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ASM Q2 2025 results July 22, 2025 ASM proprietary information | 1
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July 22, 2025 ASM proprietary information | 2 Cautionary note regarding forward-looking statements All matters discussed in this presentation, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, pandemics, epidemics and other risks indicated in the company's reports and financial statements. The company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.
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Q2 2025 results Business environment, strategy, and targets Annex: detailed financials Investment highlights Contents 1 2 3 4 July 22, 2025 ASM proprietary information | 3
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Investment highlights July 22, 2025 ASM proprietary information | 4
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July 22, 2025 ASM proprietary information | 5 Investment highlights Strong long-term prospects • ASM is focused on enabling deposition technologies, with key strengths in innovation • Leader in the ALD market, which is expected to grow by a CAGR of 10%-14% from 2022 to 2027 • Expanding our position in the silicon epitaxy (Si Epi) market (CAGR of 10%-15% from 2022 to 2027 for the leading-edge Si Epi segment) • Selective growth in vertical furnaces, PECVD and SiC Epi, and healthy growth in spares & services A healthy profitability • Q2 2025 gross margin of 51.8% and adjusted operating margin of 31.5% Strong balance sheet • Solid cash position of €1,042 million at the end of Q2 2025, no debt • 40% of the €150 million share buyback program completed in June 2025 Stepping up our focus on sustainability • ASM launched its Climate Transition Plan (CPT) in March 2024, detailing how we aim to achieve our Net Zero by 2035 target. • Achieved target of 100% of renewable electricity in 2024, which contributed to a 52% drop in our Scope 1 + 2 GHG emissions • Female workforce slightly increased to 18% in 2024 (2023: 17%) against a target of 20% by 2025
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July 22, 2025 ASM proprietary information | 6 Q2 2025 results
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Financial highlights Q2 2025 New orders (-4% yoy at constant currencies) €702m Revenue (+23% yoy at constant currencies) €836m Adjusted operating profit (€182m in Q2 2024) €263m Adjusted operating margin(1) (25.8% in Q2 2024) 31.5% Gross margin (49.8% in Q2 2024) 51.8% Adjusted net earnings(1) (€165m in Q2 2024) €173m Cash position €1,042m Free cash flow €125m Capex €44m July 22, 2025 ASM proprietary information | 7 (1) Adjusted figures are non-IFRS performance measures (previously referred to “normalized”). Refer to the Annex for a reconciliation of non-IFRS performance measures
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July 22, 2025 ASM proprietary information | 8 Q2 2025 highlights Orders and revenue • New orders of €702 million in Q2 2025 were down by 4% yoy at constant currencies (cc), mainly due to the lumpy nature of quarterly order intake and compared to a relatively high memory contribution in Q2 2024. • New orders decreased by 10% qoq at cc, due to lower advanced logic/foundry bookings. However, the underlying trend in this segment, particularly in GAA, remains healthy and we expect related leading-edge logic/foundry bookings to pick up again in Q3. • Revenue of €836 million up 23% at constant currencies from Q2 last year and up by 7% compared to Q1 2025, which was above our guidance (+1% to +6% at cc). Margin and profitability • Gross margin of 51.8%, up from 49.8% in Q2 2024, thanks to mix, including continued strong sales to China. • Operating profit increased strongly in Q2, by approximately 40% adjusted for a one-off expense in SG&A last year, on the back of increased sales, gross margin improvement and continued cost control, whilst continuing to invest in R&D. End-market demand • The market environment continued to show a mixed picture in the second quarter. Growth in AI is fueling ongoing capacity expansions in the leading-edge logic/foundry and HBM-related DRAM segments, while conditions in most of the other market segments are still slow.
