Q3 2025 ASML Holding NV Earnings Call - Pre-Recorded

October 15, 2025

Hello, and welcome to Asml's Q3, 2025 results video with Christophe, Okay and Rohit at.

Hello, and welcome to Asml's Q3, 2025 results video with Christophe, Okay, and Roget Duffy.

Rajiv if I can start with you can I ask you to give US a summary of Q3 2025.

Jay if I can start with you and can I ask you to give US a summary of Q3 2025, Brazil sure net sales came in at a 7.5 billion euros are that included by the way the recognition of one a high and a system are also included in there are 2 billion for installed base revenue.

Operator: Hello, welcome to ASML's Q3 2025 Results Video with Christophe Fouquet and Roger Dassen. Roger, if I can start with you, and can I ask you to give us a summary of Q3 2025 results?

Jim Kavanagh: Hello, welcome to ASML's Q3 2025 Results Video with Christophe Fouquet and Roger Dassen. Roger, if I can start with you, and can I ask you to give us a summary of Q3 2025 results?

Our net sales came in at 7.5 billion euros that included by the way at a recognition of one a high and a system.

Roger Dassen: Sure. Net sales come in at EUR 7.5 billion. That included, by the way, the recognition of one High-NA system. Also included in there, EUR 2 billion for Installed Base Management revenue. Gross margin for the quarter came in at 51.6%. All of that, I would say, within guidance. Net income for the quarter came in at EUR 2.1 billion, and we recorded net bookings for the quarter of EUR 5.4 billion, included in there EUR 3.6 billion for EUV.

Also included in there are 2 billion for installed base revenue.

Gross margin for the quarter came in at 51.6%.

Gross margin for the quarter came in at 51, 6% of.

All of that I would say within it within guidance.

Net income for the quarter came in at $2 1 billion and we recorded net bookings for the quarter of $5 4 billion included in there $3 6 billion for EV.

Net income for the quarter came in at $2 1 billion and we recorded net bookings for the quarter of 5.4 billion included in there $3 6 billion for EV.

And Rajiv can I ask you to give us a guidance on Q4 2025 as well as the full year for 2025 shows a political water. We're looking at our revenue between 9.2, and 9.8 billion euros, its a big quarter, a lot a lot bigger than that than last quarter.

And Rajiv can I ask you to give us a guidance on Q4 2025 as well as the full year for 2025 shows so for the quarter were looking at our revenue between 9.2, and 9.8 billion euros, its a big quarter, a lot a lot bigger than that than last quarter.

Operator: Roger, can I ask you to give us a guidance on Q4 2025 as well as the full year for 2025?

Jim Kavanagh: Roger, can I ask you to give us a guidance on Q4 2025 as well as the full year for 2025?

Roger Dassen: Sure. For the quarter, we're looking at revenue between EUR 9.2 and 9.8 billion. It's a big quarter. A lot bigger than last quarter, but actually that's as planned and also as we communicated before. It's also, you know, what we saw in 2024. We also had a very big Q4 there. Included in that number would be an Installed Base revenue of approximately EUR 2.1 billion. The gross margin for the quarter somewhere between 51% and 53%. If you then take that to the full year, we would be looking at a full year around EUR 32.5 billion in terms of net sales. The gross margin, we say around 52%.

But actually that's as planned and then also as we communicated before and it's also what we saw in the in 'twenty 'twenty. Four we also had a very big Q4 are there.

But actually that's as plan and also as we communicated before and it's also what we saw in the in <unk> 'twenty 'twenty. Four we also had a very big Q4 are there.

Included in that number would be installed base revenue of approximately 2.1 billion. The gross margin for the quarter somewhere between 51 and 53%. If you don't take that to the full year.

Included in that number would be in installed base revenue of approximately $2 1 billion. The gross margin for the quarter somewhere between 51 and 53%. If you don't take that to the full year.

We would be looking at our full year around 232, and a half a billion euros in terms of in terms of net sales. The gross margin, we say around 52% as a matter of fact, if you take the midpoint of the guidance for the quarter, you get a little bit above the 52% for the full year.

Roger Dassen: As a matter of fact, if you take the midpoint of the guidance for the quarter, you get a little bit above the 52% for the full year.

Christophe if I could ask you then to give us your view on how you're seeing the the market at the moment.

I think we have seen a flow of positive news in the last few months.

Operator: Christophe, if I could ask you then to give us your view on how you're seeing the market at the moment.

Jim Kavanagh: Christophe, if I could ask you then to give us your view on how you're seeing the market at the moment.

