Asm International N.v. · EURONEXT:ASM
Asm International — Investor Day (2025)
145 slides from Asm International's investor day presentation, 2025
Slide 1: Investor Day 2025
Investor Day 2025 We explore atoms, so others can explore space Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 1
Slide 2: Table of contents
Table of contents Page 4 Page 44 Page 70 Atoms to action: From layers to landscape: Enabling customers with Angstrom Our growth strategy to 2030 Opportunities and growth through precision through service innovation technology inflections and automation Jason Foster Hichem M’Saad Vamsi Paruchuri Corp
Slide 3: Forward-looking statements
Forward-looking statements Cautionary note regarding forward-looking statements This presentation contains “forward-looking statements”. All verbal and written statements in ASM’s Investor Day 2025 presentations and Q&A, other than statements of historical fact, are forward-looking statements. Forwa
Slide 4: Atoms to action: Our growth strategy to 2030
ASM Investor Day 2025 Atoms to action: Our growth strategy to 2030 Hichem M’Saad CEO Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 4
Slide 5: Key takeaways
Key takeaways ASM delivered on its strategic objectives. Outgrew WFE market. Maintained and expanded ALD 1 Past strategic objectives and Epi share in transition from FinFET to GAA. Grew spares and services business. Many new ALD products, including clustered multi-process applications like area sele
Slide 6: From vision to value: Our journey since 2021
From vision to value: Our journey since 2021 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 6
Slide 7: Strategic objectives
Strategic objectives 2021/2023 1 2 3 Maintain leading ALD Increase Epi Grow selectively in share in logic/foundry, market share vertical furnace and expand in memory PECVD niches 4 5 6 Grow spares and Accelerate progress Drive continued strong services business in sustainability financial performanc
Slide 8: Maintain leading ALD share in logic/foundry and expand in memory
1 Maintain leading ALD share in logic/foundry and expand in memory ALD market share ALD installed base (ALD reactors) >55% 54% 4 ALD market share increased arbitrary units 39% 2 to >55% in 2024 1 2018 2020 2024 2016 2017 2018 2019 2020 2021 2022 2023 2024 Source: ASM internal analysis and TechInsigh
Slide 9: Increase Epi market share
2 Increase Epi market share Leading-edge Share of ASM layers in leading-edge Epi market share logic/foundry 33% Leading-edge 25% Epi share 22% increased to 12% 14% 25% in 2024 2020 2024 7nm 3nm 2nm Source: ASM internal analysis Investor Day 2025 | 9 Index Our growth strategy to 2030 Opportunities an
Slide 10: Grow selectively in vertical furnace and PECVD niches
3 Grow selectively in vertical furnace (VF) and PECVD niches Expanded VF position in power/wafer/analog New growth opportunities in PECVD VF sales driven by new products, and, in 2022/2023, by PECVD flowable carbon Lateral CD <5nm cyclical market upturn in power/wafer/analog Good planarity No voids
Slide 11: Grow Spares and Services business
4 Grow Spares and Services business Spares and Services business revenue (€M) 547 19% CAGR service revenue growth from 2020 to 2024 through successful release 277 of Outcome-based products 2020 2024 Investor Day 2025 | 11 Index Our growth strategy to 2030 Opportunities and growth through technology
Slide 12: Grow Spares and Services business
4 Grow Spares and Services business Cost reduction and sustainability Performance enhancement and sustainability Dry Dirty clean 1,800 35 1,600 Bead Blast 30 1,400 Textured Dry Textured Defects (a.u1.) 85% 25 Tons CO2e 1,200 Reduction 95% 1,000 Reduction 20 800 15 600 67% 10 400 Reduction 5 200 0 0
Slide 13: Accelerate progress in sustainability
5 Accelerate progress in sustainability CDP Climate Change and Water Security RE100 A /A Best Newcomer Award 2024 Recognized leader First time on A list Joined RE100 in 2023 in sustainability Sustainalytics (Risk rating) TIME 7.6 TIME recognition world’s most sustainable (negligible risk) companies
Slide 14: Drive continued strong financial performance
6 Drive continued strong financial performance ASM equipment growth vs. WFE market growth Operating profit and operating margin (indexed to 2020) (€ M and %) 250 200 CAGR+20% 28.4% 28.0% 26.6% 26.6% 24.6% 150 CAGR+13% 821 100 699 641 491 50 327 0 2020 2021 2022 2023 2024 FY20 FY21 FY22 FY23 FY24 WFE
Slide 15: Ahead in every layer
Ahead in every layer Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 15
Slide 16: Strongest patent portfolio in ALD
Strongest patent portfolio in ALD Competitive 16 impact 14 ASM Continuing the rich 12 history of chemistry 10 and process 8 Competitor B innovation, with a 6 Competitor D long history in ALD 4 Competitor A 2 Competitor C 0 0 200 400 600 800 1,000 Portfolio size Source: LexisNexis® PatentSight® (Nove
Slide 17: Strong global footprint close to all customers
Strong global footprint close to all customers Investor Day 2025 | 17 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 17
Slide 18: Korea Dongtan 2
Continued investment in manufacturing and innovation Korea Dongtan 2 Grand opening Q4, 2025 Expanded manufacturing and innovation capabilities. Anchoring excellence through breakthroughs and new possibilities Investor Day 2025 | 18 Index Our growth strategy to 2030 Opportunities and growth through t
