Financial Data and Key Metrics Changes - Net sales for Q3 2025 were €7.5 billion, including €2 billion from installed base revenue and the recognition of one High NA system [1] - Gross margin for the quarter was 51.6%, aligning with guidance [1] - Net income for the quarter was €2.1 billion, with net bookings recorded at CHF 5.4 billion, including CHF 3.6 billion for EV [1] Business Line Data and Key Metrics Changes - For Q4 2025, revenue is expected to be between €9.2 billion and €9.8 billion, significantly larger than Q3 2025 [2][3] - Installed base revenue for Q4 is projected to be approximately DKK 2.1 billion, with a gross margin expected between 51% and 53% [3] Market Data and Key Metrics Changes - The demand from Chinese customers is anticipated to be significantly lower in 2026 compared to 2024 and 2025, where strong business was recorded [6][7] - Despite the expected decline in demand from China, net sales for 2026 are projected to not fall below 2025 levels [7] Company Strategy and Development Direction - The company is focusing on AI-driven investments in advanced logic and DRAM, which are expected to benefit a larger part of the customer base [5] - A strategic partnership with Mistral AI has been established to enhance software capabilities within ASML's systems, improving product development speed and precision [9][11][12] - The company is pursuing opportunities in 3D integration, which is seen as a way to drive Moore's Law and meet increasing customer requirements [16][18] Management's Comments on Operating Environment and Future Outlook - Management noted a flow of positive news reducing uncertainties, particularly regarding AI commitments and their impact on semiconductor investments [5] - The company expects to see continued strong opportunities in advanced applications driven by AI, with a long-term revenue target of €44 billion to €60 billion by 2030 [19][20] Other Important Information - The company has successfully shipped its first advanced packaging product, the XT260, which supports advanced packaging and offers up to 4x productivity compared to existing products [15] - The maturity of the INA technology is reportedly ahead of previous technologies, indicating strong execution of the technology roadmap [14] Q&A Session Summary Question: What is the outlook for ASML in 2026? - Management believes the impact of market dynamics will be partially effective in 2026, with net sales expected to not be below 2025 levels [7] Question: Can you elaborate on the collaboration with Mistral AI? - The partnership aims to enhance software content in ASML's systems, improving performance and development speed, with ASML taking an 11% share in Mistral [11][12] Question: What are the long-term opportunities for ASML? - Management highlighted that AI will drive advanced applications in semiconductors, with a focus on advanced DRAM and logic, and the potential for significant revenue growth by 2030 [19][20]

Financial Data and Key Metrics Changes - Net sales for Q3 2025 were €7.5 billion, including €2 billion from installed base revenue and the recognition of one High NA system [1] - Gross margin for the quarter was 51.6%, aligning with guidance [1] - Net income for the quarter was CHF 2.1 billion, with net bookings of CHF 5.4 billion, including CHF 3.6 billion for EUV [1] Business Line Data and Key Metrics Changes - For Q4 2025, revenue is expected to be between €9.2 billion and €9.8 billion, with installed base revenue projected at approximately €2.1 billion [2][3] - Full year 2025 net sales are anticipated to be around €32.5 billion, with a gross margin around 52% [3] Market Data and Key Metrics Changes - The demand from Chinese customers is expected to significantly decrease in 2026 compared to 2024 and 2025, where strong business was recorded [6] - Despite the anticipated decline in China, net sales for 2026 are expected to not fall below 2025 levels [7] Company Strategy and Development Direction - The company is focusing on AI-driven investments in advanced logic and DRAM, which are expected to benefit a larger part of the customer base [5] - A strategic partnership with Mistral AI has been established to enhance software capabilities within ASML's systems, improving product development speed and performance [9][11] - The company is pursuing opportunities in 3D integration, which is seen as a way to drive Moore's Law and meet increasing customer requirements [16][18] Management's Comments on Operating Environment and Future Outlook - Management noted a flow of positive news regarding AI commitments, which is expected to drive investments in advanced semiconductor applications [5] - The company anticipates that AI will create significant value in its products moving forward, with long-term revenue opportunities projected between €44 billion and €60 billion by 2030 [20] Other Important Information - The company has shipped its first advanced packaging product, the XT260, which supports advanced packaging and offers up to 4x productivity compared to existing products [15] - The collaboration with Mistral AI includes an 11% share acquisition and a seat on their strategic committee, emphasizing the importance of AI in ASML's future [12] Q&A Session Summary Question: What is the outlook for ASML in 2026? - Management expects the impact of market dynamics to be partially effective in 2026, with net sales not expected to be below 2025 levels [7] Question: Can you elaborate on the collaboration with Mistral AI? - The partnership aims to enhance software content in ASML's systems, improve product development speed, and leverage AI for better performance [9][11] Question: What are the long-term opportunities for ASML? - The company sees AI driving advanced applications in semiconductors and expects significant revenue opportunities by 2030 [20]

