Core Insights - The article presents a perspective on stock investments, emphasizing the author's unique insights and knowledge in the field [1] Group 1 - The analyst expresses a beneficial long position in shares of NVDA, AVGO, and AMZN through various financial instruments [2] - The article is written solely by the analyst, reflecting personal opinions without external compensation [2] - There is no business relationship with any companies mentioned in the article, ensuring an unbiased viewpoint [2] Group 2 - The analysis is intended for informational purposes and should not be considered professional investment advice [3] - Investors are encouraged to conduct personal research and due diligence due to inherent risks in trading [3] - Past performance is not indicative of future results, and no specific investment recommendations are provided [4]

Financial Performance - ASML reported total net sales of €7.5 billion in Q3 2025[1] - The company's net income for Q3 2025 was €2.1 billion[1] - Gross margin for Q3 2025 was 51.6%[6] - Net system sales in Q3 2025 amounted to €5.6 billion[6] - Installed Base Management sales reached €2.0 billion in Q3 2025[6] - Net bookings for Q3 2025 were €5.4 billion, including €3.6 billion from EUV bookings[6] Outlook - ASML anticipates full-year 2025 total net sales growth of around 15% with a gross margin of approximately 52%[1] - Q4 2025 total net sales are expected to be between €9.2 billion and €9.8 billion[26] Market and Strategy - The semiconductor industry is projected to exceed $1 trillion in revenue by 2030, driven by AI adoption[4] - ASML sees an opportunity to achieve annual revenue between approximately €44 billion and €60 billion by 2030, with a gross margin between approximately 56% and 60%[4]

Core Insights - ASML Holding N.V. has reported quarterly results that exceeded expectations in terms of orders, while sales were in line with predictions [1] Financial Performance - Orders for ASML surpassed expectations, indicating strong demand for its products [1] - Sales figures were approximately as predicted, suggesting stability in revenue generation [1] - The gross margin performance was not detailed but is implied to be satisfactory given the context of the report [1]

The quarterly results of ASML Holding N.V. (NASDAQ: ASML ) have just been published, and they basically provided me most of the answers I had been looking for. Orders beat expectations, sales were around what was predicted, the grossPortfolio manager, fundamental equity research, macro and geopolitical strategy.Over 10 years across global markets, managing multi-asset strategies and equity portfolios at a European asset manager.I combine top-down macro, bottom-up stock selection and real-time positioning (B ...

Market Overview - US stock index futures are all up, with Dow futures rising by 0.56%, S&P 500 futures up by 0.76%, and Nasdaq futures increasing by 0.99% [1] - European indices show mixed results, with Germany's DAX up by 0.02%, UK's FTSE 100 down by 0.38%, France's CAC40 up by 2.30%, and the Euro Stoxx 50 up by 1.28% [2][3] - WTI crude oil prices increased by 0.73% to $59.13 per barrel, while Brent crude rose by 0.51% to $62.71 per barrel [3][4] Federal Reserve Insights - Federal Reserve Chairman Jerome Powell hinted at a potential 25 basis point rate cut later this month, despite the government shutdown affecting economic assessments [5] - Powell emphasized ongoing risks in the labor market, noting a slowdown in hiring that could worsen [5] Commodity Market Reactions - Following Powell's dovish remarks, copper prices rebounded, with industry insiders predicting prices could reach $12,000 per ton [5] Economic Data Concerns - The ongoing government shutdown raises concerns about the accuracy of the upcoming October Consumer Price Index (CPI) data, as the Labor Statistics Bureau has been unable to collect new price information since the shutdown began [6] - Morgan Stanley's David Kelly warned that the US is "slowly heading towards bankruptcy," with national debt exceeding $37.8 trillion and interest payments surpassing $1.2 trillion [6] Company Earnings Reports - Morgan Stanley reported Q3 net revenue of $18.22 billion, an 18% year-over-year increase, exceeding expectations [7] - Abbott's Q3 revenue was approximately $11.37 billion, slightly below analyst expectations due to weak performance in its diagnostics and nutrition segments [7] - Dollar Tree projected a 12-15% annual growth in earnings per share over the next three years, with a near 20% growth expected in FY2026 [8] - Bank of America reported Q3 earnings exceeding expectations, driven by a resurgence in merger and acquisition activity, with net interest income also surpassing forecasts [9] - ASML's Q3 orders exceeded expectations, driven by strong demand in the AI infrastructure sector, with orders reaching €5.4 billion (approximately $6.3 billion) [9] - Apple's Q3 shipments in China grew by 0.6% year-over-year, reaching 10.8 million units, despite a declining overall smartphone market [10] - Eli Lilly's oral weight-loss drug orforglipron showed promising results in clinical trials, with plans to apply for market approval next year [11]

If you want full access to all our reports, data and investing ideas, join The Aerospace Forum , the #1 aerospace, defense and airline investment research service on Seeking Alpha, with access to evoX Data Analytics, our in-house developed data analytics platform.Dhierin runs the investing group The Aerospace Forum , whose goal is to discover investment opportunities in the aerospace, defense and airline industry. With a background in aerospace engineering, he provides analysis of a complex industry with si ...

