Group 1 - Lectra's Q4 and full year 2025 financial report is now available for shareholders, in compliance with regulatory requirements [1] - The report can be accessed on Lectra's website or requested at the company's headquarters in Paris [1] Group 2 - Founded in 1973, Lectra specializes in industrial intelligence technology solutions, combining SaaS software, cutting equipment, data, and associated services for the fashion, automotive, and furniture industries [2] - In 2025, Lectra reported revenues of €507 million, with €89 million coming from SaaS revenues [2] - The company operates in over 100 countries, with production sites in France, China, and the United States, and employs 2,800 people [2] - Lectra is listed on Euronext and included in several indices such as CAC All Shares and CAC Technology [2]

Core Insights - Water-related investments were previously popular, with significant focus on terms like "peak oil" and "water war," highlighting the importance of companies like SUEZ and Veolia in the market [1] - In recent years, investor interest has shifted towards sectors such as SaaS, Cloud, and business digitization, leading to a decline in focus on water as a slow-growing niche market [1] Company and Industry Summary - The water industry was once a focal point for investors, particularly in the early 2000s, but has since been overshadowed by technology-driven sectors [1] - Companies like SUEZ and Veolia were prominent in discussions around water scarcity and geopolitical conflicts related to water resources [1]

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Financial Performance - Operating revenue increased by 6.9% year-on-year, reaching KRW 28,244.2 billion [22] - Operating profit surged by 205% year-on-year to KRW 2,469.1 billion, driven by core business performance and one-off gains from real estate projects [22] - Net income rose by 340.4% year-on-year to KRW 1,836.8 billion, with EBITDA increasing by 35.5% to KRW 6,349.3 billion [24][22] - Operating expenses remained flat year-on-year at KRW 25,775.1 billion, attributed to lower labor costs and efficient spending [26] Business Line Performance - Wireless revenue grew by 2.8% year-on-year to KRW 7,155.4 billion, supported by subscriber expansion in 5G, which reached a penetration rate of 81.8% [32] - Broadband revenue increased by 1.9% year-on-year to KRW 2,533.5 billion, driven by growth in giga subscribers and value-added services [34] - B2B service revenue rose by 1.3% year-on-year, with AI and IT business growing by 3.1% [39] - KT Cloud revenue saw a significant increase of 27.4% year-on-year, reaching KRW 997.5 billion, due to rising data center usage and AI cloud demand [41] Market Data - The company reported a debt-to-equity ratio of 120.7% at the end of 2025, with a net debt-to-equity ratio decreasing by 0.4 percentage points to 37.4% [28] Company Strategy and Industry Competition - The company is focusing on enhancing its fundamentals and rebuilding customer trust following a data breach incident, with a commitment to invest around KRW 1 trillion in security over five years [16][14] - The new CEO, expected to take office in 2026, is anticipated to maintain the company's growth strategy and shareholder return policy [66][62] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving better performance in 2026 compared to 2025, despite the financial impact of the customer compensation package related to the data breach [59][55] - The company aims to improve operational efficiency in the wireless business and expects continued growth in the B2B sector, particularly in AI and IT [80][82] Other Important Information - The company announced a 20% increase in annual dividends per share from KRW 2,000 in 2024 to KRW 2,400 in 2025, alongside a KRW 250 billion share buyback plan [6][18] - The appointment of a new CEO was confirmed, who is known for expertise in B2B and future technologies [9] Q&A Session Summary Question: What is the financial impact of the customer compensation package regarding the data breach incident? - The estimated benefit for customers is around KRW 450 billion, but not all will be booked as costs, depending on customer usage [55] Question: Will the new CEO maintain the previous shareholder return stance? - The dividend per share has been increased by 20%, and the new CEO and Board of Directors will finalize the shareholder return plan for 2026 [62][64] Question: What is the outlook for the wireless business following the data breach? - Approximately 230,000 subscribers left during the cancellation fee waiver period, but the overall impact was mitigated by previous net additions [77] Question: Why is B2B growth slower compared to peers? - When including KT Cloud revenue, the overall B2B growth is 6%, which is not considered low given the market size [84]

