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ASML 2025 Annual Report Based on US GAAP
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ASML 2025 Annual Report Based on US GAAP
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Cover page for the ASML 2025 Annual Report based on US GAAP, introducing the corporate report and setting the visual tone for the document.
Full-page cover with corporate branding, report title, and minimal supporting text.
This page belongs to the "Strategic report" section and highlights: ASML is a leading innovator in the global semiconductor ecosystem. Working closely with our customers and partners, we provide the hardware, software and services that help chipmakers create more powerful, affordable and energy- efficient microchips.
Corporate annual-report layout with section header, multi-column body text, and occasional charts or callouts.
This page belongs to the "Contents" section and highlights: Powering technology forward… 29…through customer collaboration. 31…through cutting-edge physics. 33…through collective innovation. 35…through diverse, inspired talent. 37…using the potential of AI. 39…while aiming to reduce environmental impact.
Index-style layout with section headings, page references, and structured navigation.
This page belongs to the "Special note regarding forward-looking statements" section and highlights: General This Annual Report and related discussions contains statements relating to our business, expected results, business and industry trends, environmental targets, and other matters that are “forward-looking” within the meaning of the Private Securities Litigation Reform Act of 1995.
Formal statement layout dominated by tabular financial data, footnotes, and accounting disclosures.
This page belongs to the "At a glance – 2025 overview" section and highlights: ASML has been helping microchip manufacturers power technology forward since 1984. Our holistic lithography solutions, software and services help chipmakers achieve their highest yields and best performance.
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This page belongs to the "At a glance – 2025 overview" section and highlights: 0 kt Net scope 1 and 2 CO2e emissions 11.5 Mt Net scope 3 CO2e emissions 90% Reuse rate of parts returned from the field and factory €1,750 Amount invested in communities (per employee), including employee giving Our values We challenge By questioning the status quo and pushing boundaries, keeping technology moving forward.
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This page belongs to the "In conversation with our CEO" section and highlights: Christophe Fouquet President, Chief Executive Officer and Chair of the Board of Management STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 7 At a glance Q&A with the CEO Our business Financial performance Risk and security In conversation with Christophe Fouquet President, Chief Executive Officer and Chair of the Board of Management “Innovation is the engine of ASML – the key to both our past and future successes.”
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This page belongs to the "In conversation with our CEO" section and highlights: Christophe Fouquet discusses the principal themes of the year, the achievements that gave him most satisfaction and how ASML aims to maintain its performance in the years ahead while meeting the needs of a diverse group of stakeholders Q Looking back at the year, what were the most significant milestones and challenges?
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This page belongs to the "In conversation with our CEO" section and highlights: Q What technological breakthroughs have given you the greatest sense of pride?
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This page belongs to the "In conversation with our CEO" section and highlights: Q ASML has a long-standing commitment to ESG. What progress did you make in 2025? We believe that leading the way on ESG issues has always been the right thing to do for all our stakeholders as well as for the planet we all share.
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This page belongs to the "In conversation with our CEO" section and highlights: While this will allow some of our impacted colleagues to move to new roles, we have to acknowledge that this could result in a net reduction of 1,700 positions.
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This page belongs to the "Our business" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 12 At a glance Q&A with the CEO Our business Financial performance Risk and security Our business 13 Our holistic approach to lithography 17 Our products and services 21 Our marketplace 27 Our business strategy 28 Deepen customer trust 30 Extend our technology and holistic product leadership 32 Strengthen ecosystem relationships 34 Create an exceptional workplace 36 Drive operational excellence 38 Deliver on ESG sustainability 40 Our business model 43 Engaged stakeholders
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This page belongs to the "Our holistic approach to lithography" section and highlights: Moore’s Law and the evolution of chipmaking In 1965, Intel co-founder Gordon Moore predicted that the number of transistors in an integrated circuit (IC) would double every year, later revising this to every two years.
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This page belongs to the "Our holistic approach to lithography" section and highlights: The chipmaking process Microchip manufacturing is a complex, multi-step process that takes place in highly specialized semiconductor fabrication plants, known as ‘fabs’.
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This page belongs to the "Our holistic approach to lithography" section and highlights: The role of our lithography systems Microchips are made by layering complex, patterns that build transistors, circuitry and interconnects – a process to which ASML’s lithography systems are central.
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This page belongs to the "Our holistic approach to lithography" section and highlights: Maximizing the process window Our integrated lithography solutions work to maximize the process window – the collection of acceptable ranges of process parameters that allow a microchip to be manufactured and meet desired specifications.
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This page belongs to the "Our products and services" section and highlights: Extreme ultraviolet (EUV) lithography systems Our EUV lithography systems make it possible to print the smallest features on microchips at the highest density, and are used for the most intricate, critical layers on the most advanced microchips.
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This page belongs to the "Our products and services" section and highlights: TWINSCAN NXE platform (EUV 0.33 NA) Our TWINSCAN NXE platform was first introduced in 2013 and is now widely adopted in high-volume manufacturing by our major customers.
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This page belongs to the "Our products and services" section and highlights: We offer two categories of systems for use before and after etching. Pre-etch metrology measures the overlay and focus of the lithography system based on the pattern printed on the photoresist.
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This page belongs to the "Our products and services" section and highlights: During lithography, diffraction of the light and various physical and chemical effects distort the image the machine is trying to print. Think of this like trying to draw a fine line with a broad watercolor paint brush – it smudges in many places.
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This page belongs to the "Our marketplace" section and highlights: The semiconductor market again saw strong double-digit growth with the same drivers as last year: advanced Logic and DRAM for AI continued to lead.
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This page belongs to the "Our marketplace" section and highlights: What’s happening Our business is subject to global export control laws and regulations.
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This page belongs to the "Our marketplace" section and highlights: With the Internet of Things (IoT), smart, connected networks seamlessly communicate over powerful 5G networks – unleashing the power of unprecedented data volumes better and faster than ever.
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This page belongs to the "Our marketplace" section and highlights: Agricultural innovation Remote farmland, especially in emerging economies, faces climate change challenges. With growing access to mobile devices, local farmers use smartphones and smart sensors to enhance their agricultural practices.
ESG reporting layout using thematic headings, charts/tables, iconography, and narrative explanations.
This page belongs to the "Our marketplace" section and highlights: 3. Semiconductor industry market developments Semiconductor technology plays a crucial role in shaping the interconnected and intelligent network future – and we believe end markets will continue to grow.
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This page belongs to the "Our marketplace" section and highlights: 4. The forces impacting our strategy Maintaining customer trust requires focus on innovation, cost, quality, response time and sustainability. We need to manage complexity in systems and processes and strengthen our sites, supply chain and people.
ESG reporting layout using thematic headings, charts/tables, iconography, and narrative explanations.
This page belongs to the "Our business strategy" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 27 At a glance Q&A with the CEO Our business Financial performance Risk and security Our business strategy Our six priorities will drive long-term growth.
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This page belongs to the "Deepen customer trust" section and highlights: 1 Deepen customer trust Consistently deliver innovative, high-quality and reliable holistic lithography solutions that foster long-term customer partnerships and set industry standards for excellence Our commitment to deepen customer trust is woven into every facet of our operations, driving us to continually: • Increase value creation focused on innovation, cost, quality, response time and sustainability.
ESG reporting layout using thematic headings, charts/tables, iconography, and narrative explanations.
This page belongs to the "Deepen customer trust" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 29 At a glance Q&A with the CEO Our business Financial performance Risk and security Our business strategy (continued) Powering technology forward through customer collaboration Keeping our lithography systems running 24/7 At ASML, customer trust is a guiding principle woven into the daily work of engineers like Edison Alameda.
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This page belongs to the "Extend our technology and holistic product leadership" section and highlights: 2 Extend our technology and holistic product leadership Integrate hardware, software and emerging solutions to create industry-defining products for our stakeholders As a key manufacturer of lithography equipment, ASML plays a vital role in the semiconductor value chain.
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This page belongs to the "Extend our technology and holistic product leadership" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 31 At a glance Q&A with the CEO Our business Financial performance Risk and security Our business strategy (continued) Powering technology forward through cutting-edge physics 1,000-watt EUV light source power shows path to higher productivity In April 2025, ASML reached a historic milestone: demonstrating the first ever 1,000-watt light source for EUV lithography.
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This page belongs to the "Strengthen ecosystemrelationships" section and highlights: 3 Strengthen ecosystem relationships Collaborate with suppliers, academic partners and industry leaders to foster innovation, resilience and shared success across the value chain Together with our customers, suppliers, research and technology partners and peers, we: • Focus on our shared goals and responsibilities for cost, quality and sustainability to secure resilience and continuity through strategic sourcing and close cooperation.
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This page belongs to the "Strengthen ecosystemrelationships" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 33 At a glance Q&A with the CEO Our business Financial performance Risk and security Our business strategy (continued) Powering technology forward through collective innovation Getting even closer to our suppliers In the dynamic landscape of semiconductor manufacturing, ASML’s supply chain serves as the foundation of our operations, enabling us to push the boundaries of technology while meeting the evolving demands of our customers.
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This page belongs to the "Create an exceptional workplace" section and highlights: 4 Create an exceptional workplace Foster inclusivity, support talent development and cultivate a culture where all employees thrive and contribute to long- term success To unlock our growth potential, we are striving to build an exceptional workplace where our people can develop their exceptional talents and thrive.
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This page belongs to the "Create an exceptional workplace" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 35 At a glance Q&A with the CEO Our business Financial performance Risk and security Our business strategy (continued) Powering technology forward through diverse, inspired talent Diversity is a fact, inclusion is an act It is one thing to be a diverse organization, benefiting from a workforce with a wide range of backgrounds, cultures, experiences and ways of thinking, but we believe being an inclusive organization – one where everybody can be at their best – can make a real difference.
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This page belongs to the "Drive operational excellence" section and highlights: 5 Drive operational excellence Drive continuous improvement, efficiency and integrity to ensure high performance, quality and resilience throughout the organization ASML is preparing for expected significant growth through 2030 by expanding its product range and operations, which demands a resilient and scalable industrial strategy and global footprint.
Corporate annual-report layout with section header, multi-column body text, and occasional charts or callouts.
This page belongs to the "Drive operational excellence" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 37 At a glance Q&A with the CEO Our business Financial performance Risk and security Our business strategy (continued) Powering technology forward using the potential of AI How AI helps drive innovation at ASML Artificial intelligence is presenting new ways to extend our innovation roadmap.
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This page belongs to the "Deliver on ESG sustainability" section and highlights: 6 Deliver on ESG sustainability Drive progress in environmental, social and governance issues important to ASML and our stakeholders Key dynamics impacting our ESG sustainability strategy Our technology enables our customers to create faster, more powerful and energy- efficient microchips.
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This page belongs to the "Deliver on ESG sustainability" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 39 At a glance Q&A with the CEO Our business Financial performance Risk and security Our business strategy (continued) Powering technology forward while aiming to reduce environmental impact Simpler processes can make chip production more sustainable The global economy relies on a supply of ever-more powerful microchips.
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This page belongs to the "Our business model" section and highlights: People and culture We depend on more than 44,000 talented, dedicated and motivated employees who live our values of challenge, collaborate and care.
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This page belongs to the "Our business model" section and highlights: How we create sustainable long-term value throughout the semiconductor value chain. As a leading provider of holistic lithography solutions, we deliver value throughout the semiconductor value chain.
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This page belongs to the "Our business model" section and highlights: Customers Our world-leading lithography systems enable our customers to develop ever-more-powerful and energy-efficient chips for new applications and devices. At the same time, we help our customers reduce their costs and environmental footprint.
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This page belongs to the "Engaged stakeholders" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 43 At a glance Q&A with the CEO Our business Financial performance Risk and security Engaged stakeholders We listen to our stakeholders and work with them to make the best- informed decision.
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This page belongs to the "Engaged stakeholders" section and highlights: At each stage of the customer relationship, we aim to foster trust – with the goal of achieving high customer satisfaction and loyalty.
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This page belongs to the "Engaged stakeholders" section and highlights: We strive for engaged employees who are proud to work for ASML and committed to our vision and ambitions. Innovation thrives in an environment where everyone is empowered to contribute.
Corporate annual-report layout with section header, multi-column body text, and occasional charts or callouts.
This page belongs to the "Engaged stakeholders" section and highlights: Our suppliers are an essential part of our value chain and critical to our ability to innovate.
Corporate annual-report layout with section header, multi-column body text, and occasional charts or callouts.
This page belongs to the "Engaged stakeholders" section and highlights: We aim to help shareholders – as well as financial and ESG sustainability analysts – understand our long- term strategy.
ESG reporting layout using thematic headings, charts/tables, iconography, and narrative explanations.
This page belongs to the "Engaged stakeholders" section and highlights: We know our actions and activities have an impact beyond ASML – on the world around us in its broadest sense, which is how we define society.
Corporate annual-report layout with section header, multi-column body text, and occasional charts or callouts.
This page belongs to the "Financial performance" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 49 At a glance Q&A with the CEO Our business Financial performance Risk and security Financial performance 50 Message from our CFO 53 Financial performance KPIs 58 Long-term growth opportunities
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This page belongs to the "Message from our CFO" section and highlights: Roger Dassen Executive Vice President and Chief Financial Officer STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 50 At a glance Q&A with the CEO Our business Financial performance Risk and security Message from our Executive Vice President and Chief Financial Officer Roger Dassen “Results in line with guidance, as AI investment continues to gather momentum.”
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This page belongs to the "Message from our CFO" section and highlights: Dear Stakeholder, This was another excellent year for ASML. In line with expectations, sales grew 15.6% as compared to 2024, driven by continuing growth in AI and a steady increase in the number of customers capitalizing on this significant industry trend.
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This page belongs to the "Message from our CFO" section and highlights: …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.
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This page belongs to the "Financial performance KPIs" section and highlights: Sales Profitability Liquidity Total net sales Gross profit % of total net sales Cash and cash equivalents and short-term investments (year end) €32.7bn €17.3bn 52.8% €13.3bn 2024: €28.3bn 2024: €14.5bn 2024: 51.3% 2024: €12.7bn Net system sales Income from operations Net cash provided by operating activities €24.5bn €11.3bn 34.6% €12.7bn 2024: €21.8bn 2024: €9.0bn 2024: 31.9% 2024: €11.2bn Net service and field option sales Net income Free cash flow2 €8.2bn €9.6bn 29.4% €11.0bn 2024: €6.5bn 2024: €7.6bn 2024: 26.8% 2024: €9.1bn Sales of lithography systems (in units)1 Earnings per share (basic) 327 €24.73 2024: 418 2024: €19.25 EUV systems recognized (in units) 48 2024: 44 1.
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This page belongs to the "Financial performance KPIs" section and highlights: Operating results of 2025 compared to 2024 Year ended December 31 (€, in millions) 2024 %1 2025 %1 % Change Net system sales 21,768.7 77.0 24,474.3 74.9 12.4 Net service and field option sales 6,494.2 23.0 8,193.0 25.1 26.2 Total net sales 28,262.9 100.0 32,667.3 100.0 15.6 Cost of system sales (10,406.9) (36.8) (11,384.0) (34.8) 9.4 Cost of service and field option sales (3,364.0) (11.9) (4,025.3) (12.3) 19.7 Total cost of sales (13,770.9) (48.7) (15,409.3) (47.2) 11.9 Gross profit 14,492.0 51.3 17,258.0 52.8 19.1 Research and development (R&D) costs (4,303.7) (15.2) (4,698.8) (14.4) 9.2 Selling, general and administrative (SG&A) costs (1,165.7) (4.1) (1,257.8) (3.9) 7.9 Income from operations 9,022.6 31.9 11,301.4 34.6 25.3 Interest and other, net 19.8 0.1 104.7 0.3 428.8 Income before income taxes 9,042.4 32.0 11,406.1 34.9 26.1 Income tax expense (1,680.6) (5.9) (2,013.4) (6.2) 19.8 Income after income taxes 7,361.8 26.0 9,392.7 28.8 27.6 Profit from equity method investments 209.8 0.7 216.7 0.7 3.3 Net income 7,571.6 26.8 9,609.4 29.4 26.9 1.
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This page belongs to the "Financial performance KPIs" section and highlights: Net sales (in billions) €28.3 €0.7 €2.6 €0.6 €(0.3) €(1.1) €0.2 €1.7 €32.7 2024 EXE NXE ArF immersion ArF dry KrF & I-line Metrology & inspection Service & field option 2025 The increase in total net sales was primarily driven by greater NXE and NXT immersion adoption supported by leading-edge foundry investments for AI demand, EXE systems being delivered to and installed at more customers, and higher service and field option sales.
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This page belongs to the "Financial performance KPIs" section and highlights: Selling, general and administrative costs (in millions) €1,166 €1,258 4.1% 3.9% SG&A costs (in millions) % of total net sales 2024 2025 Selling, general and administrative (SG&A) costs increased by 7.9% year-over-year, primarily due to higher average wages and salaries per FTE, and continued investments in our Community Partnership Program.
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This page belongs to the "Financial performance KPIs" section and highlights: Cash flow analysis We continued to invest significantly in next-generation technologies to secure future growth opportunities. These investments required substantial cash outflows in net working capital, capital expenditures, and R&D.
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This page belongs to the "Long-term growth opportunities" section and highlights: Trend information Looking to 2026, we expect full-year revenue between €34 billion and €39 billion and gross margin between 51% and 53%.