Group 1 - Dow Jones futures, S&P 500 futures, and Nasdaq futures rose modestly early Wednesday, indicating a positive market sentiment [1] - ASML reported mixed results for the third quarter but highlighted strong orders and provided an optimistic outlook for 2026, leading to a rise in its stock [1][2] - The stock market experienced volatility and mixed performance on Tuesday, influenced by U.S.-China tensions and comments from Fed chief Jerome Powell [1] Group 2 - Walmart was noted as the IBD Stock of the Day, surpassing its buy point due to a partnership with OpenAI for shopping [4] - The market reacted positively to news of a potential easing of tariff tensions between the U.S. and China, with the Dow jumping 500 points [4] - The upcoming Q3 earnings season is expected to gain momentum, with significant focus on various companies including major banks [4]

Earnings Overview - The third quarter earnings season has commenced with major Wall Street banks reporting results, with analysts expecting a 7.9% increase in earnings per share for S&P 500 companies, marking the ninth consecutive quarter of positive earnings growth but a slowdown from the 12% growth in Q2 [1][21][22] Major Bank Results - JPMorgan Chase, Goldman Sachs, Wells Fargo, Citigroup, and BlackRock are among the first to report their earnings, with additional reports from Bank of America, Morgan Stanley, and others following [2][3] - Citigroup's Q3 results showed a 17% increase in dealmaking fees, with total revenue growing by 9% to $22.1 billion and net income rising to $3.8 billion, or $1.86 per diluted share [9][10] - Wells Fargo reported results that exceeded analysts' expectations, leading to a stock increase of over 2% in premarket trading [16] Sector Highlights - Bank of America noted strong fee improvements in Q3, contributing to overall profitability [5] - ASML's orders exceeded estimates due to an AI investment boom, although it warned of a significant drop in Chinese demand next year [7] - Johnson & Johnson raised its 2025 sales forecast by approximately $300 million, reporting adjusted earnings per share of $2.80, surpassing estimates [12][14] Market Trends - The earnings season is expected to show that most S&P 500 companies will likely report earnings that exceed estimates, with a potential actual growth rate of 13% anticipated [21][22][23] - The performance of major banks is closely tied to market conditions, with concerns about a potential market pullback impacting future earnings [15]

Earnings Overview - The third quarter earnings season has commenced with major Wall Street banks reporting results, with analysts expecting a 7.9% increase in earnings per share for S&P 500 companies, marking the ninth consecutive quarter of positive growth but a slowdown from 12% in Q2 [1][28] - Major financial institutions including JPMorgan Chase, Goldman Sachs, Wells Fargo, Citigroup, and BlackRock are among the first to report their earnings [2][3] Company-Specific Highlights - Morgan Stanley reported a 45% surge in profits, driven by a 44% increase in dealmaking fees to $2.1 billion and a 24% rise in trading fees, totaling $6.28 billion [4][6][7] - Abbott's shares fell 1% after reporting diluted earnings per share of $0.94, below the expected $1.04, with revenue of $11.3 billion aligning with estimates [8][9] - Citigroup's net income rose to $3.8 billion, or $1.86 per diluted share, on revenue of $22.1 billion, reflecting a 9% increase in total revenue [13][14] - Johnson & Johnson announced plans to spin off its orthopedics unit while reporting adjusted earnings per share of $2.80, exceeding estimates of $2.76, and raised its 2025 sales forecast by approximately $300 million [18][19][20] - Domino's Pizza saw a nearly 5% increase in stock after reporting a 5.2% acceleration in US same-store sales, with earnings per share of $4.08 surpassing estimates [15][16] Market Trends - The earnings season is characterized by a boom in dealmaking and trading, significantly benefiting banks like Morgan Stanley and Citigroup [10][13] - ASML reported orders exceeding estimates due to an AI investment boom, although it warned of a significant drop in Chinese demand next year [12] - LVMH experienced a surprising return to sales growth, with shares rising as much as 14%, indicating a potential easing in luxury demand decline [11]

