Hello, and welcome to ASML's Q4 2025 and full year 2025 results video. Roger, if I can start with you, and ask you to give us a summary of both Q4 '25 and the full year's results.

Q4 net revenue came in at €9.7 billion, that included the recognition of revenue for two High-NA systems. For the full year, revenue came in at €32.7 billion euros, which was a 16% increase compared to 2024.

Installed Base business came in for the quarter at €2.1 billion. If you take the full year, €8.2 billion, quite strong, first on the basis of the service revenue for EUV, obviously with the expansion of the installed base for EUV, you see the service revenue increasing there, but also there was quite some appetite for upgrade business.

That led to quite a strong revenue for the Installed Base business. Gross margin for the quarter, 52.2%.

If you take it for the full year, that was 52.8%. Net income, again for the quarter, €2.8 billion, for the full year, €9.6 billion euros.

In terms of net bookings, net bookings came in at €13.2 billion euros, included in there, €7.4 billion euros for EUV. If you look at the backlog that we had at the end of last year, at the end of 2025, €38.8 billion total backlog, of which €25.5 billion for EUV.

Yeah. Then, can you give us some color on what you saw in terms of the business in Q4 specifically?

Clearly it was a strong quarter, right? A strong quarter, it was a record quarter in terms of revenue, it was a record quarter in terms of order intake, it was a record quarter in terms of free cash flow generation.

From that vantage point, clearly a very strong quarter. If you listen to our customers, both what they say publicly, but also what they told us, it's pretty clear that customers over the past couple of months have actually become more positive in their assessment of the medium-term market perspectives as they as they see it.

I think that's primarily on the basis of the the the more robust view that they have when it comes to demand for AI, which, seems to be more sustainable from their vantage point, and that recognition has led, some of our customers to really invest in in capacity and and and gear up their their plans for medium-term capacity expansion. That's been clearly the case, and that perspective has obviously also led to a strong order intake for for us.

Finally, I would say, important for Q4 is also that we were actually able to demonstrate our ability to to gear up our output, which again is going to be important also in light of the expectations that we have for '26.

Then moving to '26, how are you guiding both Q1 and the full year?

Q1, we expect net revenue to be somewhere between €8.2 and €8.9 billion. That's the expectation for the quarter in terms of revenue.

We expect a gross margin between 51% and 53%. When it comes to the Installed Base revenue, we expect around €2.4 billion in Q1.

For the total year, we're looking at total net revenue expected between 30 €34 and €39 billion euros with a gross margin between 51% and 53%.

Christophe, in terms of the market outlook that supports Roger's commentary there, can you give us a little bit of color how you're seeing things?

I think that Roger already mentioned very clearly that the market outlook has notably improved in the last few months. This is especially true when it comes to the build-up of the capacity for AI application, being data center or other infrastructure.

Now we start to see that this build-up is also translating into need for capacity at our advanced customer. This is true for logic.

This is true for DRAM. This start to translate also into orders for our most advanced technology, especially EUV.

In the last few months, we have seen our DRAM customer, our logic customer starting to accelerate their planning capacity, and having this discussion with us. If I look at logic first, there, I think we see our customer starting to be more comfortable about the sustainability of the long-term AI demand, and this means that they are more willing to accelerate their capacity planning.

They are transitioning also from 4-nanometer technology to 3-nanometer technology, which is going to be more demanding in term of advanced technology. Finally, of course, the ramp of 2-nanometer is going on, and I would say is accelerating, in order to fulfill the future need of mobile and HPC application.

When I look at DRAM, there also the demand is very strong for HBM, of course, but also for DDR. This mostly will lead to a very tight supply, at least in 2026, and most probably beyond that.

We see our customer ramping 1b, 1c node, which are going to be critical for that demand. On those nodes, we see them increasing basically the amount of EUV layers.

We have talked about that in the past. I think we see that happening very strongly right now.

Altogether, we see a very positive dynamic. I think a strong belief that the AI demand is real, and a preparation for that with on the short term a major addition of capacity.

This will start in 2026, and will last beyond that.

Turning back to you, Roger, how do you see that then translating into ASML's business?

If we start with the EUV business, I think, against the backdrop of the demand and the developments that Christophe was describing, we expect the EUV business to increase significantly, EUV revenue to significantly go up in comparison to 2025. When it comes to the non-EUV system business, in total, we expect that to be kind of flattish in comparison to 2025, but with different moving parts in there.