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This page belongs to the "Risk and security" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 59 At a glance Q&A with the CEO Our business Financial performance Risk and security Risk and security 60 Understanding ASML’s risk management framework 62 How we manage risk 65 Risk factors 73 Information security
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This page belongs to the "Understanding ASML’s risk management framework" section and highlights: In this Q&A with An Lommers, ASML’s Head of Risk, Business Assurance and Security (RBA&S), we explore the company’s approach to risk management in a dynamic global environment. Q Why is it so important for ASML to manage risks?
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This page belongs to the "Understanding ASML’s risk management framework" section and highlights: Q What are examples of risks ASML faces in today’s global landscape? Our risk landscape is constantly evolving in response to changes both within the industry and on the world stage.
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This page belongs to the "How we manage risk" section and highlights: Enterprise risk management ASML’s ERM framework is designed to enable a well- defined governance structure and a robust ERM process. The Risk and Business Assurance function drives the ERM process and associated activities across ASML.
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This page belongs to the "How we manage risk" section and highlights: the CEO and CFO on the progress of this assessment. The Chair also includes this update in the Internal Control Committee’s report to the Audit Committee.
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This page belongs to the "How we manage risk" section and highlights: Our future success depends on our ability to respond in a timely manner to commercial and technological developments in the semiconductor industry The success of new product introductions is uncertain and depends on our ability to successfully execute our R&D programs We face intense competition The semiconductor industry can be cyclical, and we may be adversely affected by any downturn We derive most of our revenues from the sale of a relatively small number of products Failure to adequately protect intellectual property could harm our business Defending against intellectual property claims brought by others could harm our business We are exposed to economic, geopolitical and other developments in our international operations We may be unable to make desirable acquisitions, to invest successfully, or to integrate successfully any businesses we acquire A high percentage of net sales is derived from a few customers We may not be able to achieve our ESG objectives or adapt and respond in a timely manner to emerging ESG expectations and regulations We depend on our ability to manage the growth of our organization and attract and retain a sufficient number of adequately educated and skilled employees We may face challenges in managing the industrialization of our products and bringing them to high-volume production We are highly dependent on the performance of a limited number of critical suppliers of single-source key components We are dependent on the continued operation of a limited number of manufacturing facilities Our operations expose us to health, safety and environment risks Cybersecurity and other security incidents, or disruptions in our processes or technology systems, could materially adversely affect our business operations We are exposed to risks related to the use of artificial intelligence We face challenges to meet expected demand We are exposed to financial risks including liquidity risk, interest rate risk, counterparty credit risk, foreign exchange risk and inflation risk Changes in taxation could affect our future profitability We are subject to regulatory and compliance obligations in the various countries where we operate and the complexity of compliance requirements increases Restrictions on shareholder rights may dilute voting power We may not declare cash dividends, conduct share buyback programs at all or in any particular amounts in any given year Overview of risk factors Risk type Risk factor STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 64 At a glance Q&A with the CEO Our business Financial performance Risk and security How we manage risk (continued) Risk type Strategic Compliance Operations Other Finance and reporting
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This page belongs to the "Risk factors" section and highlights: The risk factors outlined in this section are categorized into the following types: Strategic, Operations, Finance and reporting, Compliance, and Other.
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This page belongs to the "Risk factors" section and highlights: Strategic (continued) The semiconductor industry can be cyclical, and we may be adversely affected by any downturn We derive most of our revenues from the sale of a relatively small number of products Failure to adequately protect intellectual property could harm our business The semiconductor industry has historically been cyclical.
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This page belongs to the "Risk factors" section and highlights: Strategic (continued) Defending against intellectual property claims brought by others could harm our business We are exposed to economic, geopolitical and other developments in our international operations.
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This page belongs to the "Risk factors" section and highlights: Strategic (continued) Operations A high percentage of net sales is derived from a few customers We may not be able to achieve our ESG objectives or adapt and respond in a timely manner to emerging ESG expectations and regulations We depend on our ability to manage the growth of our organization and attract and retain a sufficient number of adequately educated and skilled employees We sell our lithography systems to a relatively small number of customers, making our business vulnerable to customer concentration risk.
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This page belongs to the "Risk factors" section and highlights: Operations (continued) We may face challenges in managing the industrialization of our products and bringing them to high-volume production We are highly dependent on the performance of a limited number of critical suppliers of single-source key components We are dependent on the continued operation of a limited number of manufacturing facilities Successfully bringing new products to high-volume production at a value-based price and in a cost-efficient manner depends on our ability to manage product industrialization and control costs.
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This page belongs to the "Risk factors" section and highlights: Operations (continued) Our operations expose us to health, safety and environment risks Cybersecurity and other security incidents, or disruptions in our processes or technology systems, could materially adversely affect our business operations We are exposed to risks related to the use of artificial intelligence Hazardous substances are used in the production and operation of our products and systems.
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This page belongs to the "Risk factors" section and highlights: Operations (continued) Finance and reporting We face challenges to meet expected demand We are exposed to financial risks including liquidity risk, interest rate risk, counterparty credit risk, foreign exchange risk and inflation risk Changes in taxation could affect our future profitability We are continuing to increase production capacity in our end-to- end supply chain to meet future demand, but we face challenges in increasing capacity.
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This page belongs to the "Risk factors" section and highlights: Compliance Other We are subject to regulatory and compliance obligations in the various countries where we operate and the complexity of compliance requirements increases Restrictions on shareholder rights may dilute voting power We may not declare cash dividends, conduct share buybacks at all or in any particular amounts in any given year We are subject to a variety of laws and regulations across the jurisdictions where we operate, including but not limited to those relating to trade, national security, tax, export controls including licensing or authorization requirements, reporting, product compliance, anti-corruption, antitrust, foreign direct investment, ESG, human rights, data protection, AI technologies, spatial planning, environmental matters, workplace safety regulations, securities laws and stock exchange rules.
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This page belongs to the "Information security" section and highlights: We believe ASML’s competitive edge is grounded in knowledge and IP built over decades.
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This page belongs to the "Corporate governance / Corporate governance" section and highlights: Corporate governance 75 Corporate governance at a glance 77 Board of Management 79 Supervisory Board 82 Other Board-related matters 84 AGM and share capital 87 Financial reporting and audit 89 Compliance with corporate governance requirements Supervisory Board report 90 In conversation with the Chair of the Supervisory Board 93 Supervisory Board focus in 2025 97 Meetings and attendance 98 Composition and skills 100 Evaluation 101 Supervisory Board committees 111 Financial statements and profit allocation Remuneration report 112 In conversation with the Chair of the Remuneration Committee 114 Board of Management remuneration at a glance 116 Remuneration Committee 118 Board of Management remuneration 133 Supervisory Board remuneration 136 Other information STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 74 Corporate governance Supervisory Board report Remuneration report
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This page belongs to the "Corporate governance at a glance" section and highlights: OVERVIEW These pages provide an overview of and a brief introduction to the Corporate governance section of our Annual Report.
Corporate disclosure layout with governance diagrams, board information tables, and policy text.
This page belongs to the "Corporate governance at a glance" section and highlights: We endorse the importance of good corporate governance – of which independence, accountability and transparency are the most significant elements. These are also the elements on which we can build a relationship of trust with our stakeholders.
Corporate disclosure layout with governance diagrams, board information tables, and policy text.
This page belongs to the "Board of Management" section and highlights: Our Board of Management is responsible for managing ASML.
Corporate disclosure layout with governance diagrams, board information tables, and policy text.
This page belongs to the "Board of Management" section and highlights: Christophe D. Fouquet (1973, French) James (Jim) P.
Corporate disclosure layout with governance diagrams, board information tables, and policy text.
This page belongs to the "Supervisory Board" section and highlights: Our Supervisory Board supervises the Board of Management and the general course of affairs of ASML. The Supervisory Board also supports the Board of Management with advice.
Corporate disclosure layout with governance diagrams, board information tables, and policy text.
This page belongs to the "Supervisory Board" section and highlights: Nils S.
Corporate disclosure layout with governance diagrams, board information tables, and policy text.
This page belongs to the "Supervisory Board" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 81 Corporate governance Supervisory Board report Remuneration report Supervisory Board (continued) D. Warren A.
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This page belongs to the "Other Board-related matters" section and highlights: 29% 16% 21% Gender diversity: % inflow of women (all job grades) Gender diversity: % representation of women in job grade 13+ Women in our workforce (headcount) This section addresses a number of topics that apply to both the Board of Management and the Supervisory Board.
Corporate disclosure layout with governance diagrams, board information tables, and policy text.
This page belongs to the "Other Board-related matters" section and highlights: Diversity complements our company values: challenge, collaborate and care.
Corporate disclosure layout with governance diagrams, board information tables, and policy text.
This page belongs to the "AGM and share capital" section and highlights: Our AGM is held at least once a year and generally takes place in Veldhoven, the Netherlands.
Corporate annual-report layout with section header, multi-column body text, and occasional charts or callouts.
This page belongs to the "AGM and share capital" section and highlights: Powers In addition to the items submitted annually at the AGM, the General Meeting also has other powers, with due observance of the statutory provisions. These include resolving: • To amend the Articles of Association.
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This page belongs to the "AGM and share capital" section and highlights: We may repurchase our issued ordinary shares at any time, subject to compliance with the requirements of Dutch law and our Articles of Association.
Corporate annual-report layout with section header, multi-column body text, and occasional charts or callouts.
This page belongs to the "Financial reporting and audit" section and highlights: Annual Reports We publish, among others, the following annual reports regarding the financial year 2025: • The statutory Annual Report, has been prepared in accordance with the requirements of Dutch law.
Corporate annual-report layout with section header, multi-column body text, and occasional charts or callouts.
This page belongs to the "Financial reporting and audit" section and highlights: Dutch rules require strict separation of audit and advisory services for Dutch public-interest entities, and US regulations restrict services that can be provided by an auditor of a US listed company.
Corporate annual-report layout with section header, multi-column body text, and occasional charts or callouts.
This page belongs to the "Compliance with corporate governance requirements" section and highlights: Corporate information ASML Holding N.V. is a holding company that operates through its subsidiaries.
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This page belongs to the "Supervisory Board report / In conversation with the Chair of the Supervisory Board" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 90 Corporate governance Supervisory Board report Remuneration report In conversation with Nils Andersen Chair of the Supervisory Board “ We support ASML to remain competitive and responsive to customer needs” Nils Andersen Chair of the Supervisory Board
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This page belongs to the "In conversation with the Chair of the Supervisory Board" section and highlights: The Supervisory Board supervises and advises the Board of Management in performing their management tasks and setting the direction for ASML, focusing on long-term and sustainable value creation. The members of the Supervisory Board are fully independent.
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This page belongs to the "In conversation with the Chair of the Supervisory Board" section and highlights: For example, customers have indicated that there is a need for innovation around 3D integration to support their ambitions, and the Supervisory Board therefore spent considerable time learning about and contributing to discussions around the topics of bonding and advanced packaging.
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This page belongs to the "Supervisory Board focus in 2025" section and highlights: 9 44% Supervisory Board meetings Female members (2024: 7) (2024: 44%) 98% 4.1 Attendance rate Years average tenure (2024: 95%) (2024: 4.2) In a complex geopolitical environment, our strategy centered on resilience and sustainable long-term value creation.” Nils Andersen Chair of the Supervisory Board As the Supervisory Board, we supervise and advise the Board of Management in performing its management tasks and setting the direction for ASML.
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This page belongs to the "Supervisory Board focus in 2025" section and highlights: Strategy and sustainable long-term value creation (continued) Other strategic topics discussed throughout the year included the geopolitical strategy and transformation programs in the following areas: the integrated operating model, the supply chain, customer, technology, and the people strategy.
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This page belongs to the "Supervisory Board focus in 2025" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 95 Corporate governance Supervisory Board report Remuneration report Supervisory Board focus in 2025 (continued) Financial and operational performance Focus areas 2025 • Annual Results and Annual Report • External audit report • Statutory interim report • Cash return including dividend policy, final and interim dividend, share buyback program and share cancellation • ERP migration • Cost, flexibility and order lead time We reviewed the annual and interim Financial statements, including non-financial information, the quarterly results and accompanying press releases, as well as the year-end audits of the US GAAP and EU-IFRS Financial statements.
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This page belongs to the "Supervisory Board focus in 2025" section and highlights: Deep dive: Technology – 3D device integration As a Supervisory Board, we also reviewed industry needs and the evolving customer roadmaps.
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This page belongs to the "Meetings and attendance" section and highlights: The Supervisory Board meets at least four times per year in accordance with its annual schedule and whenever the Chair, one or more of its members, or the Board of Management requests a meeting. In 2025, the Supervisory Board held nine meetings.
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This page belongs to the "Composition and skills" section and highlights: The Supervisory Board determines the number of members required to perform its duties – the minimum being three members. The Supervisory Board currently consists of nine members.
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This page belongs to the "Composition and skills" section and highlights: Induction and training We have a comprehensive induction program in place for newly appointed members, designed to ensure they gain a good understanding of our business and strategy as well as the key risks we face.
Text-heavy corporate reporting layout with subsections, bullet lists, and explanatory tables.
This page belongs to the "Evaluation" section and highlights: We greatly value the structural and ongoing evaluation process as a means of ensuring continuous improvement in our ways of working.
Corporate annual-report layout with section header, multi-column body text, and occasional charts or callouts.
This page belongs to the "Supervisory Board committees" section and highlights: The Supervisory Board has five standing committees, with members appointed by the Supervisory Board from among its members. The full Supervisory Board remains responsible for all decisions including those prepared by its committees.
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This page belongs to the "Supervisory Board committees" section and highlights: The Audit Committee is provided with all relevant information to be able to adequately and efficiently supervise the preparation and disclosure of financial information.
Corporate disclosure layout with governance diagrams, board information tables, and policy text.
This page belongs to the "Supervisory Board committees" section and highlights: Audit Committee meetings in 2025 The Audit Committee meets at least four times a year and always before the publication of the quarterly, half- year and annual financial results. In 2025, the Audit Committee held nine meetings.
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This page belongs to the "Supervisory Board committees" section and highlights: External audit At the 2023 AGM, PricewaterhouseCoopers Accountants N.V. (‘PwC’) was appointed as the external auditor for the reporting year 2025.
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This page belongs to the "Supervisory Board committees" section and highlights: ESG Committee meetings The ESG Committee meets at least twice a year and more frequently when deemed necessary.
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This page belongs to the "Supervisory Board committees" section and highlights: Supervisory activities in the area of ESG sustainability The overview on this page shows how the oversight of ESG matters by the Supervisory Board has been divided between the Supervisory Board and its sub-committees.
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This page belongs to the "Supervisory Board committees" section and highlights: Main responsibilities Advising the Supervisory Board in relation to: • Preparing the selection criteria and appointment procedures for members of the Supervisory Board and Board of Management, and the supervision of the Board of Management’s policy in relation to the selection and appointment criteria for senior management.
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This page belongs to the "Supervisory Board committees" section and highlights: Composition, role and responsibilities of the Board of Management In 2025, the Selection and Nomination Committee focused on ASML’s governance, its functioning and the composition of the Board of Management.
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This page belongs to the "Supervisory Board committees" section and highlights: Technology Committee meetings in 2025 In general, the Technology Committee meets at least twice a year and more frequently when deemed necessary. In 2025, the Technology Committee held five meetings.
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This page belongs to the "Supervisory Board committees" section and highlights: The Q3 meeting was fully dedicated to the DUV business. Special attention was paid to the overall strategy, market developments and positioning and the technology roadmap – with special attention paid to the customer’s perspective.
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This page belongs to the "Financial statements and profit allocation" section and highlights: The Financial statements of ASML for the financial year 2025, as prepared by the Board of Management, have been audited by PwC. The auditor’s report can be found in the section Financial statements.
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This page belongs to the "Remuneration report / In conversation with the Chair of the Remuneration Committee" section and highlights: Chair of the Remuneration Committee, Terri Kelly, outlines the work carried out in the past year to ensure that the company’s remuneration policies continue to be competitive and aligned with strategy, while taking into consideration the views of stakeholders.
Editorial interview or letter layout mixing executive portrait, pull quote, and text columns.
This page belongs to the "In conversation with the Chair of the Remuneration Committee" section and highlights: Q How did you engage with stakeholders while developing the new policy for the Board of Management? A key aspect of our work in the months leading up to the AGM involved extensive outreach to ASML’s stakeholders.
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This page belongs to the "Board of Management remuneration at a glance" section and highlights: Our remuneration principles for performance support long-term success and sustainable value Competitiveness Our remuneration structure and levels intend to be competitive in the relevant labor market, while at the same time taking into account societal trends and perceptions.
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This page belongs to the "Board of Management remuneration at a glance" section and highlights: We aim to align the total remuneration for our Board of Management to our business strategy through a combination of fixed pay and short- and long- term incentives, underpinned by stretching targets.
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This page belongs to the "Remuneration Committee" section and highlights: Main responsibilities Advising the Supervisory Board in relation to: • Overseeing the development and implementation of the Remuneration Policy for the Board of Management and preparing the Supervisory Board Remuneration Policy.
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This page belongs to the "Remuneration Committee" section and highlights: Remuneration of the Board of Management In Q1 2025, the Remuneration Committee, supported by an external advisor, finalized its extensive review of the Remuneration Policy for the Board of Management.
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This page belongs to the "Board of Management remuneration" section and highlights: The Remuneration Policy supports the strategy, long-term interests, and sustainability of the Company – as well as ASML’s challenge to drive technology, serve our customers and aim to satisfy our stakeholders is core to the Remuneration Policy.
