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ASM Q3 2026 results October 27, 2026
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October 27, 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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Q3 2026 results 4 October 27, 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 October 27, 2026 ASM proprietary information | 4
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October 27, 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. • 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. • Leveraging our materials discovery expertise to expand into new growth opportunities beyond ALD, including the launch of the industry’s first PECVD Flowable Carbon film technology engineered for the increasingly complex demands of advanced patterning. Solid financial performance • Strong margin profile: gross margin of 52.4% and adjusted operating margin of 33.2% in the first nine months of 2026. For full year 2026, gross margin is expected to be around 52%. • Healthy balance sheet with €1.3bn cash at the end of Q3 2026 and no debt; generated €620m in free cash flow during the first nine months of 2026. • The share buyback program of up to €150 million, as announced on March 3, 2026, was completed in the third quarter. On October 27, 2026, the Management Board authorized a new share buyback program of up to €300 million, taking into account ASM’s strong cash position and financial performance. Accelerating in sustainability • All sites have operated on 100% renewable electricity since 2024. ASM ranks among the industry ESG leaders.
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October 27, 2026 ASM proprietary information | 6 Q3 2026 results
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Revenue (+44% yoy at constant currency) €1,159m Gross profit (+44% yoy at constant currency) €603m Adjusted operating profit1 (+54% yoy at constant currency) €387m Adjusted operating margin1 (30.9% in Q3 2025) 33.4% Gross margin (51.9% in Q3 2025) 52.0% Adjusted net earnings1 (€206m in Q3 2025) €315m Cash position €1,339m Free cash flow2 €313m Capex €55m October 27, 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 Q3 2026
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October 27, 2026 ASM proprietary information | 8 Financial highlights Q3 2026 Revenue • Revenue reached a new record level of €1,159 million in Q3 2026, at the upper end of the guided range, driven by strong AI-related demand and solid execution amid ongoing customer capacity ramps. • Q3 revenue was up 44% year-on-year at constant currency, driven by an acceleration in advanced logic/foundry sales, including a first solid contribution from 1.4nm investments, strong growth in memory sales, and continued robust demand in the mature logic/foundry market. Profitability and cash flow • Gross profit increased on the back of strong revenue growth, while gross margin remained stable at a high level of 52.0%, reflecting a continued positive mix and the continued impact from cost efficiency measures. • Adjusted operating margin further improved to 33.4% in Q3 2026, from 33.0% in the prior quarter. This was supported by strong revenue growth and gross margin, disciplined cost management and benefits from operating leverage, while maintaining our investments in innovation and future growth. • Adjusted net earnings increased by €109 million year-on-year to €315 million in Q3 2026, primarily reflecting strong revenue growth, a resilient gross margin and operating leverage. • Free cash flow remained at a solid level of €313 million, up from €139 million in the year-ago period. The strong year-on-year increase was driven by significantly improved profitability. Outlook • Revenue is projected to increase to €1,230 million +/-5% in Q4 2026, at constant currencies. • For 2027, ASM projects revenue to increase to more than €5.7 billion at constant currencies, reaching the revenue target set for 2030 at its 2025 Investor Day three years ahead of plan.
