NatWest Group (NYSE:NWG) Q4 2025 Earnings call February 13, 2026 04:00 AM ET Speaker9Good morning, and welcome to NatWest Group's full year 2025 results management presentation. Today's presentation will be presented by CEO, Paul Thwaite, and CFO, Katie Murray. After the presentation, we will take questions.Speaker11Good morning, and thank you for joining us today. As usual, I'm here with Katie, who will take you through the full year performance. After that, I'll talk about our strategy and our new 2028 ta ...

华泰证券指出，长期来看，Agentic AI的快速发展，AI工作负载从算力密集型走向系统密集型，其中任 务调度、工具/API/脚本调用、沙盒/虚拟环境运行、数据解析、编译/测试等均可基于CPU运行，CPU在 AI系统中的重要性明显抬升。看好Agentic AI发展驱动CPU重新迎来高速成长，也重点看好海外CPU缺 货加速国内CSP对于CPU采购的国产化替代。 半导体、商业航天盘中活跃，消息面上，大模型公司智谱与MINIMAX-WP均创历史新高，市值双双突 破2000亿港元。此前智谱上调AI编程订阅套餐价格并将推出新模型。此外，多款新一代火箭成功首 飞，2026年发射次数有望破百。2026年，天龙三号、力箭二号、双曲线三号等多款新型号火箭计划首 飞，并挑战一子级回收。 截至2026年2月13日 14:16，上证科创板200指数(000699)成分股方面涨跌互现，星环科技领涨9.38%，江 航装备上涨8.90%，上声电子上涨8.10%；杰普特领跌。科创200ETF鹏华(588240)上涨0.12%，最新价报 1.64元。 科创200ETF鹏华紧密跟踪上证科创板200指数，上证科创板200指数从上海证券交易所科创板 ...

Market Overview - The Shanghai Composite Index opened down 0.44% at 4115.92 points, the Shenzhen Component Index fell 0.66% to 14188.35 points, the ChiNext Index decreased by 0.56% to 3309.43 points, and the STAR 50 Index dropped 0.72% to 1470.26 points. The total trading volume in the Shanghai and Shenzhen markets was 19.977 billion yuan, with nearly 3000 stocks declining across the market [1][2]. Sector Performance - The sectors with the largest declines included energy metals (-2.11%), precious metals (-1.85%), oil and gas extraction (-1.57%), small metals (-1.54%), industrial metals (-1.33%), film and cinema (-1.11%), and communication equipment (-0.76%) [3][4]. - Conversely, sectors that saw gains included airport and shipping (+0.50%), beverage manufacturing (+0.46%), tourism and hotels (+0.39%), liquor (+0.37%), retail (+0.32%), and diversified finance (+0.31%) [4]. Notable Stocks - Key stocks included Yabo Co., which opened up 2.29%, and AI application company Zhangyue Technology, which opened up 5.94%. Other notable movements included De Cai Co., which opened down 2.76%, and major technology rental company Dwei Technology, which hit the daily limit up [4][5]. Overnight Market Trends - The U.S. stock market saw all three major indices decline, with the Dow Jones down 1.34% to 49451.98 points, the S&P 500 down 1.57% to 6832.76 points, and the Nasdaq down 2.03% to 22597.15 points. Major tech stocks also fell, with Apple down approximately 5% and Facebook down nearly 3% [6]. Economic and Policy Updates - The People's Bank of China announced a reverse repurchase operation of 1 trillion yuan to maintain liquidity in the banking system, with a term of 182 days [7]. - The launch of the "2026 Film Economy Promotion Year" was announced by the National Film Administration, aiming to boost the film industry [8]. Analyst Insights - Huatai Securities highlighted that the demand for CPUs will surge due to the rapid development of Agentic AI, which is expected to drive a significant increase in cloud computing needs [9][10]. - Zhongtai Securities noted that the electronic fabric market is experiencing unexpected price increases due to supply tightness, suggesting a focus on leading companies with production capacity and cost advantages [11]. - CITIC Construction pointed out that the oil transportation industry is facing supply constraints, which is driving up the value of shipping stocks [12].

