ASML Holding

EUV revenue grew 39% year-over-year in 2025 driven by more tools, a Low NA product mix heavy in the 3,800 family (productivity stepping from 160 to 220 wafers/hour) and initial High NA recognition. ASML recognized the first $5200B — the High NA high-volume manufacturing tool — as a customer accepted and began HVM deployment.

Christophe said the last three months have changed the dynamic — customers now believe in AI demand sustainability and are planning and committing to capacity for memory and logic. TSMC, Samsung and Micron announcements are translating directly into ASML shipments and supply-chain ramp.

Management announced 1,700 positions leaving the company — 1,600 in the technology organization and 100 in IT — reshaping ~3,000 leadership roles down to ~1,500 while creating 1,400 new engineering positions. Framed as agility/innovation unlocking rather than cost savings, and Roger said restructuring charges will not be material.

Roger said China is going down in both absolute system sales and as a percentage, from 29% of total sales in 2025 to about 20% in 2026 — still ~€$7.5B at the midpoint. He framed it as normalization after an abnormally large backlog build during COVID, not as falling off a cliff.

ASML completed €$7.6B of its previous €$12B program and announced a new €12 billion 3-year share buyback. Full-year dividend proposed at €7.50 per share with a Q1 interim of €1.60 and a €2.70 final pending AGM approval — a significant increase over last year.