Asm International N.v. · EURONEXT:ASM
Asm International — Q3 2026 Earnings Presentation
37 slides from Asm International's earnings presentation, Oct 27, 2026
Slide 1: ASM Q3 2026 results
ASM Q3 2026 results October 27, 2026
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 2026 results 3 Business environment, strategy, and targets 4 Annex: detailed financials October 27, 2026 ASM proprietary information | 3
Slide 4: Investment highlights
Investment highlights October 27, 2026 ASM proprietary information | 4
Slide 5: Investment highlights
Investment highlights Strong long-term prospects • The semiconductor market is on an accelerated growth path, driven by multi-year expansion in AI. As process nodes shrink, semiconductor device complexity rises and new materials are required, increasing ALD and Epi layer intensity. • ASM is well pos
Slide 6: Q3 2026 results
Q3 2026 results October 27, 2026 ASM proprietary information | 6
Slide 7: Financial highlights Q3 2026
Financial highlights Q3 2026 €1,159m €603m 52.0% Revenue Gross profit Gross margin (+44% yoy at constant currency) (+44% yoy at constant currency) (51.9% in Q3 2025) €387m 33.4% €315m Adjusted operating profit1 Adjusted operating margin1 Adjusted net earnings1 (+54% yoy at constant currency) (30.9%
Slide 8: Financial highlights Q3 2026
Financial highlights Q3 2026 Revenue • Revenue reached a new record level of €1,159 million in Q3 2026, at the upper end of the guided range, driven by strong AI-related demand and solid execution amid ongoing customer capacity ramps. • Q3 revenue was up 44% year-on-year at constant currency, driven
Slide 9: Revenue and gross margin
Revenue and gross margin Revenue Gross profit Revenue (€m) 800 (€m) 52.5% • Total revenue increased 44% yoy at cc (45% as 52.0% 700 51.9% 51.9% 52.0% reported), and 14% qoq at cc (16% as reported). 1,400 603 600 • Equipment revenue increased 48% yoy and 17% qoq 1,159 51.5% 521 at cc. Spares & Servic
Slide 10: SG&A and R&D
SG&A and R&D Adjusted SG&A Adjusted R&D Adjusted SG&A (€m) (€m) • Adjusted SG&A increased by 28% yoy at cc (28% as 120 8.6% 9.0 % 180 12.4% 11.1% 11.1% reported), and by 10% qoq at cc (11% as reported). 7.9% 7.6% 8.0 % 160 The increase in adjusted SG&A expenses was driven 144 10.0% 138 100 88 7.0 %
Slide 11: Operating result
Operating result Adjusted operating result Adjusted operating result (€m) 33.4% • Adjusted operating result increased by 54% yoy at cc 450 33.0% (56% as reported) and by 16% qoq at cc (17% as 30.9% 387 32.0% reported). 400 350 331 • Adjusted operating margin further increased to 300 27.0% 33.4% in Q
Slide 12: Net earnings
Net earnings Adjusted net earnings Including: (€m) Foreign currency exchange 315 • Adjusted net earnings included a currency exchange 293 loss of €21.8 million, compared to a currency exchange gain of €21.7 million in Q2 2026. Share in income of investments in 206 associates • Share in income of inv
Slide 13: Cash position and FCF
Cash position and FCF Cash Free cash flow Free cash flow (FCF) (€m) (€m) • Free cash flow remained at a solid level of €313 million in Q3 2026, below the record level of €355 million in Q2 2026, but up sharply from €139 million 1,339 355 in the year-ago period. 1,180 313 • The strong year-on-year in
Slide 14: Capex and working capital
Capex and working capital Capital expenditures Working capital Capital expenditures (capex) (€m) (€m) 50 • Cash used in investing activities included €55 million 700 63 50 in capex. For the full year, we continue to expect 43 capex to exceed €250 million, with the largest part 600 37 556 556 40 55 r
Slide 15: Financial outlook
Financial outlook As included in the Q3 2026 press release published on October 27, 2026: For Q4 2026, at constant currencies, we expect revenue of €1,230 million +/-5%. Supply chain conditions are increasingly tight, and we continue to work closely with our suppliers and customers to support the pl
Slide 16: Business environment, strategy, and targets
Business environment, strategy, and targets October 27, 2026 ASM proprietary information | 16
Slide 17: ASM Flowable Carbon technology
ASM Flowable Carbon technology Flowable Carbon delivers a flat, uniform surface ready for the next • On September 22, 2026, ASM launched XP8® patterning step Vertos Flowable Carbon, the industry’s first PECVD Flowable Carbon film for the next era of semiconductor scaling • Developed for increasingly
Slide 18: Semiconductor and WFE market expectations
Semiconductor and WFE market expectations Semiconductor market forecast WFE market forecast WFE by segment (US$ billion) (US$ billion) (US$ billion) 350 350 3,500 300 300 3,000 250 250 2,500 200 200 2,000 1,500 150 150 1,000 100 100 500 50 50 0 0 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 2022 2
Slide 19: Semiconductors: value chain & manufacturing process
Semiconductors: value chain & manufacturing process 119.2 834 2,823 32.4 28.7 31.5 16.5 10.1 Source: TechInsights (December 2025)
Slide 20: Significant increase in ALD and Epi SAM with move to 1.4nm
Significant increase in ALD and Epi SAM with move 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 Source: Inves
Slide 21: Increasing DRAM SAM with 4F2 transition
