Slide 1: ASM Q3 2025 results
ASM Q3 2025 results October 28, 2025
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 1 Investment highlights 2 Q3 2025 results 3 Business environment, strategy, and targets 4 Annex: detailed financials October 28, 2025 ASM proprietary information | 3
Slide 4: Investment highlights
Investment highlights October 28, 2025 ASM proprietary information | 4
Slide 5: Investment highlights
Investment highlights Strategic objectives for the next 5 years • Maintain leading share in ALD for logic/foundry and grow share in DRAM/HBM memory • Continue to grow in Si Epi • Grow applications in advanced packaging market • Grow high value Outcome-based services • Accelerate progress in sustaina
Slide 6: Q3 2025 results
Q3 2025 results October 28, 2025 ASM proprietary information | 6
Slide 7: Financial highlights Q3 2025
Financial highlights Q3 2025 €637m €800m 51.9% New orders Revenue Gross margin (-17% yoy at constant currencies) (+8% yoy at constant currencies) (49.4% in Q3 2024) €248m 30.9% €206m Adjusted operating profit Adjusted operating margin(1) Adjusted net earnings(1) (€220m in Q3 2024) (28.2% in Q3 2024)
Slide 8: Q3 2025 highlights
Q3 2025 highlights Orders and revenue • Revenue of €800 million up 8% at cc from Q3 last year, led by a strong increase in our advanced logic/foundry business. Revenue remained flat qoq at cc, and was at the higher end of our guidance range of flat to down 5% at cc. • Bookings totaled €637 million,
Slide 9: New orders
New orders Orders and backlog New orders (€m) • New orders came in at €637 million, -17% yoy at cc 2,550 1.5 and -22% as reported. 1.0 • New orders decreased by 7% qoq at cc, and 9% as 2,050 0.8 0.8 1.0 reported. Advanced logic/foundry orders increased 1,559 0.5 strongly qoq but were offset by lower
Slide 10: Revenue and gross margin
Revenue and gross margin Revenue Gross profit Revenue (€m) (€m) • Q3 revenue increased 8% yoy at cc (3% as reported). 900 55.0% 836 51.8% 51.9% 779 800 • Q3 revenue was led by logic/foundry, followed by 800 800 49.4% 50.0% memory and then power/analog/wafer. 162 169 700 • Revenue was flat at cc vs Q
Slide 11: SG&A and R&D
SG&A and R&D Adjusted SG&A Adjusted R&D Adjusted SG&A 200 (€m) 11.0% (€m) • Adjusted SG&A decreased by 4% qoq and 6% yoy at 200 15.0% cc (-6% qoq and -10% yoy as reported). 180 9.8% 10.0% • The yoy decrease is mainly due to reduced variable 180 12.3% 12.4% 13.0% expense, and continued cost disciplin
Slide 12: Operating result
Operating result Adjusted operating result Adjusted operating profit increased by 13% 350 (€m) yoy and decreased by 6% qoq 35.0% 31.5% 30.9% 300 Adjusted operating margin remained at a solid 28.2% 30.0% 263 level of 30.9% supported by strong gross 250 247 margin and the yoy drop in SG&A 25.0% 220 20
Slide 13: Net earnings
Net earnings Adjusted operating result to adjusted net earnings Foreign currency exchange (€m) • Q3 2025 adjusted net earnings included a currency translation gain of €11 million, compared with a loss of €48 million in 3Q24, and a loss of €60 million in Q3 24 Q2 25 Q3 25 2Q25, mainly due to the marg
Slide 14: Cash position and FCF
Cash position and FCF Cash Free cash flow Free cash flow (FCF) (€m) (€m) • FCF increased to €139 million from Q2 2025, primarily due to a working capital inflow, and supported by continued strong profitability. 1,042 1,078 • Free cash flow in Q3 2025 included €100 million in earn-out payments relate
Slide 15: Capex and working capital
Capex and working capital Capital expenditures Working capital Capital expenditures (€m) (€m) • Capex decreased from €44 million in Q2 2025 to €38 million in Q3 2025, but was up from €30 million in Q3 680 2024, mainly reflecting ongoing investments in our 44 new R&D facility Scottsdale, Arizona. 48
Slide 16: Financial outlook
Financial outlook As included in the Q3 2025 press release published on October 28, 2025: For Q4 2025, we expect revenue to be in a range of €630 to €660 million. For the full year 2025, we continue to expect revenue growth at close to 10% at constant currencies. Despite a projected slow start in 20