Group 1 - The article highlights the expertise of Michael Del Monte as a buy-side equity analyst specializing in technology, energy, industrials, and materials sectors [1] - Michael Del Monte has over a decade of experience in professional services across various industries including Oil & Gas, Oilfield Services, Midstream, Industrials, Information Technology, EPC Services, and consumer discretionary [1]

Company Overview - monday.com Ltd. (NASDAQ:MNDY) is a flexible Work Operating System founded in 2012 and based in Tel Aviv, providing support for project management, CRM, and workflow automation [4] Financial Performance - In Q3 of fiscal 2025, monday.com reported total revenue of $317 million, reflecting a 26% year-over-year growth [3] - The company has seen significant adoption of its AI-driven offerings, with over 60,000 apps created using products like Monday Vibe and Agent Factory since July, indicating increased customer engagement with automation and workflow tools [3] Market Sentiment - Piper Sandler lowered its price target for monday.com from $250 to $170 while maintaining an Overweight rating, citing broader concerns around seat compression and valuation ceilings rather than specific company fundamentals [1] - Despite valuation pressures in the software sector, monday.com continues to demonstrate consistent revenue growth and expanding use cases for AI, highlighting ongoing demand for its platform [4]

Company Overview - Klaviyo, Inc. (NYSE:KVYO) is an AI-driven marketing automation and customer data platform primarily serving e-commerce businesses, founded in 2012 and headquartered in Boston [4] Financial Performance - In the third quarter of fiscal 2025, Klaviyo reported a revenue increase of 32% year-over-year, reaching $311 million, driven by strong new customer additions and multiproduct adoption among existing clients [3] Market Position and Trends - The company is integrating agentic AI into its platform, which has led to improved engagement metrics such as higher open rates and increased attributed revenue value for customers [3] - Despite facing near-term valuation pressures across the software sector, Klaviyo's expanding feature set positions it to remain relevant as brands focus on first-party data and personalized outreach [4] Analyst Insights - Piper Sandler recently lowered its price target for Klaviyo from $45 to $30 while maintaining an Overweight rating, reflecting broader sector-level concerns rather than a change in Klaviyo's business performance [1]

Financial Data and Key Metrics Changes - Total revenues for Q2 fiscal 2026 were approximately $1.33 billion, with cloud revenue at $478 million, reflecting a year-over-year growth of 3.4% [9][16] - Adjusted EBITDA was $491 million, representing a margin of 37.0%, down 2.1% year-over-year [17] - GAAP net income was $168 million, down 26.9% year-over-year, primarily due to foreign exchange impacts [18] - Non-GAAP diluted EPS was $1.13, up 1.8% year-over-year, while GAAP diluted EPS was $0.66, down 24.1% [18] Business Line Data and Key Metrics Changes - The content business, which constitutes 43% of total revenues, grew 4.5% year-over-year, with cloud revenue for content increasing by 18% year-over-year [9][10] - Enterprise cloud bookings reached $295 million, marking an 18% year-over-year growth [9] - Customer support revenue was $582 million, down 1.5%, with a net renewal rate of 92% [16] Market Data and Key Metrics Changes - Total cloud RPO (Remaining Performance Obligations) increased by 13.7% year-over-year [9] - The company expects Q3 total revenues to be between $1.26 billion and $1.28 billion, reflecting a slight reduction due to the divestiture of eDOCS [20] Company Strategy and Development Direction - The company is focused on reshaping its business to concentrate on faster-growing core businesses, particularly in cloud and AI [8][12] - OpenText plans to divest non-core assets at a rate of one per quarter to streamline its portfolio [24][28] - The introduction of the OpenText AI Data Platform is aimed at enhancing capabilities in AI and cloud services [12] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the company's financial position and the execution of its strategic initiatives [14] - The company reaffirms its total revenue growth target of 1%-2% year-over-year for fiscal 2026 [19] - Management highlighted the importance of preparing content for AI training, indicating a long-term growth trajectory in this area [45][70] Other Important Information - The divestiture of Vertica for $150 million is expected to close during fiscal 2026, with proceeds aimed at reducing outstanding debt [19][26] - The company is executing a $300 million share buyback program, having repurchased half of this amount year-to-date [21] Q&A Session Summary Question: How does AI impact OpenText and content management? - Management clarified that OpenText provides content for training AI, which remains essential regardless of application changes [33] Question: Can you discuss the divestiture strategy and valuations? - Management expressed confidence in maintaining a divestiture pace of one per quarter, with strong interest in high-quality assets [34][35] Question: What is Ayman Antoun's mandate regarding divestments? - Management indicated that Ayman's strategy aligns with the company's focus on core business and divestments [39] Question: How are cloud migrations trending? - Management noted that most migrations are towards hyperscalers, with ongoing development of a sovereign cloud strategy [61] Question: What is the outlook for software budgets in relation to AI? - Management suggested that as companies deploy AI, there will be an evolutionary path in software budgets, particularly for managing proprietary data [67][70] Question: What is the expected contribution of other core products to growth? - Management expects other product groupings to contribute positively to growth throughout the year [81]