They have helped to reduce the uncertainty some of the uncertainties, we discussed last quarter.

Christophe Fouquet: Yeah. I think we have seen a flow of positive news in the last few months that have helped to reduce the uncertainty, some of the uncertainties we discussed last quarter. First, we continue to see strong news about commitment to AI, which means we think investment in advanced logic and DRAM. Second, it's very important for us, it looks like AI is going to benefit a larger part of our customer base. Third, we continue to make very good progress with our litho intensity, especially with EUV that continue to be adopted with DRAM and advanced logic customer.

First we continue to see strong news about commitment to AI, which means we think investment in advanced logic and DRAM.

And it's very important for us it looks like AI is going to benefit the larger part of our customer base.

Again, it is very important for us it looks like AI is going to benefit the larger part of our customer base.

Third we continue to make very good progress with Zalviso litho intensity, especially with <unk> that continues to be adopted with DRAM and advanced Fuji customer while.

Third we continue to make very good progress with Zalviso litho intensity, especially with <unk> that continue to be adopted with DRAM and advanced Fuji customer.

On the other hand, when we look at China, We believe that the demand of our Chinese customer is going to be significantly lower in 2026 than it has been in 2024 and 25, where we had very strong business. There. So what does that mean then for ASML in 2026.

Christophe Fouquet: On the other hand, when we look at China, we believe that the demand of our Chinese customer is going to be significantly lower in 2026 than it has been in 2024 and 2025, where we had very strong business there.

Well, we believe that the impact of these dynamics will only be effective partially in 2026, but still for 2026, we expect our net sales to not be below 2025.

Well, we believe that the impact of these dynamics will only be effective partially in 2020 shakes, but still for 2026, we expect our net sales to not be below 2025 if.

Operator: What does that mean then for ASML in 2026?

Jim Kavanagh: What does that mean then for ASML in 2026?

Christophe Fouquet: Well, we believe that the impact of these dynamics will only be effective partially in 2026. Still, for 2026 we expect our net sales to not be below 2025. If we look at our product mix, the dynamics are going to favor EUV, which we believe will increase while the dynamic in China will most probably lower the business in DUV. We will provide more details about 2026 in our January call.

If we look at our product mix the dynamics are going to favor UV, which we believe will increase while the dynamic in China will most probably lower the business in deep UV and we will provide more details about 2026 in our January call.

Turning to technology, Rajiv can I ask you to give us.

Your thoughts on the recent announcement that we had in terms of the collaboration with ASML and Mr. Al AI, Yeah. Indeed, we enter into a partnership with a with a new style AI I think my style is really recognized on a number of funds I think they are recognized for their business to business approach. We're also.

Your thoughts on the recent announcement that we had in terms of the collaboration with ASML and Mr. Al AI. Yes. Indeed, we are we enter into a partnership with a with a missile a AI I think my style is really recognized on a number of fronts I think theyre recognized Florida business to business approach there also.

Operator: Turning to technology. Roger, can I ask you to give us, you know, your thoughts on the recent announcement that we had in terms of the collaboration with ASML and Mistral AI?

Jim Kavanagh: Turning to technology. Roger, can I ask you to give us, you know, your thoughts on the recent announcement that we had in terms of the collaboration with ASML and Mistral AI?

Roger Dassen: Yeah. Indeed, we enter into a partnership with Mistral AI. I think Mistral is really recognized on a number of fronts. I think they're recognized for their business-to-business approach. They're also recognized for the quality of their large language model, particularly when it comes to software coding and software coding development. They're recognized for that. That's the reason why, you know, we entered into the partnership with them. You know, many people look at ASML, look at our products and really looking at hardware, but I think increasingly, people appreciate the very significant software content that is within those systems. You know, I think people...

For the quality of their large language model, particularly when it comes to software coding software coding developments. So they recognize that that's the reason why we entered into a partnership with them because.

Nice for the quality of their large language model, particularly when it comes to software coding itself. According development. So they are recognized so that that's the reason why you know we entered into this partnership with them because you know.

Many people look at are smell to look at our products and really looking at hardware, but I think increasingly I think people appreciate the very significant software content that is within those systems.

Many people look at ASML look at our products and really looking at hardware, but I think increasingly I think people appreciate the very significant software content that is within those systems.

I think people people really understand that if you get to the level of precision and the level of speed that we have in our scanners, but also quite frankly, what we need in metrology and inspection, it's pretty clear that the software contingent Darren becomes increasingly important. So that's the reason why this is very strategic to us why its very strategic to them.

