Kaveh Rouhi
Chief Financial & Legal Officer and Member of Managing Board

Sunny welcome, everyone. We very much appreciate that you are taking the time for this investor and analyst call on our first half year 2026 results. This conference call is scheduled for up to 60 minutes and will be recorded. After the management presentation, we will be happy to answer your questions. Today’s presentation is available on our Investor Relations website. The replay will also be available there shortly.

I’m glad to welcome our CEO, Jurgen Reinert, to this call. He joins me today to provide you with the H1 update. First, I will walk you through our first half figures. And then Jurgen will provide you with an update on our transformation program as well as updates on our business, including new solutions to our portfolio, current regulatory developments and how we strengthen customer value with our Large Scale solutions. Finally, we will wrap up with the updated guidance for the 2026 financial year and take time for your questions. I expect the presentation part to last about 30 minutes.

So let’s start. I refer to our disclaimer on Page 2. Let’s move to Page 4, financial highlights for the first half 2026. Well, before we deep dive into the various financial KPIs, let me first say that we are very happy with the results of H1. It clearly shows

Thailand has recently dominated global headlines across multiple fronts—ranging from a devastating mass shooting and subsequent gun control debates to economic headwinds, diplomatic maneuvering, and a bustling sports and business calendar. This summary consolidates the major storylines shaping the country’s current narrative.

Economic Outlook and Trade Relations

Thailand’s economy is showing signs of strain, with second-quarter GDP growth slowing to 1.9%, driven largely by weak domestic consumption and challenges in the energy and travel sectors. Despite this, the government’s 2026 growth forecast midpoint stands at 2.2%, suggesting cautious optimism. Compounding these concerns, Thailand revised its factory gauge amid US transshipment concerns, and finance officials have warned that a THB600 billion deficit exposes vulnerabilities in the nation’s energy sector.

Trade negotiations with the United States remain a focal point, with officials expressing hope for deeper trade ties despite tariff doubts. Thailand has also ruled out any security-tariff trade-off ahead of a visit from US Secretary of Defense Pete Hegseth, signaling a desire to keep economic and security discussions separate. Meanwhile, Bangkok Post reports ongoing negotiations aimed at finalizing a broader US-Thailand trade deal (Bangkok Post).

Gun Violence and Public Safety Crisis

The most urgent issue facing Thailand is its gun violence epidemic, following a horrific school shooting near Bangkok that left at least eight to nine people dead, including a 12-year-old girl who succumbed to her injuries days later. Students described terrifying scenes, with some recounting how they had to climb over school fences to escape the gunman. The tragedy has reignited scrutiny of Thailand’s staggering 10 million privately owned firearms, prompting the government to tighten gun controls in response (BBC).

In Bangkok’s famous gun district, however, traders argue that the government’s crackdown “misses the mark,” claiming that legitimate dealers are being penalized while illegal firearms remain widely accessible. Some dealers have reportedly switched businesses entirely to survive the new regulatory environment. At a temple memorial, grieving parents mourned the loss of their children, with one father publicly pleading for forgiveness, underscoring the emotional toll the tragedy has taken on the community.

Business Expansion and Industrial Investment

Despite economic headwinds, Thailand continues to attract significant business investment. Global Switch announced its entry into the Bangkok data center market, while Delta Electronics’ Thai subsidiary reported resilience despite a recent share slump. Japanese companies operating in Thailand are reportedly preparing to upgrade production bases with new machinery and digital technology, reflecting confidence in the country’s manufacturing sector.

The renewable energy sector is also gaining momentum, with Thailand’s renewable energy pipeline drawing up to US$2.61 billion in investment. A separate solar hospital initiative aims to save US$1.63 million in power costs. In the automotive space, Thailand is reportedly overhauling its auto tax structure following Indonesia’s Toyota investment bid, while Toyota itself has expressed confidence in maintaining its Thai production base despite regional competition.

Diplomatic and Regional Developments

Thailand’s foreign policy has been active on multiple fronts. Deputy Prime Minister Anutin Charnvirakul stated that Thailand “will not choose sides” in broader geopolitical rivalries but must keep its options open, a stance reinforced by his visit to Sydney to advance the Thailand-Australia strategic partnership. Thailand has also positioned itself as neutral in the US-China AI race, reflecting its broader balancing act between major powers.

Regional tensions persist as well, with Thailand rejecting Cambodia’s “ASEAN police” accusation, and reports emerging of the US deepening police partnerships across Southeast Asia to counter Chinese influence. On the humanitarian front, Human Rights Watch raised concerns over the potential deportation of ethnic Karen refugees to Myanmar, highlighting ongoing human rights challenges along Thailand’s borders.

Sports and Cultural Highlights

Thailand’s sporting scene has been particularly active, especially in the ASEAN Championship, where the national football team faces Singapore in a highly anticipated semifinal clash. Coach Anthony Hudson has downplayed a reported confrontation with his Singaporean counterpart while balancing a personal friendship with Singaporean star Ilhan Fandi. Beyond football, Thailand is set to host the opening round of the 2027 MotoGP season, and boxer Nabil Anane has announced his bid to represent Thailand at the LA28 Olympics.

Culturally, Thailand continues to promote its culinary heritage through initiatives like “Soul of Thai Cuisine,” while environmental efforts include stepped-up dugong protection following 209 strandings over the past decade. A newly discovered “dragon” species in Thailand’s mountain forests also made headlines, adding to the country’s rich biodiversity narrative.

