Slide 1: ASMI Q1 2022 Results
Slide 2: Cautionary Note Regarding Forward-Looking Statements
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS All matters discussed in this presentation, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-l
Slide 3: Contents
CONTENTS Investment highlights 4 Q1 2022 results 6 Business environment, strategy, and targets 17 Annex: detailed financials 24 April 20, 2022 | ASMI proprietary information | 3
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS
Slide 5: Investment Highlights
INVESTMENT HIGHLIGHTS Strong long-term prospects ASM is focused on enabling deposition technologies, with key strengths in innovation Leader in the ALD market, which is expected to grow by a CAGR of 16%-20% from 2020 to 2025 Expanding our position in the Epi market (CAGR of 13%-18% from 2020 to 2025
Slide 6: Q1 2022 Results
Q1 2022 RESULTS
Slide 7: Q1 2022 Key Takeaways
Q1 2022 KEY TAKEAWAYS Q1 new orders Increased to a new record high of €706m Led by continued strength in foundry, followed by logic, and then memory Q1 revenue Revenue of €517 in line with guidance of €500-530 million despite ongoing challenging supply chain conditions Driven by increase in foundry,
Slide 8: Q1 2022 Financial Highlights
Q1 2022 FINANCIAL HIGHLIGHTS € million, year-on-year comparisons +72% +31% €550m Orders: €706m Revenue: €517m Cash position (+65% at constant currencies) (+25% at constant currencies) 47.8% 27.7% €61m Gross margin Operating margin Free cash flow (49.5% in Q1 2021) (31.6% in Q1 2021) +70% +16% €99m S
Slide 9: Record-High New Orders and Backlog
RECORD-HIGH NEW ORDERS AND BACKLOG New orders Backlog € million 1.4 € million 1.3 1.0 1,000 706 811 645 411 345 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1 2022 Book-to-bill ratio • Q1 new orders up 72% YoY (65% at constant currencies) to a new quarterly high of €706m and up 9% QoQ, with a book-to-bi
Slide 10: Record-High Revenues and Gross Margin Improving Sequentially
RECORD-HIGH REVENUES AND GROSS MARGIN IMPROVING SEQUENTIALLY Revenue Gross profit € million € million 49.5% 491 517 47.0% 47.8% 89 92 394 75 247 231 195 400 428 319 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1 2022 Spares & services revenue Equipment revenue Gross profit margin • Q1 revenue up 31% YoY
Slide 11: R&D Decreasing Sequentially in Absolute and Relative Terms
R&D DECREASING SEQUENTIALLY IN ABSOLUTE AND RELATIVE TERMS Gross and net R&D R&D expenses € million € million 10.8% 13.0% 11.6% 7.8% 9.9% 8.4% Q1 2021 Q4 2021 Q1 2022 Gross R&D expenses 42.7 64.1 59.9 64 60 Capitalization of development expenses (17.4) (24.2) (23.7) 43 Amortization of capitalized de
Slide 12: SG&A and Operating Result
SG&A AND OPERATING RESULT SG&A Operating result € million 11.7% € million 31.6% 11.2% 26.7% 27.7% 10.3% 143 61 131 55 40 125 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1 2022 SG&A as % of revenue Operating margin • SG&A increased 10% QoQ. Adjusted for the reclassification of certain costs from SG&A to
Slide 13: Increasing Net Earnings
INCREASING NET EARNINGS Share in income of investments in associates Normalized net earnings € million € million 146 138 3 125 3 3 135 142 122 26 24 3 3 14 3 23 20 11 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1 2022 Amortization intangible assets(1) Share in income of investments in associates Amorti
Slide 14: A Solid Cash Position Underpinned by a Healthy Free Cash Flow
A SOLID CASH POSITION UNDERPINNED BY A HEALTHY FREE CASH FLOW Cash position Free cash flow(1) € million € million 550 89 61 498 492 11 Mar. 2021 Dec. 2021 Mar. 2022 Q1 2021 Q4 2021 Q1 2022 • Cash position of €550m, driven by strong FCF of • YoY and QoQ increase in FCF to €99m (excluding €61m in Q1 2
Slide 15: Capex and Working Capital
CAPEX AND WORKING CAPITAL Capex Working capital € million € million 58 57 48 31 330 316 27 215 11 Q1 2021 Q4 2021 Q1 2022 Mar. 2021 Dec. 2021 Mar. 2022 Days of working capital • Capex in FY 2022 is expected to be at the high end • Increase in working capital explained by the higher of the €60-100m t
Slide 16: Financial Outlook
FINANCIAL OUTLOOK As included in the Q1 2022 earnings press release published on April 20, 2022: “Supply chain conditions are expected to remain tight in the second quarter. For Q2 at constant currencies, we expect revenue of €540-570 million, in line with our previous forecast for a further sequent
Slide 17: Business Environment, Strategy, and Targets
BUSINESS ENVIRONMENT, STRATEGY, AND TARGETS
Slide 18: Equipment Market Outlook and Spending by Node
EQUIPMENT MARKET OUTLOOK AND SPENDING BY NODE WFE spending WFE by technology node US$ billion US$ billion 120 100 90 100 80 ≤7nm 70 80 10nm 60 14nm 60 50 22nm 40 40 32nm 30 20 45nm 20 10 >65nm 0 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Source: TechInsights, M
