ASML ECONOMIC

Supply Chain & Sourcing Relationships

ASML’s 2025 Form 20-F states that a limited portion of its suppliers, customers, and support teams are based in Israel. ¹

ASML maintains offices in Kiryat Gat and Migdal Ha’emek, supporting a documented local commercial and service presence within Israel’s semiconductor sector. ²

Intel stated in 2024 that its Kiryat Gat Fab 38 expansion was planned as a US$25 billion project intended to manufacture advanced chips using EUV lithography, while ASML’s current locations page lists an office in Kiryat Gat. ^{3, 2}

Intel’s disclosure does not name ASML as Fab 38’s equipment supplier, installer, service provider, or contractor; the evidence establishes proximity and planned EUV use, rather than an ASML–Intel Israel commercial relationship. ^{3, 2}

Tower Semiconductor identifies two Migdal Ha’emek fabs, including an 8-inch fab containing a 193nm scanner, while ASML lists an office in Migdal Ha’emek. ^{4, 2}

Tower does not identify the scanner manufacturer, and reviewed primary materials do not establish an ASML–Tower equipment sale, maintenance agreement, service contract, or contract value. ^{4, 1, 2}

ASML’s Code of Conduct applies to interactions with suppliers and customers and adopts the Responsible Business Alliance Code of Conduct for suppliers; its current code page also includes an Israel Speak Up contact number. ⁵

No public evidence identified of Israeli agricultural sourcing; direct relationships with identified Israeli agricultural exporters; importer-of-record arrangements for Israeli consumer goods; seasonal procurement; white-label sourcing; or settlement-produce compliance matters. ^{1, 2}

No public evidence identified of an ASML contract, tender, purchase order, installation agreement, maintenance agreement, or service agreement with the Israeli Ministry of Defense, IDF, an Israeli defence prime, Intel Israel, Tower Semiconductor, or a settlement-linked entity. ^{1, 2, 3, 4}

Product Origin, Labeling & Regulatory Compliance

ASML’s disclosed Israeli presence concerns semiconductor-equipment operations rather than consumer goods or agricultural products. ^{1, 2}

ASML’s locations page identifies Veldhoven, Netherlands, as its global headquarters and separately lists the Kiryat Gat and Migdal Ha’emek offices. ²

Reviewed materials do not identify Israel-origin product labelling, Israeli manufacturing by ASML, or a confirmed ASML-owned factory in Israel. ^{1, 2, 6, 7}

No public evidence identified of an Israeli tax-incentive or Preferred Technology Enterprise designation for ASML or ASML Israel (2001) Ltd.; the Israeli Innovation Authority’s 2026 incentives material describes eligibility and application mechanics but does not identify either entity as a recipient. ⁸

No public evidence identified of Israel-origin labelling enforcement, customs or regulatory findings, settlement-produce reports, or a public territorial-labelling policy attributable to ASML. ^{1, 2, 5}

No publicly stated ASML policy specifically addressing sourcing, product-origin labels, settlement-origin goods, or sales and services in occupied territory was identified in the reviewed corporate materials; the general Code of Conduct is not such a policy. ⁵

No public evidence identified of ASML offices, legal entities, sales sites, distributors, resellers, service operations, equipment deployments, or revenue-generating activity in the West Bank, including East Jerusalem, or the occupied Syrian Golan. ²

The supplied document-scoped canonical-library pre-scan recorded no ASML mention in the specified OHCHR settlement-database updates, UN A/HRC/59/23, DBIO, PAX, Who Profits, HRW, Amnesty, Al-Haq, BDS, KLP, and insurance-report materials; this does not establish database-wide or historical absence. ^{1, 2}

Investment, Capital & Financial Exposure

ASML’s 2025 public country-by-country report records €99.46 million of total revenue attributed to the Israel tax jurisdiction, comprising €65.42 million of unrelated-party revenue and €34.04 million of related-party revenue. ⁹

The report attributes €2.49 million of profit before income tax, €0.75 million of cash income tax paid, €0.66 million of current-year income tax accrued, 68 FTE employees, and €33.93 million of tangible assets other than cash and cash equivalents to Israel for 2025. ⁹

