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Equity investments
12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Equity investments Equity investments
Accounting policy
Our equity investments do not have a readily determinable fair value and do not qualify for the Net Asset Value
practical expedient, therefore we elect to measure these investments at cost, less any impairment, plus or minus
changes resulting from observable price changes in orderly transactions for identical or similar investments of the
same issuer, if any.
We perform a qualitative assessment considering impairment indicators to evaluate whether investments are
impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, we estimate
the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s
carrying value, we recognize an impairment loss.
To identify observable price changes, we consider relevant transactions that occurred on or before the balance sheet
date.
On September 9, 2025, ASML and Mistral AI announced an investment and partnership agreement for which ASML
invested €1.3 billion in Mistral AI’s Series C funding round as lead investor. This resulted in ASML holding an 11.1%
share on a fully diluted basis in Mistral AI as per December 31, 2025.
The following table shows changes in equity investments:
Year ended December 31 (€, in millions)
2024
2025
Balance at beginning of year
Additions
1,302.2
Disposals
Other changes
18.5
Balance at end of year
1,320.7