Picture supply: The Motley Idiot.
Date
Wednesday, Oct. 15, 2025, at 8 a.m. ET
Name individuals
- Chief Monetary Officer — Roger Dassen
- Chief Government Officer — Christophe Fouquet
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Takeaways
- Web Gross sales — €7.5 billion in internet gross sales, together with recognition of 1 Excessive NA system, and €2 billion in put in base income.
- Gross Margin — 51.6% gross margin, throughout the vary beforehand guided by administration.
- Web Revenue — Web revenue was €2.1 billion, explicitly said for the reporting interval.
- Web Bookings — €5.4 billion in internet bookings, with €3.6 billion attributed to EUV bookings.
- This fall 2025 Income Steerage — €9.2 billion to €9.8 billion, representing a considerable sequential enhance as deliberate.
- This fall 2025 Put in Base Income Steerage — Roughly €2.1 billion is included in income expectations.
- This fall 2025 Gross Margin Steerage — Gross margin projected at 51%-53%.
- Full Yr 2025 Gross sales Steerage — About €32.5 billion in internet gross sales projected.
- Full Yr 2025 Gross Margin Steerage — Administration tasks roughly 52% gross margin for the total yr.
- Market Outlook — Christophe Fouquet said, “AI goes to learn a bigger a part of our buyer base,” and highlighted continued adoption of EUV amongst DRAM and superior logic prospects.
- China Demand Outlook — Demand from Chinese language prospects is anticipated to be “considerably decrease in 2026” in comparison with 2024 and 2025.
- 2026 Gross sales Baseline — Administration expects 2026 internet gross sales “to not be beneath 2025” internet gross sales.
- Product Combine Outlook — UV demand is anticipated to extend, whereas Deep UV demand in China is anticipated to lower.
- Mistral AI Partnership — Roger Dassen mentioned, “We enter right into a partnership with Mistral AI,” and disclosed ASML has acquired an roughly 11% share in Mistral.
- Expertise Roadmap Progress — Christophe Fouquet reported over 300,000 wafers have now run on INA at buyer websites as of Q3 2025, and maturity is “fairly forward” of prior programs at equal levels.
- SK Enix DERA Growth — SK Enix started putting in their first 5,200 in manufacturing, positioning it as a “key enablers for the way forward for Dera,” in response to Christophe Fouquet.
- Superior Packaging Device Cargo — Cargo of the primary XT260 high-productivity scanner helps superior packaging and 3D integration, providing as much as 4x productiveness over prior fashions.
- Lengthy-Time period Income Potential — Administration reiterated expectations for 2030 income alternative between €44 billion and €60 billion, with gross margins between 56%-60%.
Abstract
Administration projected a big sequential income enhance, aligning with historic seasonality and prior communications. The corporate outlined clear steerage for each income and margin for the fourth quarter and the total yr. A brand new partnership with Mistral AI was launched as a strategic transfer to boost ASML Holding‘s (ASML 2.79%) software program capabilities and speed up time-to-market benefits. Administration indicated that whereas Chinese language demand will sharply decline in 2026 in comparison with 2024 and 2025, international gross sales are nonetheless anticipated to stay not less than on the 2025 degree, supported by a shift towards UV merchandise and growing AI-driven demand amongst key prospects.
- Administration confirmed direct funding in Mistral AI, and strategic committee participation, as a part of its deepening integration with AI ecosystems.
- Technological advances have been quantified by operational benchmarks, together with large-scale wafer runs on INA, and the business availability of the XT260 superior packaging scanner.
- Future market alternatives are underpinned by ongoing buyer adoption in superior DRAM, logic, and 3D integration, with clarified long-term income and revenue margin targets reiterated for 2030.
Business glossary
- Excessive NA: Excessive numerical aperture excessive ultraviolet lithography system delivering higher decision in semiconductor patterning.
- EUV: Excessive ultraviolet lithography enabling superior chip fabrication at smaller nodes.
- INA: A next-generation ASML EUV instrument referenced in buyer deployments on the decision.
- XT260: ASML’s newly launched high-productivity scanner designed to speed up superior packaging and 3D integration throughput.
