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    Alejandro D'Atsri

    Vice President and Equity Research Analyst at Santander

    Alejandro D'Atsri is a Vice President and Equity Research Analyst at Santander, specializing in financial sector research with a particular focus on Latin American banks and financial services firms. He covers high-profile companies such as Grupo Financiero Banorte, Banco Santander México, and Grupo Financiero Inbursa, consistently providing in-depth fundamental analysis and actionable investment ideas. With over a decade of experience in equity markets, Alejandro began his career at Citi as an analyst before joining Santander in 2020, where he quickly established a strong presence. He holds professional credentials including CFA Level II candidacy and is registered with FINRA, earning recognition for his insightful sector coverage and robust performance, reflected in above-average returns and ranking among the region’s more reliable bank analysts.

    Alejandro D'Atsri's questions to OMV AKTIENGESELLSCHAFT /FI (OMVKY) leadership

    Alejandro D'Atsri's questions to OMV AKTIENGESELLSCHAFT /FI (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.

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