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    Francois-Xavier Bouvignies • UBS

    Francois-Xavier Bouvignies's questions to Nokia Oyj (NOK) leadership

    Francois-Xavier Bouvignies's questions to Nokia Oyj (NOK) leadership • Q2 2025

    Question

    François-Xavier Bouvignies of UBS asked how the new 'integrated end-to-end' strategy differs from previous attempts at the same model at Nokia and what makes management confident it will work this time.

    Answer

    President & CEO Justin Hotard clarified that this is an evolution, not a return to a past model. He stressed that P&L accountability within the business groups remains critical. The change is about creating a consistent operating model for corporate functions and a more integrated go-to-market approach to better align with customer structures, which he believes will improve agility and unlock operating leverage.

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    Francois-Xavier Bouvignies's questions to Nokia Oyj (NOK) leadership • Q2 2025

    Question

    François-Xavier Bouvignies of UBS asked how the new 'integrated end-to-end' strategy differs from a similar approach Nokia tried in the past, and what makes management confident it will succeed this time.

    Answer

    President & CEO Justin Hotard clarified that this is an evolution, not a return to a past model. He stressed that P&L accountability for the business groups remains critical. The change is about creating a more consistent functional operating model and a more integrated customer-facing approach to better serve clients, improve agility, and unlock operating leverage. He noted early feedback has been positive.

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    Francois-Xavier Bouvignies's questions to Nokia Oyj (NOK) leadership • Q1 2025

    Question

    Francois-Xavier Bouvignies asked how the new CEO's capital allocation priority on growth fits with the ex-growth Mobile Networks (MN) asset and questioned the overall strategic importance of MN for Nokia.

    Answer

    President and CEO Justin Hotard explained that capital allocation is tailored to each business's unique cycle. He views MN as more than just RAN, highlighting Nokia's full portfolio including a robust and growing Core network. He sees long-term value in MN from its scale, project-based nature, and future opportunities in defense and AI-driven applications like AR/VR, which will require performant wireless networks.

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    Francois-Xavier Bouvignies's questions to STMicroelectronics NV (STM) leadership

    Francois-Xavier Bouvignies's questions to STMicroelectronics NV (STM) leadership • Q2 2025

    Question

    François-Xavier Bouvignies from UBS asked what caused the outlook to deteriorate since early June, leading to a Q3 forecast of -2.5% year-over-year growth, and questioned if a specific customer issue was temporary or a structural market share shift.

    Answer

    President & CEO Jean-Marc Chery clarified that 90% of the $80 million year-over-year gap in the Q3 forecast is due to a decline in 'intangible' revenue (capacity reservation fees), not product demand. The remainder is from a specific automotive customer's forecast change, which he stressed is not a market share loss and is expected to be temporary.

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    Francois-Xavier Bouvignies's questions to STMicroelectronics NV (STM) leadership • Q2 2025

    Question

    François-Xavier Bouvignies from UBS questioned why the Q3 outlook was weaker than prior expectations, asking what had deteriorated since early June and if a specific customer issue was temporary or a structural market share loss.

    Answer

    President & CEO Jean-Marc Chery explained that 90% of the gap to year-over-year growth was due to a decline in non-product "intangible" revenue (capacity reservation fees). The remainder was from a specific automotive customer's forecast change, which he stressed was "absolutely not a market share loss" and was expected to be temporary.

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    Francois-Xavier Bouvignies's questions to STMicroelectronics NV (STM) leadership • Q1 2025

    Question

    Francois-Xavier Bouvignies asked if STMicroelectronics' Q2 revenue guidance was inflated by customers pulling in orders ahead of potential tariffs, and questioned the feasibility of a significant H2 gross margin recovery given record-high inventory levels.

    Answer

    CEO Jean-Marc Chery responded that the Q2 forecast was based on a linear booking model and did not reflect any specific tariff-related pull-ins. CFO Lorenzo Grandi added that while inventory is high, it was expected and is projected to begin declining in Q2. Grandi clarified that the Q2 gross margin will be flat sequentially, as an improved product mix is offset by negative manufacturing efficiencies and unfavorable foreign exchange rates.

