplemented by the construction of large battery storage systems to cushion peaks in demand and take pressure off the grid. Here, too, we will be looking to build at sites with existing grid X. Around 400 MW are already in operation, and 1.6 GW are under construction, a further 2 GW, which will be able to be commissioned by 2030. In total, we want to invest around 9 billion euros in flexible generation by 2031, primarily in Germany. Our third focus is on expanding offshore wind. Here, we plan to add a net 5 gigawatt to our portfolio by 2031. This figure relates to the RW share only. Since we are building the projects together with partners, the actual installed capacity will be significantly higher. The main focus of offshore expansion in the coming years will be projects in the North Sea. In addition, we are continuing to pursue our long-term plans to build offshore wind farms in Japan and Korea with local partners. The fourth focus area is our onshore wind and solar business and our core European markets, primarily Germany, the UK, Italy, France and Poland. These markets offer significant growth potential and attractive off-take agreements such as two-sided contracts for difference. In this area, we aim to expand our portfolio by an additional 5 GW and invest a net amount of around 7 billion euros. Additional opportunities are arising for us due to the demand for new data centres, both because they drive electricity demand and because we have many potential sites for data centres that benefit from existing grid infrastructure. The attractiveness of these sites for tech companies was demonstrated by our sale of a data centre project in the UK last autumn. That's why we are working intensively on developing further locations for the potential data centres. We also see opportunities for the re-utilization of our infrastructure in the field of fusion power plants. Our existing nuclear infrastructure in Biblis and Grundrängen, for example, provide the ideal conditions for this. Partners Focused Energy for Laser Fusion and Proxima Fusion for Magnetic Fusion will make use of these sites. In addition, we contribute to our operational experience and expertise in approval processes. Both increase the speed of implementation and reduce costs, a clear advantage in the global race to build the first commercial fusion power plant. Ladies and gentlemen, you can see, in a world full of challenges, we can look to the future with confidence. We are investing a net amount of 35 billion euros to 2031. If you include our partnerships with investors, the total is considerably higher, especially in the UK offshore business. We are investing in a high performance and balanced portfolio that will consist half of wind and solar plants, and half of flexible backup capacities and storage, and with which we will achieve attractive returns. The strong focus areas in the US, UK and here in our home market of Germany, since more than a third of our investments are earmarked for our domestic market. Overall, our investment program will lead to exceptional earnings growth. By 2031, our adjusted earnings per share will rise from today 2.48 euros to around 4.4 euros per share. This means we will increase our earnings by share by an average of 12% every year. And our shareholders will benefit from this attractive earnings growth as well. We are raising our targeted dividend growth to plus 10% per year. This is what we mean when we say RWE has got a clear compass. And this also applies to our goal of achieving net zero by 2040 because our ambition remains the same to achieve sustainable growth while continuously decarbonizing in line with the 1.5 degree target. At IWE, everyone pulls together to achieve this. Once again, in 2025, more than 20,000 employees worldwide have demonstrated that team spirit, expertise and commitment pay off. This was once again impressive. And on behalf of the entire executive board, I would like to thank all employees for their outstanding dedication. With that, I would like to hand it over to my colleague, Michael Müller. He will present last year's results and our financial targets for the future in detail.