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July 22, 2025 ASM proprietary information | 9 New orders 755 834 702 1,576 1,515 1,295 1.1 1.0 0.8 -2.5 -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 150 350 550 750 950 1,150 1,350 1,550 1,750 Q2 24 Q1 25 Q2 25 Orders and backlog (€m) New orders Backlog Book-to-bill New orders • Q2 2025 new orders came in at €702 million, -4% yoy at constant currencies (cc) and -7% as reported. The change was mainly due to the lumpy nature of quarterly order intake and compared to a relatively high memory contribution in Q2 2024. • New orders decreased by 10% qoq at cc, due to lower advanced logic/foundry bookings. However, the underlying trend in this segment, particularly in GAA, remains healthy and we expect related leading-edge logic/foundry bookings to pick up again in Q3. • New orders were mainly led by logic/foundry, followed by memory and then power/analog/wafer. Lower level in Q2 explained by lumpy nature of quarterly order intake
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July 22, 2025 ASM proprietary information | 10 Revenue and gross margin Top-line growth qoq at 7% cc, ahead of guidance *Q2 24 spares & services revenue has been restated for comparability purposes, following the redefinition of spare and services revenue, effective as of Q1 25. Please refer to the Annex for a detailed reconciliation of last year’s reported figures. Revenue • Revenue increased 23% yoy at cc (18% as reported). • Q2 revenue was driven by foundry, followed by memory and logic. • Combined logic/foundry represented the largest part of revenue, driven by solid GAA sales as well as a solid contribution from the Chinese market. Gross margin • Product and customer mix, improved operational efficiency, and higher-than-expected sales to China contributed to the strong margin in Q2 2025. 564 668 674 142 171 162706 839 836 - 100 200 300 400 500 600 700 800 Q2 24* Q1 25 Q2 25 Revenue (€m) Equipment revenue Spares & services revenue 352 448 433 49.8% 53.4% 51.8% 40. 0% 42. 0% 44. 0% 46. 0% 48. 0% 50. 0% 52. 0% 54. 0% - 100 200 300 400 500 600 700 800 900 Q2 24 Q1 25 Q2 25 Gross profit (€m) Gross profit Gross margin
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July 22, 2025 ASM proprietary information | 11 SG&A and R&D Continued cost control whilst investing in innovation Adjusted SG&A and R&D exclude amortization of fair value adjustments from respective purchase price allocations (before tax) Adjusted SG&A • Adjusted SG&A decreased by 1% qoq and 15% yoy at cc (-5% qoq and -17% yoy as reported). • The yoy decrease is mainly due to a one-off tax charge of €8 million in Q2 2024 and lower variable compensation expenses. Adjusted R&D • Adjusted gross R&D increased 7% qoq and 12% yoy. The increased levels of R&D project activities support the opportunities and innovations for future growth. • Adjusted net R&D decreased 1% qoq and increased 21% yoy at cc. 87 76 73 12.4% 9.1% 8.7% -20.0% -15.0% -10.0% -5. 0% 0.0% 5.0% 10. 0% 15. 0% - 20 40 60 80 100 120 140 160 Q2 24 Q1 25 Q2 25 Adjusted SG&A (€m) Adjusted SG&A Adjusted SG&A as % of revenue 114 120 128 82 101 97 11.7% 12.0% 11.6% -0. 4% 1.6% 3.6% 5.6% 7.6% 9.6% 11. 6% - 20 40 60 80 100 120 140 160 Q2 24 Q1 25 Q2 25 Adjusted R&D (€m) Adjusted gross R&D Adjusted net R&D Adjusted net R&D as % of revenue
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July 22, 2025 ASM proprietary information | 12 Operating result Strong 40% yoy increase, excluding one-off expense in Q2 2024 Adjusted operating result excludes amortization of fair value adjustments from respective purchase price allocations (before tax) 182 271 26325.8% 32.3% 31.5% 0.0% 5.0% 10. 0% 15. 0% 20. 0% 25. 0% 30. 0% 35. 0% - 50 100 150 200 250 300 350 Q2 24 Q1 25 Q2 25 Adjusted operating result (€m) Adjusted operating result Adjusted operating margin Adjusted operating profit • Operating profit increased strongly in Q2, by approximately 40% adjusted for a one-off SG&A expense last year, on the back of increased sales, gross margin improvement and continued cost control, whilst continuing to invest in R&D. Adjusted operating margin • Adjusted operating margin increased from 25.8% in Q2 24 to 31.5% Q2 25.