Slide 19: Semiconductor Capex Spending and Customer Concentration
SEMICONDUCTOR CAPEX SPENDING AND CUSTOMER CONCENTRATION Capex spending ASMI FY21 revenue by customer concentration US$ billion IN % 200 160 120 80 40 0 2017 2018 2019 2020 2021 2022 Advanced logic & foundry Memory Other 3 largest customers From 4th to 10th customer Rest of customers Source: TechInsi
Slide 20: Single-Wafer ALD and Epitaxy Market Outlook
SINGLE-WAFER ALD AND EPITAXY MARKET OUTLOOK Single-wafer ALD market Epi market US$ billion 3.1 - 3.7 US$ billion CAGR 16-20% 1.5 - 1.8 1.5 CAGR 13-18% 0.8 2020 2025 2020 2025 Source: ASMI • ALD and Epi expected to be the fastest growing segments in the deposition market driven by increasing device c
Slide 21: Our Strategy Is Growth Through Innovation
OUR STRATEGY IS GROWTH THROUGH INNOVATION 6 STRATEGIC OBJECTIVES 5 KEY STRATEGY ENABLERS Grow ALD business by maintaining leadership in Best people logic/foundry and expanding in memory Increase Epi market share Leading-edge innovation Selective growth in VF and PECVD niches Early customer engagemen
Slide 22: Accelerating Our Sustainability Commitment
ACCELERATING OUR SUSTAINABILITY COMMITMENT Our Net Zero target: 2021 achievements include: Reduce environmental footprint of our operations Transitioned most of our key sites to renewable energy in 2021 100% renewable electricity by 2024 CDP Climate and Water Security scores improved from C to B Aim
Slide 23: Financial Targets Towards FY 2025
FINANCIAL TARGETS TOWARDS FY 2025 FY 2020 FY 2021 FY 2025 Revenue €1.3 billion €1.7 billion €2.8 to €3.4 billion1 22% CAGR 16-21% CAGR Revenue growth 34% YOY1 (FY16-FY20) (FY20-FY25) 46-50% Gross margin % 47.0% 47.9% (FY21-FY25) High single digit SG&A % revenue 11.9% 11.0% (FY25) High single digit R
Slide 24: Annex: Detailed Financials
ANNEX: DETAILED FINANCIALS
Slide 25: ASMI Is Focused on Deposition Equipment
ASMI IS FOCUSED ON DEPOSITION EQUIPMENT Semiconductor equipment market segments 2021 US$ billion 5.7 5.6 23.5 7.0 ASM’s focus is on deposition We are market leader in ALD (~55% 10.5 share). ALD accounts for more than half of our total equipment revenue 25.3 Expanding our position in the Epi market 2
Slide 26: Income Statement
INCOME STATEMENT € million Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 New orders 411 516 625 645 706 Backlog 345 446 648 811 1,000 Book-to-bill ratio 1.0 1.3 1.4 1.3 1.4 Revenue 394 412 433 491 517 Cost of sales (199) (214) (229) (260) (270) Gross profit 195 198 204 231 247 Other income (expenses) 0.5
Slide 27: Balance Sheet
BALANCE SHEET € million Mar. 2021 Jun. 2021 Sep. 2021 Dec. 2021 Mar. 2022 Cash and cash equivalents 498 465 525 492 550 Accounts receivable 307 324 371 447 502 Inventories 171 173 187 212 256 Other current assets 54 79 76 70 76 Right-of-use assets - net 24 23 22 27 28 Investments in associates 782 7
Slide 28: Cash Flow Statement
CASH FLOW STATEMENT € million Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Net earnings 122 108 129 135 142 Depreciation, amortization and impairments 20 25 24 27 25 Share in income of investments in associates (11) (16) (25) (23) (20) Evaluation tools (11) (5) (4) 12 (7) Other adjustments (44) 11 8 (35)
Slide 29: Working Capital: Historical Development
WORKING CAPITAL: HISTORICAL DEVELOPMENT € million Working capital 600 120 Quarterly sales Days of working capital (rhs) 500 100 400 80 300 60 200 40 100 20 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2(1) Q3 Q4(1) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 2021 2022 Numbers based on reported financials Apri
Slide 30: Orders and Backlog: Historical Development
ORDERS AND BACKLOG: HISTORICAL DEVELOPMENT € million Orders 1,200 Backlog 1,000 800 600 400 200 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2(1) Q3 Q4(1) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 2021 2022 Numbers based on reported financials April 20, 2022 | ASMI proprietary information | 30 (1) Excluding t
Slide 31: Revenue and Operating Result: Historical Development
REVENUE AND OPERATING RESULT: HISTORICAL DEVELOPMENT € million Revenue (lhs) 2,000 600 Operating result (rhs) 1,800 500 1,600 1,400 400 1,200 1,000 300 800 200 600 400 100 200 0 0 (1) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (1) Excluding settlement gains of €159m April 20, 2022 | ASMI
Slide 32: Excess Cash Returned to Shareholders
EXCESS CASH RETURNED TO SHAREHOLDERS Dividend per share Cumulative cash returned to market € paid over € million 3.00 2.50 1.50 2.00 1.00 0.80 0.70 0.70 0.60 1.50 0.50 0.50 0.50 0.40 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (1) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 202
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