Financial Data and Key Metrics Changes - The company reported Core FFO per share of $1.86 for Q4 2025 and $7.39 for the full year, representing a 10% increase over 2024 [5][25] - Core FFO per share grew by 8% year-over-year in Q4 2025, reflecting strong core growth and continued growth in fee income [20][25] - Same capital cash NOI growth was 8.6% year-over-year in Q4, driven by an 8.2% increase in data center revenue [26] Business Line Data and Key Metrics Changes - The company signed over $1 billion in new leases for the second consecutive year, with bookings of $1.2 billion in 2025, nearly 70% above the average of the previous five years [9][20] - The 0-1 MW-plus interconnection product set posted nearly $340 million in bookings, a record and 35% higher than 2024 levels [9][20] - The greater-than-1 MW category saw $78 million in bookings, with pricing remaining strong at over $180 per kilowatt [22] Market Data and Key Metrics Changes - Demand for data center capacity remained robust, particularly in the Americas, which accounted for 65% of bookings in Q4 [21] - The company expanded its footprint in the APAC region, entering Indonesia and acquiring a highly connected data center in Malaysia [12][78] - The total backlog reached a record of nearly $1.4 billion at year-end, reflecting strong data center fundamentals [23] Company Strategy and Development Direction - The company focuses on a global, full-spectrum, and connectivity-rich platform, emphasizing operational excellence and disciplined capital allocation [8] - The strategy includes expanding into emerging markets and enhancing interconnection capabilities to support AI and cloud demands [12][78] - The company aims to deliver AI-ready infrastructure in tier-one metros, addressing the growing demand for AI inference workloads [11][16] Management's Comments on Operating Environment and Future Outlook - Management noted that data centers have gained prominence due to accelerated AI adoption and cloud platform scaling, with power becoming a primary constraint [7][8] - The outlook for 2026 anticipates continued growth in cloud and AI demand, with expectations for total revenue and Adjusted EBITDA growth of over 10% [33] - Management highlighted the importance of securing power capacity and maintaining a strong track record of on-time delivery to meet customer needs [17][66] Other Important Information - The company raised EUR 1.4 billion in a dual tranche green Eurobond offering to support its growth strategy [30] - The balance sheet remains robust with nearly $7 billion in liquidity and approximately $15 billion in dry powder for hyperscale data center development [31] - The company plans to enhance its reporting metrics to focus more on power-based metrics, aligning with how the business is managed [26] Q&A Session Summary Question: Insights on hyperscaler activity and bookings - Management noted a significant increase in hyperscaler demand, particularly in Northern Virginia, Charlotte, Atlanta, and Dallas, with customers looking further out for power capacity [36][38] Question: Context around AI inference scaling - Management indicated that both hyperscale and enterprise businesses are seeing increased demand for AI-related infrastructure, with a notable rise in enterprise AI use cases [41][42] Question: Impact of industry capacity growth on bookings - Management expressed confidence in continued strong demand despite upcoming industry capacity growth, emphasizing their proactive development strategy [65][67] Question: Disconnect between public and private data center valuations - Management discussed the importance of asset mix in valuation discrepancies and highlighted their strategy to leverage both private and public capital for growth [69][72] Question: Investments in new markets - Management explained their strategy of acquiring highly connected assets in emerging markets like Malaysia and Indonesia, focusing on interconnection capabilities [77][78]