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July 22, 2025 ASM proprietary information | 13 Net earnings Q2 level up yoy despite FX loss Q2 24 Q1 25 Q2 25 Adjusted operating result 182 271 263 Net interest income (expense) 4 13 12 Foreign currency exchange gain (loss) 16 (40) (60) Share in income of investment associates 4 3 4 Income taxes (42) (55) (46) Adjusted net earnings (losses) 165 192 173 Adjusted operating result to adjusted net earnings (€m) Adjusted net interest income excludes the impact of LPE earn-out expense of €1 million Amortization of intangible assets results from the sale of the 12% stake of ASMPT in 2013 Foreign currency exchange loss • Q2 2025 adjusted net earnings included a currency translation loss of €60 million, mainly due to the weakening of the US dollar. Impairment / reversal of investments in associates • Reported net earnings included €34 million reversal of the impairment related to our stake in ASMPT (€215 million impairment in Q1 2025), triggered by the increase in market valuation of ASMPT in the recent period. Note that adjusted net earnings exclude the impact of impairment (reversals).
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July 22, 2025 ASM proprietary information | 14 Cash position and FCF Strong cash position slightly lower in Q2, due to dividends and buybacks Free cash flow is defined as cash flows from operating activities after investing activities 637 1,145 1,042 Jun. 24 Mar. 25 Jun. 25 Cash (€m) 103 264 125 - 50 100 150 200 250 300 350 Q2 24 Q1 25 Q2 25 Free cash flow (€m) Free cash flow (FCF) • FCF decreased to €125 million, down from €264 million in Q1 2025, primarily due to increased income tax payments, an increased capex and capitalized development expenditure. Share buybacks • On June 30, 40% of the €150 million share buyback program was completed at an average share price of €486.48 (of which 28.6% settled in cash within the reporting period, and the remainder on July 1).
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July 22, 2025 ASM proprietary information | 15 Capex and working capital Continued investment in R&D infrastructure 36 30 44 - 10 20 30 40 50 60 70 80 Q2 24 Q1 25 Q2 25 Capital expenditures (€m) 502 400 401 64 43 43 1 10 100 (20) 80 180 280 380 480 580 680 Jun. 24 Mar. 25 Jun. 25 Working capital (€m) Working capital Days of working capital Capital expenditures • Capex increased from €30 million in Q1 2025 to €44 million in Q2 2025, mainly due to our continued investment in R&D facilities in Korea and Scottsdale, Arizona. Working capital • Net working capital increased from €400 million in Q1 2025 to €401 million in Q2 2025. • Days of working capital decreased to 43 days in June 2025, in line with March 2025.
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July 22, 2025 ASM proprietary information | 16 Financial outlook As included in the Q2 2025 press release published on July 22, 2025: We expect revenue in the second half of 2025 to be approximately similar to the level in the first half, at constant currencies. For Q3 2025, we expect total ASM revenue to be flat to slightly lower, in a range of 0% to -5% at constant currencies compared to Q2 2025. As a reminder, with the Q1 2025 results we changed our quarterly revenue guidance from absolute Euro amounts to growth rates at constant currencies, given the increased exchange rate volatility in the recent periods and ASM’s significant USD revenue exposure (>80% of sales). For Q3 2025, we expect advanced logic/foundry bookings to be higher than in Q2 2025 and China bookings to be lower, with the overall book-to-bill in Q3 projected to be below 1. Based on comparable sales in the second half versus the first half, we expect revenue growth at constant currencies in 2025 to be around the midpoint of the guidance range of +10% to +20%. We continue to expect to outperform the WFE market, which is forecasted to grow slightly this year. Uncertainties related to tariffs, geopolitical tensions and the overall economic outlook continue to be relatively high. The key growth driver for ASM this year is the high-volume manufacturing ramp of the 2nm GAA node. Despite some further shifts in capex forecasts among customers in this segment, our view for a strong increase in advanced logic/foundry sales in 2025 has not changed. Demand in advanced HBM-related DRAM applications remains solid, but conditions in the other parts of the memory market are sluggish. Against a very strong level last year, we still expect the memory contribution to drop this year (to less than 20% of equipment sales in 2025 versus 25% in 2024). In the power/analog/wafer segment equipment demand remains depressed with no meaningful sales recovery in the remainder of the year, despite some early signs of improvement in the related end markets. Demand in the Chinese market held up better than initially expected in the first half. We now expect China equipment sales in 2025 to be around the top end of the previously guided range of low to high 20s percentage of total ASM revenue. China sales and bookings in the second half are projected to be lower than in the first half.
