Financial Data and Key Metrics Changes - In Q1 2026, total net sales were EUR 8.8 billion, aligning with guidance. Net system sales reached EUR 6.3 billion, with over EUR 4.1 billion from EUV system sales and over EUR 2.1 billion from non-EUV system sales [5][6] - Gross margin for Q1 was at 53%, at the high end of guidance, primarily due to high-margin components in the installed base business [5][6] - Net income for Q1 was EUR 2.8 billion, representing 31.4% of total net sales, resulting in earnings per share of EUR 7.15 [6] - Q1 free cash flow was -EUR 2.6 billion, mainly due to the timing of down payments [6] - For Q2 2026, total net sales are expected to be between EUR 8.4 billion and EUR 9 billion, with gross margin anticipated between 51% and 52% [7][12] Business Line Data and Key Metrics Changes - Net system sales were split almost equally between logic (49%) and memory (51%) [5] - Installed base management sales for Q1 were EUR 2.5 billion, slightly above guidance [5] - The company expects installed base management revenue to grow significantly in 2026, driven by service revenue from the expanding EUV installed base [12] Market Data and Key Metrics Changes - The semiconductor industry growth outlook is solidifying, driven by AI-related infrastructure investments, increasing demand for advanced logic and memory chips [9][10] - Memory customers have confirmed they are sold out for the remainder of the year, with supply limitations expected to persist beyond 2026 [9] - Logic customers are adding capacity across multiple advanced nodes, with expectations of supply limitations beyond 2026 [10] Company Strategy and Development Direction - The company is executing a capacity expansion plan for 2026, aiming for at least 60 Low-NA EUV systems and increasing the move rates for HBM products [11] - The 2026 revenue guidance has been updated to between EUR 36 billion and EUR 40 billion, with a gross margin expectation between 51% and 53% [12] - The company is focusing on productivity upgrades for installed bases to meet short-term output requirements [10][11] Management's Comments on Operating Environment and Future Outlook - Management noted that demand continues to outpace supply, creating constraints across end markets, which drives customers to aggressively add capacity [9] - The company sees a strong year ahead and expects growth in 2026, supported by significant investments from customers [11] - Management emphasized the importance of ongoing discussions with customers to align capacity needs and ensure timely delivery [10][11] Other Important Information - ASML paid a third interim dividend of EUR 1.60 per ordinary share in Q1 2026 and intends to declare a total dividend of EUR 7.50 per ordinary share for 2025, a 17% increase compared to 2024 [7][8] - The company is making progress on technology, including improvements in Low-NA EUV productivity and advancements in High-NA systems [13][16] Q&A Session Summary Question: Updated 2026 revenue guidance and its sources - The increase in immersion outlook is primarily from non-China customers, with China expected to remain around 20% [19] Question: Gross margin guidance stability despite increased immersion - The gross margin guidance remains unchanged due to increased costs associated with hiring and ramping up production [21] Question: Customer visibility and growth profile for 2027 and 2028 - Discussions with customers are primarily focused on 2026, with some movement towards 2027, but 2028 is still too far to predict [26][27] Question: DUV capacity needs in relation to EUV tools - The company believes current DUV capacity is sufficient, with demand scaling alongside EUV [50] Question: Pricing model and customer behavior changes - Customers are more open about their expansion plans, but the company's pricing model is based on the value provided rather than market pressures [92][94]

ASML reports €8.8 billion total net sales and €2.8 billion net income in Q1 2026 ASML now expects 2026 total net sales to be between €36 billion and €40 billion, with a gross margin between 51% and 53% ASML 2026 first-quarter results Veldhoven, the Netherlands April 15, 2026 Agenda April 15, 2026 Page 2 Public • Investor key messages • Business summary • Outlook • Financial statements Investor key messages April 15, 2026 Page 3 Investor key messages1 April 15, 2026 Page 4 1 Investor key messages as presente ...