If you look at advanced logic, if you look at memory, we actually expect the demand also on the non-EUV business to go up there. On the China business, we expect the China business for us to come in at approximately the percentage that China also has in our backlog, which is around 20% of the backlog, and therefore 20% of our revenue is what we expect the China business to come in at.

Then, I would say, very clearly also in the non-EUV business, it's pretty clear that the metrology and inspection business is quite strong. There is a lot of demand for process control.

Therefore, we expect that business to go up as well. Those are the different moving parts, but all in all, we expect the non-EUV business to be sort of flattish, the non-EUV system business.

Then the Installed Base business, I already told you that the Installed Base business in 2025 was quite strong, and we actually expect the same dynamics to also go into 2026. We actually expect that business to go up as well.

Growth in Installed Base on the back of, again, the growth of the Installed Base business for EUV, and also in the current climate a significant appetite, we think, for upgrades and for upgrade business, because frankly, that's the easiest and fastest way for customers to get additional output capacity.

Then if I can ask you to give us an update on how you're seeing the technology road map development for ASML?

First I'd like to say that the appetite for technology from our customer for those advanced node is very, very high. That's true for almost all the product in ASML.

If I start with Low-NA, 2025 has been a critical, but also a good year to ramp our NXE:3800. This tool is now extremely important for our customer.

They are going to rely on it for the next advanced DRAM, logic nodes. We have been able to mature the product, reach the final throughput of 220 wafer per hours, but even demonstrate at some customer that we could go on this tool up to 230 wafer per hours.

Roger said it, upgrades, when you need capacity, upgrades become very, very important. This will be good for the 3800, but we're also providing on EUV more upgrades for the installed base so that we help our customer on a very short term with capacity.

We also expect Low-NA EUV to continue to see more utilization moving forward. We talked a lot about litho intensity.

When we look at, for example, the transition from 6s squared to 4s squared on DRAM, we also expect both immersion and Low-NA to be used even more. There also we expect good dynamic on litho intensity.

Looking at High-NA, customer continue to make good progress on the qualification. I've talked about the three phases in the past.

A lot of customer are finalizing their R&D phases with the 5000. Intel has reported that they have accepted their first 5200, which means basically they have the first tool that will be used in high-volume manufacturing, and other customer are going to also get the tool in their hands very, very quickly.

The qualification of the tool is going well. Imaging performance, overall performance, everything is looking good for our customer right now.

Inspection, metrology, Roger touched on that, almost 30% growth this year, which is significant. It means that both the need for those product is high, but also the product we're offering are basically meeting our customer need, both on optical overlay metrology, but also e-beam inspection.

On e-beam inspection, multi-beam is becoming more and more critical. 2025 was also a good year for this product, allowing us to mature the technology, demonstrate initial value with our customer.

We expect also that product, I would say, to have more attraction in 2026. Overall, huge appetite for technology, a lot of project in ASML.

Some of the key products should become, I would say, production-worthy in the coming months.

Back to you, Roger, would you be able to give us an update on dividend and buybacks, what we're doing on that front?

This quarter we'll pay an interim dividend of €1.60 per ordinary share. We're going to actually propose to the AGM to have a final payment as it pertains to last year of €2.70 per ordinary share.

If you combine that with the interim dividends that would have been made at that point in time, then the total dividend as it relates to 2025 would be at €7.50 per ordinary share, which would actually be a 17% increase over the dividend over 2024. In terms of share buyback, the previous program ran until December.

We didn't complete that. We bought back shares for an amount of €7.6 billion euros.

The maximum amount was €12 billion. We announced today a new program for again a three-year period, it ends December 2028, and for an amount up to €12 billion euros.

Christophe, to finish, if you could give us a reminder on how you're seeing maybe the longer-term demand and what that means for ASML?

I think one of the key points we made at our Capital Market Day in November 2024 was that AI application will require more advanced technology in DRAM and logic, and will drive basically some of our most advanced product. I think that this is being confirmed as we speak.

The last few months have pointed basically exactly to that dynamic. We also see that the progress we continue to make on our cost of technology with EUV is driving for more litho intensity.

That's again something that has been confirmed in the last few months. If we look in to the long term, in line to what we said in November 2024, for 2030, we expect revenue between €44 and €60 billion, and a gross margin between 56% and 60%.

Very clear. Thank you both very much.

You're welcome.