Achieved 100 consecutive quarters of revenue growth despite a challenging macroeconomic backdrop and tariff-related uncertainty that delayed customer purchase decisions. Performance was driven by a 22% increase in fulfillment revenue, reflecting the company's critical role in managing increasingly complex omnichannel supply chains. The acquisition of Carbon6 and SupplyPike has established leadership in the $750,000,000 revenue recovery addressable market, creating significant cross-sell opportunities. ...

Core Insights - Fastly's stock price surged by 72% following a strong earnings report that exceeded investor expectations [1][4] - The company reported a 23% year-over-year revenue increase to $172.6 million in Q4, driven by a 19% rise in network services sales and a 32% increase in security revenue [3][6] - Fastly's edge computing platform is positioned to benefit from the growing adoption of AI agents, as highlighted by CEO Kip Compton [4] Financial Performance - Fastly generated adjusted net income of $20.1 million, compared to a loss of $2.4 million in the same quarter last year, resulting in adjusted earnings per share of $0.12, which is double Wall Street's expectations [6] - The company's gross margin stands at 52.11% [6] Future Outlook - Fastly anticipates revenue growth of approximately 14% to $710 million by 2026, with projected operating income of $55 million and adjusted earnings per share of $0.26 [7] - The company expects AI to continue serving as a significant growth driver for its business [7]

Group 1 - The three major indices collectively rose, with the Shanghai Composite Index up 0.05%, the Shenzhen Component Index up 0.86%, and the ChiNext Index up 1.32% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.14 trillion, an increase of 157.5 billion compared to the previous trading day [1] - The computing power industry chain experienced a collective surge, with concepts such as computing power leasing and CPO seeing significant gains [1] Group 2 - Huatai Securities predicts that the development of Agentic AI will drive demand, marking the arrival of the AI era for CPUs, with a supply-demand imbalance expected in the short term due to Intel's slow capacity ramp-up [2] - Zhongtai Securities notes that the AI-driven trend towards thinner electronic fabrics has led to unexpected price increases, with prices rising by 11% for certain fabric types, indicating a tight supply situation [2] - CITIC Construction Investment highlights that ongoing restrictions on shadow fleets have reduced effective shipping capacity, increasing freight rates and enhancing the value of shipping stocks, with approximately 16% of VLCCs classified as restricted vessels [3]

Financial Data and Key Metrics Changes - Total revenue in Q4 was $349 million, up 15.6% year-over-year, with full-year revenue growth of 15% [24][8] - Q4 non-GAAP operating income was $52 million, representing a non-GAAP operating margin of 15%, with a full-year non-GAAP operating margin of 14%, reflecting a year-over-year expansion of 400 basis points [24][8] - Free cash flow for Q4 was $90 million, bringing full-year free cash flow to $215 million, representing 69% year-over-year growth and a 16% free cash flow margin [29][30] Business Line Data and Key Metrics Changes - The U.S. general contractors segment remains a cornerstone of growth, with three new ENR 400 logos added in Q4 and over 70 ENR 400 customers expanding their run rate [8][9] - Procore Pay saw strong momentum, ending the year with nearly 450 customers, representing over 70% year-over-year growth [26] - The total number of $100,000+ ARR customers now exceeds 2,700, with 115 customers spending more than $1 million in ARR, reflecting 34% year-over-year growth [26][27] Market Data and Key Metrics Changes - International revenue grew 14% year-over-year in Q4, impacted by currency headwinds, but grew 15% on a constant currency basis [24] - The owners segment continues to scale, with plans to launch specialized products for portfolio management, planning, funding, and asset management [12] - Data centers currently represent 2% of total U.S. construction activity, with significant growth expected due to AI infrastructure investments [12][13] Company Strategy and Development Direction - The company aims to lead in the AI era, focusing on driving efficiency gains across the construction lifecycle [6][7] - Procore's strategy includes leveraging its position as a system of record and collaboration to enhance AI capabilities, with the recent acquisition of Datagrid to accelerate this strategy [15][66] - The company plans to monetize AI offerings through new bundles and consumption-based models, emphasizing the ROI for customers [73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Procore's future, highlighting strong customer relationships and the potential for durable growth and margin expansion [5][22] - The company anticipates revenue growth of 13% for fiscal 2026, with non-GAAP operating margin guidance of 17.5%-18% [32] - Management noted that the construction environment remains challenging, but they are focused on delivering durable growth and improving operational efficiency [30][31] Other Important Information - Procore for Government achieved FedRAMP Moderate authorization, expanding opportunities with U.S. federal and state government customers [12] - The company is focused on limiting share count dilution, with a weighted average diluted share count growth of less than 1% in Q4 [29] Q&A Session Summary Question: Customer Conversations on AI - Management noted that customers are focused on construction and do not have the inclination to become AI experts, preferring that their tech vendor leverage AI effectively [38][39] Question: Trends in Volume Commitments During Q4 Renewal Cycle - Management indicated continued strength in ACV commitments, which have grown beyond $1 trillion, reflecting market share gains [63] Question: Datagrid's Role in AI Strategy - Management explained that Datagrid will help integrate data from various systems, enhancing Procore's AI capabilities and overall platform [66] Question: Monetization Strategy for AI - Management discussed plans to establish compelling ROI for AI offerings, with potential inclusion in new bundles and consumption-based pricing models [73] Question: Capacity and Resource Planning for Go-to-Market - Management confirmed sufficient capacity for fiscal 2026, focusing on productivity increases and resource allocation primarily in R&D [75]

