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    Alexander Duval • Goldman Sachs

    Alexander Duval's questions to ASML Holding NV (ASML) leadership

    Alexander Duval's questions to ASML Holding NV (ASML) leadership • Q2 2025

    Question

    Alexander Duval from Goldman Sachs asked for more detail on how leading-edge memory is driving litho intensity and for an update on the progress and timeline for ASML's next-generation common platform for EUV systems.

    Answer

    CEO Christophe Fouquet confirmed that DRAM customers are increasing their use of EUV layers on the latest nodes to simplify complex process flows, a trend he sees as sustainable. Regarding the next platform, he stated that the current platform will be scaled through the end of the decade, with the next-generation common platform (similar to High-NA's) likely becoming available for Low-NA at the beginning of the next decade.

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    Alexander Duval's questions to Nokia Oyj (NOK) leadership

    Alexander Duval's questions to Nokia Oyj (NOK) leadership • Q1 2025

    Question

    Alexander Duval asked for details on the T-Mobile U.S. contract extension and inquired about the key drivers behind the growing backlog in the Network Infrastructure segment amid macro uncertainty.

    Answer

    President and CEO Justin Hotard described the T-Mobile agreement as a 'significant multiyear extension' of their RAN contract, reinforcing a deep partnership. He attributed the Network Infrastructure backlog growth to strong demand from hyperscalers for AI and data center connectivity, which is driving optical networking needs and validating the Infinera acquisition. He noted the book-to-bill for both NI and Optical Networks was above 1.

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    Alexander Duval's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership

    Alexander Duval's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q3 2024

    Question

    Alexander Duval of Goldman Sachs questioned the rationale behind Ericsson's sub-seasonal Q4 revenue guidance for the Networks segment, given the strong ramp-up of the AT&T contract in Q3, and asked about the potential impact on group margins.

    Answer

    Lars Sandstrom, CFO, explained that the North American ramp-up in Q2 and Q3 was more intensive than initially expected. He anticipates this pace will normalize and moderate in Q4 and into the next year, based on a collaborative rollout schedule with the customer.

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    Alexander Duval's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q2 2024

    Question

    Alexander Duval of Goldman Sachs inquired whether the guidance for 'normal seasonality' in top-line growth should be considered the baseline, and if the AT&T contract win represents an upside to that or is already factored in.

    Answer

    CFO Lars Sandstrom clarified that the Q3 seasonality guidance already incorporates the anticipated growth from North America, including the AT&T contract, which is balanced against weaker conditions in other global regions. Therefore, it should not be considered an additional upside.

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