The Ledger ResearchPrivate

The Front Office

Scouting report · ASML

Roger J.M. Dassen

  • EVP & Chief Financial Officer; member of the Board of Management, ASML since 2018-06src

Ex-CEO of Deloitte Netherlands; ASML CFO since June 2018

A−81 / 100

Ranked #11 of 23

Scouting sheet

as of 24 Sep 2026
Delivers guidance777 beat · 13 met · 1 missed · 2 withdrawn
Answers the question787 dodges in 57 answers on 3 calls
Capital allocation100company five-year record: compounds
Pay design9077% performance-conditioned · margin, strategic, relative tsr, roic · 92.76% for · 0.05% of net income
Skin in the game54stake worth €6.1m, 1× last year's pay
Age
60src
In the role
8 yr
Promises scored
23
Hit rate
87%
Dodges / 100 answers
12.3
Airtime on calls
39%
Every promise, oldest firstBMMBBMBMBMMMMMMMMBBMWXW

What to weigh

Watch 3

  • Co-presented the 2022 Investor Day plan: the EUR 12.0bn buyback to end-2025 finished at EUR 7.6bn, and the 2025 gross margin target of about 54-56% was withdrawnsrc
  • Declined on all three analyst calls reviewed to say how much of the next year's volume is on order, after ASML stopped reporting quarterly bookings from 2026src
  • Four outside roles while CFO: De Nederlandsche Bank supervisory board, chair of MUMC+, VU professorship and Mistral AI's Strategic Committeesrc

In their favour 2

  • Long-term pay rests on relative TSR (25%) and three-year ROAIC (35%), with a two-year holding period; ownership at 7.81x salary is well above the 3x guidelinesrc
  • The team he serves in guided inside or above every quarterly and annual range from mid-2024 to mid-2026 (19 of 19 S8 rows)src

Career

  1. 2018 – now
    ASML Holdingsrc
    EVP & Chief Financial Officer; member of the Board of Management
    Joined 2018-06-01 (PR-2018-01-17), succeeding Wolfgang Nickl
  2. 2012 – 2018
    Deloitte Touche Tohmatsu Limitedsrc
    Global Vice Chairman, Risk, Regulatory and Public Policy; Global Chief Ethics Officer; member of the DTTL Executive
    Roles from the 2018 release; the 2012 start year comes only from a search summary (WS-deloitte)
  3. 2005 – 2012
    Deloitte Netherlands (Deloitte Holding B.V.)src
    CEO
    The 20-F and the 2018 release state the role; the years come only from a search summary (WS-deloitte)
  4. 1996 – 2005
    Deloitte Netherlandssrc
    Audit partner, advisory partner and global lead client service partner for large clients
    The release says audit partner since 1996, without an end date

Not located: Before 1996 not located; the 2005 and 2012 boundaries of his Deloitte roles come from a search summary, not a filing

Achievements

  • Ran Deloitte in the Netherlands as CEO, then sat on Deloitte's global executive as Vice Chairman for risk, regulatory and public policy and Global Chief Ethics Officersrc
  • CFO since June 2018; ASML net sales reached EUR 32.7bn and US GAAP net income EUR 9.61bn in 2025src
  • Reappointed for a new four-year term from the 2026 AGM, on the Selection and Nomination Committee's proposalsrc
  • Holds 6,643 shares at 2025 year end, 7.81 times base salary against a 3x guidelinesrc

Education

  • University of Maastricht, Master's Economics and Business Administrationsrc
  • University of Maastricht, Post-master's Auditingsrc
  • University of Maastricht, PhD Business Administrationsrc

Background

  • Family The FY2025 20-F contains no family-relationship statement for the Board of Management (searched); none disclosedsrc
  • Boards Member of the Supervisory Board of De Nederlandsche Bank (the Dutch central bank), reported as from 2018-10-01src
  • Boards Chair of the Supervisory Board of Maastricht University Medical Center+src
  • Boards Joined the Strategic Committee of Mistral AI in 2025, the year ASML invested EUR 1.3bn as lead investor for about 11% fully dilutedsrc
  • Other Professor of Auditing at Vrije Universiteit Amsterdam, held alongside his executive rolessrc
  • Legal As one of three former Deloitte Netherlands executives he drew an Accountantskamer warning in June 2014 over Deloitte's 2008 dealings with the VEB shareholder group on an Ahold claim; the CBb appeal court overturned it on 2016-09-22src
  • Other Serves under a management services agreement, not a Dutch employment contract; severance capped at one year's base salarysrc

