ASML Holding N.V.

ASML is a Dutch maker of lithography systems, the machines that print circuit patterns onto silicon wafers. According to its corporate history, in 1984 the electronics group Philips and the chip-equipment maker ASM International (ASMI) set up ASM Lithography to develop lithography systems for the growing semiconductor market. The company says it started out in a leaky shed next to a Philips building in Eindhoven. It launched its first system, the PAS 2000 stepper, the same year, and in 1985, with 100 employees, moved into a newly built office and factory in Veldhoven. In 1995 it listed on the Amsterdam and New York stock exchanges; Philips sold half of its shares at the IPO and the rest over the following years.

What ASML sells

ASML's systems fall into generations by the wavelength of light they use. Its annual report on Form 20-F breaks down system sales by technology. In 2025 the older generations still made up most of the units, but EUV brought in nearly half of the money.

The 48 EUV systems recognised in 2025 brought in €11,602.7 million, 47% of net system sales of €24,474.3 million. By end use, Logic accounted for €16,054.1 million and Memory for €8,420.2 million.

EUV: a technology of its own

EUV lithography prints with light of 13.5 nm wavelength. As ASML explains it, EUV light is absorbed by everything, even air, so the whole light path sits in a high vacuum, and multilayer mirrors rather than lenses guide the light. The source fires two CO2 laser pulses at a fast-moving droplet of tin to create EUV light.

ASML describes EUV as unique to itself and tells the story this way: work to industrialise the technology began in 1994, when a coalition of semiconductor companies including ASML delivered the first prototype and showed that EUV lithography was possible; but the pursuit was difficult and costly, and in time only ASML, with its partners and suppliers, kept working toward a viable system. ASML says it invested more than €6 billion in EUV R&D over 17 years. Carl Zeiss SMT, according to the 20-F, is ASML's sole supplier of mirrors, lenses and other critical optics, and its production capacity limits how many systems ASML can build.

On the manufacturing side, TSMC announced in October 2019 that its N7+ process was the industry's first commercially available EUV lithography technology. The 7 nm generation itself is covered in the TSMC 7nm (2018) entry.

Export controls and China

Leading-edge lithography tools are now subject to national export controls. ASML's 20-F says that under Dutch, US and other applicable laws it must obtain export licences for EUV systems, specific DUV immersion systems and some other products.

• 30 June 2023: The Dutch government published new export rules for advanced chipmaking equipment. Al Jazeera reported that ASML said its DUV 2000 series and later models would need a licence, and that the rules were expected to take effect on 1 September. The same report said ASML's most advanced EUV machines had never been shipped to China.
• 15 January 2025: The Netherlands extended its controls, mainly to certain metrology and inspection systems (20-F).
• 1 October 2025: The US Commerce Department introduced a rule extending Entity List restrictions to companies at least 50% owned by listed parties. According to the 20-F, it has been suspended for one year, until 10 November 2026, under a trade agreement with China.
• November 2025: The EU incorporated certain Dutch national controls into the EU Control List, so exports of systems such as DUV immersion tools outside the EU need a licence in every member state. ASML says this changed nothing for it, as those products already needed a Dutch licence.

Customers in China accounted for 36.1% of total net sales in 2024 and 29.1% in 2025. The 20-F says ASML's DUV business in China turned out stronger than expected in 2025.

Key events

• 1984: Philips and ASMI set up ASM Lithography; the PAS 2000 is launched.
• 1985: Move to a new office and factory in Veldhoven.
• 1995: Listing in Amsterdam and New York.
• 2006: EUV demo tools shipped.
• 2010: The NXE:3100 EUV prototype shipped.
• 2013: Cymer acquired.
• 2023: First High NA EUV system shipped; the Netherlands publishes export rules for advanced equipment.
• 2025: Sales of 48 EUV systems recognised.

Financial indicators

Year ended 31 December 2025 (US GAAP), from the 20-F.

• Total net sales: €32,667.3 million (prior year €28,262.9 million, up 15.6%)
• Net system sales: €24,474.3 million / Net service and field option sales: €8,193.0 million
• Net income: €9,609.4 million
• Research and development costs: €4,698.8 million
• Employees: more than 44,000 (full-time equivalents)

The figures show how much rests on a small number of machines. EUV makes up less than a tenth of the units ASML ships but close to half of its system sales, and by the company's own account no one else makes it. Now that governments decide by licence where those machines may go, ASML's results depend on the course of export controls almost as much as on its customers' investment plans.