Slide 17: Business environment, strategy, and targets
Business environment, strategy, and targets October 28, 2025 ASM proprietary information | 17
Slide 18: US$1 trillion semiconductor market predominantly driven by leading-edge technology nodes
US$1 trillion semiconductor market predominantly driven by leading-edge technology nodes Others IoT 5% 10% >70% of US$1 trillion semiconductor market Automotive 15% 45% HPC/AI in 2030 driven by leading-edge logic and memory technologies 25% Smartphone Source: TSMC North America Technology Symposium
Slide 19: WFE growth driven by leading-edge logic/foundry and DRAM
WFE growth driven by leading-edge logic/foundry and DRAM WFE Outlook WFE by segment (TechInsights) (US$ billion) (US$ billion) 200 155 150 100 50 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 2022 2023 2024 2025 2026 2027 2028 2029 TechInsights (June 2025) Gartner (July 2025) ASM estimates Logic/fo
Slide 20: Single-wafer ALD market forecasted to outgrow WFE
Single-wafer ALD market forecasted to outgrow WFE Single-wafer ALD market: Single-wafer ALD market outlook • SW ALD market ’24-’30 CAGR: 9-13% (US$ billion) • WFE CAGR: 6% (2024: US$110B, 2030: US$155B) 6.1 Growth drivers: • Increased number of layers in leading-edge 5.1 logic/foundry and additional
Slide 21: Epi market forecasted to outgrow WFE
Epi market forecasted to outgrow WFE Epi market: Epi market outlook • Epi market ’24-’30 CAGR: 9%-13% (US$ billion) • WFE CAGR: 6% (2024: US$110B, 2030: US$155B) Growth drivers: 3.2 • New Epi applications in next generations GAA and 2.5 additional complexity • Increased number of layers in leading-e
Slide 22: Significant increase in ALD and Epi SAM with move from GAA 2nm to 1.4nm
Significant increase in ALD and Epi SAM with move from GAA 2nm to 1.4nm ASM ALD and Epi SAM expansion for 100k WSPM* Logic/foundry technology roadmap (US$ million) +450-500 +400 GAA 1st Gen GAA 2nd Gen GAA 3rd Gen CFET 2nm 1.4nm 1.0nm 0.7nm 2025 2027 2029 2031 FinFET 3nm to GAA 2nm GAA 2nm to 1.4nm
Slide 23: Increasing DRAM SAM with 4F2 and CMOS peri transitioning to FinFET
Increasing DRAM SAM with 4F2 and with CMOS peri transitioning from planar to FinFET ASM ALD and Epi SAM expansion for 100k WSPM* DRAM technology roadmap (US$ million) +400-450 6F2 with planar 4F2 with FinFET 6F2 4F2 3D-DRAM CMOS peri (D1d) CMOS peri (D0b) Source: ASM internal market data, figure not
Slide 24: Targeting continued growth in spares & services: >12% CAGR 2024-2030
Targeting continued growth in spares & services: >12% CAGR 2024-2030 Spares and Services revenue Business growth drivers: (€ million) • Continued growth of our installed base- higher share of Outcome-based services on new products CAGR • >50% business coming from Outcome- >12% based services by 2030
Slide 25: Our sustainability framework covers 5 pillars
Our sustainability framework covers 5 pillars People Supply chain Safety Safety Making a positive impact on the Improving safety throughout our Innovation safety of our industry Planet supply chain Governance Product sustainability Our team Net-Zero Environmental footprint Ethics and integrity Impro
Slide 26: Investor Day 2025: capital allocation strategy unchanged
Investor Day 2025: capital allocation strategy unchanged Priority 1 Priority 2 Priority 3 Priority 4 Invest to support Maintain a strong Sustainable Return of future growth balance sheet dividend payments excess cash to shareholders • R&D • Cash position through share • Capex around €800 buybacks •
Slide 27: Investor Day 2025: introducing FY30 targets
Investor Day 2025: introducing FY30 targets FY 2024 FY 2030 Revenue €2.9 billion More than €5.7 billion by FY301 Revenue growth 12.0% yoy At least 12% CAGR (FY24-FY30) Gross margin % 50.5% 47-51% (FY26-FY30) SG&A % revenue 10.4% Below 7% (by FY30) R&D (net) % revenue 12.1% Low double digit (FY26-FY3
