(BFM Stock Exchange) – The Dutch group fell heavily on the Amsterdam Stock Exchange after having published results, of course, higher than the second quarter expectations. But management comments on uncertainties for next year picking investors cold.
Unlike LVMH (-25.5%) and the Danish Novo Nordisk (-30.8%), both in great difficulty on the stock market since the beginning of the year, ASML has its rank among European mega-spaces.
The Dutch group played in green over the whole of 2025, until the end of Tuesday evening, and remains the first European market capitalization in front of the German SAP.
This correct stock market journey is however tainted with a big odd, this Wednesday, July 16. The Batave group specializing in photolithographs, a manufacturing process which allows you to print complex circuits patterns on silicon plates and which is thus essential for the creation of semiconductors, has delivered announcements which take the market on the side.
Around 4:30 p.m., the ASML action plunges 10% on the Amsterdam Stock Exchange, erasing around twenty billion euros in market capitalization.
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Results above expectations but …
The Dutch group published results for its second quarter which turned out to be convincing. Orders have registered at 5.5 billion euros over the period, stable over one year.
The company also generated income of 7.74 billion euros, slightly higher than the consensus housed at 7.535 billion euros, according to Oddo BHF. The gross margin, it, established at 53.7%, against 51.6% anticipated by analysts. The profit per share signed up at 5.9 euros against 6 euros a year earlier.
The director general of the company, the French Christophe Fouquet, underlined the rise in power of the “EUV” lithography tools (by extreme ultraviolet influence), a new generation of the company’s product.
According to the atomic energy police station (CEA), this process makes it possible to trace finer patterns to process ever more information, with a reduced wavelength. And therefore ultimately allow the production of more powerful fleas.
..The perspectives disappoint
Beyond the results of the second quarter, superior to expectations, therefore, the prospects influence investors.
ASML said Table for the current quarter on income between 7.4 billion euros and 7.9 billion euros and a gross margin located between 50% and 52%. It is too fair in view of expectations since consensus was 8.2 billion euros for income and on a gross margin around 51.5%.
Over the age of 2025, this time, ASML indicated rely on an increase of 15% of its income and a margin around 52%, online forecasts with expectations.
“By 2026, we note that the fundamentals of our customers working in artificial intelligence remain solid. At the same time, we note an increasing uncertainty linked to macroeconomic and geopolitical developments.
Consequently, even if we anticipate growth in 2026, we cannot confirm it at this stage “, also commented on Christophe Fouquet. This last comment, not very engaging, makes the analysts cringe.
“We believe that comments on 2026 are likely to slow down enthusiasm, and in the context of the strong recent performance of the course of action, we expect the action to underform the market today,” UBS wrote in a note.
Oddo BHF acknowledges that management comments on 2026 have something to be taken negatively by investors. However, the broker confirms his council to “outperformance” judging that ASML remains above all a good medium -term investment.
Particularly in view of its valuation which turns out to be enticing. The action is exchanged on the basis of a multiple of corporate value representing 23.5 times the gross operating result against an average of 27 times over five years, notes the broker.
Julien Marion – © 2025 BFM Bourse
