ASMXF - ASM International NV (ASMIY) Q1 2025 Earnings Call Transcript

2025-04-30 13:48:56 ET

ASM International NV (ASMIY)

Q1 2025 Earnings Conference Call

April 30, 2025 9:00 AM ET

Company Participants

Victor Bareño – Head-Investor Relations

Hichem M’Saad – Chief Executive Officer

Paul Verhagen – Chief Financial Officer

Conference Call Participants

Janardan Menon – Jefferies

Nigel van Putten – Morgan Stanley

Sandeep Deshpande – JPMorgan

Didier Scemama – Bank of America

Francois Bouvignies – UBS

Jakob Bluestone – BNP Paribas Exane

Stephane Houri – ODDO BHF

Andrew Gardiner – Citi

Timm Schulze-Melander – Redburn Atlantic

Tammy Qiu – Berenberg

Adithya Metuku – HBSC

Robert Sanders – Deutsche Bank

Presentation

Operator

Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the ASM First Quarter 2025 Earnings Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]

At this time, I would like to turn the conference over to Mr. Victor Bareño, Head of Investor Relations. Please go ahead, sir.

Victor Bareño

Thank you, operator. Good afternoon and welcome everyone to our 2025 Q1 earnings call. I am joined here today by Hichem M’Saad, CEO; and Paul Verhagen, our CFO. ASM issued its first quarter 2025 results yesterday at 6:00 p.m. Central European Time. For those of you who have not yet seen the press release, it is accessible on our website, asm.com, along with our latest investor presentation.

We remind you, as always, that this conference call may contain information related to ASM’s future business and results in addition to historical information. For more information on the risk factors related to such forward-looking statements, please refer to our company’s press releases, reports and financial statements, which are available on our website. Please note that the profitability measures mentioned in this call will be primarily based on adjusted non-IFRS figures. For the reported IFRS figures as well as the reconciliation between IFRS and adjusted results, please refer to the quarterly results press release.

And with that, I will now hand the call over to Hichem M’Saad, CEO of ASM.

Hichem M’Saad

Thank you, Victor, and thanks to everyone for attending our first quarter 2025 results conference call. We will follow the usual agenda for today’s call. Paul will first review our first quarter financial results. I will then continue with the discussion of the market trends and the outlook followed by Q&A.

I will now turn it over to you Paul.

Paul Verhagen

Thank you, Hichem, and thanks everyone for joining our call today. Our revenue in the first quarter of 2025 amounted to €839 million, which is above the midpoint of our guidance of €810 million to €850 million. At constant currencies revenue increased 26% year-on-year. Equipment sales increased 25% at constant currencies and were led by ALD, followed by Epi. Spares and service sales were up by a strong 32% at constant currencies. Next to solid underlying growth in our outcome-based services, there was again some benefit from accelerated demand in China, albeit not as strong as in the fourth quarter of last year. Note that the increase of 32% is compared to a level in Q1, which has been revised for the change in the definition of our spares and service sales. As a reminder, we announced this change last quarter and it only affects the breakdown between equipment and spares and service sales and further details are available in the press release....

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