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    Stephane Houri • ODDO BHF

    Stephane Houri's questions to Arm Holdings PLC (ARM) leadership

    Stephane Houri's questions to Arm Holdings PLC (ARM) leadership • Q1 2026

    Question

    Stéphane Houri of ODDO BHF requested an update on the adoption rate of Armv9, which was previously reported at around 30%.

    Answer

    CFO Jason Child stated that the V9 adoption metric will now be updated annually. However, CEO Rene Haas noted that royalty growth is a better indicator, as each successive generation of V9 carries a higher royalty rate, causing royalty revenue to grow faster than the V9 penetration percentage itself.

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    Stephane Houri's questions to STMicroelectronics NV (STM) leadership

    Stephane Houri's questions to STMicroelectronics NV (STM) leadership • Q2 2025

    Question

    Stéphane Houri from ODDO BHF requested more details on the expected 'nice gross margin improvement' in Q4 and asked about the drivers behind the recovery in the Industrial market, questioning if it was inventory replenishment or real demand.

    Answer

    President & CFO Lorenzo Grandi attributed the expected Q4 gross margin improvement to declining unused capacity charges and better manufacturing efficiency. President & CEO Jean-Marc Chery confirmed the Industrial recovery is driven by real demand, citing that distributor sell-through (POS) is growing and outpacing sell-in (POP). He highlighted general-purpose microcontrollers as a key driver, with high-teens year-over-year growth.

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    Stephane Houri's questions to STMicroelectronics NV (STM) leadership • Q2 2025

    Question

    Stéphane Houri from ODDO BHF requested more detail on the expected Q4 gross margin improvement and asked about the primary drivers behind the recovery in the Industrial market.

    Answer

    President & CFO Lorenzo Grandi attributed the expected Q4 gross margin improvement to declining unused capacity charges and better manufacturing efficiency. President & CEO Jean-Marc Chery explained the Industrial recovery is driven by real demand, evidenced by distributor Point-of-Sale (POS) outpacing ST's sales into the channel (POP), with general-purpose microcontrollers being a key growth driver.

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    Stephane Houri's questions to STMicroelectronics NV (STM) leadership • Q1 2025

    Question

    Stephane Houri requested clarification on ST's 2025 automotive revenue outlook compared to the broader market and asked if the unchanged CapEx budget implied that strong consensus growth expectations for H2 were still achievable.

    Answer

    CEO Jean-Marc Chery confirmed Q1 was the low point for Automotive but projected that full-year 2025 auto revenue would decline versus 2024 due to production uncertainty from trade tariffs. He clarified that the 2025 CapEx plan is primarily to execute the company's manufacturing reshaping program for long-term efficiency, not just to meet near-term demand, while still affirming an expectation for H2 revenue to be higher than H1.

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    Stephane Houri's questions to STMicroelectronics NV (STM) leadership • Q4 2024

    Question

    Stephane Houri asked about the silicon carbide business, specifically its growth prospects for 2025 and the expected revenue mix between new customers and the main existing customer, with a focus on wins in China.

    Answer

    Jean-Marc Chery, President and CEO, stated it was too early to comment on full-year 2025 SiC revenue but emphasized the strategic push to 8-inch manufacturing. Marco Cassis, President of the Analog, Power & Discrete, MEMS & Sensors Group, added that ST holds a strong socket position with Chinese carmakers and that long-term growth ambitions are intact, driven by technology innovation and an expanding manufacturing footprint.

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    Stephane Houri's questions to STMicroelectronics NV (STM) leadership • Q2 2024

    Question

    Stephane Houri sought an update on the engaged customer program for the second half, including visibility on volumes and content. He also asked for clarification on cost control measures, specifically regarding R&D and SG&A spending.

    Answer

    Jean-Marc Chery, CEO, confirmed the program drove the Q2 beat and expects a solid Q3, followed by a seasonal Q4 decline. He noted that H2 2024 and H1 2025 represent a low point for content with this customer, with an increase expected from H2 2025. On costs, he stated that strategic R&D programs are not being cut, though hiring is frozen for non-critical roles, and SG&A is under very strict control.

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    Stephane Houri's questions to Infineon Technologies AG (IFNNY) leadership

    Stephane Houri's questions to Infineon Technologies AG (IFNNY) leadership • Q2 2025

    Question

    Stephane Houri questioned the current state of automotive customer inventories, overall market stabilization, and the specific factors driving Infineon's growth in the Chinese auto market.

    Answer

    CEO Jochen Hanebeck reported that inventory in the distribution channel is on target at around 12 weeks, and feedback from Tier-1 customers indicates inventories are normalizing on average. Regarding China, Hanebeck and CMO Andreas Urschitz confirmed strong performance, citing double-digit year-over-year automotive revenue growth and an increased market share to 13.9%. This success was attributed to a broad portfolio, a system-level 'P2S' approach, and a strong reputation for reliability.

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    Stephane Houri's questions to Infineon Technologies AG (IFNNY) leadership • Q2 2025

    Question

    Stephane Houri asked for details on inventory levels at automotive customers and whether the automotive market is stabilizing across geographies and product mix, including specific drivers in China.

    Answer

    CEO Jochen Hanebeck stated that distribution channel inventory is on target at around 12 weeks, but they lack direct transparency into Tier 1 inventories, though indications suggest levels are normalizing. Regarding China, he and CMO Andreas Urschitz confirmed strong performance, with double-digit year-over-year automotive revenue growth and an increased market share to 13.9%.

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    Stephane Houri's questions to ASML Holding NV (ASML) leadership

    Stephane Houri's questions to ASML Holding NV (ASML) leadership • Q4 2024

    Question

    Stephane Houri sought confirmation on previous guidance for strong double-digit growth in non-EUV, non-China sales for 2025 and asked about the Installed Base Management (IBM) revenue, noting the Q1 guidance implies a higher annual run-rate than the full-year target.

    Answer

    CFO Roger Dassen clarified that the growth expectation for non-China, non-EUV business is closer to 40%, not 50%, consistent with prior analysis. For IBM, he confirmed the full-year expectation remains around EUR 7.5 billion and advised using that number, explaining that quarterly fluctuations occur, largely driven by the less predictable timing of upgrades.

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