ASML shipped 323 lithography systems in 2025 against 449 in 2023 — 28% fewer — and revenue rose from €27.6 billion to €32.7 billion. That single fact is the whole company: the mix moved to extreme ultraviolet, where one machine sells for roughly €264 million against €5.7 million for the oldest i-line tool still in the catalogue. ASML is not in the volume business. It is in the price business, and it is the only supplier. This is a full institutional-grade equity research report on ASML Holding NV (Euronext Amsterdam and Nasdaq: ASML), built from the annual reports and the quarterly press releases through July 2026, into eight structured chapters and 53 rebuilt charts. Every figure is in euros, which is what ASML reports and files.
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