Financial Data and Key Metrics Changes - In Q4 2025, total net sales were EUR 9.7 billion, net system sales were EUR 7.6 billion, and gross margin was 52.2% [4][5] - For the full year 2025, net sales reached EUR 32.7 billion with a gross margin of 52.8% [6][7] - Net income for Q4 was EUR 2.8 billion, resulting in earnings per share of EUR 7.35, while full year net income was EUR 9.6 billion, leading to earnings per share of EUR 24.73 [5][8] - Free cash flow for Q4 was EUR 10.9 billion, and for the full year, it was EUR 11 billion [6][8] Business Line Data and Key Metrics Changes - In Q4, EUV system sales contributed EUR 3.6 billion, while non-EUV system sales accounted for EUR 4 billion [4] - For the full year, EUV system sales totaled EUR 11.6 billion, a 39% increase from 2024, while DUV system sales decreased by 6% to EUR 12 billion [7] - Installed base management sales for Q4 were EUR 2.1 billion, and for the full year, they reached EUR 8.2 billion, a 26% increase from 2024 [5][7] Market Data and Key Metrics Changes - In 2025, logic system revenue was EUR 16.1 billion, a 22% increase from 2024, while memory system revenue was EUR 8.4 billion, a 2% decrease [7] - Q4 net bookings were EUR 13.2 billion, with 56% from memory and 44% from logic [6] Company Strategy and Development Direction - The company plans to continue investing in innovation, increasing R&D spending to EUR 4.7 billion, or about 14% of sales [8] - The outlook for 2026 includes expected net sales between EUR 34 billion and EUR 39 billion, with a gross margin of 51% to 53% [9] - The company anticipates significant revenue growth in EUV systems due to increased demand from advanced logic and DRAM customers [12][14] Management's Comments on Operating Environment and Future Outlook - Management noted an improved market outlook driven by the buildup of data centers and AI-related infrastructure, leading to increased capacity needs [12] - Customers are reporting strong demand for both HBM and DDR products, with supply remaining tight through at least 2026 [13] - The company expects continued growth in installed base management revenue due to increasing service revenue from the growing install base of EUV systems [14] Other Important Information - ASML announced a total dividend for 2025 of EUR 7.50 per ordinary share, a 17% increase compared to 2024 [9][10] - A new share buyback program was initiated, with plans to repurchase shares up to EUR 12 billion [10][11] Q&A Session Summary Question: Outlook for calendar 2026 regarding EUV bookings - Management indicated that the guidance is influenced by customer progress in completing fabs and the ability to execute on ramping production [20][22] Question: Changes in vision for High-NA tools in 2026 - Management expects good progress in adoption from both DRAM and logic customers, with potential for follow-on High-NA orders in the second half of 2026 [24] Question: Factors affecting revenue growth guidance for 2026 - The primary factors include customer readiness to take tools and the company's ability to execute on production plans [29][30] Question: Insights on manufacturing capacity for Low-NA EUV tools - Management stated that capacity is dynamic and will gradually increase, with a focus on responding to demand signals [32][33] Question: Visibility into customer equipment needs for the next few years - Customers are providing more visibility regarding their mid-term demand, which aligns with public statements about revenue growth and CapEx [37][39] Question: Impact of China on revenue guidance - Management indicated that China is expected to account for about 20% of total sales, and its performance will influence overall revenue expectations [44][46] Question: EUV layer count for DRAM and its implications - Management confirmed that the number of EUV layers for DRAM is expected to increase, benefiting from strong demand for capacity [54][55] Question: Concerns about cliff risks with 4F² introduction - Management expressed confidence that the transition to 4F² will not lead to a cliff in EUV demand, as customers prefer optimized technology over multiple nodes [68][70]