I think people people really understand that if you get to the level of precision and the level of speeds that we have in our scanners, but also quite frankly, what we need in metrology and inspection, it's pretty clear that the software contingent darrin becomes increasingly important. So that's the reason why this is very strategic to us why its very strategic to them.

Roger Dassen: people really understand that if you get to the level of precision and the level of speed that we have in our scanners, but also quite frankly what we need in metrology and inspection, it's pretty clear that the software content therein becomes increasingly important. That's the reason why this is very strategic to us, why it's very strategic to, you know, improving the performance, improving the precision and the speed of our tools as we bring them to our customers. Therefore this collaboration is truly a strategic choice for us.

Proving the performance improving the precision and the speed of ore over our tools as we bring them to our customers. So therefore this calibration is truly is truly a strategic choice for our for us.

Proving the performance improving the precision and the speed of aura over our tools as we bring them to our customers. So therefore this calibration is truly is truly a strategic choice for us for us.

I would also say that on top of the significant without a task for our products. It's also you know AI is also a great way to to improve the speed of our product development to improve the speed of our time to market of our you know of.

I would also say that on top of the significance that a task for our products. It's also you know AI is also a great way to to improve the speed of our product development to improve the speed of our time to market of our you know of any product development to our customers and that's another big area that we're collaborating with the with.

Roger Dassen: I would also say that on top of the significance that it has for our products, it's also, you know, AI is also a great way to improve the speed of our product development, to improve the speed of our time to market, of, you know, of any product development to our customers, and that's another big area that we're collaborating with Mistral on. All in all, we believe a very strategic partnership. We also to underscore that strategic partnership. As you know, we were the lead investor for their Series C funding round, and by being the lead investor, we took approximately an 11% share in Mistral.

Any product development to our customers and that's another big area that we're collaborating with the with MS. Paula on.

Mr Hall on so all in all we believe a very strategic partnership we also to underscore that strategic partnership as you know we were.

So all in all we believe a very strategic partnership we also to underscore that strategic partnership as you know we were there.

He'd investor for their a series a series C. A funding their funding round and by being the lead Investor. We we took approximately an 11% share in the MS trial. We also have a have a seat on their on their on their strategic committee, we truly believe that by doing this.

The lead investor for their a series a series C. A funding funding round and by being the lead Investor We took approximately an 11% share in the in the MS trial. We also have a have a seat on their on their on their strategic committee, we truly believe that by doing this we also get.

We also get closer and closer to the AI World, which we believe is so pivotal to what we do at ASML.

Roger Dassen: We also have a seat on their strategic committee. We truly believe that by doing this, you know, we also get closer and closer to the AI world, which we believe is so pivotal to what we do at ASML.

Closer and closer to the AI World, which we believe is so pivotal to what we do at ASML.

Staying on technology Christophe can you share than maybe some of the highlights over the last quarter in terms of our roadmap.

I think we continue to see a very stronger execution of our technology roadmap.

Yeah, I think we continue to see a very stronger execution of our technology roadmap.

Operator: Staying on technology, Christophe, can you share then maybe some of the highlights over the last quarter in terms of our roadmap?

Jim Kavanagh: Staying on technology, Christophe, can you share then maybe some of the highlights over the last quarter in terms of our roadmap?

I'll start with the UV, we had some very good papers presented at S. P. A semicon conferences stressing the progress we are making driving down the cost of technology for the most advanced nodes of our customer.

With the UV, we had some very good papers presented at S. P. A semicon conferences stressing the Polaris, we are making driving down the cost of technology for the most advanced nodes of our customer.

Christophe Fouquet: Yeah, I think we continue to see a very strong execution of our technology roadmap. I start with EUV. We had some very good papers presented at SPIE Semiconductor conferences, stressing the progress we are making, driving down the cost of technology for the most advanced nodes of our customer. On High-NA, we shared the fact that at our customer, more than 300,000 wafer are well now run. Some of our customer also reported the fact that the maturity of High-NA today is quite ahead of what the maturity of Low-NA was at the same period of time. This was very positive.

On the <unk> with <unk>.

On the ion E. We shared the fact that at our customer more than 300000 Withrow will now run at.

Sure. The fact that at our customer more than 300000 with her way on our own and some of our customer also reported the fact that the maturity of <unk>. Today is quite ahead of what the better clarity of law and it was after some period of time. So this was a very positive.

And some of our customer also reported the fact that the maturity of <unk>. Today is quite ahead of what the battery to your floor and it was at a certain period of time. So this was very positive.