Slide 19: Investor Day 2025
Investor Day 2025 | 19 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 19
Slide 20: Add in new pic (klara deleted old)
Add in new pic (klara deleted old) Investor Day 2025 | 20 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 20 20
Slide 21: US Scottsdale
Continued investment in Research & Development US Scottsdale Opening Q1, 2027 Bringing core research, technology development, design and engineering capabilities all under one roof Investor Day 2025 | 21 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Servic
Slide 22: Investor Day 2025
Investor Day 2025 | 22 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 22
Slide 23: Investor Day 2025
Investor Day 2025 | 23 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 23
Slide 24: Extending our flagship XP8 platform to advanced ALD and CVD applications
Extending our flagship XP8 platform to advanced ALD and CVD applications XP8® XP8E® XP8E® XP8E® common platform allows the integration of processes like surface cleans and modification, selective etch, treatments etc to enable advanced ALD and CVD applications Investor Day 2025 | 24 Index Our growth
Slide 25: Area selective deposition: Dielectric on dielectric
Area selective deposition: Dielectric on dielectric XP8E® Al2O3 Al2O3 deposition deposition Incoming wafer Metal Inhibitor Inhibitor Dielectric Clean/Trim Clean/Trim H+ H+ Investor Day 2025 | 25 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovat
Slide 26: Area selective deposition: Dielectric on dielectric
Area selective deposition: Dielectric on dielectric XP8E® Al2O3 Al2O3 deposition deposition Surface clean Inhibitor Inhibitor Clean/Trim Clean/Trim H+ H+ Investor Day 2025 | 26 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation
Slide 27: Area selective deposition: Dielectric on dielectric
Area selective deposition: Dielectric on dielectric XP8E® Al2O3 Al2O3 deposition deposition Selective deposition of ALD Inhibitor Inhibitor inhibition layer Clean/Trim Clean/Trim H+ H+ Investor Day 2025 | 27 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Se
Slide 28: Area selective deposition: Dielectric on dielectric
Area selective deposition: Dielectric on dielectric XP8E® Al2O3 Al2O3 deposition deposition Trim Inhibitor Inhibitor Clean/Trim Clean/Trim H+ H+ Investor Day 2025 | 28 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art
Slide 29: Area selective deposition: Dielectric on dielectric
Area selective deposition: Dielectric on dielectric XP8E® Al2O3 Al2O3 deposition deposition Al2O3 deposition Inhibitor Inhibitor Clean/Trim Clean/Trim H+ H+ Investor Day 2025 | 29 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automat
Slide 30: Area selective deposition: Dielectric on dielectric
Area selective deposition: Dielectric on dielectric XP8E® Remove Al2O3 Al2O3 inhibition deposition deposition layer Inhibitor Inhibitor § Clean/Trim Clean/Trim H+ H+ Investor Day 2025 | 30 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation an
Slide 31: AI/ML in HVM: Anomaly detection provides insight into process performance
AI/ML in HVM: Anomaly detection provides insight into process performance Real-time anomaly Identify top 5 contributors to Ability to detect subtle detection monitoring an anomaly changes in sensors Inv estor Day 2025 | 31 Index Our growth strategy to 2030 Opportunities and growth through technology
Slide 32: Strategic long-term partnerships with leading universities and research institutions
Strategic long-term partnerships with leading universities and research institutions Investor Day 2025 | 32 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2
Slide 33: Winning customer trust in HVM
Best Supplier Award 2024 Best Vendor Winning customer Excellent Supplier Award trust in HVM Intel EPIC 2024 Outstanding Award 2024 Customer awards Outstanding Collaboration Safety & Health Platinum Award 2024 2024 Investor Day 2025 | 33 Index Our growth strategy to 2030 Opportunities and growth thro
Slide 34: Scaling the future: ASM's 2030 technology trajectory
Scaling the future: ASM’s 2030 technology trajectory Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 34
Slide 35: Looking forward to 2030
Looking forward to 2030 Market Device scaling and DTCO Driven by high-performance computing Channel Epi, dipoles for multi-Vt, and memory for AI new metal interconnects, contacts, and DTCO (backside power, MIMCAP) becoming key drivers 3D scaling Advanced packaging 3D vertical scaling in logic (GAA i
Slide 36: Evolving technology landscape providing new growth areas
Evolving technology landscape providing new growth areas Others IoT 5% 10% >70% of US$1 trillion semiconductor market Automotive 15% 45% HPC/AI in 2030 driven by leading-edge logic and memory technologies 25% Smartphone Source: TSMC North America Technology Symposium – April, 2025 Investor Day 2025
Slide 37: Evolving technology landscape providing new growth areas
Evolving technology landscape providing new growth areas MIMCAP NMOS PMOS GAA BSPD MIMCAP GAA 1st Gen GAA 2nd Gen GAA 3rd Gen CFET 2nm 1.4nm 1.0nm 0.7nm 2025 2027 2029 2031 Investor Day 2025 | 37 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innova
Slide 38: Leading position in transistor (FEOL)
Leading position in transistor (FEOL) Transistor • High-K gate dielectric • Dipoles • Work function metals • Patterning materials BEOL • Dielectric gapfill • PVD/CVD to ALD metal gapfill Backside power: • Liners Contacts • ALD metal gapfill • ALD silicides • ASD ASM internal emulation of GAA structu
