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    Sébastien Sztabowicz • Kepler Cheuvreux

    Sébastien Sztabowicz's questions to Nokia Oyj (NOK) leadership

    Sébastien Sztabowicz's questions to Nokia Oyj (NOK) leadership • Q2 2025

    Question

    Sébastien Sztabowicz of Kepler Cheuvreux inquired about any recent pull-in of orders and whether Nokia has observed any changes in the pricing dynamics or competitive landscape in the RAN market, as noted by a competitor.

    Answer

    President & CEO Justin Hotard stated that order intake has been consistent with a normal evolution, with no significant pull-ins. On pricing, he commented that he has not seen anything abnormal, noting that competitive dynamics are highly regional and depend on the specific opportunity, and that Nokia feels good about the current market.

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    Sébastien Sztabowicz's questions to Nokia Oyj (NOK) leadership • Q2 2025

    Question

    Sébastien Sztabowicz from Kepler Cheuvreux inquired about any recent pull-in of orders and whether Nokia has observed changes in the pricing dynamics or competitive landscape in the mobile networks (RAN) market.

    Answer

    President & CEO Justin Hotard stated there have been no significant order pull-ins and that the forecast remains consistent. He also commented that he has not seen any abnormal changes in the RAN pricing environment, noting that competitive dynamics vary significantly by region.

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    Sébastien Sztabowicz's questions to STMicroelectronics NV (STM) leadership

    Sébastien Sztabowicz's questions to STMicroelectronics NV (STM) leadership • Q2 2025

    Question

    Sébastien Sztabowicz of Kepler Cheuvreux asked for a quantification of the current excess inventory in the distribution channel and inquired about the silicon carbide pricing environment in China and visibility on design ramps for 2026.

    Answer

    President & CFO Lorenzo Grandi stated that excess inventory in distribution has declined by 'at least one month' on average since Q1, with some product lines now normalized. Marco Cassis, President of Analog, MEMS & Sensors Group, acknowledged strong SiC price pressure in China but said ST is counteracting it with new product generations and local manufacturing. President & CEO Jean-Marc Chery added that 2026 is expected to be a growth year for SiC.

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    Sébastien Sztabowicz's questions to STMicroelectronics NV (STM) leadership • Q2 2025

    Question

    Sébastien Sztabowicz of Kepler Cheuvreux asked for a quantification of inventory in the distribution channel and inquired about the silicon carbide pricing environment in China and visibility on future design ramps.

    Answer

    President & CFO Lorenzo Grandi stated that excess inventory in distribution has declined by about one month on average, with some product lines now normalized. Marco Cassis, President of the Analog, MEMS & Sensors Group, acknowledged strong SiC price pressure in China but said ST is countering with new product generations and local manufacturing. CEO Jean-Marc Chery added that 2026 is expected to be a growth year for SiC.

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    Sébastien Sztabowicz's questions to STMicroelectronics NV (STM) leadership • Q2 2024

    Question

    Sébastien Sztabowicz asked for guidance on modeling operating expenses for Q3 and the full year, and requested a breakdown of the expected revenue trends by division and end market for the third quarter.

    Answer

    Lorenzo Grandi, CFO, guided Q3 OpEx to between $905-$915 million and stated full-year OpEx would see a very modest increase over 2023. Jean-Marc Chery, CEO, provided detailed Q3 sequential revenue guidance by end market: Automotive +4%, Industrial -17%, Personal Electronics +17%, and Comms/Computer -8%. By segment, he expects Power/Discrete to grow 12.9% while Digital/RF declines 17.8%.

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    Sébastien Sztabowicz's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership

    Sébastien Sztabowicz's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q2 2025

    Question

    Sébastien Sztabowicz from Kepler Cheuvreux asked for the outlook on operating expenses (OpEx) for the remainder of the year, noting that Q2 OpEx was lower than anticipated.

    Answer

    CFO Lars Sandström confirmed that cost-saving initiatives are now flowing through to the P&L. He expects OpEx in the second half of the year to be at a similar level to the first half, which implies strong cost control given that H2 typically has higher seasonal costs.

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    Sébastien Sztabowicz's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q1 2025

    Question

    Sébastien Sztabowicz asked for an update on cost-cutting actions, the current areas of focus, and whether Ericsson still aims for broadly flat operating expenses for the full year 2025.

    Answer

    CFO Lars Sandstrom explained that continuous cost reductions are necessary to offset inflation in a flat RAN market. He confirmed ongoing actions, including reductions in Cloud Software & Services, balanced against targeted R&D investments in Networks. While not providing specific full-year guidance, he affirmed this strategic direction.

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    Sébastien Sztabowicz's questions to Telefonaktiebolaget LM Ericsson (ERIC) leadership • Q3 2024

    Question

    Sébastien Sztabowicz of Kepler Cheuvreux asked for the reasons behind the significant growth slowdown in Enterprise Wireless Solutions in Q3 and what catalysts are needed for a recovery.

    Answer

    CFO Lars Sandstrom cited a strategic focus on more profitable segments. CEO Börje Ekholm added that the launch of a new product portfolio (EP 5G and neutral host) caused a temporary pause as the old portfolio slowed before the new one ramped up. He noted encouraging signs of the new solutions moving to commercial scale.

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    Sébastien Sztabowicz's questions to Infineon Technologies AG (IFNNY) leadership

    Sébastien Sztabowicz's questions to Infineon Technologies AG (IFNNY) leadership • Q2 2025

    Question

    Sébastien Sztabowicz asked about the current fab loading rates for front-end and back-end, and how they are expected to trend in the second half of the year given the guidance.

    Answer

    CFO Sven Schneider stated that current fab loading is in the 70s for front-end and high 60s for back-end. CEO Jochen Hanebeck explained that the trend for the second half depends on whether the tariff "guesstimate" materializes; if not, loading will gradually increase, but if it does, they may have to adjust loading downwards, which is already incorporated into the guidance and higher underutilization charge forecast.

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    Sébastien Sztabowicz's questions to Infineon Technologies AG (IFNNY) leadership • Q2 2025

    Question

    Sébastien Sztabowicz inquired about the current fab loading rates and their expected trajectory for the second half of the fiscal year.

    Answer

    CFO Sven Schneider stated that current fab loading is in the 70s for front-end and high 60s for back-end. CEO Jochen Hanebeck explained the H2 trend depends on the tariff 'guesstimate'. If it doesn't materialize, loading will gradually increase; if it does, loading will be adjusted down, an effect already incorporated into guidance via higher underutilization charges. Schneider added the full-year underutilization charge forecast is now around €1 billion.

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