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October 27, 2026 ASM proprietary information | 9 Revenue and gross margin Revenue • Total revenue increased 44% yoy at cc (45% as reported), and 14% qoq at cc (16% as reported). • Equipment revenue increased 48% yoy and 17% qoq at cc. Spares & Services revenue increased 31% yoy and 6% qoq at cc. Gross profit • Gross profit increased 44% yoy at cc (45% as reported), and by 15% qoq at cc (16% as reported). • Gross margin of 52.0% was supported by a continued positive mix and the gradual impact from cost efficiency measures. 631 794 936 169 209 223 800 1,003 1,159 - 200 400 600 800 1,000 1,200 1,400 Q3 25 Q2 26 Q3 26 Revenue (€m) Equipment revenue Spares & Services revenue 415 521 603 51.9% 51.9% 52.0% 49.0% 49.5% 50.0% 50.5% 51.0% 51.5% 52.0% 52.5% - 100 200 300 400 500 600 700 800 Q3 25 Q2 26 Q3 26 Gross profit (€m) Gross profit Gross margin
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October 27, 2026 ASM proprietary information | 10 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 28% yoy at cc (28% as reported), and by 10% qoq at cc (11% as reported). The increase in adjusted SG&A expenses was driven by higher headcount and variable expenses associated with the increased activity levels and performance of the company. • Adjusted SG&A as a percentage of revenue improved further to 7.6% in Q3 2026, reflecting the impact of operating leverage and ongoing efficiency initiatives. Adjusted R&D • Adjusted net R&D increased by 32% yoy at cc (30% as reported), and by 14% qoq at cc (15% as reported), as ASM continued to invest in R&D to support our technology roadmap and future growth. 68 79 88 8.6% 7.9% 7.6% 0.0 % 1.0 % 2.0 % 3.0 % 4.0 % 5.0 % 6.0 % 7.0 % 8.0 % 9.0 % - 20 40 60 80 100 120 Q3 25 Q2 26 Q3 26 Adjusted SG&A (€m) Adjusted SG&A Adjusted SG&A as % of revenue 126 138 144 99 112 129 12.4% 11.1% 11.1% -10.0% -5.0% 0.0% 5.0% 10.0% - 20 40 60 80 100 120 140 160 180 Q3 25 Q2 26 Q3 26 Adjusted R&D (€m) Adjusted gross R&D Adjusted net R&D Adjusted net R&D as % of revenue
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October 27, 2026 ASM proprietary information | 11 Operating result Adjusted operating result • Adjusted operating result increased by 54% yoy at cc (56% as reported) and by 16% qoq at cc (17% as reported). • Adjusted operating margin further increased to 33.4% in Q3 2026. • The strong operating margin was driven by strong revenue growth, a resilient gross margin and further operating leverage, while ASM continued 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 248 331 38730.9% 33.0% 33.4% 12.0% 17.0% 22.0% 27.0% 32.0% - 50 100 150 200 250 300 350 400 450 Q3 25 Q2 26 Q3 26 Adjusted operating result (€m) Adjusted operating result Adjusted operating margin
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October 27, 2026 ASM proprietary information | 12 Net earnings Including: Foreign currency exchange • Adjusted net earnings included a currency exchange loss of €21.8 million, compared to a currency exchange gain of €21.7 million in Q2 2026. Share in income of investments in associates • Share in income of investments in associates, reflecting our 24.6% stake in ASMPT, increased €6.1 million sequentially. Tax rate • The adjusted effective tax rate, excluding the income of our investment in ASMPT, for Q3 2026 was 20.6% (Q3 2025: 21.7%). Note: Please refer to Annex for the detailed adjustments 206 293 315 Q3 25 Q2 26 Q3 26 Adjusted net earnings (€m)
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October 27, 2026 ASM proprietary information | 13 Cash position and FCF Note: Free cash flow is defined as cash flows from operating activities after investing activities Free cash flow (FCF) • Free cash flow remained at a solid level of €313 million in Q3 2026, below the record level of €355 million in Q2 2026, but up sharply from €139 million in the year-ago period. • The strong year-on-year increase was driven by significantly improved profitability and good working capital management. 139 355 313 Q3 25 Q2 26 Q3 26 Free cash flow (€m) 1,078 1,180 1,339 Sep. 25 Jun. 26 Sep. 26 Cash (€m)