Increasing DRAM SAM with 4F2 transition ASM ALD and Epi SAM expansion for 100k WSPM* DRAM technology roadmap (US$ million) +400-450 6F2 with planar CMOS 4F2 with FinFET CMOS 3D-DRAM peri (D1d) peri (D0b) 6F2 4F2 Source: Investor Day 2025; ASM internal market data, figure not to scale Note: Wafer sta
Slide 22: Spares & Services: engine of growth and innovation
Spares & Services: engine of growth and innovation Spares & Services revenue (€ million) Business growth drivers • Continued growth of our installed base - higher share of outcome-based services on new products CAGR >12% • >50% business coming from outcome-based services by 2030 • Outcome-based grew
Slide 23: Our sustainability framework covers 5 pillars
Our sustainability framework covers 5 pillars People Supply chain Workplace safety Human rights and safety • Recordable injury rate of 0.15 • ≥80% of ASM's most critical Innovation or lower Planet direct-material supplier sites are Governance verified as conformant with our Product sustainability* I
Slide 24: Capital allocation strategy unchanged
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 • M&A million October
Slide 25: Strategic objectives
Strategic objectives Our purpose is to improve people’s lives by advancing technologies that unlock new potential Maintain leading share in ALD Grow applications in advanced for logic/foundry and grow packaging market share in DRAM/HBM memory Drive operational excellence, Grow high-value outcome-bas
Slide 26: Annex: detailed financials
Annex: detailed financials October 27, 2026 ASM proprietary information | 26
Slide 27: (Estimated) amortization, SBC and earn-out expenses
(Estimated) amortization, SBC and earn-out expenses Q3 2026 Q2 2026 Q3 2025 2026 2027 2028 2029 € million Actual Actual Actual Estimate Estimate Estimate Estimate Net research and development expenses (4.0) (4.0) (3.5) (16.1) (16.1) (16.1) (16.1) Selling, general and administrative expenses¹ (3.8) (
Slide 28: Income statement (reported)
Income statement (reported) € million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Revenue 800.0 698.3 862.5 1,003.1 1,159.4 Cost of sales (385.1) (350.6) (402.7) (482.0) (556.3) Gross profit 414.9 347.7 459.9 521.1 603.2 Selling, general and administrative (69.7) (75.5) (79.5) (82.6) (91.4) Research and
Slide 29: Adjusted and reported P&L reconciliation
Adjusted and reported P&L reconciliation € million Q2 2026 reported Δ Q2 2026 adjusted Q3 2026 reported Δ Q3 2026 adjusted Revenue 1,003.1 - 1,003.1 1,159.4 - 1,159.4 Gross profit 521.1 - 521.1 603.2 - 603.2 Gross margin 51.9% - 51.9% 52.0% - 52.0% SG&A (82.6) 3.7 (78.9) (91.4) 3.8 (87.6) SG&A as a
Slide 30: Operating performance: reported vs. constant currency (cc)
Operating performance: reported vs. constant currency (cc) € million Q3 2026 QoQ reported QoQ at cc YoY reported YoY at cc Revenue 1,159.4 16% 14% 45% 44% Equipment revenue 936.4 18% 17% 48% 48% Spares & Services revenue 223.1 7% 6% 32% 31% Gross profit 603.2 16% 15% 45% 44% Adjusted SG&A expenses (
Slide 31: Balance sheet
Balance sheet € million Sep. 25 Dec. 25 Mar. 26 Jun. 26 Sep. 26 PP&E (incl. RoU assets) 524.0 608.2 628.3 683.3 747.8 Evaluation tools at customers 109.5 106.1 100.8 92.3 98.1 Goodwill 319.1 340.5 340.9 341.2 341.3 Other intangible assets 898.0 995.9 1,020.3 1,043.7 1,063.6 Investments in associates
Slide 32: Cash flow statement
Cash flow statement € million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net earnings from operations 384.1 166.1 238.5 285.4 308.1 Adjustments to reconcile net earnings to net cash from operating (135.7) 6.8 104.1 74.7 99.4 activities (Increase)/decrease in working capital 64.4 (9.2) (298.8) 106.2 9.2
Slide 33: Gross and net R&D expenses (reported)
Gross and net R&D expenses (reported) € million Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Gross R&D expenses 129.1 127.9 127.6 141.7 147.6 Capitalization of development expenses (53.8) (54.7) (48.2) (49.3) (46.5) Amortization of capitalized development expenses 23.5 22.4 22.7 23.4 25.2 Impairment capi
Slide 34: Working capital: historical development
Working capital: historical development 1,400 90 80 1,200 70 1,000 60 800 50 600 40 30 400 20 200 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 Q4 Q1 Q2 Q3 2019 2020 2021 2022 2023 2024 2025 2026 Working capital (lhs) Quarterly sales (lhs) Days of working ca
Slide 35: Revenue and operating result: historical development
Revenue and operating result: historical development 3,500 1,200 3,000 1,000 2,500 800 2,000 600 1,500 400 1,000 200 500 - - 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue (lhs) Operating result (rhs) Note: Numbers in million € 2019 numbers exclude settlement gains of €159m 2022, 2023, 20
Slide 36: Cash returned to shareholders
Cash returned to shareholders Dividend per share Cumulative cash returned to market (€ paid over) (€m) 3,000 2,500 3.25 3.00 3.00 2,000 2.75 2.50 2.50 1,500 1.50 2.00 1,000 1.00 0.70 0.80 1.50 500 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025*
Slide 37: For more information visit asm.com
For more information visit asm.com October 27, 2026 ASM proprietary information | 37