AT&T Impact
Q: How will AT&T 5G volumes change?
A: Management expects that, following a €150 million acceleration this quarter, next year’s volumes from AT&T will be about half of this year’s levels, reflecting a deliberate shift in revenue recognition. "

Mobile Deals
Q: How will new Mobile Networks deals add revenue?
A: While recent wins are promising, management emphasized that additional deals are needed to offset losses—indicating that the current deal flow is a step forward but not yet sufficient. "

Cost Savings
Q: Why not exceed the €1bn savings target?
A: They reported rapid progress with a €500 million run-rate and headcount reductions, aiming for a target range of €800 million to €1.2 billion by end 2026, driven by aggressive cost discipline. "

Order Conversion
Q: Why is NI order conversion slow?
A: Despite a solid order backlog and a book-to-bill above 1, macro uncertainties have slowed purchase orders, though the backlog remains higher than last year. "

Optical vs NA
Q: Why do Optical numbers lag while NA excels?
A: Optical segment weakness reflects broader market challenges, contrasting with strong, double-digit growth in North America—an area poised for improvement with the pending Infinera acquisition. "

CoreWeave Win
Q: How does the CoreWeave win boost AI exposure?
A: The win underscores a strategic push into data center and AI-driven markets, marking a key step away from traditional telco reliance toward expansive non-CSP opportunities. "

Enterprise Growth
Q: What is the outlook for enterprise performance?
A: Although top-line enterprise results were lumpy this year, management noted a turning pipeline and improved non-CSP segment performance that should enhance overall margins in the future. "

API Strategy
Q: What progress has been made on API partnerships?
A: An organic API initiative now includes over 20 partners, supporting a move to fully cloud native networks and promising better automation and cost efficiency. "

NI Order Momentum
Q: How is NI order intake trending?
A: Order intake in Network Infrastructure remains strong with consistent book-to-bill ratios above 1 and rising backlogs, indicating gradual market recovery. "

Cost Base Reset
Q: What impact do one-offs have on EBIT?
A: One-off items are recorded separately and do not affect gross margins while a refreshed cost base aims for double-digit profitability at a lowered revenue target of €9.5 billion. "

Margin Mix
Q: How do enterprise margins compare to telcos?
A: Enterprise deals tend to be more profitable than traditional telco contracts, suggesting that a shift toward non-CSP business will likely improve overall margin profiles. "

CNS Dynamics
Q: Why is CNS overall flat amid 5G growth?
A: Despite healthy growth in 5G core, declines in legacy areas like 3G core are balancing out the gains, leaving CNS top-line performance nearly flat. "

Margin Composition
Q: What drove Q3 gross margin improvement?
A: The improvement was primarily due to positive shifts in product mix, geographic advantages, and cost reductions, while one-off AR adjustments stayed out of margin calculations. "

Org Structure
Q: What are the benefits and risks of current structures?
A: The new siloed approach has boosted speed and agility by allowing independent decision-making, though it requires careful coordination to avoid customer fragmentation. "

India Outlook
Q: What is India’s revenue outlook post-Vodafone deal?
A: After last year’s record growth, management expects India to normalize between €1.5 billion and €2 billion, buoyed by the new Vodafone Idea award. "

India Margins
Q: How do margins in India perform now?
A: Management is pleased with India’s margins, which have developed well and remain competitive compared to other regions. "

Reference Designs
Q: Do similar TCO reference designs exist?
A: Attractive TCO reference designs are available, though most recent deals favor a two-vendor approach rather than relying solely on a single vendor model. "