Thank you, Marcus. And from me as well, a warm welcome to RWE. 2025 was a successful financial year. That's very pleasing and confirms our cause to date. Our adjusted EBITDA came in at 5.1 billion at the upper end of the guidance we communicated at the beginning of the year. Adjusted net income also reached the upper end of the forecast range at 1.8 billion euros. Adjusted earnings per share amounted to 2.48. We clearly match our forecast and even exceeded expectations for 2025 overall. The development in the flexible generation segment was particularly pleasing. A significant contribution came from the sale of data center project in the UK, which is planned to be built on the site of a former RWE power station. In addition, our stake in the German transmission system operator Amprion delivered a noticeably higher contribution to earnings last year. Beyond that, we commissioned many new wind farms, solar plants, and battery storage systems, which contributed to earnings for the first time. Over 60 projects in total with a combined capacity of 2.8 gigawatts. Two-thirds of this new capacity was connected to the grid in the U.S. At the same time, we invested robustly in the continued expansion of our generation portfolio. In total, around 11 billion gross. About as much as in the previous year. On a net basis, that is, net of proceeds from divestments, our investments amounted to 4 billion euros. The biggest individual items in our investment program in 2025 were our offshore wind projects in the North Sea, in particular the construction of the Sofia Tor and North Sea cluster wind farms. We will commission SOFIA later this year and we're also well on track with TOR and North Sea Cluster, meaning the first turbines will begin generating electricity during the year. Additionally, last year we invested mainly in the US in new onshore wind and solar farms as well as large battery storage systems. Renewables are enjoying a strong tailwind as they can be built quickly and are competitive, especially to meet the growing demand for electricity from new large data centers. The projects in the US are usually significantly larger than in Europe. For instance, a solar farm that can have a capacity of 100 to 300 megawatts, whereas in Europe it's often just 10 to 50 megawatts. We currently have over 100 projects with a combined capacity of 10.3 gigawatts under construction worldwide. The commissioning of new generating facilities is also reflected in the development of our electricity production, which increased by 4% compared to previous year. However, wind speeds in our European core markets were usually unusually low, so our offshore and onshore wind farms generated less electricity. On the other hand, our gas-fired power plants were used more than in the previous year, once again highlighting the importance of a balanced portfolio of renewables and flexible generation for the resilience of our business. And even though we produce more electricity, the carbon emissions from our power generation continue to decrease last year. This shows we're consistently pursuing our CO2 reduction targets. Despite our high investments, our financial position remains rock solid. For example, our net debt in 2025 remained almost unchanged, and the leverage factor showing the ratio of net debt to adjusted EBITDA was 2.1, well below our self-imposed upper limit of 3. Our equity ratio improved by a full 7 percentage points to 41%. Thanks to our very strong credit rating, we enjoy excellent access to the capital markets. Last year, we were able to successfully issue two long-term green bonds of $1 billion each. And for the first time in 10 years, we issued a hybrid bond in two tranches of €500 million each. In both cases, investor demand was high and the order book was heavily oversubscribed. All of this demonstrates the future of RWE is built on a strong financial foundation. The capital market has confidence in us. This trust is the solid basis for our further development. For the current year, we anticipate an adjusted EBITDA in the range of 5.2 to 5.8 billion euros and adjusted net income of 1.55 to 2.05 billion euros. For adjusted earnings per share, we expect a figure between 220 and 290 euros. For 2027, we also expect strong earnings growth. Our adjusted EBITDA should rise to 6.2 to 6.8 billion euros and our earnings per share to 3.05 euros. For the past financial year, we plan to pay a dividend of 1.20 euros per share. an increase of 10 cents compared to the previous year. For the 2026 financial year, we will increase our dividend target again to €1.32 per share. That's an increase of 10%. And now, Marcus, back to you. Thank you very much, Michael. As you can see, ladies and gentlemen, RWE is not only good at developing concepts, but we also deliver when it comes to implementation. We think, plan and act with a long-term perspective. Electricity generation is a long-term business. Whenever we decide to invest today, we are committing our capital for decades. In politics, however, the time horizon is often different. There, people think in legislative terms and sometimes even shorter. But those who invest billions of euros need reliability. If there is a risk that the energy policy will abruptly change direction with a change of government, investments will be put on hold. And this is why a fundamental consensus in energy policy is essential. We need a shared understanding of the direction to the where to and few ideological trenches about