ASML provides updated view on demand outlook, capacity plans and
business model at Investor Day meeting
ASML provides updated view on demand outlook, capacity
plans and business model at Investor Day
meetingNew share buyback program
announced
VELDHOVEN, the Netherlands, November 10, 2022 - At the Investor
Day meeting tomorrow, November 11, ASML Holding N.V. (ASML) will
update its investors and key stakeholders at its headquarters in
Veldhoven, the Netherlands as well as online, about its updated
view on demand outlook. President & CEO Peter Wennink and
Executive Vice President & CFO Roger Dassen will discuss ASML's
long-term strategy, megatrends, demand, capacity plans and business
model to support the company’s future growth.
Updated scenarios with opportunities to support ASML's
future growth
- While the current macro environment creates near-term
uncertainties, we see longer-term wafer demand and capacity showing
healthy growth.
- Expanding application space and industry innovation are
expected to continue to fuel growth across semiconductor
markets.
- Strong growth rates across markets, continued innovation, more
foundry competition and technological sovereignty drive an
increased demand at advanced and mature nodes, which is expected to
require wafer capacity additions.
- We plan to adjust our capacity to meet future demand, preparing
for cyclicality while sharing risks and rewards fairly with all
stakeholders.
- We plan to increase our annual capacity to 90 EUV and 600 DUV
systems (2025-2026), while also ramping High-NA EUV capacity to 20
systems (2027-2028).
- Our continued investments in technology leadership have created
significant shareholder value. Growth in semiconductor end markets
and increasing lithography intensity on future nodes fuel demand
for our products and services.
- These new developments and plans have resulted in updated
scenarios for our future growth, compared to the previous Investor
Day in September 2021.
- Based on different market scenarios, we expect a substantial
growth opportunity to achieve the following:
- 2025: annual revenue between approximately €30 billion and €40
billion with a gross margin between approximately 54% and
56%
- 2030: annual revenue between approximately €44 billion and €60
billion with a gross margin between approximately 56% and 60%
New share buyback programWe expect to continue
to return significant amounts of cash to our shareholders through a
combination of growing dividends and share buybacks. ASML
announces a new share buyback program, effective November 11, 2022
and to be executed by December 31, 2025. We intend to repurchase
shares up to an amount of €12.0 billion, of which we expect a total
of up to 2 million shares will be used to cover employee share
plans. We intend to cancel the remainder of the shares
repurchased.
The share buyback program will be executed within the
limitations of the existing authority granted by the AGM on April
29, 2022 and of the authority to be granted by future AGMs. The
share buyback program may be suspended, modified or discontinued at
any time. All transactions under this program will be published on
ASML's website (www.asml.com/investors) on a weekly basis.
Webcast and presentationsThe Investor Day
program on November 11 runs from 13:30 to 16:30 CET. The link to
the live webcast can be found on our website (no pre-registration
required). The presentations and a recording will be made available
afterwards on asml.com.
Media
Relations contacts |
Investor
Relations contacts |
Monique Mols +31
6 5284 4418 |
Skip Miller +1
480 235 0934 |
Ryan Young +1 480
205 8659 |
Marcel Kemp +31
40 268 6494 |
Karen Lo +886
939788635 |
Peter Cheang +886
3 659 6771 |
About ASMLASML is a leading supplier to the
semiconductor industry. The company provides chipmakers with
hardware, software and services to mass produce the patterns of
integrated circuits (microchips). Together with its partners, ASML
drives the advancement of more affordable, more powerful, more
energy-efficient microchips. ASML enables groundbreaking technology
to solve some of humanity's toughest challenges, such as in
healthcare, energy use and conservation, mobility and agriculture.
ASML is a multinational company headquartered in Veldhoven, the
Netherlands, with offices across Europe, the US and Asia. Every
day, ASML’s more than 37,500 employees (FTE) challenge the status
quo and push technology to new limits. ASML is traded on Euronext
Amsterdam and NASDAQ under the symbol ASML. Discover ASML – our
products, technology and career opportunities – at
www.asml.com.
Regulated InformationThis press release
contains inside information within the meaning of Article 7(1) of
the EU Market Abuse Regulation.