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    Francois-Xavier Bouvignies's questions to STMicroelectronics NV (STM) leadership • Q4 2024

    Question

    Francois-Xavier Bouvignies asked about the outlook for the remainder of 2025, given the weak Q1 guidance and low book-to-bill ratio. He also inquired about inventory levels in the distribution channel and whether there were any signs of significant destocking.

    Answer

    Jean-Marc Chery, President and CEO, stated that visibility beyond Q1 remains extremely low, but it is fair to expect Q1 will be the low point of 2025. Lorenzo Grandi, President and CFO, added that there is still an excess of inventory in the distribution channel, in the range of one to two months above normal levels, and that significant destocking was not observed in Q4.

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    Francois-Xavier Bouvignies's questions to STMicroelectronics NV (STM) leadership • Q2 2024

    Question

    Francois-Xavier Bouvignies asked about the sharp downturn in Industrial and Microcontrollers, questioning if STMicroelectronics had higher inventory levels than peers and how long the destocking might last. He also requested details on the weakening automotive demand.

    Answer

    Jean-Marc Chery, CEO, attributed the prolonged industrial correction to ST's broad portfolio, exposure to short-cycle businesses, and a past policy of non-cancelable orders that led to customer inventory build-up. For Automotive, he detailed three factors for the weakness: reduced demand in legacy auto, a slower-than-expected ramp in EVs, and a specific ADAS customer inventory adjustment. He confirmed Automotive would still grow about 4% in H2 versus H1.

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    Francois-Xavier Bouvignies's questions to NXP Semiconductors NV (NXPI) leadership

    Francois-Xavier Bouvignies's questions to NXP Semiconductors NV (NXPI) leadership • Q2 2025

    Question

    François-Xavier Bouvignies of UBS questioned the specific triggers NXP is waiting for to increase channel inventory from nine weeks and inquired about the plan for NXP's own inventory levels in the upcoming quarters.

    Answer

    CEO Kurt Sievers explained that NXP is monitoring for further solidification of positive trends like short-cycle orders, growing backlog, and customer escalations, and could begin increasing channel inventory as early as Q3. CFO Bill Betz stated that NXP's own inventory (DIO) is expected to remain at a similar level in Q3 due to a combination of higher revenue and the start of pre-builds for factory consolidation, with a goal of balancing supply assurance against long-term targets.

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    Francois-Xavier Bouvignies's questions to NXP Semiconductors NV (NXPI) leadership • Q2 2025

    Question

    François-Xavier Bouvignies asked what specific signals NXP is waiting for to increase channel inventory from 9 weeks and inquired about the plan for NXP's own inventory days (DIO), which remain elevated.

    Answer

    CEO Kurt Sievers responded that NXP is monitoring for further solidification of positive trends like short-cycle orders and customer escalations before increasing channel inventory, a move focused on competitiveness that could occur in Q3 or Q4. CFO Bill Betz explained that while internal DIO decreased, it is expected to remain at similar levels in Q3 due to strategic pre-builds for factory consolidation and a desire to hold more inventory to ensure supply during the emerging upcycle.

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    Francois-Xavier Bouvignies's questions to NXP Semiconductors NV (NXPI) leadership • Q1 2025

    Question

    Francois-Xavier Bouvignies asked if NXP would allow customers to build inventory in response to tariffs and questioned the path to gross margin expansion in the second half of the year, given currently high inventory levels.

    Answer

    CEO Kurt Sievers affirmed that NXP's policy is to not support customer inventory builds, aiming to keep channel inventory flat at 9 weeks. CFO Bill Betz explained that gross margin is a function of revenue levels and that levers for improvement include higher fab utilization and product mix. He acknowledged that current inventory at 169 days is at the upper bound but sees it as prudent given macro uncertainty.

