Slide 1: ASM Q1 2025 results
ASM Q1 2025 results April 29, 2025 ASM proprietary information | 1
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-
Slide 3: Contents
Contents 1 Investment highlights 2 Q1 2025 results 3 Business environment, strategy, and targets 4 Annex: detailed financials April 29, 2025 ASM proprietary information | 3
Slide 4: Investment highlights
Investment highlights April 29, 2025 ASM proprietary information | 4
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 10%-14% from 2022 to 2027 • Expanding our position in the silicon epitaxy (Si Epi) market (CAGR o
Slide 6: Q1 2025 results
Q1 2025 results April 29, 2025 ASM proprietary information | 6
Slide 7: Financial highlights Q1 2025
Financial highlights Q1 2025 €834m €839m 53.4% New orders Revenue Gross margin (+14% yoy at constant currencies) (+26% yoy at constant currencies) (52.9% in Q1 2024) €271m 32.3% €192m Adjusted operating profit(1) Adjusted operating margin(1) Adjusted net earnings(1) (€192m in Q1 2024) (30.0% in Q1 2
Slide 8: Q1 2025 highlights
Q1 2025 highlights Orders and revenue • New orders of €834 million in Q1 2025 up 14% at constant currencies (cc) and 20% as reported, supported by strong GAA 2nm orders, and a relatively solid contribution from the Chinese market in the quarter • Revenue of €839 million up 26% at cc from Q1 2024 and
Slide 9: Solid bookings
Solid bookings Orders and backlog (€m) 1.1 Q1 2025 new orders came in at €834 million, 1.0 1.1 +10% qoq at cc and 14% yoy at cc. 2,000 0.9 0.9 New orders in Q1 2025 were led by logic/foundry, 1,516 1,566 1,515 followed by memory and power/analog/wafer. 1,500 0.7 Logic/foundry accounted for the large
Slide 10: Revenue +26% yoy & gross margin at 53.4%
Revenue +26% yoy & gross margin at 53.4% Revenue Gross profit Revenue (€m) (€m) Revenue increased 26% yoy at cc (31% as reported). Revenue was driven by foundry, followed by logic, 900 56.0% 52.9% 53.4% 839 and memory. Combined logic/foundry continued to 910 809 800 represent the majority of sales,
Slide 11: Moderate SG&A increase; continued focus on R&D
Moderate SG&A increase; continued focus on R&D Adjusted SG&A Adjusted R&D Adjusted SG&A (€m) Adjusted SG&A decreased by 1% qoq and increased (€m) 3% yoy at cc (+1% qoq and +5% yoy as reported). The yoy increase is mainly driven by higher variable 13.0% compensation offset by disciplined control on 1
Slide 12: OM at 32.3% thanks to higher gross profit
OM at 32.3% thanks to higher gross profit Adjusted operating result Adjusted finance income (€m) Adjusted finance income (€m) Q1 2025 adjusted financing income includes a currency translation loss of €40 million, mainly Q1 24 Q4 24 Q1 25 350 32.3% 33.6% driven by changes in the US dollar, as well as
Slide 13: Adj. net earnings up yoy, ex. ASMPT impairment
Adj. net earnings up yoy, ex. ASMPT impairment Adjusted net earnings Income taxes Income taxes in Q1 2025 amounted to an expense of (€m) €53 million, up from €46 million in the same period of 2024. Q1 24 Q4 24 Q1 25 Impairment of investments in associates Net earnings (losses) 173 226 (29) Non-cash
Slide 14: Strong cash position of €1.1b and robust Q1 FCF
Strong cash position of €1.1b and robust Q1 FCF Cash Free cash flow Cash (€m) (€m) Cash increased to €1,145 million at the end of March 2025, up from €927 million at the end of December 2024. 1,200 1,145 400 350 Free cash flow (FCF) 1,000 927 FCF increased to €264 million, up from €141 million in Q4
Slide 15: FY24-27 capex guidance is €100-180m
FY24-27 capex guidance is €100-180m Capital expenditures Working capital Working capital (€m) (€m) Net working capital decreased from €447 million in Q4 2024 to €400 million in Q1 2025. This change is mainly 70 explained by a combination of lower accounts 680 80 50 receivable and higher contract lia
Slide 16: Financial outlook
Financial outlook As included in the Q1 2025 press release published on April 29, 2025: Global trade tensions and recent announcements of reciprocal tariffs have increased macroeconomic uncertainty. It is too early to tell what the impact on GDP and the semiconductor market will be. So far, our disc
Slide 17: Business environment, strategy, and targets
Business environment, strategy, and targets April 29, 2025 ASM proprietary information | 17
Slide 18: Digital transformation drives structural growth