[Executive Summary](index=1&type=section&id=1.%20Executive%20Summary) ASML reports strong Q3 2025 results, provides Q4 and full-year guidance, and outlines long-term strategic initiatives [Q3 2025 Performance Highlights](index=1&type=section&id=1.1%20Q3%202025%20Performance%20Highlights) ASML reported Q3 2025 net sales and income aligning with guidance, alongside significant net bookings including EUV systems Q3 2025 Financial Highlights | Metric | Value | | :--- | :--- | | Total net sales | €7.5 billion | | Gross margin | 51.6% | | Net income | €2.1 billion | | Net bookings | €5.4 billion | | EUV bookings | €3.6 billion | [CEO Commentary and Strategic Initiatives](index=1&type=section&id=1.2%20CEO%20Commentary%20and%20Strategic%20Initiatives) CEO highlighted lithography intensity, EUV adoption, High NA EUV, Advanced Packaging, and AI integration - Lithography intensity developing positively with increasing EUV adoption and **High NA EUV** progress[5](index=5&type=chunk) - Shipped first Advanced Packaging product, **TWINSCAN XT:260**, offering up to **4x productivity**[5](index=5&type=chunk)[28](index=28&type=chunk) - Partnership with **Mistral AI** to embed **AI** across the holistic portfolio, enhancing system performance, productivity, and customer yield[5](index=5&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk) - Continued positive momentum from **AI investments**, extending to more customers in leading-edge Logic and advanced DRAM[7](index=7&type=chunk)[22](index=22&type=chunk) [Outlook and Guidance Summary](index=1&type=section&id=1.3%20Outlook%20and%20Guidance%20Summary) ASML forecasts strong Q4 2025 sales and full-year growth, expecting 2026 sales not to fall below 2025 despite DUV shifts Q4 2025 Guidance | Metric | Range | | :--- | :--- | | Total net sales | €9.2 billion - €9.8 billion | | Gross margin | 51% - 53% | | R&D costs | around €1.2 billion | | SG&A costs | around €320 million | Full-Year 2025 Guidance | Metric | Value | | :--- | :--- | | Total net sales growth (YoY) | around 15% | | Gross margin | around 52% | - ASML does not expect **2026 total net sales** to be below **2025**, with more details to be provided in January[6](index=6&type=chunk)[8](index=8&type=chunk)[23](index=23&type=chunk) - Anticipates significant decline in China customer demand and total net sales in **2026** compared to **2024/2025**, impacting DUV business, but offset by increased EUV demand[7](index=7&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) [Investor Key Messages](index=10&type=section&id=2.%20Investor%20Key%20Messages) ASML's investor messages emphasize semiconductor industry strength, lithography's central role, and ambitious 2030 financial targets [Industry and Technology Vision](index=11&type=section&id=2.1%20Industry%20and%20Technology%20Vision) The semiconductor industry is projected to exceed $1 trillion by 2030, driven by AI, with lithography remaining central to innovation - Semiconductor industry expected to surpass **$1 trillion** in revenue by **2030**, driven by **AI** adoption[35](index=35&type=chunk) - Lithography will remain at the heart of customer innovation, with an anticipated increase in critical lithography exposures for advanced logic and memory[35](index=35&type=chunk) - ASML's portfolio is positioned to address customer needs by extending holistic lithography to 3D integration, improving DUV/EUV performance, and scaling EUV technology[35](index=35&type=chunk) [Long-Term Financial Targets](index=7&type=section&id=2.2%20Long-Term%20Financial%20Targets) ASML targets significant annual revenue and gross margin by 2030, based on various market and lithography intensity scenarios 2030 Financial Opportunity Targets | Metric | Range | | :--- | :--- | | Annual Revenue | €44 billion - €60 billion | | Gross Margin | 56% - 60% | [Business Summary](index=12&type=section&id=3.