Financial Data and Key Metrics Changes - In Q4 2025, total net sales were EUR 9.7 billion, with net system sales at EUR 7.6 billion, including EUR 3.6 billion from EUV system sales and EUR 4 billion from non-EUV system sales [6][8] - Gross margin for Q4 was 52.2%, and for the full year 2025, the gross margin was 52.8% [7][9] - Net income in Q4 was EUR 2.8 billion, representing 29.2% of total net sales, resulting in earnings per share of EUR 7.35 [7] - For the full year 2025, net income was EUR 9.6 billion, 29.4% of net sales, resulting in earnings per share of EUR 24.73 [10] Business Line Data and Key Metrics Changes - EUV system sales for 2025 were EUR 11.6 billion, a 39% increase from 2024, while DUV system sales decreased by 6% year-over-year to EUR 12 billion [9] - Installed base management sales for 2025 were EUR 8.2 billion, a 26% increase from 2024 [9] - 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 from 2024 [9] Market Data and Key Metrics Changes - In Q4 2025, net bookings were EUR 13.2 billion, with EUR 7.4 billion from EUV systems and EUR 5.8 billion from non-EUV systems [8] - The order book concluded 2025 with a backlog of approximately EUR 38.8 billion [9] - The expected share of the China region in total net sales for 2026 is around 20% [17] Company Strategy and Development Direction - The company continues to invest in innovation, increasing R&D spending to EUR 4.7 billion, or about 14% of sales [10] - The market outlook has improved, particularly due to the buildup of data centers and AI-related infrastructure, leading to increased demand for advanced logic and DRAM customers [15] - The company expects significant revenue growth in EUV systems in 2026, while non-EUV revenues are expected to remain similar to the previous year [17] Management's Comments on Operating Environment and Future Outlook - Management noted that customers are increasingly positive about long-term demand sustainability, particularly in advanced logic and DRAM segments [15][16] - There is a notable increase in capacity expansion planning among customers, driven by strong demand for HBM and DDR products [16] - The company anticipates continued growth in installed base management revenue due to increasing service revenue from the growing installed base of EUV systems [17] Other Important Information - The company plans to declare a total dividend of EUR 7.50 per ordinary share for 2025, a 17% increase compared to 2024 [11] - A new share buyback program has been announced, with a total amount of up to EUR 12 billion [12][13] Q&A Session Summary Question: Outlook for calendar 2026 based on EUV bookings - Management indicated that the guidance is influenced by customer progress in completing fabs and the ability to execute on ramping production [24] Question: Changes in vision for High-NA tools in calendar 2026 - Management expects good progress in both DRAM and logic customer adoption, with qualification data collection expected to last most of the year [27] Question: Revenue growth guidance for 2026 - Management stated that growth is significantly driven by customer readiness to take tools and their ability to complete fab construction [33] Question: Manufacturing capacity capabilities for Low-NA EUV tools - Management confirmed that capacity is dynamic and will increase gradually, with a focus on ramping up production in response to demand signals [35][36] Question: Customer visibility on equipment needs for next year - Management noted that customers are providing strong indications of demand, aligning with public statements about revenue growth and CapEx [41][42] Question: Impact of China on revenue guidance - Management clarified that the expectation for China is integrated into the overall revenue guidance, with a significant portion of sales anticipated from that region [50]

ASML (NasdaqGS:ASML) Q4 2025 Earnings call January 28, 2026 09:00 AM ET Speaker2Good day, and thank you for standing by. Welcome to the ASML 2025 fourth quarter and full year financial results conference call on January 28th, 2026. At this time, all participants are in a listen-only mode. After the speaker's introduction, there will be a question-and-answer session. To ask a question during the session, you need to press star one one on your telephone. You will then hear an automated message advising your h ...