Slide 39: FEOL: highest number of ALD layers and growth
FEOL: highest number of ALD layers and growth SW ALD layer count by node Mix of ALD layers 60% 50% 3nm 2nm 1.4nm 2nm GAA 1.4nm GAA FinFET GAA GAA FEOL MOL/BEOL/BS We’re in the heart of every device Investor Day 2025 | 39 Index Our growth strategy to 2030 Opportunities and growth through technology i
Slide 40: Advanced packaging (AP): Convergence of FE and BE processing
Advanced packaging (AP): Convergence of FE and BE processing AP WFE market AP total available market (TAM) 2030 (US$B) (US$11.5B) CVD ALD ECP CAGR >15% 9% Surface prep 3% 18% 3% Double our 11.5 D2W bonder 6% SAM to >30% W2W bonder 7% of the TAM by 2030 Cleans 6% 22% PVD 5.6 7% Litho 12% 7% 2025 2026
Slide 41: Leading ahead to what's next: The road to 2030
Leading ahead to what’s next: The road to 2030 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 41
Slide 42: Growth through Innovation strategy for the next 5 years
Growth through Innovation strategy for the next 5 years Strategic objectives 1 2 3 4 5 6 Maintain leading Continue to Grow applications Grow high value Accelerate progress Drive operational share in ALD for grow in Epi in advanced Outcome-based in sustainability excellence, flexible logic/foundry an
Slide 43: Key takeaways
Key takeaways ASM delivered on its strategic objectives. Outgrew WFE market. Maintained and expanded ALD 1 Past strategic objectives and Epi share in transition from FinFET to GAA. Grew spares and services business. Many new ALD products, including clustered multi-process applications like area sele
Slide 44: From layers to landscape: Opportunities and growth through technology inflections
ASM Investor Day 2025 From layers to landscape: Opportunities and growth through technology inflections Vamsi Paruchuri Corporate VP, Technology Innovation and Market Research Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation
Slide 45: Key takeaways
Key takeaways Secular growth trends are intact for US$1T semiconductor market by 2030 mainly driven by AI and 1 Secular growth trends related leading-edge logic and DRAM technologies. Technology scaling Logic and DRAM technology scaling is increasingly dependent on materials and adoption of more inc
Slide 46: Industry, market, and technology outlook
Industry, market, and technology outlook Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 46
Slide 47: Investor Day 2025
Investor Day 2025 | 47 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 47
Slide 48: 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$1 trillion semiconductor market Automotive 15% 45% HPC/AI in 2030 driven by leading-edge logic and memory technologies 25% Smartphone Source: TSMC North America Technology Symposium
Slide 49: Logic technology roadmap
Logic technology roadmap CFET Complementary FET GAA Gate-all- 0.7nm CFET around 1nm GAA FinFET Fin field-effect 1.4nm GAA 2nm GAA Design rule transistor 3nm FinFET / GAA 5nm FinFET 7nm EUV 10nm 14nm FinFET 16nm FinFET 22nm FinFET 32/28nm HK/MG 2010 2015 2020 2025 2030 2035 Source: Compilation from s
Slide 50: DRAM technology roadmap
DRAM technology roadmap 220L 3D-DRAM 176L 4F2 9nm Bit Density/Wafer 10nm 6F2 11nm 128L 9nm 10.2nm 11.2nm 12.8nm 14nm 16nm 2020 2022 2023 2025 2026 2028 2029 2031 2032 2034 Source: Compilation from several public sources Inv estor Day 2025 | 50 Index Our growth strategy to 2030 Opportunities and grow
Slide 51: WFE growth driven by leading-edge logic/foundry and DRAM
WFE growth driven by leading-edge logic/foundry and DRAM WFE Outlook WFE by segment (US$ billion) (US$ billion) 180 155 160 140 120 100 80 60 40 20 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/
Slide 52: Maintained leading market share in ALD and increased share in leading-edge Epi
Maintained leading market share in ALD and increased share in leading-edge Epi Single-wafer ALD market share Leading-edge Epi market share ALD market: >55% 25% 54% We grew our total ALD market share to 39% >55% in 2024 12% We maintained our leading ALD market share in transition from FinFET to GAA E
Slide 53: Technology inflections driving single-wafer ALD and Epi markets
Technology inflections driving single-wafer ALD and Epi markets Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 53
Slide 54: Single-wafer ALD market forecasted to outgrow WFE
Single-wafer ALD market forecasted to outgrow WFE Single-wafer ALD market outlook (US$ billion) Single-wafer ALD market: 6.1 SW ALD market ’24-’30 CAGR: 9-13% 5.1 WFE CAGR: 6% (2024: US$110B, 2030: US$155B) 3.0 Growth drivers: Increased number of layers in leading-edge logic/foundry and additional c
Slide 55: Epi market forecasted to outgrow WFE
Epi market forecasted to outgrow WFE Epi market outlook (US$ billion) Epi market: 3.2 Epi market ’24-’30 CAGR: 9%-13% 2.5 WFE CAGR: 6% (2024: US$110B, 2030: US$155B) 1.5 Growth drivers: New Epi applications in next generations GAA and additional complexity 2024 2030 Increased number of layers in lea
Slide 56: Continued growth in leading-edge logic/foundry
Continued growth in leading-edge logic/foundry Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 56
Slide 57: From FinFET to GAA 2nm, our ALD and Epi nodal SAM increased by US$400M