The promise ledger

23 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
M Met2025 revenue "between approximately €30 billion and €40 billion"ASML row 20said it, with a colleague
W Withdrawn2025 GM "between approximately 54% and 56%"ASML row 21said it, with a colleague
X Missed€12.0bn buyback by 2025-12-31 ("We intend to repurchase shares up to an amount of €12.0 billion")ASML row 22said it, with a colleague
W WithdrawnCapacity: "We plan to increase our annual capacity to 90 EUV and 600 DUV systems (2025-2026)"ASML row 23said it, with a colleague

Questions dodged

12.3 per 100 answers

  1. Houri (ODDO BHF) — how much of the 110-unit 2028 scenario is covered by orders → declined by policy: "We're not sharing order intakes. I'm not going to give you the coverage number" (Roger Dassen).

    from ASML · dossier-2026-09-24.md

  2. Bouvignies (UBS) — when better Low-NA pricing shows up → answered a different question (it depends on lead times): "That really depends on the order situation that you have with customers." (Roger Dassen). A dodge on timing.

    from ASML · dossier-2026-09-24.md

  3. Qiu (Berenberg) — whether ASML outgrows WFE in 2027–28 → "Tammy, as you know, we never comment on WFE." (Roger Dassen). Policy decline.

    from ASML · dossier-2026-09-24.md

  4. Sankar (TD Cowen) — bookings run-rate needed to call 2026 a growth year → "Yes, Krish, very nice try. I think some tried this before. We're not going there, right?" (Roger J. M. Dassen).

    from ASML · dossier-2026-09-24.md

  5. Metuku (HSBC) — whether ~€6bn of H2 orders sets up a flat 2026 → "I'm not going to give you a grade on your math, Adithya." (Roger J. M. Dassen).

    from ASML · dossier-2026-09-24.md

  6. Scemama (BofA) — how much of China's strength is pull-ahead of further restrictions → answered on demand level instead: "And exactly what is driven by considerations by customers, it's very hard to tell." (Roger J. M. Dassen). A dodge.

    from ASML · dossier-2026-09-24.md

  7. Sankar (TD Cowen) — bookings run-rate needed for 2026 growth → "In terms of what bookings do we need to get there, I'm not going to go into any detail there." (Roger Dassen), pointing to the backlog instead.

    from ASML · dossier-2026-09-24.md

Calls reviewed

  • FY2025-Q1.roic.json — 21 answers, 36% of the words
  • FY2025-Q2.roic.json — 16 answers, 37% of the words
  • FY2026-Q2.roic.json — 20 answers, 43% of the words

Sources

10
  1. Filing ASML Holding 20-F for FY2025 (accession 0001628280-26-011378): Board of Management bios, Supervisory Board report, Remuneration report · 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 Announces Appointment of New CFO to the Board of Management' (0001341004-18-000032) · 2018-01-17
  4. Filing ASML 6-K, Ex. 99.1, 2022 Investor Day release (0001193125-22-282132) · 2022-11-10
  5. Filing ASML 6-K, Q4 2025 results press release (0001628280-26-003701) · 2026-01-28
  6. Web search result WebSearch: Roger Dassen CEO Deloitte Nederland 2005-2012, Global Vice Chairman 2012 (summary of results incl. managementscope.nl and Equilar; pages not fetched, egress blocked) · 2026-09-24
  7. Web search result WebSearch: Roger Dassen appointed to the De Nederlandsche Bank supervisory board as of 2018-10-01 (summary of results; page not fetched) · 2026-09-24
  8. Web search result WebSearch: CBb overturns Accountantskamer disciplinary warning against Roger Dassen, 2016-09-22 (summary of results; page not fetched) · 2026-09-24
  9. Call transcript ASML Q1 2025 earnings call (2025-04-16), ROIC.ai
  10. Call transcript ASML Q2 2026 earnings call (2026-07-15), ROIC.ai