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This page belongs to the "Board of Management remuneration" section and highlights: CEO Other BoM members Link to strategy / rationale 2025 Policy 2025 Implementation Attract, motivate and retain qualified industry professionals for the Board of Management in order to define and achieve strategic goals.
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This page belongs to the "Board of Management remuneration" section and highlights: % Variable 2025 levels for maximum performance P 89% M 86% 2025 levels for on target performance P 81% M 77% 2025 levels for threshold performance P 64% M 58% Below threshold performance P 00% M 00% 100% 100% CEO Other BoM members Link to strategy / rationale Contribute to our long-term interests, using performance measures which balance the interest of our investors, the financial success of ASML and the continuation of technological advancement, while taking into account the environmental, social and governance aspects of the company.
Corporate disclosure layout with governance diagrams, board information tables, and policy text.
This page belongs to the "Board of Management remuneration" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 121 Corporate governance Supervisory Board report Remuneration report Board of Management remuneration (continued) Retirement and other benefits Share ownership guidelines Link to strategy / rationale 2025 Policy Requirement for a minimum share ownership by members of the Board of Management.
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This page belongs to the "Board of Management remuneration" section and highlights: Remuneration of Board of Management in 2025 The remuneration of the Board of Management for the financial year 2025 is an implementation of and complies with the 2025 Remuneration Policy for the Board of Management.
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This page belongs to the "Board of Management remuneration" section and highlights: After the end of the performance period, the Supervisory Board assessed the performance achieved against the targets, in cooperation with the relevant sub-committees: the Technology Committee, Audit Committee, ESG Committee and Remuneration Committee.
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This page belongs to the "Board of Management remuneration" section and highlights: Board of Management Remuneration in 2025 – Long-term incentive Conditionally granted LTI Plan 2025–2027 in 2025 At the beginning of 2025, approximately 30,481 performance shares were conditionally granted to the current members of the Board of Management who were eligible to participate in the 2025–2027 LTI performance plan.
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This page belongs to the "Board of Management remuneration" section and highlights: The target levels for the LTI performance metrics are set out in the table below: Performance metric Performance targets Weight Threshold Target Stretch Relative TSR 25% As per Remuneration Policy ROAIC (2025–2027)1 (Non-GAAP measure) 35% 35% 50% 65% ESG Measures 20% Consisting of equally weighted sub-metrics: Gender diversity2: 6.7% • % Inflow of women JG 9+ (external and internal inflow) 23% 25% 27% • % Representation of women in JG 13+ 14% 15% 16% Engagement and inclusion: 6.7% • Employee engagement (Relative benchmark target vs.
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This page belongs to the "Board of Management remuneration" section and highlights: The target and actual achievement levels for the LTI performance criteria based on the policy are set out in the table below: Performance targets Actual performance Pay-out %2 % of target Performance metric Weight Threshold Target Stretch Relative TSR 30% 115.9% 202.8% 365.4% 203.9% 100.7% Normalized three-year average cash conversion rate %1 (Non-GAAP measure) 30% 85.0% 90.0% 95.0% 92.0% 140.9% Technology Leadership Index 20% 4 6 10 8.4 160.1% ESG Measures 20% 164.3% Consisting of the following sub-measures: Net zero emission (scope 1+2) with minimum compensation 6.7% <37kt compensation <30kt compensation <20kt compensation 19.4 200.0% Employee engagement (Relative benchmark target vs.
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This page belongs to the "Board of Management remuneration" section and highlights: Total remuneration Board of Management The remuneration of the members of the Board of Management based on incurred accounting expenses in 2025, 2024 and 2023 is included in the table below (amounts are in € thousands).
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This page belongs to the "Board of Management remuneration" section and highlights: Total remuneration former Board of Management Peter Wennink and Martin van den Brink are no longer part of the Board of Management, as they retired as Presidents from ASML on April 24, 2024.
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This page belongs to the "Board of Management remuneration" section and highlights: Share-based payments Performance-based share-based remuneration for current members of the Board of Management is disclosed in the table below. Fractional shares are rounded to full shares for reporting purposes.
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This page belongs to the "Board of Management remuneration" section and highlights: Performance-based share-based remuneration for former members of the Board of Management is disclosed in the below table. Fractional shares are rounded down to full shares for reporting purposes.
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This page belongs to the "Board of Management remuneration" section and highlights: Relationship between accounted remuneration and company’s performance The following table provides an overview of the relationship between accounted remuneration and the company’s performance for the past five years: For the year ended December 31 (€, in thousands) 2021 2022 Change (in %) 2023 Change (in %) 2024 Change (in %) 2025 Change (in %) Net sales 18,610,994 21,173,448 13.8 27,558,506 30.2 28,262,877 2.6 32,667,251 15.6 Net income based on US GAAP 5,883,177 5,624,209 (4.4) 7,838,994 39.4 7,571,563 (3.4) 9,609,432 26.9 Net income based on EU-IFRS 6,134,595 6,395,775 4.3 8,115,168 26.9 8,348,971 2.9 10,212,993 22.3 ASML share price (closing price on Euronext Amsterdam in €) 706.7 503.8 (28.7) 681.7 35.3 678.7 (0.4) 921.4 35.8 Average number of payroll employees in FTEs 28,223 33,071 17.2 38,805 17.3 41,697 7.5 43,267 3.8 Employee engagement score 78.0% 77.9% (0.1) 80.3% 3.1 78.4% (2.4) 78.0% (0.5) Remuneration C.D.
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This page belongs to the "Board of Management remuneration" section and highlights: Explanation of changes in company’s performance versus remuneration The foregoing table aims to provide insight into our performance over the past five years and the development of the remuneration.
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This page belongs to the "Supervisory Board remuneration" section and highlights: In this section of the Remuneration Report, we provide an overview of the 2023 Remuneration Policy for the Supervisory Board, which was adopted by the General Meeting on April 26, 2023, and has been in force since April 1, 2023.
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This page belongs to the "Supervisory Board remuneration" section and highlights: Summary of Remuneration of the Supervisory Board This table provides an overview of the 2024 and 2025 implementation of the Remuneration Policy for the Supervisory Board as adopted by the 2023 AGM and remuneration levels of the members of the Supervisory Board as adopted at the 2023 AGM and 2025 AGM.
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This page belongs to the "Supervisory Board remuneration" section and highlights: Remuneration of the Supervisory Board in 2025 Overview of the remuneration of the Supervisory Board members based on incurred accounting expenses over the last five years (amounts are in € thousands): Supervisory Board member Membership fees 2025 Committee fees 2025 Allowances 20251 Ratio fixed/variable 2025 Total remuneration 2025 Total remuneration 2024 Total remuneration 2023 Total remuneration 2022 Total remuneration 2021 N.S.
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This page belongs to the "Other Information" section and highlights: Total remuneration The total annual remuneration for the members of the Board of Management and the Supervisory Board members (current and former) during 2025 amounts to €25.7 million (2024: €31.3 million).
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This page belongs to the "Sustainability statements" section and highlights: Sustainability statements 138 Limited assurance report of the independent auditor on the Sustainability statements General disclosures 141 Basis for preparation 143 ESG sustainability governance 145 ESG sustainability at a glance 146 Value chain and ecosystem overview 147 Environmental and human rights due diligence 149 Impact, risk and opportunity management 152 Environmental 153 Energy efficiency and climate action 187 Circular economy 202 EU Taxonomy 208 Other disclosures: Water management in our own operations 209 Social 210 Attractive workplace for all 236 Responsible value chain 245 Innovation ecosystem 250 Valued partner in our communities 260 Governance 261 ESG integrated governance 268 Reference table STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 137 General disclosures Environmental Social Governance
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This page belongs to the "Limited assurance report of the independent auditor on the Sustainability statements" section and highlights: To: the General Meeting of Shareholders and the Supervisory Board of ASML Holding N.V.
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This page belongs to the "Limited assurance report of the independent auditor on the Sustainability statements" section and highlights: The Board of Management is also responsible for selecting and applying additional entity-specific disclosures to enable users to understand the Company’s sustainability-related impacts, risks or opportunities and for determining that these additional entity-specific disclosures are suitable in the circumstances and in accordance with the ESRS.
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This page belongs to the "Limited assurance report of the independent auditor on the Sustainability statements" section and highlights: indicators disclosures have not been defined and calculated in accordance with the Taxonomy reference framework, and do not comply with the reporting requirements provided for in the Taxonomy Regulation, including the format in which the activities are presented.
ESG reporting layout using thematic headings, charts/tables, iconography, and narrative explanations.
This page belongs to the "General disclosures / Basis for preparation" section and highlights: General basis for preparation of the Sustainability statements The Sustainability statements in the Management Report have been prepared in accordance with the European Sustainability Reporting Standards (ESRS), referred to in Article 29b of the EU Accounting Directive and with the specifications established pursuant to Article 8(4) of the EU Taxonomy Regulation.
ESG reporting layout using thematic headings, charts/tables, iconography, and narrative explanations.
This page belongs to the "Basis for preparation" section and highlights: Policies adopted to manage material sustainability matters The various policies on our sustainability matters can be found in the ‘How we are managing’ section for each theme.
ESG reporting layout using thematic headings, charts/tables, iconography, and narrative explanations.
This page belongs to the "ESG sustainability governance" section and highlights: ESG sustainability governance Our integrated ESG sustainability governance drives accountability and execution across the company.
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This page belongs to the "ESG sustainability governance" section and highlights: The ESG Sustainability team supports the BoM in relation to ESG sustainability and makes recommendations to the BoM regarding focus areas, targets, external commitments and disclosures.
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This page belongs to the "ESG sustainability at a glance" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 145 General disclosures Environmental Social Governance ESG sustainability at a glance We are focused on creating sustainable long-term value for all our stakeholders and shaping a sustainable future.
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This page belongs to the "Value chain and ecosystem overview" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 146 General disclosures Environmental Social Governance Value chain and ecosystem overview This overview is a non-exhaustive illustration of some of the activities, resources and relationships related to our business model and the external environment in which we operate.
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This page belongs to the "Environmental and human rights due diligence" section and highlights: Environmental and human rights due diligence Our environmental and human rights due diligence process serves as a cornerstone in assessing the potential and actual impacts associated with our business operations – including impacts we cause through our operations, those we have contributed to in business relationships, and those linked to our activities, products or services by a third party or other actors across our value chain.
ESG reporting layout using thematic headings, charts/tables, iconography, and narrative explanations.
This page belongs to the "Environmental and human rights due diligence" section and highlights: Remediation and grievance mechanism We are committed to conducting due diligence in order to prevent our activities from causing or contributing to adverse impacts on human rights, and to ensure we do not engage in human rights abuses in any way.
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This page belongs to the "Impact, risk and opportunity management" section and highlights: How we manage our impact We believe acting sustainably as a business benefits everyone.
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This page belongs to the "Impact, risk and opportunity management" section and highlights: ESG strategy theme Description Value chain Impact materiality Financial materiality Time frame Energy efficiency and climate action Read more on page 153 > Energy use and GHG emissions from manufacturing and buildings (scope 1 and 2) Impact on energy availability and the grid through our manufacturing and buildings Impact on global warming through GHG emissions from the use of products and services sold by ASML, taking into account energy efficiency measures in products (scope 3 – category 11) Impact on global warming through GHG emissions from the transportation and distribution services purchased by ASML (scope 3 – category 4) Impact on global warming through GHG emissions from goods and services purchased (including capital goods) by ASML (scope 3 – categories 1 and 2) Impact on global warming through energy use and GHG-emissions of business travel and commuting (scope 3 – categories 6 and 7) Energy use and GHG emissions from the integral production process of our customers’ products (microchips) and their use in various applications (in ICT industry and broader society) 1 Reduction of energy use and GHG emissions from use of our customers’ products (microchips) and their use in various applications (in ICT industry and broader society)1 Financial opportunity for ASML due to increased market demand for low-carbon technologies (climate resilience analysis)2 Acute and chronic physical climate change risks to ASML and our customers (climate resilience analysis)2 Transition risks related to climate change (including technology, regulation, reputation and market risks) (climate resilience analysis)2 Circular economy Read more on page 187 > Non-renewable resource inflows and outflows (Systems, parts and tools, transport materials) Waste streams from our own operations and building renovation and construction activities (Systems, parts and tools, transport materials, non-product-related waste, real estate) Supply chain disruptions caused by unavailability of materials and parts, including as a result of non-compliance with rules and regulations regarding hazardous substances (Systems, parts and tools, transport materials)2 Customer dissatisfaction and complaints due to not meeting agreed circular economy standards (Systems, parts and tools, transport materials)2 Attractive workplace for all Read more on page 210 > Impact on employees by providing fair labor conditions and associated risk of (perception of) unfair working and employment conditions at ASML, affecting ability to engage and retain talent (Labor conditions) Impact on employees by facilitating knowledge and skills development which contribute to continued employability and professional growth, and associated risk of failure to attract, develop and retain talents with adequate skills and knowledge (Learning and development) Potential impact in case of failure to effectively manage employees’ well-being and work-life balance, including excessive overtime, resulting in stress, health issues and increased likelihood of accidents, and associated risk of failure to engage and retain talent (Well-being) Potential impact on workers in case of failure to manage occupational health and safety, and associated risk in case this impact materializes (Occupational health and safety) Potential impact on workers’ right to freedom of association, collective bargaining and social dialogue in certain regions (Labor conditions)2 Potential impact on workers as a result of discrimination and unequal treatment, including pay inequality, as well as violence and harassment in the workplace (Inclusion and diversity) Failure to comply with health- and safety-related regulations or implement effective health and safety practices could result in liabilities and reputational risk (Occupational health and safety)2 Failure to comply with labor law could lead to sanctions, financial loss or reputational damage (Labor conditions)2 STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 150 General disclosures Environmental Social Governance Impact, risk and opportunity management (continued) The table below shows the material IROs identified through our DMA.
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This page belongs to the "Impact, risk and opportunity management" section and highlights: ESG strategy Description Value chain Impact materiality Financial materiality Time frame Responsible value chain Read more on page 236 > Potential impact on the health and safety of customer and partner employees while working on ASML systems, and associated risk if the impact materializes (Responsible product design)2 Potential impacts on human rights of supply chain workers in on-site facility services, electronics manufacturing and mining of minerals (Responsible supply chain) Failure to comply with rules and regulations regarding conflict minerals (Responsible supply chain) Potential impacts on human rights of workers at customers and beyond inherent to the technology sector (Responsible product use)2 Improved quality of life through access to technology and digital services (Responsible product use)2 Potential impacts on society due to potential misuse of technology (Responsible product use)2 Innovation ecosystem Read more on page 245 > Impact on society and stakeholders through ASML’s innovation ecosystem focused on ESG-related research, startups, scaleups, platforms and collaboration (ESG innovation) Valued partner in our communities Read more on page 250 > Impact on local communities around ASML’s offices and factories through pressure on regional mobility, and impact on local communities around our Veldhoven operations through nuisance, pressure on affordable housing and interaction between cultures (Attractive communities) Impact on local communities around our Veldhoven operations through pressure on the talent pipeline and education system (Inclusive communities) Risk of an unattractive community for future employees to live in (limited housing, social cohesion issues), impacting ASML’s ability to attract talent (Attractive communities, Inclusive communities) Adverse reactions from neighbors, local communities and municipalities due to the pressure from ASML on infrastructure, availability of talent, schools, housing and social cohesion, which can impact the license to effectively manage our business (Attractive communities, Inclusive communities) ESG integrated governance Read more on page 261 > Impact on people and environment across the supply chain through the fair management of relationships with suppliers (Responsible business conduct and compliance)2 Failure to comply with laws and regulations for supply chain due diligence (Responsible business conduct and compliance)2 Failure to comply with data privacy regulations or breaches of data privacy (Responsible business conduct and compliance)2 Potential impact on stakeholders and associated risk in case ASML workers fail to comply with ASML’s code of conduct, policies and values, as well as with regulations due to increasing complexity as we expand into more countries (Responsible business conduct and compliance)2 Engaged stakeholders Read more on page 43 > Failure to engage customers and suppliers on environmental and social topics (ESG risk management)2 1.
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This page belongs to the "Environmental" section and highlights: 0 STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 152 General disclosures Environmental Social Governance Environmental at a glance Our ambition We aim to help expand computing power while minimizing energy use, emissions and waste.
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This page belongs to the "Energy efficiency and climate action" section and highlights: ...for the planet The world is turning to technology to help solve some of its most pressing challenges.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Our material impacts, risks and opportunities relating to Energy efficiency and climate action.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Introduction Climate change is a global challenge requiring urgent action from all stakeholders. We have been developing and enhancing our climate strategy for many years, both internally in our operations and externally with our value chain partners.
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This page belongs to the "Energy efficiency and climate action" section and highlights: In 2021, we presented our roadmap to GHG neutrality across the value chain by 2040. We defined targets for each of the material categories related to energy efficiency and climate action.
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This page belongs to the "Energy efficiency and climate action" section and highlights: We aim to achieve our emission targets by working on three improvement levers: 1.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Our pathway toward our scope 1 and 2 emission targets 1.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Our pathway toward our scope 3 emission targets 1.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Our ambitions and progress To keep track with the pathway of our Climate Transition Plan – which is in line with the objective of the Paris Agreement – we have determined the following SBTi- validated and approved ambitions: Scope 1 and 2 The graph on page 158, visualizes our SBTi scope 1 and 2 targets (against a 2019 baseline value of 60 kt), namely: • Reduce absolute gross scope 1 and 2 GHG emissions by 25.2% by 2025: In 2025, with emissions of 26 kt CO2e, we have already reduced absolute gross scope 1 and 2 emissions from 2019 by 56%, exceeding the SBTi target.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Making carbon a financial consideration Energy-efficient heating and cooling of buildings at the Veldhoven campus We aim to drive continuous improvement in energy saving – from optimized controls in our cleanrooms, to on-site green hydrogen generation and reuse of waste heat, for example at our Veldhoven campus.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Dependencies, challenges and locked-in emissions We are dependent on the actions taken by our customers (uptake of renewable energy) and suppliers (for example compensating for residual emissions from products to ASML) – and on the complexity of our supply chain, with a long tail existing of many different tiers.