These are jurisdiction-level tax-reporting figures and are not separately disclosed revenue, profitability, tax, asset, or employment figures for ASML Israel (2001) Ltd. alone. ⁹

The reviewed disclosures do not identify Israeli sovereign-bond holdings, Israel-focused portfolio investments, Israeli sovereign-debt underwriting, Israel Bonds activity, settlement-project finance, Israeli state or military lending, or insurance underwriting by ASML. ^{1, 6, 7, 9}

ASML’s current shareholder table, based on SEC and AFM filings as of 18 February 2026, reports BlackRock, Inc. with 26,325,103 shares, or 6.83%, and Capital Research and Management Company with 19,612,223 shares or voting rights, or 5.09%. ^{10, 11}

ASML reports aggregate holdings of the Board of Management and Supervisory Board at 51,095.11 shares, or 0.01%, as of 31 December 2025. ^{10, 11}

No disclosed holder in ASML’s cited 18 February 2026 SEC/AFM-filing snapshot held 10% or more, and no public evidence identified in the reviewed filings that BlackRock or CRMC exercises controlling ownership of ASML. ^{10, 11}

BlackRock’s underlying Schedule 13G states that the securities were beneficially owned or deemed beneficially owned through BlackRock reporting business units and affiliates, and that no one person’s interest exceeded 5% of ASML’s outstanding common shares. ¹²

Dutch reporting rules require notification to the AFM at holdings of 3% or more and upon crossing specified thresholds including 5% and 10%. ^{13, 14}

No public evidence identified of a complete beneficial-ownership chain below BlackRock or CRMC investment-management entities, ultimate beneficial owners of their client accounts, an Israeli-domiciled or Israeli-controlled substantial shareholder, an Israeli beneficial owner controlling ASML, or an undisclosed concert-party arrangement. ^{10, 11, 12, 13, 14}

No public evidence identified, within the reviewed filings and targeted searches, that ASML’s current executives, Supervisory Board members, founding entities, Preference Shares Foundation, BlackRock, or CRMC hold attributable personal or family-office investments in Israeli companies, Israeli sovereign financing, settlement-linked enterprises, or Israeli defence-sector companies. ^{10, 11, 12, 15, 16, 17}

This is a search- and source-scoped conclusion rather than an exhaustive review of every personal asset register, family-office vehicle, foundation grant schedule, client account, political-donation register, or historic investment vehicle associated with those persons and institutions. ^{10, 11, 12}

No qualifying attributable investment or financing relationship was verified in the reviewed evidence; consequently, no verified investment channel, beneficiary, scale, current status, Israeli-economy contribution, or settlement-enterprise relevance can be documented for that principal-investment lane. ^{10, 11, 12, 15, 16, 17}

Operational Presence & Market Activity

ASML’s locations page lists an office at Mevo Sivan Street 1, 2F, Kiryat Gat, and another at Ramat Gabriel Industry Area 5, Africa Israel Building, Migdal Ha’emek. ²

ASML’s 2025 subsidiary exhibit lists ASML Israel (2001) Ltd. as a main subsidiary incorporated in Israel and located in Kiryat Gat, and states that the listed subsidiaries are directly or indirectly wholly owned. ⁶

ASML’s 2024 annual report lists ASML Israel (2001) Ltd. and identifies an Israel branch operating under the trade name Cymer B.V. Israel branch. ⁷

ASML’s 2025 country-by-country report identifies ASML Israel (2001) Ltd. as an Israeli constituent entity and Cymer B.V. - Netherlands PE in the Israel tax jurisdiction. ⁹

A February 2013 Israeli Competition Authority merger-notice document described ASML as active in Israel through ASML Israel (2001) Ltd.; the current locations page and 2025 subsidiary exhibit evidence continuing office and entity presence, but do not establish operational scope or customers. ^{18, 2, 6}

The cited corporate sources available after 19 July 2024 and November 2024 establish continuing Israeli presence only and do not establish continuing activity involving settlements, occupied territory, Israeli state or military customers, or settlement-active enterprises. ^{2, 6, 9}

