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ASML Annual Report 2025 · 47 / 82

Management Discussion

Net bookings in the fourth quarter amounted to EUR 5.6 billion, of which EUV accounted for 43%. Gross margin improved by 1.2 percentage points year over year. Management reiterates its guidance range for the first half of 2026 and maintains delivery priority for advanced-node capacity.

SOURCE · EN

Fourth-quarter management discussion

Fourth-quarter net bookings were EUR 5.6 billion, 43% of it EUV; gross margin rose 1.2 points year over year. Management reiterates its guidance range for the first half of 2026 and keeps delivery priority for advanced-node capacity.

My note · EUV share is up two quarters running, on the same basis as the last annual report.

AI reading

What this paragraph really says is mix, not volume: net bookings are down 4% year over year, but EUV going from 34% to 43% lifted gross margin by 1.2pp. p.47, table 3

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