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July 22, 2025 ASM proprietary information | 17 Business environment, strategy, and targets
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July 22, 2025 ASM proprietary information | 18 Digital transformation drives structural growth Semiconductor revenue (US$ billion) Source: TechInsights, June 2025
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ASM proprietary information | 19 Third-party WFE market forecasts WFE spending driven by multi-year trends WFE growth driven by secular trends of AI, 5G, EV, edge computing, etc. • Longer-term trend supported by multi-year investments • Further scaling, 3D transitions and GAA driving investments in advanced CMOS • In recent years, especially in 2023, increased investments in China have contributed to WFE growth WFE market by application • Logic/foundry to account the larger part of the total WFE sales in 2025 0 20 40 60 80 100 120 140 2022 2023 2024 2025 2026 2027 2028 WFE market forecast (US$b) Techinsights Gartner 0 20 40 60 80 100 120 2020 2021 2022 2023 2024 2025 2026 WFE sales by application (US$b) Logic/foundry Memory Other Source: TechInsights June 2025, Gartner July 2025 Source: TechInsights June 2025
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July 22, 2025 ASM proprietary information | 20 ASM is focused on deposition equipment 29 2527 14 9 WFE market segments in 2024 (US$b) Lithography Etch & clean Deposition Process diagnostics Other wafer processes ASM’s positioning: • ASM’s focus is on deposition • We are market leader in ALD (mid-50s % share). ALD accounts for more than half of our total equipment revenue • Expanding our position in the Si Epi market • Selective growth in PECVD, vertical furnaces, and SiC Epi • Healthy growth in Spares and Services Source: TechInsights June 2025
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July 22, 2025 ASM proprietary information | 21 Strategy: Growth through Innovation Our purpose is to improve people’s lives through advancing technologies that unlock new potential Increase Si Epi market share Grow ALD business by maintaining leadership in logic/foundry and expanding in memory Leading edge innovation Early customer engagements Drive strong financial performance Accelerate sustainability Grow Spares & Services business Selective growth in VF, PECVD, and SiC epitaxy niches Strategic objectives Strategy enablers Best people Strong financial position Flawless operational excellence
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July 22, 2025 ASM proprietary information | 22 ALD market to increase to $4.2-5.0b by 2027 0 1 2 3 4 5 1 2 3 >55% share 2022 2025 2027 >55% share >55% share US$2.6bn US$5.0bn US$4.2bn US$3.1bn US$3.7bn Single-wafer ALD market outlook (US$b) Source: Historical market data: ASM. Future market data: ASM, as communicated in Investor Day 2023 2025 estimates based on US$100 billion WFE; 2027 estimates based on US$120 billion WFE Logic/foundry • GAA transition • High-k gate & Vt tuning • Sacrificial layers, HM, ESL • Metals • Selective ALD • High aspect ratio TSV Memory • High-k gate & Vt tuning • Metals • High aspect ratio gap-fill • Selective ALD CARG ALD market ’22-’27 10-14%
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July 22, 2025 ASM proprietary information | 23 Si Epi market to reach $2.3-2.9b by 2027 0 1 2 3 2022 2025 2027 Non-leading-edge Leading-edge 16% share >30% share target US$2.3bn US$2.3bn US$1.9bn >30% share target US$2.9bn 2022 2025 2027 Source: TechInsights, ASM Investor Day 2023 2025 estimates based on US$100 billion WFE; 2027 estimates based on US$120 billion WFE • Change in market mix towards leading edge expected in 2024-2027 with move to GAA • CAGR Si epitaxy market ‘22-’27 3-8%, with leading-edge segment outgrowing epi market with CAGR ‘22-’27 of 10-15% Si epitaxy market outlook (US$b)
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July 22, 2025 ASM proprietary information | 24 Increased ALD and Epi SAM with move to GAA Increases served available market for ASM by ~ US$400 million per 100k wafer starts per month (WSPM) FinFET Evolution of logic device architecture Increased ALD & Epi SAM with move to GAA GAA-based transistors offer the potential to deliver higher capability with lower energy usage for next-generation semiconductor devices ASM internal market data, figures not to scale
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July 22, 2025 ASM proprietary information | 25 Logic GAA creates new ALD/Epi opportunities New interconnect metals: • Molybdenum replacing CVD Tungsten and PVD Copper Selective deposition processes for performance and Yield: • DoD and MoD Increasing embedded functionality: a) additional memory with MIMCAP (Hf-based ALD dielectrics) and b) Power Management using IGZO channels for TFT Channel Epi Source/Drain Epi Epi Si IL High-k Dipole TiN WFMs Simplified Schematic. Not all layers are shown, and each layer may consist of few individual ones. M0 MIM M1 NMOS PMOS
