Slide 1: ASM Q1 2026 results
ASM Q1 2026 results April 21, 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 Q1 2026 results 3 Business environment, strategy, and targets 4 Annex: detailed financials April 21, 2026 ASM proprietary information | 3
Slide 4: Investment highlights
Investment highlights April 21, 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: Q1 2026 results
Q1 2026 results April 21, 2026 ASM proprietary information | 6
Slide 7: Financial highlights Q1 2026
Financial highlights Q1 2026 €863m €460m 53.3% Revenue Gross profit Gross margin (+16% yoy at constant currency) (+17% yoy at constant currency) (53.4% in Q1 2025) €286m 33.1% €246m Adjusted operating profit1 Adjusted operating margin1 Adjusted net earnings1 (+21% yoy at constant currency) (32.3% in
Slide 8: Q1 2026 financial highlights
Q1 2026 financial highlights Revenue • Revenue in Q1 2026 of €863 million reached the high end of the guidance of €830 million +/-4%, and was primarily driven by logic/foundry, with continued strength in the leading-edge segment and a sequential strong rebound in mature logic/foundry sales in China.
Slide 9: Revenue and gross margin
Revenue and gross margin Revenue Gross profit Revenue (€m) (€m) • Total revenue increased 16% yoy at cc (3% as 600 57. 0% 53.4% 53.3% reported), and 26% qoq at cc (24% as reported). 900 839 863 500 49.8% 52. 0% 448 460 • Equipment revenue increased 14% yoy, and 42% qoq 800 171 187 at cc. Spares & se
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 8% yoy (decreased by 79 12. 0% 14.1% 10.6% 160 14. 0% 1% as reported), and by 3% qoq at cc (2% at 12.0% reported). The yoy increase is mainly due to 78 9.1% 11.4% 10. 0% 8.8% 12. 0% increased variable expens
Slide 11: Operating result
Operating result Adjusted operating result Adjusted operating result (€m) • Adjusted operating result increased by 21% yoy at cc 350 33.1% 35.0% 32.3% (5% as reported), and increased by 67% qoq at cc 300 286 30.0% (63% as reported). 271 25.1% • Adjusted operating margin reached a quarterly high of 3
Slide 12: Net earnings
Net earnings Adjusted net earnings Including: (€m) Foreign currency exchange • Adjusted net earnings included a currency translation 246 gain of €10.4 million, compared to a translation loss of €40.3 million in Q1 2025. Share in income of investments in 192 170 associates • Share in income of invest
Slide 13: Cash position and FCF
Cash position and FCF Cash Free cash flow Free cash flow (FCF) (€m) (€m) • FCF was €48 million negative in Q1 2026, explained by an outflow for working capital given the sharp increase in activity levels in the quarter. 264 1,145 • Cash flow from investing in Q4 2025 included an €81 million M&A-rela
Slide 14: Capex and working capital
Capex and working capital Capital expenditures Working capital Capital expenditures (capex) (€m) (€m) • Capex decreased 64% qoq due to the elevated level 69 in Q4 2025. Q4 primarily reflected the phasing 800 70 106 related to the construction of the new R&D facility in 700 661 60 Scottsdale, Arizona
Slide 15: Financial outlook
Financial outlook As included in the Q1 2026 press release published on April 21, 2026: At constant currency, we project revenue to increase to €980 million +/-5% in Q2 2026, and we continue to anticipate revenue in the second half of 2026 to be higher than in the first half. Our view is unchanged t
Slide 16: Business environment, strategy, and targets
Business environment, strategy, and targets April 21, 2026 ASM proprietary information | 16
Slide 17: Semiconductor market growth expectations
Semiconductor market growth expectations Semiconductor market forecast Semiconductor market: AI vs. non-AI (US$ billion) (US$ billion) 2,000 1,400 1,200 1,500 1,000 800 1,000 600 400 500 200 0 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2023 2024 2025 2026 2027 2028 2029 Gartn
Slide 18: Wafer fab equipment (WFE) market expectations
Wafer fab equipment (WFE) market expectations WFE market forecast WFE by segment (US$ billion) (US$ billion) 250 250 200 200 150 150 100 100 50 50 0 - 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2022 2023 2024 2025 2026 2027 2028 2029 2030 Gartner TechInsights Logic/foundry DRAM
