ASML Holding N.V. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Q1 2026 Financial Performance

  • Total net sales: EUR 8.8 billion, in line with guidance.
  • Installed Base revenue: EUR 2.5 billion, slightly above expectations.
  • Gross margin: 53%, at the high end of the guided range. This strength was driven by favorable mix within the Installed Base business, including higher‑margin components.
  • Net income: EUR 2.8 billion.
  • Comparison context: Q1 results indicate a strong start to the year with margins outperforming prior guidance, though no direct comparison to Q4 2025 figures was made in the call.

Q2 2026 Guidance

  • Total net sales: EUR 8.4 billion to EUR 9 billion.
  • Installed Base revenue: EUR 2.5 billion (flat quarter‑over‑quarter).
  • Gross margin: 51% to 52%, slightly lower than Q1's 53% due to expected product mix changes.

Market Outlook

  • Semiconductor industry growth remains strong, driven primarily by AI infrastructure investment.
  • Continued strong demand for advanced memory and advanced logic; supply expected to remain below demand for the foreseeable future.
  • Memory customers report being sold out for 2026, with constraints continuing beyond 2026.
  • Logic customers building capacity across several nodes and continuing their 2nm ramps, heavily tied to AI workloads.

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Jim Kavanagh: Hello, and welcome to ASML's Q1 2026 results video. Welcome, Christophe and Roger. Jim Kavanagh: Roger, if I could start with you and ask you to give us a summary of our Q1 2026 results. R.J.M. Dassen: For the quarter, total net sales came in at EUR 8.8 billion. That was within guidance. Included in the EUR 8.8 billion was EUR 2.5 billion for Installed Base revenue. That was a little bit above the guidance. If you look at the gross margin for Q1, 53%. That was at the high end of the gross margin that we guided. If you look at the Installed Base business, as I just mentioned, the Installed Base business was higher than we anticipated. But also if you look at the components in the Installed Base business, there were components in there that actually come in at quite some strong gross margins. So as a result of that, a pretty high gross margin at 53%. Net income for the quarter, EUR 2.8 billion. Jim Kavanagh: Can you also provide us with a guide for Q2 '26 results, please? R.J.M. Dassen: For Q2, we expect EUR 8.4 billion to EUR 9 billion of total net sales. Included in there, again, EUR 2.5 billion of Installed Base business. We expect the gross margin to be between 51% and 52%. Jim Kavanagh: Christophe, if I can switch to you. And can I ask you to give us an outlook on the market and how you're seeing things at the moment? Christophe Fouquet: Well, I think we see that the semiconductor industry growth continued to solidify. This is still very much driven by invest

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