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ASM Q2 2026 results July 28, 2026
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July 28, 2026 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. ASM proprietary information |
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Q2 2026 results 4 July 28, 2026 ASM proprietary information | 3 3 Business environment, strategy, and targets Annex: detailed financials Investment highlights Contents 1 2
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Investment highlights July 28, 2026 ASM proprietary information | 4
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July 28, 2026 ASM proprietary information | 5 Investment highlights Strong long-term prospects • The semiconductor market is on an accelerated growth path, driven by multi-year expansion in AI. As process nodes shrink, semiconductor device complexity rises and new materials are required, increasing ALD and Epi layer intensity. • ASM is well positioned for long-term growth, supported by a leading >55% market share in ALD, and expanding position in Epi; underpinned by continued investment in people, R&D, and global footprint. • In logic/foundry, GAA architectures will require increasingly more ALD and Epi layers in the next nodes. In DRAM, the transition to 4F² will create a step- change opportunity for ASM. • Advanced packaging is an additional growth driver, leveraging ASM’s strengths in chemistries and interface engineering. • Continued growth in Spares & Services, driven by outcome-based services. Solid financial performance • Target for continued solid revenue growth (Investor Day, September 2025): CAGR of at least 12% through 2030. Track record of nine consecutive years of double-digit growth. • Strong margin profile: targeting 47-51% gross margin and 28-32% operating margin (and >30% by 2030). • Healthy balance sheet: €1.2b in cash at the end of Q2 2026, no debt. Targeting free cash flow to reach more than €1b by 2030. • Committed to shareholder returns: dividend of €3.25 per share in 2025 and a 2026/2027 share buyback program of €150m. Accelerating in sustainability • All sites have operated on 100% renewable electricity since 2024. ASM ranks among the industry ESG leaders.
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July 28, 2026 ASM proprietary information | 6 Q2 2026 results
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Revenue (+24% yoy at constant currency) €1,003m Gross profit (+24% yoy at constant currency) €521m Adjusted operating profit1 (+27% yoy at constant currency) €331m Adjusted operating margin1 (31.5% in Q2 2025) 33.0% Gross margin (51.8% in Q2 2025) 51.9% Adjusted net earnings1 (€173m in Q2 2025) €293m Cash position €1,180m Free cash flow2 €355m Capex €63m July 28, 2026 ASM proprietary information | 7 ¹ Adjusted figures are non-IFRS performance measures. Refer to the Annex for a reconciliation of non-IFRS performance measures ² Free cash flow is calculated as cash flows from operating activities after investing activities Financial highlights Q2 2026
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July 28, 2026 ASM proprietary information | 8 Financial highlights Q2 2026 Revenue • Revenue was €1,003 million, exceeding the midpoint of the guidance range of €980 million +/-5% at constant currency, and was driven by strong demand and increasing market share in leading-edge logic/foundry, robust growth in HBM DRAM, and continued solid mature logic/foundry sales in China. • Momentum in Spares & Services remained strong, with 34% yoy growth at constant currency, supported by further adoption of our outcome-based service model and robust spares demand as customers maintained high levels of fab utilization. Profitability and cash flow • Gross margin remained strong at 51.9%, supported by strong revenue growth, and a favorable product- and customer mix, including continued strong sales contribution in the China market. • Adjusted operating margin was 33.0%, reflecting operating leverage and continued cost control, while continuing to invest in innovation. • Free cash flow increased to €355 million in Q2 2026, marking a new quarterly record. Outlook • In Q3 2026, at constant currency, revenue is projected to increase to €1,100 million +/-5%. H2 revenue is expected to increase by over 20% compared to the level in H1 2026 at constant currency. • The expected increase in the second half is primarily driven by continued strong growth in leading-edge logic/foundry, including initial contributions from the 1.4nm node, solid increases in memory and, from a low base, some recovery in power/analog/wafer. Sales in mature logic/foundry are expected to remain strong, though at a level below the first half.
