ASML published financial results for the second quarter of 2025 which confirm the group’s operational solidity in an always complex environment. But now, the title drops by 7% in trade this morning. Let us study in depth the publication of the largest manufacturer of lithographic machines in the world.
The turnover amounts to 7.69 billion euros, a stable level in sequential but which is positioned at the top of the forecast range, demonstrating the resilience of demand in the sector. The gross margin appears at 53.7 %, slightly behind compared to the previous quarter (54 %), but above expectations thanks to better product composition, favorable occasional effects on costs, and a sustained upgrading of the installed park.
The net profit reaches 2.29 billion euros, or 5.90 euros per share, in slight sequential withdrawal but clearly increasing over one year. On the first half, ASML displays a cumulative net profit of 4.65 billion euros (+66 % in annual shift) for a turnover of 15.43 billion euros, up 33.8 %.
Source : ASML
A significant order book
One of the most remarkable elements of this publication concerns the order book. Net commands in the quarter reach 5.54 billion euros, an increase of almost 41 % compared to T1, and well above the visible alpha consensus which awaited 4.44 billion. This dynamic reflects strong demand, especially in segments linked to artificial intelligence.
Christophe Fouquet, the general manager of ASML, said: “We note a continuous progression of lithographic intensity, especially in the dram“, also stressing that”the adoption of the EUV progresses as planned, including in high na“. The group delivered its first Twinscan Exe: 5200B system during the quarter, an important step in the development of new generation EUV systems.
Source : ASML
Caution marked for 2026
Despite these positive elements, ASML surprised the market by the prudent tone of its comments on 2026. While analysts awaited a reaffirmation of a growth trajectory, the company preferred to delay: “Although we continue to prepare for growth in 2026, we cannot confirm it at this stage“warned Christophe Fouquet. He added that”The level of uncertainty increases, mainly due to macroeconomic and geopolitical considerations. This of course includes customs duties“.
This speech was received negatively by the financial markets, the ASML action falling by more than 7 % in the wake of the publication, reflecting the sensitivity of investors to visibility on the prospects of the group. It is true that an exercise 2026 without growth would break a series of fourteen consecutive years of turnover, a rare fact for a company of this scale.
An always vigorous demand in China
Despite trade tensions, Chinese demand remains robust. Over the last three quarters, China has represented 27 % of machines sales, a significant proportion in a context of export controls. Chinese customers seem to accelerate the purchase of DUV equipment, less advanced, in anticipation of new export restrictions. This dynamic confirms the position of ASML, whose portfolio is wide enough to meet the different levels of technological sophistication.
Source : ASML
Confirmed 2025 perspectives
Regarding the current exercise, the company confirms its objective of a growth of 15 % in turnover compared to 2024, with a gross margin expected around 52 %. The third quarter is anticipated in an income range between 7.4 and 7.9 billion euros, and a gross margin of 50 to 52 %. These forecasts take into account a gradual rise in sales of High Na systems, still dilutive in terms of margin, and increased visibility on costs related to customs duties.
Source : ASML
Return to shareholders: dividend and acquisition of shares
ASML maintains a policy of return to generous shareholders. An interim dividend of 1.60 euros per share will be paid on August 6, 2025. This payment is part of a continuous growth dynamic of the dividend, supported by an abundant cash generation.
In parallel, the group continues its share buy -back program, with 1.4 billion euros in shares bought in the second quarter as part of the 2022–2025 program. On the first half of 2025 alone, nearly 4.1 billion euros in titles were bought. This pace testifies to the confidence of management in the group’s long -term fundamentals, as well as its desire to compensate for the dilution linked to action programs for employees.
Source : ASML
An unchanged strategic vision by 2030
ASML retains a strong ambition for the long term, carried by the structural transformation of the semiconductor industry, doped by the rise of artificial intelligence. The group recalls the hypotheses presented during its capital Markets Day in November 2024, with an annual turnover projection between 44 and 60 billion euros by 2030, for a gross target margin between 56 % and 60 %.
Christophe Fouquet insisted that “Lithography will remain at the heart of our customers’ innovation“, and that”Our flexible and holistic portfolio is well positioned to support 3D integration in front, improve the performance and profitability of the DUV and the EUV, and allow the rise of the EUV in the next decade“.
A promising trajectory despite the opposite winds
The publication of the second quarter 2025 of ASML confirms a robust operational dynamic and a strong structural demand, in particular in applications linked to artificial intelligence. The high progression order book is a positive signal, as well as technological advances on EUV platforms.
However, the prudence displayed in 2026 has rekindled the concerns of a market sensitive to macroeconomic and geopolitical uncertainties, in particular in a context where growth seemed to be uninterrupted until then. This explains the drop this morning at the opening. The concrete implications of customs duties and customer investment decisions should be monitored in the coming quarters.
ASML remains an essential and highly strategic actor of the semiconductor value chain, and at this stage keeps a solid growth trajectory in the medium and long term.