ASML Holding N.V. Q1 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Performance (Q1 2025)

  • Total net sales: EUR 7.7 billion (flat vs. Q1 guidance; similar to recent quarters).
  • Net system sales: EUR 5.7 billion
    • EUV: EUR 3.2 billion
    • Non-EUV: EUR 2.5 billion
  • System sales mix: Logic 58%, Memory 42% (Logic slightly stronger than 2024 mix).
  • Installed Base Management (IBM): EUR 2.0 billion (growth vs. 2024 driven by service, EUV contribution, upgrades).
  • Gross margin: 54% (above guidance and higher than recent quarters due to strong EUV productivity performance and favorable mix).
  • Operating expenses:
    • R&D: EUR 1.161 billion
    • SG&A: EUR 281 million
  • Net income: EUR 2.4 billion (30.4% net margin); EPS EUR 6.
  • Cash & equivalents: EUR 9.1 billion.
  • Free cash flow: –EUR 475 million (seasonal downpayment timing and continued capex after strong Q4 2024 cash generation).

Bookings & Demand Environment

  • Q1 2025 net system bookings: EUR 3.9 billion (down from Q4’s elevated intake as expected).
    • EUV: EUR 1.2 billion
    • Non-EUV: EUR 2.8 billion
  • Bookings mix: Logic 60%, Memory 40%.
  • China expected to represent slightly above 25% of 2025 sales (vs. low 20s outlook last quarter).
  • Backlog includes significant orders already allocated to 2026.

Shareholder Returns

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Operator: Good day, and thank you for standing by. Welcome to the ASML 2025 First Quarter Financial Results Conference Call on April 16, 2025. At this time, all participants are in a listen-only mode. After the speaker's introduction, there'll be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to turn the conference call over to Mr. Jim Kavanagh. Please go ahead. Jim Kavanagh: Thank you, operator. Welcome, everyone. This is Jim Kavanagh, Vice President of Investor Relations at ASML. Joining me today on the call are ASML's CEO, Christophe Fouquet; and our CFO, Roger Dassen. The subject of today's call is ASML's 2025 first quarter results. The length of this call will be 60 minutes and questions will be taken in the order that they are received. This call is also being broadcast live over the Internet at www.asml.com. A transcript of management's opening remarks and a replay of the call will be available on our website shortly following the conclusion of this call. Before we begin, I would like to caution listeners that comments made by management during this conference call will include forward-looking statements within the meaning of the Federal Securities Law. These forward-looking statements involve material risks and uncertainties. For a discussion of risk factors, I encourage you to review the Safe Harbor statement contained in today's press release and presentation found on our website a

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