Alejandro D'Atsri's questions to OMV AG (OMVKY) leadership • Q1 2025
Question
Alejandro D'Atsri of Santander questioned the drivers behind the weak performance of ADNOC refining and trading, and asked if OMV plans any divestments to offset the increased leverage from the Borouge transaction.
Answer
Martijn van Koten, EVP of Fuels & Feedstock, attributed the ADNOC weakness to significantly lower refining margins in the Middle East and Asia and lower, though still strong, trading results compared to an exceptional prior year. CFO Reinhard Florey confirmed no major divestments are needed, as the post-transaction leverage ratio is expected to remain comfortably below the 30% target.