From FinFET to GAA 2nm, our ALD and Epi nodal SAM increased by US$ 400M 2023 Investor Day: Combined ALD and Epi SAM increase from FinFET to GAA US$ 400million per 100k WSPM With 2nm GAA ramping in HVM, we confirm that nodal SAM increase is within range of our 2023 forecast +US$400M And we at least m
Slide 58: Significant increase in ALD and Epi SAM with move from GAA 2nm to 1.4nm
Significant increase in ALD and Epi SAM with move from GAA 2nm to 1.4nm Increased SAM for ASM by US$ 450M to US$ 500M per 100k wafer starts per month +US$ 450-500M Higher number of ALD and Epi layers and increased complexity Wafer frontside : • Advanced High-k • Additional dipoles for multi-Vt • Wor
Slide 59: GAA 2nm to GAA 1.4nm
GAA 2nm to GAA 1.4nm GAA 2nm to 1.4nm MI M Ca Increased, more complex, or new layers: MI M p Ca p Wafer frontside : § High(er)-k BEOL BEOL § Dipoles for multi-Vt § Work function metals § Patterning materials MOL § Area selective deposition – DoD, DoM MOL FEOL § ALD Molybdenum FEOL BS-MOL § Channel E
Slide 60: FEOL ALD layers see largest growth in transition from GAA 2nm to 1.4nm
FEOL ALD layers1 see largest growth in transition from GAA 2nm to 1.4nm SW ALD layer count by node Mix of ALD layers From GAA 2nm to 1.4nm With GAA device architecture remaining similar, performance and DTCO elements drive scaling 60% 50% The number of layers in FEOL around transistor continues to i
Slide 61: Continued growth in ALD and Epi with transition to CFET devices
Continued growth in ALD and Epi with transition to CFET devices GAA 1st Gen GAA 2nd Gen GAA 3rd Gen CFET 2nm 1.4nm 1.0nm 0.7nm 2025 2027 2029 2031 Investor Day 2025 | 61 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The ar
Slide 62: Accelerated opportunities in leading-edge DRAM
Accelerated opportunities in leading-edge DRAM Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 62
Slide 63: DRAM inflections: 6F2 to 4F2 cell
DRAM inflections: 6F2 to 4F2 cell 6F2 4F2 Significant increase in ALD and Epi intensity with DRAM cell transition from 6F2 to 4F2 • Channel Epi • Contact Epi • Low temp. ALD oxides and nitrides • ALD dielectric gapfill • Back gate and front gate metals Investor Day 2025 | 63 Index Our growth strateg
Slide 64: DRAM inflections: CMOS peri from planar to FinFET
DRAM inflections: CMOS peri from planar to FinFET Significant increase in ALD and Epi intensity with peri transitioning from planar CMOS to FinFET CMOS peri • ALD High-k • ALD dipoles • ALD work function metals • ALD patterning materials and spacers • Epi source/drain Planar CMOS FinFET CMOS Investo
Slide 65: Increasing DRAM SAM with 4F2 and with CMOS peri transitioning from planar 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 (US$ million) Higher number of ALD and Epi layers and increased complexity +400-450M DRAM cell transition from 6F2 to 4F2: • Channel Epi • Contact Epi • New ALD oxides and
Slide 66: Continued growth in ALD and Epi with transition to 3D-DRAM beyond 2032
Continued growth in ALD and Epi with transition to 3D-DRAM beyond 2032 6F2 4F2 3D-DRAM Investor Day 2025 | 66 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day
Slide 67: Advanced packaging
Advanced packaging Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 67
Slide 68: Advanced packaging (AP): Another mid-term growth area
Advanced packaging (AP): Another mid-term growth area AP total available market (TAM) 2030 AP applications example: SoIC (US$11.5B) (System on IC) CVD Silicon Carrier-2 ALD ECP Bonding 9% layers for Surface prep 3% 18% 3% fusion D2W bonder bonding 6% Double our ~16um TDV Die-gap fill SAM to W2W bond
Slide 69: Key takeaways
Key takeaways Secular growth trends are intact for US$1T semiconductor market by 2030 mainly driven by AI and 1 Secular growth trends related leading-edge logic and DRAM technologies. Technology scaling Logic and DRAM technology scaling is increasingly dependent on materials and adoption of more inc
Slide 70: Enabling customers with Angstrom precision through service innovation and automation
ASM Investor Day 2025 Enabling customers with Angstrom precision through service innovation and automation Jason Foster Corporate VP, Spares and Service Business Unit, Global Quality and Technical Training Index Our growth strategy to 2030 Opportunities and growth through technology inflections Serv
Slide 71: Key takeaways
Key takeaways 1 Innovation Innovation in our spares and service business has delivered Outcome-based solutions, creating measurable value for customers and drives growth. 2 Leverages our core Our core competencies in chemistry and surface engineering is being applied to competencies in spares and se
Slide 72: Empowering our customers with innovative environmentally friendly solutions
Empowering our customers with innovative environmentally friendly solutions that deliver high tool availability and better performance Investor Day 2025 | 72 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic
Slide 73: Continuous innovation in spares & services required for increased precision and complexity
Continuous innovation in spares & services required for increased precision and complexity in next tech nodes Process complexity Critical process kits Innovative service products Dry cleaning Transitioning from traditional wet cleaning and sand blasting of spare parts, our dry cleaning solutions del
Slide 74: Spares and service: product portfolio
