Products span manufacturing and research;customer revenue has a separate disclosurePRODUCT ROLES AND CUSTOMER LINKSFY2025 CUSTOMER REVENUEUSDm; denominator = 126Inspection & metrologyAdvanced systems for heterogeneous integrationServes foundries and integrated device manufacturersProduction equipmentHigh-throughput manufacturing equipmentServes foundries and integrated device manufacturersRefurbished systemsLegacy-generation equipmentCustomer allocation is not disclosedSoftware & field servicesSupports installed inspection and production systemsIncludes subscription softwareResearch prototypesServes research institutesFY2025 product revenue: 0Foundries70 / 55.6%Integrated device manufacturers46 / 36.5%Research institutes10 / 7.9%Customer amounts describe revenue,not customer counts or market share.Research-institute revenue is notallocated to products in the disclosure.PROPOSED SERVICE MECHANISMField telemetry → Diagnosis → Preventive maintenanceProfit impact has not been empirically demonstrated.FICTIONAL TEST DATA · input.md L5–6, L12, L16–17 · Manufacturing companyIndependent synthetic case · Not Goldman Sachs research1
Services rose 50% in FY2025, offsettinga 4% decline in equipment revenueREVENUE HISTORY AND DISCLOSED MIXSERVICES AND SUBSCRIPTION SUBSETUSDm · Fiscal years ended 31 December9020221052023405010201202024424410301262025InspectionProductionRefurbishedServicesUndisclosed mixPrototypes: 0 in 2024/25; 2022/23 product splits unavailable.USDm · Dotted area is included in services208202430122025Subscription share of services: 40% in both years2026 services target: at least USD35mAt least 16.7% growth vs. FY2025 (calculated).Equipment outlook and total revenue forecastare not disclosed.FICTIONAL TEST DATA · input.md L9, L12, L20 · Manufacturing company · Growth rates calculatedIndependent synthetic case · Not Goldman Sachs research2
Cumulative fundraising reached USD80bn;the subsidiary trails the two largest disclosed peersSUBSIDIARY FUNDRAISING HISTORYCOMPARABLE CUMULATIVE FUNDRAISINGUSDbn · Cumulative since 2020USDbn · Since 2020, as of 2025302022452023652024322820802025Private equityCreditInfrastructure300Peer A110Peer B80Subsidiary75Peer CAll four bars use one linear scale from zero.The subsidiary ranks third of four disclosed entities.Latest strategy amounts sum to 80; earlier strategy splits are unavailable.FICTIONAL TEST DATA · input.md L24 · Investment subsidiary · Separate from manufacturing accountsIndependent synthetic case · Not Goldman Sachs research3
Net IRRs exceed matched public-market equivalents;margin ambition remains qualitativePRIVATE EQUITY9%14%Matched PMENet IRRCalculated difference: +5ppCREDIT6%8%Matched PMENet IRRCalculated difference: +2ppINFRASTRUCTURE8%11%Matched PMENet IRRCalculated difference: +3ppOPERATING MARGIN: ACTUAL, PEER FLOOR AND AMBITION24%FY2025 actual30%+Comparable peer floorUpper 20sMedium-term ambitionStated initiatives:Consolidate duplicate reporting platformsExpand shared distributionAutomate reconciliationsAmbition has no exact value or timing; initiative contributions are unquantified.2018–2021 vintages; through 31 Dec 2025; matched cash flows; net of fees. Differences are not risk-adjusted alpha.FICTIONAL TEST DATA · input.md L24–25 · Investment subsidiary · Return differences calculatedIndependent synthetic case · Not Goldman Sachs research4