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Ben Castillo

Research Analyst at BNP Paribas

Ben Castillo-Bernaus is an Equity Analyst at BNP Paribas SA (London Branch), specializing in European equities with coverage of companies such as Hexagon AB, Sage Group, Dassault Systèmes, and Newmont Corporation. He has achieved a 57% success rate and an average return of -2.5% on his recommendations, with his most profitable call delivering a 47.1% return. Beginning his career as a Junior Research Analyst at Evelyn Partners in 2014, he advanced through analyst roles at Exane Ltd. and Exane SA before joining BNP Paribas in October 2023. Castillo-Bernaus holds an undergraduate degree from Newcastle University; details regarding FINRA registration or securities licenses are not publicly available.

Ben Castillo's questions to SAP (SAP) leadership

Ben Castillo's questions to SAP (SAP) leadership • Q3 2025

Question

Ben Castillo from BNP Paribas asked about the updated free cash flow guidance of EUR 8.2 billion for the year, specifically questioning if anything different should be considered for Q4, given that EUR 7.2 billion was achieved through nine months, and sought comments on cash conversion and next year's outlook.

Answer

Dominik Asam, CFO of SAP, explained that the Q4 free cash flow projection accounts for the phasing of tax cash out, which will be higher in Q4, and potential consumption of transformation credits. He noted that while there's nothing 'magic,' a myriad of smaller working capital items can make the number noisy, and the estimate is the best possible as of today.

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