Financial Data and Key Metrics Changes - Output volume increased by 7% year on year, reaching €8.9 billion, the highest value recorded in the first half [14] - Order backlog grew by €3 billion or 12%, reaching a record €28.4 billion, reflecting successful project acquisitions [16] - EBITDA rose by 20% to €431 million, while EBIT increased by 58% to €129 million, marking the second highest level in company history [18][19] - Net income after minorities reached €95 million, exceeding the previous year's record of €91 million [21] Business Line Data and Key Metrics Changes - Infrastructure accounted for over 50% of output volume, providing a stable foundation for the portfolio [5] - Residential construction stabilized and grew, with new prefabricated solutions launched to reduce costs and emissions [6] - The international and special division segment saw output volume increase by 35% to €2 billion, driven by established markets and acquisitions [39] Market Data and Key Metrics Changes - Positive trends observed in mobility and energy infrastructure projects, with significant contributions from solar parks and wind farms [3] - Germany's outlook is strong due to a newly approved infrastructure investment fund, although delays in public project awards are noted [4][5] - Poland saw an impressive output increase of 30%, while the Czech Republic experienced broad-based growth across all construction segments [14] Company Strategy and Development Direction - The company is focused on Strategy 2030, aiming for profitable growth and expansion in energy and water infrastructure [2][43] - Recent acquisitions, including parts of the WTE Group, position the company as a full-service provider in water infrastructure [8] - The company is actively pursuing opportunities in the energy transition and building solutions sectors, with a focus on decarbonization [43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth targets for 2025 despite short-term challenges in Germany [2][51] - The company anticipates continued momentum from growth initiatives in energy and water infrastructure, as well as contributions from recent acquisitions [17] - The outlook for the construction sector is improving, supported by interest rate cuts and the modernization program funded by the new infrastructure investment fund [49] Other Important Information - The company maintains a solid net cash position of €1.8 billion and an equity ratio of 32.4% [22] - The share price has doubled compared to the end of the previous year, reflecting strong performance and market confidence [48] - The company confirmed its guidance for strong growth in output volume to around €21 billion for the full year 2025 [51] Q&A Session Summary Question: What is the outlook for the construction sector in Germany? - Management noted that 2025 is a transitional year following federal elections, with expectations for public and industrial building projects to drive growth [30] Question: How is the company addressing challenges in the residential construction market? - The company is focusing on affordable housing solutions and innovative construction methods to stimulate demand [35] Question: What are the expectations for the international and special divisions segment? - The segment is expected to see significantly higher output volume in 2025, driven by contributions from acquisitions and organic growth [41]