Slide 28: Annex: detailed financials
Annex: detailed financials October 28, 2025 ASM proprietary information | 28
Slide 29: (Estimated) amortization and earn-out expenses
(Estimated) amortization and earn-out expenses € million Q3 24A Q2 25A Q3 25A FY 25E FY 26E FY 27E FY 28E Net research and development expenses (3.5) (3.5) (3.5) (14.0) (13.9) (13.9) (13.9) Selling, general and administrative expenses (1.2) (1.2) (1.2) (4.9) (4.7) (4.0) (3.9) Total impact on operati
Slide 30: Adjusted and reported P&L reconciliation
Adjusted and reported P&L reconciliation € million Q2 2025 reported Δ Q2 2025 adjusted Q3 2025 reported Δ Q3 2025 adjusted Revenue 836 836 800 800 Gross profit 433 433 415 415 Gross margin 51.8% 51.8% 51.9% 51.9% SG&A (74) 1 (73) (70) 1 (68) SG&A as a % of revenue 8.8% 8.7% 8.7% 8.6% Net R&D (101) 3
Slide 31: Income statement (reported)
Income statement (reported) € million Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 New orders 815 731 834 702 637 Backlog 1,559 1,566 1,515 1,295 1,129 Book-to-bill ratio 1.0 0.9 1.0 0.8 0.8 Revenue 779 809 839 836 800 Cost of sales (394) (402) (391) (402) (385) Gross profit 384 407 448 433 415 Other inc
Slide 32: Balance sheet
Balance sheet € million Sep. 24 Dec. 24 Mar. 25 Jun. 25 Sep. 25 PP&E (incl. RoU assets) 458 519 515 516 524 Evaluation tools at customers 107 110 110 110 110 Goodwill 320 321 321 319 319 Other intangible assets 789 816 837 871 898 Investments in associates 859 904 663 642 817 Other non-current asset
Slide 33: Cash flow statement
Cash flow statement € million Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net earnings (losses) from operations 128 226 (29) 202 384 Adjustments to reconcile net earnings to net cash from 60 35 298 42 (141) operating activities Depreciation, amortization and impairments 51 59 60 58 64 Income tax paid (3
Slide 34: Gross and net R&D expenses (reported)
Gross and net R&D expenses (reported) € million Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Gross R&D expenses 118 126 123 132 129 Capitalization of development expenses (38) (40) (43) (54) (54) Amortization of capitalized development expenses 19 22 24 23 23 Impairment capitalized development expenses -
Slide 35: Quarterly impact of the modified reporting revenue
Quarterly impact of the modified reporting revenue Spares & services € million Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 2024 reported Equipment revenue 534 583 624 645 2,385 Spares & service revenue 105 123 155 164 547 Total revenue 639 706 779 809 2,933 Installation & qualification revenue 19 20 20
Slide 36: Working capital: historical development
Working capital: historical development 900 90 800 80 700 70 600 60 500 50 400 40 300 30 200 20 100 10 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2019 2020 2021 2022 2023 2024 2025 Working capital (lhs) Quarterly sales (lhs) Days of working capital (rhs) Not
Slide 37: Orders and backlog: historical development
Orders and backlog: historical development 1,800 1,600 1,400 1,200 1,000 800 600 400 200 - Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2021 2022 2023 2024 2025 Backlog Orders October 28, 2025 ASM proprietary information | 37
Slide 38: Revenue and operating result: historical development
Revenue and operating result: historical development 3,500 900 800 3,000 700 2,500 600 2,000 500 1,500 400 300 1,000 200 500 100 - - 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Revenue (lhs) Operating result (rhs) Note: Number in million euro. 2019 numbers exclude settlement gai
Slide 39: Cash returned to shareholders
Cash returned to shareholders Dividend per share Cumulative cash returned to market (€ paid over) (€m) 3,000 2,500 2,000 3.00 3.00 1,500 2.75 2.50 2.50 1.50 2.00 1,000 1.00 0.80 500 0.60 0.70 0.70 1.50 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024* 2015 2016 2017 2018 2019 2020 2021 2022
Slide 40: For more information visit asm.com
For more information visit asm.com October 28, 2025 ASM proprietary information | 40