The Front Office

Scouting report · ASML

Christophe D. Fouquet

  • President, CEO & Chair of the Board of Management, ASML since 2024-04src

ASML lifer since 2008; ran Applications and EUV, CEO since April 2024

A86 / 100

Ranked #3 of 23

Scouting sheet

as of 24 Sep 2026
Delivers guidance877 beat · 12 met · 0 missed · 0 withdrawn
Answers the question980 dodges in 46 answers on 3 calls
Capital allocation—company five-year record: compounds — inherited: the five-year record is mostly a predecessor's
Pay design9081% performance-conditioned · margin, strategic, relative tsr, roic · 92.76% for · 0.07% of net income
Skin in the game49stake worth €6.5m, 0.9× last year's pay
Age
52src
In the role
2 yr
Promises scored
19
Hit rate
100%
Dodges / 100 answers
0.0
Airtime on calls
34%
Every promise, oldest firstBMMBBMBMBMMMMMMMMBB

What to weigh

Watch 4

  • Accounted pay rose 54% in 2024 and 29% in 2025 to EUR 7.0m under the 2025 policy (adopted with 91.43%); the internal pay ratio rose to 46:1 from 40:1src
  • 2025 STI paid 142.5% of target even though the EUV 0.55 NA insertion sub-target scored 0%; EBIT margin (60% weight) came in at 34.6% against a 33.0% stretchsrc
  • The stake is small next to pay: 7,040 shares at 2025 year end, about EUR 6.5m at the 20-F's EUR 921.40 close, under one year of 2025 paysrc
  • In January 2026 he announced the streamlining of the Technology and IT organisations alongside a new buyback of up to EUR 12bn by 2028src

In their favour 2

  • Long-term pay rests on relative TSR (25%) and three-year ROAIC (35%), with a two-year holding period after vesting; he met the 4x-salary ownership guideline at 2025 year end (ratio 5.77)src
  • The first FY2026 guide was EUR 34-39bn net sales at 51-53% gross margin; by the July call it stood at EUR 43-45bn at 54-56%src

Career

  1. 2024 – now
    ASML Holdingsrc
    President, CEO & Chair of the Board of Management
    Appointed 2024-04-24, succeeding co-Presidents Peter Wennink and Martin van den Brink, who retired that day (PR-2023-11-30)
  2. 2022 – 2024
    ASML Holdingsrc
    EVP & Chief Business Officer; member of the Board of Management
  3. 2018 – 2022
    ASML Holdingsrc
    EVP EUV; member of the Board of Management from the 2018 AGM
    Took over Business Line EUV from Frits van Hout on 2018-04-01 (PR-2018-02-20)
  4. 2013 – 2018
    ASML Holdingsrc
    EVP Applications
  5. 2008 – 2013
    ASML Holdingsrc
    Senior Director Marketing, then VP Product Management
    The 20-F lists these roles without dates; the 2023 release says he started his ASML career in DUV
  6. 2003 – 2008
    KLA-Tencorsrc
    Marketing Director
    Employer from the 20-F; title and years from a search summary only
  7. 1997 – 2001
    Applied Materialssrc
    Global Product Manager
    Employer from the 20-F; title and years from a search summary only

Not located: 2001-2003 not located in any source searched; pre-2008 titles and years come from a search summary, not a filing

Achievements

  • Built the Applications business line into a pillar of ASML's holistic lithography strategy, with strong organic growth and the Taiwan-based HMI acquisitionsrc
  • Ran the EUV business from April 2018 to 2022 with the brief to industrialise EUV at customer fabs and introduce High-NA EUVsrc
  • Chosen as CEO in a Supervisory Board succession process announced 2023-11-30 after 15 years at ASMLsrc
  • Net sales rose from EUR 28.3bn (2024) to EUR 32.7bn (2025) and US GAAP net income from EUR 7.57bn to EUR 9.61bn in his first full yearsrc
  • In 2025 ASML became lead investor in Mistral AI with EUR 1.3bn for about 11% fully diluted, a partnership his CEO letter presents as a landmarksrc

Education

  • Institut Polytechnique de Grenoble, Master's Physicssrc

Background

  • Family The FY2025 20-F contains no family-relationship statement for the Board of Management (searched); none disclosedsrc
  • Other French national. Sits on the Board of Management as the member responsible for ESG sustainabilitysrc
  • Other Serves under a management services agreement, not a Dutch employment contract; severance capped at one year's base salarysrc
  • Other The 20-F reports no related-party transactions in 2025 other than ordinary course pay, and no personal loans or guarantees to board memberssrc

The promise ledger

19 scored · 0 open
ResultWhat was promisedWhere it is scoredHow
B BeatQ3 2024 net sales €6.7–7.3bnASML row 1written outlook
M MetQ3 2024 GM 50–51%ASML row 2written outlook
M MetFY2024 net sales "similar to 2023" (€27,559m)ASML row 3written outlook
B BeatQ4 2024 net sales €8.8–9.2bnASML row 4written outlook
B BeatQ4 2024 GM 49–50%ASML row 5written outlook
M MetQ1 2025 net sales €7.5–8.0bnASML row 6written outlook
B BeatQ1 2025 GM 52–53%ASML row 7written outlook
M MetQ2 2025 net sales €7.2–7.7bnASML row 8written outlook
B BeatQ2 2025 GM 50–53% (band widened for tariffs, PR-Q1-25 note 3)ASML row 9written outlook
M MetQ3 2025 net sales €7.4–7.9bnASML row 10written outlook
M MetQ3 2025 GM 50–52%ASML row 11written outlook
M MetQ4 2025 net sales €9.2–9.8bnASML row 12written outlook
M MetQ4 2025 GM 51–53%ASML row 13written outlook
M MetFY2025 net sales €30–35bnASML row 14written outlook
M MetFY2025 GM 51–53%ASML row 15written outlook
M MetQ1 2026 net sales €8.2–8.9bnASML row 16written outlook
M MetQ1 2026 GM 51–53%ASML row 17written outlook
B BeatQ2 2026 net sales €8.4–9.0bnASML row 18written outlook
B BeatQ2 2026 GM 51–52%ASML row 19written outlook

Questions dodged

0.0 per 100 answers

None logged on the calls reviewed.

Calls reviewed

  • FY2025-Q1.roic.json — 16 answers, 35% of the words
  • FY2025-Q2.roic.json — 12 answers, 37% of the words
  • FY2026-Q2.roic.json — 18 answers, 30% of the words

Sources

7
  1. Filing ASML Holding 20-F for FY2025 (accession 0001628280-26-011378): Board of Management bios, Remuneration report, signature page · 2026-02-25
  2. Filing ASML 6-K, Ex. 99.1 'ASML discloses 2026 AGM results' (0001628280-26-026703) · 2026-04-23
  3. Filing ASML 6-K, Ex. 99.1 'ASML Welcomes Christophe Fouquet to Board of Management' (0001341004-18-000151) · 2018-02-20
  4. Filing ASML 6-K, Ex. 99.1 'Supervisory Board intends to appoint Christophe Fouquet as President and CEO' (0000937966-23-000031) · 2023-11-30
  5. Filing ASML 6-K, Q4 2025 results press release (0001628280-26-003701) · 2026-01-28
  6. Web search result WebSearch: Fouquet ASML Applied Materials KLA-Tencor career years (summary of results incl. MarketScreener insider page; page itself not fetched) · 2026-09-24
  7. Call transcript ASML Q2 2026 earnings call (2026-07-15), ROIC.ai