Financial Data and Key Metrics Changes - The company reported a net income of $5.8 billion for Q1 2026, with an EPS of $3.06 and an ROTCE of 13.1% [4][16] - Total revenues increased by 14% year-over-year, driven by strong performance across core businesses [4][16] - The CET1 ratio stood at 12.7%, which is 110 basis points above the regulatory capital requirement [8][21] Business Line Data and Key Metrics Changes - Services revenue increased by 17%, with a net income of $2.2 billion and an ROTCE of 27% [22][23] - Markets revenue reached over $7 billion, up 19%, with equities growing nearly 40% [5][24] - Banking revenues rose by 15%, driven by investment banking and corporate lending, with M&A fees up 19% [25] - Wealth management revenues increased by 11%, with a pre-tax margin of 18% [26] Market Data and Key Metrics Changes - Cross-border transactions in Services were up 12%, and assets under custody and administration increased by over 20% [4][22] - The U.S. Consumer Cards segment saw a revenue growth of 4%, with spend volume up 5% [7][29] Company Strategy and Development Direction - The company is focused on organic growth across all five business lines, emphasizing the importance of deepening client relationships and new product innovations [42][44] - The firm is in the final phase of divestitures, including exiting from Russia and selling additional stakes in Banamex [9][10] - The company is deploying AI at scale to enhance client experiences and drive revenue growth [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the global macroeconomic environment remains uncertain, with inflation posing risks to growth [10][11] - The company aims to achieve a ROTCE of 10%-11% for the year, despite a strong first quarter [11][64] - Management expressed confidence in the firm's ability to navigate challenges and continue delivering strong results [11][64] Other Important Information - The company repurchased $6.3 billion in shares as part of its capital return strategy [7][21] - The firm is actively advocating for changes in the new capital regime to better reflect its current risk profile [8][69] Q&A Session Summary Question: Insights on Services growth and BlackRock win - Management highlighted exceptional performance in Services, with a 17% revenue increase and a focus on client acquisition and product innovation [39] Question: Retail banking aspirations - Management clarified that the focus is solely on organic growth, with a strong deposit base and targeted urban market presence [44][42] Question: Clarity on organic growth strategy - Management reiterated that there are no plans for acquisitions, emphasizing a commitment to organic growth [46][47] Question: Transformation progress and consent order - Management stated that 90% of transformation programs are complete, with remaining work focused on data used in regulatory reporting [49][50] Question: Basel and GSIB proposals impact - Management expects a moderate net benefit from the new Basel and GSIB proposals, with a focus on risk management and capital allocation [53][54] Question: Efficiency ratio targets - Management discussed maintaining a target efficiency ratio of around 60%, balancing seasonality and targeted investments [56][59] Question: Capital leverage and buybacks - Management indicated that the CET1 ratio is at a desired level, with plans for continued capital deployment and buybacks [65][66]

Financial Data and Key Metrics Changes - Diluted earnings per share increased by 15% year-over-year, with revenue growing by 6% [5] - Loans grew by 11% and deposits increased by 7% compared to the previous year [5] - Net interest income rose by 5% year-over-year, while non-interest income increased by 8% [5][32] - Pre-tax, pre-provision profit grew by 14% from a year ago, indicating effective expense management [6] Business Line Data and Key Metrics Changes - Consumer Banking and Lending revenue grew by 7%, while Commercial Banking revenue also increased by 7% [5] - Corporate and Investment Bank saw an 11% increase in Banking revenue and a 19% increase in Markets revenue [6] - Wealth and Investment Management revenue grew by 14%, with client assets increasing by 11% to $2.2 trillion [10] Market Data and Key Metrics Changes - Average loans and deposits in Commercial Banking grew by approximately $5 billion in the first quarter [11] - The company reported strong growth in auto originations, which more than doubled from a year ago [9] - Client sentiment remains cautious but engaged amid macroeconomic uncertainties [12] Company Strategy and Development Direction - The company is focusing on accelerating growth and improving returns after closing outstanding consent orders [8] - Investments in technology, including AI, and advertising are prioritized to drive growth [6] - The company aims to maintain a strong capital position while returning capital to shareholders, having repurchased $4 billion in common stock [8][37] Management's Comments on Operating Environment and Future Outlook - The U.S. labor market is cooling, but consumer spending remains resilient, supported by higher income households [13] - The company is monitoring economic indicators closely, anticipating potential impacts from rising energy prices [15] - Management expresses confidence in the company's ability to navigate various economic scenarios and support customers [16] Other Important Information - The company has successfully exited or sold 12 businesses since 2019 to refocus and simplify operations [12] - The net charge-off ratio remained stable at 45 basis points, indicating strong credit performance [6][34] - The company expects to maintain a CET1 ratio of 10.3%, well above regulatory minimums [37] Q&A Session Summary Question: Impact of new regulatory proposals on RWA - Management indicated a 7% decline in risk-weighted assets primarily driven by credit risk improvements, particularly for investment-grade credits [47][49] Question: Outlook for NIM and ROTCE - Management acknowledged ongoing NIM compression but remains confident in achieving a ROTCE of 17%-18% over time, supported by growth in various business segments [50][84] Question: Credit performance and risk management - Management reassured that a recent fraud incident was isolated and that overall credit performance remains strong, with no significant deterioration observed [68][70] Question: Lending momentum and customer behavior - Management noted that while lending momentum has been strong, there has not been a significant increase in revolver utilization, indicating cautious behavior from clients [76]

