ASML Holding N.V. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights

  • Record quarter and record full-year 2025 results, driven largely by EUV demand and accelerating AI-driven semiconductor investments.
  • Full-year 2025 revenue reached EUR 32.7 billion, up from EUR 27.6 billion in 2024. Gross margin rose to 52.8% from 51.3% in 2024.
  • Net income was EUR 9.6 billion with EPS of EUR 25 per share, significantly higher than EUR 20.40 in 2024.
  • EUV revenue grew 39% year-on-year, boosted by strong shipments of high-productivity 3800 systems and initial revenue recognition of the first High-NA EXE:5200B tool.
  • DUV revenue declined 6% year-on-year, driven primarily by reduced shipments to China.
  • Installed Base Management revenue grew 26% to EUR 8.2 billion (nearly equal to ASML’s entire revenue in 2017), driven by strong upgrade demand.
  • Record order intake for both EUV and metrology/inspection products.

AI Market Impact & Customer Behavior

  • AI adoption now translating into real semiconductor capacity additions, unlike earlier periods where investment announcements did not translate into tool orders.
  • Customers now view AI demand as sustainable, driving accelerated fab buildouts and rush for capacity—particularly for DRAM and advanced logic.

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Monique Mols: Good morning, everyone, good afternoon, depending on where you are, maybe even good night. Welcome to the Q4 full year 2025 financial results press conference. You may not see that when you're dialing in online and you're watching us online, but we are actually in a different location than we were last year. Today, we host the press conference in our training center in the ASML Academy, and that is located at the Brainport Industries campus in Eindhoven. And this is actually the place where we plan our expansion in the Netherlands. So we thought it would be a good idea to invite everyone here in the room to see what our new location is going to look like. There's nothing there to see yet, but this is where we are planning our expansion. And Christophe will talk more about that later in the presentation. My name is Monique Mols, I'm Head of Media Relations. So welcome to you all. I'm really happy to see that there are people in the room and people online. For those online, if you have a question later on, you can fill out the form on the website and we will take your question from here. If you're in the room, my colleague, Mark will walk around with a microphone and pick up your question. Sorry. So this is our annual results. Forward-looking statements for those who like it. So again, we are here at the Academy. We have several of those training centers all around the world. Here, we have quite a big center where, on average, 400 employees come here every day to

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