- 3D Integration: Semiconductor packaging method stacking a number of chips or wafers for improved efficiency and density.
- Holistic Lithography: ASML’s suite of {hardware} and software program for optimizing all the lithography course of.
- SK Enix: Main DRAM and NAND producer referenced as adopting ASML’s superior instruments; spelling as in transcript.
- DERA: Referenced within the transcript as a future-focused product or course of node related for SK Enix; context-specific to superior reminiscence fabrication.
Full Convention Name Transcript
Moderator/Interviewer, ASML: Hi there and welcome to ASML’s Q3 2025 outcomes video with Christophe Fouquet and Roger Dasser. Roger, if I can begin with you and might I ask you to offer us a abstract of Q3 2025 outcomes?
Roger Dassen: Positive. Web gross sales got here in at €7.5 billion. That included, by the way in which, the popularity of 1 Excessive NA system. Additionally included in there, €2 billion for put in base income. Gross margin for the quarter got here in at 51.6%, all of that I’d say inside steerage. Web revenue for the quarter got here in at €2.1 billion and we recorded internet bookings for the quarter of €5.4 billion, included in there €3.6 billion for EV.
Operator: And Roger, can I ask you to offer us a steerage on This fall 2025 in addition to the total yr for 2025?
Roger Dassen: Positive. So for the quarter, we’re income between €9.2 billion and €9.8 billion. It is a large quarter, loads larger than final quarter. However really that is as deliberate additionally as we communicated earlier than. And it is also what we noticed in 2024. We additionally had a really large This fall there. Included in that quantity could be an put in base income of roughly €2.1 billion. The gross margin for the quarter someplace between 51-53%. If you happen to then take that to the total yr, we’d be a full yr round €32.5 billion by way of internet gross sales. The gross margin, we are saying round 52%.
As a matter of reality, you’re taking the midpoint of the steerage for the quarter, you get just a little bit above the 52% for the total yr.
Operator: Christophe, if I might ask you then to offer us your view on how you’re seeing the market for the time being.
Christophe Fouquet: Yeah. I feel we now have seen a circulation of optimistic information in the previous few months which have helped to cut back the uncertainty, a number of the uncertainties we mentioned final quarter. First, we proceed to see sturdy information about dedication to AI, which suggests we expect funding in superior logic and DRAM. Second, and it is essential for us, it appears like AI goes to learn a bigger a part of our buyer base. Third, we proceed to make superb progress with our litho depth, particularly with EUV that proceed to be adopted with DRAM and superior logic buyer.
However, once we have a look at China, we consider that the demand of our Chinese language buyer goes to be considerably decrease in 2026 than it has been in 2024 and ’25 the place we had very sturdy enterprise there.
Operator: So what does that imply then for ASML Holding N.V. in 2026?
Christophe Fouquet: Effectively, we consider that the impression of those dynamics will solely be efficient partially in 2026. However nonetheless for 2026, we count on our internet gross sales to not be beneath 2025. If we have a look at our product combine, the dynamics are going to favor UV, which we consider will enhance, whereas the dynamic in China will likely decrease the enterprise in Deep UV. And we are going to present extra particulars about 2026 in our January name.
Operator: Turning to expertise. Roger, can I ask you to offer us your ideas on the current announcement that we had by way of the collaboration with ASML Holding N.V. and Mistral AI?
Roger Dassen: Sure, certainly. We enter right into a partnership with Mistral AI. I feel Mistral is admittedly acknowledged on quite a few fronts. I feel they’re acknowledged for his or her business-to-business method. They’re additionally acknowledged for the standard of their giant language mannequin, significantly in terms of software program coding and software program coding improvement. In order that they’re acknowledged for that. That is the rationale why we entered into the partnership with them as a result of many individuals have a look at ASML Holding N.V., have a look at our merchandise and actually {hardware}. However I feel more and more I feel folks respect the very vital software program content material that’s inside these programs.