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July 28, 2026 ASM proprietary information | 9 Revenue and gross margin Revenue • Total revenue increased 24% yoy at cc (20% as reported), and 15% qoq at cc (16% as reported). • Equipment revenue increased 22% yoy and 16% qoq at cc. Spares & Services revenue increased 34% yoy and 10% qoq at cc. Gross profit • Gross profit increased 24% yoy at cc (20% as reported), and by 12% qoq at cc (13% as reported). • Gross margin of 51.9% was supported by strong revenue growth and favorable product- and customer mix, including continued strong sales in the China market. 674 676 794 162 187 209836 863 1,003 300 400 500 600 700 800 900 1,000 Q2 25 Q1 26 Q2 26 Revenue (€m) Equipment revenue Spares & Services revenue 433 460 521 51.8% 53.3% 51.9% 10. 0% 20. 0% 30. 0% 40. 0% 50. 0% 60. 0% - 100 200 300 400 500 600 700 Q2 25 Q1 26 Q2 26 Gross profit (€m) Gross profit Gross margin
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July 28, 2026 ASM proprietary information | 10 Revenue breakdown H1 2026 79% 21% Total revenue Equipment revenue Spares & Services revenue 77% 15% 8% Equipment revenue by customer segment Logic/foundry Memory P/A/W & other Revenue by customer segment • Logic/foundry sales in H1 included solid contributions from both the leading-edge and mature logic/foundry segments. • Memory sales accounted for 15% of equipment revenue in H1 and are expected to be back-half loaded in 2026, with the percentage contribution increasing in the second half year. • The power/analog/wafer segment continued to reflect relatively softer, though improving, market conditions.
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July 28, 2026 ASM proprietary information | 11 SG&A and R&D Note: Adjusted for the amortization of fair value adjustments from purchase price allocations and M&A related share-based compensation expenses Adjusted SG&A • Adjusted SG&A increased by 12% yoy at cc (9% as reported), and by 3% qoq at cc (4% as reported). The SG&A expense as a percentage of revenue improved to 7.9%, reflecting the continued operating leverage from higher revenue levels and ongoing cost discipline across the organization. Adjusted R&D • Adjusted net R&D increased by 22% yoy at cc (15% as reported), and by 13% qoq at cc (14% reported), as ASM continued to invest in its technology roadmap and future growth opportunities. 128 124 138 97 98 112 11.6% 11.4% 11.1% -10.0% -5.0% 0.0 % 5.0 % 10. 0% - 20 40 60 80 100 120 140 160 Q2 25 Q1 26 Q2 26 Adjusted R&D (€m) Adjusted gross R&D Adjusted net R&D Adjusted net R&D as % of revenue 73 76 79 8.7% 8.8% 7.9% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0 % 2.0 % 4.0 % 6.0 % 8.0 % 10. 0% 60 65 70 75 80 85 Q2 25 Q1 26 Q2 26 Adjusted SG&A (€m) Adjusted SG&A Adjusted SG&A as % of revenue
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July 28, 2026 ASM proprietary information | 12 Operating result Adjusted operating result • Adjusted operating result increased by 27% yoy at cc (26% as reported) and increased by 14% qoq at cc (16% as reported). • Adjusted operating margin reached 33.0%, remained close to the record level achieved in Q1 2026. • The strong operating margin was driven by strong revenue, a resilient gross margin and operating leverage, while ASM continues to invest in strategic R&D programs to support future growth. Note: Adjusted for the amortization of fair value adjustments from purchase price allocations and M&A related share-based compensation expenses 263 286 331 31.5% 33.1% 33.0% 22.0% 24.0% 26.0% 28.0% 30.0% 32.0% (20) 30 80 130 180 230 280 330 380 Q2 25 Q1 26 Q2 26 Adjusted operating result (€m) Adjusted operating result Adjusted operating margin
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July 28, 2026 ASM proprietary information | 13 Net earnings Including: Foreign currency exchange • Adjusted net earnings included a currency translation gain of €21.7 million, compared to a translation loss of €59.8 million in Q2 2025. Share in income of investments in associates • Share in income of investments in associates, reflecting our ~25% stake in ASMPT, increased €2.3 million sequentially. Tax rate • The adjusted effective tax rate excluding the income of our investment in ASMPT is 21.0% in Q2 2026. (Q2 2025: 21.3%). Note: Please refer to Annex for the detailed adjustments 173 246 293 Q2 25 Q1 26 Q2 26 Adjusted net earnings (€m)
