Financial Data and Key Metrics Changes - In Q4 2025, net revenue was EUR 9.7 billion, and for the full year, it reached EUR 32.7 billion, marking a 16% increase compared to 2024 [2] - Gross margin for Q4 was 52.2%, and for the full year, it was 52.8% [3] - Net income for Q4 was EUR 2.8 billion, while for the full year, it totaled EUR 9.6 billion [3] - Net bookings amounted to EUR 13.2 billion, with EUR 7.4 billion attributed to EUV [3] - Total backlog at the end of 2025 was EUR 38.8 billion, with EUR 25.5 billion for EUV [3] Business Line Data and Key Metrics Changes - Installed base business revenue for Q4 was EUR 2.1 billion, and for the full year, it was EUR 8.2 billion, driven by service revenue from EUV and strong demand for upgrades [2] - The EUV business is expected to see significant revenue growth compared to 2025, while the non-EUV system business is anticipated to remain flat [13] Market Data and Key Metrics Changes - The market outlook has improved, particularly regarding AI application capacity build-up, which is translating into increased orders for advanced technology, especially EUV [10][12] - Demand for DRAM and logic is strong, with customers accelerating capacity planning and transitioning to more advanced technologies [11] Company Strategy and Development Direction - The company is focusing on meeting the growing demand for advanced technology driven by AI applications, which is expected to require more advanced products in DRAM and logic [26] - A new share buyback program has been announced for up to EUR 12 billion, indicating a commitment to returning value to shareholders [24] Management's Comments on Operating Environment and Future Outlook - Management noted a strong quarter with record revenue, order intake, and free cash flow generation, reflecting a positive shift in customer sentiment regarding medium-term market perspectives [4][5] - For Q1 2026, the company expects net revenue between EUR 8.2 billion and EUR 8.9 billion, with a gross margin of 51%-53% [9] - Long-term revenue expectations for 2030 are projected to be between EUR 44 billion and EUR 60 billion, with a gross margin of 56%-60% [26] Other Important Information - The company plans to pay an interim dividend of EUR 1.60 per ordinary share and propose a final payment of EUR 2.70 per ordinary share, totaling EUR 7.50 per share for 2025, a 17% increase over 2024 [22][23] Q&A Session Summary Question: Can you provide insights on Q4 business performance? - Management highlighted Q4 as a record quarter in terms of revenue, order intake, and free cash flow generation, with customers becoming more positive about medium-term market perspectives [4] Question: What is the outlook for the EUV business? - The EUV business is expected to see significant revenue growth compared to 2025, driven by strong demand from customers [13] Question: How is the company addressing technology roadmap developments? - The company is focused on advancing its technology offerings, with high demand for products in both optical and metrology, and expects continued growth in these areas [19]

Financial Data and Key Metrics Changes - In Q4 2025, net revenue was EUR 9.7 billion, with a full-year revenue of EUR 32.7 billion, representing a 16% increase compared to 2024 [2] - Gross margin for Q4 was 52.2%, and for the full year, it was 52.8% [3] - Net income for Q4 was EUR 2.8 billion, and for the full year, it was EUR 9.6 billion [3] - Net bookings for the quarter were EUR 13.2 billion, including EUR 7.4 billion for EUV, with a total backlog of EUR 38.8 billion at the end of 2025, of which EUR 25.5 billion was for EUV [3] Business Line Data and Key Metrics Changes - Installed base business revenue for Q4 was EUR 2.1 billion, and for the full year, it was EUR 8.2 billion, driven by service revenue for EUV and strong demand for upgrades [2] - The EUV business is expected to see significant revenue growth compared to 2025, while the non-EUV system business is anticipated to remain flattish [12] Market Data and Key Metrics Changes - The market outlook has improved, particularly regarding capacity build-up for AI applications, leading to increased orders for advanced technology, especially EUV [9] - Customers in logic and DRAM sectors are accelerating their capacity planning, indicating strong demand for advanced nodes [10] Company Strategy and Development Direction - The company aims to increase EUV revenue significantly in 2026, while the non-EUV business is expected to remain stable with growth in advanced logic and memory sectors [12] - The installed base business is projected to grow, supported by the expansion of the EUV installed base and customer appetite for upgrades [14] Management's Comments on Operating Environment and Future Outlook - Management noted that customers have become more positive about medium-term market perspectives, particularly due to sustainable demand for AI [4] - The company expects net revenue for Q1 2026 to be between EUR 8.2 billion and EUR 8.9 billion, with a full-year revenue expectation of EUR 34 billion to EUR 39 billion [8] Other Important Information - The company announced an interim dividend of EUR 1.60 per share and proposed a final payment of EUR 2.70 per share, totaling EUR 7.50 per share for 2025, a 17% increase over 2024 [22] - A new share buyback program was announced for up to EUR 12 billion over three years [23] Q&A Session Summary Question: How is the technology roadmap developing for ASML? - The appetite for advanced technology from customers is very high, with significant progress in the qualification of new tools and increased utilization expected [16][18] Question: What is the long-term demand outlook for ASML? - Long-term demand is expected to be driven by AI applications requiring advanced technology in DRAM and logic, with projected revenue between EUR 44 billion and EUR 60 billion by 2030 [25]