Capital allocation policy

Find out the details of our capital allocation policy

At ASM, we have set four priorities for our capital allocation:

1. Invest in growth

ASM's first priority remains investing in the growth of our business, both organically – investing in capex and R&D – and also scanning the market for potential M&A opportunities. In 2023, we increased gross R&D spending by 36%, reflecting our strong pipeline of opportunities such as in next-generation GAA technologies. We spent €154 million on capex.

2. Maintain a strong balance sheet

Second, it is key for us to maintain a strong balance sheet. At the Investor Day in September 2023, we communicated our goal of maintaining a minimum cash position of €600 million.

3. Pay a sustainable dividend

Third, we are committed to paying a sustainable dividend. On May 13, 2024, the AGM approved a dividend of €2.75 per share to be paid over 2023.

4. Return excess cash through share buybacks

Finally, our policy regarding excess cash is unchanged: we continue to return excess cash to our shareholders. On May 15, 2024, we started a new €150 million share buyback program.