Francois-Xavier Bouvignies

Gave the accelerated-growth-driver figure and called SDV the fastest growing piece, but did not break out an SDV revenue number.

Reframed to year-over-year as the right lens for content growth and argued the Q3 auto guide is above the long term model.

Rafael acknowledged selective pricing adjustments for high input cost pressure areas but noted Q2 impact is immaterial. Will update if things change.

Rafael acknowledged China production weakness but emphasized content growth overcomes unit volatility. China grew YoY in Q1 and continues into Q2.

Bill confirmed Q4 gross margin up 50bps driven by higher revenue, operational costs, and utilization offset by unfavorable mix. Full year 2026 expected within 57-63% model. Prebuilds add 6-7 days to inventory by year-end.

Rafael confirmed pre-COVID Q1 seasonality of high single-digit sequential decline is reasonable to model, without guiding Q1 explicitly. Expressed confidence in the setup into 2026.

Bill expects Q3 DIO to be similar to Q2 given higher revenue needs plus prebuild. Holds additional inventory strategically including 14 days of channel stock on balance sheet.

Kurt said channel fill could begin as early as Q3 if recovery signals continue strengthening. Emphasized competitiveness of right products on shelves, not revenue creation.

Kurt confirmed no pull-ins observed through Q1 and quarter-to-date Q2. Policy remains against supporting pull-ins, especially with distribution still at 9 weeks and Tier 1 inventory still digesting.

Bill provided a gross margin rule of thumb by revenue level and listed upside levers: utilization from 70%, 200mm consolidation, channel refill, accelerated growth drivers, and VSMC 300mm JV.

Roger said orders already carry meaningful down payments and hard-to-exit POs, and ASML will accept 2029-2030 orders only after mapping total demand.

Christophe said High-NA units will grow every year and cited the 12-inch mask effort as a sign of wider adoption, but gave no 2028 unit figure.

Roger confirmed value-based pricing gives ASML more flexibility today given higher customer value, but noted long order lead times delay any pricing effect.

Christophe confirmed productivity and overlay gains let ASML price for value, and said High NA's benefit translates into increased litho intensity at future nodes, mirroring the EUV and immersion transitions.

Roger explained the 10pp delta from 40% to 30% EUV system growth sits in installed base upgrades bringing tools up to 220 wph, and the 3800-heavy mix means fewer units deliver the same capacity at higher ASP and better gross margin, it is a wash vs the start of the year.

Christophe pushed back firmly on pricing as an adoption lever, arguing that tool maturity, not price, gates customer uptake, and that discounting an immature tool would only hurt customers.

Christophe said Low NA single-expose adoption is incremental and already underway as the NXE:3800E rolls out, 30% productivity gain over the 3600 is already opening the door node by node.

Roger confirmed a normal multi-year N2 ramp extending into 2026 and 2027, pointed to the TSMC call for ramp profile color, and flagged possible acceleration if AI demand sustains, but declined to quantify.

Christophe said the smartphone market is not spectacular but TSMC called out early mobile recovery, and the AI/advanced-logic ramp supports utilization of incremental capacity, leaving the net balance tilted to upside.