Financial Data and Key Metrics Changes - The total revenue for the full year approached EUR 37 billion, up 11% year-on-year [34] - Cloud revenue grew 26% year-on-year, primarily driven by the strong performance of the Cloud ERP Suite, which increased by 32% [32][34] - The current cloud backlog reached EUR 21 billion, up 25%, while the total cloud backlog grew 30% to a record EUR 77 billion [31][32] Business Line Data and Key Metrics Changes - The Cloud ERP Suite accounted for 86% of total cloud revenue for the year, highlighting its position as a key engine of growth [34] - Software licenses revenue decreased by 27%, indicating a shift in focus towards cloud offerings [34] Market Data and Key Metrics Changes - The company reported a significant increase in deal volumes greater than EUR 5 million, contributing a record 71% to cloud order entry in Q4 [30] - The public cloud business was growing five times faster than the private cloud business, showcasing the success of the cloud transformation [5] Company Strategy and Development Direction - The company emphasized its transformation strategy, "RISE and GROW with SAP," as core pillars for large-scale enterprises and high-growth mid-sized companies [30] - AI and the Business Data Cloud are emerging as meaningful contributors to customer decisions and deal activity, with a focus on enhancing customer value [30][40] - The company aims to leverage its strong position in the market to address the growing demand for sovereign software-as-a-service solutions [31][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's outlook for 2026, despite geopolitical tensions impacting business [28][39] - The company anticipates total revenue growth to accelerate, supported by the foundation built in previous years [38] - Management acknowledged the challenges faced in 2025 but highlighted the resilience demonstrated in cloud revenue performance [52] Other Important Information - The company plans to initiate a two-year share repurchase program of up to EUR 10 billion, reflecting confidence in sustainable business strengths [37] - Free cash flow for the full year was approximately EUR 8.2 billion, at the high end of the revised outlook range [36] Q&A Session Summary Question: Are there hurdles in the U.S. due to geopolitical tensions? - Management noted that the U.S. public sector performed well in Q4, with customers less concerned about the origin of the software as long as regulatory standards are met [43][44] Question: Are solutions intended to replace offerings from non-European providers? - Management clarified that the focus is on competitiveness and delivering stronger AI solutions rather than replacing non-European offerings [45] Question: How do U.S. tariffs affect the business? - Management stated there are no direct tariffs on software or services, and the indirect impact has been manageable, with Q4 showing strong performance in the U.S. public sector [61] Question: Why initiate a share buyback program instead of investing in future revenue? - Management explained that share buybacks are part of a balanced approach to capital returns, and future M&A opportunities will be considered for technological advancements [63][64]

Financial Data and Key Metrics Changes - Total revenue for the full year approached EUR 37 billion, up 11% year-on-year [33] - Cloud revenue grew 26% year-on-year, primarily driven by the strong performance of Cloud ERP Suite, which increased by 32% [32][33] - Non-IFRS basic earnings per share increased by 36% to €6.15 [37] - Free cash flow for the full year was EUR 8.2 billion, at the high end of the revised outlook range [36] Business Line Data and Key Metrics Changes - Cloud ERP Suite accounted for 86% of total cloud revenue for the year, highlighting its importance as a growth engine [33] - Software licenses revenue decreased by 27%, indicating a shift in focus towards cloud solutions [33] - The current cloud backlog reached EUR 21 billion, up 25%, while total cloud backlog grew 30% to a record EUR 77 billion [31][32] Market Data and Key Metrics Changes - The public cloud business grew five times faster than the private cloud business, showcasing a significant shift in customer preferences [5] - The company reported its best bookings result in Q4, contributing to a strong finish for the year [3][10] Company Strategy and Development Direction - The company emphasizes AI and the Business Data Cloud as core components of its transformation strategy, aiming to enhance customer decision-making and deal activity [30] - The strategy includes a focus on large-scale enterprises and high-growth mid-sized companies undergoing complex transformations [30] - The company plans to further develop its SAP Sovereign Cloud Infrastructure to meet growing demand for sovereign software solutions [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate geopolitical tensions and emphasized the importance of operational discipline [29][39] - The outlook for 2026 includes expectations for total revenue growth to accelerate, supported by the foundation built in 2025 [38] - Management acknowledged the challenges faced in 2025 but highlighted the resilience demonstrated in cloud revenue performance [51] Other Important Information - The company announced a new two-year share repurchase program of up to EUR 10 billion, reflecting confidence in sustainable business strengths [36][37] - The company is committed to reskilling its workforce to adapt to the changing landscape influenced by AI [25] Q&A Session Questions and Answers Question: Are there hurdles in the U.S. due to growing tensions between countries? - Management noted that the U.S. public sector performed well in Q4, with customers less concerned about the origin of the software as long as regulatory standards are met [42][43] Question: Are solutions intended to diversify or replace offerings from non-European providers? - Management clarified that the focus is on competitiveness rather than replacing non-European offerings, emphasizing the need for stronger AI capabilities [44] Question: How do geopolitical tensions impact the business outlook? - Management indicated that the 2025 environment is considered the new normal, with resilience shown despite geopolitical challenges [51][52] Question: What is the rationale behind the share buyback program? - Management explained that share buybacks are part of a balanced approach to capital returns, alongside potential future M&A for technological advancements [60][62]