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October 27, 2026 ASM proprietary information | 14 Capex and working capital Capital expenditures (capex) • Cash used in investing activities included €55 million in capex. For the full year, we continue to expect capex to exceed €250 million, with the largest part related to the accelerated construction of our new site in Scottsdale, Arizona. Working capital • Working capital remained broadly stable compared to Q2 2026 as higher current assets, including accounts receivable and inventories, were largely offset by an increase in current liabilities. • Days of working capital decreased from 50 days at the end of June 2026 to 43 at the end of September 2026, also reflecting the higher revenue base. 38 63 55 Q3 25 Q2 26 Q3 26 Capital expenditures (€m) 330 556 55637 50 43 -20 -10 0 10 20 30 40 50 - 100 200 300 400 500 600 700 Sep. 25 Jun. 26 Sep. 26 Working capital (€m) Working capital Days of working capital
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October 27, 2026 ASM proprietary information | 15 Financial outlook As included in the Q3 2026 press release published on October 27, 2026: For Q4 2026, at constant currencies, we expect revenue of €1,230 million +/-5%. Supply chain conditions are increasingly tight, and we continue to work closely with our suppliers and customers to support the planned ramp in shipments. Based on our Q4 guidance, revenue for the full year 2026 is expected to increase by approximately 35% at constant currencies, with equipment revenue expected to grow by more than 40%. For 2027, we project revenue to increase to more than €5.7 billion at constant currencies. This means we expect to achieve the revenue target set for 2030 at our 2025 Investor Day three years ahead of plan. Advanced logic/foundry is expected to be our strongest growth driver in 2027, supported by further increases in 2nm-related sales and strong momentum in 1.4nm. We can now confirm a solid double-digit increase in our served available market at 1.4nm compared with 2nm, together with higher market share. We also expect strong growth in memory. Based on current visibility and assuming no material changes in the regulatory environment, mature logic/foundry sales are expected to remain relatively stable, while the recovery in the power/analog/wafer segments is expected to strengthen further in 2027.
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October 27, 2026 ASM proprietary information | 16 Business environment, strategy, and targets
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ASM proprietary information |October 27, 2026 • On September 22, 2026, ASM launched XP8® Vertos Flowable Carbon, the industry’s first PECVD Flowable Carbon film for the next era of semiconductor scaling • Developed for increasingly complex patterning in advanced 3D devices, enabling next-generation logic and memory scaling. • Combines gap fill and self-planarization in a single process, simplifying integration and improving topography control. • Already deployed in high-volume manufacturing, demonstrating how ASM is extending its materials expertise beyond ALD and Epitaxy into growth areas such as PECVD. Flowable Carbon delivers a flat, uniform surface ready for the next patterning step ASM Flowable Carbon technology 17
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October 27, 2026 ASM proprietary information | 18 Semiconductor and WFE market expectations Source: TechInsights (Sep 2026), Gartner (Oct 2026) Source: TechInsights (Sep 2026), Gartner (Oct 2026) Source: TechInsights (Sep 2026) 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2022 2023 2024 2025 2026 2027 2028 2029 2030 Semiconductor market (US$ billion) Gartner TechInsights 0 50 100 150 200 250 300 350 2022 2023 2024 2025 2026 2027 2028 2029 2030 WFE by segment (US$ billion) Logic/foundry DRAM NAND Other 0 50 100 150 200 250 300 350 2022 2023 2024 2025 2026 2027 2028 2029 2030 WFE market forecast (US$ billion) Gartner TechInsights forecast
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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 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 October 27, 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 | 21 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 October 27, 2026 DRAM technology roadmap Note: Wafer starts per month 4F2 with FinFET CMOS peri (D0b)