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July 28, 2026 ASM proprietary information | 14 Cash position and FCF Note: Free cash flow is defined as cash flows from operating activities after investing activities Free cash flow (FCF) • FCF was at a record high of €355 million in Q2 2026, due to strong profitability and a normalization in working capital after the build-up in Q1 2026. 1,042 982 1,180 Jun. 25 Mar. 26 Jun. 26 Cash (€m) 125 (48) 355 Q2 25 Q1 26 Q2 26 Free cash flow (€m) Q1 26 Q1 26
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July 28, 2026 ASM proprietary information | 15 Capex and working capital Capital expenditures (capex) • Capex increased 66% qoq. For the full year, we continue to expect capex to be above the guidance range of €150-250 million, with the largest part related to the accelerated construction of our new site in Scottsdale, Arizona. Working capital • The qoq decrease of working capital was primarily driven by the collection of receivables following the increase in accounts receivable driven by strong sequential revenue growth in the prior quarter. • Days of working capital decreased from 69 days at the end of March 2026 to 50 at the end of June 2026, benefiting from both a higher revenue base and favorable working capital development. 44 38 63 Q2 25 Q1 26 Q2 26 Capital expenditures (€m) 401 661 556 43 69 50 -60 -40 -20 0 20 40 60 (50) 50 150 250 350 450 550 650 750 Jun. 25 Mar. 26 Jun. 26 Working capital (€m) Working capital Days of working capital
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July 28, 2026 ASM proprietary information | 16 Financial outlook As included in the Q2 2026 press release published on July 28, 2026: For Q3 2026, at constant currency, ASM expects revenue of €1,100 million, plus or minus 5%. For the second half of 2026, revenue is expected to increase by over 20% compared with the first half of the year at constant currency. The expected increase in the second half is primarily driven by continued strong growth in leading-edge logic/foundry, including initial contributions from the 1.4nm node, solid increases in memory and, from a low base, some recovery in power/analog/wafer. Sales in mature logic/foundry are expected to remain strong, though at a level below the first half. We remain confident in our momentum to gain further share in DRAM for both ALD and Epi based on our current customer engagement. We also see traction in our single-wafer CVD offerings with some innovative solutions that are being qualified in memory and advanced packaging. At our Investor Day in September 2025, we provided a target revenue range of €3.7-€4.6 billion for 2027. Since then, expectations for wafer fab equipment (WFE) spending have increased significantly. Given the strong order intake in the first half of 2026, our expectation for continued robust order intake in the second half, and the visibility customers are providing, we expect 2027 revenue to exceed the top end of that range. Further guidance on 2027 revenue will be shared in the course of 2027.
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July 28, 2026 ASM proprietary information | 17 Business environment, strategy, and targets
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July 28, 2026 ASM proprietary information | 18 Semiconductor and WFE market expectations 0 500 1,000 1,500 2,000 2,500 2022 2023 2024 2025 2026 2027 2028 2029 2030 Semiconductor market forecast (US$ billion) Gartner TechInsights 0 50 100 150 200 250 2022 2023 2024 2025 2026 2027 2028 2029 2030 WFE market forecast (US$ billion) Gartner TechInsights 0 50 100 150 200 250 2022 2023 2024 2025 2026 2027 2028 2029 2030 WFE by segment (US$ billion) Logic/foundry DRAM NAND Other Source: TechInsights (June 2026), Gartner (July 2026) Source: TechInsights (June 2026), Gartner (July 2026) Source: TechInsights (June 2026)
