AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 29/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Installed-base services, NXE upgrades and continuing EXE adoption establish a current advantage. High NA qualification adds bounded technical evidence, but exclusivity, replacement costs and relative competitor performance remain unestablished.
durability · 2/4 · Service growth across successive years and agreements covering up to five years support persistence. The PAS roadmap extends the support commitment, subject to export controls; alternative servicing limits confidence in durable revenue capture.
customer dependency · 3/4 · Nine-month service and field option sales rose from €6.059 billion to €8.538 billion. Continued NXE field upgrades and reported productivity-upgrade demand provide strong indirect evidence of ongoing customer dependence, without quantified switching costs.
erosion resilience · 2/4 · System units increased from 225 to 291 over nine months and service revenue grew, demonstrating continued adoption. Other DUV volumes declined, while alternative servicing and critical optics dependence constrain resilience. Supplier risks are possibilities rather than evidence of realized interruption.
Pricing power63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Revenue adjustments include discounts and credits, and normal negotiations include concessions. Growing upgrade-related revenue supports monetization, but comparable-product prices and concession magnitude are unavailable. The evidence establishes mixed value capture rather than demonstrated unilateral pricing power.
retention · 3/4 · Service growth in 2024 and 2025 followed by strong nine-month 2026 growth supports demonstrated repeat engagement. This is indirect operating evidence influenced by fleet growth and utilization, rather than a measured retention rate.
margin resilience · 3/4 · Nine-month gross margin increased from 53.1% to 55.0%, with Q3 rising from 51.6% to 57.5%. First-half margin had slipped from 53.8% to 53.5%, so resilience is strong but uneven. Management attributes Q3 upside to upgrade demand; pricing, costs and mix cannot be separated.
contractual freedom · 2/4 · Cancellation penalties and returns limited to specification failures protect economic capture. Negotiated volume agreements, discounts, free goods and credits constrain discretion. The catalog does not establish unilateral repricing rights.
Predictability82
5 consecutive published annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 9.82
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 13.15
- observedAnnualPeriods
- 5.00
Financial strength85
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or reported pretax profit plus reported gross interest expense. Reported EBIT is distinct from GAAP operating income and gross interest. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 100.00
- netDebtEbitGrade
- 100.00
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 40.94
- Debt / FCF (x)
- 0.33
- Net debt / operating income (x)
- -0.82
- Interest coverage (x)
- 95.53
- Current ratio (x)
- 1.26
Capital allocation98
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or EBIT calculated from reported pretax profit plus reported gross interest expense; the issuer-reported EBIT is distinct from GAAP operating income and gross interest; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. ROIC remains undefined for nonpositive invested capital; the explicit asset-return alternative does not change the ROIC chart. Missing financial inputs alone never trigger an alternative. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 99.86
- 3-year average dilution (%)
- -0.78
- 3-year average SBC / revenue (%)
- 0.57
- cashConversionGrade
- 93.81
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Nine-month operating cash flow of €11.315 billion supported €1.256 billion of property and intangible purchases, €8.525 billion of dividends and treasury purchases, and €1.694 billion of debt and lease repayments. Liquidity remained substantial. Negative first-half operating cash flow, Q3 working-capital inflows and sharply higher receivables qualify the outcome. Returns on the €1.302 billion 2025 Mistral investment remain unestablished.
incentive alignment · 3/4 · Actual year-end ownership compliance and Fouquet's disclosed 7,040 shares support shareholder exposure. The disclosed 2023–2025 LTI result was 137.4% of target, with financial, technology and ESG measures and a subsequent two-year holding period. These are implemented outcomes and terms, although target difficulty and exceptional incentive durability are unestablished.
execution · 3/4 · EXE installations at more customers, shipment of YieldStar 550, selected-layer High NA qualification and system units rising from 225 to 291 support strong execution. Revenue and operating income also increased. Management attribution is partly indirect, and broad High NA production economics remain unproven.
governance · 2/4 · Actual Audit Committee preapproval and shareholder adoption of Supervisory Board fees demonstrate functioning procedures. No special voting rights are disclosed, while foreign private issuer exemptions limit some proxy requirements. These bounded facts support mixed evidence rather than exceptional oversight effectiveness.
Evidence
The increase in net service and field option sales is mainly driven by higher service sales, which has benefited from
2024 financial statement notes: service sales growth · Filed 05/03/2025
a growing installed base and higher lithography tool utilization levels at certain customers.