I think one important news also came from <unk>, who are announced the start of the installation of their first 52 onward in their production fab positioning. These two basically as one of the key enabler for the future of Europe.

One important news also came from <unk>, who are announced the start of the installation of their first 50 to Android in their production fab positioning. These two basically as one of the key enabler for the future of the Euro.

Christophe Fouquet: Hello and welcome to ASML Holding NV Q2 2025 results video with Christophe Fouquet and Roger Dassen. If I can start with you, can I ask you to give us a summary of Q3 2025 results?

Christophe Fouquet: I think, one important news also came from SK hynix, who announced the start of the installation of their first 5200 in their production fab, positioning this tool basically as one of the key enabler for the future of DRAM. On top of that, I think, we're also very happy to report that we have shipped our first Advanced Packaging product. We have said in the past that we'll be supporting our customer with 3D integration. We have shipped the XT:260, which is a high productivity scanner that will support Advanced Packaging and provide up to 4x productivity compared to the existing product.

Hello and welcome to ASMR.

On top of that I think we're also very happy to report that we have shipped our first advanced packaging product. We have said in the past that it would be supporting our customer with <unk> integration. We have shipped the 60 to 60, which is a high productivity scanner that would've support.

On top of that I think we're also very happy to report that we have shipped our first advanced packaging product. We have said in the past that will be supporting our customer with freely integration. We have shipped the XT to 60, which is a high productivity scanner that will support our advanced packaging.

Spec aging and provides up to four X productivity compared to the existing product. So you mentioned and then three the integration what some of the rationale and maybe some of the opportunities you see for ASML in this space well I think for the integration of course is the other way to drive Moore's law and when it comes to TD we have.

And provide up to four X productivity compared to the existing product.

So you're you're mentioning then you know treaty integration, what some of the rationale.

Maybe some of the opportunities you see for ASML in this space, where I think freely integration of course is the other way to drive Moore's law and you know when it comes to TD, we have our lithography roadmap when it comes to freely integration I think we mentioned in the capital market day that we were to start helping our customer in this field our customers have told us that there is a need for any.

Sales Q3 2025 results video with.

Operator: Yeah, you're mentioning then, you know, 3D integration. What's some of the rationale, and maybe some of the opportunities you see for ASML in this space?

Jim Kavanagh: Yeah, you're mentioning then, you know, 3D integration. What's some of the rationale, and maybe some of the opportunities you see for ASML in this space?

Our lithography roadmap when it comes to freely integration is equally mentioned your capital market day that we will start helping our customer in this field our customers have told us that there is a need for innovation in freely integration because their requirement will become more and more stringent when we looked at those requirements. We also see that a lot of the techno.

Christophe Fouquet: Well, I think 3D integration, of course, is the other way to drive Moore's Law. you know, when it comes to 2D, we have our lithography roadmap. When it comes to 3D integration, I think we mentioned in Capital Markets Day that we would start helping our customer in this field. Our customer have told us that there is a need for innovation in 3D integration because their requirement will become more and more stringent. When we look at those requirements, we also see that a lot of the technology we have developed for holistic lithography can be transferred to 3D integration, and this is why we are looking at several opportunities. The XT:260 is the first product. There will be more. Because of innovation, we are capable again to bring technology that can really make a difference.

<unk> and <unk> integration, because their requirement will become more and more stringent when we look at those requirements. We also see that a lot of the technology. We have developed for holistic lithography can be transfer to freely integration and this is why we're looking at several opportunities.

Oh Gee, we have developed for holistic lithography can be transfer to freedom integration and this is why we're looking at several opportunities the XT to succeed as the first product that would be more <unk>.

The XT to succeed as the first product that would be more and because of innovation. We are capable again to bring technology that can really make a difference. If we look at next year, we see many customers that have shown interest in the stool proving again I would say the future value of our technology.

And because of innovation, we are capable of getting to bring technology that can really make a difference.

If we look at next year, we see many customers that have shown interest in the stool proving it again I would say the future value of our technology.

Kristoff. Okay, and Rodger.

Roger.

Christophe Fouquet: If we look at next year, we see many customer that have shown interest in this tool, proving again, I would say, the future value of our technology there.

Then a final question can I ask you to remind us of maybe the long term opportunities for for ASML and a little bit of the markets you see there.

Then as a final question can I ask you to remind us of maybe the long term opportunities for for ASML and little bit the market you see there well first as we mentioned in the capital market day, We said that most probably AI will drive more advance application in semi conductor.