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Semiconductors: value chain & manufacturing process 119.2 834 2,823 28.7 31.5 16.5 10.132.4 Source: TechInsights (December 2025)
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ASM proprietary information | 20 ALD continues to be a key growth market for ASM Single-wafer ALD market outlook (US$ billion) 2024 2030 5.1 6.1 3.0 Source: Investor Day 2025; Historical market data: ASM | Future market data: ASM July 28, 2026 Single-wafer ALD market: • SW ALD market ’24-’30 CAGR: 9-13% Growth drivers • Increased number of layers in leading-edge logic/foundry and additional complexity • Increased number of layers in leading-edge DRAM, both in cell and CMOS peri 2030 outlook • Maintain market share >55% • Maintain leading market share in logic/foundry • Gain share in memory
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ASM proprietary information | 21 Epi has become a second growth engine for ASM Epi market outlook (US$ billion) 2024 2030 2.5 3.2 1.5 July 28, 2026 Epi market • Epi market ’24-’30 CAGR: 9%-13% Growth drivers • New Epi applications in next generations GAA and additional complexity • Increased number of layers in leading-edge DRAM transition from 6F2 to 4F2 and in CMOS peri 2030 outlook • Further expand leading-edge market share Source: Investor Day 2025; Historical market data: ASM | Future market data: ASM
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ASM proprietary information | 22 Significant increase in ALD and Epi SAM with move to 1.4nm +400 +450-500 GAA 2nm to 1.4nm Source: Investor Day 2025; Historical market data: ASM | Future market data: ASM GAA 1st Gen 2nm 2025 GAA 3rd Gen 1.0nm 2029 GAA 2nd Gen 1.4nm 2027 CFET 0.7nm 2031 Logic/foundry technology roadmap July 28, 2026 ASM ALD and Epi SAM expansion for 100k WSPM* (US$ million) Note: Wafer starts per month FinFET 3nm to GAA 2nm
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ASM proprietary information | 23 Increasing DRAM SAM with 4F2 transition 6F2 with planar CMOS peri (D1d) ASM ALD and Epi SAM expansion for 100k WSPM* (US$ million) +400-450 Source: Investor Day 2025; ASM internal market data, figure not to scale 3D-DRAM 4F2 6F2 July 28, 2026 DRAM technology roadmap Note: Wafer starts per month 4F2 with FinFET CMOS peri (D0b)
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ASM proprietary information | 24 Spares & Services: engine of growth and innovation Spares & Services revenue (€million) CAGR >12% Transactional Outcome-based (including new solutions) July 28, 2026 Business growth drivers • Continued growth of our installed base - higher share of outcome-based services on new products • >50% business coming from outcome-based services by 2030 • Outcome-based grew from 20% in 2024 to 25% in 2025 as a percentage of total Spares & Services sales 2030 outlook • Targeting continued growth in Spares & Services: >12% CAGR 2024-2030
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Our sustainability framework covers 5 pillars Product sustainability* • 35% precursor consumption reduction per wafer (key ALD processes) • 35% reduction thermal energy per wafer (thermal-driven products) • 20% reduction RF energy per wafer (plasma-driven products) Workplace safety • Recordable injury rate of 0.15 or lower Inclusive workforce • Sustain global gender pay parity (≤3% median gap) across all roles and regions • Female representation for company of ≥25% • Female representation for sub- board of ≥25% Net zero • Continue SBTi validated net- zero decarbonization pathways across scopes • Maintain 100% renewable electricity for global operations • 10 GWh aggregate energy savings within global operations Climate resilience & adaptation • Green building site certifications for all new construction Human rights and safety • ≥80% of ASM's most critical direct-material supplier sites are verified as conformant with our Supplier Code of Conduct Responsible sourcing • ≥80% of 3TG smelters or refiners are meeting industry standards Decarbonizing the supply chain • Top 100 emitting suppliers for Scope 3.1 have a climate transition plan Ethics and integrity • Healthy awareness of our Code of Business Conduct policies through ≥97% annual training completion Speak-up culture • Healthy utilization of our whistleblower channel Innovation People Planet Supply chain Governance ASM proprietary information | 25July 28, 2026 Note: The product sustainability targets year is 2035
