Message from our CFO, Roger Dassen
Executive Vice President and Chief Financial Officer
Dear Stakeholder,
This was another excellent year for ASML. In line with expectations, sales grew 15.6% driven by the continuing growth in AI.
Our EUV business performed well on the back of strong sales of the TWINSCAN NXE:3800E. This latest addition to our NXE series has been well received by our customers as this system delivers greater productivity, enabling them to achieve higher wafer capacity.
We also carried out a significant number of TWINSCAN NXE:3800E field upgrades, which resulted in a substantial portion of EUV system revenue being shifted to installed base revenue.
Our DUV business in China turned out to be stronger than anticipated, offsetting marginally lower than anticipated non-China DUV business as mainstream business outside of China remained weak.
Key dynamics of 2025
There were three important factors this year. Firstly, heightened levels of uncertainty were apparent for some customers, who were understandably apprehensive about investing in major manufacturing bases if the equipment they needed could potentially become significantly more costly.
Secondly, while AI-related demand continued to surge, demand from other segments was relatively subdued during the first part of 2025.
Finally, the number of customers seizing opportunities generated by AI began to increase.
Putting AI at the heart of our organization
Software already is a major factor in driving the performance of our systems – by incorporating AI, we can elevate precision and speed to the next level. We are also using AI to become more efficient as an organization.
In R&D, we are using AI to reduce the time-to-market for new products and services, and AI is helping us in several operational areas, in customer support, and in the company’s enabling functions, including Finance, IT, HR, and Legal and Compliance.
…and of our future
Building on a long history of working closely with organizations across our ecosystem, we recognized that we cannot reap the benefits of AI – for ourselves as well as for our customers – without engaging with external partners.
We were delighted to take an approximately 11% share on a fully diluted basis in Mistral AI during 2025 – its high-quality large language model supports software coding and therefore plays a pivotal role in the development of our systems.
Leading the way on sustainability reporting
The finance team worked hard throughout 2025 to help ASML maintain its reputation as a role model in sustainability reporting. We prepared our previous 2024 Annual Report in accordance with European Sustainability Reporting Standards (ESRS) requirements, and I am pleased to say that this year’s report follows suit.
We also took part in the consultation process around the EU’s Omnibus Simplification Package, which aimed to simplify sustainability reporting for companies by reducing the number of mandatory data points, clarifying provisions and streamlining requirements.
Looking ahead
Looking ahead to 2026, we anticipate total net sales of between €34 billion and €39 billion. The expected gross margin is between 51% and 53%, alongside an annualized effective tax rate of around 17% (based on US GAAP).
We expect EUV revenues to increase significantly in 2026 as a result of the dynamics in advanced Logic and DRAM. For non-EUV, we anticipate that revenues for 2026 will be similar to 2025. Finally, regarding our service and field option sales business, we expect another year of revenue growth.
In summary, our long-term outlook remains robust, supported by the combination of strong market dynamics and a solid strategic roadmap for our products and services.
Roger Dassen
Executive Vice President and Chief Financial Officer
Read the full message from our CFO in the 2025 Annual Report.
2025 performance
All figures based on US GAAP
Our performance KPIs
Total net sales
Total net sales increased by €4.4 billion to €32.7 billion – a 15.6% year-over-year increase.
In Logic, net sales were driven by leading-edge foundry growth in support of strong AI demand and our customers building capacity for their next nodes. In Memory, momentum is fueled by investment in high-bandwidth Memory (HBM) and DDR5 to support AI-related applications, which remain a key growth driver in the Memory market.
Net service and field options sales increased mainly due to the growing installed base, higher levels of lithography tool use for certain customers and more NXE field upgrades.
Total net sales growth
€ billions
Net system sales
2025
Net service and field option sales
2025
Increase on previous year
Research and development
R&D costs totaled €4.7 billion in 2025, with efforts primarily focused on:
- Developing our NXE:3800E and NXE:3800F systems, and further improving the availability and productivity of our NXE installed base systems
- Developing our EXE systems to support future nodes for Logic and DRAM customers
- Investment in next-generation lithography systems, to increase productivity and make a next step in cost effectiveness for customers, and investing in packaging portfolio (XT:260)
- Investment in e-beam inspection, e-beam metrology and YieldStar optical metrology
- Executing our multibeam inspection roadmap
- Expanding our investment in holistic software applications
Research and development
€ billions
Long-term growth opportunity for 2030
Based on different market and lithography intensity scenarios, we see an opportunity to achieve 2030 annual revenue between approximately €44 billion and €60 billion with gross margin between approximately 56% and 60%.
All figures are based on US GAAP and as presented during our Investor Day in November 2024.