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This page belongs to the "Energy efficiency and climate action" section and highlights: 0 50 100 150 200 2024 2025 Achieved 2025 target: 100 TJ 0% 20% 40% 60% 80% 100% 2024 2025 Achieved 2025 target: 100% -40 -30 -20 -10 0 10 20 30 40 2024 2025 Achieved 2025 target: GHG neutral Our objective We aim to reduce emissions from our manufacturing locations and buildings by lowering energy consumption, increasing the use of renewable energy, and compensating for residual emissions.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Resources The total investments toward our five- year energy savings master plan in 2025 amounted to €126 million, of which the projects for the heat pumps and renovation of office buildings in Veldhoven, and the solar panels for our San Diego location, are the most significant.
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This page belongs to the "Energy efficiency and climate action" section and highlights: 0% 20% 40% 60% 80% 100% 2024 2025 0 1,000 2,000 3,000 4,000 5,000 6,000 2024 2025 Our objective We aim to reduce emissions in our supply chain by working closely with suppliers to embed low-carbon practices and drive systemic change toward a GHG neutral supply chain by 2030.
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This page belongs to the "Energy efficiency and climate action" section and highlights: carbon footprint of materials throughout their lifecycle.
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This page belongs to the "Energy efficiency and climate action" section and highlights: 0 50 100 150 200 250 300 350 2024 2025 On track 2030 target: GHG neutral Our objective We aim to reduce emissions by reconsidering our logistics flows and collaborating with logistics partners to transition toward more sustainable modes of transport.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Resources For transporting DUV and metrology and inspection systems by ocean freight, within the current transport tool pool we were able to support air-to-ocean projects.
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This page belongs to the "Energy efficiency and climate action" section and highlights: -80 -60 -40 -20 0 20 40 60 80 2024 2025 Achieved 2025 target: GHG neutral Our objective We aim to reduce emissions from business travel by limiting travel where possible, encouraging train and electric vehicle for shorter distances and contributing to SAF programs, while compensating for residual emissions.
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This page belongs to the "Energy efficiency and climate action" section and highlights: -60 -40 -20 0 20 40 60 2024 2025 Achieved 2025 target: GHG neutral Our objective We aim to reduce emissions from employee commuting by supporting the shift to alternative modes of transport and the shift to electric vehicles, while compensating for residual emissions.
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This page belongs to the "Energy efficiency and climate action" section and highlights: 0% -2% -4% -6% -8% -10% -12% -14% 2024 2025 Not achieved 2025 target: -60% 0 2 4 6 8 10 2024 2025 0% -20% -40% -60% -80% -100% 2024 2025 Achieved 2025 target: -10% Our objective In collaboration with our customers, we aim to reduce emissions from product use when designing new lithography, metrology and inspection systems or parts, increasingly focusing on reducing their energy consumption, supporting progress toward GHG neutrality by 2040.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Reducing emissions from the use of sold products In 2025, total emissions from the use of sold products were 6,443 kt CO2e, of which EUV accounted for 3,257 kt CO2e, DUV for 2,824 kt CO2e, and metrology and inspection systems for 311 kt CO2e.
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This page belongs to the "Energy efficiency and climate action" section and highlights: By migrating Central Processing Unit (CPU)- based OPC workflows to GPU acceleration, we have achieved significant reductions in total processing power requirements and strengthened our ESG outcomes.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Semiconductor Climate Consortium (SCC) Looking ahead We will continue to work on the energy efficiency of our systems and other product families.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Climate Transition Plan targets Topic Description Base year 2019 2024 2025 Target year 2025 Target year 2030 Target year 2040 Scope 1 GHG emissions (in ktCO2e) Gross scope 1 GHG emissions 22 24 25 Percentage of scope 1 GHG emissions from regulated emissions trading schemes N/A N/A Scope 2 GHG emissions (in ktCO2e) Gross location-based scope 2 GHG emissions1 176 228 151 Gross market-based scope 2 GHG emissions 38 9 1 Subtotal of gross scope 1 and market-based scope 2 GHG emissions 60 33 26 45 15 6 Significant scope 3 GHG emissions (in ktCO2e) Total gross indirect (scope 3) GHG emissions 7,578 11,961 11,617 15,700 19,500 2,300 1 Purchased goods and services 2,546 4,415 4,373 2 Capital goods 295 536 408 3 Fuel and energy-related activities (not included in scope 1 or scope 2) 10 13 9 4 Upstream transportation and distribution 213 322 302 5 Waste generated in operations 1 2 2 6 Business traveling 97 65 32 7 Employee commuting 42 36 45 11 Use of sold products 4,374 6,569 6,443 12 End-of-life treatment of sold products 0.1 0.2 0.3 15 Investments2 0 3 3 Percentage of scope 3 GHG emissions calculated using primary data 2.5% 2.6% Total GHG emissions (in ktCO2e) Total GHG emissions (location-based) 12,213 11,793 Total GHG emissions (market-based) 11,994 11,643 Topic Description 2025 Carbon credits (in ktCO2e) Carbon Credits cancelled in the reporting year 104 Percentage of share of carbon credits from removal projects 100% Percentage of share of carbon credits from recognized quality standards (registered with the ACR) 100% Percentage of share of carbon credits from projects within the EU — % Percentage of share of carbon credits from projects within the US 100% Percentage of share of carbon credits that qualify as corresponding adjustments — % Carbon credits planned to be cancelled in the next reporting year based on existing contractual agreements 101 STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 175 General disclosures Environmental Social Governance Energy efficiency and climate action: Metrics table 1.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Topic Description 2024 2025 Energy consumption (in MWh) (1) Fuel consumption from coal and coal products 0 0 (2) Fuel consumption from crude oil and petroleum products 690 38 (3) Fuel consumption from natural gas 102,815 108,549 (4) Fuel consumption from other fossil sources 0 0 (5) Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources 17,517 3,251 (6) Total fossil energy consumption (calculated as the sum of lines 1–5) 121,022 111,838 Percentage share of fossil sources in total energy consumption 20.8% 17.5% (7) Consumption from nuclear sources 3,094 0 Percentage share of consumption from nuclear sources in total energy consumption 0.5% 0.0% (8) Fuel consumption from renewable sources, including biomass (also comprising industrial and municipal waste of biological origin, biogas, renewable hydrogen, etc.) 0 0 (9) Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources 457,368 525,147 (10) The consumption of self-generated non-fuel renewable energy 760 2,600 (11) Total renewable energy consumption (calculated as the sum of lines 8–10) 458,128 527,747 Percentage share of renewable sources in total energy consumption 78.7% 82.5% Total energy consumption (calculated as the sum of lines 6, 7 and 11) 582,244 639,585 Topic Description 2024 2025 Energy intensity per net revenue1 Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors (MWh/€m revenue) 20.6 19.6 Topic Description 2024 2025 GHG intensity1 Total GHG emissions from scope 1, 2 and 3 (location-based) per net revenue (tCOeq/(€m revenue) 432 361 Total GHG emissions from scope 1, 2 and 3 (market-based) per net revenue (tCOeq/(€m revenue) 424 356 Total GHG emissions from scope 3 (market-based) per gross profit (tCOeq/(€m gross profit) 825 669 1.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Platform DUV immersion System type NXT:1980Di NXT:2050i NXT:1980Ei NXT:1960Bi + PEP-B NXT:2100i NXT:1980Fi NXT:2150 Year of energy measurement 2015 2020 2021 2021 2022 2023 2024 Power consumption (in MW) 0.16 0.16 0.16 0.15 0.16 0.17 0.17 ATP throughput (in wph) 275 295 295 250 295 330 310 Energy use per wafer pass (in kWh) 0.59 0.54 0.56 0.60 0.55 0.52 0.55 Platform DUV dry System type XT:1460 NXT:1470 XT:860N NXT:870 XT:400M NXT:870B H200 XT:260 A100 Year of energy measurement 2020 2020 2022 2022 2023 2025 2025 Power consumption (in MW) 0.07 0.13 0.07 0.13 0.07 0.17 0.06 ATP throughput (in wph) 209 277 260 330 250 401 276 Energy use per wafer pass (in kWh) 0.34 0.47 0.27 0.38 0.30 0.42 0.22 Platform YieldStar HMI System type YS380 YS385 YS500 YS500 eScan1100 eP5XLE eP6 eP6 Year of energy measurement 2020 2023 2024 2025 2023 2024 2024 2025 Power consumption (in MW) 0.01 0.01 0.01 0.01 0.06 0.02 0.01 0.01 Platform EUV 30 mJ/cm2 dose EUV 50 mJ/cm2 dose System type NXE:3400B NXE:3400C NXE:3600D NXE:3600D NXE:3800E NXE:3800E EXE:5000A Year of energy measurement 2018 2020 2021 2023 2024 2025 2025 Power consumption (in MW) 1.44 1.31 1.32 1.23 1.31 1.26 1.37 ATP throughput (in wph) 112 136 160 160 220 230 53 Energy use per wafer pass (in kWh) 12.8 9.6 8.3 7.7 5.9 5.5 25.8 STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 177 General disclosures Environmental Social Governance Energy efficiency and climate action: Metrics table (continued)
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This page belongs to the "Energy efficiency and climate action" section and highlights: ‘ Methodology on targets In this section, we elaborate on the methodology and assumptions used in formulating our targets and indicators related to our ESG theme Energy efficiency and climate action.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Purchase 100% renewable electricity for our own operations worldwide by 2025 This target is measured as the percentage of renewable electricity purchased (including energy attribute certificates) versus our total electricity consumption.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Under the location-based method, only regional and national grid mixes are utilized, and renewable energy has no effect or benefit to emission figures.
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This page belongs to the "Energy efficiency and climate action" section and highlights: The DEFRA emission database (2025) is used for air travel, hotel and car. Public transport and taxi-spend-based emission factors are similar to those under category 1.
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This page belongs to the "Energy efficiency and climate action" section and highlights: By the beginning of 2024, for the first time, global warming had exceeded 1.5°C across an entire year, according to the EU’s Copernicus Climate Change Service.
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This page belongs to the "Energy efficiency and climate action" section and highlights: To assess the risks and opportunities for ASML related to our value chain (upstream suppliers and downstream customers), we used publicly available data from these suppliers and customers (such as annual reports, CDP disclosures and TCFD reports) to determine the risk exposure.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Scenario analysis: Physical risks 4°C scenario medium and long term Value chain location Risk category Risk exposure Risk description Mitigating measures Anticipated financial effects Customers Acute and chronic climate change effects The increased frequency and severity of climate change effects are expected to impact our key customers, particularly in the long term (2050).
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This page belongs to the "Energy efficiency and climate action" section and highlights: Scenario analysis: Transition risks 1.5°C scenario medium term Across value chain Policy and legal The climate-related regulation landscape is expected to change in many regions.
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This page belongs to the "Energy efficiency and climate action" section and highlights: Scenario analysis: Transition risks 1.5°C scenario medium term Value chain location Risk category Risk exposure Risk description Mitigating measures Anticipated financial effects Reputation There will be greater scrutiny on the semiconductor sector as it consumes large volumes of energy and water.
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This page belongs to the "Circular economy" section and highlights: ...for the planet The predominant linear model of the global economy – in which products are produced, used and then thrown away as waste – is unsustainable.
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This page belongs to the "Circular economy" section and highlights: Our material impacts, risks and opportunities relating to Circular economy.
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This page belongs to the "Circular economy" section and highlights: Our approach We aim to transition from a linear to a more circular business model, to minimize the environmental and social impact of our operations worldwide.
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This page belongs to the "Circular economy" section and highlights: We aim to achieve our ambition across the five material sub-topics via a strategy based on the following four levers, which we apply in collaboration with our suppliers and customers: 1.
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This page belongs to the "Circular economy" section and highlights: 0% 20% 40% 60% 80% 100% 2024 2025 2025 target: N/A Our objective We aim to maintain systems in use for as long as economically and environmentally possible, focusing on service, upgrades and refurbishment.
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This page belongs to the "Circular economy" section and highlights: 0% 20% 40% 60% 80% 100% 2024 2025 Achieved 2025 target: 90% Our objective We aim to extend the lifetime value of our parts by maximizing reuse through repair, and by driving learning loops to improve design.
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This page belongs to the "Circular economy" section and highlights: Resources allocated to the Reuse & Repair organization also contribute to other strategic goals and are not solely attributable to our circular objectives.
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This page belongs to the "Circular economy" section and highlights: Our objective We aim for optimization of resource use, reduction of waste and cost, and enhancement of supply chain efficiency, by increasing the reusability and recyclability of transport materials.
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This page belongs to the "Circular economy" section and highlights: Our total waste in 2025 Tonnes 28,719 (13,461) 15,258 (95) (10,018) 5,145 Total waste 2025 Construction and demolition waste Total waste excluding construction and demolition waste Total waste preparation for reuse Total waste recycled Total waste to landfill and incineration 0 5,000 10,000 15,000 20,000 25,000 30,000 0 100 200 300 400 500 600 2024 2025 0% 20% 40% 60% 80% 100 % 2024 2025 Achieved 2025 target: 65% Our objective We aim to minimize waste and increase our recycling rate with dedicated actions to try to realize our ambition to have zero waste from our operations to landfill and incineration by 2030.
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This page belongs to the "Circular economy" section and highlights: Our actions and resources To reduce NPR and PR waste, our actions focus on multi-year projects that first started in 2023.
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This page belongs to the "Circular economy" section and highlights: Our objective We aim to embed circular principles in real estate by applying green building standards and certification methods, with the goal of making our new and existing buildings as sustainable as possible.
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This page belongs to the "Circular economy" section and highlights: Topic Description 2024 2025 Resource inflows (in tonnes) Percentage of biological materials used in manufacturing that are sustainably sourced1 2% 4% Biological materials used to manufacture products and services that are sustainably sourced 800 1,920 Products and technical and biological materials used1 51,362 50,587 Percentage of secondary reused or recycled components, secondary intermediary products and secondary materials used in manufacturing (including packaging) 1 57% 60% Secondary reused components, secondary intermediary products and secondary materials used to manufacture products and services (including packaging) 10,963 12,610 Secondary recycled components used to manufacture products and services (including packaging)1 18,490 17,857 Topic Description 2024 2025 Resource outflows (in tonnes) Percentage of recyclable content in products and their packaging 80.2% 79.9% Recyclable content in products and their packaging1 30,552 28,228 Topic Description 2024 2025 Waste generated by waste type (in tonnes)2 Non-hazardous waste (excluding construction and demolition waste) 12,243 14,252 Construction and demolition waste 14,101 13,461 Hazardous waste 1,024 1,006 Radioactive waste 0.1 0.2 Total amount of waste generated by waste type 27,368 28,719 Topic Description 2024 2025 Waste diverted from disposal by recovery operation type – Non- hazardous waste (in tonnes)2 Preparation for reuse 145 112 Recycling 19,049 20,415 Other recovery operations 0 0 Amount of waste diverted from disposal by recovery operation type – Non-hazardous waste 19,194 20,527 Topic Description 2024 2025 Waste diverted from disposal by recovery operation type – Hazardous waste (in tonnes) Preparation for reuse 37 44 Recycling 757 756 Other recovery operations 0 0 Amount of waste diverted from disposal by recovery operation type – Hazardous waste 794 800 STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 198 General disclosures Environmental Social Governance Circular economy: Metrics table 1.
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This page belongs to the "Circular economy" section and highlights: Topic Description 2024 2025 Waste diverted from disposal by recovery operation type – Radioactive (in tonnes) Preparation for reuse 0.0 0.0 Recycling 0.0 0.0 Other recovery operations 0.0 0.0 Amount of waste diverted from disposal by recovery operation type – Radioactive 0.0 0.0 Topic Description 2024 2025 Waste directed to disposal by treatment type – Non-hazardous waste (in tonnes)1 Incineration 5,954 6,157 Landfill 1,196 1,029 Other disposal operations 0 0 Amount of waste directed to disposal by treatment type – Non-hazardous waste 7,150 7,186 Topic Description 2024 2025 Waste directed to disposal by treatment type – Hazardous waste (in tonnes) Incineration 212 200 Landfill 18 6 Other disposal operations 0 0 Amount of waste directed to disposal by treatment type – Hazardous waste 230 206 Topic Description 2024 2025 Amount of waste directed to disposal by treatment type – Radioactive (in tonnes) Incineration 0.0 0.0 Landfill 0.1 0.2 Other disposal operations 0.0 0.0 Amount of waste directed to disposal by treatment type – Radioactive 0.1 0.2 Topic Description 2024 2025 Non-recycled (in tonnes)1 Preparation for reuse 182 156 Non-recycled waste (including preparation for reuse) 7,562 7,548 Percentage of non-recycled waste (including preparation for reuse) 27.6% 26.3% STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 199 General disclosures Environmental Social Governance Circular economy: Metrics table (continued) 1.
