ASML Holding N.V. Q3 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Q3 2025 Financial Performance

  • Net sales: €7.5 billion, including recognition of one High NA system and €2 billion in installed base revenue.
  • Gross margin: 51.6%, in line with guidance.
  • Net income: €2.1 billion.
  • Net bookings: €5.4 billion, of which €3.6 billion was for EUV systems.

Comparison to Prior Period

  • Q3 revenue was lower than the expected Q4 ramp, consistent with ASML’s typical seasonal pattern (similar to 2024, per management commentary).
  • Bookings remained strong despite market uncertainties, with EUV demand continuing to represent the majority of order value.

Guidance for Q4 2025

  • Revenue expected between €9.2 billion and €9.8 billion, a significant quarter-over-quarter increase as planned.
  • Installed base revenue expected at €2.1 billion.
  • Gross margin expected between 51–53%.

Full-Year 2025 Outlook

  • Full-year net sales expected around €32.5 billion.
  • Gross margin for the year expected at approximately 52% (slightly above 52% using the midpoint of Q4 guidance).

Market Environment

  • Positive momentum from AI-driven investments, primarily supporting demand in advanced logic and DRAM.

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Operator: Hello and welcome to ASML Holding N.V.'s Q3 2025 results video with Christophe Fouquet and Roger Dassen. Roger, if I can start with you and can I ask you to give us a summary of Q3 2025 results? Roger Dassen: Sure. Net sales came in at €7.5 billion. That included, by the way, the recognition of one High NA system. Also included in there, €2 billion for installed base revenue. Gross margin for the quarter came in at 51.6%, all of that I would say within guidance. Net income for the quarter came in at €2.1 billion and we recorded net bookings for the quarter of €5.4 billion, included in there €3.6 billion for EV. Operator: And Roger, can I ask you to give us a guidance on Q4 2025 as well as the full year for 2025? Roger Dassen: Sure. So for the quarter, we are looking at revenue between €9.2 billion and €9.8 billion. It's a big quarter, a lot bigger than last quarter. But actually that's as planned also as we communicated before. And it's also what we saw in 2024. We also had a very big Q4 there. Included in that number would be an installed base revenue of approximately €2.1 billion. The gross margin for the quarter somewhere between 51-53%. If you then take that to the full year, we would be looking at a full year around €32.5 billion in terms of net sales. The gross margin, we say around 52%. As a matter of fact, you take the midpoint of the guidance for the quarter, you get a little bit above the 52% for the full year. Operator: Christophe, if I could ask you then

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