Earnings release
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1 Public ASML reports €7.7 billion total net sales and €2.4 billion net income in Q1 2025 2025 total net sales expected to be between €30 billion and €35 billion VELDHOVEN, the Netherlands, April 16, 2025 – Today, ASML Holding NV (ASML) has published its 2025 first-quarter results. • Q1 total net sales of €7.7 billion, gross margin of 54.0%, net income of €2.4 billion • Quarterly net bookings in Q1 of €3.9 billion2 of which €1.2 billion is EUV • ASML expects Q2 2025 total net sales between €7.2 billion and €7.7 billion, and a gross margin between 50% and 53%3 • ASML continues to expect 2025 total net sales to be between €30 billion and €35 billion, with a gross margin between 51% and 53% (Figures in millions of euros unless otherwise indicated) Q4 2024 Q1 2025 Total net sales 9,263 7,742 ...of which Installed Base Management sales1 2,147 2,001 New lithography systems sold (units) 119 73 Used lithography systems sold (units) 13 4 Net bookings2 7,088 3,936 Gross profit 4,790 4,180 Gross margin (%) 51.7 54.0 Net income 2,693 2,355 EPS (basic; in euros) 6.85 6.00 End-quarter cash and cash equivalents and short-term investments 12,741 9,104 (1) Installed Base Management sales equals our net service and field option sales. (2) Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted. (3) The bandwidth for Q2 2025 gross margin guidance is larger than usual, given the uncertainty around the impact of tariffs. Numbers have been rounded for readers' convenience. A complete summary of US GAAP Consolidated Statements of Operations is published on www.asml.com. CEO statement and outlook "Our first-quarter total net sales came in at €7.7 billion, in line with our guidance. The gross margin was 54.0%, above guidance, driven by a favorable EUV product mix and the achievement of performance milestones. In the first quarter, we shipped our fifth High NA system, and we now have these systems at three customers. "Our conversations so far with customers support our expectation that 2025 and 2026 will be growth years. However, the recent tariff announcements have increased uncertainty in the macro environment and the situation will remain dynamic for a while. As previously shared, artificial intelligence continues to be the primary growth driver in our industry. It has created a shift in the market dynamics that benefits some customers more than others, contributing to both upside potential and downside risks as reflected in our 2025 revenue range. "We expect second-quarter total net sales between €7.2 billion and €7.7 billion, with a gross margin between 50% and 53%3. We expect R&D costs of around €1.2 billion and SG&A costs of around €300 million. As we previously communicated, we expect total net sales for the year between €30 billion and €35 billion, with a gross margin between 51% and 53%, subject to the uncertainties mentioned earlier," said ASML President and Chief Executive Officer Christophe Fouquet.
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2 Public Update dividend and share buyback program ASML intends to declare a total dividend for the year 2024 of €6.40 per ordinary share, which is a 4.9% increase compared to 2023. Recognizing the three interim dividends of €1.52 per ordinary share paid in 2024 and 2025, this leads to a final dividend proposal to the Annual General Meeting of €1.84 per ordinary share. In the first quarter, we purchased around €2.7 billion worth of shares under the current 2022-2025 share buyback program. Details of the share buyback program as well as transactions pursuant thereto, and details of the dividend are published on ASML's website (www.asml.com/investors). Media Relations contacts Investor Relations contacts Monique Mols +31 6 5284 4418 Jim Kavanagh +31 40 268 3938 Willem van Ewijk +31 6 2744 1187 Pete Convertito +1 203 919 1714 Karen Lo +886 9 397 88635 Peter Cheang +886 3 659 6771 Quarterly video interview and investor call With this press release, ASML is publishing a video interview in which CEO Christophe Fouquet and CFO Roger Dassen discuss the 2025 first-quarter and outlook for 2025. This video and the video transcript can be viewed on www.asml.com shortly after the publication of this press release. An investor call for both investors and the media will be hosted by CEO Christophe Fouquet and CFO Roger Dassen on April 16, 2025 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on our website. About ASML ASML is a leading supplier to the semiconductor industry. The company provides chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips). Together with its partners, ASML drives the advancement of more affordable, more powerful, more energy-efficient microchips. ASML enables groundbreaking technology to solve some of humanity's toughest challenges, such as in healthcare, energy use and conservation, mobility and agriculture. ASML is a multinational company headquartered in Veldhoven, the Netherlands, with offices across EMEA, the US and Asia. Every day, ASML’s more than 44,100 employees (FTE) challenge the status quo and push technology to new limits. ASML is traded on Euronext Amsterdam and NASDAQ under the symbol ASML. Discover ASML – our products, technology and career opportunities – at www.asml.com. US GAAP Reporting ASML's primary accounting standard for quarterly earnings releases and annual reports is US GAAP, the accounting principles generally accepted in the United States of America. Quarterly summary US GAAP consolidated statements of operations, consolidated statements of cash flows and consolidated balance sheets are available on www.asml.com. The consolidated balance sheets of ASML Holding N.V. as of March 30, 2025, the related consolidated statements of operations and consolidated statements of cash flows for the quarter and three months ended March 30, 2025 as presented in this press release are unaudited. Regulated information This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