2024 financial statement notes: installed base and utilization · Filed 05/03/2025
Net service and field option sales increased mainly due to the growing installed base of systems, higher levels of
2025 financial statement notes: service and field option growth · Filed 25/02/2026
lithography tool use for certain customers, and more NXE field upgrades.
2025 financial statement notes: utilization and NXE upgrades · Filed 25/02/2026
Three months ended Nine months ended Sep 28, Sep 27, Sep 28, Sep 27, (Unaudited, €, in millions, except per share data) 2025 2026 2025 2026 Net system sales 5,553.8 8,373.2 16,890.3 21,217.3 Net service and field option sales 1,962.2 3,288.8 6,058.9 8,538.1 Total net sales 7,516.0 11,662.0 22,949.2 29,755.4 Total cost of sales (3,635.7) (4,962.2) (10,759.7) (13,375.1) Gross profit 3,880.3 6,699.8 12,189.5 16,380.3 Research and development costs (1,108.7) (1,174.4) (3,436.5) (3,635.9) Selling, general and administrative costs (303.2) (352.6) (882.5) (957.6) Income from operations 2,468.4 5,172.8 7,870.5 11,786.8 Gain (loss) on equity investments — 509.7 — 509.7 Interest and other, net 19.4 68.2 93.3 139.0 Income before income taxes 2,487.8 5,750.7 7,963.8 12,435.5 Income tax expense (442.2) (925.0) (1,394.7) (2,081.2) Income after income taxes 2,045.6 4,825.7 6,569.1 10,354.3 Profit related to equity method investments 78.9 134.7 200.7 280.4 Net income 2,124.5 4,960.4 6,769.8 10,634.7 Basic net income per ordinary share 5.49 12.95 17.39 27.67 Diluted net income per ordinary share 5.48 12.93 17.38 27.64 Weighted average number of ordinary shares (in millions) used in computing per share amounts: Basic 387.3 383.1 389.2 384.3 Diluted 387.6 383.5 389.5 384.7 Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q3 2026 2 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Summary US GAAP Consolidated Statements of Operations
Q3 2026 statements of operations: quarterly and nine-month results · Filed 14/10/2026
Installed Base Management sales1 came in above guidance at €3.3 billion as a result of the continued strong demand for productivity upgrades.
Q3 2026 CEO statement: productivity upgrade demand · Filed 14/10/2026
service contracts. Typically the terms and conditions of these sales orders come from volume purchase agreements
Remaining performance obligations: sales-order terms · Filed 05/03/2025
with our customers which cover up to five years.
Remaining performance obligations: agreement duration · Filed 05/03/2025
guaranteed until at least 2035. For each
PAS service roadmap: support commitment · Filed 25/02/2026
customers may perform more of these services themselves, find
Risk factors: customer self-servicing · Filed 05/03/2025
other third-party suppliers to provide them or we may be limited
by export control restrictions.
Risk factors: third-party services and export restrictions · Filed 05/03/2025
Furthermore, the increasing number of EUV systems in the field
Risk factors: growing EUV installed fleet · Filed 25/02/2026
requires expanded customer support capabilities.
Risk factors: expanded customer support requirements · Filed 25/02/2026
primarily driven by greater NXE and NXT immersion adoption supported by leading-edge foundry investments for AI
2025 financial statement notes: NXE and NXT adoption · Filed 25/02/2026
demand, EXE systems being delivered to and installed at more customers, and higher net service and field option
2025 financial statement notes: EXE deliveries and installations · Filed 25/02/2026
Page 7October 14, 2026 Public Shipped YieldStar 550: next generation overlay metrology system Supporting advanced Logic and Memory process nodes
Q3 2026 presentation page 7: YieldStar 550 shipment · Filed 14/10/2026
Page 6July 15, 2026 Public High NA EUV reaches new readiness milestone with first high-volume Logic product “This milestone reflects the close technical collaboration between Intel and ASML and shows how High NA EUV can be integrated into advanced semiconductor manufacturing at scale.
Q2 2026 presentation page 6: High NA readiness milestone · Filed 15/07/2026
By qualifying the High NA EUV process option on select Intel 18A product layers, our existing fleet of tools are providing customers with increased output, while we develop future options to achieve leading-edge performance, density and manufacturing flexibility on upcoming nodes.”