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This page belongs to the "Circular economy" section and highlights: Topic Description 2024 2025 Non-hazardous waste (in tonnes)1 General waste 3,934 4,138 Waste wood 2,842 3,401 Construction and demolition waste 14,101 13,461 Metals 1,410 2,246 Paper and cardboard 1,178 1,341 Plastic 828 1,153 Organic waste 334 298 Electronics 346 443 Glass 16 13 Other non-hazardous waste 1,355 1,219 Total non-hazardous waste 26,344 27,713 Topic Description 2024 2025 Hazardous waste (in tonnes)1 Hazardous liquids 852 816 Cleaning wipes 62 65 Empty packaging 35 20 Batteries 8 26 Filters 1 1 Lamps 1 1 Other hazardous waste 65 77 Total hazardous waste 1,024 1,006 STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 200 General disclosures Environmental Social Governance Circular economy: Metrics table (continued) 1.
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This page belongs to the "Circular economy" section and highlights: Methodology on targets This section outlines the methodology used to define and measure our circular economy targets. As we are currently in the process of updating our circular economy strategy, we anticipate introducing new and revised targets.
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This page belongs to the "EU Taxonomy" section and highlights: Overview The EU Taxonomy Regulation (EU 2020/852) is a core part of the European Green Deal.
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This page belongs to the "EU Taxonomy" section and highlights: Basis for preparation We prepared our EU Taxonomy disclosure in accordance with Regulation EU 2020/852 as supplemented with Commission Delegated Regulations EU 2021/2139, EU 2021/2178 and EU 2023/2486, as well as Commission Notices answering frequently asked questions about EU Taxonomy reporting.
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This page belongs to the "EU Taxonomy" section and highlights: Taxonomy eligibility and alignment assessment We assessed the eligibility and alignment of our economic activities in 2025 against the relevant environmental objectives.
ESG reporting layout using thematic headings, charts/tables, iconography, and narrative explanations.
This page belongs to the "EU Taxonomy" section and highlights: The proportion of total capex relating to Taxonomy- eligible activities is determined by assessing the economic activities for each significant asset group.
ESG reporting layout using thematic headings, charts/tables, iconography, and narrative explanations.
This page belongs to the "EU Taxonomy" section and highlights: Additions to property, plant and equipment: The buildings in scope for renovation (CCM 7.2 and CCA 7.2) that met the substantial contribution criteria by reducing the primary energy demand by more than 30% did not meet the DNSH criteria relating to water-usage – and, as such, we report 0% alignment on CCM 7.2 and CCA 7.2.
ESG reporting layout using thematic headings, charts/tables, iconography, and narrative explanations.
This page belongs to the "EU Taxonomy" section and highlights: EU Taxonomy defines the denominator of the opex KPI as any direct non-capitalized costs that relate to R&D, building renovation, short-term lease, maintenance and repair, and any other direct expenditures relating to the day-to-day servicing of assets of property, plant and equipment by the undertaking party, or third party to whom activities are outsourced, that are necessary to ensure the continued and effective functioning of such assets.
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This page belongs to the "Other disclosures: Water management in our own operations" section and highlights: Our objective We aim to use water in our own operations responsibly, recycle efficiently and reduce our environmental impact.
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This page belongs to the "Social" section and highlights: Our ambition We aim to deliver responsible growth that benefits all our stakeholders – providing an attractive workplace for all, building a responsible value chain, fueling innovation in our ecosystem and being a valued partner to communities.
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This page belongs to the "Attractive workplace for all" section and highlights: ...for the planet As an employer we have a responsibility to provide a working environment where people can develop their talents, feel respected and safe, and be healthy and thrive. We want to foster an exceptional workplace for our exceptional talent.
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This page belongs to the "Attractive workplace for all" section and highlights: Our material impacts, risks and opportunities relating to Attractive workplace for all.
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This page belongs to the "Attractive workplace for all" section and highlights: Our approach Our people strategy builds on a solid foundation and the strength of our culture and values. It defines how we develop our people and scale our organization to secure our business ambitions.
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This page belongs to the "Attractive workplace for all" section and highlights: Levers for action (continued) Our annual performance cycle – Develop & Perform (D&P) – includes key moments throughout the year: • Goal setting: Aligning individual and team goals to ASML strategy and values, and documenting development items and longer-term ambitions.
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This page belongs to the "Attractive workplace for all" section and highlights: Levers for action (continued) Labor conditions We aim to provide fair labor conditions and social protection for all our workers, regardless of their location and whether they are on fixed or temporary contracts.
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This page belongs to the "Attractive workplace for all" section and highlights: Process for engaging We encourage our employees and their representatives to openly communicate and share ideas and concerns with management about working conditions and management practices, without fear of discrimination, retaliation, intimidation or harassment.
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This page belongs to the "Attractive workplace for all" section and highlights: -3% -2% -1% 0% +1% +2% 2024 2025 Our objective We aim to create an exceptional workplace that attracts, engages and retains talent by fostering an environment where people can thrive, grow and contribute to the company’s long-term success.
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This page belongs to the "Attractive workplace for all" section and highlights: 0% 2% 4% 6% 8% 2024 2025 Achieved 2025 target: <7% Have an attrition rate1 of <7% by 2025 3.8% 4.1% Progress on this target has been measured since first reported at 3.8% in 2020.
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This page belongs to the "Attractive workplace for all" section and highlights: 0% 20% 40% 60% 80% 100% 2024 2025 Achieved 2025 target: 80% Our objective We aim to support and empower our employees on their development journey to reach their career ambitions.
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This page belongs to the "Attractive workplace for all" section and highlights: Initiating and participating in gigs All employees can initiate (become a gig host) or participate in a gig, as long as it aligns with business needs and follows established guidelines.
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This page belongs to the "Attractive workplace for all" section and highlights: Achieved 2025 target: Within 3 pp of (or higher than) the top 25% of companies On track 2026 target: 14% 0% 10% 20% 30% 40% 2024 2025 Achieved 2025 target: 24% 0% 20% 40% 60% 80% 100% 2024 2025 0% 20% 40% 60% 80% 100% 2024 2025 -4% -3% -2% -1% 0% 1% 2% 2024 2025 Our objective We aim to foster inclusion, diversity and sense of belonging in a safe environment for all ASML workers, where everyone is valued, respected and can fully contribute.
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This page belongs to the "Attractive workplace for all" section and highlights: “Gaining insight into how others experience their environment can be truly eye-opening.
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This page belongs to the "Attractive workplace for all" section and highlights: Our actions and resources Building inclusive leaders and teams In 2025, the second year of our Inclusion and Diversity program, we focused on achieving scale for leader and team inclusion through the following activities: • Embedding an inclusive mindset and behaviors: We extended the opportunity for our employees and leaders to voluntarily participate in our ‘Ignite Inclusion’ and ‘Inclusive Leadership’ training programs.
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This page belongs to the "Attractive workplace for all" section and highlights: Our objective We aim to provide injury-free and healthy working conditions for everyone on our premises by eliminating hazards, reducing safety risks and preventing occupational ill health.
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This page belongs to the "Attractive workplace for all" section and highlights: Achieved 2025 Target: 100% 0% 20% 40% 60% 80% 100% 2024 2025 Our objective We aim to provide fair labor conditions and social protection for all workers, regardless of their location and contract types.
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This page belongs to the "Attractive workplace for all" section and highlights: Achieved 2025 target: Within 2 pp of (or higher than) the top 25% of companies -3% -2% -1% 0% 1% 2% 2024 2025 Our objective We aim to integrate well-being into daily work practices, supporting employees in maintaining a healthy, balanced, and productive life.
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This page belongs to the "Attractive workplace for all" section and highlights: In June 2025, we hosted our annual Global Well-Being Month, themed "Your energy matters: Keeping our personal batteries charged”.
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This page belongs to the "Attractive workplace for all" section and highlights: Characteristics of our employees Total number of employees – headcount by gender (as of December 31) Male 34,454 34,844 Female 8,899 9,270 Other 38 57 Not reported 4 4 Total number of employees 43,395 44,175 Topic Description 2024 2025 Topic Description 2024 2025 Number of employees by significant employment country or jurisdiction (representing >10% total employees) (headcount as of December 31) The Netherlands 23,194 23,707 Taiwan 4,572 4,548 United States 8,310 8,242 Topic Description Female Male Other Not disclosed Total 2024 Total number of permanent and temporary employees by gender (headcount as of December 31) Permanent employees 8,212 32,216 32 4 40,464 Temporary employees 687 2,238 6 0 2,931 Total employees 8,899 34,454 38 4 43,395 Topic Description Female Male Other Not disclosed Total 2025 Total number of permanent and temporary employees by gender (headcount as of December 31) Permanent employees 8,672 32,960 50 4 41,686 Temporary employees 598 1,884 7 0 2,489 Total employees 9,270 34,844 57 4 44,175 Topic Description 2024 2025 Reconciliation of the total number of employees per ESRS to number of employees reported in the Consolidated financial statements (as of December 31) Total number of payroll and temporary employees reported in the Consolidated financial statements (Note 18) (in FTE) 44,027 44,209 Less: Temporary employees reported in the Consolidated financial statements (Note 18) (non-employees as defined by ESRS) (in FTE) 1,241 689 Total number of payroll employees reported in the Consolidated financial statements (Note 18) (in FTE) 42,786 43,520 Total number of payroll employees reported in the Consolidated financial statements – converted to headcount unit of measure (in headcount) 43,395 44,175 Number of employees as defined by ESRS (in headcount) 43,395 44,175 Topic Description 2024 2025 Employee turnover (For the period January 1 to December 31)1 Employee turnover (in headcount) 1,652 1,847 Employee turnover rate 3.9 % 4.2 % STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 227 General disclosures Environmental Social Governance Attractive workplace for all: Metrics table 1.
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This page belongs to the "Attractive workplace for all" section and highlights: Collective bargaining coverage and social dialogue Topic Description 2024 2025 Percentage of total employees covered by collective bargaining agreements (as of December 31) Employees covered by collective bargaining agreements 61 % 62 % The percentage of its total employees within significant countries within the EEA or significant regions outside the EEA, covered by collective bargaining agreements and/or workers, representatives (as of December 31, 2024 and 2025) Collective bargaining coverage Social dialogue Collective bargaining coverage Social dialogue Employees – EEA (for countries with >50 empl.
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This page belongs to the "Attractive workplace for all" section and highlights: Diversity metrics Topic Description 2024 2025 Gender distribution at top management level (in percentage and headcount as of December 31) Male 88% 318 85% 340 Female 12% 44 15% 59 Other 0% 1 0 % 1 Not reported 0% 0 0 % 0 Total employees at top management level 100% 363 100 % 400 Topic Description 2024 2025 Age distribution of employees (in headcount as of December 31) under 30 years old 8,130 6,998 30–50 years old 28,072 29,626 over 50 years old 7,193 7,551 Total employees 43,395 44,175 Adequate wages All employees earn above our adequate wage benchmark (higher of living wage and minimum wage).
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This page belongs to the "Attractive workplace for all" section and highlights: Training and skills development metrics Topic Description 2024 2025 Percentage of employees that completed an annual performance and career development review against the total number of employees by gender Male 94% 95% Female 93% 94% Other 76% 98% Not reported 100% 100% Total 94% 95% Topic Description 2024 2025 Percentage of employees that completed an annual performance and career development review against the total number of employees eligible for a review by gender Male 96% 96% Female 96% 96% Other 97% 98% Not reported 100% 100% Total 96% 96% Topic Description 2024 2025 Average number of training hours per employee Average number of training hours per employee headcount 41 40 Topic Description 2024 2025 Average number of training hours per employee headcount by gender Male 42 41 Female 35 35 Other 9 4 Not reported 60 87 STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 230 General disclosures Environmental Social Governance Attractive workplace for all: Metrics table (continued)
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This page belongs to the "Attractive workplace for all" section and highlights: Health and safety metrics Topic Description 2024 2025 Percentage of employees covered by our health and safety management system Employees covered by our health and safety management system 100% 100% Topic Description 2024 2025 Number of work-related fatalities as a result of injuries Employee fatalities as a result of work-related injuries 0 0 Non-employee fatalities as a result of work-related injuries 0 0 Other worker fatalities on-site as a result of work-related injuries 0 0 Topic Description 2024 2025 Total number and rate of employee recordable work-related accidents Number of employee recordable work-related injuries 77 76 Rate of employee recordable work-related injuries 1.11 1.05 STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 231 General disclosures Environmental Social Governance Attractive workplace for all: Metrics table (continued)
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This page belongs to the "Attractive workplace for all" section and highlights: Remuneration metrics (pay gap and total remuneration) Topic Description 2024 2025 Gender pay gap Gender pay gap percentage 10.2% 9.3% We report our gender pay gap in accordance with ESRS.
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This page belongs to the "Attractive workplace for all" section and highlights: N Methodology on targets This section outlines the methodology used to define and measure our Attractive workplace for all targets, that have been set taking into account insights gathered from employees and/or employee representatives.
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This page belongs to the "Attractive workplace for all" section and highlights: Occupational health and safety Achieve a recordable incident rate of 0.96 or below, by 2025 Our target is based on industry world-class performance, using OSHA (U.S.
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This page belongs to the "Attractive workplace for all" section and highlights: S1-14 Health and safety metrics Percentage of employees covered by our health and safety management system: The percentage is determined in relation to employees with access to and covered by our OHS management system.
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This page belongs to the "Responsible value chain" section and highlights: ...for the planet We believe that microchip-enabled digital technologies are among the most critical tools for societal advancement.
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This page belongs to the "Responsible value chain" section and highlights: Our material impacts, risks and opportunities relating to Responsible value chain.
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This page belongs to the "Responsible value chain" section and highlights: Our approach We strive to identify, assess and prioritize the most salient environmental and human rights risks and impacts across our value chain, from raw materials extraction to end of life (EoL).
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This page belongs to the "Responsible value chain" section and highlights: Our approach includes: • Aiming to comply with all applicable laws and regulations related to the use and disposal of materials and components.
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This page belongs to the "Responsible value chain" section and highlights: Responsible product use Just as we are committed to protecting the environment and respecting human rights, we expect and encourage the same from our customers.
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This page belongs to the "Responsible value chain" section and highlights: Our objective We aim to adopt responsible design practices to prevent and mitigate potential impacts from material choices, manufacturing, and use of our products on human rights and the environment across our value chain.
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This page belongs to the "Responsible value chain" section and highlights: Our objective We aim to build a transparent supply chain that respects human rights and the environment, promotes positive contributions to society, and actively prevents and addresses potential negative impacts.
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This page belongs to the "Responsible value chain" section and highlights: Targets and performance We have two targets relating to the RBA SAQ: Achieve 90% completion of the RBA SAQ by all suppliers in scope by 2025 91% 90% We asked a total of 180 in-scope suppliers to complete the RBA SAQ in 2025 (2024: 147).
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This page belongs to the "Responsible value chain" section and highlights: Key elements of the RBA SAQ Element RBA commitment Labor To uphold the human rights of all workers (direct and indirect) and to treat them with dignity and respect as understood by the international community, including the International Labour Organization (ILO)’s eight fundamental conventions.
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This page belongs to the "Innovation ecosystem" section and highlights: ...for the planet Building a strong foundation that benefits our partners and other companies, organizations and neighboring communities.
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This page belongs to the "Innovation ecosystem" section and highlights: Partners Our approach ASML’s experts are architects and integrators who work together with external partners across the innovation ecosystem, pushing the boundaries of what we can achieve.
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This page belongs to the "Innovation ecosystem" section and highlights: Our objective We aim to drive ESG-focused innovation that supports ideas and initiatives addressing key sustainability challenges, creating positive impact for local communities and society.
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This page belongs to the "Innovation ecosystem" section and highlights: €0 €150 €300 €450 €600 €750 €900 2024 2025 2025 target: N/A 0 4 8 12 16 20 2024 2025 Achieved 2025 target: 14 Targets and performance Amount invested to realize ESG innovation (€/employee) by 2025 €299 €665 Of our total CPP investment, we invested €28.8 million (2024: €12.5 million) in programs on ESG-focused research, startups, scaleups and collaborations in 2025, representing €665 per employee.
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This page belongs to the "Innovation ecosystem" section and highlights: ESG-focused startups and scaleups Our key actions in 2025 were: • On average, 32 (2024: 20) of our experts joined selected startup teams for 30% of their time for a period of three months, as part of the HighTechXL program.
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This page belongs to the "Valued partner in our communities" section and highlights: ...for the planet Our activities have an impact that goes far beyond ASML, influencing the communities in which we operate.
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This page belongs to the "Valued partner in our communities" section and highlights: Our material impacts, risks and opportunities relating to Valued partner in our communities.
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This page belongs to the "Valued partner in our communities" section and highlights: Not achieved 2025 target: €2,500 €/employee €0 €500 €1,000 €1,500 €2,000 €2,500 2024 2025 Our approach We partner with our communities to significantly invest where we can make the most meaningful impact, and aim to boost the science, technology, engineering and mathematics (STEM) talent pipeline for future generations of tech creators.
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This page belongs to the "Valued partner in our communities" section and highlights: Our Society & Community Engagement (S&CE) team is dedicated to the execution of our community investments and ensures we remain on track to reach our ambitions.
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This page belongs to the "Valued partner in our communities" section and highlights: Process for engaging Our engagement channels are publicly available on our website, including local phone numbers for all our locations, email addresses and our external Speak Up Service.
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This page belongs to the "Valued partner in our communities" section and highlights: €0 €50 €100 €150 €200 €250 €300 2024 2025 2025 target: N/A Our objective We aim to enhance the overall quality of life in the communities in which we operate. We strive to help create vibrant, resilient communities where people want to live, work, and thrive.