I feel folks actually perceive that in case you get to the extent of precision and the extent of velocity that we now have in our scanners, but additionally fairly frankly what we’d like in metrology and inspection, it is fairly clear that the software program contingent therein turns into more and more vital. In order that’s the rationale why that is very strategic to us, why it’s extremely strategic to bettering the efficiency, bettering the precision and the velocity of our instruments as we convey them to our prospects. So subsequently, this collaboration is actually a strategic alternative for us.
I’d additionally say that on high of the importance that it has for our merchandise, it is also AI can be an effective way to enhance the velocity of our product improvement, to enhance the velocity of our time to market of any product improvement to our prospects. And that is one other large space that we’re collaborating with Mistral on. So all in all, we consider a really strategic partnership. We additionally, to underscore that strategic partnership. As , we have been the lead investor for his or her Collection C funding spherical. And by being the lead investor, we took roughly an 11% share in Mistral. We even have a seat on their strategic committee.
We really consider that by doing this, we additionally get nearer and nearer to the AI world, which we consider is so pivotal to what we do at ASML Holding N.V.
Operator: Staying on expertise, Christophe, are you able to share then perhaps a number of the highlights over the past quarter by way of our roadmap?
Christophe Fouquet: Sure. I feel we proceed to see a really sturdy execution of our expertise roadmap. I am going to begin with EUV. We had some superb papers introduced at SPIE Semicon conferences stressing the progress we’re making driving down the price of expertise for essentially the most superior nodes of our buyer. On INA, we shared the truth that at our buyer, greater than 300,000 wafers have been now run. And a few of our prospects additionally reported the truth that the maturity of INA immediately is sort of forward of what the maturity of Loiner was at a sure time frame. So this was very optimistic.
I feel one vital information additionally got here from SK Enix, who introduced the beginning of the set up of their first 5,200 of their manufacturing fab, positioning this instrument principally as one of many key enablers for the way forward for Dera. On high of that, I feel we’re additionally very blissful to report that we now have shipped our first superior packaging product. We’ve got mentioned previously that we’ll be supporting our buyer with 3D integration. We’ve got shipped the XT260, which is a excessive productiveness scanner that may help superior packaging and supply as much as 4x productiveness in comparison with the prevailing product.
Operator: So sure, you are mentioning then 3D integration. What’s a number of the rationale and perhaps a number of the alternatives you see for ASML Holding N.V. within the house?
Christophe Fouquet: Effectively, I feel 3D integration, in fact, is the opposite solution to drive Moore’s Regulation. And in terms of TD, we now have our lithography roadmap. Relating to 3D integration, I feel we talked about in Capital Market Day that we are going to begin serving to our buyer on this discipline. Our prospects have informed us that there’s a want for innovation in 3D integration as a result of their requirement will turn out to be increasingly stringent. Once we have a look at these necessities, we additionally see that plenty of the expertise we now have developed for Holistic Lithography might be transferred to 3D integration. And that is why we’re a number of alternatives.
The XT260 is the primary product, there will probably be extra. And due to innovation, we’re succesful once more to convey expertise that may actually make a distinction. If we have a look at subsequent yr, we see many shoppers which have proven curiosity on this instrument proving once more, I’d say, the long run worth of our expertise there.
Operator: Then as a last query, can I ask you to remind us of perhaps the long-term alternatives for ASML Holding N.V. and just a little bit the market you see there?
Christophe Fouquet: Effectively, first, as we talked about within the Capital Market Day, we mentioned that almost all in all probability AI will drive extra superior software in semiconductor. So superior DRAM, superior logic. I feel that is occurring and that is driving extra superior litho, larger litho depth, and we count on that to proceed. As we simply mentioned, we see that 3D integration will turn out to be a brand new alternative, which we’re going to pursue. And as Roger defined very properly, we additionally see that AI might create plenty of worth in our product transferring ahead. So we proceed to see a really sturdy alternative on our expertise roadmap.
Lastly, to shut on the quantity, as talked about within the Capital Market Day, we count on 2030 to see a possibility for income between €44 billion and €60 billion and a gross margin between 56-60%.
Operator: Nice. Thanks very a lot. Thanks each, Christophe and Roger.
Christophe Fouquet: Thanks.