1Q26 Financial Results April 14, 2026 © 2026 Wells Fargo Bank, N.A. All rights reserved. Improved financial results driven by momentum across businesses • Earnings per diluted share of $1.60, up 15% Consumer Banking and Lending Wealth and Investment Management Comparisons in the bullet points are for 1Q26 versus 1Q25, unless otherwise noted. Operating leverage means the percentage change in revenue minus the percentage change in noninterest expense. Endnotes are presented starting on page 22. 1Q26 Financial ...

Financial Data and Key Metrics Changes - Fourth quarter revenue was $37.5 million, a slight increase of $0.2 million compared to the prior year period, with full year revenue at $150.5 million, down from $151.3 million last year [10][12] - Gross profit for the fourth quarter was $11.3 million, with a gross margin of 30.2%, reflecting a contraction of 250 to 260 basis points year over year [10][11] - Net loss for the quarter was $1.1 million, or $0.15 per diluted share, compared to a net loss of $15.6 million, or $2.70 per share in the prior year quarter [12] - Adjusted EBITDA in the fourth quarter grew 18% to $3.3 million, with an Adjusted EBITDA margin expanding 130 basis points to 8.8% [12] Business Line Data and Key Metrics Changes - Product Identification (Product ID) second half sales increased by 4.2% over the first half of the year, with orders amounting to $27.5 million, up $2.9 million year-over-year [7][8] - Aerospace second-half sales also improved, with orders at $13.6 million and a book-to-bill ratio of 122%, reflecting sustained demand from OEMs [9] Market Data and Key Metrics Changes - Total orders in the quarter were $41.1 million, up 6.5% over the prior year period, driven by over 12% growth in Product ID orders [14] - Aerospace backlog increased by 17.6%, driven by rising demand from OEMs and the timing of deliveries [15] Company Strategy and Development Direction - The company is focusing on stabilizing operations, improving cash generation, reducing debt, and enhancing accountability across segments [4][6] - A strategic evaluation is underway, considering options such as a sale of all or part of the company, strategic investments, or continuing with the organic strategic plan [6][17] Management's Comments on Operating Environment and Future Outlook - Management expects mid-single-digit revenue growth for fiscal 2027, supported by rising aircraft utilization and a favorable shift in product mix [16][17] - The expiration of a major royalty obligation in the third quarter of fiscal 2027 is anticipated to provide an approximate $2 million annualized benefit to gross profit [9][16] Other Important Information - Cash provided by operating activities in the fourth quarter was $3.7 million, reflecting stronger cash earnings and lower working capital needs [13] - Total debt was reduced to $37.6 million as of January 31, 2026, down from $46.7 million at the end of fiscal 2025 [14] Summary of Q&A Session - There were no questions during the Q&A session, and the conference concluded without further inquiries [18]

Financial Data and Key Metrics Changes - Q4 revenue was $37.5 million, a slight increase of $0.2 million compared to the prior year, with full-year revenue at $150.5 million, down from $151.3 million last year [10][11] - Gross profit for Q4 was $11.3 million, with a gross margin of 30.2%, reflecting a contraction of 250 to 260 basis points year-over-year [10][11] - Non-GAAP net loss for Q4 was $0.3 million, or $0.04 per share, compared to a net loss of $15.6 million in the prior year quarter [12] - Adjusted EBITDA for Q4 grew 18% to $3.3 million, with an Adjusted EBITDA margin of 8.8% [12] Business Line Data and Key Metrics Changes - Product Identification (Product ID) H2 sales increased by 4.2% over H1, with orders reaching $27.5 million, resulting in a book-to-bill ratio of 104% [7][8] - Aerospace sales improved in H2, with orders of $13.6 million and a book-to-bill ratio of 122%, reflecting sustained demand from OEMs [9] Market Data and Key Metrics Changes - Total orders in Q4 were $41.1 million, up 6.5% over the prior year, driven by over 12% growth in Product ID orders [15] - Aerospace backlog increased by 17.6%, driven by rising demand from OEMs [16] Company Strategy and Development Direction - The company is focusing on stabilizing operations, improving cash generation, reducing debt, and enhancing accountability across segments [4][5] - A strategic evaluation is underway, considering options such as a sale, strategic investment, or continuing with the organic strategic plan [6][18] Management Comments on Operating Environment and Future Outlook - Management expects mid-single-digit revenue growth for fiscal 2027, supported by rising aircraft utilization and a favorable product mix [17][18] - The expiration of a major royalty obligation in Q3 of fiscal 2027 is anticipated to provide an annualized benefit of approximately $2 million to gross profit [9][17] Other Important Information - Cash provided by operating activities in Q4 was $3.7 million, reflecting stronger cash earnings and lower working capital needs [13] - Total debt was reduced to $37.6 million, down from $46.7 million at the end of fiscal 2025 [14][15] Q&A Session Summary - There were no questions during the Q&A session, and the conference concluded without further inquiries [19]