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3 Public Forward Looking Statements This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets and business environmen t trends, expected growth in the semiconductor industry by 2030, our expectation that AI will be the key driver for the industry and the expected impact of AI demand on our business and results, our expectation that lithography will remain at the heart of customer innovation, expected demand, bookings, outlook of market segments, outlook and expected financial results including expected results for Q2 2025, including net sales, Installed Base Management sales, gross margin, R&D costs, SG&A costs, outlook for full year 2025, including expected full year 2025 total net sales, gross margin, estimated annualized effective tax rate and expected growth in IBM sales, the expectation that 2025 and 2026 will be growth years, statements made at our 2024 Investor Day, including revenue and gross margin opportunity for 2030, statements with respect to the recent US tariff announcements and the expected impact of such tariffs on our business and results, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, statements with respect to our share buyback program, and statements with respect to dividends, statements with respect to expected performance and capabilities of our systems and customer plans, statements with respect to our ESG strategy and other non- historical statements. You can generally identify these statements by the use of words like “may”, “expect”, “will”, “could”, “should”, “project”, “believe”, “anticipate”, “expect”, “plan”, “estima te”, “forecast”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity” and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, e stimates, assumptions, plans and projections about our business and our future financial results and readers should not place undue reliance on them. Forward - looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to customer demand, semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, lithography tool utilization and semiconductor inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic environment on the semiconductor industry, uncertainty around a market recovery including the timing thereof, the ultimate impact of AI on our industry and business, the impact of inflation, interest rates, wars and geopolitical developments, the impact of pandemics, the performance of o ur systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, risks relating to fluctuations in net bookings and our ability to convert bookings into sales, the risk of order cancellation or push outs and restrictions on shipments of ordered systems under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems and provide services to certain customers, the impact of the recent tariff announcements, exchange rate fluctuations, changes in tax rates, available liquidity and free cash flow and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, the number of shares that we repurchase under our share repurchase program, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20 -F for the year ended D ecember 31, 2024 and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.
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ASML - Summary US GAAP Consolidated Statements of Operations Three months ended, Mar 31, Mar 30, (unaudited, in millions €, except per share data) 2024 2025 Net system sales 3,965.9 5,740.4 Net service and field option sales 1,324.1 2,001.1 Total net sales 5,290.0 7,741.5 Total cost of sales (2,593.4) (3,561.8) Gross profit 2,696.6 4,179.7 Research and development costs (1,031.9) (1,161.1) Selling, general and administrative costs (273.3) (280.7) Income from operations 1,391.4 2,737.9 Interest and other, net 26.2 49.2 Income before income taxes 1,417.6 2,787.1 Income tax expense (224.0) (465.1) Income after income taxes 1,193.6 2,322.0 Profit related to equity method investments 30.2 33.0 Net income 1,223.8 2,355.0 Basic net income per ordinary share 3.11 6.00 Diluted net income per ordinary share 3.11 6.00 Weighted average number of ordinary shares used in computing per share amounts (in millions): Basic 393.4 392.3 Diluted 393.7 392.5 ASML - Ratios and Other Data Three months ended, Mar 31, Mar 30, (unaudited, in millions €, except otherwise indicated) 2024 2025 Gross profit as a percentage of net sales 51.0 % 54.0 % Income from operations as a percentage of net sales 26.3 % 35.4 % Net income as a percentage of net sales 23.1 % 30.4 % Income taxes as a percentage of income before income taxes 15.8 % 16.7 % Shareholders’ equity as a percentage of total assets 35.3 % 38.5 % Sales of lithography systems (in units) 1 70 77 Net bookings 2 3,611 3,936 Number of payroll employees in FTEs 40,940 43,129 Number of temporary employees in FTEs 1,773 998 1. Lithography systems do not include metrology and inspection systems. 2. Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted.