the how. Because above all, our economies need one thing, more electricity. If we are to succeed in this, debates like renewables, yes or no, will not help. Nor will setting generation and grids against each other. Instead, we need a clear focus on expanding an energy system designed for increasing electricity demand. one that becomes more resilient, meaning it reduces dependencies. To achieve this, we must reduce our dependence on fossil fuel imports and expand generation and grids in line with the electricity system. This is our shared responsibility with policymakers, power producers, and grid operators. At RWE, we're doing our share, primarily expanding generation, which is our core business, and indirectly, also by contributing to grid expansion through our stake in Emprium, And over the next six years, we will invest 2 billion euros there, in addition to our own investment program. Our investments help to make the energy system more resistant overall. In other words, less dependent on imports. Because for an economy like Germany's, it can only reduce its dependencies if it makes progress in electrification. The international comparison is clear. Japan and China are also massively dependent on energy imports, but their economies have an electrification rate of about 10 percentage points higher than Germany. Why? Because for a long time we met our energy needs with cheap gas from Russia, and those days are clearly over. Today the rule is, if we do not want to replace old dependencies with new ones, then electrification will play a key role. The more electrified we are, and the more our electricity stems from renewables, the less dependent we become on fossil imports. But this also requires the right players and stable framework conditions, rules that can be relied upon and are not called into question at every opportunity. The best example is the current debate about the European Emissions Trading Scheme. With this, we have a functioning, strong, efficient and above all market-based instrument, one that sets the right incentives for decarbonisation and investment. And this is precisely why the European trading scheme has so far made the main contribution to decarbonization. And it also goes without saying that we need viable solutions for energy-intensive industries operating in global competitive environments. But those who fundamentally question the trading system for that reason endanger Europe as an investment location. Many companies, for example, in the energy, steel and building materials industries, have invested with confidence that the emissions trading system will function in the long run. What's needed is a structured discussion about necessary adjustments to the ETS. First, a limited allocation of emissions rising even beyond 2040s. Second, a targeted extension of the free allocation of emissions certificates. And third, using revenues from CO2 pricing more effectively to support industry. To further strengthen electrification in general, taxes and levies on electricity should be reduced to a minimum, which means for all consumer groups. That will make electricity more attractive, drive electrification forward, and strengthen the resilience and independence of our society from fossil imports. At the same time, of course, the additional electricity has come from somewhere. It must be available around the clock. And finally, it must reach people. the place where it is needed, that it must reach the customer. This requires major investments in generation and in grids. Round the clock, generation is based on renewable storage and flexible backup capacities. In this respect, it is important and right that the German government is pushing ahead with the tendering of secured capacity. Otherwise, as the German Federal Network Agency has calculated, there is a risk of supply gap. We need battery storage and hydrogen-ready gas power plants. The former are already being added with our subsidies, including by us. the weather multi-week periods of low wind and solar output, additional batteries are not enough. It will not work without substantial increase in genuine backup capacity that can generate electricity for several days. And finally, generation and grid expansion must go hand in hand. Electricity that does not reach the consumer is wasted. Resetting the incentives is correct, so we support the German government's considerations. But policymakers should design incentives in a way that problems can be solved for producers and large consumers such as data centers. That means building facilities in the right locations, supported by differentiated construction cost subsidy for grid expansion. Then plants will be built where they make a systemic sense. All the costs of additional grid expansion will be borne. The incentive for a fast and efficient grid expansion, however, must lie with the grid operator. I am convinced if we address the tasks ahead in a consistent, rational way, they are solvable. Because, ladies and gentlemen, Jean Monnet's quote has a second part. Europe will be forged in crises and will be the sum of all the solutions adopted for those crises. Yes. We wish to contribute to this sum of solutions as a reliable partner, even in uncertain times, one trusted by investors as well as international customers, where the resilient business model, committed employees, strong financial resources, and the willingness to make major investments in expanding our energy supply. Thank you very much.

