15 July 2026
If you are covering ASML's latest results, please see the following comment from Ben Barringer, head of technology research at Quilter Cheviot:
ASML's results reinforce just how strong demand remains across the semiconductor sector. The company delivered a solid beat and raise, with particularly strong demand coming from both memory and logic chips, although memory is currently growing faster. Strength was evident across the entire product range, including both DUV and EUV systems, with customers continuing to spend on upgrades to improve the performance and throughput of existing machines.
The upgraded guidance was particularly encouraging, coming in around 10% ahead of consensus expectations. The company is now guiding to around 35% growth this year alongside strong margins, underlining the strength of end-market demand.Visibility also remains exceptional, with capacity effectively sold out into 2027 and a growing order book extending into 2028.
Importantly, there is still scope to add further capacity, potentially by as much as 27%, suggesting ASML is well positioned to meet future demand. The adoption of new products, particularly its next-generation High-NA technology, is another positive, with Intel already beginning to deploy these systems.
While China remains an important market and is still expected to account for around 20% of sales, demand outside China continues to be robust. Overall, these results should be well received by investors and provide further evidence that the long-term growth outlook for the semiconductor industry remains intact.
