- New EUV orders intended for volume manufacturing
VELDHOVEN, the Netherlands, July 20, 2016 - ASML Holding N.V. (ASML) today publishes its 2016 second-quarter results.

Q2 net sales of EUR 1.74 billion, gross margin 42.6 percent
ASML guides Q3 2016 net sales at approximately EUR 1.7 billion and a gross margin of around 47 percent
ASML expects full-year 2016 sales to exceed 2015 record year

(Figures in millions of euros unless otherwise indicated)
Q1 2016 Q2 2016
Net sales 1,333 1,740

...of which service and field option sales 477 486
Other income (Co-Investment Program) 23 23
New systems sold (units) 28 39
Used systems sold (units) 5 7
Average Selling Price (ASP) of net system sales 25.9 27.3
Net bookings 835 1,566
Systems backlog 3,018 3,371
Gross profit 568 741
Gross margin (%) 42.6 42.6
Net income 198 354
EPS (basic; in euros) 0.46 0.83
End-quarter cash and cash equivalents and short-term investments
3,138 2,926

A complete summary of US GAAP Consolidated Statements of Operations is published on www.asml.com

CEO Statement
"Our business continues to perform well. We recorded second-quarter orders of EUR 1.6 billion and posted net sales of over EUR 1.7 billion. System sales were weighted towards logic customers, supporting the initial ramp of the 10 nanometer node. System sales to memory customers remained healthy, as manufacturers continued their technology investments in DRAM and added capacity for 3D NAND. Our second-quarter net sales included around EUR 100 million in partial revenue recognition for two NXE:3350B EUV systems, which we had shipped in the fourth quarter of 2015. Confirming our previous statements on overall business trends, we now expect our full-year 2016 sales to exceed our 2015 record year. The ultimate level will depend on the timing of our EUV revenue recognition and the size of the combined 10/7 nanometer node ramp," ASML President and Chief Executive Officer Peter Wennink said.

"We took new orders for four EUV systems from foundry and memory customers, bringing our backlog to 10 units worth about EUR 1 billion. These systems are intended for volume manufacturing sites. We expect to take additional orders in the second half of this year," Wennink said.

"We announced our plans to acquire Hermes Microvision, Inc., to enhance our Holistic Lithography offering and thereby address the challenges chip makers are facing as they enter sub-10 nanometer resolutions and 3D integration. On 4 July we issued two bonds totaling EUR 1.5 billion that are intended to partially fund this acquisition."


Product and Business Highlights
In Deep Ultraviolet (DUV) lithography, the rollout of our TWINSCAN NXT:1980i ArF immersion systems is progressing well. Since introduction we have shipped a total of 23 systems and upgraded an additional five systems at customer sites to NXT:1980 specifications. We have also installed an enhanced version of the TWINSCAN XT:1460 ArF dry system with a 40 percent improvement in matched machine overlay, demonstrating our commitment to continue to improve the performance of our dry lithography product portfolio.
In Holistic Lithography, we have shipped multiple YieldStar 350E metrology systems to our leading customers to support the qualification and ramp of the 10 nanometer logic node. We also released a new version of our process window enhancement software suite, which includes a new approach to SRAF (Sub-Resolution Assist Features) placement that improves the quality of patterning. This leading resolution enhancement technique is aimed at helping to maximize manufacturing yield for EUV and immersion-based lithography at the 7 and 5 nanometer logic and 1x memory nodes.
In Extreme Ultraviolet (EUV) lithography, we continued to demonstrate progress towards manufacturing insertion with productivity and availability improvements. An NXE:3350B EUV system at a customer site processed 1,200 wafers per day. We are progressing well toward our 2016 target of 1,500 wafers per day, evidenced by the peak performance achieved on a NXE:3350B at ASML of 1,488 wafers per day.

Outlook
For the third-quarter of 2016, ASML expects net sales at approximately EUR 1.7 billion, a gross margin of around 47 percent, R&D costs of about EUR 275 million, other income of about EUR 23 million -- which consists of contributions from participants of the Customer Co-Investment Program, SG&A costs of about EUR 90 million and an effective annualized tax rate of around 12 percent.

Update Share Buyback Program

As part of ASML's financial policy to return excess cash to shareholders through dividends and regularly timed share buyback programs, ASML in January 2016 announced its intention to purchase up to EUR 1.5 billion of shares to be executed within the 2016-2017 time frame. ASML intends to cancel the shares upon repurchase.

Through July 3, 2016, ASML has acquired 4.6 million shares under this program for a total consideration of EUR 387 million. The repurchased shares will be canceled.

We will pause our share buyback program for a few quarters while we are in the midst of the HMI acquisition process. We continue to expect to complete the full 2016-2017 program, yet it may be further suspended, modified or discontinued at any time. Any transactions under this program will be published on ASML's website (www.asml.com/investors) on a weekly basis.


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