%20Business%20Summary) ASML's Q3 2025 business summary details financial performance, system sales, technology developments, and capital allocation strategies [Q3 2025 Financial Summary](index=13&type=section&id=3.1%20Q3%202025%20Financial%20Summary) ASML's Q3 2025 results included total net sales, net system sales, installed base management sales, and strong gross margin Q3 2025 Detailed Financial Summary | Metric | Value | | :--- | :--- | | Total net sales | €7.5 billion | | Net system sales | €5.6 billion | | Installed Base Management sales | €2.0 billion | | Gross Margin | 51.6% | | Operating margin | 32.8% | | Net income as % of total net sales | 28.3% | | Earnings per share (basic) | €5.49 | | Net bookings | €5.4 billion | | of which EUV bookings | €3.6 billion | [System Sales and Bookings Analysis](index=15&type=section&id=3.2%20System%20Sales%20and%20Bookings%20Analysis) Q3 2025 net system sales showed Logic and EUV dominance, with regional shifts compared to the previous quarter [Net System Sales Breakdown](index=15&type=section&id=3.2.1%20Net%20System%20Sales%20Breakdown) Q3 2025 Net System Sales Breakdown | Category | Sub-category | % of Sales | | :--- | :--- | :--- | | **End-Use** | Logic | 69% | | | Memory | 31% | | **Technology** | EUV | 48% | | | ArFi | 43% | | | ArF Dry | 2% | | | KrF | 4% | | | I-line | 1% | | | Metrology & Inspection | 2% | | **Region (ship to location)** | Taiwan | 35% | | | China | 27% | | | South Korea | 19% | | | USA | 10% | | | Japan | 5% | | | Rest of Asia | 2% | | | EMEA | 2% | - Compared to Q2 2025, China's share of net system sales by region decreased from **42% to 27%**, while Taiwan's increased from **30% to 35%**[44](index=44&type=chunk) [Net Systems Bookings](index=17&type=section&id=3.2.2%20Net%20Systems%20Bookings) Quarterly Net System Bookings by End-use | End-use | Q3 2025 | Q2 2025 | | :--- | :--- | :--- | | Logic | 84% | 53% | | Memory | 16% | 47% | - Total net system bookings decreased slightly from **€5,541 million** in Q2 2025 to **€5,399 million** in Q3 2025[49](index=49&type=chunk) [Technology and Product Developments](index=1&type=section&id=3.3%20Technology%20and%20Product%20Developments) ASML continues strong technology roadmap execution, with High NA EUV progress, EXE:5200 installation, and new Advanced Packaging products - Over **300,000 wafers** run on **High NA EUV** at customer sites, with maturity ahead of Low NA at a comparable stage[28](index=28&type=chunk) - SK hynix began installation of the first **EXE:5200** in their production fab, positioning it as a key enabler for future DRAM[28](index=28&type=chunk) - Shipped the first Advanced Packaging product, **TWINSCAN XT:260** i-line scanner, providing up to **4x productivity** for 3D integration[5](index=5&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - Collaboration with **Mistral AI** to embed **AI** across the holistic portfolio, improving system performance, precision, speed, and accelerating product development. ASML was the lead investor in **Mistral AI's** Series C funding, taking an **11% share** and a seat on their Strategic Committee[5](index=5&type=chunk)[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) [Capital Allocation and Shareholder Returns](index=2&type=section&id=3.4%20Capital%20Allocation%20and%20Shareholder%20Returns) ASML declared an interim dividend, repurchased shares, and plans a new buyback program, not expecting to complete the current one Dividend Information | Item | Value | Payment Date | | :--- | :--- | :--- | | Interim dividend (Q3 2025) | €1.60 per share | Paid | | Interim dividend (Q4 2025) | €1.60 per share | November 6, 2025 | Share Buyback Program Update | Metric | Value | | :--- | :--- | | Shares purchased in Q3 2025 | ~218 thousand shares | | Amount spent in Q3 2025 | ~€148 million | | Total shares acquired (as of Sep 28, 2025) | 9.0 million shares | | Total consideration (as of Sep 28, 2025) | €5.9 billion | | Current program target | €12 billion (2022-2025) | - ASML does not expect to complete the **€12 billion** share buyback program in full by end of **2025** and intends to announce a new program in January **2026**[11](index=11&type=chunk)[55](index=55&type=chunk) [Outlook](index=19&type=section&id=4.