Thank you, Markus. Thank you, Michelle. I think... There is a lot to discuss, and here we've got Mr. Estates. You can ask your question now. Yes, I've got a couple of questions, if I may. Let me start with the U.S. With $17 billion, how much is to go into gas-fired power plants? And can you tell me how you want to go about it? Do you want to build them? yourself, or are you thinking about acquisitions or a two-fold approach? And how do you want to organize it? And then I've got a question concerning the energy crisis in the Middle East. Can you give me your take on things, the developments in the region? And maybe you can also tell us whether RWE is impacted in any way, because there is an ad-hoc there. and you discuss LNG supply with them in February. So to what degree is RWE impacted by the crisis? Well, let me start with the U.S. I mean, the gas-fired power plants are under development, so we've got a particular run-up time, and this is why we said the first plants until the end of the decade, and that will tell you that the share of the $17 billion is... Perhaps 1% of the lion's share is onshore wind, solar and battery storage. How do you want to go about it? I mean, we've got existing grid access and we have got the existing infrastructure where we are going to install renewable energy production and the sites sometimes also have gas pipelines and the peakers and the like. can be used there. And now we are talking to our customers whether they want to go for 24-7, that is baseload banned or only renewables. And then we are going to discuss where we are going to have additional gas-fired power plants. And when it comes to the acquisitions, I mean, we have no assumptions in our financial statements concerning any further acquisitions. And We are not going for any major M&A deals, but what we have done hitherto as well, put in additional plants. This is something that we cannot exclude sitting here and today. But no major M&A plants. Gulf region, I mean, we all understand that this is a very relevant region for the worldwide energy supply, 20%. or the global demand comes from the region and this has come to a standstill, there's of course going to have consequences. And we see that in the rising prices, particularly when we are having a look at Europe, we say that there is no extreme shortage, there is supply security, but of course prices have come up and it is much more expensive to get the energy to Europe. And at the end of the day, you will have to ask the question of how long is it going to take. Currently, the markets consider that within a space of three to four weeks, the problem will go away and then we will need a run-up phase for two to three weeks. But if it takes longer and nobody is able to assess the situation, this will have a more lasting impact and become more critical. And then we here in Europe will have to handle the question of how do we want to fill up the accumulators, the gas accumulators, for them to be filled for the winter. And of course we all know that energy is a driver for wealth. And 20% of the energy that is being traded is missing. globally speaking, and that means the longer the conflict is going on, we will have a downturn in business activities. Okay, there is one more question here. Here is mine from Baste. And then we will go to a chat show. Then after that, Ms. Becker from Börsenseitung. Thank you very much. I would like to come back to Lignite and ask for an update. Where do you stand also when it comes to reducing the number of jobs? How many jobs were reduced? done away with and what are your plans for the next one to two years and then also exiting lignite activities is that irreversible also given the energy crisis on the horizon and then in more specific terms Iran. What does that mean for supply and trading? are they trying to change their tech? Or do you see any positive impulses for your energy training activities? And then the share price, or the share of RWE, I mean, that skyrocketed over the past couple of months. So do you think this will go up further? Or is that as much as you can expect? And is there a share buyback program? And, well... Are you cognizant of the fact whether or not Elliot is still on board or whether they have gone away? So there were several questions on lignite. No plans to change the plans. We've got an agreement, a very clear one, and this is what we are using. So 2030, end of story, and the federal government is saying that we need... the plants as a reserve capacity, but no decisions have been taken. If they want us to keep that as a reserve, we will. And now, Katja at the CHO. Well, lignite acid, I want to repeat it again and again, has been planned for many years and is flanked by social measures. And it is not only that we are cutting jobs, but we are also providing solutions so that the employees can go to new jobs. And for this purpose, they are upskilled and they are also put into renewable sectors. So today, just under 6,000 employees in lignite activities. And by 2030, it's going to be 2,000 to 2,500, roundabout-ish. Before giving... Michael, the floor. Trading and the share price. I understand that I have not given a full answer to your question and whether we are impacted with our LNG activities coming from the region. But you see the discussions with ADNOC are ongoing. I mean, they have slowed down a little bit. in view of the problems they are having, but we've got a letter of understanding, and this is all very conducive. And then also, late night, how much have you reduced the activities over the last year? And have you got any plans for the next year? How many staff will you reduce in 2026? 