Forward Looking StatementsThis document and
related discussions contain statements that are forward-looking
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995, including statements with respect to expected trends,
including trends in end markets and the technology industry and
business environment trends, expected lithography and semiconductor
industry growth and growth rates and revenue, capital intensity
outlook, expected growth in semiconductor end markets, expected
growth in wafer demand and capacity and additional wafer capacity
requirements, expected investments in wafer capacity and plans to
increase capacity, expected growth in lithography spend,
opportunity for growth in service and upgrades and expected growth
in Installed Base Management sales, expected increase in capacity
and plan for ASML and its suppliers to increase capacity and output
to meet demand, expected production of systems, updated model for
2025 and 2030, outlook and expected, modelled or potential
financial results, including revenue projections and annual revenue
opportunity gross margin, R&D costs, SG&A costs, capital
expenditure, cash conversion cycle and annualized effective tax
rate for 2025 and 2030 and assumptions underlying such expected,
modelled or potential amounts, and other assumptions underlying our
business and financial models, expected trends in semiconductor end
markets and long term growth opportunities, demand and demand
drivers, expected growth in the semiconductor industry including
demand growth and expected capital spend in the coming years, the
impact of technology sovereignty and foundry competition,
statements with respect to dividends and share buybacks and
dividend policy, including expectation of growing dividends and
buybacks and statements with respect to ASML’s new buyback plan,
energy generation and consumption trends and the drive toward
energy efficiency, increasing technological sovereignty across the
world, including specific goals of countries across the world,
increasing competition in the foundry business and other
non-historical statements. You can generally identify these
statements by the use of words like "may", "will", "could",
"should", "project", "believe", "anticipate", "expect", "plan",
"estimate", "forecast", "potential", "intend", "continue",
"target", "future", "progress", "goal" and variations of these
words or comparable words. These statements are not historical
facts, but rather are based on current expectations, estimates,
assumptions and projections about our business and our future
financial results and readers should not place undue reliance on
them. Forward-looking statements do not guarantee future
performance and involve a number of substantial known and unknown
risks and uncertainties. These risks and uncertainties include,
without limitation, economic conditions, product demand and
semiconductor equipment industry capacity, worldwide demand and
manufacturing capacity utilization for semiconductors, the impact
of general economic conditions on consumer confidence and demand
and capacity for our customers’ products, performance of our
systems, the impact of the COVID-19 outbreak and measures taken to
contain it on us, our suppliers, the global economy and financial
markets, the impact of the Russian military actions in the Ukraine
and measures taken in response on the global economy and global
financial markets and other factors that may impact ASML’s
financial results, including customer demand and ASML’s ability to
obtain parts and components for its products and otherwise meet
demand, the success of technology advances and the pace of new
product development and customer acceptance of and demand for new
products, risks relating to execution of technology roadmaps,
demand and production capacity and our and our supplier’s ability
to increase capacity to meet demand, the impact of inflation and
any recession, investments in capacity and lithography spend, our
ability to meet the goals and expectations in our business and
financial models and whether the assumptions underlying our models
prove to be reasonable and accurate, the number and timing of
systems ordered, shipped and recognized in revenue, and the risk of
order cancellation or push out, supply chain capacity and
constraints and logistics and constraints on our ability to produce
systems to meet demand, our ability to increase capacity including
our infrastructure and workforce, our ability to control costs and
maintain and improve gross margin and competitive position, trends
in the semiconductor industry, our ability to enforce patents and
protect intellectual property rights and the outcome of
intellectual property disputes and litigation, availability of raw
materials, critical manufacturing equipment and qualified
employees, trade environment, geopolitical risks and impact on our
business, import/export and national security regulations and
orders and their impact on us including the impact of new U.S.
export regulations, changes in exchange and tax rates, available
liquidity and liquidity requirements, our ability to refinance our
indebtedness, available cash and distributable reserves for, and
other factors impacting, dividend payments and share repurchases,
results of our share repurchase program and other risks indicated
in the risk factors included in ASML’s Annual Report on Form 20-F
for the year ended December 31, 2021 and other filings with and
submissions to the US Securities and Exchange Commission. These
forward-looking statements are made only as of the date of this
document. We undertake no obligation to update any forward-looking
statements after the date of this report or to conform such
statements to actual results or revised expectations, except as
required by law.
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