Half Year 2024 VZ Holding AG Earnings Call Transcript

Aug 16, 2024 / 09:00AM GMT
Giulio Vitarelli - VZ Holding AG - Chairman of the Executive Board, Chief Executive Officer

Good morning, and welcome to the presentation of our 2024 half-year results. I assume that everyone has been able to download our presentation, which is available on our website. I will guide you through the presentation today together with our Chief Financial Officer, Rafael Pfaffen. Rafael will take over agenda item 2, and I will take you through agenda items 1 and 3. We will both take your questions at the end of the presentation.

So let's start our presentation with the summary on page 3. Over the last six months, the market environment improved steadily despite ongoing geopolitical tensions. We had falling inflation rates, robust economic growth, the first-interest rate cuts in Europe and the prospect of a first-interest rate hike in the US that have supported financial markets. In this market environment, we were able to further expand our business.

It was also favored by the ongoing need for reform in the Swiss pension system, on which the Swiss population has to express its opinion on two

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