Tourism, Infrastructure, and Emerging Technology

Tourism infrastructure is receiving renewed attention, with Suvarnabhumi Airport upgrades accelerating ahead of peak season. Advanced air mobility is also emerging as a priority, with Eve Air Mobility and RV Connex signing an MOU to explore urban air mobility solutions, alongside broader discussions on airspace safety and infrastructure.

On the technology front, industrial AI is reportedly powering a significant shift in Thai manufacturing, while businesses are being urged to monitor three key technology trends shaping the future. These developments, paired with Thailand’s push into AI neutrality and digital transformation, suggest a nation actively repositioning itself within the global technology landscape.

Conclusion

Thailand currently stands at a complex crossroads—grappling with the aftermath of tragedy while simultaneously pursuing economic resilience, diplomatic balance, and technological advancement. As the country navigates these intertwined challenges, its ability to reform gun laws, stabilize trade relations, and sustain business investment will likely define its trajectory in the months ahead.

Source : Google News – Search

LONDON — Journalist and author Catherine Mayer has pushed back against what she describes as a pattern of hostile media coverage directed at Meghan Markle, arguing that the Duchess of Sussex has been unfairly cast as a villainous figure in coverage of the British royal family since her 2020 departure from official royal duties.

Mayer, speaking to the Express, said she wrote her latest book partly out of concern that broader lessons from Markle’s experience with the British press have gone unlearned. “My fear is that the world has learned very little indeed from Meghan’s experience and that’s another reason I wrote the book,” Mayer said. She went on to question the intensity of public hostility directed at Markle specifically. “As I say in it, you don’t have to like her or watch her shows, but what on earth has she done to earn the hatred meted out to her?” Mayer said.

Mayer argued that the broader pattern of negative coverage directed at royal women carries consequences that extend well beyond any single individual. “Telling these negative stories about royal women, whipping up hostility towards them, has a long pedigree as my book shows, and it always goes badly not only for the women in question but for all women,” she said.

Drawing a historical parallel, Mayer suggested that some of the narratives constructed around Markle echo centuries-old tropes used to characterize women perceived as threats to established power structures. “It’s a way of promoting reductive views of women as scheming seductresses or witches. In that respect, some stories about Meghan resemble those circulated about Anne Boleyn,” Mayer said, referencing the second wife of King Henry VIII, whose fall from royal favor in the 16th century culminated in her execution on charges that historians have long regarded as largely fabricated.

Markle and Prince Harry stepped back from their roles as senior working royals in early 2020, relocating first to Canada and later settling in California, where the couple has since built a media and business portfolio spanning documentary projects, podcasts, books and other commercial ventures. Their departure and subsequent public statements about their treatment within the royal institution and by the British press have remained a persistent subject of tabloid coverage and public debate in the years since.

Mayer’s comments arrive amid what has been a particularly active stretch of royal-focused media coverage examining the Sussexes’ ongoing relationship with the wider royal family. Recent reporting has explored a range of related storylines, including speculation about efforts toward reconciliation between Prince Harry and King Charles III ahead of the anniversary of Princess Diana’s death, as well as continued coverage of Prince William’s approach to his relationship with his brother.

The broader media narrative around Markle has remained a subject of significant public disagreement since she and Harry first entered the royal family through their 2018 wedding. Supporters of the couple have frequently pointed to what they characterize as disproportionately negative or racially coded coverage of Markle compared with other royal women, a concern the couple themselves raised directly during their widely watched 2021 interview with Oprah Winfrey. Critics of the couple, meanwhile, have argued that Markle and Harry have themselves contributed to negative public perception through their public criticism of the royal family and through commercial ventures perceived by some as capitalizing on their former royal status.

Mayer’s own background lends particular weight to her commentary on the topic. A veteran journalist and author, she has previously written extensively about the British monarchy, including a biography of King Charles III published prior to his ascension to the throne. Her broader body of work has frequently examined the intersection of gender, media narratives and institutional power, themes she has said inform her latest analysis of the coverage surrounding Markle specifically.

The comparison Mayer draws to Anne Boleyn carries particular historical resonance within British royal commentary. Boleyn, whose marriage to Henry VIII and subsequent fall from favor remain one of the most extensively studied episodes in English royal history, has long been cited by historians and cultural commentators as an early example of how women perceived as disruptive to established royal or political order have historically been recast in public narratives as manipulative or malevolent figures, regardless of the underlying facts of their circumstances.

Neither Meghan Markle nor representatives for the Duke and Duchess of Sussex have issued a direct public response to Mayer’s specific comments. The couple has generally avoided direct engagement with individual pieces of royal commentary or tabloid coverage, reserving most public statements for their own official announcements regarding their charitable initiatives, media projects and family matters.

Coverage of the British royal family, and particularly of Markle’s ongoing relationship with the institution she and Harry departed in 2020, has continued to generate substantial public interest across both American and British media markets. Outlets covering the royal family regularly feature a wide range of commentary from royal historians, biographers, former palace staff and cultural critics, whose interpretations of the Sussexes’ standing within the royal family and broader public life often diverge sharply from one another, reflecting the deeply polarized nature of public opinion surrounding the couple since their departure from official royal duties.

As speculation continues regarding the future of the relationship between Harry, Markle and the wider royal family, including ongoing questions about potential reconciliation efforts with King Charles, commentary of the kind offered by Mayer is likely to remain a recurring feature of royal media coverage, reflecting broader and unresolved debates about how the British press has historically covered royal women who diverge from more traditional expectations of the institution.