ASML Holding N.V.

What the filings say against what the research found

Every holding above was also resolved directly from EDGAR through a precedence rule: the company's own filing outranks a 13D or 13G, which outranks a 13F, which outranks hand research. A 13F reports only US listed, long, US custodied positions, so it is a floor rather than a level. Where sources disagree the higher one leads and the lower is kept beside it.

No position here shows a material gap between sources.

• files no 13F
• SC 13G/A 0001086364-24-006330 is pre-XML prose, not parsed
• SC 13G/A 0001306550-23-008728 is pre-XML prose, not parsed
• SC 13G/A 0001422849-23-000029 is pre-XML prose, not parsed
• 9 further pre-XML schedules not parsed

What a reader needs to know to read these numbers

• Share lines: ASML has ONE class of ordinary shares, nominal value EUR 0.09, and the same ordinary shares are listed on both Euronext Amsterdam and Nasdaq under the symbol ASML. The Nasdaq line is an ordinary share listing registered under Section 12(b), not an ADR or a separate US class. The 20-F cover page names 'Ordinary Shares (nominal value EUR 0.09 per share)' as the security registered on The Nasdaq Stock Market LLC. Because the two lines are the same fungible security, share counts from AFM notifications (Amsterdam) and from SEC 13F and 13G filings (US) count the same instrument and must not be added together.
• Share count: 385,417,665 ordinary shares issued and outstanding as at 31 December 2025, excluding 2,730,009 ordinary shares held in treasury by ASML and 15,642 fractional shares (15,024 owned by current or former ASML employees, 618 by ASML). All pct_of_company figures in the register use that 385,417,665 denominator. Disagreement to note: stockanalysis.com reports 384.10 million shares outstanding as at 14 August 2026, lower than the 20-F count, which is consistent with ongoing buybacks under the authorization granted at the 2025 AGM. The market cap of USD 702.38bn taken from stockanalysis.com at the 14 August 2026 close of USD 1,844.08 implies roughly 380.9 million shares, so the reported market cap and the reported share count on that page do not reconcile exactly. Both figures are recorded as published, neither is adjusted.
• Mistral AI is a private company. It has no share price, so value_price_per_share is null and the position is not marked to market. ASML measures it at cost less impairment plus observable price changes because it has no readily determinable fair value. The EUR 1,320.7 million carrying amount at 31 December 2025 comprises EUR 1,302.2 million of additions and EUR 18.5 million of other changes.
• Mistral AI round context: press reporting at the time of the 9 September 2025 announcement put the Series C at EUR 1.7 billion and the post money valuation at EUR 11.7 billion (about USD 14 billion), making ASML the largest shareholder. ASML's own press release does not state the round size or the valuation, so those figures are context only and are not used to value the stake here. Reporting in mid 2026 said Mistral was in talks to raise about EUR 3 billion at a EUR 20 billion valuation. That round is not confirmed closed and no revaluation of ASML's stake has been recorded here.
• Mistral percentage reconciliation: ASML's press release of 9 September 2025 says 'approximately 11%' on a fully diluted basis. Note 9 of the FY2025 20-F gives the precise figure of 11.1% on a fully diluted basis as at 31 December 2025. The 11.1% figure is used. A fully diluted denominator is wider than issued share capital, so ASML's percentage of issued shares would be higher than 11.1%.
• Carl Zeiss SMT is BOTH a supply relationship AND an equity stake. It is not one or the other. Carl Zeiss SMT GmbH is ASML's single supplier of optical columns, and separately ASML holds a 24.9% equity interest in the parent partnership, Carl Zeiss SMT Holding GmbH & Co. KG, accounted for under the equity method. Alongside the equity stake ASML carries large advance payments to Carl Zeiss SMT GmbH: EUR 323.5 million current and EUR 868.4 million non current at 31 December 2025 (2024: EUR 815.8 million and EUR 599.9 million). ASML also capitalises R&D funding paid to the partnership into the equity method investment balance. Those advance payments and R&D funding are commercial and financing items, not additional equity, and are excluded from the holding above.
• FX: all euro figures are converted at the ECB euro reference rate of 1.1567 US dollars per euro on 14 August 2026 (source: ECB euro reference exchange rate page). Cross check: the Federal Reserve H.10 release dated 12 August 2026 shows 1.1559 for 7 August 2026. Note that the euro balance sheet amounts being converted were measured at 31 December 2025, so the converted USD figures carry the FX movement between those two dates.
• Anti takeover structure: the ASML Preference Shares Foundation (Stichting Preferente Aandelen ASML) holds an option to acquire cumulative preference shares up to an aggregate nominal value equal to the aggregate nominal value of the ordinary shares issued at the time of exercise. The Foundation holds no shares today and so is not listed in the register, but if the option were exercised it could roughly halve every existing holder's voting power. Its board is independent of ASML.
• 13F caution: 13F filings only capture US managed accounts, so they materially understate holdings in a Dutch issuer. The proof is inside this file. BlackRock's 13F line for 30 June 2026 is 1,282,190 shares, while BlackRock's Schedule 13G/A filed 23 April 2025 reports 26,325,103 shares. Both are recorded. The 13G/A figure is the one to trust for BlackRock's total position. The 13F derived rows are marked confidence 'reported' rather than 'filed' because they come from an aggregator (Holdings Channel) rather than from the primary filings, and they mix two quarter ends (31 March 2026 and 30 June 2026).
• Register value_usd is null for the four primary filed rows because those share counts were measured in 2025 and pricing them at the 14 August 2026 close would blend two dates. The 13F derived rows carry the value reported in the filing at that filing's own quarter end price.
• ASML's two disclosed associates are Carl Zeiss SMT Holding GmbH & Co. KG and HighTechXL Group B.V., and its one disclosed equity investment is Mistral AI, per the scope 3 category 15 note in the 2025 annual report. There are no other equity stakes in the FY2025 filing.
• ASML is also a strategic investor and co initiator in DeepTechXL Fund I, a Dutch deep tech fund of EUR 118 million, alongside Philips, Brabantse Ontwikkelings Maatschappij, TNO, PME Pension Fund and Invest-NL. This is a fund commitment rather than a direct equity stake in an operating company, ASML's share of the fund is not disclosed, and it is therefore excluded from holdings.