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: 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 21: 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 additional complexity 3.2 • Increased number of layers in leading-edge DRAM 2.5 transition from 6F2 to 4F2 and
Slide 22: 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 23: 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 24: 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 CAGR >12% • >50% business coming from outcome-based services by 2030 • Outcome-based grew from 2
Slide 25: 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 26: 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 April 2
Slide 27: 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 28: 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 29: Annex: detailed financials
Annex: detailed financials April 21, 2026 ASM proprietary information | 29
Slide 30: (Estimated) amortization, SBC and earn-out expenses
(Estimated) amortization, SBC and earn-out expenses Q1 2025 Q4 2025 Q1 2026 2026 2027 2028 2029 € million Actual Actual Actual Estimate Estimate Estimate Estimate Net research and development expenses (3.5) (3.5) (4.0) (16.0) (16.1) (16.1) (16.1) Selling, general and administrative expenses¹ (1.2) (
Slide 31: Income statement (reported)
Income statement (reported) € million Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Revenue 839.2 835.6 800.0 698.3 862.5 Cost of sales (391.4) (402.4) (385.1) (350.6) (402.7) Gross profit 447.8 433.2 414.9 347.7 459.9 Selling, general and administrative (77.5) (73.9) (69.7) (75.5) (79.5) Research and dev
Slide 32: Adjusted and reported P&L reconciliation
Adjusted and reported P&L reconciliation € million Q4 2025 reported Δ Q4 2025 adjusted Q1 2026 reported Δ Q1 2026 adjusted Revenue 698.3 - 698.3 862.5 - 862.5 Gross profit 347.7 - 347.7 459.9 - 459.9 Gross margin 49.8% - 49.8% 53.3% - 53.3% SG&A (75.5) 1.2 (74.3) (79.5) 3.7 (75.8) SG&A as a % of rev
Slide 33: Operating performance: reported vs. constant currency (cc)
Operating performance: reported vs. constant currency (cc) € million Q1 2026 QoQ reported QoQ cc YoY reported YoY cc Revenue 862.5 24% 26% 3% 16% Equipment revenue 675.7 39% 42% 1% 14% Spares & services revenue 186.8 -12% -11% 9% 23% Gross profit 459.9 32% 35% 3% 17% Adjusted SG&A expenses (75.8) 2%
Slide 34: Balance sheet
Balance sheet € million Mar. 25 Jun. 25 Sep. 25 Dec. 25 Mar.26 PP&E (incl. RoU assets) 514.8 515.9 524.0 608.2 628.3 Evaluation tools at customers 110.4 109.8 109.5 106.1 100.8 Goodwill 320.6 319.2 319.1 340.5 340.9 Other intangible assets 836.7 871.0 898.0 995.9 1,020.3 Investments in associates 66
Slide 35: Cash flow statement
Cash flow statement € million Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Net earnings from operations (28.9) 202.4 384.1 166.1 238.5 Adjustments to reconcile net earnings to net cash from operating 339.5 51.8 (135.7) 6.8 104.1 activities Decrease (increase) in working capital 36.0 (16.4) 64.4 (9.2) (29
Slide 36: Gross and net R&D expenses (reported)
Gross and net R&D expenses (reported) € million Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Gross R&D expenses 123.4 131.5 129.1 127.9 127.6 Capitalization of development expenses (43.0) (53.6) (53.8) (54.7) (48.2) Amortization of capitalized development expenses 23.7 22.8 23.5 22.4 22.7 Impairment capi
Slide 37: Working capital: historical development
Working capital: historical development 1000 90 900 80 800 70 700 60 600 50 500 40 400 30 300 20 200 100 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 Q1 2019 2020 2021 2022 2023 2024 2025 2026 Working capital (lhs) Quarterly sales (lhs) Days of working c
Slide 38: 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 39: 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 40: For more information visit asm.com
For more information visit asm.com April 21, 2026 ASM proprietary information | 40