No public evidence identified of an ASML-owned manufacturing facility, R&D centre, data centre, logistics hub, critical-infrastructure designation, Israeli government contract, Israeli defence contract, settlement-based customer, or customer-specific semiconductor-equipment contract in Israel. ^{1, 2, 6, 7, 9}

Corporate Structure & Foundational Ties

ASML Holding N.V. is incorporated in the Netherlands, has its principal executive office in Veldhoven, and operates through subsidiaries. ¹

ASML was created in Eindhoven in 1984 by Philips and Advanced Semiconductor Materials International to develop lithography systems; reviewed current ownership disclosures do not identify either founder as a current controlling shareholder. ^{19, 10, 11}

ASML uses a two-tier governance structure in which a Board of Management is supervised by an independent Supervisory Board, and its ordinary shares are listed on Euronext Amsterdam and Nasdaq. ^{1, 20}

ASML’s 2025 subsidiary exhibit separately identifies Carl Zeiss SMT Holding GmbH & Co. KG as a 24.9% associate and HighTechXL Group B.V. as a 31.97% associate. ⁶

ASML’s Board of Management page identifies Christophe Fouquet, Roger Dassen, Frédéric Schneider-Maunoury, Wayne Allan, Jim Koonmen, and Marco Pieters as current members. ²¹

ASML’s general governance page describes the Board of Management as having five members, creating a discrepancy with the six named members on the dedicated Board of Management page; the dedicated page supplies the current named roster cited above. ^{20, 21}

ASML’s Supervisory Board page identifies Nils Andersen as chair and lists Terri Kelly, Birgit Conix, Mark Durcan, Warren East, Karien van Gennip, Jack de Kreij, Benjamin Loh, and An Steegen as the other current members; ASML describes the members as independent under the Dutch Corporate Governance Code. ²²

ASML describes the ASML Preference Shares Foundation as independent, with W. Pelsma, S. Vollebregt, J. Streppel, and A. Croiset van Uchelen on its board; cumulative preference shares were not issued as of 31 December 2025, and the Foundation’s option is described as a protective governance mechanism. ^{10, 11}

ASML’s articles authorize cumulative preference shares and subject their transfer to Supervisory Board approval; the reviewed sources do not identify an Israeli state, company, person, or policy objective as a beneficiary of that mechanism. ^{23, 11}

No public evidence identified of Israeli incorporation, Israeli headquarters, Israeli state ownership, an Israeli parent entity, Israeli government board appointments, a golden share held by the Israeli state, or a corporate-governance mechanism tying ASML’s mission to Israeli state policy. ^{1, 6, 10, 11, 23}

The reviewed official biographies identify certain non-Israeli outside roles of executives and directors, including Nils Andersen’s EQT Senior Advisor role and Christophe Fouquet’s prior employment at KLA Tencor and Applied Materials, but do not establish relevant Israeli investments, sovereign-financing roles, political donations, charities, or foundations. ^{22, 24, 25}

Profit Repatriation & Economic Contribution

ASML’s reported Israeli jurisdictional revenue, profit, employment, tangible assets, and cash income-tax payment indicate measurable reported economic activity in Israel during 2025. ⁹

The public country-by-country report does not disclose dividends, intra-group payment flows, profit-repatriation arrangements, or entity-level tax payments for ASML Israel (2001) Ltd. ⁹

ASML’s wholly owned subsidiary structure identifies ASML Israel (2001) Ltd. as part of the ASML group, but reviewed filings do not provide ownership-chain detail beneath that entity or its remittance arrangements. ^{6, 7}

ASML’s 2025 Global Advocacy Report records membership contributions to Dutch, EU, United States, and global industry organisations including VNO-NCW, FME, Aeneas, SEMI, and SIA; its three-page text contains no Israel reference and therefore does not identify Israel-related advocacy expenditure. ²⁶

ASML’s Human Rights Policy sets general supply-chain and human-rights expectations, including supplier expectations, but contains no Israel-specific reference and does not state a policy directed to Israel, the occupied Palestinian territory, settlements, or the Golan Heights. ²⁷

No public evidence identified of Israeli charitable-matching policies, employee or reservist-pay policies, quantified community-contribution programmes specific to Israel, or an ASML political-contribution programme directed to Israel or Palestine. ^{1, 2, 7, 26}