15 April 2026
If you are covering ASML’s latest financial results, please find below a comment from Ben Barringer, head of technology research at Quilter Cheviot:
“ASML provided a decent beat in its latest results, but nothing exceptional for what is a high-quality company with an enviable market position. AI demand clearly remains strong, and with fab openings across the world continuing, the conditions are ripe for ASML to continue to experience good growth.
“The company delivered a 2% beat on expectations when it came to revenues, while earnings per share beat by about 10%. This is the first quarter without an order number disclosed but ASML talked about demand outstripping supply and orders being very strong, as AI demand from logic and memory customers is driving demand. The market had been a little perturbed by ASML dropping its order numbers, but this is something it will need to get used to and there is enough other data out there to hold the company to account. Indeed, ASML both raised its guidance and narrowed its range, suggesting conditions are good despite macroeconomic uncertainty. This brings it more in line with where the market expects it to be, but a positive move nonetheless.
“The company provided very little guidance on China and the potential for problems from the proposed Match Act in the US. Interestingly, the Dutch prime minister met with President Trump so we can only assume that the issue came up in discussion. Nevertheless, and despite the strong performance in the past six months, we see further upside as ASML beats and raises through the year driven by continued memory, logic and China strength. Demand across all end markets is good for pricing and ASML will continue to increase capacity to make more EUV machines, highlighting its robustness in what is a challenging environment.”
