EX-99.2 3 presentationinvestorrela.htm EX-99.2
ASML 2025 First-Quarter Veldhoven, the Netherlands April 16, 2025 ASML reports €7.7 billion total net sales and €2.4 billion net income in Q1 2025 2025 total net sales expected to be between €30 billion and €35 billion Exhibit 99.2

Page 2April 16, 2025 Public • Investor key messages • Business summary • Outlook • Financial statements Agenda

Page 3April 16, 2025 Investor key messages

Page 4April 16, 2025 Public Investor key messages • The semiconductor industry remains strong, driven by artificial intelligence adoption across an expanding applications space and is expected to surpass $1 trillion in revenue by 2030 • The industry will require major innovations to address AI power consumption and cost challenges • Our customers remain at the core of our strategy and we believe that lithography will remain at the heart of their innovation. We anticipate that an increased number of critical lithography exposures for advanced logic and memory processes will be required • Our flexible and versatile portfolio is well positioned to address all customer needs as we extend holistic lithography to support 3D front-end integration, improve DUV and EUV performance and cost effectiveness and scale EUV technology well into the next decade • Based on different market and lithography intensity scenarios, as presented during our Investor Day in November 2024, we see an opportunity to achieve 2030 annual revenue between approximately €44 billion and €60 billion with a gross margin between approximately 56% and 60% • ASML values the strong industry partnerships which are critical to our success and our collective commitment to a leadership position in ESG • We expect to continue to return significant amounts of cash to our shareholders through growing dividends and share buybacks

Page 5April 16, 2025 Business summary

Page 6April 16, 2025 Public 1 Installed Base Management equals our net service and field option sales. 2 Income from operations as a percentage of total net sales. 3 Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted. Q1 results summary Numbers have been rounded for readers' convenience. Q1 2025 Total net sales €7.7 billion Net system sales €5.7 billion Installed Base Management1 sales €2.0 billion Gross Margin 54.0% Operating margin2 35.4% Net income as a percentage of total net sales 30.4% Earnings per share (basic) €6.00 Net bookings3 €3.9 billion of which EUV bookings €1.2 billion

Page 7April 16, 2025 Public Net system sales breakdown (Quarterly) Q1’25 Net system sales €5,740 million Q4’24 Net system sales €7,116 million

Page 8April 16, 2025 Public Logic Memory Installed Base Management1 1 Installed Base Management equals our net service and field option sales. Total net sales by End-use through Q1

Page 9April 16, 2025 Public Net systems bookings1 activity by End-use (Quarterly) Q1’25 net system bookings €3,936 million Q4’24 net system bookings €7,088 million 1 Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted.

Page 10April 16, 2025 Public • ASML intends to declare a total dividend for the year 2024 of €6.40 per ordinary share • Recognizing the three interim dividends of €1.52 per ordinary share paid in 2024 and 2025, this leads to a final dividend proposal to the Annual General Meeting of €1.84 per ordinary share • In Q1 2025 we purchased around 4.0 million shares for a total amount of around €2.7 billion Cash return to shareholders Share buyback Dividend paid Third interim and final dividend for a year are paid in the subsequent year Total dividend Interim dividend (paid) Proposal final dividend through Q1

Page 11April 16, 2025 Outlook

Page 12April 16, 2025 Public Outlook 1 Installed Base Management equals our net service and field option sales. 2 The bandwidth for Q2 2025 gross margin guidance is larger than usual, given the uncertainty around the impact of tariffs. Q2 2025 Total net sales between €7.2 billion and €7.7 billion of which Installed Base Management1 sales around €2.0 billion Gross margin2 between 50% and 53% R&D costs around €1.2 billion SG&A costs around €300 million FY 2025 Total net sales between €30 billion and €35 billion Gross margin between 51% and 53% Annualized effective tax rate around 17%

Page 13April 16, 2025 Financial Statements

Page 14April 16, 2025 Public Consolidated statements of operations € million Quarter on Quarter Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total net sales 5,290 6,243 7,467 9,263 7,742 Gross profit 2,697 3,212 3,793 4,790 4,180 Gross margin % 51.0 51.5 50.8 51.7 54.0 R&D costs (1,032) (1,101) (1,055) (1,116) (1,161) SG&A costs (273) (277) (297) (318) (281) Income from operations 1,392 1,834 2,441 3,356 2,738 Operating income as a % of total net sales 26.3 29.4 32.7 36.2 35.4 Net income 1,224 1,578 2,077 2,693 2,355 Net income as a % of total net sales 23.1 25.3 27.8 29.1 30.4 Earnings per share (basic) € 3.11 4.01 5.28 6.85 6.00 Earnings per share (diluted) € 3.11 4.01 5.28 6.84 6.00 Lithography systems sold (units) 1 70 100 116 132 77 Net bookings 2 3,611 5,567 2,633 7,088 3,936 1 Lithography systems do not include metrology and inspection systems. 2 Net bookings include all system sales orders and inflation-related adjustments, for which written authorizations have been accepted. These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.

