Core Viewpoint - ASML Holding is a leading semiconductor equipment maker and remains a strong long-term investment despite a recent stock decline of 25% over the past year, which presents a potential buying opportunity due to its monopolized technology, temporary cyclical slowdown, and reasonable valuation [3][11]. Group 1: Monopolized Technology - ASML is the only producer of high-end extreme ultraviolet (EUV) lithography systems, essential for manufacturing the world's smallest and most efficient chips, used by top foundries like TSMC, Samsung, and Intel [2]. - The company has developed its EUV technology over more than two decades, with current low-NA systems costing approximately $180 million and new high-NA systems around $380 million, creating a high barrier to entry for competitors [4][5]. Group 2: Cyclical Slowdown - ASML experienced significant revenue growth from 2020 to 2023, driven by increased PC shipments, the launch of new 5G smartphones, and a booming AI market, with revenue growth rates of 30% in 2023 [6]. - A slowdown in revenue and earnings growth is expected in 2024 due to various factors, including tighter restrictions on sales to Chinese chipmakers and a transition to high-NA EUV systems, but gross margins have remained stable [7]. - For 2025, ASML anticipates revenue growth between 6% to 24% and gross margins of 51% to 53%, with analysts projecting revenue and EPS growth of 15% and 23%, respectively, indicating the end of the cyclical downturn [8][9]. Group 3: Reasonable Valuation - ASML's stock is currently valued at 29 times this year's earnings, which is considered reasonable following a period of overheating [11]. - The company is expected to navigate challenges such as tariff uncertainties and export restrictions while maintaining its dominance in the lithography market, making it an attractive investment as the semiconductor market continues to expand [12].

Exhibit 99.1 STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS Risk Corporate conduct Our technology drives faster, more powerful and energy efficient microchips that help society tackle important challenges. This continuous innovation can only be achieved through strong partnerships we build with our various stakehold working together to create solutions for a more sustaina future for everyone. Powering technology forward with customers with our people See page 12 > with suppliers See page 13 ...

Market Overview - The current market environment is characterized by rising volatility, leading to a shift in investor behavior towards safer assets [1][2] - Institutional capital is seeking safety, as evidenced by the iShares S&P 500 Value ETF outperforming the broader S&P 500 by 1.5% in the past week [2] Cleveland-Cliffs Inc. (CLF) - Cleveland-Cliffs stock is forecasted to have a 12-month price target of $16.43, indicating a potential upside of 73.26% [4] - The stock is currently trading at 47% of its 52-week high, suggesting that worst-case scenarios may already be priced in [4] - Analysts project a consensus price target of $16.5 per share, implying a net rally of up to 52.8% from current levels [5] - Wall Street earnings per share (EPS) forecasts expect Cleveland-Cliffs to deliver $0.05 in EPS by Q4 2025, a significant improvement from a current net loss of $0.68 per share [6] ASML Holding (ASML) - ASML stock has a 12-month price forecast of $937, representing a 32.3% upside potential [8][11] - The stock is currently trading at 66% of its 52-week high, indicating a favorable risk-to-reward setup for investors [10] - J.P. Morgan Chase has a higher valuation target of $1,100 for ASML, suggesting an implied rally of 55.2% [11] - The stock is seen as a strong player in the chipmaking sector, particularly in the context of artificial intelligence development [11] Rocket Companies Inc. (RKT) - Rocket Companies is currently trading at $13.47, with a price target of $13.83, indicating potential for growth [12] - A decrease in mortgage rates could lead to increased activity and earnings for Rocket Companies, as the mortgage market index is at a 1996 low [13] - The company trades at a price-to-book (P/B) ratio of 3.4x, significantly higher than the mortgage industry's average of 1.8x, suggesting that the market may be overvaluing its growth potential [14]