Financial Data and Key Metrics Changes - Total revenue in Q4 was $349 million, up 15.6% year-over-year [24] - Q4 non-GAAP operating income was $52 million, representing a non-GAAP operating margin of 15% [24] - Full year revenue growth was 15% with a non-GAAP operating margin expansion of 400 basis points [8][24] - Free cash flow for Q4 was $90 million, bringing full-year free cash flow to $215 million, representing 69% year-over-year growth [29] Business Line Data and Key Metrics Changes - The U.S. general contractors segment remains a cornerstone of growth, with 3 new ENR 400 logos added in Q4 [8] - Procore Pay saw strong momentum, ending the year with nearly 450 customers, representing over 70% year-over-year growth [27] - The number of customers spending more than $1 million in ARR grew by 34% year-over-year, totaling 115 customers [26] Market Data and Key Metrics Changes - International revenue grew 14% year-over-year, impacted by currency headwinds, but grew 15% on a constant currency basis [24] - Current RPO grew 22% year-over-year, and current deferred revenue grew 18% year-over-year [24] Company Strategy and Development Direction - The company aims to lead in the AI era, focusing on driving efficiency across the construction lifecycle [6][22] - Plans to launch a suite of specialized products for owners, including portfolio management and asset management, to meet evolving needs [12] - The acquisition of Datagrid is expected to enhance Procore's AI capabilities and product synergies [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Procore's future, emphasizing the importance of customer relationships and operational efficiency [5][7] - The company is well-positioned for durable growth and margin expansion, with a focus on innovation and execution [22][23] - Management acknowledged ongoing headwinds in the construction environment but highlighted strong operational performance [8][30] Other Important Information - Procore for Government achieved FedRAMP Moderate authorization, opening opportunities with U.S. federal and state government customers [12] - The company is focused on limiting share count dilution, with a weighted average diluted share count growth of less than 1% in Q4 [29] Q&A Session Summary Question: Customer conversations regarding AI and competition - Management noted that customers are focused on construction and expect their tech vendor to leverage AI effectively, with clear adoption of Procore AI among customers [38][39] Question: Trends in volume commitments during the Q4 renewal cycle - Management indicated continued strength in ACV commitments, reflecting ongoing share gain and growth from a strong Q4 bookings quarter [62] Question: Monetization strategy for Procore AI - Management stated that establishing a compelling ROI is crucial, with plans to include AI offerings in upcoming bundles and explore consumption-based models [73] Question: Capacity and resource adequacy for future growth - Management confirmed sufficient capacity for fiscal 26, focusing on productivity increases and leveraging AI for operational improvements [75][76]