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July 22, 2025 ASM proprietary information | 26 Accelerating sustainability for a better tomorrow We are committed to measuring, monitoring and reporting our sustainability activities. We diligently communicate our progress towards clear targets and have groups and individuals dedicated to openly sharing our actions and impacts. Our people drive our success. Through our core values and diverse, equitable and inclusive culture, we strive to enrich the lives of everyone we engage with, making a positive, enduring, and safe impact in our communities, industry, and society. Our work has impacts far beyond our immediate operations. We set high standards and expectations for ourselves and others, to ensure we source responsibly, act ethically, and integrate sustainability in sourcing decisions. Driving towards a more sustainable future. We incorporate product sustainability as part of our innovative design DNA. Using our ideas, knowledge, technology, and passion, we help transform the way our products impact the planet. We are on a journey towards a greener, more sustainable world. We are committed to being responsible stewards of our planet and its resources, working towards achieving our net-zero target and environmental goals. Planet Responsible supply chain Sustainability governance Innovation People
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July 22, 2025 ASM proprietary information | 27 Target Net Zero by 2035 ASM launched its Climate Transition Plan (CTP) in March 2024 • Detailing how we aim to achieve our Net Zero by 2035 target As an important milestone, we achieved our target of 100% renewable electricity in 2024 • Driving a 52% year-over-year reduction in Scope 1 + 2 GHG emissions in 2024 Scope 3 use of our products is the majority of our GHG footprint • Product sustainability fully incorporated in the product development and improvement process ASM made it onto CDP’s A list for Climate and Water • Inclusion in this prestigious A list is a recognition to the steps that ASM has taken in climate action
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July 22, 2025 ASM proprietary information | 28 Sustainability fully integrated into product development Our vision is to develop differentiated & eco-efficient tools & processes, while maximizing energy saving through product innovation. Our aim is to lower energy/precursor usage, emissions and cost per wafer
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July 22, 2025 ASM proprietary information | 29 People are at the heart of our success 2021 11.1% 2022 10.2% 2023 6.6% 2024 6.8% Voluntary attrition 3,462 4,397 4,654 4,632 1,146 1,453 730 588 - 1,000 2,000 3,000 4,000 5,000 2021 2022 2023 2024 Headcount growth Headcount New hires 4,632 588 Diversity Gender • Target of 20% female employees by 2025 • Female participation at 18% in 2024 Nationalities • ASM is present in 15 countries • 69 nationalities - TOP: US, Singapore, South Korea Culture Employee voice and growth • 95% participation rate in our 2024 employee engagement survey • 53,000+ technical training hours
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July 22, 2025 ASM proprietary information | 30 Investor Day targets FY25* and FY27 targets FY 2024(1) FY 2025* FY 2027 Revenue € 2.9 billion € 3.2 - 3.6 billion €4.0 - €5.0 billion Revenue growth 12% yoy(2) 16 - 21% CAGR (FY20-FY25) 11 - 16% CAGR (FY22-FY27) Gross margin % 50.5% 46 - 50% (FY21-FY25) 46 - 50% (FY25-FY27) SG&A % revenue 10.6% High single digit (FY25) High single digit (FY25-FY27) R&D (net) % revenue 12.1% High single digit to low teens (FY25) High single digit to low teens (FY25-FY27) Operating margin % 28.0% 26-31% (FY21-FY25) 26-31% (FY25-FY27) Capex €168 million €100 - €180 million (FY25) €100 - €180 million (FY27) Effective Tax Rate 21.2% (3) High teens to low twenties (FY25) High teens to low twenties (FY25- FY27) Total working capital 50 days 55-75 days (FY25) 55-75 days (FY25-FY27) 1 Refers to adjusted numbers excluding purchase price allocation adjustments 2 Refers to constant currencies 3 Effective tax rate is based on reported results excluding impairment on, and net income of our investment in ASMPT ETR guidance is based on adjusted results * As communicated in the Q2 25 earnings report, published on July 22, 2025, we expect revenue growth at constant currencies in 2025 to be around the midpoint of the guidance range of +10% to +20%. We continue to expect to outperform the WFE market, which is forecast to grow slightly in 2025.