STMicroelectronics (NYSE:STM) Q4 2025 Earnings call January 29, 2026 03:30 AM ET Company ParticipantsAndrew Gardiner - Managing Director and Head of European Technology Equity ResearchDomenico Ghilotti - Co-Head of ResearchFrançois-Xavier Bouvignies - Equity Research Executive DirectorJean-Marc Chéry - President and CEOJoshua Buchalter - Managing Director of Equity ResearchJérôme Ramel - EVP Corporate Development and Integrated External CommunicationLorenzo Grandi - President and CFOStéphane Houri - Head of ...

STMicroelectronics (NYSE:STM) Q4 2025 Earnings call January 29, 2026 03:30 AM ET Company ParticipantsAndrew Gardiner - Managing Director and Head of European Technology Equity ResearchDomenico Ghilotti - Co-Head of ResearchFrançois-Xavier Bouvignies - Equity Research Executive DirectorJean-Marc Chéry - President and CEOJoshua Buchalter - Managing Director of Equity ResearchJérôme Ramel - EVP Corporate Development and Integrated External CommunicationLorenzo Grandi - President and CFOStéphane Houri - Head of ...

STMicroelectronics (NYSE:STM) Q4 2025 Earnings call January 29, 2026 03:30 AM ET Speaker3Ladies and gentlemen, welcome to the STMicroelectronics Full Year 2025 Earnings Release Conference Call and Live Webcast. I am Sandra, the Chorus Call operator. I would like to remind you that all participants are in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing Star and 1 on your telephone. For operator a ...

ING Groep (NYSE:ING) Q4 2025 Earnings call January 29, 2026 03:00 AM ET Company ParticipantsBenjamin Goy - Managing DirectorBenoît Pétrarque - Head of Thematic Banking ResearchSeamus Murphy - Head of ResearchSteven van Rijswijk - CEOTanate Phutrakul - CFOConference Call ParticipantsAnke Reingen - Banks AnalystChris Hallam - Senior Equity AnalystCyril Toutounji - Equity AnalystDelphine Lee - Research AnalystFarquhar Murray - Senior AnalystGiulia Miotto - Equity AnalystJohan Ekblom - Research AnalystMatthew C ...

ING Groep (NYSE:ING) Q4 2025 Earnings call January 29, 2026 03:00 AM ET Company ParticipantsBenjamin Goy - Managing DirectorBenoît Pétrarque - Head of Thematic Banking ResearchSeamus Murphy - Head of ResearchSteven van Rijswijk - CEOTanate Phutrakul - CFOConference Call ParticipantsAnke Reingen - Banks AnalystChris Hallam - Senior Equity AnalystCyril Toutounji - Equity AnalystDelphine Lee - Research AnalystFarquhar Murray - Senior AnalystGiulia Miotto - Equity AnalystJohan Ekblom - Research AnalystMatthew C ...

ING Groep (NYSE:ING) Q4 2025 Earnings call January 29, 2026 03:00 AM ET Speaker0Good morning. This is Laura welcoming you to ING's 4Q 2025 conference call. Before handing this conference call over to Steven van Rijswijk, Chief Executive Officer of ING Group, let me first say that today's comments may include forward-looking statements, such as statements regarding future developments in our business, expectations for our future financial performance, and any statement not involving a historical fact. Actual ...

