Slide 1: ASM Q4 and FY 2025 results
ASM Q4 and FY 2025 results March 3, 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: Agenda
Agenda 1 Investment highlights 2 Q4 and FY 2025 results 3 Business environment, strategy, and targets 4 Annex: detailed financials March 3, 2026 ASM proprietary information | 3
Slide 4: Investment highlights
Investment highlights March 3, 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 posi
Slide 6: Q4 and FY 2025 results
Q4 and FY 2025 results March 3, 2026 ASM proprietary information | 6
Slide 7: Financial highlights Q4 2025
Financial highlights Q4 2025 €803m €698m 49.8% New orders Revenue Gross margin (+19% yoy at cc) (-7% yoy at cc) (50.3% in Q4 2024) €175m 25.1% €170m Adjusted operating profit¹ Adjusted operating margin¹ Adjusted net earnings¹ (€227m in Q4 2024) (28.1% in Q4 2024) (€232m in Q4 2024) €1,027m €81 €106m
Slide 8: Financial highlights FY 2025
Financial highlights FY 2025 €3,173m €1,644m 51.8% Revenue Gross profit Gross margin (+12% yoy at cc) (+11% yoy) (50.5% in 2024) €957m 30.2% €741m Adjusted operating profit¹ Adjusted operating margin¹ Adjusted net earnings¹ (€821m in 2024) (28.0% in 2024) (€709m in 2024) €150m €434m €3.25 Free cash
Slide 9: Q4 and FY 2025 financial highlights
Q4 and FY 2025 financial highlights Orders and revenue • Orders in Q4 2025 showed a solid rebound, driven by strong demand in the advanced logic/foundry market and a quarter-end recovery in demand from Chinese customers • Revenue of €698 million exceeded prior guidance, as already pre-announced in J
Slide 10: New orders
New orders Orders and backlog New orders (€m) 2,000 2.0 • New orders in Q4 2025 increased 26% qoq, and 19% 1.1 1,800 0.9 0.8 yoy at cc, driven by strong demand in the advanced 1.0 1,566 logic/foundry market and a quarter-end recovery in 1,600 0.0 demand from Chinese customers 1,400 1,247 -1.0 1,200
Slide 11: Revenue
Revenue Quarters Annuals Q4 2025 (€m) (€m) • Revenue decreased 7% yoy at cc, and 14% as 809 reported. Compared with Q3 2025, revenue 800 800 3,173 decreased by 13%, both at reported and cc 698 2,933 700 187 169 • Q4 sales was driven by robust sales in the advanced 716 629 logic/foundry segment, and
Slide 12: Revenue breakdown
Revenue breakdown 2024 2025 Customer segment 16% • Growth was driven by the advanced logic/foundry segment as 25% Logic/foundry, customers increased their investments in 2nm GAA capacity Customer and Other 75% 84% • Memory declined, as anticipated, reflecting solid demand in segment Memory HBM-relat
Slide 13: Gross margin
Gross margin Quarters Annuals Q4 2025 (€m) (€m) • Gross margin decreased qoq and yoy, but was still at 670 54.0% 1,800 51.8% a solid level of 49.8% 52.0% 51.9% 1,700 50.5% 1,644 570 52.0% FY 2025 50.3% 50.0% 49.8% 1,600 • Gross margin increased to 51.8%, supported by a 470 50.0% 407 415 1,481 very s
Slide 14: SG&A
SG&A Quarters Annuals Q4 2025 (€m) (€m) • SG&A increased 1% yoy and decreased 1% at cc. As 10.6% 10.6% a percentage of revenue, the SG&A expenses 400 100 9.3% 9.2% increased to 11% from 9% in the same comparative 10. 0% 10. 0% 90 350 8.6% 312 80 75 74 292 period to last year 68 300 8.0 % 8.0 % 70 25
Slide 15: R&D
R&D Quarters Annuals Q4 2025 (€m) (€m) • Gross R&D increased 2% yoy, net R&D decreased 12.5% 14.1% 600 12.5% 6% yoy 160 13.0% 14.0% 12.1% 12.4% 498 140 500 FY 2025 126 124 12.0% 456 122 12.0% • Gross R&D increased by 9%, net R&D by 11%, 120 395 105 10.0% 400 primarily driven by higher R&D activities
Slide 16: Operating result
Operating result Quarters Annuals Q4 2025 (€m) (€m) • The lower operating result yoy and qoq is due to the 300 30.9% 40.0% 1,200 30.2% 28.1% 25.1% 30.0% lower gross margin, decline in revenue, partially 28.0% 247 offset by lower opex 957 20.0% 250 1,000 227 0.0% 821 25.0% FY 2025 • Operating result
Slide 17: Net earnings (reported)
Net earnings (reported) Foreign currency exchange • FY 2025 net earnings included translation loss of €84 million, compared to a translation gain of €45 million Q4 24 Q4 25 FY 2024 FY 2025 in 2024 Operating result 222.3 170.5 802.1 938.0 Share in income of investments in Net interest income 4.3 12.5
Slide 18: Cash position and FCF
Cash position and FCF Cash FCF Free cash flow¹ (FCF) (€m) (€m) • FCF, adjusted for M&A-related cash payments totaling €181 million, increased 12% to €615 million in 600 2025. Q4 2025 included €81 million outflow for the 1,078 548 1,027 Axus Technology acquisition, while the Q3 2025 500 927 434 inclu
Slide 19: Capex and working capital
Capex and working capital Capital expenditures Working capital Capital expenditures (€m) (€m) • Capex increased to €218 million in 2025, reflecting 600 55 50 key infrastructure projects in 2025, including the 218 45 completion of our expanded R&D and manufacturing 500 45 447 center in Korea, and the
Slide 20: Financial outlook
Financial outlook As included in the Q4 and FY 2025 press release published on March 3, 2026: We project Q1 revenue to increase to €830 million, with a range of +/-4%, and expect Q2 revenue to be up from the level in Q1. We anticipate revenue in the second half of 2026 to be higher than in the first
Slide 21: Business environment, strategy, and targets
Business environment, strategy, and targets March 3, 2026 ASM proprietary information | 21