Q2 2026 presentation: selected Intel product-layer qualification · Filed 15/07/2026
Three months ended Nine months ended Sep 28, Sep 27, Sep 28, Sep 27, (Unaudited) 2025 2026 2025 2026 Gross margin 51.6 % 57.5 % 53.1 % 55.0 % Income from operations as a percentage of net sales 32.8 % 44.4 % 34.3 % 39.6 % Net income as a percentage of net sales 28.3 % 42.5 % 29.5 % 35.7 % Income taxes as a percentage of income before income taxes 17.8 % 16.1 % 17.5 % 16.7 % Shareholders’ equity as a percentage of total assets 42.1 % 37.4 % 42.1 % 37.4 % Sales of lithography systems (in units) 1 72 121 225 291 Number of payroll employees (in FTEs) 43,461 44,681 43,461 44,681 Number of temporary employees (in FTEs) 789 1,078 789 1,078 1.
Q3 2026 ratios and other data: margins and system units · Filed 14/10/2026
sales. This was partially offset by the decrease in the sales volumes of other DUV lithography systems.
2025 financial statement notes: other DUV volume decline · Filed 25/02/2026
of many components. This is especially true for EUV systems,
Risk factors: specialized EUV components · Filed 25/02/2026
where the complexity and uniqueness of parts often make multi-
sourcing economically impractical.
Risk factors: economic impracticality of multisourcing · Filed 25/02/2026
Furthermore, if Carl Zeiss SMT were
Risk factors: Carl Zeiss SMT supply relationship · Filed 25/02/2026
to terminate its supply relationship with us or be unable to maintain
Risk factors: potential optics supply interruption · Filed 25/02/2026
cease to be able to conduct our business.
Risk factors: consequence of prolonged optics interruption · Filed 25/02/2026
production of optics over a prolonged period, we would effectively
Risk factors: prolonged optics production interruption · Filed 25/02/2026
In our volume purchase agreements we offer customers discounts in the
Revenue terms: volume purchase agreement discounts · Filed 25/02/2026
normal course of sales negotiations.
Revenue terms: normal sales negotiations · Filed 25/02/2026
As part of these volume purchase agreements, we may also offer free goods or
Revenue terms: free goods and services · Filed 25/02/2026
services and credits that can be used toward future purchases.
Revenue terms: credits toward future purchases · Filed 25/02/2026
adjustments recognized in our current year’s revenue are due to updated estimates for system volume, discounts
Revenue recognition: adjustments for volume and discounts · Filed 05/03/2025
and credits included in our volume purchase agreements.
Revenue recognition: agreement credits · Filed 05/03/2025
typically include cancellation penalties that provide economic protection from the risk of customer cancellation.
Sales agreements: cancellation penalties · Filed 25/02/2026
Our sales agreements do not include
Sales agreements: return provisions · Filed 25/02/2026
a right of return for any reason other than not meeting the agreed-upon specifications.
Sales agreements: specification-based return exception · Filed 25/02/2026
This drove the gross margin above guidance at 57.5%.
Q3 2026 CEO statement: upgrade demand and gross margin · Filed 14/10/2026
Three months ended Six months ended Jun 29, Jun 28, Jun 29, Jun 28, (Unaudited) 2025 2026 2025 2026 Gross margin 53.7 % 54.0 % 53.8 % 53.5 % Income from operations as a percentage of net sales 34.6 % 37.1 % 35.0 % 36.6 % Net income as a percentage of net sales 29.8 % 31.3 % 30.1 % 31.4 % Income taxes as a percentage of income before income taxes 18.1 % 17.5 % 17.4 % 17.3 % Shareholders’ equity as a percentage of total assets 39.3 % 43.5 % 39.3 % 43.5 % Sales of lithography systems (in units) 1 76 91 153 170 Number of payroll employees (in FTEs) 43,193 43,938 43,193 43,938 Number of temporary employees (in FTEs) 870 696 870 696 1.