Share Capital and Ownership - ASML's authorized share capital amounts to €126.0 million[590]. - As of December 31, 2024, there were 90,315,092 ordinary shares held by 292 registered holders in the US[591]. - At the 2024 AGM, the Board of Management was authorized to issue shares representing up to a maximum of 10% of the issued share capital as of April 24, 2024[599]. - The Board of Management was also authorized to repurchase up to a maximum of 10% of the issued share capital at a price between the nominal value and 110% of the market price[601]. - Capital Research and Management Company holds 40,615,837 shares, representing 10.33% of the total[608]. - BlackRock Inc. holds 31,259,169 shares, representing 7.95% of the total[608]. - The total number of ordinary shares issued and outstanding as of December 31, 2024, is 393,283,720[611]. - Shareholders representing at least 1% of ASML's outstanding share capital can place items on the agenda of a General Meeting[585]. Technological Achievements - ASML's first High NA EUV machine is now operational at a customer site, marking a significant technological achievement[630]. - ASML delivered the industry's first High NA EUV tool in 2024, achieving financial performance in line with expectations[648]. - The company is making progress on enhancements to its EUV, DUV, and metrology systems, with a focus on export controls and their implications[657]. - The Technology Committee held five meetings in 2024 to discuss technology plans and product roadmaps, including productivity improvements and cost developments[774][779]. - ASML's Berlin facility focuses on key components such as wafer tables and clamps, contributing significantly to the overall technology and manufacturing network[777]. - The Technology Committee discussed the EUV 0.55 NA and EUV 0.33 NA business, focusing on product roadmaps and commonality targets[779]. Leadership and Governance - The transition to a new leadership team was smooth, with Christophe Fouquet appointed as President and CEO and Jim Koonmen as Chief Customer Officer[633]. - The Supervisory Board will focus on supporting innovation in advanced EUV technology and improving competitiveness across all business areas in 2025[640]. - The Supervisory Board emphasizes the importance of challenging the status quo and seeking more effective ways of working[642]. - The composition of ASML's Supervisory Board is diverse, with members possessing experience in financial, economic, technological, and legal aspects of international business[687]. - All current members of the Supervisory Board are fully independent, as defined by the Dutch Corporate Governance Code and Nasdaq rules[686]. - The Supervisory Board evaluation in 2024 highlighted a positive relationship and constructive discussions between the Supervisory Board and the Board of Management[702]. - The Board of Management's evaluation in 2024 concluded that the leadership transition was successful, maintaining a well-functioning Board[703]. - The Selection and Nomination Committee supported a leadership transition, appointing Christophe Fouquet as President and CEO and Jim Koonmen as EVP and Chief Customer Officer[755]. - The new leadership team is positioned to ensure ASML's long-term success, supported by ongoing close contact with the Supervisory Board[762]. Financial Performance and Outlook - The company faced challenges in 2024, including slower-than-expected recovery in PC and smartphone sectors, and geopolitical issues impacting operations[632]. - ASML is confident in long-term growth opportunities driven by global trends in semiconductor demand, despite short-term volatility in the industry[652]. - Free cash flow was a focus area in 2024 due to the challenging economic climate, with efforts to support customers and suppliers[662]. - The Audit Committee's key focus in 2024 was navigating macroeconomic and semiconductor industry cycles while investing in future growth[710]. - ASML's long-term financial outlook was communicated during the 2024 Investor Day, with the Audit Committee reviewing the messaging around this outlook[729]. Compliance and Audit - The Audit Committee ensures compliance with Dutch and US regulations regarding external auditor services[622]. - ASML's financial statements are prepared in accordance with Dutch law and EU-IFRS, as well as US GAAP for its annual report[621]. - The Audit Committee monitored the progress and outcomes of the year-end US GAAP and EU-IFRS audits, ensuring the integrity of financial statements[714]. - The Audit Committee emphasized revenue recognition as a critical audit matter, addressing complex accounting issues throughout the year[715]. - The Audit Committee reviewed the 2024 external audit plan, including materiality levels and fees, and confirmed no significant items needed to be reported for the financial year[725]. - The Audit Committee discussed the annual update on fraud and fraud risk management, highlighting the importance of compliance and ethics in business operations[720]. - The Audit Committee evaluated the performance of the external auditor KPMG and oversaw the transition to PricewaterhouseCoopers (PwC) for the 2025 reporting year[726]. - The Audit Committee focused on sustainability reporting compliance with ESRS, discussing processes, KPIs, and limited assurance related to sustainability[728]. - The Audit Committee monitored the internal audit activities and the effectiveness of internal controls, ensuring alignment with financial reporting standards[719]. Strategic Focus and Challenges - The Supervisory Board confirmed support for ASML's strategic direction and discussed key challenges, focusing on semiconductor and lithography market developments[650]. - Geopolitical challenges, particularly the impact of increasing export control restrictions on ASML's business, were a significant focus area[716]. - Key risks monitored by the Audit Committee in 2024 included geopolitical tensions, economic uncertainty, and pressures on the innovation ecosystem, with a focus on upward trends in these areas[718]. - A visit to TSMC provided valuable insights into customer needs and technology roadmaps, enhancing the Supervisory Board's understanding of market challenges[674]. ESG Commitments - The company is committed to monitoring progress against its ESG commitments, particularly in energy efficiency for customers and operations[640]. - ASML aims to achieve greenhouse gas neutrality for scope 3 upstream supply chain emissions by 2030, with performance targets related to this goal introduced as an LTI metric in 2024[741].