Spares and service: product portfolio Transactional Outcome-based Foundation of support Outcome-based results • Transactional spares (delivered on demand, • Reduce, reuse and recycle available when needed) • Guaranteed performance: • Standard service labor Reduced variation, predictable output Inves
Slide 75: Innovation in Outcome-based services
Innovation in Outcome-based services Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 75
Slide 76: Spares and service value creation through surface technologies
Spares and service value creation through surface technologies Defect count Defect Performance 12 Benefits of Outcome- UCL 10 based services: LCL 8 Centerline 6 Improved on-wafer ALD film Spec Limit 4 performance (fewer defects) deposits on 2 the wafer and Date 0 Wafer Wafer Better availability (too
Slide 77: New innovative surface technologies solutions
New innovative surface technologies solutions Cleaning and coatings Surface modification Quality control Dry cleaning Adhesion control Outcomes-Based services: ALD coatings Thermal control Minimizing part-to- part variability, preserves process integrity, and extends component lifetime High selectiv
Slide 78: Dry cleaning technologies offers significant business and sustainability benefits
Dry cleaning technologies offers significant business and sustainability benefits Titanium process kits (500 kits example) Dry Parts cleaning Dirty clean Wet etch is the standard today. Dry clean is a novel technology 1800 enabling sub-Angstrom precision that is critical to device performance and yi
Slide 79: Dry cleaning: precision and sustainability
Dry cleaning: precision and sustainability Contamination (sodium ppm) Current cleaning method: Dry cleaning enables: Precision selectivity = 2,000 extending usable part lifetime Concentration (weight ppm) Blast by maintaining part critical Blast clean – dimensions clean after clean 1,500 Blast + cer
Slide 80: Accelerating sustainability by reduce, reuse and recycle
Accelerating sustainability by reduce, reuse and recycle • Chemicals • DI water • Parts How • Blast media • Byproduct • Bulk materials • Dry cleaning • HQ coatings • HS cleaning • Metrology • Parts • Scrap • Drop-off • Waste Investor Day 2025 | 80 Index Our growth strategy to 2030 Opportunities and
Slide 81: Automation in maintenance to manage micron-level part placement control
Automation in maintenance to manage micron-level part placement control PM-Bot system integrates a closed-loop vision system and advanced robotics Automation in maintenance vs Manual operation Green-to-green 25% better Achieving First time right 50% reduction in errors micron-level part placement Pr
Slide 82: Spares and Services sales: growth driven by Outcome-based
Spares and Services sales: growth driven by Outcome-based Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 82
Slide 83: Targeting continued growth in spares & services: >12% CAGR 2024-2030
Targeting continued growth in spares & services: >12% CAGR 2024-2030 Spares and Services revenue (€ million) CAGR Business growth drivers >12% Continued growth of our installed base – higher share of Outcome-based services on new products >50% business coming from Outcome-based services by 2030 2020
Slide 84: Key takeaways
Key takeaways 1 Innovation Innovation in our spares and service business has delivered Outcome-based solutions, creating measurable value for customers and drives growth. 2 Leverages our core Our core competencies in chemistry and surface engineering is being applied to competencies in spares and se
Slide 85: The art of atomic layering
ASM Investor Day 2025 The art of atomic layering Eric Shero Vice President and ALD Key Product Unit Head Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025
Slide 86: Key takeaways
Key takeaways 1 Essential ALD is essential technology for advanced, 3D structures. 2 Growth Single-wafer ALD set to grow at 9-13% CAGR, outpacing WFE (6%) Leading logic/foundry inflections and expanding in memory. 3 Legacy Unparalleled legacy in ALD (50+ years). 4 Innovation ASM leads ALD market and
Slide 87: 3D scaling accelerating in logic and memory
3D scaling accelerating in logic and memory Increasing device complexity Logic • Increasing A/R FinFET GAA CFET (Aspect ratio) 2012 2025 2031 • Increasing SAE (Surface area enhancement) Industry moving • Smaller CD towards (Critical dimension) DRAM ASM’s ALD • Narrowing process window technology 6F2
Slide 88: ALD adoption increasing
ALD adoption increasing Increasing complexity in logic and memory boosts ALD demand ALD layers1 Single-wafer ALD market outlook (#) (US$ billion) > 50% Single-wafer ALD Increase market growth: over 2 yrs SW ALD market ’24-’30 CAGR: 6.1 9-13% 5.1 WFE CAGR: 3.0 6% (2024: US$110 iPhone 11 iPhone 12 iPh
Slide 89: Key steps in ALD cycle
Key steps in ALD cycle ALD is a surface-controlled, layer-by-layer process that deposits thin films one atomic layer at a time Start with a controlled surface Inv estor Day 2025 | 89 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and auto
Slide 90: Key steps in ALD cycle
Key steps in ALD cycle Precursor By-products Expose substrate to first precursor “pulse” Precursor reacts with surface species and attaches Inv estor Day 2025 | 90 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of a
Slide 91: Key steps in ALD cycle
Key steps in ALD cycle Purge Chamber purged to remove first precursor and by-products Inv estor Day 2025 | 91 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day