Financial Data and Key Metrics Changes - The company reported revenues of EUR 32 billion for 2025, representing a compound annual revenue growth of 6% since 2021, within the target range of 5.5%-6.5% [2] - Pre-tax profit reached EUR 9.7 billion, a year-on-year increase of 84%, while net profit was EUR 7.1 billion, with a post-tax return on tangible equity of 10.3% [3][6] - The cost-income ratio was 64%, in line with the target of below 65%, and credit loss provisions decreased to EUR 1.7 billion, down year-on-year [2][3] Business Line Data and Key Metrics Changes - The Corporate Bank achieved revenue growth of over 40% since 2021, benefiting from a normalized interest rate environment and increased fee income [6][7] - The Investment Bank saw a 5% year-on-year increase in revenues for the fourth quarter, driven by strength in Fixed Income and Commodities (FIC) [26] - The Private Bank delivered a post-tax return on tangible equity of 10.5% for the full year, with revenues of EUR 2.4 billion, including a 10% year-on-year growth in net interest income [29] Market Data and Key Metrics Changes - The Asset Management arm, DWS, attracted EUR 85 billion of net new assets over the last four years, with assets under management surpassing EUR 1 trillion in 2025 [8] - Sustainable finance volumes reached EUR 98 billion in 2025, the highest annual volume since 2021, contributing to a cumulative total of over EUR 470 billion since 2020 [9] Company Strategy and Development Direction - The company aims to scale its Global Hausbank model, focusing on growth, capital discipline, and a scalable operating model to enhance shareholder value [11][12] - The strategic roadmap includes increasing the post-tax return on tangible equity from 10% in 2025 to greater than 13% by 2028, with plans to improve the cost-income ratio to below 60% [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to 2026, with expectations for revenue growth to around EUR 33 billion, supported by banking book net interest income growth [34][36] - The company anticipates a modest increase in provisions for credit losses in 2026, with expectations for asset quality to remain solid [36] Other Important Information - The company proposed a EUR 1 dividend per share and an authorized share buyback of EUR 1 billion, with total distributions for 2025 amounting to EUR 2.9 billion [4][10] - The Common Equity Tier 1 (CET1) ratio was reported at 14.2%, reflecting a strong capital foundation despite some capital headwinds [3][22] Q&A Session Summary Question: What are the expectations for revenue growth in 2026? - The company expects full-year revenues to increase to around EUR 33 billion, aided by growth in net interest income and net commission income [34] Question: How does the company plan to manage costs moving forward? - Non-interest expenses are expected to increase to slightly above EUR 21 billion in 2026, including incremental investments to unlock growth and efficiencies [36]

Financial Data and Key Metrics Changes - The total cloud backlog reached EUR 77 billion, up 30% year-on-year, indicating strong underlying business momentum [7][26] - Cloud revenue grew 26% year-on-year, primarily driven by the strong performance of the Cloud ERP Suite, which increased by 32% [27][29] - Total revenue for the full year approached EUR 37 billion, up 11% [29] Business Line Data and Key Metrics Changes - The Cloud ERP Suite accounted for 86% of total cloud revenue for the year, highlighting its role as a key growth engine [27] - The number of customers using the AI copilot tool grew ninefold over the year, with over 60% of existing cloud customers actively using AI [6][56] Market Data and Key Metrics Changes - Strong performances were noted in Brazil, France, Germany, India, Italy, South Korea, and Spain, while China, Japan, Saudi Arabia, the UK, and the US also showed significant strength [28] - The company outperformed the cloud market by 10 percentage points in 2025 [15] Company Strategy and Development Direction - The ongoing transformation of SAP's operating model, combined with AI integration, is expected to drive future growth and revenue acceleration through 2027 [14][22] - The company is focusing on a Partner-First approach for the mid-market and expanding its sovereign cloud capabilities [12][16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged geopolitical uncertainty and macroeconomic volatility but emphasized the increasing demand for AI solutions among customers [4][24] - The company expects a record free cash flow of approximately EUR 10 billion in 2026, supported by continued efficiency improvements [32] Other Important Information - The non-IFRS cloud gross margin for the full year expanded by 1.6 percentage points to 75%, driving cloud gross profit up by 29% [28] - A new two-year share repurchase program of up to EUR 10 billion is set to start in February, reflecting confidence in the business's sustainable strengths [30] Q&A Session Summary Question: Insights on CCB and pipeline for Q1 - Management noted that the CCB ended at 25%, with larger deals contributing to longer ramp periods and some slippage, but overall bookings performance was ahead of plan [39][41] Question: AI-driven cost savings and R&D focus - The company aims to achieve EUR 2 billion in cost efficiencies through business growth and AI integration, with no current restructuring plans [46][48] Question: AI adoption among existing customers - Approximately 60% of existing cloud customers are actively using AI, with significant revenue uplift observed from early adopters [56][60] Question: Dynamics of TCB growth and BDC momentum - Management acknowledged a deceleration in TCB growth but emphasized a strong pipeline and the expected contribution from the Business Data Cloud in 2026 [72]