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|Investor Day 2025 Priority 2 Maintain a strong balance sheet • Cash position around €800 million Priority 3 Sustainable dividend payments Priority 4 Return of excess cash to shareholders through share buybacks Priority 1 Invest to support future growth • R&D • Capex • M&A 26July 28, 2026 Capital allocation strategy unchanged ASM proprietary information |
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FY 2024 FY 2025 FY 2030 Revenue €2.9 billion €3.2 billion More than €5.7 billion by FY30¹ Revenue growth¹ 12% 12% At least 12% CAGR (FY24-FY30) Gross margin % 50.5% 51.8% 47-51% (FY26-FY30) SG&A % revenue 10.6% 9.2% Below 7% (by FY30) R&D (net) % revenue 12.1% 12.5% Low double digit (FY26-FY30) Operating margin % 28.0% 30.2% 28-32% (FY26-FY30), >30% by 2030 Capex (gross) €168 million €218 million €100-200 million (FY30)⁴ Effective tax rate % 21.1% 21.8% Low twenties (FY26-FY30) Total working capital 50 days 45 days 50-70 days (FY26-FY30) Free cash flow €534 million² €615 million³ More than €1 billion by FY30 July 28, 2026 ASM proprietary information | 27 Investor Day 2025: FY30 targets ¹ At comparable currencies ² Free cash flow is calculated as cash flows from operating activities after investing activities, excl. ASMPT dividend and M&A ³ Excluding M&A, including ASMPT dividend ⁴ Capex €150-250m in years with infrastructure expansion and €100-200m after main expansions are completed
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Our purpose is to improve people’s lives by advancing technologies that unlock new potential Grow high-value outcome-based services Grow applications in advanced packaging market Leading-edge innovation Early customer engagements Maintain leading share in ALD for logic/foundry and grow share in DRAM/HBM memory Drive operational excellence, flexible footprint and strong financial performance Continue to grow in Epi Accelerate progress in sustainability Strategic objectives Strategy enablers Best people Strong financial position Flawless operational excellence Strategic objectives
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July 28, 2026 ASM proprietary information | 29 Annex: detailed financials
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July 28, 2026 ASM proprietary information | 30 (Estimated) amortization, SBC and earn-out expenses € million Q2 2026 Actual Q1 2026 Actual Q2 2025 Actual 2026 Estimate³ 2027 Estimate³ 2028 Estimate³ 2029 Estimate³ Net research and development expenses (4.0) (4.0) (3.5) (16.1) (16.1) (16.1) (16.1) Selling, general and administrative expenses¹ (3.7) (3.7) (1.2) (14.7) (9.9) (7.8) (6.4) Total impact on operating result (7.7) (7.7) (4.7) (30.8) (26.0) (23.9) (22.5) Finance expense² (1.0) (1.0) (0.8) (3.9) (2.5) (0.5) - Income taxes 1.3 1.3 1.3 7.9 6.8 6.4 6.1 Total impact on net earnings (7.4) (7.4) (4.2) (26.8) (21.7) (18.0) (16.4) ¹ The total cash consideration of the 2025 Axus acquisition includes a €12.3 million prepaid share-based component that is contingent on the sellers’ continued employment. This amount is therefore treated as post-employment remuneration, with the related expense recognized in SG&A over the vesting period (2025-2028, assumed 100% vesting) ² Finance expenses include the change in fair value of the contingent consideration (LPE earn-out up to FY25, FY26 onwards Axus) ³ Estimated income taxes for FY2026–FY2029 have been updated relative to the Q1 2026 press release to reflect a revised presentation of the tax effect on the items above; reported actuals are unaffected.