Slide 22: Semiconductor market growth expectations
Semiconductor market growth expectations Semiconductor market Semiconductor market: AI vs. non-AI (US$ billion) (US$ billion) 1,400 1,400 1,200 1,200 1,000 1,000 800 800 600 600 400 400 200 200 0 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2023 2024 2025 2026 2027 2028 2029 Ga
Slide 23: Wafer fab equipment (WFE) market expectations
Wafer fab equipment (WFE) market expectations WFE market WFE by segment (US$ billion) (US$ billion) 180 180 160 160 140 140 120 120 100 100 80 80 60 60 40 40 20 20 0 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2022 2023 2024 2025 2026 2027 2028 2029 Gartner TechInsights Logic/
Slide 24: 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 25: ALD continues to be a key growth market for ASM
ALD continues to be a key growth market for ASM Single-wafer ALD market outlook Single-wafer ALD market: (US$ billion) • SW ALD market ’24-’30 CAGR: 9-13% Growth drivers 6.1 • Increased number of layers in leading-edge logic/foundry and additional complexity 5.1 • Increased number of layers in leadi
Slide 26: Epi has become a second growth engine for ASM
Epi has become a second growth engine for ASM Epi market outlook Epi market (US$ billion) • Epi market ’24-’30 CAGR: 9%-13% Growth drivers • New Epi applications in next generations GAA and 3.2 additional complexity • Increased number of layers in leading-edge DRAM 2.5 transition from 6F2 to 4F2 and
Slide 27: 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 28: 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 29: Spares & Services: engine of growth and innovation
Spares & Services: engine of growth and innovation Spares & Services revenue (€m) Business growth drivers • Continued growth of our installed base - higher share of outcome-based services on new products • >50% business coming from outcome-based services CAGR >12% by 2030 • Outcome-based grew from 2
Slide 30: 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 31: 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 March 3
Slide 32: Investor Day 2025: FY30 targets
Investor Day 2025: FY30 targets FY 2024 FY 2025 FY 2030 Revenue €2.9 billion €3.2 billion More than €5.7 billion by FY30¹ Revenue growth¹ 12% 12% At least 12% CAGR (FY24-FY30) Gross margin % 50.5% 51.8% 47-51% (FY26-FY30) SG&A % revenue 10.6% 9.2% Below 7% (by FY30) R&D (net) % revenue 12.1% 12.5% L
Slide 33: 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 34: Annex: detailed financials
Annex: detailed financials March 3, 2026 ASM proprietary information | 34
Slide 35: (Estimated) amortization and earn-out expenses
(Estimated) amortization and earn-out expenses € million Q4 24A Q3 25A Q4 25A FY 25A FY 26E FY 27E FY 28E Net research and development expenses (3.5) (3.5) (3.5) (14.0) (16.0) (16.0) (16.0) Selling, general and administrative expenses (1.2) (1.2) (1.2) (4.9) (7.1) (6.4) (6.4) Total impact on operati
Slide 36: Income statement (reported)
Income statement (reported) € million Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 New orders 731 834 702 637 803 3,000 2,976 Backlog 1,566 1,515 1,295 1,129 1,247 1,566 1,247 Book-to-bill ratio 0.9 1.0 0.8 0.8 1.1 1.0 0.9 Revenue 809 839 836 800 698 2,933 3,173 Cost of sales (402) (391)
Slide 37: Adjusted and reported P&L reconciliation
Adjusted and reported P&L reconciliation € million Q4 2025 reported Δ Q4 2025 adjusted FY 2025 reported Δ FY 2025 adjusted Revenue 698 - 698 3,173 - 3,173 Gross profit 348 - 348 1,644 - 1,644 Gross margin 49.8% - 49.8% 51.8% - 51.8% SG&A (76) 1 (74) (297) 5 (292) Net R&D (102) 3 (98) (409) 14 (395)
Slide 38: Balance sheet
Balance sheet € million Dec. 24 Mar. 25 Jun. 25 Sep. 25 Dec. 25 PP&E (incl. RoU assets) 519 515 516 524 608 Evaluation tools at customers 110 110 110 110 106 Goodwill 321 321 319 319 341 Other intangible assets 816 837 871 898 996 Investments in associates 904 663 642 817 845 Other non-current asset
Slide 39: Cash flow statement
Cash flow statement € million Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Net earnings (losses) from operations 226 (29) 202 384 166 686 724 Adjustments to reconcile net earnings to net cash from 35 298 42 (141) (27) 135 172 operating activities Depreciation, amortization and impairments
Slide 40: Gross and net R&D expenses (reported)
Gross and net R&D expenses (reported) € million Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 Gross R&D expenses 126 123 132 129 128 470 512 Capitalization of development expenses (40) (43) (54) (54) (55) (166) (205) Amortization of capitalized development expenses 22 24 23 23 22 66 92 Imp
Slide 41: 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 Q4 2019 2020 2021 2022 2023 2024 2025 Working capital (lhs) Quarterly sales (lhs) Days of working capital (rhs)
Slide 42: 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 Q4 2020 2021 2022 2023 2024 2025 Backlog Orders Note: Number in million € March 3, 2026 ASM proprietary information | 42
Slide 43: 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: Number in million € 2019 numbers exclude settlement gains of €159m 2022, 2023, 202
Slide 44: 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 45: For more information visit asm.com
For more information visit asm.com March 3, 2025 ASM proprietary information | 45