Q2 2026 ratios: first-half gross margin · Filed 15/07/2026
Cash flows from operating activities Net income 2,124.5 4,960.4 6,769.8 10,634.7 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 274.6 262.9 770.8 769.1 Impairment and loss (gain) on disposal 3.1 10.7 21.7 19.4 Share-based compensation expense 57.7 73.2 146.7 162.8 Inventory reserves 138.6 79.5 297.9 276.0 Deferred tax expense (benefit) (55.3) 54.1 61.9 32.2 Equity investments — (508.8) — (508.8) Equity method investments (80.8) (143.4) (206.4) (306.6) Changes in assets and liabilities (1,903.3) 7,009.0 (6,614.2) 236.2 Net cash provided by (used in) operating activities 559.1 11,797.6 1,248.2 11,315.0 Cash flows from investing activities Purchase of property, plant and equipment (295.9) (413.3) (1,125.7) (1,115.1) Purchase of intangible assets (19.5) (33.9) (35.1) (140.4) Purchase of short-term investments 3.5 (4,595.1) 3.5 (5,499.0) Maturity of short-term investments — 800.4 — 1,200.8 Purchase of equity investments (1,210.0) (405.7) (1,210.0) (409.9) Loans issued and other investments (405.9) (39.5) (404.2) (138.5) Repayment on loans — 0.6 — 1.7 Net cash provided by (used in) investing activities (1,927.8) (4,686.5) (2,771.5) (6,100.4) Three months ended Nine months ended Sep 28, Sep 27, Sep 28, Sep 27, (Unaudited,€, in millions) 2025 2026 2025 2026 Cash flows from financing activities Dividend paid (619.6) (721.3) (1,931.2) (2,376.8) Purchase of treasury shares (172.2) (4,071.0) (4,250.0) (6,148.4) Net proceeds from issuance of shares 35.3 36.8 109.7 108.5 Net proceeds from issuance of borrowings 15.0 — 15.0 — Repayment of debt and finance lease obligations (0.5) (1,000.4) (0.7) (1,693.7) Net cash provided by (used in) financing activities (742.0) (5,755.9) (6,057.2) (10,110.4) Net cash flows (2,110.7) 1,355.2 (7,580.5) (4,895.8) Effect of changes in exchange rates on cash (6.3) 3.8 (28.9) 10.7 Net increase (decrease) in cash and cash equivalents (2,117.0) 1,359.0 (7,609.4) (4,885.1) Cash and cash equivalents at beginning of the period 7,243.5 6,671.9 12,735.9 12,916.0 Cash and cash equivalents at end of the period 5,126.5 8,030.9 5,126.5 8,030.9 Three months ended Nine months ended Sep 28, Sep 27, Sep 28, Sep 27, (Unaudited,€, in millions) 2025 2026 2025 2026 Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q3 2026 5 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Summary US GAAP Consolidated Statements of Cash Flows
Q3 2026 cash flows: investment, distributions and debt repayments · Filed 14/10/2026
Dec 31, Sep 27, (Unaudited, €, in millions) 2025 2026 Assets Cash and cash equivalents 12,916.0 8,030.9 Short-term investments 405.9 4,704.2 Accounts receivable, net 3,023.0 9,252.8 Finance receivables, net 613.5 674.8 Current tax assets 88.9 145.4 Contract assets 440.6 453.4 Inventories, net 11,429.3 11,907.3 Loans receivable 266.1 303.0 Other assets 1,432.8 1,554.1 Total current assets 30,616.1 37,025.9 Finance receivables, net 13.3 — Deferred tax assets 1,719.4 1,688.2 Loans receivable 1,653.9 1,782.5 Other assets 1,057.1 1,547.5 Equity investments 1,320.7 2,239.4 Equity method investments 822.6 1,129.2 Goodwill 4,588.6 4,588.6 Other intangible assets, net 540.1 582.5 Property, plant and equipment, net 7,893.8 8,077.3 Right-of-use assets 341.0 320.1 Total non-current assets 19,950.5 21,955.3 Total assets 50,566.6 58,981.2 Dec 31, Sep 27, (Unaudited, €, in millions) 2025 2026 Liabilities and shareholders’ equity Current liabilities 24,263.9 24,904.3 Total current liabilities 24,263.9 24,904.3 Long-term debt 2,709.0 1,963.0 Deferred and other tax liabilities 183.0 289.2 Contract liabilities 3,366.3 9,300.6 Accrued and other liabilities 432.2 460.2 Total non-current liabilities 6,690.5 12,013.0 Total liabilities 30,954.4 36,917.3 Total shareholders’ equity 19,612.2 22,063.9 Total liabilities and shareholders’ equity 50,566.6 58,981.2 Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q3 2026 4 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Summary US GAAP Consolidated Balance Sheets
Q3 2026 balance sheet: liquidity and receivables · Filed 14/10/2026