Financial Data and Key Metrics Changes - Fourth quarter revenue was $37.5 million, a slight increase of $0.2 million compared to the prior year period, with full year revenue at $150.5 million, down from $151.3 million last year [9][10] - Gross profit for the fourth quarter was $11.3 million, with a gross margin of 30.2%, reflecting a contraction of 250 to 260 basis points year over year [10] - Net loss for the quarter was $1.1 million, or $0.15 per diluted share, compared to a net loss of $15.6 million, or $2.70 per share in the prior year quarter [11] Business Line Data and Key Metrics Changes - Product Identification (Product ID) second half sales increased by 4.2% over the first half, with orders amounting to $27.5 million, up $2.9 million year-over-year, resulting in a book-to-bill ratio of 104% [6][7] - Aerospace second-half sales also improved, with orders of $13.6 million and a book-to-bill ratio of 122%, reflecting sustained demand from OEMs [8] Market Data and Key Metrics Changes - Total orders in the quarter were $41.1 million, up 6.5% over the prior year period, driven by over 12% growth in Product ID orders [15] - Aerospace backlog increased by 17.6%, driven by rising demand from OEMs and the timing of deliveries [15] Company Strategy and Development Direction - The company is evaluating a range of potential strategic alternatives, including a sale of all or part of the company, strategic investments, or continuing to execute on its organic strategic plan [6] - The focus for fiscal 2027 includes mid-single-digit revenue growth and expansion in Adjusted EBITDA margin, with an emphasis on converting the growing commercial pipeline into consistent revenue growth [16][17] Management's Comments on Operating Environment and Future Outlook - Management indicated that fiscal 2026 was a foundational reset year, with a focus on customer-centricity, transparency, and disciplined, data-driven decision-making [16] - The expiration of a major royalty obligation in the third quarter of fiscal 2027 is expected to provide an approximate $2 million annualized contribution to gross profit beginning in the fourth quarter [16] Other Important Information - Cash provided by operating activities in the fourth quarter was $3.7 million, compared to $2.5 million in the prior-year period, reflecting stronger cash earnings and lower working capital needs [12] - Total debt was reduced by $2.7 million during the fourth quarter, bringing total debt to $37.6 million as of January 31, 2026 [13] Q&A Session Summary - There were no questions during the Q&A session, and the conference concluded without any additional inquiries [18]

Financial Data and Key Metrics Changes - Total system sales reached RMB 1.57 billion in 2025, a 7.6% increase compared to 2024, driven by 25 net new store openings [4] - Company-owned and operated store contribution margin was 7% in 2025, down from 7.4% in 2024, primarily due to increased delivery-related costs [6] - Adjusted corporate EBITDA margin improved by one percentage point in 2025 [6] Business Line Data and Key Metrics Changes - Food sales accounted for 33.4% of total revenues in Q4 2025, up from 24% in Q1 2023 [4] - Orders with food items represented 51% of total orders in Q4 2025, an increase from 45.2% in Q1 2023 [5] - Same-store sales growth achieved an overall comparable transactions growth of 2.7% in 2025, despite a 2.4% decline in same-store sales growth for system-wide stores [5] Market Data and Key Metrics Changes - The company expanded its store network to 1,047 across 92 cities in China by the end of 2025 [4] - The number of franchised stores increased from 446 as of December 31, 2024, to 485 as of December 31, 2025 [14] - Registered loyalty club members exceeded 31 million, reflecting a 29% year-over-year growth [12] Company Strategy and Development Direction - The company is focusing on a coffee plus fresh prepared foods model, with over 74% of system-wide stores undergoing made-to-order renovations [5] - Plans to accelerate the opening of franchise stores in special channels such as railway stations and hospitals, which have shown strong contribution margins [8] - The company aims to achieve net store openings of at least 100 in 2026, continuing to prune underperforming stores while expanding successful formats [30][41] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by intensified competition and delivery cost pressures but emphasized resilience and margin maintenance [5][14] - The company expects to further improve gross margins in 2026 by reducing food and packaging costs as a percentage of revenues by at least 1-2 percentage points [36] - Future growth is anticipated through enhanced supply chain capabilities and operational efficiencies [17] Other Important Information - The company launched 178 new products in 2025, contributing over 25% of top-line sales [8] - Marketing expenses as a percentage of total revenues increased by 1.2 percentage points year-over-year, reflecting efforts to drive traffic [15] - The company has implemented sustainability initiatives, including eco-friendly straws and a Bring Your Own Cup program [12] Q&A Session Summary Question: Contribution margins of franchise stores in special channels - Management highlighted that stores in special channels have high gross margins and do not rely on delivery, leading to attractive payback periods [23] Question: Mitigation of delivery cost risks - Management discussed strategies to maintain or improve store contribution margins, including negotiating better delivery costs and increasing prices on deliverable products [27] Question: Store growth and demand outlook for 2026 - Management confirmed plans to continue pruning underperforming stores while targeting net store openings of at least 100, indicating strong underlying demand [30][41] Question: Factors behind gross margin improvement - Management attributed gross margin improvement to better economies of scale, supply chain optimization, and higher margins on new product launches [35] Question: Margin profile differences in Tier 1 cities - Management explained that higher store density in Tier 1 cities leads to better brand awareness, lower delivery costs, and higher margins [39]