Digital transformation drives structural growth Semiconductor revenue (US$ billion) Source: TechInsights, March 2025 April 29, 2025 ASM proprietary information | 18
Slide 19: AI to drive increased capacity requirements
AI to drive increased capacity requirements AI semiconductor sales outlook (US$b) What it means for ASM: 250 • Increased capacity • More datacenters with higher content servers GPU, ASIC, communications, 200 HB DRAM • More silicon content edge device (ex. phone GPU, NPU, Auto ADAS systems) 150 Mor
Slide 20: WFE spending expected to grow in 2024-2028
WFE spending expected to grow in 2024-2028 WFE market forecast WFE growth driven by secular trends of (US$b) AI, 5G, EV, edge computing, etc. • Longer-term trend supported by multi- 140 year investments • Further scaling, 3D transitions and GAA 120 driving investments in advanced CMOS • In recent ye
Slide 21: WFE by application & ASM customer concentration
WFE by application & ASM customer concentration WFE market by ASM FY24 revenue: WFE market by application application customer Logic/foundry to account the larger part of the total (US$b) WFE sales in 2025. concentration in % ASM FY 2024 revenue: customer concentration 120 The 5 largest customers ac
Slide 22: ASM is focused on deposition equipment
ASM is focused on deposition equipment WFE market segments in 2024 (US$b) • ASM’s focus is on deposition 9 • We are market leader in ALD (mid 50s% 29 share). ALD accounts for more than half 14 of our total equipment revenue • Expanding our position in the Si Epi market • Selective growth in PECVD, v
Slide 23: Strategy: Growth through Innovation
Strategy: Growth through Innovation Our purpose is to improve people’s lives through advancing technologies that unlock new potential Drive strong financial Increase Si Epi market share performance Grow ALD business by maintaining Accelerate Strategic leadership in logic/foundry and sustainability o
Slide 24: ALD market to increase to $4.2-5.0b by 2027
ALD market to increase to $4.2-5.0b by 2027 Single-wafer ALD market outlook Logic/foundry (US$b) • GAA transition • High-k gate & Vt tuning >55% • Sacrificial layers, HM, ESL >55% share • Metals share • Selective ALD 5 US$5.0bn >55% • High aspect ratio TSV share US$4.2bn 4 US$3.7bn Memory 3 US$2.6bn
Slide 25: Si Epi market to reach $2.3-2.9b by 2027
Si Epi market to reach $2.3-2.9b by 2027 Si epitaxy market outlook Change in market mix towards leading edge (US$b) expected in 2024-2027 with move to GAA CAGR Si epitaxy market ‘22-’27 3-8%, with >30% leading-edge segment outgrowing epi >30% share share target market with CAGR ‘22-’27 of 10-15% 3 1
Slide 26: Increased ALD and Epi SAM with move to GAA
Increased ALD and Epi SAM with move to GAA Evolution of logic device architecture Increased ALD & Epi SAM with move to GAA FinFET ASM internal market data, figures not to scale GAA-based transistors offer the potential to deliver Increases served available market for ASM higher capability with lower
Slide 27: Logic GAA creates new ALD/Epi opportunities
Logic GAA creates new ALD/Epi opportunities New interconnect metals: MIM • Molybdenum replacing CVD Tungsten and PVD Copper Selective deposition processes for performance and Yield: Channel Epi Source/Drain Epi • DoD and MoD M1 Increasing embedded M0 functionality: a) additional memory with Epi Si M
Slide 28: Accelerating sustainability for a better tomorrow
Accelerating sustainability for a better tomorrow Responsible Sustainability Innovation People Planet supply chain governance Driving towards a more Our people drive our We are on a journey Our work has impacts far We are committed to sustainable future. success. Through our core towards a greener,
Slide 29: Target Net Zero by 2035
Target Net Zero by 2035 ASM launched its Climate Transition Plan (CTP) in March 2024 • Detailing how we aim to achieve our Net Zero by 2035 target As an important milestone, we achieved our target of 100% renewable electricity in 2024 • Driving a 52% year-over-year reduction in Scope 1 + 2 GHG emiss
Slide 30: Sustainability fully integrated into product development
Sustainability fully integrated into product development Our vision is to develop differentiated & eco-efficient tools & processes, while maximizing energy saving through product innovation. Our aim is to lower energy/precursor usage, emissions and cost per wafer April 29, 2025 ASM proprietary infor