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July 22, 2025 ASM proprietary information | 31 Annex: detailed financials
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July 22, 2025 ASM proprietary information | 32 (Estimated) amortization and earn-out expenses € million Q2 24A Q1 25A Q2 25A FY 25E FY 26E FY 27E FY 28E Net research and development expenses (3.5) (3.5) (3.5) (14.0) (13.9) (13.9) (13.9) Selling, general and administrative expenses (1.2) (1.2) (1.2) (4.9) (4.7) (4.0) (3.9) Total impact on operating results (4.7) (4.7) (4.7) (18.9) (18.6) (17.9) (17.8) Finance expense(1) (2.2) (2.2) (0.8) (3.0) - - - Income taxes (deferred taxes on PPA adjustments) 1.3 1.3 1.3 5.2 5.1 4.9 4.9 Total impact on net earnings (losses) (5.6) (5.7) (4.2) (16.7) (13.5) (13.0) (12.9) (1) Finance expenses include the change in fair value of the contingent consideration (LPE earn-out).
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July 22, 2025 ASM proprietary information | 33 Adjusted and reported P&L reconciliation € million Q1 2025 reported Δ Q1 2025 adjusted Q2 2025 reported Δ Q2 2025 adjusted Revenue 839 839 836 836 Gross profit 448 - 448 433 - 433 Gross margin 53.4% 53.4% 51.8% 51.8% SG&A (77) 1 (76) (74) 1 (73) SG&A as a % of revenue 9.2% 9.1% 8.8% 8.7% Net R&D (104) 4 (101) (101) 3 (97) Net R&D as a % of revenue 12.4% 12.0% 12.1% 11.6% Operating profit 266 5 271 259 5 263 Operating margin 31.7% 32.3% 30.9% 31.5% Net finance expense (29) 2 (27) (49) 1 (48) Income from investment in associates 2 0 3 4 0 4 Income taxes (53) (1) (55) (45) (1) (46) Net earnings (29) 221 192 202 (29) 173
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July 22, 2025 ASM proprietary information | 34 Income statement (reported) € million Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 New orders 755 815 731 834 702 Backlog 1,576 1,559 1,566 1,515 1,295 Book-to-bill ratio 1.1 1.0 0.9 1.0 0.8 Revenue 706 779 809 839 836 Cost of sales (354) (394) (402) (391) (402) Gross profit 352 384 407 448 433 Other income - 7 - - - Selling, general and administrative (89) (77) (77) (77) (74) Research and development (86) (99) (108) (104) (101) Total operating expenses (174) (177) (185) (182) (175) Operating result 178 215 222 266 258 Net interest income (expense) 2 1 4 11 11 Foreign currency exchange gain (loss) 16 (48) 54 (40) (60) Share in income of investments in associates 4 1 0 2 4 Impairment (reversal) of investments in associates, net - - - (215) 34 Earnings before income taxes 199 169 281 24 247 Income taxes (40) (41) (55) (53) (45) Net earnings 159 128 226 (29) 202
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July 22, 2025 ASM proprietary information | 35 Balance sheet € million Jun. 24 Sep. 24 Dec. 24 Mar. 25 Jun. 25 PP&E (incl. RoU assets) 449 458 519 515 516 Evaluation tools at customers 91 107 110 110 110 Goodwill 321 320 321 321 319 Other intangible assets 770 789 816 837 871 Investments in associates 892 859 904 663 642 Other non-current assets 69 63 77 79 85 Total non-current assets 2,592 2,595 2,747 2,524 2,544 Inventories 578 553 567 574 545 Accounts receivable 624 675 789 723 721 Other current assets and income taxes receivable 138 128 133 174 186 Cash and cash equivalents 637 747 927 1,145 1,042 Total current assets 1,978 2,104 2,415 2,616 2,494 Total Assets 4,569 4,699 5,162 5,141 5,038 Equity 3,410 3,430 3,747 3,661 3,569 Other non-current liabilities 20 20 24 20 37 Contingent consideration payable 93 95 - - - Deferred tax liabilities 185 185 191 195 197 Total non-current liabilities 298 300 215 215 234 Accounts payable 230 236 283 249 219 Provision for warranty 25 28 33 43 44 Income taxes payable 48 46 66 95 87 Contract liabilities 360 440 486 514 589 Accrued expenses and other payables 198 218 235 265 195 Contingent consideration payables - - 97 99 100 Total current liabilities 861 969 1,200 1,265 1,235 Total Equity and Liabilities 4,569 4,699 5,162 5,141 5,038