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This page belongs to the "Valued partner in our communities" section and highlights: Buddy system for internationals Working with local partner Cordaad Welzijn, we are helping create more connections between locals and internationals.
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This page belongs to the "Valued partner in our communities" section and highlights: €0 €75 €150 €225 €300 €375 €450 2024 2025 2025 target: N/A Our objective We aim to foster communities that offer equal opportunities for all. We strive to help remove barriers and create environments where everyone can participate fully.
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This page belongs to the "Valued partner in our communities" section and highlights: Making sports, arts and music more accessible We aim to make sports, arts and music more accessible to everyone by reducing financial, practical and accessibility barriers. One such activity is ASML School Football Tournament (NL).
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This page belongs to the "Valued partner in our communities" section and highlights: 0 50 100 150 200 250 300 2024 2025 2025 target: N/A Our objective We aim to boost STEM education for children by supporting initiatives that build skills for their future and help expand the STEM talent pool needed by society.
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This page belongs to the "Governance" section and highlights: Our ambition We aim to act on our responsibilities and anchor them across our entire business through integrated governance, engaged stakeholders and transparent reporting. On the following pages, we set out our approach and progress to date.
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This page belongs to the "ESG integrated governance" section and highlights: ...for the planet Sustainability matters to stakeholders up and down our value chain. Together we are building a shared understanding of the importance of ESG-driven thinking.
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This page belongs to the "ESG integrated governance" section and highlights: Our material impacts, risks and opportunities relating to ESG integrated governance Upstream Community Own operations Whole value chain Failure to comply with data privacy regulations or breaches of data privacy (Responsible business conduct and compliance) Failure to engage customers and suppliers on environmental and social topics (ESG risk management) STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 262 General disclosures Environmental Social Governance ESG integrated governance (continued) Potential impact on stakeholders and associated risk in case ASML workers fail to comply with ASML’s code of conduct, policies and values, as well as with regulations due to increasing complexity as we expand into more countries (Responsible business conduct and compliance) Impact on people and environment across the supply chain through the fair management of relationships with suppliers (Responsible business conduct and compliance) Failure to comply with laws and regulations for supply chain due diligence (Responsible business conduct and compliance) Key Actual positive impact Risk Potential positive impact Opportunity Actual negative impact Potential negative impact
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This page belongs to the "ESG integrated governance" section and highlights: Our approach Our ESG sustainability commitments are integral to our business strategy.
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This page belongs to the "ESG integrated governance" section and highlights: Levers for action We have ambitious sustainability targets. To meet them, we will need to fully integrate sustainability across all our operations.
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This page belongs to the "ESG integrated governance" section and highlights: Our objective We aim to uphold ethical business practices by embedding fairness, integrity, and compliance in our operations. We maintain zero tolerance for bribery and corruption.
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This page belongs to the "ESG integrated governance" section and highlights: In 2025, 98% of these employees completed the training.
Corporate disclosure layout with governance diagrams, board information tables, and policy text.
This page belongs to the "ESG integrated governance" section and highlights: Topic Description 2024 2025 Governance Number of convictions for violation of anti-corruption and anti-bribery laws 0 0 Monetary value of fines for violation of anti-corruption and anti-bribery laws (€) 0 0 Number of complaints filed through channels for own workforce 93 77 Number of incidents of discrimination including harassment 60 37 Monetary value of fines, penalties and compensation for damages as a result of complaints or incidents of discrimination including harassment (€) 0 0 Number of severe human rights incidents 0 0 Monetary value of fines, penalties and compensations for damages as a result of severe human rights incidents (€) 0 0 Methodology on metrics G1-4 Incidents of corruption or bribery Violation of anti-corruption and anti-bribery laws This metric includes all convictions and fines for a violation of anti-corruption or anti-bribery laws and regulations imposed in the year by a relevant enforcement authority.
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This page belongs to the "Reference table" section and highlights: This reference table presents the requirements of the ESRS. It indicates where you can find the specific ESRS disclosure requirement, as well as where we have used incorporation by reference or applied for a phase-in provision.
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This page belongs to the "Reference table" section and highlights: SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model • Sustainability statements – Environmental – Energy efficiency and climate action – Climate resilience analysis IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and opportunities • Sustainability statements – General disclosures – Impact, risk and opportunity management • Sustainability statements – Environmental – Energy efficiency and climate action – Climate resilience analysis E1-2 – Policies related to climate change mitigation and adaptation • Sustainability statements – Environmental – Energy efficiency and climate action – How we are managing energy efficiency and climate action: Climate Transition Plan • Strategic report – Risk and security – Risk factors – Operations E1-3 – Actions and resources in relation to climate change policies • Sustainability statements – Environmental – Energy efficiency and climate action – Our actions and resources E1-4 – Targets related to climate change mitigation and adaptation • Sustainability statements – Environmental – Energy efficiency and climate action – Climate resilience analysis • Sustainability statements – Environmental – Energy efficiency and climate action – Targets and performance Includes DR34 GHG emissions reduction targets E1-5 – Energy consumption and mix • Sustainability statements – Environmental – Energy efficiency and climate action – Metrics table and Additional disclosures Includes DR37, DR38, DR40, DR41, DR42, DR43 Energy consumption E1-6 – Gross scope 1, 2, 3 and Total GHG emissions • Sustainability statements – Environmental – Energy efficiency and climate action – Metrics table and Additional disclosures Includes DR44 Gross scope 1, 2, 3 and Total GHG emissions and DR 53–55 GHG emissions intensity E1-7 – GHG removals and GHG mitigation projects financed through carbon credits • Sustainability statements – Environmental – Energy efficiency and climate action – How we are managing energy efficiency and climate action: Climate Transition Plan • Sustainability statements – Environmental – Energy efficiency and climate action – Metrics table and Additional disclosures E1-8 – Internal carbon pricing • Sustainability statements – Environmental – Energy efficiency and climate action – How we are managing energy efficiency and climate action: Climate Transition Plan E1-9 – Anticipated financial effects from material physical and transition risks and potential climate-related opportunities Not included Phase-in provision applied ESRS E2 Pollution Not a material topic based on the outcome of our DMA ESRS E3 Water and marine resources Not a material topic based on the outcome of our DMA ESRS E4 Biodiversity and ecosystems Not a material topic based on the outcome of our DMA ESRS E5 Resource use and circular economy IRO-1 – Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities • Sustainability statements – General disclosures – Impact, risk and opportunity management E5-1 – Policies related to resource use and circular economy • Sustainability statements – Environmental – Circular economy – How we are managing circular economy E5-2 – Actions and resources related to resource use and circular economy • Sustainability statements – Environmental – Circular economy – Our actions and resources E5-3 – Targets related to resource use and circular economy • Sustainability statements – Environmental – Circular economy – Targets and performance E5-4 – Resource inflows • Sustainability statements – Environmental – Circular economy – Metrics table and Additional disclosures E5-5 – Resource outflows • Sustainability statements – Environmental – Circular economy – Metrics table and Additional disclosures Includes DR37d Non-recycled waste and DR39 Hazardous waste and radioactive waste E5-6 – Anticipated financial effects from resource use and circular economy-related impacts, risks and opportunities Not included Phase-in provision applied ESRS S1 Own workforce SBM-2 – Interests and views of stakeholders • Sustainability statements – General disclosures – Impact, risk and opportunity management SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model • Sustainability statements – General disclosures – Impact, risk and opportunity management Includes DR14f Risk of incidents of forced labor and DR14g Risk of incidents of child labor Related ESRS disclosure requirements Reference Explanation STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 269 General disclosures Environmental Social Governance Reference table (continued)
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This page belongs to the "Reference table" section and highlights: S1-1 – Policies related to own workforce • Sustainability statements – General disclosures – Environmental and human rights due diligence • Sustainability statements – General disclosures – ESG sustainability governance • Sustainability statements – Social – Attractive Workplace for all – How we are managing attractive workplace for all • Strategic report – Our business – Create an exceptional workplace Includes DR20 Human rights policy commitments; DR21 Due diligence policies on issues addressed by the fundamental International Labor Organization (ILO) Conventions 1 to 8; DR22 Processes and measures for preventing trafficking in human beings and DR23 Workplace accident prevention policy or management system S1-2 – Processes for engaging with own workforce and workers’ representatives about impacts • Sustainability statements – Social – Attractive Workplace for all – How we are managing attractive workplace for all • Strategic report – Our business – Engaged stakeholders – Employees S1-3 – Processes to remediate negative impacts and channels for own workers to workforce to raise concerns • Sustainability statements – Social – Attractive Workplace for all – How we are managing attractive workplace for all Includes DR32c Grievance/complaints handling mechanisms S1-4 – Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions • Sustainability statements – Social – Attractive Workplace for all – How we are managing attractive workplace for all • Sustainability statements – Social – Attractive workplace for all – Our actions and resources S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities • Sustainability statements – Social – Attractive workplace for all – Targets and performance S1-6 – Characteristics of the undertaking’s employees • Sustainability statements – Social – Attractive workplace for all – Metrics table and Additional disclosures S1-7 – Characteristics of non-employees in the undertaking’s own workforce Not included ‘Quick fix’ over phase-in provisions applied S1-8 – Collective bargaining coverage and social dialogue • Sustainability statements – Social – Attractive workplace for all – Metrics table and Additional disclosures S1-9 – Diversity metrics • Sustainability statements – Social – Attractive workplace for all – Metrics table and Additional disclosures S1-10 – Adequate wages • Sustainability statements – Social – Attractive workplace for all – Metrics table and Additional disclosures S1-11 – Social protection Not included ‘Quick fix’ over phase-in provisions applied S1-12 – Persons with disabilities Not included ‘Quick fix’ over phase-in provisions applied S1-13 – Training and skills development metrics • Sustainability statements – Social – Attractive workplace for all – Metrics table and Additional disclosures S1-14 – Health and safety metrics • Sustainability statements – Social – Attractive workplace for all – Metrics table and Additional disclosures Includes DR88b DR88c Number of fatalities and number and rate of work-related accidents –‘Quick fix’ over phase-in provisions applied for non-employees; DR88d Number of cases of recordable work-related ill health; DR88e Number of days lost to injuries, accidents, fatalities or illness.
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This page belongs to the "Reference table" section and highlights: S2-3 – Processes to remediate negative impacts and channels for value chain workers to raise concerns • Sustainability statements – Social – Responsible value chain – How we are managing responsible value chain • Sustainability statements – Governance – ESG integrated governance S2-4 – Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions • Sustainability statements – Social – Responsible value chain – Our actions and resources Includes DR36 Human rights issues and incidents connected to its upstream and downstream value chain S2-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities • Sustainability statements – Social – Responsible value chain – Targets and performance While we haven’t set measurable targets for this topic, our approach to tracking progress is outlined in the referenced chapter.
Text-heavy corporate reporting layout with subsections, bullet lists, and explanatory tables.
This page belongs to the "Financial statements / Consolidated financial statements" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 272 Financial statements Notes Appendices Definitions Financial statements Consolidated financial statements 273 Reports of independent registered public accounting firms 276 Consolidated statements of operations 277 Consolidated statements of comprehensive income 278 Consolidated balance sheets 279 Consolidated statements of shareholders’ equity 281 Consolidated statements of cash flows 282 Notes to the Consolidated financial statements
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This page belongs to the "Report of independent registered public accounting firms" section and highlights: To the Supervisory Board and Shareholders of ASML Holding N.V. Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheet of ASML Holding N.V.
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This page belongs to the "Report of independent registered public accounting firms" section and highlights: The principal considerations for our determination that performing procedures relating to revenue recognition – identification of distinct performance obligations in volume purchase agreements is a critical audit matter are a high degree of auditor subjectivity and effort in performing procedures and evaluating the sufficiency and appropriateness of audit evidence related to the identification of distinct performance obligations in material VPAs.
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This page belongs to the "Report of independent registered public accounting firms" section and highlights: To the Shareholders and Supervisory Board ASML Holding N.V. Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheet of ASML Holding N.V.
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This page belongs to the "Consolidated statements of operations" section and highlights: Year ended December 31 (€, in millions, except per share data) Notes 2023 2024 2025 Net system sales 21,938.6 21,768.7 24,474.3 Net service and field option sales 5,619.9 6,494.2 8,193.0 Total net sales 2, 3 27,558.5 28,262.9 32,667.3 Cost of system sales (10,151.0) (10,406.9) (11,384.0) Cost of service and field option sales (3,271.4) (3,364.0) (4,025.3) Total cost of sales1 (13,422.4) (13,770.9) (15,409.3) Gross profit 14,136.1 14,492.0 17,258.0 Research and development (R&D) costs (3,980.6) (4,303.7) (4,698.8) Selling, general and administrative (SG&A) costs (1,113.2) (1,165.7) (1,257.8) Income from operations 9,042.3 9,022.6 11,301.4 Interest and other, net 16 41.2 19.8 104.7 Income before income taxes 9,083.5 9,042.4 11,406.1 Income tax expense 21 (1,435.8) (1,680.6) (2,013.4) Income after income taxes 7,647.7 7,361.8 9,392.7 Profit from equity method investments 10 191.3 209.8 216.7 Net income 7,839.0 7,571.6 9,609.4 Basic net income per ordinary share 23 19.91 19.25 24.73 Diluted net income per ordinary share 23 19.89 19.24 24.71 Number of ordinary shares used in computing per share amounts: Basic 23 393.8 393.3 388.5 Diluted 23 394.1 393.6 388.9 1.
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This page belongs to the "Consolidated statements of comprehensive income" section and highlights: Year ended December 31 (€, in millions) Notes 2023 2024 2025 Net income 7,839.0 7,571.6 9,609.4 Other comprehensive income: Proportionate share of OCI from equity method investments 0.2 (12.1) 14.1 Foreign currency translation, net of taxes: Gain (loss) on foreign currency translation (68.3) 91.9 (257.8) Financial instruments, net of taxes: Gain (loss) on derivative financial instruments (15.8) 38.2 (88.4) Transfers to net income from derivative financial instruments 25 0.6 (8.9) 13.8 Other comprehensive income, net of taxes (83.3) 109.1 (318.3) Total comprehensive income, net of taxes 7,755.7 7,680.7 9,291.1 Attributable to equity holders 7,755.7 7,680.7 9,291.1 STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 277 Financial statements Notes Appendices Definitions Consolidated statements of comprehensive income
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This page belongs to the "Consolidated balance sheets" section and highlights: Assets Cash and cash equivalents 4 12,735.9 12,916.0 Short-term investments 4 5.4 405.9 Accounts receivable, net1 5 4,477.5 3,023.0 Finance receivables, net 6 82.6 613.5 Current tax assets 21 283.6 88.9 Contract assets 2 320.6 440.6 Inventories, net 7 10,891.5 11,429.3 Loans receivable2 26 — 266.1 Other assets4 8 1,940.3 1,432.8 Total current assets 30,737.4 30,616.1 Finance receivables, net 6 317.2 13.3 Deferred tax assets 21 1,940.7 1,719.4 Loans receivable3 26 1,456.6 1,653.9 Other assets5 8 790.8 1,057.1 Equity investments 9 — 1,320.7 Equity method investments 10 903.0 822.6 Goodwill 11 4,588.6 4,588.6 Other intangible assets, net 12 621.3 540.1 Property, plant and equipment, net 13 6,846.8 7,893.8 Right-of-use assets 14 387.2 341.0 Total non-current assets 17,852.2 19,950.5 Total assets 48,589.6 50,566.6 As of December 31 (€, in millions, except share and per share data) Notes 2024 2025 Liabilities and shareholders’ equity Accounts payable6 3,500.4 3,521.8 Accrued and other liabilities7 15 2,686.6 2,567.3 Current tax liabilities 21 283.3 486.6 Short-term borrowings and current portion of long-term debt 16 1,010.3 1,681.9 Contract liabilities 2 12,570.8 16,006.3 Total current liabilities 20,051.4 24,263.9 Long-term debt 16 3,677.3 2,709.0 Deferred and other income tax liabilities 21 299.2 183.0 Contract liabilities 2 5,625.4 3,366.3 Accrued and other liabilities 15 459.5 432.2 Total non-current liabilities 10,061.4 6,690.5 Total liabilities8 30,112.8 30,954.4 Ordinary shares; €0.09 nominal value; 700,000,000 shares authorized at December 31, 2025 (2024: 700,000,000) 385,417,665 issued and outstanding at December 31, 2025 (2024: 393,283,720) Issued and outstanding shares 35.4 34.9 Share premium 4,049.0 4,107.1 Treasury shares at cost (476.0) (2,252.9) Retained earnings 14,414.3 17,587.3 Accumulated other comprehensive income 454.1 135.8 Total shareholders’ equity 22 18,476.8 19,612.2 Total liabilities and shareholders’ equity 48,589.6 50,566.6 As of December 31 (€, in millions, except share and per share data) Notes 2024 2025 1.
