Financial Data and Key Metrics Changes - Revenue for Q2 2025 was EUR 7.7 billion, which was at the high end of guidance and included revenue recognition for one High NA tool [1][2] - Gross margin for the quarter was 53.7%, above guidance, driven by installed base revenue and one-off cost benefits [1][3] - Order intake for the quarter was EUR 5.5 billion, including EUR 2.3 billion for EUV [4] - Net income for the quarter was EUR 2.3 billion [4] - Guidance for Q3 2025 expects revenue between CHF 7.4 billion and CHF 7.9 billion, with a gross margin between 50% and 52% [5] Business Line Data and Key Metrics Changes - Installed base business is expected to see approximately a 20% increase, driven by strong upgrade revenue and service business improvements [11][12] - EUV business is projected to grow by approximately 30% due to increased capacity demands from customers [10] - Deep UV and application business is expected to remain stable compared to last year [12] Market Data and Key Metrics Changes - AI is identified as the main growth driver for both logic and memory sectors [6] - Revenue from China is expected to exceed 25%, aligning with the company's backlog [6] - The overall semiconductor market remains strong, with long-term revenue forecasts for ASML between EUR 44 billion and EUR 60 billion by 2030 [30][31] Company Strategy and Development Direction - The company is focusing on advancing EUV technology and optimizing costs to meet customer needs [22][30] - There is a strategic emphasis on converting multi-patterning layers to single exposure to enhance productivity [23][30] - The company is navigating uncertainties related to macroeconomic factors and tariffs while preparing for growth in advanced logic and memory [7][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledges increasing uncertainty due to macroeconomic and geopolitical factors, including tariffs [7][21] - The fundamentals for AI customers remain strong, indicating potential for growth despite short-term uncertainties [6][29] - The company expects a revenue increase of approximately 15% for 2025 compared to the previous year, with a gross margin of around 52% for the full year [12][14] Other Important Information - The company has conducted share buybacks worth EUR 1.4 billion and paid a total dividend of EUR 6.4 for the fiscal year 2024 [28] - The first interim dividend for Q3 is expected to be EUR 1.6, payable by August 6 [28] Q&A Session Summary Question: Can you provide a summary of Q2 2025 results? - Revenue was EUR 7.7 billion, gross margin was 53.7%, and order intake was EUR 5.5 billion [1][4] Question: What is the guidance for Q3? - Expected revenue is between CHF 7.4 billion and CHF 7.9 billion, with a gross margin of 50% to 52% [5] Question: How are market dynamics currently? - AI is driving growth in logic and memory, with strong customer investments [6] Question: What are the long-term market expectations? - The semiconductor market remains strong, with significant opportunities driven by AI [29][30]

Financial Data and Key Metrics Changes - Total net sales for Q1 2025 were €7.7 billion, including €2 billion from the installed base business, which was within guidance [1] - Gross margin was reported at 54%, slightly better than guidance due to a higher average selling price (ASP) for EUV tools and customer-specific performance rewards [2] - Net income for the quarter was €2.4 billion, with order intake at €3.9 billion, including €1.2 billion for EUV [2] Business Line Data and Key Metrics Changes - The logic segment is expected to see strong growth, particularly in advanced logic, with customers ramping up to two-nanometer technology [6] - Memory is anticipated to remain stable at last year's levels, supported by customer activity [7] - The installed base is growing, with a stronger mix of EUV versus Deep UV tools contributing to growth in 2025 [7] Market Data and Key Metrics Changes - The overall revenue range for 2025 is projected between €30 billion and €35 billion, driven by strong AI demand [4][8] - Tariff dynamics are creating uncertainty in the market, potentially impacting GDP and overall market demand [8][16] Company Strategy and Development Direction - The company is focused on advancing technology, particularly in EUV and High NA systems, to meet customer needs and optimize their product roadmaps [9][12] - There is an emphasis on transitioning from multi-patterning to single-exposed EUV, which is expected to enhance litho intensity and reduce process complexity [11][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledges strong AI demand as a key driver for the market, with expectations for growth in 2025 and 2026 [24][25] - There is caution regarding the impact of tariffs on long-term growth, with ongoing monitoring of the situation [16][25] Other Important Information - The company executed a share buyback of €2.7 billion in Q1 and proposed a total dividend of €6.4 per ordinary share for 2024 [22] - Guidance for Q2 revenue is expected to be between €7.2 billion and €7.7 billion, with a gross margin forecast of 50-53% [17][19] Q&A Session Summary Question: How does the company view the impact of tariffs on 2025? - Management highlighted the dynamic nature of tariffs and their potential direct and indirect implications on the ecosystem and overall market demand, emphasizing the need for careful monitoring [14][16] Question: What is the guidance for Q2? - Revenue is expected between €7.2 billion and €7.7 billion, with a gross margin of 50-53%, reflecting uncertainties related to tariffs [17][19] Question: What are the long-term market expectations beyond 2025? - The company anticipates continued strength in AI demand and a shift towards more advanced technology, with a focus on lithography advancements [24][25]