%20Outlook) ASML's outlook includes Q4 2025 guidance, full-year projections, and a 2026 forecast, emphasizing AI and 3D integration opportunities [Q4 2025 Guidance](index=20&type=section&id=4.1%20Q4%202025%20Guidance) ASML forecasts Q4 2025 net sales between €9.2 billion and €9.8 billion, with a gross margin of 51% to 53% Q4 2025 Financial Guidance | Metric | Range | | :--- | :--- | | Total net sales | €9.2 billion - €9.8 billion | | Installed Base Management sales | around €2.1 billion | | Gross margin | 51% - 53% | | R&D costs | around €1.2 billion | | SG&A costs | around €320 million | [Full-Year 2025 Guidance](index=20&type=section&id=4.2%20Full-Year%202025%20Guidance) ASML anticipates full-year 2025 net sales growth of around 15%, a gross margin of approximately 52%, and an effective tax rate Full-Year 2025 Financial Guidance | Metric | Value | | :--- | :--- | | Total net sales growth (YoY) | around 15% | | Gross margin | around 52% | | Annualized effective tax rate | around 17% | [2026 and Beyond Outlook](index=2&type=section&id=4.3%202026%20and%20Beyond%20Outlook) ASML expects 2026 sales not below 2025, with EUV offsetting DUV decline, and AI driving long-term technology roadmap opportunities - **2026 total net sales** are not expected to be below **2025**, with further details in January[6](index=6&type=chunk)[8](index=8&type=chunk)[23](index=23&type=chunk) - Anticipated significant decline in China customer demand and DUV business in **2026**, with product mix favoring EUV[7](index=7&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) - **AI** is expected to drive more advanced applications and higher litho intensity, continuing a strong technology roadmap opportunity[30](index=30&type=chunk) - 3D integration is identified as a new market opportunity ASML will pursue[29](index=29&type=chunk)[30](index=30&type=chunk) [Financial Statements](index=21&type=section&id=5.%20Financial%20Statements) ASML's Q3 2025 financial statements detail operations, cash flows, and balance sheet, reflecting key quarterly performance metrics [Consolidated Statements of Operations](index=22&type=section&id=5.1%20Consolidated%20Statements%20of%20Operations) Q3 2025 total net sales were €7,516 million, with a 51.6% gross margin and net income of €2,125 million Consolidated Statements of Operations (QoQ) | (in millions €, except otherwise indicated) | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total net sales | 7,467 | 9,263 | 7,742 | 7,692 | 7,516 | | Gross profit | 3,793 | 4,790 | 4,180 | 4,130 | 3,880 | | Gross margin % | 50.8 | 51.7 | 54.0 | 53.7 | 51.6 | | R&D costs | (1,055) | (1,116) | (1,161) | (1,167) | (1,109) | | SG&A costs | (297) | (318) | (281) | (299) | (303) | | Income from operations | 2,441 | 3,356 | 2,738 | 2,664 | 2,468 | | Operating income as a % of total net sales | 32.7 | 36.2 | 35.4 | 34.6 | 32.8 | | Net income | 2,077 | 2,693 | 2,355 | 2,290 | 2,125 | | Net income as a % of total net sales | 27.8 | 29.1 | 30.4 | 29.8 | 28.3 | | Earnings per share (basic) € | 5.28 | 6.85 | 6.00 | 5.90 | 5.49 | | Earnings per share (diluted) € | 5.28 | 6.84 | 6.00 | 5.90 | 5.48 | | Lithography systems sold (units) | 116 | 132 | 77 | 76 | 72 | | Net bookings | 2,633 | 7,088 | 3,936 | 5,541 | 5,399 | [Consolidated Statements of Cash Flows](index=23&type=section&id=5.2%20Consolidated%20Statements%20of%20Cash%20Flows) Q3 2025 net cash from operations was €559 million, with €244 million in free cash flow, and decreased cash equivalents Consolidated Statements of Cash Flows (QoQ) | (in millions €) | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and cash equivalents, beginning of period | 4,814 | 4,979 | 12,736 | 9,098 | 7,243 | | Net cash provided by (used in) operating activities | 950 | 9,545 | (58) | 748 | 559 | | Net cash provided by (used in) investing activities | (215) | (1,233) | (416) | (428) | (1,928) | | Net cash provided by (used in) financing activities | (565) | (567) | (3,151) | (2,164) | (742) | | Effect of changes in exchange rates on cash | (4) | 12 | (12) | (11) | (6) | | Net increase (decrease) in cash and cash equivalents | 166 | 7,757 | (3,637) | (1,855) | (2,117) | | Cash and cash equivalents, end of period | 4,979 | 12,736 | 9,098 | 7,243 | 5,126 | | Short-term investments | 5 | 5 | 5 | 5 | 2 | | Cash and cash equivalents and short-term investments | 4,985 | 12,741 | 9,104 | 7,249 | 5,128 | | Purchases of property, plant and equipment and intangible assets | (416) | (706) | (417) | (429) | (315) | | Free cash flow | 534 | 8,839 | (475) | 319 | 244 | [Consolidated Balance Sheets](index=24&type=section&id=5.3%20Consolidated%20Balance%20Sheets) As of Q3 2025, total assets were €45,097 million, with inventories at €11,763 million and shareholders' equity at €18,993 million Consolidated Balance Sheets (Quarter End) | (in millions €) | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | | Cash & cash equivalents and short-term investments | 4,985 | 12,741 | 9,104 | 7,249 | 5,128 | | Accounts receivable and finance receivables, net | 6,171 | 4,877 | 5,132 | 5,703 | 6,030 | | Inventories, net | 11,414 | 10,892 | 11,025 | 11,576 | 11,763 | | Total assets | 41,766 | 48,590 | 45,479 | 44,849 | 45,097 | | **Liabilities and shareholders' equity** | | | | | | | Current liabilities | 16,026 | 20,051 | 18,124 | 18,616 | 19,225 | | Non-current liabilities | 9,589 | 10,062 | 9,854 | 8,615 | 6,879 | | Shareholders' equity | 16,151 | 18,477 | 17,501 | 17,618 | 18,993 | | Total liabilities and shareholders' equity | 41,766 | 48,590 | 45,479 | 44,849 | 45,097 | [Corporate Information](index=2&type=section&id=6.%20Corporate%20Information) ASML provides an overview of its role as a leading semiconductor supplier, its reporting standards, and forward-looking statement disclaimers [About ASML](index=2&type=section&id=6.1%20About%20ASML) ASML is a leading multinational semiconductor supplier, headquartered in Veldhoven, with over 44,000 employees globally - ASML is a leading supplier to the semiconductor industry, providing hardware, software, and services for mass producing microchips[15](index=15&type=chunk) - Headquartered in Veldhoven, the Netherlands, with over **44,000 employees** globally[15](index=15&type=chunk) - Traded on Euronext Amsterdam and NASDAQ under the symbol ASML[15](index=15&type=chunk) [US GAAP Reporting and Regulated Information](index=3&type=section&id=6.2%20US%20GAAP%20Reporting%20and%20Regulated%20Information) ASML uses US GAAP for unaudited Q3 2025 financial statements, which contain inside information under EU Market Abuse Regulation - ASML's primary accounting standard for financial reporting is **US GAAP**[16](index=16&type=chunk) - The consolidated financial statements for Q3 2025 are unaudited[17](index=17&type=chunk) - The press release contains inside information under Article 7(1) of the **EU Market Abuse Regulation**[18](index=18&type=chunk) [Forward-Looking Statements](index=4&type=section&id=6.3%20Forward-Looking%20Statements) The document contains forward-looking statements on plans, industry trends, and financial outlooks, subject to known and unknown risks - The document contains forward-looking statements regarding future plans, strategies, industry trends, and financial outlooks, including **2030** targets[19](index=19&type=chunk)[66](index=66&type=chunk) - These statements are based on current expectations and involve substantial known and unknown risks and uncertainties, such as customer demand, supply chain, and geopolitical factors[19](index=19&type=chunk)[66](index=66&type=chunk) - ASML undertakes no obligation to update forward-looking statements after the report date, except as required by law[19](index=19&type=chunk)[66](index=66&type=chunk)