Core Points - ASML Holding NV has published the agenda for its 2025 Annual General Meeting (AGM) scheduled for April 23, 2025, in a hybrid format allowing both in-person and virtual attendance [1][2] - Annet Aris will not stand for re-election to the Supervisory Board at the end of her current term, which concludes at the 2025 AGM [3] - Karien van Gennip has been nominated for appointment to the Supervisory Board, bringing extensive leadership experience from various sectors including public policy and financial services [5][7] - The agenda also includes the reappointment of Birgit Conix to the Supervisory Board for an additional four years, effective April 23, 2025, and the election of Terri Kelly as Vice-Chair following Annet Aris's retirement [8] Company Overview - ASML is a leading supplier to the semiconductor industry, providing hardware, software, and services for the mass production of integrated circuits [9] - The company is headquartered in Veldhoven, the Netherlands, and operates globally with over 44,000 employees [10]

Core Insights - ASML has published its 2024 Annual Reports, emphasizing its commitment to advancing technology for more efficient microchip production and addressing societal challenges [2][6] - The reports include sustainability statements for the first time, adhering to the European Sustainability Reporting Standards (ESRS) [2] Financial Reporting - ASML's primary accounting standard is US GAAP, with additional reporting under IFRS for Dutch statutory purposes, highlighting differences in product development cost capitalization and income tax accounting [3] - The 2024 Annual Report will be filed with the US SEC on Form 20-F and with the Dutch Authority for the Financial Markets (AFM) under IFRS-EU [4] Company Overview - ASML is a leading supplier in the semiconductor industry, providing hardware, software, and services for microchip production, with a workforce of over 44,000 employees [6] - The company is headquartered in Veldhoven, the Netherlands, and operates globally across EMEA, the US, and Asia [6]

Core Insights - There is a range of analyses on ASML, with ratings varying from Strong Sell to Strong Buy, indicating differing opinions on the company's stock performance [1] Group 1 - The article highlights the diverse perspectives on ASML's stock, with some analysts recommending a Strong Sell while others suggest a Strong Buy [1] - The author possesses a master's degree in engineering and management, which aids in understanding the economic and technological aspects of companies like ASML [1]