Cash flows from operating activities Net income 2,290.3 2,917.6 4,645.3 5,674.3 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation and amortization 254.9 246.9 496.2 506.3 Impairment and loss (gain) on disposal 16.5 8.2 18.6 8.7 Share-based compensation expense 49.0 58.5 89.0 89.6 Inventory reserves 99.7 116.3 159.3 196.5 Deferred tax expense (benefit) 38.1 20.1 117.2 (22.0) Equity method investments (90.7) (49.9) (125.6) (163.2) Changes in assets and liabilities (1,910.1) (1,614.7) (4,710.9) (6,772.7) Net cash provided by (used in) operating activities 747.7 1,703.0 689.1 (482.5) Cash flows from investing activities Purchase of property, plant and equipment (414.8) (299.4) (829.8) (701.8) Purchase of intangible assets (14.1) (86.6) (15.6) (106.6) Purchase of short-term investments — (903.9) — (903.9) Maturity of short-term investments — 400.4 — 400.4 Purchase of equity investments — (2.4) — (4.2) Loans issued and other investments 0.9 (34.8) 1.7 (99.0) Repayment on loans — 0.4 — 1.1 Net cash provided by (used in) investing activities (428.0) (926.3) (843.7) (1,414.0) Three months ended Six months ended Jun 29, Jun 28, Jun 29, Jun 28, (Unaudited,€, in millions) 2025 2026 2025 2026 Cash flows from financing activities Dividend paid (714.4) (1,038.5) (1,311.6) (1,655.5) Purchase of treasury shares (1,485.2) (1,077.5) (4,077.8) (2,077.5) Net proceeds from issuance of shares 36.4 36.7 74.4 71.7 Repayment of debt and finance lease obligations (0.6) (0.3) (0.2) (693.2) Net cash provided by (used in) financing activities (2,163.8) (2,079.6) (5,315.2) (4,354.5) Net cash flows (1,844.1) (1,302.9) (5,469.8) (6,251.0) Effect of changes in exchange rates on cash (10.8) 4.4 (22.6) 6.9 Net increase (decrease) in cash and cash equivalents (1,854.9) (1,298.5) (5,492.4) (6,244.1) Cash and cash equivalents at beginning of the period 9,098.4 7,970.4 12,735.9 12,916.0 Cash and cash equivalents at end of the period 7,243.5 6,671.9 7,243.5 6,671.9 Three months ended Six months ended Jun 29, Jun 28, Jun 29, Jun 28, (Unaudited,€, in millions) 2025 2026 2025 2026 Summary US GAAP Quarterly Summary US GAAP Notes Forward Looking Statements ASML Financial statements US GAAP Q2 2026 5 Consolidated Statements of Operations Ratios and Other Data Consolidated Balance Sheets Consolidated Statements of Cash Flows Summary US GAAP Consolidated Statements of Cash Flows
Q2 2026 cash flows: first-half cash use · Filed 15/07/2026
Net cash used in investing activities increased by €1,168.5 million compared to 2024, primarily due to the €1,302.2
2025 investing cash flows: investment spending · Filed 25/02/2026
million investment in Mistral in 2025.
2025 investing cash flows: Mistral investment · Filed 25/02/2026
as per December 31, 2025. All Board of Management members complied with the minimum ownership guidelines per year-end 2025.
Remuneration report page 123: actual ownership compliance · Filed 25/02/2026
Fouquet
4x base
1.125
7,040
5.77
F.J.M.
Remuneration report page 123: Fouquet ownership · Filed 25/02/2026
the LTI 2023–2025 series, ASML exceeded
Remuneration report: LTI 2023–2025 outcomes · Filed 25/02/2026
target on all performance measures –
Remuneration report: performance relative to targets · Filed 25/02/2026
Relative Total Shareholder Return (rTSR),
Cash Conversion Rate, Technology
Leadership Index and ESG.
Remuneration report: LTI performance measures · Filed 25/02/2026
LTI result is a vesting of 137.4% of target.
Remuneration report: LTI vesting result · Filed 25/02/2026
performance targets during a three-year period,
Remuneration report: performance measurement period · Filed 25/02/2026
after which a two-year holding period applies.
Remuneration report: holding period · Filed 25/02/2026
approval by the Audit Committee. The Audit Committee pre-approved all audit and non-audit services, the external
Audit fees: actual Audit Committee preapproval · Filed 25/02/2026
audit plan and the audit fees for the years 2025 and 2024.
Audit fees: years covered by preapproval · Filed 25/02/2026
new Supervisory Board fee structure and levels were
Remuneration report: Supervisory Board fee structure · Filed 25/02/2026
adopted with 98.17% support at the 2025 AGM.
Remuneration report: shareholder adoption of fees · Filed 25/02/2026
There are no special voting rights on the issued shares in our share capital.
Share capital: voting rights · Filed 25/02/2026
As a ‘foreign private issuer’, we are exempt
Governance: foreign private issuer exemptions · Filed 25/02/2026
from the rules under the Exchange Act prescribing certain disclosure and procedural requirements for proxy
Governance: proxy disclosure and procedural exemptions · Filed 25/02/2026
at least the committed date, subject to export
control limitations.
PAS service commitments: export control limitations · Filed 25/02/2026
