ASML HOLDING NV Earnings Summary — Q2 FY2026

• Revenue growth accelerated to 21.25% YoY, reaching €9.33 billion in Q2 2026, driven by intense AI infrastructure investment.
• Gross margin remained robust at 53.99% for the quarter, benefiting from a high-margin product mix in the Installed Base business.
• Management noted that semiconductor supply for AI, mobile, and PC segments cannot meet demand for the foreseeable future.
• Memory customers are reportedly sold out through 2026, forcing accelerated capacity ramps and higher litho intensity.
• ASML achieved a technological milestone with its 1,000-watt source, extending EUV Low NA roadmaps to 330 wafers per hour by 2031.
• High NA EUV systems are showing significant process simplification, potentially reducing mask counts from 3 to 1 in some applications.
• The 2026 revenue window has been narrow-increased to €36 billion - €40 billion, reflecting stronger non-EUV and immersion demand.

Management expects Q3 2026 total net sales between €8.4 billion and €9.0 billion. Gross margin for the upcoming quarter is projected at 51% to 52%, slightly lower than the current quarter's outperformance. Full-year 2026 revenue guidance is set at €36 billion to €40 billion with an expected gross margin of 51% to 53%.

Improving

Management shifted from a previous 'flat' expectation for non-EUV business to a 'growth' outlook, citing a reversal in immersion demand and strong AI-driven litho intensity.

The outlook is exceptionally strong for 2026 and 2027, labeled as significant growth years. ASML plans to increase Low NA EUV output to at least 80 units by 2027 to satisfy massive capacity expansion from both logic and DRAM customers transitioning to 2-nanometer and advanced nodes.