ASML Holding N.V.

Q3 2026 delivered strong “beat” performance and shareholder returns - Net sales: €11.7B (record), at/near the high end of guidance - Gross margin: 57.5% (above guidance), supported by high-margin installed-base management upgrades and strong component mix - Installed base management sales: €3.3B, ~€400M above guidance (driven by demand for productivity upgrades in EUV + DUV) - Profit & EPS: Net income €5.0B; EPS €12.95, including ~€500M mark-to-market effect from the Mistral AI initial investment - Cash & free cash flow: €12.7B cash/cash equivalents/short-term investments; Free cash flow €11.4B - Dividends/buybacks: Interim dividend €1.88/share (paid in Q3); €4.1B share buybacks in Q3

Forward guidance: Q4 and full-year 2026 remain upbeat (growth + margin stability) - Q4 net sales: €14.2B–€15.2B - Q4 gross margin: ~57% (slightly down vs Q3, explained by ramp costs) - Q4 installed base management: ~€3.7B - Full-year 2026 net sales: €44B–€45B (≈ +36% YoY) - Full-year 2026 gross margin: ~56% - Growth breakdown expectation (FY 2026): - EUV: >45% growth - Non-EUV system sales: ~20% growth - Installed base management: ~50% growth - End-use expectation: Logic system sales ~+10%, Memory ~+75% (capacity + EUV adoption on advanced DRAM)

Capacity is the core theme: demand > supply, but ASML is trying to outrun it - Customers indicate product demand will outpace supply through at least 2028, driving accelerated wafer capacity build-out - ASML is ramping output but acknowledges current plans may not fully meet demand beyond 2027 - 2026 output targets mentioned: - Low-NA EUV: ~65 systems in 2026 (vs 44 shipped in 2025; ~+50% YoY) - DUV immersion: now expected to deliver similar quantity as 2025 - Planned growth (prior guidance): +30% in 2027 (both low-NA EUV and DUV immersion); investigation of +30% in 2028 - Update this quarter: ASML is now looking to increase 2028 capacity further above +30% YoY, but no new fixed unit numbers provided for 2027/2028 yet