Core Viewpoint - The chip market presents a significant investment opportunity, particularly in companies like Taiwan Semiconductor and ASML, which are crucial players in the AI technology landscape [2][10]. Group 1: Taiwan Semiconductor (TSMC) - TSMC is a contract chip manufacturer, fabricating chips designed by companies like Apple and Nvidia, allowing it to focus on manufacturing without marketing concerns [3]. - TSMC has a unique position of serving both competitors in the AI space, manufacturing chips for AMD and custom AI accelerators, which provides insights into future demand [3][4]. - TSMC's management projects a 45% compound annual growth rate (CAGR) for AI-related chips over the next five years, contributing to an overall revenue growth rate of 20% during the same period [4][5]. - TSMC's culture of continuous improvement positions it favorably in the chipmaking industry [5]. Group 2: ASML - ASML produces the machines necessary for manufacturing advanced chips, holding a technological monopoly with its extreme ultraviolet lithography machines [6]. - The company faces regulatory challenges, particularly in selling machines to China, which has led to a revision of its 2025 revenue guidance from 30 billion to 35 billion euros, down from 30 billion to 40 billion euros [7][8]. - Despite regulatory constraints, ASML's machines are essential for high-end chip manufacturing, and its sales are expected to grow alongside the industry [9]. Group 3: Investment Outlook - Both TSMC and ASML stocks are currently attractively priced, with TSMC trading at 22 times forward earnings, which is comparable to the S&P 500 average [10][11]. - ASML's stock is priced at 30 times forward earnings, the lowest since early 2024, reflecting its strong market position [12]. - The current market conditions present an excellent opportunity for investors to acquire shares in both companies, with expectations of substantial growth in the chip market over the next five years [13].

Industry Overview - The semiconductor industry achieved annual sales exceeding $600 billion for the first time last year, driven by global demand for chips to build AI infrastructures, with growth expected to continue into 2025 and beyond [1] - The global semiconductor market is projected to more than triple in size, exceeding $2 trillion in revenue by 2032 [3] Company Analysis: Nvidia - Nvidia is the largest semiconductor company globally, with a market cap of $3.4 trillion, attributed to its technological leadership and ability to capitalize on disruptive trends [4] - Nvidia controls 85% of the AI chip market and 90% of the discrete graphics card market, leading to significant revenue and earnings growth [5] - The GPU market is expected to grow 12 times by 2033, potentially generating close to $950 billion in revenue, indicating substantial growth opportunities for Nvidia [6] - Nvidia is diversifying into enterprise software, with expectations of its AI Enterprise revenue increasing over 2 times from the previous year, and annualizing at over $2 billion by year-end [8] - Nvidia is trading at an attractive 32 times forward earnings estimates, slightly below the Nasdaq-100 index's earnings multiple of 34, making it a compelling investment [9] Company Analysis: ASML Holding - ASML holds a monopoly in the extreme ultraviolet lithography (EUV) machine market, essential for producing advanced chips [10] - The demand for ASML's machines is increasing due to the need for advanced chips capable of handling AI workloads [11] - ASML received €7.1 billion in bookings in Q4 2024, double analysts' expectations, with EUV machines accounting for 43% of those orders [12] - The EUV lithography market is expected to quadruple between 2023 and 2030, setting the stage for significant growth at ASML [13] - ASML reported revenue of €28.3 billion last year, with expectations to reach between €44 billion and €60 billion by 2030, alongside margin improvements [13] - ASML's stock is trading at 31 times forward earnings estimates, presenting a good investment opportunity given its critical role in the semiconductor industry [15][16]

Core Viewpoint - ASML Holding N.V. is viewed positively due to its market dominance and favorable market conditions, with a recommendation to buy based on a potential double upside in a three-year timeframe supported by regression analysis [1]. Company Analysis - ASML is recognized for its strong position in the market, which is expected to drive growth and profitability [1]. - The analysis indicates a robust financial modeling and data analysis capability, which enhances the accuracy of insights and recommendations regarding ASML [1]. Investment Opportunity - The stock is projected to have significant upside potential, suggesting that it may be an attractive investment opportunity for investors looking for growth [1].