Our first-quarter net sales came in at €3.5 billion which is at the high end of our guidance. The gross margin of 49.0%, is as guided. Our first-quarter net bookings came in at €7.0 billion, including €2.5 billion from 0.33 NA and 0.55 NA EUV systems as well as very strong DUV bookings, reflecting the continued high demand for advanced and mature nodes.

"We continue to see that the demand for our systems is higher than our current production capacity. We accommodate our customers through offering high-productivity upgrades and reducing cycle time in our factories, and we continue to offer a fast shipment process. In addition, we are actively working to significantly expand capacity together with our supply chain partners. In light of the demand and our plans to increase capacity, we expect to revisit our scenarios for 2025 and growth opportunities beyond. We plan to communicate updates in the second half of the year."ASML expects second-quarter net sales between €5.1 billion and €5.3 billion with a gross margin between 49% and 50%. ASML expects R&D costs of around €790 million and SG&A costs of around €220 million. For the full year, we continue to expect a revenue growth of around 20%," said ASML President and Chief Executive Officer Peter Wennink.

Products and business highlights

• We received multiple orders this quarter for our High-NA EXE:5200 systems (EUV 0.55 NA) from both Logic and Memory customers.
• In our Applications business, we shipped our first eScan460 system, which is our next-generation single-beam inspection system, with higher resolution and 50% faster throughput than eScan430.

Update share buyback program
As part of its financial policy to return excess cash to its shareholders through growing annualized dividends and share buybacks, ASML executes a share buyback program which started on July 22, 2021, and is to be closed by December 31, 2023. Based on this program, ASML intends to repurchase shares up to an amount of €9 billion, of which we expect a total of up to 0.45 million shares will be used to cover employee share plans. ASML intends to cancel the remainder of the shares repurchased. In the first quarter, we purchased around €2.1 billion worth of shares under the current program.

The share buyback program will be executed within the limitations of the existing authority granted by the Annual General Meeting of Shareholders (AGM) on April 29, 2021, and of the authority to be granted by future AGMs. The share buyback program may be suspended, modified or discontinued at any time. All transactions under this program will be published on ASML's website (www.asml.com/investors) on a weekly basis.

Quarterly video interview and investor call
With this press release, ASML has published a video interview in which CFO Roger Dassen discusses the 2022 first-quarter results and outlook for 2022. This video and the transcript can be viewed on www.asml.com.

An investor call for both investors and the media will be hosted by CEO Peter Wennink and CFO Roger Dassen on April 20, 2022 at 15:00 Central European Time / 09:00 US Eastern Time. Details can be found on the Q1 2022 results page.