MICROSOFT (+) : Microsoft NYC NDR feedback - Copilot Takes Center Stage with big Q4 likely

研报英文原文证据摘录

MICROSOFT (+) : Microsoft NYC NDR feedback - Copilot Takes Center Stage with big Q4 likely

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FLASH NOTE

Microsoft NYC NDR feedback – Copilot Takes Center Stage with big Q4

likely

11 JUNE 2026 Securities Research Report Production time: 06:24* (London time)

Research Analyst & Publishing Entities

Stefan Slowinski BNP Paribas London Branch (+44) 203 430 8549 stefan.slowinski@uk.bnpparibas.com

What happened?

On Wednesday, we hosted Microsoft’s Investor Relations team in NYC for investor meetings. Below, we highlight some

of our key takeaways from the investor discussions.

BNPP View:

Copilot was arguably the central topic of discussion, even more so than Azure, with much of the investor

questions centered around what has been driving the recent acceleration in adoption and whether the Copilot business

is approaching a new phase of monetization. Microsoft highlighted that the Copilot product today is simply more

capable than the product customers were evaluating 6 – 12 months ago, while Microsoft has become increasingly

effective at getting the newer Copilot capabilities into customers’ hands. And recently announced deals such as with

NHS England for 500K seats further reinforce that customers that initially began with smaller Copilot deployments are

beginning to expand the rollout across their organizations. Microsoft also noted some FQ4 seasonality benefits with

Copilot seat adds given the larger customer renewal cohort. When coupled with positive commentary around rising

customer usage, improvements to the core product, and a more mature GTM motion, our sense is that

Microsoft could deliver FQ4 Copilot seats well above the current outlook for 25m+.