Tenaris S.A. (TS) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to the Q3 2025 conference call of Raiffeisen Bank International. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Johann Strobel, Chief Executive Officer. Please go ahead. Thank you very much. Good afternoon, ladies and gentlemen. Thank you for being with us this afternoon. We are pleased to report a good set of results this morning and in particular loans growth across the region, which continue to pace in the third quarter. We can report the consolidated profit of 1 billion and 27 million euros for the first nine months of the year, excluding Russia, equal to a return on equity of 10% in line with our guidance for 2025. When we think about the future of RBI and exclude both Russia and Poland, we have achieved a 13.5 ROE in the first nine months. We can confirm our ambition to earn around 13% on this basis in 2025 and beyond. We will discuss this again on the outlook slide. Finally, our city... This meeting is being transcribed. ...stable at 15.7%. On slide five, we can report 3% loan growth in the first nine months of this year. And the positive momentum that we have seen across our network in Q3 leads us to conforming our 6% to 7% loan growth guidance for 2025. NII and NFCI have performed well, and the guidance is unchanged here as well. OPEX have increased 7% year-on-year to September 2025, which combined to some headwinds in trading income, mainly from the moves in our own credit spreads, lead to a slight deterioration of our cost-income ratio target to 53%. Let's now move to our slide on the rundown in Russia. First of all, I can confirm that we are ahead of schedule when measured against the milestones agreed with our supervisor. It is worth taking a step back to s...