Financial Data and Key Metrics Changes - Total revenue in Q4 was $349 million, up 15.6% year-over-year [26] - Full year revenue growth was 15%, with a non-GAAP operating margin of 14%, representing a year-over-year expansion of 400 basis points [7][30] - Q4 non-GAAP operating income was $52 million, with a non-GAAP operating margin of 15% [26] - Free cash flow for Q4 was $90 million, bringing full-year free cash flow to $215 million, representing 69% year-over-year growth [30] Business Line Data and Key Metrics Changes - The U.S. general contractors segment remains a cornerstone of growth, with 3 new ENR 400 logos added in Q4 and over 70 ENR 400 customers expanding their run rate [8][10] - Procore Pay saw strong momentum, ending the year with nearly 450 customers, representing over 70% year-over-year growth [28] - The total number of customers spending over $100K in ARR exceeded 2,700, with 115 customers spending more than $1 million in ARR, reflecting 34% year-over-year growth [27] Market Data and Key Metrics Changes - International revenue grew 14% year-over-year, impacted by currency headwinds, but grew 15% on a constant currency basis [26] - The owners segment continues to scale, with plans to launch specialized products to meet evolving needs [12] Company Strategy and Development Direction - The company aims to lead in the AI era, focusing on driving efficiency gains across the construction lifecycle [6][14] - Procore's strategy includes leveraging its position as a system of record and collaboration to enhance AI capabilities [19][20] - The acquisition of Datagrid is expected to accelerate Procore's AI strategy, enhancing product synergies [16][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Procore's future, emphasizing the importance of customer relationships and the potential for durable growth and margin expansion [5][25] - The company anticipates continued strength in free cash flow per share and plans to maintain a focus on productivity increases [30][77] - Management acknowledged ongoing headwinds in the construction environment but remains optimistic about the company's ability to navigate these challenges [7][32] Other Important Information - Procore for Government achieved FedRAMP Moderate authorization, expanding opportunities with U.S. federal and state government customers [12] - The company is focused on limiting share count dilution, with a weighted average diluted share count growing less than 1% in Q4 [30] Q&A Session Summary Question: Customer conversations regarding AI - Management noted that customers are not inclined to become AI experts and prefer their tech vendor to leverage the latest technologies, including AI [39][40] Question: Glide path for CRPO growth - Management indicated that CRPO growth will normalize with revenue growth as contract duration stabilizes, expected towards the latter part of fiscal 2026 [46][47] Question: Competitive landscape and Procore's position - Management highlighted strong competitive win rates and positive customer relationships, reflecting confidence in Procore's technology and platform [50][57] Question: International growth opportunities - Management acknowledged macroeconomic challenges but remains optimistic about the long-term potential for international growth [60][61] Question: Monetization strategy for AI - Management discussed establishing a compelling ROI for AI and indicated plans to include AI offerings in upcoming bundles and explore consumption-based models [75][76]

Core Insights - The company reported quarterly revenue of $172.6 million, a 23% year-over-year increase, with EPS exceeding analyst expectations, indicating a structural "inflection point" for its edge cloud platform [1] - Fastly is emerging as a key player in the agentic AI space, which involves autonomous models and bots that operate without human intervention, leading to increased traffic processed through its network [2] - AI agents are becoming a significant business driver, with the company viewing the rise of agentic AI as a tailwind for growth, particularly in traffic and AI workloads [3] Financial Performance - Security revenue grew by 32%, driven by products tailored to address AI-related challenges, showcasing the effectiveness of the company's strategy [5] - The CFO provided guidance for 2026 revenue in the range of $700 million to $720 million, significantly above previous Wall Street estimates, reflecting strong financial momentum [6] - The company achieved a record gross margin of 64%, highlighting the high-value nature of its new AI and security workloads [6] Strategic Positioning - Fastly is positioning itself as a platform that optimizes automated traffic rather than merely blocking it, indicating a shift in enterprise conversations towards more sophisticated traffic management [4] - The company's infrastructure is designed to support an intelligent edge layer that optimizes authorized AI agents while preventing abuse, positioning it well for future growth in the evolving market [7] - Fastly's stock saw a significant increase of 88.61%, reaching $17.56, reflecting strong investor confidence and heavy trading volume [7]