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ASML - Summary US GAAP Consolidated Balance Sheets Dec 31, Mar 30, (unaudited, in millions €) 2024 2025 ASSETS Cash and cash equivalents 12,735.9 9,098.4 Short-term investments 5.4 5.2 Accounts receivable, net 4,477.5 4,597.5 Finance receivables, net 82.6 381.7 Current tax assets 283.6 143.2 Contract assets 320.6 407.3 Inventories, net 10,891.5 11,024.7 Loans receivable — 17.8 Other assets 1,940.3 1,848.6 Total current assets 30,737.4 27,524.4 Finance receivables, net 317.2 153.4 Deferred tax assets 1,940.7 1,861.0 Loans receivable 1,456.6 1,443.4 Other assets 790.8 859.2 Equity method investments 903.0 938.9 Goodwill 4,588.6 4,588.6 Other intangible assets, net 621.3 591.6 Property, plant and equipment, net 6,846.8 7,152.9 Right-of-use assets 387.2 365.4 Total non-current assets 17,852.2 17,954.4 Total assets 48,589.6 45,478.8 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities 20,051.4 18,123.9 Total current liabilities 20,051.4 18,123.9 Long-term debt 3,677.3 3,681.0 Deferred and other tax liabilities 299.2 335.9 Contract liabilities 5,625.4 5,400.6 Accrued and other liabilities 459.5 436.7 Total non-current liabilities 10,061.4 9,854.2 Total liabilities 30,112.8 27,978.1 Total shareholders’ equity 18,476.8 17,500.7 Total liabilities and shareholders’ equity 48,589.6 45,478.8
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ASML - Summary US GAAP Consolidated Statements of Cash Flows Three months ended, Mar 31, Mar 30, (unaudited, in millions €) 2024 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net income 1,223.8 2,355.0 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 214.4 241.3 Impairment and loss (gain) on disposal 4.2 2.1 Share-based compensation expense 19.8 40.0 Inventory reserves 121.5 59.6 Deferred tax expense (benefit) (2.7) 79.1 Equity method investments (33.9) (34.9) Changes in assets and liabilities (1,799.0) (2,800.8) Net cash provided by (used in) operating activities (251.9) (58.6) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (417.3) (415.0) Purchase of intangible assets (6.5) (1.5) Purchase of short-term investments (300.0) — Loans issued and other investments 0.2 0.8 Net cash provided by (used in) investing activities (723.6) (415.7) CASH FLOWS FROM FINANCING ACTIVITIES Dividend paid (571.0) (597.2) Purchase of treasury shares (385.1) (2,592.6) Net proceeds from issuance of shares 29.3 38.0 Repayment of debt and finance lease obligations (0.6) 0.4 Net cash provided by (used in) financing activities (927.4) (3,151.4) Net cash flows (1,902.9) (3,625.7) Effect of changes in exchange rates on cash (1.0) (11.8) Net increase (decrease) in cash and cash equivalents (1,903.9) (3,637.5) Cash and cash equivalents at beginning of the period 7,004.7 12,735.9 Cash and cash equivalents at end of the period 5,100.8 9,098.4
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ASML - Quarterly Summary US GAAP Consolidated Statements of Operations Three months ended, Mar 31, Jun 30, Sep 29, Dec 31, Mar 30, (unaudited, in millions €, except per share data) 2024 2024 2024 2024 2025 Net system sales 3,965.9 4,760.9 5,926.0 7,115.9 5,740.4 Net service and field option sales 1,324.1 1,481.9 1,541.3 2,146.9 2,001.1 Total net sales 5,290.0 6,242.8 7,467.3 9,262.8 7,741.5 Total cost of sales (2,593.4) (3,030.6) (3,673.9) (4,473.0) (3,561.8) Gross profit 2,696.6 3,212.2 3,793.4 4,789.8 4,179.7 Research and development costs (1,031.9) (1,100.6) (1,055.2) (1,116.0) (1,161.1) Selling, general and administrative costs (273.3) (277.0) (297.0) (318.4) (280.7) Income from operations 1,391.4 1,834.6 2,441.2 3,355.4 2,737.9 Interest and other, net 26.2 (11.9) (0.8) 6.3 49.2 Income before income taxes 1,417.6 1,822.7 2,440.4 3,361.7 2,787.1 Benefit from (provision for) income taxes (224.0) (291.6) (441.2) (723.8) (465.1) Income after income taxes 1,193.6 1,531.1 1,999.2 2,637.9 2,322.0 Profit related to equity method investments 30.2 46.8 77.3 55.5 33.0 Net income 1,223.8 1,577.9 2,076.5 2,693.4 2,355.0 Basic net income per ordinary share 3.11 4.01 5.28 6.85 6.00 Diluted net income per ordinary share 3.11 4.01 5.28 6.84 6.00 Weighted average number of ordinary shares used in computing per share amounts (in millions): Basic 393.4 393.2 393.2 393.3 392.3 Diluted 393.7 393.5 393.6 393.6 392.5 ASML - Quarterly Summary Ratios and Other Data Three months ended, Mar 31, Jun 30, Sep 29, Dec 31, Mar 