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This page belongs to the "Consolidated statements of shareholders’ equity" section and highlights: Balance at January 1, 2023 394.6 36.3 3,940.8 (4,641.3) 9,046.7 428.3 8,810.8 Components of comprehensive income: Net income — — — — 7,839.0 — 7,839.0 Proportionate share of OCI from equity method investments — — — — — 0.2 0.2 Gain (loss) on foreign currency translation — — — — — (68.3) (68.3) Gain (loss) on financial instruments — — — — — (15.2) (15.2) Total comprehensive income — — — — 7,839.0 (83.3) 7,755.7 Purchase of treasury shares 22 (1.6) — — (1,000.0) — — (1,000.0) Cancellation of treasury shares 22 — (0.3) — 2,105.1 (2,104.8) — — Share-based payments 20 — — 134.8 — — — 134.8 Issuance of shares 20 0.5 — (77.5) 230.0 (53.1) — 99.4 Dividend paid 22 — — — — (2,348.3) — (2,348.3) Balance at December 31, 2023 393.5 36.0 3,998.1 (3,306.2) 12,379.5 345.0 13,452.4 Components of comprehensive income: Net income — — — — 7,571.6 — 7,571.6 Proportionate share of OCI from equity method investments — — — — — (12.1) (12.1) Gain (loss) on foreign currency translation — — — — — 91.9 91.9 Gain (loss) on financial instruments — — — — — 29.3 29.3 Total comprehensive income — — — — 7,571.6 109.1 7,680.7 Purchase of treasury shares 22 (0.6) (0.1) — (499.9) — — (500.0) Cancellation of treasury shares 22 — (0.5) — 3,050.4 (3,049.9) — — Share-based payments 20 — — 172.6 — — — 172.6 Issuance of shares 20 0.4 — (121.7) 279.7 (34.0) — 124.0 Dividend paid 22 — — — — (2,452.9) — (2,452.9) Balance at December 31, 2024 393.3 35.4 4,049.0 (476.0) 14,414.3 454.1 18,476.8 Notes Issued and outstanding shares Share premium Treasury shares at cost Retained earnings OCI1 Total (€, in millions) Number Amount STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 279 Financial statements Notes Appendices Definitions Consolidated statements of shareholders’ equity
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This page belongs to the "Consolidated statements of shareholders’ equity" section and highlights: Balance at December 31, 2024 393.3 35.4 4,049.0 (476.0) 14,414.3 454.1 18,476.8 Components of comprehensive income: Net income — — — — 9,609.4 — 9,609.4 Proportionate share of OCI from equity method investments — — — — — 14.1 14.1 Gain (loss) on foreign currency translation — — — — — (257.8) (257.8) Gain (loss) on financial instruments — — — — — (74.6) (74.6) Total comprehensive income — — — — 9,609.4 (318.3) 9,291.1 Purchase of treasury shares 22 (8.3) — — (5,950.0) — — (5,950.0) Cancellation of treasury shares 22 — (0.5) — 3,778.3 (3,777.8) — — Share-based payments 20 — — 202.3 — — — 202.3 Issuance of shares 20 0.4 — (144.2) 394.8 (108.3) — 142.3 Dividend paid 22 — — — — (2,550.3) — (2,550.3) Balance at December 31, 2025 385.4 34.9 4,107.1 (2,252.9) 17,587.3 135.8 19,612.2 Notes Issued and outstanding shares Share premium Treasury shares at cost Retained earnings OCI1 Total (€, in millions) Number Amount 1.
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This page belongs to the "Consolidated statements of cash flows" section and highlights: Cash flows from operating activities Net income 7,839.0 7,571.6 9,609.4 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization1 12, 13 739.8 918.6 1,025.9 Impairment and loss on disposal 12, 13 37.5 35.8 49.7 Share-based compensation expense 18, 20 134.8 172.6 202.3 Inventory reserves 7 485.3 554.7 469.4 Deferred tax expense (benefit) 21 (133.6) (144.8) 180.7 Equity method investments2 10, 26 4.2 4.4 94.6 Changes in assets and liabilities: Accounts receivable, net 5 959.9 (139.9) 1,415.5 Finance receivables, net 6 (88.6) 1,038.7 (227.2) Inventories 7 (1,646.9) (1,860.9) (832.5) Other assets 8 (344.3) (1,299.0) (561.9) Accrued and other liabilities 15 222.0 625.5 (237.3) Accounts payable (261.7) 1,127.6 13.4 Current tax assets and liabilities 21 (939.4) 689.5 334.1 Contract assets and liabilities 2 (1,564.6) 1,871.8 1,122.4 Net cash provided by operating activities 5,443.4 11,166.2 12,658.5 Cash flows from investing activities Purchase of property, plant and equipment3 13 (2,155.6) (2,067.2) (1,573.6) Purchase of intangible assets 12 (40.6) (15.9) (57.6) Purchase of short-term investments 4 (23.6) (305.2) (406.2) Maturity of short-term investments 4 125.6 305.2 5.3 Purchase of equity investments 9 — — (1,302.2) Loans issued and other investments4 26 (561.5) (526.2) (703.7) Repayment on loans5 26 — — 260.2 Acquisition of subsidiaries (net of cash acquired) (33.6) — — Net cash used in investing activities (2,689.3) (2,609.3) (3,777.8) Year ended December 31 (€, in millions) Notes 2023 2024 2025 Cash flows from financing activities Dividend paid 22 (2,348.3) (2,452.9) (2,550.3) Purchase of treasury shares 22 (1,000.0) (500.0) (5,950.0) Net proceeds from issuance of shares 20 99.4 124.0 142.3 Net proceeds from issuance of borrowings 16 997.8 22.5 754.2 Repayment of debt and finance lease obligations 14, 16 (752.8) (25.7) (1,066.7) Net cash used in financing activities (3,003.9) (2,832.1) (8,670.5) Net cash flows (249.8) 5,724.8 210.2 Effect of changes in exchange rates on cash (13.8) 6.4 (30.1) Net increase (decrease) in cash and cash equivalents (263.6) 5,731.2 180.1 Cash and cash equivalents at beginning of the year 4 7,268.3 7,004.7 12,735.9 Cash and cash equivalents at end of the year 4 7,004.7 12,735.9 12,916.0 Supplemental disclosures of cash flow information Change in unpaid portion of property, plant and equipment, excluded in investing activities, included in accounts payable 49.3 23.6 22.3 Interest received 190.8 169.5 201.3 Interest paid (137.8) (160.0) (114.5) Income taxes paid, net of refunds (2,568.3) (1,098.0) (1,621.4) Year ended December 31 (€, in millions) Notes 2023 2024 2025 1.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: 1. General information / summary of general accounting policies ASML is a leading supplier to the semiconductor industry. We provide chipmakers with hardware, software and services to mass produce the patterns of integrated circuits (microchips).
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: 2.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: We generate revenue from lessor agreements, which we classify as a sales-type lease when the lease meets any of the following criteria at lease commencement: • The lease transfers ownership of the underlying asset to the lessee by the end of the lease term; • The lease grants the lessee an option to purchase the underlying asset, that the lessee is reasonably certain to exercise; • The lease term is for the major part of the remaining economic life of the underlying asset.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Field upgrades and options (system enhancements) Field upgrades and options mainly relate to goods and services that are delivered for systems already installed in the customer factories.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Disaggregation of revenue Our revenue from contracts with customers, on a disaggregated basis, aligns with our reportable segment disclosures with the addition of disaggregation of net system sales per technology and per end-use.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: The increase in the net contract liabilities to €18.9 billion as of December 31, 2025, compared to €17.9 billion as of December 31, 2024, is mainly driven by an increase in down payments for goods and services which will be delivered in the future.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: The increase in total net sales of €4.4 billion, or 15.6%, to €32.7 billion in 2025, from €28.3 billion in 2024 was primarily driven by greater NXE and NXT immersion adoption supported by leading-edge foundry investments for AI demand, EXE systems being delivered to and installed at more customers, and higher net service and field option sales.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Accounts receivable consist of the following: Year ended December 31 (€, in millions) 2024 2025 Accounts receivable, gross 4,477.5 3,023.0 Allowance for credit losses — — Accounts receivable, net 4,477.5 3,023.0 The decrease in accounts receivable as of December 31, 2025, compared to December 31, 2024, is mainly due to increased factoring of receivables and the timing of cash receipts from our customers.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Inventories consist of the following: Year ended December 31 (€, in millions) 2024 2025 Raw materials 4,911.2 5,298.5 Work-in-process 4,872.3 4,768.5 Finished products 2,019.5 2,135.1 Inventories, gross 11,803.0 12,202.1 Inventory reserves (911.5) (772.8) Inventories, net 10,891.5 11,429.3 The increase in gross inventory in 2025, compared to 2024, is mainly due to increasing raw materials to support our growing install base as well as increased number of systems bought back from our customers.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: 9.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Carl Zeiss SMT Holding GmbH & Co. KG is a privately held company; therefore, quoted market prices for its stock are not available. 11.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: As of December 31, 2025, intangible assets consist mainly of brands, intellectual property, developed technology, customer relationships obtained from the acquisitions of Cymer (2013) and HMI (2016) as well as capitalized costs relating to internal use software: €, in millions Brands Intellectual property Developed technology Customer relationships Other Total Cost Balance at January 1, 2024 38.9 147.1 1,220.2 228.6 260.1 1,894.9 Additions — — — — 14.3 14.3 Disposals — — — — (0.6) (0.6) Effect of changes in exchange rates — — — — (0.1) (0.1) Balance at December 31, 2024 38.9 147.1 1,220.2 228.6 273.7 1,908.5 Additions — — — — 58.5 58.5 Disposals — — — — (11.6) (11.6) Effect of changes in exchange rates — — — — 0.9 0.9 Balance at December 31, 2025 38.9 147.1 1,220.2 228.6 321.5 1,956.3 Accumulated amortization and impairment Balance at January 1, 2024 16.8 104.1 754.2 134.0 144.1 1,153.2 Amortization 1.9 8.3 74.5 12.6 28.7 126.0 Impairment charges — — — — 8.0 8.0 Disposals — — — — (0.5) (0.5) Effect of changes in exchange rates — — — — 0.5 0.5 Balance at December 31, 2024 18.7 112.4 828.7 146.6 180.8 1,287.2 Amortization 1.9 8.1 74.5 12.6 26.4 123.5 Impairment charges — 6.5 — — — 6.5 Disposals — — — — (0.1) (0.1) Effect of changes in exchange rates — — — — (0.9) (0.9) Balance at December 31, 2025 20.6 127.0 903.2 159.2 206.2 1,416.2 Carrying amount December 31, 2024 20.2 34.7 391.5 82.0 92.9 621.3 December 31, 2025 18.3 20.1 317.0 69.4 115.3 540.1 STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 293 Financial statements Notes Appendices Definitions Notes to the Consolidated financial statements (continued)
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: The Consolidated statements of operations include the following amortization charges: Year ended December 31 (€, in millions) 2023 2024 2025 Cost of sales 102.7 103.8 94.2 R&D costs 19.5 20.8 24.8 SG&A 5.4 1.4 4.5 Total amortization 127.6 126.0 123.5 As of December 31, 2025, the intangible assets not yet available for use, as included in Other, amount to €54.3 million (2024: €11.8 million) and are allocated to reporting unit ASML.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Property, plant and equipment consists of the following: Cost Balance at January 1, 2024 4,323.4 3,690.0 478.5 587.9 9,079.8 Additions 1,120.1 756.5 116.9 65.8 2,059.3 Disposals (3.2) (45.6) (0.3) (7.6) (56.7) Net non-cash movements to/from Inventories — (40.0) — — (40.0) Effect of changes in exchange rates 8.1 (1.7) (0.6) 12.5 18.3 Balance at December 31, 2024 5,448.4 4,359.2 594.5 658.6 11,060.7 Additions 1,029.4 474.2 43.3 49.3 1,596.2 Disposals (3.9) (59.3) (5.0) (6.2) (74.4) Net non-cash movements to/from Inventories — 328.0 — — 328.0 Effect of changes in exchange rates (52.8) (28.9) (3.8) (4.7) (90.2) Balance at December 31, 2025 6,421.1 5,073.2 629.0 697.0 12,820.3 Accumulated depreciation and impairment Balance at January 1, 2024 1,243.1 1,605.6 361.5 376.4 3,586.6 Depreciation 169.4 506.8 38.4 72.7 787.3 Impairment charges 3.3 11.7 0.2 1.9 17.1 Disposals — (38.5) — (7.5) (46.0) Net non-cash movements to/from Inventories — (136.4) — — (136.4) Effect of changes in exchange rates 4.0 0.4 0.4 0.5 5.3 Balance at December 31, 2024 1,419.8 1,949.6 400.5 444.0 4,213.9 Depreciation 212.0 580.7 51.3 72.0 916.0 Impairment charges 5.6 5.9 — — 11.5 Disposals (3.2) (40.2) (4.6) (6.2) (54.2) Net non-cash movements to/from Inventories — (109.1) — — (109.1) Effect of changes in exchange rates (14.7) (29.1) (3.9) (3.9) (51.6) Balance at December 31, 2025 1,619.5 2,357.8 443.3 505.9 4,926.5 Carrying amount December 31, 2024 4,028.6 2,409.6 194.0 214.6 6,846.8 December 31, 2025 4,801.6 2,715.4 185.7 191.1 7,893.8 €, in millions Land and buildings Machinery and equipment Leasehold improvements Furniture, fixtures and other Total STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 295 Financial statements Notes Appendices Definitions Notes to the Consolidated financial statements (continued)
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: As of December 31, 2025, the carrying amount includes assets under construction of €1,771.0 million (2024: €1,729.7 million) primarily consisting of buildings, as well as machinery and equipment.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Lease liabilities are split between current and non-current and are presented as part of Accrued and other liabilities. The non-current portion mainly consists of properties and warehouses.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: The standard warranty reserve is based on historical product performance and total expected costs to fulfill our warranty obligation.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Year ended December 31 (€, in millions) 2024 2025 Amortized cost amount 4,736.9 3,740.3 Fair value interest rate swaps1 (67.5) (57.5) Carrying amount 4,669.4 3,682.8 1. The fair value of the interest rate swaps excludes accrued interest.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: 17. Commitments and contingencies Commitments We have various contractual obligations, some of which are required to be recorded as liabilities in our Consolidated balance sheets, including long-term debt, short-term borrowings and lease commitments.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: 18.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: 19. Employee benefits Accounting policy Contributions to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: 20.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: The most important assumptions for the calculation of the fair value of shares for the LTI performance plans, which include market-based performance criteria, are set out in this table: Year ended December 31 2023 2024 2025 Share price in € at grant date 620.1 707.1 580.9 Expected volatility ASML 46.2% 40.0% 41.7% Average volatility of the peer group 50.0% 43.3% 46.6% Vesting period 2.9 years 2.9 years 2.7 years Dividend yield 0.9% 0.7% 0.9% Risk free interest rate (Eurozone) 2.4% 2.4% 1.8% Risk free interest rate (US) 3.9% 4.2% 3.9% An overview of the incurred and expected expenses for the LTI plans are set out in the following table: Year ended December 31 (€, in millions) 2023 2024 2025 Incurred expenses 134.8 172.6 202.3 Expected expenses of conditionally granted plans in future periods 187.2 246.1 215.0 Weighted average period for recognizing these expected expenses 1.6 years 1.5 years 1.4 years Recognized income tax benefit (excluding excess income tax benefits) 16.3 28.2 32.0 Details with respect to shares granted and vested during the year are set out in the following table: EUR-denominated USD-denominated Year ended December 31 2023 2024 2025 2023 2024 2025 Total fair value of shares vested during the year (in millions) 175.5 161.4 139.4 127.0 155.2 166.6 Weighted average fair value of shares granted 587.42 801.78 636.49 624.10 848.18 660.67 A summary of the status of conditionally outstanding shares as of December 31, 2025, and changes during the year ended December 31, 2025, is presented below: EUR-denominated USD-denominated Number of shares Weighted average fair value at grant date Number of shares Weighted average fair value at grant date Conditional shares outstanding at January 1, 2025 280,353 680.02 410,680 734.50 Granted 261,198 636.49 279,674 660.67 Vested (203,871) 650.87 (229,822) 711.06 Forfeited (6,314) 632.69 (13,191) 714.28 Conditional shares outstanding at December 31, 2025 331,366 664.54 447,341 700.98 Option plans Since 2017, we no longer grant any options, but there are still outstanding options which may be exercised by employees.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Details with respect to stock options exercised and outstanding are set out in the following table: EUR-denominated USD-denominated Year ended December 31 2023 2024 2025 2023 2024 2025 Weighted average share price at stock option exercise 613.03 834.48 722.84 678.41 911.23 840.14 Aggregate intrinsic value of exercised stock options (in millions) 8.1 10.2 8.8 4.8 8.2 6.8 Weighted average remaining contractual term of exercisable options (in years) 1.48 0.83 0.32 1.43 0.84 0.30 Aggregate intrinsic value of exercisable stock options (in millions) 19.7 11.4 4.6 15.9 8.2 4.5 Aggregate intrinsic value of outstanding stock options (in millions) 19.7 11.4 4.6 15.9 8.2 4.5 The number and weighted average exercise prices of stock options as of December 31, 2025, and changes during the year then ended are presented below: EUR-denominated USD-denominated Number of options Weighted average exercise price per ordinary share (in €) Number of options Weighted average exercise price per ordinary share (in $) Outstanding, January 1, 2025 19,336 87.48 13,734 95.58 Granted — — — — Exercised (13,779) 87.04 (9,090) 94.62 Forfeited — — — — Expired (78) 93.03 (1) 88.10 Outstanding, December 31, 2025 5,479 88.52 4,643 97.47 Exercisable, December 31, 2025 5,479 88.52 4,643 97.47 Details with respect to stock options exercised in the relevant year and outstanding stock options as of December 31, 2025, are set out in the following table: EUR-denominated USD-denominated Range of exercise prices (in €) Number of outstanding options Weighted average remaining contractual term of outstanding (years) Range of exercise prices (in $) Number of outstanding options Weighted average remaining contractual term of outstanding (years) 80–90 3,569 0.19 80–90 — 0.00 90–100 1,910 0.56 90–100 2,976 0.15 100–110 — 0.00 100–110 1,667 0.56 Total 5,479 0.32 Total 4,643 0.30 Employee Share Purchase Plan Additionally, we offer an Employee Share Purchase Plan to our payroll employees, except the Board of Management, which is excluded from participation in this plan.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: 21. Income taxes Accounting policy The asset and liability method is used in accounting for income taxes.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Current and deferred tax (expense) / benefit can be further broken down into: Year ended December 31 (€, in millions) 2023 2024 2025 Current year tax (expense) / benefit (1,766.1) (1,535.6) (2,008.0) Prior year tax (expense) / benefit 113.1 (211.2) 10.9 Total current tax (expense) / benefit (1,653.0) (1,746.8) (1,997.1) Year ended December 31 (€, in millions) 2023 2024 2025 Changes to recognition of operating losses and tax credits 3.0 (24.9) (52.4) Prior year tax (expense) / benefit (85.2) 93.1 51.7 Tax rate changes 13.5 — 16.4 Origination and reversal of temporary differences, operating losses and tax credits 285.9 (2.0) (32.0) Total deferred tax (expense) / benefit 217.2 66.2 (16.3) Above current year tax expense includes estimated global minimum tax expense of 0.0 million (2024: 2.5 million) that can be broken out as follows: Year ended December 31 (€, in millions)3 2024 2025 Top-up tax expense based on local QDMTT1 (0.3) — Top-up tax expense based on IIR2 (2.2) — Global minimum tax (expense) / benefit (2.5) — 1.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: The following table is a reconciliation of the Dutch statutory rate of 25.8% to the Company’s effective rate for the years ended December 31, 2023 and 2024 in accordance with the guidance prior to the adoption of ASU 2023-09.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Changes in the liability for unrecognized tax benefits This category includes movements in our liability for unrecognized tax benefits for the worldwide consolidated group. No netting with underlying tax positions has been applied.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Consistent with the requirements of ASC 740, as of December 31, 2025, the liability for unrecognized tax benefits (excluding interest and penalties) amounts to €160.8 million (2024: €214.0 million), which is classified as Deferred and other income tax liabilities.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Deferred taxes The composition of total deferred tax assets and liabilities reconciled to the classification in the Consolidated balance sheets is: Deferred taxes (€, in millions) January 1, 2025 Credits and other Consolidated Statements of Operations Effect of changes in exchange rates December 31, 2025 Deferred tax assets: Capitalized R&D costs 481.7 — (106.5) (63.9) 311.3 Goodwill 79.8 — 5.3 — 85.1 R&D and other tax credit carry forwards 266.6 (9.7) 85.4 (30.2) 312.1 Inventories 95.5 (23.4) (2.1) 70.0 Contract liabilities 1,046.0 16.8 (90.4) 972.4 Accrued and other liabilities 135.4 (9.0) (13.2) 113.2 Operating loss carry forwards 1.1 49.0 1.0 51.1 Property, plant and equipment 11.4 2.7 (0.2) 13.9 Lease liabilities 25.4 (3.4) (3.1) 18.9 Other intangible assets 107.0 — (15.3) (7.0) 84.7 Share-based payments 30.0 — 6.3 (3.5) 32.8 Other temporary differences 24.4 — 32.7 20.2 77.3 Total deferred tax assets, gross 2,304.3 (9.7) 40.6 (192.4) 2,142.8 Valuation allowance1 (242.6) — (52.4) 27.3 (267.7) Total deferred tax assets, net 2,061.7 (9.7) (11.8) (165.1) 1,875.1 Deferred tax liabilities: Other intangible assets (46.0) — 11.1 11.9 (23.0) Goodwill (45.7) — (8.0) — (53.7) Inventories — — — — — Right-of-use assets (25.4) — 3.4 3.1 (18.9) Property, plant and equipment (36.1) — 8.0 3.1 (25.0) Accrued and other liabilities (0.3) — (27.4) 0.6 (27.1) Contract liabilities — — — — — Long-term debt (1.3) — 1.2 — (0.1) Other temporary differences (12.3) — 7.2 (11.3) (16.4) Total deferred tax liabilities (167.1) — (4.5) 7.4 (164.2) Net deferred tax assets (liabilities) 1,894.6 (9.7) (16.3) (157.7) 1,710.9 Classified as: Deferred tax assets – non-current 1,940.7 1,719.4 Deferred tax liabilities – non-current (46.1) (8.5) Net deferred tax assets (liabilities) 1,894.6 1,710.9 1.