First as we mentioned in the capital market day, we said that most probably AI will drive more advance applications in the connector. So advanced DRAM advanced logic I think this is happening and this is driving more advanced litho higher litho intensity and we expect that to continue.

Operator: As a final question, can I ask you to remind us of maybe the long-term opportunities for ASML and a little bit the market you see there?

Jim Kavanagh: As a final question, can I ask you to remind us of maybe the long-term opportunities for ASML and a little bit the market you see there?

Christophe Fouquet: Well, first, as we mentioned in the Capital Markets Day, we said that most probably AI will drive more advanced application in semiconductor, so advanced DRAM, advanced logic. I think this is happening, and this is driving more advanced litho, higher litho intensity, and we expect that to continue. As we just discussed, we see that 3D integration will become a new opportunity, which we are going to pursue. As Roger explained very nicely, we also see that AI could create a lot of value on our product moving forward. We continue to see a very strong opportunity on our technology roadmap. Finally, to close on the number, as mentioned in the Capital Markets Day, we expect 2030 to see an opportunity for revenue between EUR 44 billion and EUR 60 billion and a gross margin between 56% and 60%.

Advanced DRAM advanced logic I think this is happening and this is driving more advanced litho higher litho intensity and we expect that to continue.

As we just discussed we see that freely integration will become a new opportunity, which we are going to pursue and as largely explained very nicely. We also see that AI could create a lot of value on our products moving forward. So we continue to see a very strong opportunity on our technology on file.

As we just discussed we see that freely integration will become a new opportunity, which we are going to pursue and as Jorge explained very nicely. We also see that AI could create a lot of value on our products moving forward. So we continue to see a very strong opportunity on our technology roadmap.

Finally to close on the number as mentioned at the capital market Day, We expect 2013 to see an opportunity for revenue between 44 billion and 60 billion and gross.

Finally to close on the number as mentioned at the capital market Day, We expect 2013 to see an opportunity for revenue between 44 billion Euro and 60 billion Euro and a gross margin between 56% and 60% great. Thank you very much. Thank you both Christophe and Jose Thank you.

Margin between 56% and 60% great. Thank you very much. Thank you both Christoph.

if I can start with you and can I ask you to give us a summary of

Okay.

[music].

Sure.

Operator: Great. Thank you very much. Thank you both, Christophe and Roger.

Jim Kavanagh: Great. Thank you very much. Thank you both, Christophe and Roger.

Christophe Fouquet: Thank you.

Operator: Thank you.

Roger Dassen: Thank you.

Yes.

Roger Dassen: Sure, that's it.

Of Q3 2025 results. Sure, that's it.

Yes.

With respect.

Yes.

With regard.

Christophe Fouquet: Sales came in at €7.5 billion. That included, by the way, the recognition of one High NA EUV system. Also included in there, €2 billion for Installed Base Management revenue. Gross margin for the quarter came in at 51.6%. For the quarter, net income came in at €2.1 billion. We recorded net bookings for the quarter of €5.4 billion. That €5.4 billion included in there €3.6 billion for EUV. Roger, can I ask you to give us a guidance on Q4 2025, as well as the full year for 2025? Sure. For the quarter, we're looking at the revenue between €9.2 and €9.8 billion. It's a big quarter, a lot bigger than last quarter. That's as planned also, as we communicated before. It's also what we saw in 2024; we also had a very big Q4 there.

Sales came in at €7.5 billion.

Uh, that included, by the way, the recognition of $1.

Uh, hi, na system. Uh, also included in

There are 2 billion for the installed base.

Revenue and gross margin for the quarter came in at

51.6 percent. Um, all of that I would.

Stay within guidance. Um, Nadin.

Put a quarter came in at $2.1 billion, and we recorded.

Not bookings, uh, for the quarter of $5.4 billion.

Included in their $3.6 billion for EV.

Andre, can I ask you to give us guidance on?

Q4 2025, as well as the full year for 2025.

Sure. So, for the quarter, uh, we're looking at the revenue.

Between €9.2 billion and €9.8 billion.

It's a big quarter. Uh, a lot, a lot bigger than.

And then, last quarter—but actually, that's as planned. And also...

But as we communicated before, and it's also, you know,

know what we saw in the in 2024, we also had a

Very big Q4, uh, there. Um,

Christophe Fouquet: Included in that number would be an Installed Base Management revenue for approximately €2.1 billion. The gross margin for.

Included in that number would be an insult-based revenue of...

approximately $2.1 billion, the gross margin for

Q3 2025 ASML Holding NV Earnings Call - Pre-Recorded

Request a DemoDemo

ASML

Earnings