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ASM proprietary information | Spares & Services: engine of growth and innovation Spares & Services revenue (€ million) CAGR >12% Transactional Outcome-based (including new solutions) October 27, 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 22
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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 | 23October 27, 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 24October 27, 2026 Capital allocation strategy unchanged ASM proprietary information |
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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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October 27, 2026 ASM proprietary information | 26 Annex: detailed financials
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October 27, 2026 ASM proprietary information | 27 (Estimated) amortization, SBC and earn-out expenses € million Q3 2026 Actual Q2 2026 Actual Q3 2025 Actual 2026 Estimate 2027 Estimate 2028 Estimate 2029 Estimate Net research and development expenses (4.0) (4.0) (3.5) (16.1) (16.1) (16.1) (16.1) Selling, general and administrative expenses¹ (3.8) (3.7) (1.2) (14.7) (9.9) (7.8) (6.4) Total impact on operating result (7.8) (7.7) (4.7) (30.8) (26.0) (23.9) (22.5) Finance expense² (1.0) (1.0) - (3.9) (2.5) (0.5) - Income taxes 1.6 1.3 1.3 6.3 6.1 6.1 6.1 Total impact on net earnings (7.2) (7.4) (3.4) (28.4) (22.4) (18.3) (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)
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October 27, 2026 ASM proprietary information | 28 Income statement (reported) € million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue 800.0 698.3 862.5 1,003.1 1,159.4 Cost of sales (385.1) (350.6) (402.7) (482.0) (556.3) Gross profit 414.9 347.7 459.9 521.1 603.2 Selling, general and administrative (69.7) (75.5) (79.5) (82.6) (91.4) Research and development (102.5) (101.7) (102.2) (115.7) (132.9) Total operating expenses (172.1) (177.2) (181.7) (198.3) (224.3) Operating result 242.8 170.5 278.2 322.8 378.9 Net interest income 14.6 12.5 12.4 6.3 12.5 Foreign currency exchange gain (loss) 10.4 5.7 10.4 21.7 (21.8) Share in income of investments in associates (7.4) 26.1 6.6 8.9 15.0 Impairment reversal of investments in associates 181.4 - - - - Impairment of other investments - (3.4) - - - Earnings before income taxes 442.0 211.4 307.6 359.7 384.6 Income taxes (57.8) (45.4) (69.1) (74.3) (76.5) Net earnings 384.2 166.0 238.5 285.4 308.1
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October 27, 2026 ASM proprietary information | 29 Adjusted and reported P&L reconciliation € million Q2 2026 reported Δ Q2 2026 adjusted Q3 2026 reported Δ Q3 2026 adjusted Revenue 1,003.1 - 1,003.1 1,159.4 - 1,159.4 Gross profit 521.1 - 521.1 603.2 - 603.2 Gross margin 51.9% - 51.9% 52.0% - 52.0% SG&A (82.6) 3.7 (78.9) (91.4) 3.8 (87.6) SG&A as a % of revenue 8.2% -0.3pp 7.9% 7.9% -0.3pp 7.6% Net R&D (115.7) 4.0 (111.7) (132.9) 4.0 (128.9) Net R&D as a % of revenue 11.5% -0.4pp 11.1% 11.5% -0.4pp 11.1% Operating result 322.8 7.7 330.5 378.9 7.8 386.7 Operating margin 32.2% 0.8pp 33.0% 32.7% 0.7pp 33.4% Net finance income 28.0 1.0 29.0 (9.3) 1.0 (8.3) Share in income of investments in associates 8.9 0.1 9.0 15.0 0.1 15.1 Income taxes (74.3) -1.3 (75.5) (76.5) -1.6 (78.0) Net earnings 285.4 7.4 292.9 308.1 7.2 315.4
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October 27, 2026 ASM proprietary information | 30 Operating performance: reported vs. constant currency (cc) € million Q3 2026 QoQ reported QoQ at cc YoY reported YoY at cc Revenue 1,159.4 16% 14% 45% 44% Equipment revenue 936.4 18% 17% 48% 48% Spares & Services revenue 223.1 7% 6% 32% 31% Gross profit 603.2 16% 15% 45% 44% Adjusted SG&A expenses (87.6) 11% 10% 28% 28% Adjusted net R&D expenses (128.9) 15% 14% 30% 32% Adjusted operating result 386.7 17% 16% 56% 54%
