ASML (ASML) investor relations material

Executive summary

• Achieved record 2025 net sales of €32.7 billion and net income of €9.6 billion, with Q4 net sales at €9.7 billion and net income of €2.8 billion; Q4 gross margin was 52.2%, and full year gross margin was 52.8%.

• Q4 2025 net bookings reached €13.2 billion, with memory representing 56% and logic 44%; backlog at year-end 2025 was €38.8 billion.

• Returned €8.5 billion to shareholders in 2025 via dividends and buybacks; Q4 share repurchases totaled €1.7 billion.

• The semiconductor industry is robust, driven by AI adoption, with expectations to surpass $1 trillion in revenue by 2030.

• Strategic investments include €1.3 billion in Mistral AI to accelerate AI-driven innovation in lithography.

Financial highlights

• EUV system sales for 2025 were €11.6 billion (48 systems), up 39% year-over-year; DUV system sales were €12 billion, down 6%; metrology and inspection sales rose 28% to €825 million.

• Logic system revenue was €16.1 billion (+22% YoY); memory system revenue €8.4 billion (-2% YoY); installed base management sales €8.2 billion (+26% YoY).

• Free cash flow for 2025 was €11.0 billion, up from €9.1 billion in 2024.

• Ended 2025 with a backlog of €38.8 billion and cash, equivalents, and short-term investments of €13.3 billion.

• Basic EPS for 2025 was €24.73, up from €19.25 in 2024.

Outlook and guidance

• 2026 net sales expected between €34 billion and €39 billion, with gross margin between 51% and 53%.

• Q1 2026 net sales guidance is €8.2–8.9 billion, gross margin 51–53%, R&D expenses €1.2 billion, SG&A €0.3 billion.

• Total dividend for 2025 proposed at €7.50 per share (+17% YoY); new share buyback program up to €12 billion through 2028.

• EUV revenues expected to rise significantly in 2026; non-EUV revenues to remain similar to 2025; metrology and inspection businesses to grow.

• China expected to represent about 20% of 2026 net sales.