Financial Data and Key Metrics Changes - First quarter revenue reached $6.7 billion, a 27% increase year-over-year, driven by organic growth, higher average AUM, and acquisitions [8] - Operating income rose to $2.7 billion, up 31% from the previous year, while earnings per share (EPS) increased by 11% to $12.53 [8] - The first quarter base fee and securities lending revenue was $5.4 billion, reflecting a 24% year-over-year increase [9] - The adjusted operating margin for the first quarter was 44.5%, up 130 basis points from the previous year [11] Business Line Data and Key Metrics Changes - Performance fees increased to $272 million, driven by higher revenue from alternatives, including $121 million from HPS [10] - Technology services and subscription revenue grew by 22% year-over-year, reflecting sustained demand for Aladdin technology offerings [10] - Retail net inflows totaled $15 billion, with significant contributions from systematic liquid alternatives and active fixed income [13] - Institutional active net inflows were $24 billion, primarily from LifePath target-date funds and private markets [13] Market Data and Key Metrics Changes - BlackRock experienced $130 billion in net inflows during the first quarter, with record ETF net inflows of $132 billion [12] - International diversification demand is increasing, particularly in emerging markets and precision single country allocations [12] - Cash management saw $6 billion in net outflows, attributed to seasonal redemptions from U.S. government funds [14] Company Strategy and Development Direction - BlackRock is focusing on deep client engagement and providing comprehensive portfolio solutions across public and private markets [5][15] - The company aims to leverage its technology platform, Aladdin, to enhance client relationships and operational efficiency [29] - BlackRock is committed to expanding its presence in private markets and enhancing its retirement solutions, particularly in response to regulatory changes [31][32] Management's Comments on Operating Environment and Future Outlook - Management noted that the current market environment is characterized by volatility and geopolitical uncertainty, yet BlackRock's fundamentals remain strong [6][7] - The company is optimistic about its growth prospects, citing a robust pipeline and increasing client demand for integrated solutions [33] - Management emphasized the importance of adapting to changing market conditions and client needs, particularly in the context of AI and self-reliance trends [18][19] Other Important Information - BlackRock repurchased $450 million worth of shares in the first quarter and plans to continue share repurchases throughout the year [11] - The company is positioned to benefit from the growing demand for private credit and infrastructure investments [27][28] Q&A Session Summary Question: Update on wealth channel penetration and impact of redemptions - BlackRock manages over $1 trillion for wealth managers, with strong retail net inflows driven by demand for whole portfolio services and after-tax investing strategies [37][38] Question: Thoughts on the Department of Labor's proposal regarding private assets in 401(k) plans - Management expressed optimism about the proposal, highlighting the potential for private markets to enhance retirement portfolios [45][49] Question: Insights on sovereign wealth behavior amid geopolitical challenges - No significant changes in sovereign wealth behavior were observed, with continued investment in co-investments and infrastructure opportunities [66][68] Question: Organic base fee growth and scaling opportunities - Management indicated that organic base fee growth is expected to continue, with a focus on structural growth segments and whole portfolio relationships [61][63]