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July 22, 2025 ASM proprietary information | 36 Cash flow statement € million Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net earnings (losses) from operations 159 128 226 (29) 202 Adjustments to reconcile net earnings to net cash from operating activities 18 60 35 298 42 Depreciation, amortization and impairments 44 51 59 60 58 Income tax paid (21) (35) (21) (19) (48) Decrease (increase) in working capital (5) 91 (34) 36 (16) Net cash from operating activities 195 295 265 347 238 Capital expenditures (36) (30) (71) (30) (44) Proceeds from sale of property, plant and equipment 1 8 1 0 - Capitalized development expenditure (45) (37) (40) (43) (54) Purchase of intangible assets and other investments (12) (7) (15) (10) (19) Dividend received from associates - 14 - - 4 Net cash used in investing activities (92) (53) (124) (83) (113) Payment of lease liabilities (3) (3) (5) (4) (2) Purchase of treasury shares (59) (93) - - (43) Proceeds from issuance of treasury shares and other - - - - - Dividends to common shareholders (135) - - - (147) Net cash used in financing activities (197) (96) (5) (4) (192) Free cash flow (1) 103 242 141 264 125 (1) Free cash flow is defined as cash flows from operating activities after investing activities
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July 22, 2025 ASM proprietary information | 37 Gross and net R&D expenses (reported) € million Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Gross R&D expenses 118 118 126 123 132 Capitalization of development expenses (45) (38) (40) (43) (54) Amortization of capitalized development expenses 13 19 22 24 23 Impairment capitalized development expenses 1 - - - - Net R&D expenses 86 99 108 104 101 Gross R&D as % of revenue 16.6% 15.1% 15.6% 14.7% 15.7% Net R&D as % of revenues 12.2% 12.8% 13.4% 12.4% 12.1%
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July 22, 2025 ASM proprietary information | 38 Quarterly impact of the modified reporting revenue Spares & services € million Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 2024 reported Equipment revenue 534 583 624 645 2,385 Spares & service revenue 105 123 155 164 547 Total revenue 639 706 779 809 2,933 Installation & qualification revenue 19 20 20 23 82 2024 based on modified definition Equipment revenue 514 564 604 622 2,303 Spares & service revenue 125 142 175 187 629 Total revenue 639 706 779 809 2,933
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July 22, 2025 ASM proprietary information | 39 Working capital: historical development €m Numbers based on reported financials Q1 and Q4 2019 exclude the impact of patent litigation and arbitration settlements 0 10 20 30 40 50 60 70 80 0 100 200 300 400 500 600 700 800 900 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2020 2021 2022 2023 2024 2025 Working capital (lhs) Quarterly sales (lhs) Days of working capital (rhs)
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July 22, 2025 ASM proprietary information | 40 Orders and backlog: historical development €m Numbers based on reported financials Q1 and Q4 2019 exclude the impact of patent litigation and arbitration settlements - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 2024 2025 Backlog Orders
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July 22, 2025 ASM proprietary information | 41 Revenue and operating result: historical development €m 2019 numbers exclude settlement gains of €159m 2022, 2023, and 2024 operating margin exclude amortization of fair value adjustments from respective purchase price allocations (before tax) - 100 200 300 400 500 600 700 800 900 - 500 1,000 1,500 2,000 2,500 3,000 3,500 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Revenue (lhs) Operating result (rhs)
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July 22, 2025 ASM proprietary information | 42 Cash returned to shareholders 1.50 1.50 0.60 0.70 0.70 0.80 1.00 3.00 2.00 2.50 2.50 2.75 3.00 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024* Dividend per share (€ paid over) Regular dividend Extraordinary dividend 0 500 1,000 1,500 2,000 2,500 3,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Cumulative cash returned to market (€m) Return of capital Dividends Share buybacks
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July 22, 2025 ASM proprietary information | 43 For more information visit asm.com