ASML / ASM : Samsung (+) P5-II Ground Breaking - Read-x

Research evidence excerpt

ASML / ASM : Samsung (+) P5-II Ground Breaking - Read-x

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ASML / ASM

Samsung (+) P5-II Ground Breaking – Read-x

Samsung is preparing to break ground on P5-II – the last megafab at Pyeongtaek22 JUNE 2026

Securities Research Report Reports in the Korean press over the weekend suggest engineering works have begun in

Production time: 14:59* (London time) preparation for groundbreaking for the 6 cleanroom, 300kwspm capable fab in Gyeonggi.

Research Analysts & Publishing Entities Previously called P6, we model groundbreaking in 2027 with only the first 2 cleanrooms available

Jakob Bluestone, CFA in 2H30 (max cap of 100kwspm between them) and 13 EUV tool installs in the fab this side of the

BNP Paribas London Branch decade (see Rising tide lifts all ships). If groundbreaking is confirmed, this suggests a pull forward(+44) 203 430 8468

Jakob.Bluestone@uk.bnpparibas.com of up to 30-40 EUV tools into 2029/30. This would begin to test ASML capacity limits at near 120

tools p.a. needed when accounting for expected installs for other customers.Kohulan Paramaguru, CFA

BNP Paribas London Branch

(+44) 203 430 8546 Same reports also suggest Samsung P5-I fully online by 2028

kohulan.paramaguru@uk.bnpparibas.com We currently model P5-I (originally called just P5), an identical fab to P5-II, to have 4 of its 6

cleanrooms dedicated to DRAM online by YE29, making available 200kwspm of capacity and

accounting for 24 EUV installs over the period 2027-2029. A pull forward into full ramp in 2028 for

1d nodes and later suggests ASML likely installing well over 110+ tools in 2028.

Even more DRAM to come – we model EUR76 of EPS for ASML in 2030

DRAM capacity coming online for Samsung between P5-I and P5-II is likely 400-600kwspm,