Meeting Room - Recent Threads

What is going on with commercial real estate?

QnATest Buysider — Fri, 28 Nov 2025 04:10:20 GMT

A recent Financial Times article warned of a brewing storm in the US commercial property market with American banks full of bad loans as property prices fall. Please elaborate on what’s going on in commercial real estate. How bad will the losses be and what sectors or geographies look particularly bad? Will you be more active in commercial real estate as a result?

Hurdles and gating factors for pace of AI rollout

QnATest Buysider — Fri, 28 Nov 2025 02:21:38 GMT

Can you walk us through some of the hurdles and gating factors that we should be thinking through, that dictate the pace at which these new generative AI tools can really be rolled out broadly? Just so, we and advertisers can kind of get an understanding for when they could have a bigger impact on the whole business.

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Jason Lehman — Fri, 28 Nov 2025 00:57:00 GMT

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Jason Lehman — Fri, 28 Nov 2025 00:56:23 GMT

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Jason Lehman — Fri, 28 Nov 2025 00:56:02 GMT

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Jason Lehman — Fri, 28 Nov 2025 00:54:19 GMT

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Brand share parity

QnATest Buysider — Thu, 27 Nov 2025 23:08:03 GMT

ICE and BEV have reached share parity...is that a benchmark for other Stellantis brands to achieve as well?

Benchmarking

QnATest Buysider — Thu, 27 Nov 2025 22:29:20 GMT

I know you are very keen competitors and experts in benchmarking. Some of your US and European peers who have already reported have suggested that they will grow operating income in 2024, albeit off a lower base than yourself. I know you've described this year as turbulent, but do you think flat AOI or indeed AOI growth is feasible for yourselves this year. And maybe related to that, you do mention it as being a supportive revenue backdrop. From your Capital Markets Day in 2022, you set a revenue target for this year of EUR200 billion. Is that still something which might be achievable based off what you can see today? Thank you.

Puts and takes on free cash flow

QnATest Buysider — Thu, 27 Nov 2025 22:18:13 GMT

Can you give us the puts and takes on free cash flow this quarter? My guess is that it might have been a bit higher given the record level of EUV orders and the associated partial down payments that are related to that.

Free cash flow

QnATest Buysider — Thu, 27 Nov 2025 21:54:11 GMT

On the cash flow guidance and the implied cash flow for Q4, I think it implies something like more than €1 billion positive free cash flow. In history, the Volkswagen’s cash flow was rather negative in Q4. So therefore, maybe you can tell us what needs to happen that this positive Q4 cash flow really comes true?

Utilization

QnATest Buysider — Thu, 27 Nov 2025 21:44:24 GMT

When you're thinking about utilization in FY '25, what are some of the main pluses and minuses, which you considered?

PR planning update

QnATest Buysider — Thu, 27 Nov 2025 20:14:43 GMT

When are we going to get an update of PR planning around 71?

High NA EUV cost concerns

QnATest Buysider — Thu, 27 Nov 2025 19:07:33 GMT

Regarding High-NA, there has been some concerns relating to High-NA EUV being too expensive to be used for things like 1.4 nanometer. Do you say have any feedback on customers' current development process there?

One-timers

QnATest Buysider — Thu, 27 Nov 2025 18:39:19 GMT

Regarding some of the messaging from the release and the public comments around one-timers in the quarter itself. It seems as if they were not allocated to the segments but are more elements of Other Bets and Walphabet-level activities. Can we confirm whether those one-timers were captured in the P&L statement? And whether there were also any elements of legal one-timers that would be called out this quarter as well.

Christian Dior brand revenue slowdown

QnATest Buysider — Thu, 27 Nov 2025 16:29:38 GMT

For the past three or four years running, revenue doubled year-on-year for your Christian Dior brand. But now it's only up 14%. On your latest earnings call you said something about slowing down the growth -- are there a number of things you might wish to consolidate on that brand?

Is LMSA bullish on the adoption of High-NA EUV?

QnATest Buysider — Thu, 27 Nov 2025 15:43:00 GMT

There appears to be a bear case on High-NA EUV. When you look at your 2030 guidance, you're guiding to about 20 High-NA EUV tools. But when you had guided the initial ramp of EUV, you had talked about 50-plus tools. So is it that your guidance on High-NA EUV on 20 tools is a function of the throughput of the tool? Or is it a function on the adoption of the High-NA EUV into semiconductor production? Because there is this emerging case that LMSA itself is not so bullish on the adoption of High-NA EUV.

EV strategy

QnATest Buysider — Thu, 27 Nov 2025 15:25:38 GMT

EVs are just too expensive, and so people are not buying them. You’re obviously in a better position to make a slightly better priced EVs than some people. But would you consider selling them at even lower prices to get your penetration up more quickly towards that 20% target for 2025? It feels like the Europeans have been much more careful in pricing EVs than the Chinese. And I think that’s a big part of why they’re losing out in the market share rate.

One-timers

QnATest Buysider — Thu, 27 Nov 2025 13:20:23 GMT

Production and platform flexibility

QnATest Buysider — Thu, 27 Nov 2025 12:14:47 GMT

You alluded to this at the very beginning, the production flexibility, the platform flexibility that the firm has. Can you just elaborate on that in a bit more detail? Is it right that basically every plan, every production line can do with the STLA architectures, the BEV version and the ICE and hybrid version at the same time. So there is nothing really dedicated in terms of manufacturing assets. And how do you deal with that on the supplier side? As in, you have different parts going into the ICE car than in the BEV, in the powertrain side, needless to say the battery itself. So how can you make sure you've got enough flexibility on that front should we go through a phase of temporary weaker BEV demand? And if I just may one for Natalie, on the share buyback decision and the balance sheet situation, great to see improved or higher shareholder returns. Net of those payments that are yet to come for the buyback and the dividend, you still have a really solid balance sheet with more than 20 billion of net cash left. Should we consider that like a war chest for any potential M&A opportunities, or is there anything specific you have in mind on the investment front that needs to be taken into account in the budget. Thank you.

M&A targets

QnATest Buysider — Thu, 27 Nov 2025 09:59:09 GMT

Regarding M&A, do you have specific product categories in focus here, or are you looking across the whole portfolio?

EV strategy

QnATest Buysider — Thu, 27 Nov 2025 06:47:11 GMT

One-timers

QnATest Buysider — Thu, 27 Nov 2025 06:06:17 GMT

Generative AI changing the tech stack

Farry Link — Thu, 27 Nov 2025 05:05:53 GMT

Cloud computing changed the tech stack in ways that we could not imagine 10 years back, the nature of the database layer, the operating system layer, every layer just changed dramatically. How do you foresee generative AI changing the tech stack as we know it?

High margins in spite of AI investment

Jonnifer Jenson — Thu, 27 Nov 2025 01:42:48 GMT

The company's margin improvement is pretty shocking to most considering the investments that you are putting into AI. I'm curious if you could just walk through how this is possible, and what you're seeing so far in some of the costs that you're trying to manage as you scale up AI?

AI move from training to inferencing

Pobias Tross — Mon, 17 Nov 2025 09:38:47 GMT

Where are we in the journey from training driving most of Azure AI usage to inferencing? When do you think we start to see pick-up in non-Microsoft inferencing kick in, when do you think we could hit the point where inferencing is the bigger part of the driver?