30, (unaudited, in millions €, except otherwise indicated) 2024 2024 2024 2024 2025 Gross profit as a percentage of net sales 51.0 % 51.5 % 50.8 % 51.7 % 54.0 % Income from operations as a percentage of net sales 26.3 % 29.4 % 32.7 % 36.2 % 35.4 % Net income as a percentage of net sales 23.1 % 25.3 % 27.8 % 29.1 % 30.4 % Income taxes as a percentage of income before income taxes 15.8 % 16.0 % 18.1 % 21.5 % 16.7 % Shareholders’ equity as a percentage of total assets 35.3 % 36.1 % 38.7 % 38.0 % 38.5 % Sales of lithography systems (in units) 1 70 100 116 132 77 Net bookings 2 3,611 5,567 2,633 7,088 3,936 Number of payroll employees in FTEs 40,940 41,505 42,372 42,786 43,129 Number of temporary employees in FTEs 1,773 1,584 1,417 1,241 998 1. Lithography systems do not include metrology and inspection systems. 2. Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted.
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ASML - Quarterly Summary US GAAP Consolidated Balance Sheets Mar 31, Jun 30, Sep 29, Dec 31, Mar 30, (unaudited, in millions €) 2024 2024 2024 2024 2025 ASSETS Cash and cash equivalents 5,100.8 4,813.6 4,979.3 12,735.9 9,098.4 Short-term investments 305.3 205.3 5.2 5.4 5.2 Accounts receivable, net 3,585.5 4,475.8 5,160.6 4,477.5 4,597.5 Finance receivables, net 1,441.2 977.0 640.7 82.6 381.7 Current tax assets 649.3 684.8 324.4 283.6 143.2 Contract assets 302.6 435.0 553.6 320.6 407.3 Inventories, net 9,864.5 10,972.3 11,414.5 10,891.5 11,024.7 Loans receivable — — — — 17.8 Other assets 1,890.5 1,889.4 1,785.7 1,940.3 1,848.6 Total current assets 23,139.7 24,453.2 24,864.0 30,737.4 27,524.4 Finance receivables, net 13.8 64.0 370.5 317.2 153.4 Deferred tax assets 1,875.2 1,872.4 1,939.0 1,940.7 1,861.0 Loans receivable 929.5 929.3 928.6 1,456.6 1,443.4 Other assets 648.5 702.8 733.5 790.8 859.2 Equity method investments 951.5 1,002.3 1,083.4 903.0 938.9 Goodwill 4,588.6 4,588.6 4,588.6 4,588.6 4,588.6 Other intangible assets, net 711.1 686.4 652.9 621.3 591.6 Property, plant and equipment, net 5,841.4 6,084.0 6,211.9 6,846.8 7,152.9 Right-of-use assets 343.3 358.0 393.7 387.2 365.4 Total non-current assets 15,902.9 16,287.8 16,902.1 17,852.2 17,954.4 Total assets 39,042.6 40,741.0 41,766.1 48,589.6 45,478.8 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities 15,048.7 16,132.3 16,025.8 20,051.4 18,123.9 Total current liabilities 15,048.7 16,132.3 16,025.8 20,051.4 18,123.9 Long-term debt 4,612.0 4,608.2 4,692.2 3,677.3 3,681.0 Deferred and other tax liabilities 400.4 351.9 346.9 299.2 335.9 Contract liabilities 4,744.7 4,463.0 4,103.9 5,625.4 5,400.6 Accrued and other liabilities 442.7 474.4 445.7 459.5 436.7 Total non-current liabilities 10,199.8 9,897.5 9,588.7 10,061.4 9,854.2 Total liabilities 25,248.5 26,029.8 25,614.5 30,112.8 27,978.1 Total shareholders’ equity 13,794.1 14,711.2 16,151.6 18,476.8 17,500.7 Total liabilities and shareholders’ equity 39,042.6 40,741.0 41,766.1 48,589.6 45,478.8
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ASML - Quarterly Summary US GAAP Consolidated Statements of Cash Flows Three months ended, Mar 31, Jun 30, Sep 29, Dec 31, Mar 30, (unaudited, in millions €) 2024 2024 2024 2024 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net income 1,223.8 1,577.9 2,076.5 2,693.4 2,355.0 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 214.4 227.5 235.7 241.0 241.3 Impairment and loss (gain) on disposal 4.2 13.7 6.8 11.1 2.1 Share-based compensation expense 19.8 46.5 53.3 53.0 40.0 Inventory reserves 121.5 110.7 154.8 167.7 59.6 Deferred tax expense (benefit) (2.7) 0.8 (114.6) (28.3) 79.1 Equity method investments (33.9) (50.6) (81.0) 169.9 (34.9) Changes in assets and liabilities (1,799.0) (1,003.1) (1,381.6) 6,237.0 (2,800.8) Net cash provided by (used in) operating activities (251.9) 923.4 949.9 9,544.8 (58.6) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (417.3) (531.0) (414.9) (704.0) (415.0) Purchase of intangible assets (6.5) (7.0) (0.9) (1.5) (1.5) Purchase of short-term investments (300.0) (0.5) (3.8) (0.9) — Maturity of short-term investments — 100.4 203.9 0.9 — Loans issued and other investments 0.2 0.3 0.7 (527.4) 0.8 Net cash provided by (used in) investing activities (723.6) (437.8) (215.0) (1,232.9) (415.7) CASH FLOWS FROM FINANCING ACTIVITIES Dividend paid (571.0) (688.3) (595.8) (597.8) (597.2) Purchase of treasury shares (385.1) (114.9) — — (2,592.6) Net proceeds from issuance