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    Sami Kassab • Exane BNP Paribas

    Sami Kassab's questions to Pearson PLC (PSO) leadership

    Sami Kassab's questions to Pearson PLC (PSO) leadership • H1 2025

    Question

    Sami Kassab, via written questions, asked about sustaining growth in Clinical Assessment and UK Qualifications, the H2 outlook for U.S. Student Assessment, the scale of the VUE Test Prep business, and the share of Inclusive Access in U.S. Higher Ed.

    Answer

    Art Valentine, President of Assessment & Qualifications, confirmed strong trends in Clinical and UK Quals, and stated U.S. Student Assessment is expected to return to growth in H2. He also noted the VUE Test Prep business is scaling and will contribute to H2 results. Tom ap Simon, President of Higher Education, confirmed Inclusive Access (IA) was mid-30% of the business last year and grew 21% in H1, highlighting its strategic importance in winning adoptions.

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    Sami Kassab's questions to John Wiley & Sons Inc (WLY) leadership

    Sami Kassab's questions to John Wiley & Sons Inc (WLY) leadership • Q3 2025

    Question

    Sami Kassab asked about Wiley's revenue exposure to U.S. institutions, particularly medical libraries, the specific impact of internal AI deployment on cost efficiency, and whether the Research business can accelerate its organic growth to match the 4-5% rate of its peers.

    Answer

    CEO Matthew Kissner stated that any potential impact from U.S. government funding actions is a 'low single-digit' issue due to significant geographic diversification and multiyear contracts. EVP Jay Flynn added that only a single-digit percentage of article output is tied to direct U.S. federal funding. Flynn also detailed that internal AI is being used for workflow automation and research integrity, contributing to overall margin improvement, though a specific basis point impact was not provided. Kissner addressed the growth question by explaining that Research revenue is back-loaded and growth rates are expected to be 'much more at industry levels' by the end of the fiscal year.

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    Sami Kassab's questions to SES SA (SGBAF) leadership

    Sami Kassab's questions to SES SA (SGBAF) leadership • Q3 2024

    Question

    Sami Kassab of Exane BNP Paribas asked about the timing of IRIS² capacity revenues, whether the EU Commission would guarantee a minimum IRR, and the key technical and commercial differences between SES's mPOWER and Starlink.

    Answer

    CEO Adel Al-Saleh explained that IRIS² capacity revenue will begin post-launch around 2030, though development-milestone revenues will occur sooner. He noted that while not providing a specific IRR guarantee, the EU will be an anchor customer with guaranteed capacity uptake, and such concession contracts typically include IRR protection mechanisms. He differentiated SES's sophisticated, programmable mPOWER constellation, which offers committed information rates and managed services, from Starlink's standard, best-effort model, positioning SES to serve a market requiring more complex, high-value solutions.

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    Sami Kassab's questions to Thomson Reuters Corp (TRI) leadership

    Sami Kassab's questions to Thomson Reuters Corp (TRI) leadership • Q2 2024

    Question

    Sami Kassab of BNP Paribas inquired about feedback from early adopters of CoCounsel regarding its reliability, referencing a recent Stanford University study, and asked if firms are expanding their initial pilot programs.

    Answer

    CEO Steve Hasker stated that customer feedback on CoCounsel has been very positive since its acquisition. He directly addressed the Stanford study, clarifying that it did not cover CoCounsel and that Thomson Reuters disagrees with its findings on Westlaw Precision, citing internal and customer testing that shows a 90% accuracy rate. Hasker confirmed that the process of firms broadening their pilot programs to more professionals is now starting.

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