Slide 92: Key steps in ALD cycle
Key steps in ALD cycle Co-reactants By-products Expose substrate to second precursor (co-reactant) “pulse” to convert surface; often enhanced with plasma energy Inv estor Day 2025 | 92 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and au
Slide 93: Key steps in ALD cycle
Key steps in ALD cycle Purge Chamber purged, completing first ALD layer Cycle repeated for each additional layer Inv estor Day 2025 | 93 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering l
Slide 94: Key steps in ALD cycle
Key steps in ALD cycle By repeating this process, precise layers of material are deposited in layers, even with uneven surfaces Inv estor Day 2025 | 94 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layeri
Slide 95: ALD geared for a 3D world
ALD geared for a 3D world Physical Vapor Deposition Chemical Vapor Deposition Atomic Layer Deposition (PVD) (CVD) (ALD) Continuous chemical reaction Cyclic layer-by-layer Mechanism Physical transfer of material (sputtering) Chemical reaction of gases Sequential, self-limiting surface reactions Direc
Slide 96: Coating Dubai with precision finer than human hair
Coating Dubai with precision finer than human hair Uniformity of ALD film across wafer and over high A/R structures ~ coating city packed with Burj Khalifa towers with a 5mm layer thickness with precision to within width of a human hair! Depositing 1nm ALD film Coating all Dubai with 5mm ALD Uniform
Slide 97: In 3 years, device aspect ratio will exceed equivalent of stacking 50 Burj Khalifa towers
In 3 years, device aspect ratio will exceed equivalent of stacking 50 Burj Khalifa towers vertically, reaching beyond stratosphere and coating with same precision Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of at
Slide 98: ASM is market leader in ALD
ASM is market leader in ALD Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 98
Slide 99: ASM is market leader in ALD
ASM is market leader in ALD • ASM’s ALD legacy: 50+ yrs • Solving ALD’s toughest challenges 1974 1987 1998 1999 2000 2004 Dr. Suntola Microchemistry (MC) First 200mm ASM acquires Acquired Sherman Genitech • Largest product portfolio invents founded in Helsinki (Neste) Pulsar® MC from Neste PEALD pat
Slide 100: ASM is market leader in ALD
ASM is market leader in ALD Industry Reactor challenges Precursor issues Surface effects Problem Non-uniform precursor delivery/plasma Soft-saturation Poorly functionalized surfaces • ASM’s ALD legacy: Parasitic CVD Precursor decomposition Contaminated surfaces 50+ yrs Thermal uniformity Steric hind
Slide 101: ASM is market leader in ALD
ASM is market leader in ALD Wide range of technically differentiated ALD products on new platform to enable • ASM’s ALD legacy: enhanced clustering & productivity for a range of applications and fab volumes 50+ yrs Single Dual Quad Platform High-k, dipole Patterning, high-k, WF, conducting HAR gap-f
Slide 102: ASM is market leader in ALD
ASM is market leader in ALD • ASM’s ALD legacy: 50+ yrs Elements 1980’s accessed • Solving ALD’s toughest by ALD challenges • Largest product portfolio to address diverse application needs • ASM expands ALD- compatible materials • Prolific & impactful IP portfolio ASM has developed reference process
Slide 103: ASM is market leader in ALD
ASM is market leader in ALD • ASM’s ALD legacy: 50+ yrs Elements Early 2000 accessed • Solving ALD’s toughest by ALD challenges • Largest product portfolio to address diverse application needs • ASM expands ALD- compatible materials • Prolific & impactful IP portfolio ASM has developed reference pro
Slide 104: ASM is market leader in ALD
ASM is market leader in ALD • ASM’s ALD legacy: 50+ yrs Elements 2024 accessed • Solving ALD’s toughest by ALD challenges • Largest product portfolio to address diverse application needs • ASM expands ALD- compatible materials • Prolific & impactful IP portfolio ASM has developed reference processes
Slide 105: ASM is market leader in ALD
ASM is market leader in ALD • ASM’s ALD legacy: 50+ yrs Competitive 16 impact • Solving ALD’s toughest 14 ASM challenges 12 • Largest product portfolio 10 to address diverse application needs 8 Competitor B • ASM expands ALD- 6 Competitor D compatible materials 4 Competitor A • Prolific & impactful
Slide 106: Increasing GAA complexity drives ALD growth
Increasing GAA complexity drives ALD growth MI MIMCAP metal electrodes M High-k dielectric Ca p BEOL More ALD materials and High(er)-k gate oxide Additional dipoles for multi-Vt1 passes needed MOL with GAA FEOL Work function metals Molybdenum metallization1 technology Silicide/Dual silicide scaling
Slide 107: Memory transitions accelerate ALD adoption
Memory transitions accelerate ALD adoption 6F2 to 4F2 4F2 Cell 3D-NAND complexity Capacitor high-k, liner increasing Capacitor metal electrode Back gate metal Front gate metal DRAM cell Dielectric gapfill Channel Gate oxide FinFET CMOS High-k High-k Dipoles CMOS Dipoles Metal gates Work function met
Slide 108: ALD is essential for 3D scaling of functional and gapfill layers
ALD is essential for 3D scaling of functional and gapfill layers ASM excels in solving many high value problems with unique solutions Investor Day 2025 | 108 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic
Slide 109: Deep dive
Deep dive Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 109
