ASML Holding N.V. Q2 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Total net sales reached EUR 7.7 billion, at the upper end of guidance and up from Q1 2025’s EUR 6.7 billion. Growth was driven by revenue recognition of one High NA system and strong upgrade activity.
  • Net system sales were EUR 5.6 billion (EUR 2.7 billion EUV and EUR 2.9 billion DUV). Logic represented 69% of system sales, Memory 31%.
  • Installed Base Management (IBM) sales exceeded expectations at EUR 2.1 billion, driven by EUV upgrade work.
  • Gross margin was 53.7%, above guidance and slightly higher than Q1’s 52.8%, helped by one-off cost benefits, stronger upgrade mix, and lower tariff impact. High NA revenue recognition diluted margin partially.
  • R&D expense was EUR 1.2 billion; SG&A EUR 299 million.
  • Net income was EUR 2.3 billion (EPS: EUR 5.90), up from EUR 2.1 billion in Q1.
  • Cash and investments ended at EUR 7.2 billion.

Bookings & Backlog

  • Q2 net system bookings: EUR 5.5 billion (EUR 2.3 billion EUV, EUR 3.2 billion DUV). Bookings were heavily weighted to Logic (84%).
  • Backlog ended at ~EUR 33 billion (included EUR 1.4 billion order adjustments from Chinese customers following export restrictions).
  • ASML reports being “virtually fully booked” for DUV in 2025.

Shareholder Returns

  • Final dividend of EUR 1.84 per share paid for 2024; total 2024 dividend reached EUR 6.40.

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Operator: Good day, and thank you for standing by. Welcome to the ASML 2025 Second Quarter Financial Results Conference Call on July 16, 2025. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference call over to Mr. Jim Kavanagh. Please go ahead. Jim Kavanagh: Thank you, operator. Welcome, everyone. This is Jim Kavanagh, Vice President of Investor Relations at ASML. Joining me today on the call are ASML's CEO, Christophe Fouquet; and our CFO, Roger Dassen. The subject of today's call is ASML's 2025 second quarter results. The length of this call will be 60 minutes, and questions will be taken in the order that they are received. This call is also being broadcast live over the Internet at www.asml.com. A transcript of management's opening remarks and a replay of the call will be available on our website shortly following the conclusion of this call. Before we begin, I would like to caution listeners that comments made by management during this conference call will include forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve material risks and uncertainties. For a discussion of risk factors, I encourage you to review the safe harbor statements contained in today's press release and presentation found on our website at www.asml.com, and in ASML's annual report on Form 20-F and other documents as filed with the Securities and Exchange Commission.

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