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October 27, 2026 ASM proprietary information | 31 Balance sheet € million Sep. 25 Dec. 25 Mar. 26 Jun. 26 Sep. 26 PP&E (incl. RoU assets) 524.0 608.2 628.3 683.3 747.8 Evaluation tools at customers 109.5 106.1 100.8 92.3 98.1 Goodwill 319.1 340.5 340.9 341.2 341.3 Other intangible assets 898.0 995.9 1,020.3 1,043.7 1,063.6 Investments in associates 816.7 845.1 865.1 867.4 877.2 Other non-current assets 93.8 95.4 96.6 110.2 118.8 Total non-current assets 2,761.1 2,991.2 3,052.0 3,138.0 3,246.8 Inventories 545.6 552.1 579.6 615.8 687.1 Accounts receivable 666.3 562.1 990.5 969.8 1,035.7 Other current assets and income taxes receivable 194.3 204.7 225.5 230.7 249.5 Cash and cash equivalents 1,078.5 1,026.9 981.6 1,180.1 1,338.7 Total current assets 2,484.7 2,345.8 2,777.2 2,996.4 3,311.0 Total Assets 5,245.8 5,337.0 5,829.2 6,134.4 6,557.8 Equity 3,837.6 4,005.8 4,288.6 4,447.6 4,673.2 Other non-current liabilities 57.3 64.0 72.0 70.4 93.9 Contingent consideration payable - 18.4 19.8 21.0 22.0 Deferred tax liabilities 199.6 207.5 211.8 214.0 217.1 Total non-current liabilities 256.9 289.9 303.6 305.4 333.0 Accounts payable 220.6 214.9 272.5 322.0 371.8 Provision for warranty 45.7 45.0 49.2 54.0 61.8 Income taxes payable 82.2 78.9 112.3 141.1 146.6 Contract liabilities 583.2 505.8 570.6 676.7 737.4 Accrued expenses and other payables 219.6 197.0 232.4 187.6 234.0 Total current liabilities 1,151.3 1,041.4 1,237.0 1,381.4 1,551.6 Total Equity and Liabilities 5,245.8 5,337.0 5,829.2 6,134.4 6,557.8 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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October 27, 2026 ASM proprietary information | 32 Cash flow statement € million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net earnings from operations 384.1 166.1 238.5 285.4 308.1 Adjustments to reconcile net earnings to net cash from operating activities (135.7) 6.8 104.1 74.7 99.4 (Increase)/decrease in working capital 64.4 (9.2) (298.8) 106.2 9.2 Net cash from operating activities 312.8 163.7 43.8 466.3 416.8 Capital expenditures of property, plant and equipment (38.5) (106.2) (38.3) (63.1) (54.6) Proceeds from sale of property, plant and equipment 0.2 - - - - Capitalized development expenditure (53.8) (54.7) (48.2) (49.3) (46.5) Capital expenditure of intangible assets and other investments (8.2) (15.2) (5.3) (12.0) (13.3) Dividend received from associates 2.9 - - 12.8 11.0 Acquisitions of subsidiaries, net of cash acquired - (81.5) - - - Contingent consideration (76.1) - - - - Net cash used in investing activities (173.4) (257.6) (91.9) (111.7) (103.4) Payment of lease liabilities (3.0) (4.8) (3.5) (3.6) (3.5) Purchase of treasury shares (109.1) - - - (149.5) Dividends to common shareholders - - - (159.2) - Net cash used in financing activities (112.1) (4.8) (3.5) (162.8) (152.9) Free cash flow¹ 139.4 (93.9) (48.1) 354.6 313.4 ¹ Free cash flow is defined as cash flows from operating activities after investing activities
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October 27, 2026 ASM proprietary information | 33 Gross and net R&D expenses (reported) € million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Gross R&D expenses 129.1 127.9 127.6 141.7 147.6 Capitalization of development expenses (53.8) (54.7) (48.2) (49.3) (46.5) Amortization of capitalized development expenses 23.5 22.4 22.7 23.4 25.2 Impairment capitalized development expenses 3.7 6.1 0.1 - 6.5 Net R&D expenses 102.5 101.7 102.2 115.7 132.9 Gross R&D as a % of revenue 16.1% 18.3% 14.8% 14.1% 12.7% Net R&D as a % of revenue 12.8% 14.6% 11.8% 11.5% 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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October 27, 2026 ASM proprietary information | 34 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 1,400 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 Q3 2019 2020 2021 2022 2023 2024 2025 2026 Working capital (lhs) Quarterly sales (lhs) Days of working capital (rhs)
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October 27, 2026 ASM proprietary information | 35 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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October 27, 2026 ASM proprietary information | 36 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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October 27, 2026 ASM proprietary information | 37 For more information visit asm.com