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July 28, 2026 ASM proprietary information | 31 Income statement (reported) € million Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue 835.6 800.0 698.3 862.5 1,003.1 Cost of sales (402.4) (385.1) (350.6) (402.7) (482.0) Gross profit 433.2 414.9 347.7 459.9 521.1 Selling, general and administrative (73.9) (69.7) (75.5) (79.5) (82.6) Research and development (100.8) (102.5) (101.7) (102.2) (115.7) Total operating expenses (174.6) (172.1) (177.2) (181.7) (198.3) Operating result 258.5 242.8 170.5 278.2 322.8 Net interest income 11.0 14.6 12.5 12.4 6.3 Foreign currency exchange loss (gain) (60.0) 10.4 5.7 10.4 21.7 Share in income of investments in associates 3.6 (7.4) 26.1 6.6 8.9 Impairment reversal of investments in associates 33.7 181.4 - - - Impairment of other investments - - (3.4) - - Earnings before income taxes 247.0 442.0 211.4 307.6 359.7 Income taxes (44.6) (57.8) (45.4) (69.1) (74.3) Net earnings 202.4 384.2 166.0 238.5 285.4
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July 28, 2026 ASM proprietary information | 32 Adjusted and reported P&L reconciliation € million Q1 2026 reported Δ Q1 2026 adjusted Q2 2026 reported Δ Q2 2026 adjusted Revenue 862.5 - 862.5 1,003.1 - 1,003.1 Gross profit 459.9 - 459.9 521.1 - 521.1 Gross margin 53.3% - 53.3% 51.9% - 51.9% SG&A (79.5) 3.7 (75.8) (82.6) 3.7 (78.9) SG&A as a % of revenue 9.2% -0.4pp 8.8% 8.2% -0.3pp 7.9% Net R&D (102.2) 4.0 (98.2) (115.7) 4.0 (111.7) Net R&D as a % of revenue 11.8% -0.4pp 11.4% 11.5% -0.4pp 11.1% Operating result 278.2 7.7 285.9 322.8 7.7 330.5 Operating margin 32.2% 0.9pp 33.1% 32.2% 0.8pp 33.0% Net finance income 22.8 1.0 23.8 28.0 1.0 29.0 Share in income of investments in associates 6.6 0.1 6.7 8.9 0.1 9.0 Income taxes (69.1) -1.3 (70.4) (74.3) -1.3 (75.5) Net earnings 238.5 7.5 246.0 285.4 7.4 292.9
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July 28, 2026 ASM proprietary information | 33 Operating performance: reported vs. constant currency (cc) € million Q2 2026 QoQ reported QoQ at cc YoY reported YoY at cc Revenue 1,003.1 16% 15% 20% 24% Equipment revenue 794.3 18% 16% 18% 22% Spares & Services revenue 208.7 12% 10% 29% 34% Gross profit 521.1 13% 12% 20% 24% Adjusted SG&A expenses (78.9) 4% 3% 9% 12% Adjusted net R&D expenses (111.7) 14% 13% 15% 22% Adjusted operating result 330.5 16% 14% 26% 27%
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July 28, 2026 ASM proprietary information | 34 Balance sheet € million Jun. 25 Sep. 25 Dec. 25 Mar.26 Jun. 26 PP&E (incl. RoU assets) 515.9 524.0 608.2 628.3 683.3 Evaluation tools at customers 109.8 109.5 106.1 100.8 92.3 Goodwill 319.2 319.1 340.5 340.9 341.2 Other intangible assets 871.0 898.0 995.9 1,020.3 1,043.7 Investments in associates 642.5 816.7 845.1 865.1 867.4 Other non-current assets 85.2 93.8 95.4 96.6 110.2 Total non-current assets 2,543.6 2,761.1 2,991.2 3,052.0 3,138.0 Inventories 545.2 545.6 552.1 579.6 615.8 Accounts receivable 720.5 666.3 562.1 990.5 969.8 Other current assets and income taxes receivable 186.3 194.3 204.7 225.5 230.7 Cash and cash equivalents 1,042.1 1,078.5 1,026.9 981.6 1,180.1 Total current assets 2,494.1 2,484.7 2,345.8 2,777.2 2,996.4 Total Assets 5,037.7 5,245.8 5,337.0 5,829.2 6,134.4 Equity 3,568.6 3,837.6 4,005.8 4,288.6 4,447.6 Other non-current liabilities 37.4 57.3 64.0 72.0 70.4 Contingent consideration payable - - 18.4 19.8 21.0 Deferred tax liabilities 196.7 199.6 207.5 211.8 214.0 Total non-current liabilities 234.1 256.9 289.9 303.6 305.4 Accounts payable 219.4 220.6 214.9 272.5 322.0 Provision for warranty 44.1 45.7 45.0 49.2 54.0 Income taxes payable 87.3 82.2 78.9 112.3 141.1 Contract liabilities 589.2 583.2 505.8 570.6 676.7 Accrued expenses and other payables 195.0 219.6 196.7 232.4 187.6 Contingent consideration payable 100.0 - - - - Total current liabilities 1,235.0 1,151.3 1,041.3 1,237.0 1,381.4 Total Equity and Liabilities 5,037.7 5,245.8 5,337.0 5,829.2 6,134.4 Note: Amounts are rounded to the nearest tenth of million euro; therefore, amounts may not equal (sub) totals due to rounding.