Page 15April 16, 2025 Public Consolidated statements of cash flows € million Quarter on Quarter Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Cash and cash equivalents, beginning of period 7,005 5,101 4,814 4,979 12,736 Net cash provided by (used in) operating activities (252) 924 950 9,545 (58) Net cash provided by (used in) investing activities (724) (437) (215) (1,233) (416) Net cash provided by (used in) financing activities (927) (773) (565) (567) (3,151) Effect of changes in exchange rates on cash (1) (1) (4) 12 (12) Net increase (decrease) in cash and cash equivalents (1,904) (287) 166 7,757 (3,637) Cash and cash equivalents, end of period 5,101 4,814 4,979 12,736 9,099 Short-term investments 305 205 5 5 5 Cash and cash equivalents and short-term investments 5,406 5,019 4,985 12,741 9,104 Purchases of property, plant and equipment and intangible assets (424) (538) (416) (706) (417) Free cash flow 1 (676) 386 534 8,839 (475) 1 Free cash flow, which is a non-GAAP measure, is defined as net cash provided by (used in) operating activities minus purchases of Property, plant and equipment and intangible assets, see US GAAP Consolidated Financial Statements. These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.

Page 16April 16, 2025 Public Consolidated balance sheets € million Quarter End Assets Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Cash & cash equivalents and short-term investments 5,406 5,019 4,985 12,741 9,104 Accounts receivable and finance receivables, net 5,041 5,517 6,171 4,877 5,132 Contract assets 303 435 554 321 407 Inventories, net 9,865 10,972 11,414 10,892 11,025 Loans receivable 930 929 929 1,457 1,461 Other assets 2,539 2,592 2,519 2,731 2,708 Tax assets 2,524 2,557 2,263 2,224 2,004 Equity method investments 951 1,002 1,083 903 939 Goodwill 4,589 4,589 4,589 4,589 4,589 Other intangible assets 711 687 653 621 592 Property, plant and equipment 5,841 6,084 6,212 6,847 7,153 Right-of-use assets 343 358 394 387 365 Total assets 39,043 40,741 41,766 48,590 45,479 Liabilities and shareholders' equity Current liabilities 15,049 16,132 16,026 20,051 18,124 Non-current liabilities 10,200 9,898 9,589 10,062 9,854 Shareholders' equity 13,794 14,711 16,151 18,477 17,501 Total liabilities and shareholders' equity 39,043 40,741 41,766 48,590 45,479 These numbers have been prepared in accordance with US GAAP. Numbers have been rounded for readers' convenience.

Page 17April 16, 2025 Public This document and related discussions contain statements that are forward-looking within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements with respect to plans, strategies, expected trends, including trends in the semiconductor industry and end markets and business environment trends, expected growth in the semiconductor industry by 2030, our expectation that AI will be the key driver for the industry and the expected impact of AI demand on our business and results, our expectation that lithography will remain at the heart of customer innovation, expected demand, bookings, outlook of market segments, outlook and expected financial results including expected results for Q2 2025, including net sales, Installed Base Management sales, gross margin, R&D costs, SG&A costs, outlook for full year 2025, including expected full year 2025 total net sales, gross margin, estimated annualized effective tax rate and expected growth in IBM sales, the expectation that 2025 and 2026 will be growth years, statements made at our 2024 Investor Day, including revenue and gross margin opportunity for 2030, statements with respect to the recent US tariff announcements and the expected impact of such tariffs on our business and results, our expectation to continue to return significant amounts of cash to shareholders through growing dividends and share buybacks, statements with respect to our share buyback program, and statements with respect to dividends, statements with respect to expected performance and capabilities of our systems and customer plans, statements with respect to our ESG strategy and other non- historical statements. You can generally identify these statements by the use of words like “may”, “expect”, “will”, “could”, “should”, “project”, “believe”, “anticipate”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “continue”, “target”, “future”, “progress”, “goal”, “model”, “opportunity” and variations of these words or comparable words. These statements are not historical facts, but rather are based on current expectations, estimates, assumptions, plans and projections about our business and our future financial results and readers should not place undue reliance on them. Forward- looking statements do not guarantee future performance and involve a number of substantial known and unknown risks and uncertainties. These risks and uncertainties include, without limitation, risks relating to customer demand, semiconductor equipment industry capacity, worldwide demand for semiconductors and semiconductor manufacturing capacity, lithography tool utilization and semiconductor inventory levels, general trends and consumer confidence in the semiconductor industry, the impact of general economic conditions, including the impact of the current macroeconomic environment on the semiconductor industry, uncertainty around a market recovery including the timing thereof, the ultimate impact of AI on our industry and business, the impact of inflation, interest rates, wars and geopolitical developments, the impact of pandemics, the performance of our systems, the success of technology advances and the pace of new product development and customer acceptance of and demand for new products, our production capacity and ability to adjust capacity to meet demand, supply chain capacity, timely availability of parts and components, raw materials, critical manufacturing equipment and qualified employees, our ability to produce systems to meet demand, the number and timing of systems ordered, shipped and recognized in revenue, risks relating to fluctuations in net bookings and our ability to convert bookings into sales, the risk of order cancellation or push outs and restrictions on shipments of ordered systems under export controls, risks relating to the trade environment, import/export and national security regulations and orders and their impact on us, including the impact of changes in export regulations and the impact of such regulations on our ability to obtain necessary licenses and to sell our systems and provide services to certain customers, the impact of the recent tariff announcements, exchange rate fluctuations, changes in tax rates, available liquidity and free cash flow and liquidity requirements, our ability to refinance our indebtedness, available cash and distributable reserves for, and other factors impacting, dividend payments and share repurchases, the number of shares that we repurchase under our share repurchase program, our ability to enforce patents and protect intellectual property rights and the outcome of intellectual property disputes and litigation, our ability to meet ESG goals and execute our ESG strategy, other factors that may impact ASML’s business or financial results, and other risks indicated in the risk factors included in ASML’s Annual Report on Form 20-F for the year ended December 31, 2024 and other filings with and submissions to the US Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law. Forward looking statements