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    Tammy Qiu • Berenberg

    Tammy Qiu's questions to ASML Holding NV (ASML) leadership

    Tammy Qiu's questions to ASML Holding NV (ASML) leadership • Q2 2025

    Question

    Tammy Qiu of Berenberg asked if higher tool productivity means ASML needs more aggressive capacity expansion from customers to grow unit sales, and sought to clarify if the 2026 uncertainty implies a delay or a fundamental change in customer investment decisions.

    Answer

    CEO Christophe Fouquet explained that ASML's business is driven by customers' total wafer output needs, not unit counts. Higher productivity tools deliver more value and better margins, which is beneficial for both ASML and its customers. He characterized the 2026 situation as customers having more "interrogation about the decisions" they need to make, rather than a simple delay or change, due to external uncertainties.

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    Tammy Qiu's questions to ASML Holding NV (ASML) leadership • Q4 2024

    Question

    Tammy Qiu inquired about the potential for customers to accelerate High-NA adoption due to performance benefits and asked if Chinese customers were pulling in orders ahead of new restrictions, potentially leading to a faster decline in sales.

    Answer

    CEO Christophe Fouquet explained that while High-NA performance is attractive, adoption also depends on platform maturity, a process that typically takes 12-18 months. CFO Roger Dassen clarified that the normalization of China sales to a low 20% range in 2025 is primarily due to working through a large, previously built-up backlog, not a new pull-in dynamic. He described Q4 order intake from China as 'healthy' but not dramatic.

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