HPE在AI和主权市场领域的强劲定位与执行力支撑其持续增长。

HPE emerges from a record quarter with another upward revision of expectations, but a big part of the story is the demand for artificial intelligence from enterprises and sovereign customers all the way to large-scale deployments like Oracle.

But the question now is how this demand will, of course, translate into more sustainable growth in revenues and margins in the future. I mean, congratulations on all this success this quarter, from record orders to record revenue and profitability. And he raised expectations, of course, once again . So, from your position as a financial manager, what actually drives confidence that HPE can maintain this level of demand, and therefore growth, in the future?

Let's start by analyzing the results of this quarter. Look, we've seen exceptionally strong demand across our entire portfolio, and that's what has actually led us to exceed and raise the expectations we announced yesterday. If you look at our financial metrics , we have literally set records in every single financial metric. In fact, we posted record operating profits , resulting in the highest cash flow we have ever achieved in a comparable quarter. Therefore, the results were incredible. We have the right portfolio at the right time . We are truly at the forefront of the positive AI winds we see out there, Jenny. It's a great quarter. It's a great time to be in this field.

Yes, as you said, we are indeed seeing the development of artificial intelligence. I would say that 2025 was the year in which many companies began experimenting with artificial intelligence. 2026 is the year we are beginning to see organizations truly deploying active artificial intelligence and starting to deploy it on a large scale within companies. And I'll give you an example, Jenny. We do that here at HBE. In fact, we recently announced , and indeed announced yesterday in our earnings results, that we are deploying our own infrastructure and AI cloud locally to accelerate AI adoption within HPE. We see this as a unique strategic advantage because, firstly, we use our own technologies. We are able to demonstrate this to customers. Secondly, by deploying our local infrastructure, we will save approximately 60% of current token costs. Therefore, it's a huge advantage for us, and a great way to accelerate the adoption of artificial intelligence in our organization.

I think this puts us at the forefront . Winning the Oracle deal is actually one of the biggest AI infrastructure building projects. It is a very important and substantial deal because it puts us at the heart of the data center. Part of the reason we acquired Juniper Networks last year was not just to build the best networking company in the world, but to gain a foothold in data centers . What you see in this deal confirms that we have become a very strong player in the data center sector . So, I'm very excited about it . It combines the best of our portfolio of routing and switching technologies and services, and even leverages our financing business. It's a great deal. This is one of the biggest AI infrastructure deals that exists right now, Jenny.

Okay, you mentioned the acquisition of "Juniper ". It has now been more than a year since that acquisition . What are the most important financial or operational benefits that you are already seeing from this merger?

I would like to begin by saying that we have passed a full year of integration. In fact, Antonio says that we have almost completed the operational integration of Juniper. The key metrics I personally look for as a financial manager are: Does this translate into the savings that the market promised us two years ago in terms of net profits? You can clearly see that in our results. That's why we achieved record results in the networking sector and in the company as a whole. Actually, Jenny , we've raised our expectations for next year and we expect our networking segment to continue to outperform in terms of revenue and net profit.

Well, I think one thing that's really worth noting is the rise in memory and component costs, of course. However, despite this, HPE achieved a significant expansion in profit margins . So, what were the key drivers that helped you drive profitability higher this quarter despite the significant challenges of rising component and memory costs?

Yes, as you accurately stated, we are in an environment where demand far exceeds supply . This is somewhat due to my economic background. These are the basic principles of economics. You must price your products exactly right when you are in an environment like this. So , as a company, give us a five-star rating thanks to our pricing discipline. You can see that clearly reflected in our profit margins. We have truly managed to manage our pricing very wisely and cautiously during these circumstances. The other side , quite frankly, is the cost. You know that, in addition to the Juniper merger, we announced a cost-efficiency program. We see the benefits of both programs really helping us mitigate the effects of price fluctuations we have experienced in supply chains. So, we are very lucky. I think timing is everything. We were fortunate to have launched those programs at that time, because they actually helped us get through this period of supply constraints.

Well, of course, HPE operates six of the world's ten fastest supercomputers and is involved in some major national initiatives, including artificial intelligence initiatives. How much of that sophisticated work eventually translates into the commercial side of your business?

Look, this is a very important part of our business. I think what we've said as a company is that we're very disciplined and focused on engaging in areas where the business actually benefits from our greatest strengths. And I must say, with a background like this—operating six of the largest and most famous supercomputers on the planet—we are in a very good position to compete in the sovereign domain. So, I would say that we have a very strong track record of winning within the sovereign domain, and with a focus on AI and sovereign deals, we are in a leading position when it comes to winning those contracts.

Yes, as evidenced by the many record numbers achieved this quarter. It was a pleasant financial report to read because everything was standard. So, congratulations on all this success. I really appreciate your time this morning. Mary Myers, Chief Financial Officer of HPE.