15 October 2025
ASML’s latest results were broadly in line with expectations, with bookings coming in ahead of forecasts and guidance suggesting revenue in 2026 will hold steady or improve slightly on this year. While there were no major surprises, the update offers reassurance that the business remains on a stable footing despite a more challenging backdrop.
Management struck a cautious tone on China, where they expect a notable slowdown and are keeping a close eye on potential developments from the US select committee regarding export controls. However, this is being partly offset by a healthier outlook in the logic and memory markets, where demand appears to be improving.
ASML’s product roadmap remains solid and its position in the semiconductor value chain continues to be good, though the tone of this update was more modest. After a strong run for the shares, up around 30% in the past six weeks, investors may see this as a steadier, rather than spectacular, set of numbers following the recent wave of optimism across the AI and chipmaking sectors.