of shares 29.3 31.2 31.5 32.0 38.0 Net proceeds from issuance of notes, net of issuance costs — — — 22.5 — Repayment of debt and finance lease obligations (0.6) (0.3) (0.7) (24.1) 0.4 Net cash provided by (used in) financing activities (927.4) (772.3) (565.0) (567.4) (3,151.4) Net cash flows (1,902.9) (286.7) 169.9 7,744.5 (3,625.7) Effect of changes in exchange rates on cash (1.0) (0.5) (4.2) 12.1 (11.8) Net increase (decrease) in cash and cash equivalents (1,903.9) (287.2) 165.7 7,756.6 (3,637.5) Cash and cash equivalents at beginning of the period 7,004.7 5,100.8 4,813.6 4,979.3 12,735.9 Cash and cash equivalents at end of the period 5,100.8 4,813.6 4,979.3 12,735.9 9,098.4
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Notes to the Summary US GAAP Consolidated Financial Statements Basis of preparation The accompanying unaudited Summary Consolidated Financial Statements have been prepared in conformity with the accounting principles generally accepted in the United States of America ("US GAAP"). For further details on our annual disclosure requirements under US GAAP, including our significant accounting policies, these interim unaudited Summary Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes included within our 2024 Annual Report based on US GAAP, which is available on www.asml.com.
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Forward Looking Statements This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets and business environment trends, expected growth in the semiconductor industry by 2030, our expectation that AI will be the key driver for the industry and the expected impact of AI demand on our business and results, our expectation that lithography will remain at the heart of customer innovation, expected demand, bookings, outlook of market segments, outlook and expected financial results including expected results for Q2 2025, including net sales, Installed Base Management sales, gross margin, R&D costs, SG&A costs, outlook for full year 2025, including expected full year 2025 total net sales, gross margin, estimated annualized effective tax rate and expected growth in IBM sales, the expectation that 2025 and 2026 will be growth years, statements made at our 2024 Investor Day, including revenue and gross margin opportunity for 2030, statements with respect to the recent US tariff announcements and the expected impact of such tariffs on our business and results, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, statements with respect to our share buyback program, and statements with respect to dividends, statements with respect to expected performance and capabilities of our systems and customer plans, statements with respect to our ESG strategy and other non- historical statements. You can generally identify these statements by the use of words like “may”, “expect”, “will”, “could”, “should”, “project”, “believe”, “anticipate”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity” and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions, plans and projections about our business and our future financial results and readers should not place undue reliance on them. Forward- looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to customer demand, semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, lithography tool utilization and semiconductor inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic environment on the semiconductor industry, uncertainty around a market recovery including the timing thereof, the ultimate impact of AI on our industry and business, the impact of inflation, interest rates, wars and geopolitical developments, the impact of pandemics, the performance of our systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, risks relating to fluctuations in net bookings and our ability to convert bookings into sales, the risk of order cancellation or push outs and restrictions on shipments of ordered systems under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems and provide services to certain customers, the impact of the recent tariff announcements, exchange rate fluctuations, changes in tax rates, available liquidity and free cash flow and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, the number of shares that we repurchase under our share repurchase program, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2024 and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.