Hewlett Packard Enterprise Co at Barclays Global Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Timothy Long - Barclays Capital Inc. - Analyst : Excellent. So thanks, Marie. I got a big list here, but I want to start with kind of the three popular ones we get most. And obviously, you guys just reported, so it's good we have fresh numbers and outlooks. But a lot of focus on networking, obviously, with the Juniper acquisition and it being half of profitability at this point, much different complexion for HP as a whole. So talk to us a little bit about kind of that growth expectation, I think, kind of mid-single digit. maybe the moving parts now. There's a lot of -- you've got Campus, you got data center, you've got telco, you've got cloud routing. You got a lot of pieces. So maybe walk us through your view of kind of what's going to inform that number higher or lower when thinking about the key end markets that you're playing in?

Question: Timothy Long - Barclays Capital Inc. - Analyst : Yeah, yeah. Actually, my follow-up was going to be on the synergies. Obviously, there's a heavy lift, as you mentioned, integrating sales force. And I think when the deal was announced, there weren't really revenue synergies planned at that point, but it sounds like you're starting to see opportunities. I know HPE had their own networking stack, but it was pretty small. So Juniper is pretty well respected technology-wise in that area. So maybe talk to us about how you see that synergy, particularly for the data center switching. That seems like the most obvious. You're selling a lot of servers, a lot of storage, not hard to try to bundle in the networking. So is that like a separate timeline than getting the sales force? Or is that something that can happen organically now? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:50PM, HPE.N - Hewlett Packard Enterprise Co at Barclays Global Technology Conference

Question: Timothy Long - Barclays Capital Inc. - Analyst : Okay. Great, great. Yeah. We'll probably come back to some networking, but let's hit on a few others. AI servers, I feel like particularly investor perception of this business has done a little bit of a yoyo over the last two years. Initially, HP wasn't participating like some of the peers in the really low-margin stuff and then margins seem to have gone down even more. So maybe talk high level about the strategy with much more of the focus on some of the enterprise and sovereign opportunities, obviously, being more careful about margin and working capital. So maybe just walk us through kind of your view of how you can play in your own way in the AI server world. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:50PM, HPE.N - Hewlett Packard Enterprise Co at Barclays Global Technology Conference

Question: Timothy Long - Barclays Capital Inc. - Analyst : Okay. And I, imagine in the non-sovereign or like neocloud where it's more competitive, HP will still look and if there's opportunities that fit the framework, then you can participate. It's just whether or not it fits the margin framework. Is that how to think about it?

Question: Timothy Long - Barclays Capital Inc. - Analyst : Okay. Great, great. Maybe one of the other topics, GreenLake and kind of the ARR and the whole SaaS type of model. It's done really well for HP. I think HP is kind of a little bit more at the forefront of that transition for the larger hardware-related companies. So approaching 10% of revenues if you do a little ARR math. Talk to us about what you're seeing there, how you see that business progressing. And is there a ceiling? Or how should we think about the mix of ARR type business of the total as we move through the next several years?

Question: Timothy Long - Barclays Capital Inc. - Analyst : And is this the type of area where maybe there's different sales compensation or incentives to move it along? Or is that something that doesn't necessarily need to happen and still --?

Question: Timothy Long - Barclays Capital Inc. - Analyst : Great. Maybe if we touch on kind of traditional enterprise end markets, and we have to talk about NAND and DRAM and commodity cost --

Question: Timothy Long - Barclays Capital Inc. - Analyst : Yes, it's not a huge focus for me. I know it is for a lot of investors. But maybe just give your perspectives on, call it, DRAM for servers and NAND for storage more or less. Is it pass-through? What are the near-term, midterm impacts, pricing changes? What's the strategy around a rapidly changing commodity environment?

Question: Timothy Long - Barclays Capital Inc. - Analyst : Right. Okay. That's helpful. Maybe on to storage. It's been pretty good moves on own IP storage. So maybe walk us through how that evolution has gone and how much more room there is. And it seems like it's been pretty decent growth as well for the business.

Question: Timothy Long - Barclays Capital Inc. - Analyst : Okay, great. And then maybe on the server side, a lot of discussion about server upgrades for power reasons. And it's also been a fairly good enterprise server year for the industry. So maybe touch on how sustainable you think that business would be.

Question: Timothy Long - Barclays Capital Inc. - Analyst : Okay, great. Wanted to go back to networking with our last time here. One of the things that was interesting is Juniper deal took a while to close and there's overlap in Campus and Branch and Wi-Fi. But both businesses did pretty well, which is kind of rare because your competitors are going to go in and say, you can't go with them, you don't know what's going to happen. So walk us through, from your standpoint, how is that business different now that's it's all done and you're starting the integration? Does that position the combined asset to be even stronger than the two pieces before? Or any color on that would be helpful.

Question: Timothy Long - Barclays Capital Inc. - Analyst : Right, rightight. Okay, good. Maybe we'll end with financial one or two for you. You talked about some of this at SAM, but when you think high level about margin opportunities for the company, obviously, you have some of the restructuring that's happening or the cost savings from Juniper. What do you think are the big drivers when thinking about gross and operating margin in the next few years? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 5:50PM, HPE.N - Hewlett Packard Enterprise Co at Barclays Global Technology Conference

Question: Timothy Long - Barclays Capital Inc. - Analyst : Okay, great. You took my follow up on cash flow, I didn't even have to ask you.

Question: Timothy Long - Barclays Capital Inc. - Analyst : All right. I think we're coming up on time here. So really appreciate the time. Thank you for coming. Thank you everybody for joining.