2025, about 500 staff. job reductions, and that will go down from 5,600 down to 2,500 by 2030. All right. Let me talk about the impact on supply and trading that the Iran war is having. I mean, our trading activities are based on the fact that we go for fundamental analyses, and what we are observing is an event-driven, geopolitical event that And, of course, it is difficult to really understand how long it is going to take. And, therefore, you may proceed on the assumption that we will reduce our risk positions and wait and see when the waters are calmer again at what kind of level we are going to see. Now, let me talk about the share. I mean, we believe that this can go up further. and it is demonstrated by the story that we have reported a minute ago, $35 billion to be invested and earnings growth of 12% per annum, a dividend growth by 10% per annum. So this is a long-term value, a creation for our shareholders, and therefore we believe that there is a lot of potential for our share. And I think what is important as well is that it is very important to deliver the growth and value I mean, we had a lot of the analyses of the past decade. We've always made it. We always delivered and sometimes overachieved our targets. And this is exactly what the markets want in order to develop confidence and trust in our activities. And therefore, it is very positive for us when it comes to the share. And share buyback programs, correct. The current program is going to be completed by June 2026. We don't believe that this will be continued over that date, but at the end of the day, this is a discussion we had a year ago. It is not important that you invest, but that you do investments in a value-accretive fashion. And this is exactly what we are doing. Are the investments making sense? And if there are changes when it comes to their purpose, when it comes to their targets, we might change our plans. But currently, we are very confident that we will make it and that we can go for value-accretive investments. Now, Elliot. Well, you'll probably have to ask Elliot themselves, but they kept mum for a while, so maybe that gives you an indication what that means. Okay, good check. Miss Becker from Börsenseitung. I think you can see and hear me. Certainly. Two or three questions, if I may. First, taking the longer view, will RW have no more possibilities to do green investments because obviously you are putting a lot of money into flexible generation? And then, I'd like to know whether these long-term forecasts make sense When they produce such a broad range, I mean your forecast 2027 for your adjusted income, you would have the result of 2025. What does that mean? And then also the windfall profits or the tax on windfall profits. I mean, this will be a topic that is to crop up again. Don't you think so? First question concerning the investment. Well, our CAPEX plans, when it comes to the mix between renewables and storage and gas backup, have not been subject to change. I mean, we always had the intention of building 3 gigawatt gas-fired power plants, and that was quite vague in the past. But now the government has offered a remuneration plan for that. But what we have seen is a shift away from offshore net, more investment into renewable activities in the US. So the mix is the same. It's only a slight shift simply because we have got partnerships when it comes to offshore activities, which is much larger because of the success that we have seen in the UK. And If we leave aside the investment in the gas-fired power plant growth, it would mean that there is an increase in the expansion of gas-fired power plants. Why would we need that here in Europe? I mean, at the end of the day, it's all about cutting dependencies. And our long-term forecast is only a point. We always said four years in 2030 and 340 in 2031. But long-term forecasts are very important simply because we are telling our investors that we want to invest billions. And then, of course, they want to know what will we get by way of a return. And then our business has got a long run-up time. And I think more than 50% of the investment they are doing until 2030 or 31, maybe more than that, are already known by name and by site and have already been contracted. So we've got building time between three and seven years. or construction times, and a lot we are showing here in today is already completed. What about the bandwidth? The bandwidth is not increased, and in the end of the day, it's all driven by the wind. And if there are low wind speeds, the result may be lower. And then we've got an offset due to the flexible generation. So there's some bandwidth in there. But if you have a look at the multi-year average, this is all offset. And in the long term, we are being very confident. And we think that 20, 31, 75% of the revenues will be contracted. And that, of course, offers a great degree of flexibility.