ASML Holding NV Q4 FY2024 earnings call

• Fourth quarter 2024 total net sales were €9.3 billion, above guidance due to installed base revenue and EUV system sales. Net system sales were €7.1 billion. Gross margin was 51.7% due to additional upgrade business and lower costs from High NA product introduction. - Full year 2024: Net sales €28.3 billion, gross margin 51.3%. R&D spending was €4.3 billion (15% of sales), SG&A was €1.2 billion (4% of sales). Net income was €7.6 billion. - Technology milestones: On Low NA EUV, NXE:3800E demonstrated full spec with 220 wafers per hour throughput. On High NA EUV, two systems installed and customer accepted, with third system shipped. On DUV, shipped new KrF and immersion systems. In Applications, recognized first revenue from eScan 1100 Multi-beam Inspection systems.

In the fourth quarter of 2024, total net sales were €9.3 billion. Net system sales were €7.1 billion, with €2.9 billion from EUV sales and €4.2 billion from non-EUV sales. Net system sales were driven by Logic at 61% and Memory at 39%. For the full year 2024, net sales were €28.3 billion. EUV system sales were €8.3 billion, DUV system sales grew 4% to €12.8 billion, and Metrology & Inspection systems sales increased 20% to €646 million. Logic system revenue was €13.2 billion, Memory system revenue was €8.6 billion, and Installed Base Management sales were €6.5 billion.

• Q1 2025 total net sales expected between €7.5 billion and €8 billion. Installed base management sales expected around €2.1 billion. Gross margin expected 52%-53%. - Full year 2025 revenue expected between €30 billion and €35 billion, gross margin 51%-53%. - Long-term outlook: 2030 revenue opportunity €44 billion-€60 billion, gross margin 56%-66%.

• Geopolitical risks and export controls could impact customer orders and business momentum. - Potential customer pushouts of capacity plans could affect revenue guidance.

Q: Didier Scemama asked about DUV orders and EUV order breakout.

A: Roger Dassen said DUV orders had non-critical layer related business but no breakdown, and Christophe Fouquet noted no major changes in EUV customer buckets.

Q: C.J. Muse asked about derisking and clean room space.

A: Christophe Fouquet discussed derisking of EUV and clean room space optimization with customers.

Q: Andrew Gardiner asked about 2026 order commitments and pre-building.

A: Roger Dassen said order intake in first two quarters for EUV was expected and pre-building strategy was reviewed based on customer insights.

Q: Mehdi Hosseini asked about NXE:3800E throughput and capacity planning.

A: Roger Dassen explained throughput progress of NXE:3800E and capacity building for long-term growth.

Q: Stephane Houri asked about 2025 guidance elements.

A: Roger Dassen confirmed Installed Base Management revenue guidance and adjusted non-EUV, non-China growth expectations.

Q: Michael Roeg asked about Investor Day slide and 2030 sales.

A: Roger Dassen discussed semiconductor market definitions and suggested follow-on conversation offline.

Q: Sandeep Deshpande asked about High NA backlog and customer implementation.

A: Christophe Fouquet explained High NA tool backlog and customer insertion logic for high-volume manufacturing.