Slide 110: ASM dipole technology meets growing Vt tuning needs
ASM dipole technology meets growing Vt tuning needs GAA driving more stringent functional film requirements only met by ALD Vts increase node over node Reducing gap between Vt levels Total Vts 1-2 ALD layers 0.3 Vtsat (V) 0.2 ~200mV 0.1 2016 2020 2023 2025 2027 NMOS 0 -0.1 PMOS ASM advancing More Vt
Slide 111: Integrated solution for molybdenum metallization
Integrated solution for molybdenum metallization Requirements PEALD and thermal Mo ALD with integrated surface clean Low resistivity (seam-free), non-damaging, low temperature Mo metallization solution for via PEALD Mo Liner Tession® and trench fill in Logic <400C, seam free conformality, low resist
Slide 112: Innovations for vertical and lateral ALD gapfill
Innovations for vertical and lateral ALD gapfill Process sequence per cycle Conventional gapfill ALD deposition Gas change Inhibition step Gas change Innovative gapfill ALD deposition Inhibition steps not required, enabled by unique precursor Lateral gapfill Vertical gapfill Challenges ASM solutions
Slide 113: Key takeaways
Key takeaways 1 Essential ALD is essential technology for advanced, 3D structures. 2 Growth Single-wafer ALD set to grow at 9-13% CAGR, outpacing WFE (6%) Leading logic/foundry inflections and expanding in memory. 3 Legacy Unparalleled legacy in ALD (50+ years). 4 Innovation ASM leads ALD market and
Slide 114: Investing for growth, delivering long-term value
ASM Investor Day 2025 Investing for growth, delivering long-term value Paul Verhagen CFO Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 114
Slide 115: Key takeaways
Key takeaways 1 Value for stakeholders ASM Growth through Innovation strategy is creating significant value for stakeholders. 2 Guidance 2027 Guidance 2027: revenue adjusted for currency only to €3.7-€4.6 billion and margins increased. 3 Guidance 2030 New guidance for 2030 is as follows: • Revenue o
Slide 116: Growth through Innovation strategy has created significant value over FY20 - FY24
Growth through Innovation strategy has created significant value over FY20 - FY24 €1.0 billion €1.6 billion1 36.5%2 22.0% Total cash returned Accumulated free cash flow Average ROIC Revenue CAGR to shareholders 48.7% 27.0% 100% -85% Average gross margin Average operating margin Renewable electricity
Slide 117: Latest view FY25
Latest view FY25 • ASM expects Q3 2025 revenue to be as previously • The updated guidance for H2 2025 implies that revenue guided. growth (at constant currencies) for the full year 2025 will be at the lower end of the previously guided range of • Q4 2025 revenue to be below earlier expectations. Thi
Slide 118: Excess cash returned to shareholders
Excess cash returned to shareholders Dividend per share Cumulative cash returned to market (in € paid over) (€ million) 3.00 3.00 2,500 2.75 2.50 2.50 2,000 1.50 2.00 1,500 1,000 1.00 0.80 0.70 0.70 1.50 500 0 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Slide 119: Strong total shareholder return
Strong total shareholder return Total cumulative shareholder return 900 800 700 600 500 400 300 200 100 0 Jan/20 Jul/20 Jan/21 Jul/21 Jan/22 Jul/22 Jan/23 Jul/23 Jan/24 Jul/24 Jan/25 Jul/25 ASM SOX AEX Note: Indexed total return ASM vs. AEX and SOX as of January 2020, up to September 2025 Investor D
Slide 120: Status update on FY27 guidance
Status update on FY27 guidance Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 120
Slide 121: 2027 revenue guidance adjusted for currency only, margins increased
2027 revenue guidance adjusted for currency only, margins increased FY 2027 Current view Revenue €4.0-€5.0 billion €3.7-€4.6 billion adjusted for currency1 Gross margin % 46%-50% (FY26-FY27) 47%-51% (FY26-FY27) SG&A % revenue High single digit (FY26-FY27) High single digit (FY26-FY27) R&D (net) % re
Slide 122: Targets for FY30
Targets for FY30 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 122
Slide 123: Revenue target of more than €5.7 billion in FY30, outgrowing WFE market
Revenue target of more than €5.7 billion in FY30, outgrowing WFE market Revenue WFE market forecast (€ million) (US$ billion) CAGR CAGR >12% +6% >5.7bn1 155 112 101 103 93 2,933 65 2,411 2,634 1,730 1,328 FY20 FY21 FY22 FY23 FY24 FY30 FY20 FY21 FY22 FY23 FY24 FY30 Source: Historical WFE: TechInsight
Slide 124: Highest exposure in logic/foundry and ALD
Highest exposure in logic/foundry and ALD Revenue by served market as % of equipment revenue Revenue by product as % of equipment revenue (average FY20-FY24) (average FY20-FY24) Others Others 21% 19% Epi 13% Memory 19% 60% Logic/foundry 68% SW ALD • Leading-edge logic/foundry is the key growth drive
Slide 125: Mid-term gross margin guidance increased to 47%-51%
Mid-term gross margin guidance increased to 47%-51% Gross margin Factors affecting gross margin: 50.5% 51.0% 47.0% 47.9% 47.5% 49.3% Sales price development 47.0% Application and customer mix Cost efficiencies: • Supply chain improvements, e.g., Merge in Transit (MIT) • Standardization and commonali
Slide 126: Gradual decrease of SG&A as % of revenue and continued investments in R&D
Gradual decrease of SG&A as % of revenue and continued investments in R&D SG&A spend Net R&D spend (as % of revenue) (as % of revenue) 15.5% 15.0% 13.0% 11.9% 11.9% 12.3% 12.1% 11.4% 11.5% 11.0% 10.6% 11.2% 10.5% 9.5% Target: low teens Below 7% 8.7% 456 396 356 297 295 206 229 172 151 139 FY20 FY21