Financial Data and Key Metrics Changes - Total revenues for Q2 fiscal 2026 were approximately $1.33 billion, with a year-over-year growth of 0.4% [7][13] - Adjusted EBITDA was $491 million, representing a margin of 37.0%, down 2.1% year-over-year [14] - GAAP net income was $168 million, down 26.9% year-over-year, largely due to foreign exchange impacts [14] - Non-GAAP diluted EPS was $1.13, up 1.8% year-over-year, while GAAP diluted EPS was $0.66, down 24.1% [15] Business Line Data and Key Metrics Changes - Cloud revenue was $478 million, up 3.4% year-over-year, driven mainly by content cloud [13] - Total content business, which constitutes 43% of total revenues, grew 4.5% year-over-year, with cloud revenue for content growing 18% year-over-year [7][8] - Customer support revenue was $582 million, down 1.5%, while annual recurring revenue (ARR) was $1.06 billion, up 0.7% year-over-year [13] Market Data and Key Metrics Changes - Enterprise cloud bookings reached $295 million, reflecting an 18% year-over-year growth [7] - Total cloud remaining performance obligations (RPO) increased by 13.7% year-over-year [7] - The cloud net renewal rate remained consistent at 95% [13] Company Strategy and Development Direction - The company is focused on reshaping its business to concentrate on faster-growing core businesses, particularly in cloud and AI [6][10] - A divestiture agreement for Vertica was made for $150 million, with plans to use proceeds to reduce debt [5][16] - The company aims to divest one business unit or product category per quarter to streamline its portfolio [20][24] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed a total revenue growth target of 1%-2% year-over-year for fiscal 2026 [10][16] - The company expects Q3 total revenues to be between $1.26 billion and $1.28 billion, reflecting a slight reduction due to the eDOCS divestiture [17] - Management expressed optimism about the growth trajectory of core products, particularly in cloud and AI [11][28] Other Important Information - The company appointed Ayman Antoun as the new CEO, expected to join in a couple of months [5][21] - The company is executing a $300 million share buyback program, with half of this amount already repurchased [18] Q&A Session Summary Question: Concerns about AI disrupting OpenText and content management - Management clarified that OpenText does not create applications but provides content for training AI, ensuring the need for content remains [30] Question: Confidence in ongoing divestitures and valuations - Management expressed confidence in maintaining a divestiture cadence of one per quarter, with strong interest from buyers [31] Question: Ayman Antoun's mandate regarding divestments - Management confirmed alignment on strategy with Ayman, indicating no significant changes expected [36] Question: Dynamics of cloud bookings and revenue guidance - Management noted strong bookings but acknowledged that deals can shift between quarters, maintaining a positive outlook for future growth [38] Question: Customer adoption of Aviator and AI training - Management indicated that customers are in early stages of preparing content for AI training, with significant work ahead [42] Question: Impact of cloud migrations on software budgets - Management suggested that as companies deploy AI, they will need to curate data, which may drive software budget increases [65] Question: Tuck-in M&A strategy and AI risk - Management stated that tuck-in acquisitions will focus on acquiring subject matter experts to enhance AI training capabilities [70]