VELDHOVEN, the Netherlands, April 17, 2019 - ASML Holding N.V. (ASML) today publishes its 2019 first-quarter results.
•Q1 net sales of EUR 2.2 billion, net income of EUR 355 million, gross margin 41.6 percent
•ASML expects Q2 2019 net sales of between EUR 2.5 billion and EUR 2.6 billion and a gross margin between 41 percent and 42 percen(Figures in millions of euros unless otherwise indicated)

Q4 2018 Q1 2019
Net sales 3,143 2,229
...of which Installed Base Management sales 1) 719 540
New lithography systems sold (units) 58 43
Used lithography systems sold (units) 6 5
Net bookings 1,587 1,399
Gross profit 1,393 928
Gross margin (%) 44.3 41.6
Net income 788 355
EPS (basic; in euros) 1.87 0.84

End-quarter cash and cash equivalents and short-term investments 4,034 3,275

1) Installed Base Management sales equals our net service and field option sales.
CEO Statement
"Our first-quarter sales and gross margin came in slightly above guidance, supported by better than planned EUV system shipments and DUV profitability. The outlook for the remainder of the year remains unchanged, as we see accelerating growth through 2019 on the back of significant technology transitions, primarily in Logic. Our outlook is further underpinned by expected increasing Applications and Installed Base revenues. EUV systems are starting production of the first layers of the most advanced Logic nodes. Supporting these technology transitions is our higher productivity NXE:3400C EUV scanner - which we expect will also drive adoption in the DRAM memory segment. We reconfirm our previously disclosed longer-term outlook for 2020 and beyond, which remains based on our positive view on technology drivers such as 5G communications, automotive, artificial intelligence and data centers. In the short term, some volume demand uncertainties remain due to macro-economic developments," said ASML President and Chief Executive Officer Peter Wennink.

Q1 2019 Product and Business Highlights
•In our DUV lithography business, we see increasing demand for 200 mm TWINSCAN scanners across all dry wavelengths, which is mainly driven by strong growth in the automotive, industrial and Internet of Things market segments.
For thin film head manufacturing, ASML is expected to enable the shrink roadmap with a special version of the XT:1460K scanner, for which the company recently received an order from a leading storage manufacturer.
On 300 mm, we continue innovations in DUV to support future nodes and new applications. We will bring the DUV Dry products to the high performance NXT platform. We are on track to deliver the NXT:1470 mid next year. Due to our cost-effective DUV product portfolio, important market share wins were recently achieved in multiple regions.
•Our Applications portfolio, including optical and E-beam metrology and inspection, computational lithography and software control products, continues to see growth. In Q1 2019, our Brion deep-learning technology has been adopted by several leading-edge customers.
We are making progress on our E-beam products for improved defect inspection sensitivity required on future nodes. To improve E-beam system productivity, we are on track to deliver a multi-beam system this year for R&D, moving to commercial product shipment in 2020.
In January, ASML announced the acquisition of the intellectual property assets of Mapper, a Delft-based high-tech company. In Q1 2019, approximately 100 former Mapper employees accepted job offers from ASML and are now working in projects for our Applications business - 80 employees in multi-beam and 20 in YieldStar.
•For EUV, the first set of NXE:3400C optics are in the factory. These higher transmission optics will enable the higher throughput of 170 wafers per hour. This is expected to deliver cost effective shrink for both Logic and DRAM. The system is expected to be available to our customers in the second half of 2019.
•In light of questions we recently received concerning a court case ASML has won against XTAL, we have included the key facts on our website: www.asml.com/xtal

Outlook
For the second quarter of 2019, ASML expects net sales between EUR 2.5 billion and EUR 2.6 billion, and a gross margin between 41 percent and 42 percent. ASML also expects R&D costs of around EUR 485 million, and SG&A costs of around EUR 125 million. Our estimated annualized effective tax rate is around 11 percent for 2019.

Update Share Buyback Program
As part of ASML’s financial policy to return excess cash to shareholders through dividends and regularly timed share buybacks, in January 2018 ASML announced its intention to purchase up to EUR 2.5 billion of shares to be executed within the 2018–2019 time frame. ASML intends to cancel these shares after repurchase, with the exception of up to 2.4 million shares, which will be used to cover employee share plans. Through March 31, 2019, ASML has acquired 7.4 million shares under this program for a total consideration of EUR 1.2 billion. The current program may be suspended, modified or discontinued at any time. All transactions under this program are published on ASML’s website (www.asml.com/investors) on a weekly basis.

Quarterly Video Interview and Investor and Media Conference Call
With this press release, ASML has published a video interview in which CFO Roger Dassen discusses the Q1 2019 results, which can be viewed on www.asml.com. A conference call for investors and media will be hosted by CEO Peter Wennink and CFO Roger Dassen on April 17, 2019 at 15:00 Central European Time / 09:00 U.S. Eastern Time. To register for the call and receive dial-in information, go to www.asml.com/qresultscall. Listen-only access is also available via www.asml.com

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