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July 28, 2026 ASM proprietary information | 35 Cash flow statement € million Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net earnings from operations 202.4 384.1 166.1 238.5 285.4 Adjustments to reconcile net earnings to net cash from operating activities 51.8 (135.7) 6.8 104.1 74.7 (Increase) /decrease in working capital (16.4) 64.4 (9.2) (298.8) 106.2 Net cash from operating activities 237.8 312.8 163.7 43.8 466.3 Capital expenditures of property, plant and equipment (44.1) (38.5) (106.2) (38.3) (63.1) Proceeds from sale of property, plant and equipment - 0.2 - - - Capitalized development expenditure (53.6) (53.8) (54.7) (48.2) (49.3) Capital expenditure of intangible assets and other investments (19.0) (8.2) (15.2) (5.3) (12.0) Dividend received from associates 3.7 2.9 - - 12.8 Acquisitions of subsidiaries, net of cash acquired - - (81.5) - - Contingent consideration - (76.1) - - - Net cash used in investing activities (113.0) (173.4) (257.6) (91.9) (111.7) Payment of lease liabilities (2.1) (3.0) (4.8) (3.5) (3.6) Purchase of treasury shares (42.9) (109.1) - - - Dividends to common shareholders (147.3) - - - (159.2) Net cash used in financing activities (192.3) (112.1) (4.8) (3.5) (162.8) Free cash flow¹ 124.8 139.4 (93.9) (48.1) 354.6 ¹ Free cash flow is defined as cash flows from operating activities after investing activities
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July 28, 2026 ASM proprietary information | 36 Gross and net R&D expenses (reported) € million Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Gross R&D expenses 131.5 129.1 127.9 127.6 141.7 Capitalization of development expenses (53.6) (53.8) (54.7) (48.2) (49.3) Amortization of capitalized development expenses 22.9 23.5 22.4 22.7 23.4 Impairment capitalized development expenses - 3.7 6.1 0.1 - Net R&D expenses 100.8 102.5 101.7 102.2 115.7 Gross R&D as a % of revenue 15.7% 16.1% 18.3% 14.8% 14.1% Net R&D as a % of revenue 12.1% 12.8% 14.6% 11.8% 11.5% Note: Amounts are rounded to the nearest tenth of million euro; therefore, amounts may not equal (sub) totals due to rounding.
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July 28, 2026 ASM proprietary information | 37 Working capital: historical development Note: Numbers in million €, 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 90 0 200 400 600 800 1,000 1,200 Q1 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 Q3 Q4 Q1 Q2 2019 2020 2021 2022 2023 2024 2025 2026 Working capital (lhs) Quarterly sales (lhs) Days of working capital (rhs)
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July 28, 2026 ASM proprietary information | 38 Revenue and operating result: historical development - 200 400 600 800 1,000 1,200 - 500 1,000 1,500 2,000 2,500 3,000 3,500 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue (lhs) Operating result (rhs) Note: Numbers in million € 2019 numbers exclude settlement gains of €159m 2022, 2023, 2024, and 2025 operating result exclude amortization of fair value adjustments from respective purchase price allocations (before tax)
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July 28, 2026 ASM proprietary information | 39 Cash returned to shareholders 1.50 1.50 0.70 0.80 1.00 3.00 2.00 2.50 2.50 2.75 3.00 3.25 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* Dividend per share (€ paid over) Regular dividend Extraordinary dividend Sum 0 500 1,000 1,500 2,000 2,500 3,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* Cumulative cash returned to market (€m) Return of capital Dividends Share buybacks
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July 28, 2026 ASM proprietary information | 40 For more information visit asm.com