Formal statement layout dominated by tabular financial data, footnotes, and accounting disclosures.
This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Deferred taxes (€, in millions) January 1, 2024 Credits and other Consolidated Statements of Operations Income tax recognized in Other Comprehensive Income Effect of changes in exchange rates December 31, 2024 Deferred tax assets: Capitalized R&D costs 514.1 — (66.5) — 34.1 481.7 Goodwill 65.0 14.8 — — 79.8 R&D and other tax credit carry forwards 217.8 (9.7) 45.4 — 13.1 266.6 Inventories 61.4 — 31.6 — 2.5 95.5 Contract liabilities 959.8 — 39.9 — 46.3 1,046.0 Accrued and other liabilities 139.5 — (6.6) — 2.5 135.4 Operating loss carry forwards 3.9 — (2.8) — — 1.1 Property, plant and equipment 29.2 — (16.2) — (1.6) 11.4 Lease liabilities 28.7 — (5.0) — 1.7 25.4 Other intangible assets 119.3 — (12.3) — — 107.0 Share-based payments 16.8 — 6.9 — 6.3 30.0 Other temporary differences 22.5 — 4.9 3.7 (6.7) 24.4 Total deferred tax assets, gross 2,178.0 (9.7) 34.1 3.7 98.2 2,304.3 Valuation allowance1 (206.7) — (24.9) — (11.0) (242.6) Total deferred tax assets, net 1,971.3 (9.7) 9.2 3.7 87.2 2,061.7 Deferred tax liabilities: Other intangible assets (52.0) — 9.4 — (3.4) (46.0) Goodwill (38.5) — (7.2) — — (45.7) Inventories (3.8) 3.7 — 0.1 — Right-of-use assets (28.7) — 5.0 — (1.7) (25.4) Property, plant and equipment (13.6) — (22.7) — 0.2 (36.1) Accrued and other liabilities (0.5) 0.2 — — (0.3) Contract liabilities (80.0) — 80.0 — — — Long-term debt (1.6) — 0.3 — — (1.3) Other temporary differences (2.9) — (11.7) — 2.3 (12.3) Total deferred tax liabilities (221.6) — 57.0 — (2.5) (167.1) Net deferred tax assets (liabilities) 1,749.7 (9.7) 66.2 3.7 84.7 1,894.6 Classified as: Deferred tax assets – non-current 1,872.3 1,940.7 Deferred tax liabilities – non-current (122.6) (46.1) Net deferred tax assets (liabilities) 1,749.7 1,894.6 1.
Formal statement layout dominated by tabular financial data, footnotes, and accounting disclosures.
This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Operating loss carry forwards and tax credit carry forwards The deferred tax assets from operating loss carry forwards, R&D credits and other tax credit carry forwards recognized as per December 31, 2025, are largely offset by means of a valuation allowance.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Issue and repurchase of (rights to) shares Our Board of Management has the power to issue ordinary shares and cumulative preference shares insofar as it has been authorized to do so by the General Meeting.
Corporate disclosure layout with governance diagrams, board information tables, and policy text.
This page belongs to the "Notes to the Consolidated financial statements" section and highlights: If the Foundation does not request that we repurchase or cancel all cumulative preference shares held by the Foundation within 20 months of issuance of these shares, we will be required to convene a General Meeting for the purpose of deciding on a repurchase or cancellation of these shares.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: 23. Net income per ordinary share Basic net income per ordinary share is calculated by dividing net income by the weighted average number of ordinary shares outstanding for that period.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Foreign currency sensitivity The following table details our sensitivity to a 10.0% strengthening of foreign currencies against the euro.
Formal statement layout dominated by tabular financial data, footnotes, and accounting disclosures.
This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Interest rate risk management We have interest-bearing assets and liabilities that expose us to fluctuations in market interest rates, managed through interest rate swaps.
Text-heavy corporate reporting layout with subsections, bullet lists, and explanatory tables.
This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Capital risk management Our objectives when managing our capital structure are to safeguard our ability to satisfy our capital providers by maintaining a capital structure that ensures liquidity and supports a solid investment-grade credit rating.
Text-heavy corporate reporting layout with subsections, bullet lists, and explanatory tables.
This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Cash flow hedge Changes in the fair value of a derivative that is designated and qualified as a cash flow hedge are recorded in OCI, net of taxes, until the underlying hedged transaction is recognized in the Consolidated statements of operations.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Financial assets and financial liabilities measured at fair value on a recurring basis Investments in money market funds (included in our cash and cash equivalents) have fair value measurements which are all based on quoted prices for identical assets or liabilities.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: Financial assets and financial liabilities that are not measured at fair value The carrying amount of cash and cash equivalents, accounts payable, and other current financial assets and liabilities approximate their fair value because of the short-term nature of these instruments.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: 2021 loan agreement In September 2021, we entered into a loan agreement with Carl Zeiss SMT GmbH for up to €1 billion. As of December 31, 2025, we have financed a total amount of €839.1 million (December 31, 2024: €912.4 million) through this loan agreement.
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This page belongs to the "Notes to the Consolidated financial statements" section and highlights: 27. Subsequent events Subsequent events were evaluated up to February 25, 2026, which is the date the Consolidated financial statements included in this Annual Report were approved.
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This page belongs to the "Other appendices" section and highlights: STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 325 Financial statements Notes Appendices Definitions 326 Principal accountant fees and services 327 Property, plant and equipment 328 Dutch and US taxation 333 Financing policy 335 Exchange controls 336 Documents on display 337 Controls and procedures 338 Financial calendar and investor relations 339 ASML contact information 340 Reference table 20-F 342 Definitions 349 Signatures 350 Exhibit index Other appendices
Corporate disclosure layout with governance diagrams, board information tables, and policy text.
This page belongs to the "Other appendices" section and highlights: PricewaterhouseCoopers Accountants N.V. (PwC) has served as our independent registered public accounting firm for the year ended December 31, 2025. As predecessor auditor, KPMG Accountants N.V.
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This page belongs to the "Other appendices" section and highlights: We lease a number of our facilities under operating leases.
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This page belongs to the "Other appendices" section and highlights: The statements below represent a summary of current Dutch tax laws, regulations and judicial interpretations thereof.
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This page belongs to the "Other appendices" section and highlights: • Stock dividends up to their nominal value (unless distributed out of qualifying paid-in capital). • Any (partial) repayment of paid-in capital not qualifying as capital for Dutch dividend withholding tax purposes.
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This page belongs to the "Other appendices" section and highlights: Dividend stripping rules Under Dutch tax legislation regarding anti-dividend stripping, no exemption from, or refund of, Dutch dividend withholding tax is granted if the recipient of dividends paid by us can not demonstrate to be the beneficial owner of such dividends.
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This page belongs to the "Other appendices" section and highlights: should consult their tax advisers about the US federal income tax consequences of holding and disposing of the ordinary shares.
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This page belongs to the "Other appendices" section and highlights: Information reporting and backup withholding Information returns may be filed with the IRS in connection with payments on the ordinary shares or proceeds from a sale, redemption or other disposition of the ordinary shares.
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This page belongs to the "Other appendices" section and highlights: Financing policy We continue to hold on to our long-held prudent financing policy, which is based on three foundational elements: • Liquidity: Maintain sufficient liquidity to ensure continued business growth and to provide a buffer for cash flow volatility • Capital structure: Maintain a capital structure that targets a solid investment-grade credit rating • Cash return: Provide a sustainable dividend per share that will grow over time, paid quarterly, while returning excess cash to shareholders through share buybacks or capital repayment Liquidity Our principal sources of liquidity consist of cash and cash equivalents, short-term investments and available credit facilities.
Corporate annual-report layout with section header, multi-column body text, and occasional charts or callouts.
This page belongs to the "Other appendices" section and highlights: Cash return policy ASML aims to provide a sustainable dividend per share that will grow over time, paid quarterly.
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This page belongs to the "Other appendices" section and highlights: Cash distributions, if any, payable in euros on our shares listed at Euronext Amsterdam may be officially transferred by a bank from the Netherlands and converted into any other currency without being subject to any Dutch legal restrictions.
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This page belongs to the "Other appendices" section and highlights: We are subject to certain reporting requirements of the Exchange Act.
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This page belongs to the "Other appendices" section and highlights: Disclosure controls and procedures As of December 31, 2025, ASML’s senior management conducted an evaluation, under the supervision and with the participation of ASML’s CEO and CFO, of the effectiveness of the design and operation of ASML’s disclosure controls and procedures (as defined in Rule 13a–15(e) under the Exchange Act).
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This page belongs to the "Other appendices" section and highlights: Financial calendar April 15, 2026 Announcement of first-quarter results for 2026 April 22, 2026 Annual General Meeting July 15, 2026 Announcement of second-quarter results for 2026 October 14, 2026 Announcement of third-quarter results for 2026 Fiscal Year ASML’s fiscal year ends on December 31, 2026 Investor Relations ASML Investor Relations supplies information regarding the company and its business opportunities to investors and financial analysts.
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This page belongs to the "Other appendices" section and highlights: Corporate headquarters De Run 6501 5504 DR Veldhoven The Netherlands Phone: +31 40 268 3000 Mailing address P.O.
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This page belongs to the "Other appendices" section and highlights: Part I 1 Identity of Directors, Senior Management and Advisers Not applicable 2 Offer Statistics and Expected Timetable Not applicable 3 Key information B. Capitalization and Indebtedness Not applicable C.
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This page belongs to the "Other appendices" section and highlights: 8 Financial Information A. Consolidated Statements and Other Financial Information Consolidated financial statements 272 B. Significant Changes Long-term growth opportunities 58 Notes to the Consolidated financial statements 282 9 The Offer and Listing A.
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This page belongs to the "Definitions" section and highlights: 0–9 3TG Tin, tantalum, tungsten and gold A Affected communities People or groups of people living or working in areas in which ASML has operations and in areas affected by ASML’s value chain.
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This page belongs to the "Definitions" section and highlights: COVID-19 Coronavirus disease 2019 CPP ASML’s Community Partnership Program CPU Central processing unit CRA Cyber Resilience Act CRMC Capital Research and Management Company CSDDD Corporate Sustainability Due Diligence Directive CSPO Chief Strategic Sourcing & Procurement Officer CSRD Corporate Sustainability Reporting Directive CTO Chief Technology Officer Cymer Cymer Inc., Cymer LLC and its subsidiaries D DDR5 The 5th generation of double data rate synchronous dynamic random access memory.
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This page belongs to the "Definitions" section and highlights: Fab Semiconductor fabrication plant FAQ Frequently asked questions Fast shipment A fast shipment process skips some of the testing in our factory and provides our customers with earlier access to wafer output capacity.
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This page belongs to the "Definitions" section and highlights: IPR Intellectual property rights IRA Inflation Reduction Act of 2022 I-REC International renewable energy certificate IRS Internal Revenue Service of the United States ISO International Organization for Standardization ITM Integrated Talent Management J JG13+ Job grade 13 and higher JP Morgan Chase US-based holder of our New York share register K KLA-Tencor KLA-Tencor Corporation KPI Key performance indicator KPMG KPMG Accountants N.V.
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This page belongs to the "Definitions" section and highlights: NIIT Net investment income tax Nikon Nikon Corporation NL The Netherlands nm Nanometer (one billionth of a meter) Node A stepping stone in the chipmaking industry’s roadmap for smaller features and more advanced microchips, describes and differentiates generations of semiconductor manufacturing technologies and the chips made with them.
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This page belongs to the "Definitions" section and highlights: Reticle A plate containing the pattern of features to be transferred to the wafer for each exposure.
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This page belongs to the "Definitions" section and highlights: Top management Top management within ASML has been defined as senior leadership (job grade 13) and higher excluding the Supervisory Board.
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This page belongs to the "Definitions" section and highlights: ASML Holding N.V. hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on Form 20-F on its behalf. ASML Holding N.V. (Registrant) /s/ Christophe D.
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This page belongs to the "Exhibit index" section and highlights: 1.1 Articles of Association of ASML Holding N.V.
Reference-page layout with dense text, lists, definitions, and supporting compliance details.
Algengar spurningar um þessa glæru og undirliggjandi kynningarefni.
It is based on ASML’s 2025 annual report, making it a strong reference for corporate annual reports, investor updates, and enterprise disclosure documents.
It is especially useful for investor relations teams, finance leaders, sustainability teams, consultants, and presentation designers creating high-stakes corporate materials.
The file includes cover pages, contents pages, executive Q&A layouts, KPI dashboards, governance disclosures, ESG report sections, detailed financial statements, and appendix-style reference pages.
Yes. Many pages show how to present strategy, performance KPIs, risk factors, governance structures, and audited financial data in a structured, board-ready format.
Yes. A significant portion of the report covers ESG governance, climate action, circular economy, workforce topics, responsible value chain, and community impact.
No. Although the source content is from ASML and the semiconductor industry, the page structures and reporting patterns are broadly reusable across enterprise and public-company reporting.
Because it contains a large variety of polished, real-world report layouts in one file, making it an excellent reference for anyone building complex corporate PDFs, pitch decks, or presentation templates.
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