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    Francois-Xavier Bouvignies's questions to NXP Semiconductors NV (NXPI) leadership • Q3 2024

    Question

    Francois-Xavier Bouvignies asked about NXP's pricing strategy for 2025 amid a challenging environment and inquired about the company's philosophy on the trade-off between market share and gross margin.

    Answer

    CEO Kurt Sievers stated that pricing for the current year will be flat and expects a return to a typical low single-digit annual ASP erosion in 2025, supported by a differentiated portfolio. He emphasized that NXP will not compete on price alone and would rather exit a product category than sacrifice gross margin for market share, a philosophy that prioritizes profitability and is supported by internal cost reduction efforts.

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    Francois-Xavier Bouvignies's questions to ASML Holding NV (ASML) leadership

    Francois-Xavier Bouvignies's questions to ASML Holding NV (ASML) leadership • Q2 2025

    Question

    François-Xavier Bouvignies from UBS asked for clarification on the 2025 revenue mix, specifically why EUV revenue growth is guided to 30% and not higher, and questioned if High-NA adoption is truly neutral for ASML compared to multi-patterning Low-NA.

    Answer

    CFO Roger Dassen explained that the lower-than-expected EUV system revenue growth is offset by higher Installed Base Management revenue, as significant field upgrades to NXE:3800E systems are recognized in that segment. He also noted China's DUV demand is stronger than initially forecast. CEO Christophe Fouquet added that High-NA's value is captured by enabling next-node shrinks and increasing overall litho intensity, which benefits ASML.

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    Francois-Xavier Bouvignies's questions to ASML Holding NV (ASML) leadership • Q4 2024

    Question

    Francois-Xavier Bouvignies asked about the phasing of the 2-nanometer capacity build, questioning if it might be front-loaded in 2025. He also inquired if strong AI demand could offset potential short-term weakness in the smartphone market.

    Answer

    CFO Roger Dassen stated that ASML does not see an abnormal, front-loaded ramp for 2-nanometer, expecting it to extend from 2025 through 2026 and 2027, a view he noted was confirmed by a key customer. CEO Christophe Fouquet added that while the broader market isn't spectacular, AI demand is strong enough to drive utilization of initial advanced logic capacity, and he pointed to recent customer commentary suggesting some recovery in mobile, leading ASML to see more upside than risk.

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    Francois-Xavier Bouvignies's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership

    Francois-Xavier Bouvignies's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q1 2025

    Question

    Francois-Xavier Bouvignies inquired about the specifics of the 1% gross margin impact from tariffs, asking for the building blocks of this effect and whether Ericsson anticipates an inventory build-up that could negatively affect the second half of the year.

    Answer

    CFO Lars Sandstrom explained the tariff impact stems from the material flow of direct components and site materials across Ericsson's diversified production network. He noted some inventory was built in Q1 but does not foresee a significant future impact. CEO Börje Ekholm added that a key long-term focus is broadening the ecosystem of component suppliers, particularly building a 'Western ecosystem'.

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    Francois-Xavier Bouvignies's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q3 2024

    Question

    Francois-Xavier Bouvignies of UBS noted that the last time Ericsson's gross margin was at 46%, the North American revenue mix was similarly high. He asked if the geographic mix was the primary driver and what the implications are for margins as the mix normalizes.

    Answer

    CEO Börje Ekholm clarified that while the favorable market mix was a contributor, it was not the main driver of the strong gross margin. He emphasized that the primary factors were long-term structural improvements from restructuring, enhanced productivity, and better supply chain utilization.

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    Francois-Xavier Bouvignies's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q2 2024

    Question

    Francois-Xavier Bouvignies asked about the recent divergence between Ericsson's rising gross margin and declining EBITDA margin, questioning the underlying cost dynamics despite favorable mix and revenue.

    Answer

    CFO Lars Sandstrom attributed the margin disconnect to a relatively higher R&D cost base against a significantly lower revenue environment, which impacts the ratios. CEO Börje Ekholm added that R&D investments are forward-looking to secure future competitiveness, such as the AT&T win, and do not scale down directly with short-term revenue dips, causing a temporary misalignment.

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