Slide 127: Strong financial performance driven by revenue growth with disciplined margin and cost management
Strong financial performance driven by revenue growth combined with disciplined gross margin and cost management Revenue, operating profit and operating margin (€ million) Operating margin targets by 2030: >30% 2026 - 2030: 28.4% 28.0% 28% to 32% 26.6% 26.6% 24.6% 2,933 2,634 2,411 1,730 1,328 699 8
Slide 128: Tax rate to gradually stabilize at low twenties
Tax rate to gradually stabilize at low twenties Effective tax rate1 Remarks 21.1% Effective tax rate (ETR) in recent years gradually increased from mid to 19.6% 17.7% 18.4% high teens to low twenties due to the impact from Global minimum tax 16.1% and the relative development of results on a country
Slide 129: Disciplined working capital management and increased capex to support growth
Disciplined working capital management and increased capex to support growth Working capital days Capital expenditure, gross (€ million) 70 200 63 168 61 60 58 155 50 50 95 101 72 100 FY20 FY21 FY22 FY23 FY24 FY30 FY20 FY21 FY22 FY23 FY24 FY30 We expect working capital days to range from 50-70 days
Slide 130: Continuous growth in FCF generation in excess of €1B by FY30
Continuous growth in FCF generation in excess of €1B by FY30 Free cash flow1 (€ million) > €1B by FY30 FCF growth due to: Continued investment in revenue growth with strong profitability Strict working capital management 534 416 332 Annual capex €100-200 million 230 Capex of €150-250 milion in years
Slide 131: Introducing FY30 targets
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-FY30) Operating margin
Slide 132: Capacity and margin improvement initiatives
Capacity and margin improvement initiatives Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 132
Slide 133: ASM investing in flexible manufacturing capacity
ASM investing in flexible manufacturing capacity Manufacturing capacity indexed to 2020 700+ 400 330 350 170 180 100 2020 2021 2022 2023 2024 2025 2026-2030 Woodlands L3 completed Singapore second floor expansion Inv estor Day 2025 | 133 Index Our growth strategy to 2030 Opportunities and growth thr
Slide 134: ASM investing in flexible manufacturing capacity
ASM investing in flexible manufacturing capacity Manufacturing capacity indexed to 2020 700+ 400 330 350 170 180 100 2020 2021 2022 2023 2024 2025 2026-2030 Dongtan expansion Korea expansion will provide further capacity and enhanced business continuity Inv estor Day 2025 | 134 Index Our growth stra
Slide 135: ASM investing in flexible manufacturing capacity
ASM investing in flexible manufacturing capacity Manufacturing capacity indexed to 2020 700+ 400 330 350 170 180 100 2020 2021 2022 2023 2024 2025 2026-2030 Future MIT Increased efficiency Incremental future capacity expansion can be realized via merge in transit and increased efficiency to scale fo
Slide 136: Drive operational excellence, flexible footprint and strong financial performance
Drive operational excellence, flexible footprint and strong financial performance 1 Digital foundation 2 Productivity 3 New product platforms New digital foundation in place since These new systems enable improved Improved platform development will July 2025 after successful big bang go productivity
Slide 137: Capital allocation
Capital allocation Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 137
Slide 138: 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 Inv est
Slide 139: Disciplined capital allocation driving strategic growth and sustained shareholder value
Disciplined capital allocation driving strategic growth and sustained shareholder value Capital allocation (€ million) Capital allocation from FY20-FY24: Majority of cash flow1 allocated to R&D, capex and M&A to support 168 value creating growth 314 155 456 72 101 396 Strongly increased funding of 9
Slide 140: Sustainability roadmap – Planning for 2035
Sustainability roadmap – Planning for 2035 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 140
Slide 141: 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 142: Focus areas defined through Double Materiality Assessment
Focus areas defined through Double Materiality Assessment Climate • Climate change mitigation change (E1) • Climate change adaptation Environment • Energy • Product Sustainability Our Working conditions workforce • Health and safety (S1) • Adequate wages • Working hours Social Equal treatment and op
Slide 143: Product sustainability strategy focuses on key technology drivers
Product sustainability strategy focuses on key technology drivers Sustainable chemistry Energy efficiency GHG emission reduction 2035 targets ▪ 35% reduction of precursor ▪ 35% reduction in thermal energy1 ▪ Net-zero pathway for 3.11 use of consumption1 ▪ 20% reduction in RF energy1 sold products ▪
Slide 144: Key takeaways
Key takeaways 1 Value for stakeholders ASM Growth through Innovation strategy is creating significant value for stakeholders. 2 Guidance 2027 Guidance 2027: revenue adjusted for currency only to €3.7-€4.6 billion and margins increased. 3 Guidance 2030 New guidance for 2030 is as follows: • Revenue o
Slide 145: Thank you
Thank you ASM Investor Day 2025 Index Our growth strategy to 2030 Opportunities and growth through technology inflections Service innovation and automation The art of atomic layering Delivering long-term value Investor Day 2025 145