Slide 31: People are at the heart of our success
People are at the heart of our success Headcount growth Voluntary attrition 5,000 4,654 4,632 4,632 4,397 4,000 3,462 2021 11.1% 3,000 2022 10.2% 2,000 1,453 2023 6.6% 1,146 730 588 588 Headcount 1,000 2024 6.8% New hires - 2021 2022 2023 2024 Culture Diversity Employee voice and growth Gender Natio
Slide 32: Investor Day targets FY25* & FY27 targets
Investor Day targets FY25* & FY27 targets *Revenue guidance 2025 – 10 to 20% growth at constant currencies, outgrowing WFE market. While we have reasonable visibility that we will achieve the lower end of the range, achieving the higher end will require some upside opportunities to materialize which
Slide 33: Annex: detailed financials
Annex: detailed financials April 29, 2025 ASM proprietary information | 33
Slide 34: (Estimated) amortization and earn-out expenses
(Estimated) amortization and earn-out expenses € million Q1 24A Q424A Q125A FY25E FY26E FY27E FY28E Cost of sales - - - - - - - Net research and development expenses (3.5) (3.5) (3.5) (14.0) (14.0) (14.0) (14.0) Selling, general and administrative expenses (1.2) (1.2) (1.2) (4.9) (4.7) (4.0) (3.9) T
Slide 35: Adjusted and reported P&L reconciliation
Adjusted and reported P&L reconciliation € million Q4 2024 reported Δ Q4 2024 adjusted Q1 2025 reported Δ Q1 2025 adjusted Revenue 809 809 839 839 Gross profit 407 - 407 448 - 448 Gross margin 50.3% 50.3% 53.4% 53.4% SG&A (77) 1 (75) (77) 1 (76) SG&A as a % of revenue 9.5% 9.3% 9.2% 9.1% Net R&D (10
Slide 36: Income statement (reported)
Income statement (reported) € million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 New orders 698 755 815 731 834 Backlog 1,516 1,576 1,559 1,566 1,515 Book-to-bill ratio 1.1 1.1 1.0 0.9 1.0 Revenue 639 706 779 809 839 Cost of sales (301) (354) (394) (402) (391) Gross profit 338 352 384 407 448 Other inc
Slide 37: Balance sheet
Balance sheet € million Mar. 24 Jun. 24 Sep. 24 Dec. 24 Mar. 25 PP&E (incl. RoU assets) 435 449 458 519 515 Evaluation tools at customers 89 91 107 110 110 Goodwill 321 321 320 321 321 Other intangible assets 738 770 789 816 837 Investments in associates 880 892 859 904 663 Other non-current assets
Slide 38: Cash flow statement
Cash flow statement € million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Net earnings (losses) from operations 173 159 128 226 (29) Adjustments to reconcile net earnings to net cash from operating 22 18 60 35 298 activities Depreciation, amortization and impairments 42 44 51 59 60 Income tax paid (21)
Slide 39: Gross and net R&D expenses (reported)
Gross and net R&D expenses (reported) € million Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Gross R&D expenses 109 118 118 126 123 Capitalization of development expenses (44) (45) (38) (40) (43) Amortization of capitalized development expenses 12 13 19 22 24 Impairment capitalized development expenses -
Slide 40: Quarterly impact of the modified reporting definition of spares & service revenues
Quarterly impact of the modified reporting definition of spares & service revenues € 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 rev
Slide 41: Working capital: historical development
Working capital: historical development €m 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 2019 2020 2021 2022 2023 2024 2025 Working capital (lhs) Quarterly sales (lhs) Days of working capital (rhs) Number
Slide 42: Orders and backlog: historical development
Orders and backlog: historical development €m 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 Q1 2019 2020 2021 2022 2023 2024 2025 Backlog Orders Numbers based on reported financials Q1 and Q4 2019 exclude the impact of patent
Slide 43: Revenue and operating result: historical development
Revenue and operating result: historical development €m 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) 2019 numbers exclude settlement gains of €159m 2022 and 2023 o
Slide 44: Cash returned to shareholders
Cash returned to shareholders Dividend per share Cumulative cash returned to (€ paid over) market (€m) 3,000 2,500 2,000 3.00 3.00 2.75 1,500 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 45: For more information visit asm.com
For more information visit asm.com April 29, 2025 ASM proprietary information | 45