Core Viewpoint - ASML's Q3 2025 financial results indicate strong growth, with a projected annual sales increase of approximately 15% and a stable gross margin around 52% [3][4]. Financial Performance - In Q3 2025, ASML achieved net sales of €7.5 billion, a gross margin of 51.6%, and a net profit of €2.1 billion [3]. - The company anticipates Q4 2025 net sales to range between €9.2 billion and €9.8 billion, with a gross margin between 51% and 53% [3]. - R&D expenses are expected to be around €1.2 billion, while sales and administrative expenses are projected at €320 million [3]. Market Outlook - ASML expects a decline in net sales in the Chinese market for 2026 compared to the high baseline levels of 2024 and 2025 [3]. - The company projects that net sales for 2026 will not be lower than those in 2025, with more details to be provided in January [3]. Technological Developments - ASML is integrating artificial intelligence into its lithography solutions through a partnership with Mistral AI, aiming to enhance system performance and production efficiency [4]. - The company noted a positive trend in AI-related investments, expanding to more clients in advanced logic chips and DRAM sectors [4]. - The share of lithography in overall wafer fab investments is increasing, highlighted by the introduction of the TWINSCAN XT:260, which reportedly improves production efficiency by up to four times compared to existing solutions [4].

这台价值4亿美元的顶级光刻机，本该因其庞大的运输规模而引人注目，却最终被几公斤的中国稀土材料"卡住了脖子"。这一事件让全球芯片行业震动不 已，原因是荷兰的光刻机巨头——阿斯麦（ASML）公司，突然宣布延迟交货。这一变故的背后，德国经济部的严重担忧引发了欧盟委员会的快速反应，他 们发布声明，呼吁中国成为一个"可靠的伙伴"。与此同时，美国媒体也将中国的稀土出口管制比作了一场"经济核战争"。 中国稀土为何如此重要？中国的稀土资源占据全球市场主导地位，特别是在稀土开采、冶炼分离和磁体制造方面，控制了全球大部分的供应。美国虽然拥有 一些稀土矿，但由于技术不足，必须将矿石运送到中国加工后再进口。即便美国计划独立建立供应链，但没有十年以上的时间根本无法完成。 中国的这一举措，究竟有多强硬？10月9日，中国商务部发布了两则公告，宣布将稀土管控升级为"精准打击"。从12月1日起，含有0.1%以上中国重稀土的磁 体或半导体材料出口将需要经过中国的审批，甚至对于使用中国技术在国外生产的相关产品，也必须得到中国的批准。更为引人关注的是，中国发布的《进 一步加强军用半导体控制的意见》中明确表示"原则上不批准"军用半导体的生产，并将对半 ...

Masahiro, What are your takeaways then from the earnings and the numbers that are come through from ASML. Yes, according to ASML, its revenue in Q3 were around 5.7%. around the, uh, you know, some €6.7% billion.And that was a little bit below the midpoint of that guidance was, but it was not really a surprise. And if we look at that order bookings, it was about €5.4% billion and above the consensus. But it's a quite a similar to the net system revenue of €5.5% billion in the third quarter.So I think that th ...

Core Insights - ASML's Q3 revenue was approximately €6.7 billion, slightly below the midpoint of guidance, but not unexpected [1] - Order bookings for net systems were around €5.4 billion, exceeding consensus expectations, and were similar to the previous quarter's backlog of €33 billion [2][4] - The total revenue for ASML in 2023 is projected to be around €32 billion, aligning with market expectations [3] Revenue Guidance and Outlook - The revenue guidance for next year suggests a consensus growth of about 4%, estimating revenue around €33.2 billion [4] - ASML's backlog is considered sufficient to cover next year's revenue, with expectations for strong Q4 order bookings [5] - Management indicated that revenue in 2026 will not fall below the levels of 2025, signaling a positive outlook despite anticipated cuts in capital expenditures from major clients like Intel [5][6]

Core Insights - ASML reported a net sales of €7.5 billion in Q3 2025, with a gross margin of 51.6% and a net profit of €2.1 billion [1] - The company expects a year-on-year net sales growth of approximately 15% for the full year 2025, with a gross margin around 52% [1] - ASML's CEO indicated that Q4 2025 net sales are projected to be between €9.2 billion and €9.8 billion, with a gross margin between 51% and 53% [1] Financial Performance - Q3 2025 net sales: €7.5 billion [1] - Q3 2025 gross margin: 51.6% [1] - Q3 2025 net profit: €2.1 billion [1] - Expected full-year 2025 net sales growth: approximately 15% [1] - Expected full-year 2025 gross margin: around 52% [1] - Q4 2025 net sales forecast: between €9.2 billion and €9.8 billion [1] - Q4 2025 gross margin forecast: between 51% and 53% [1] Market Outlook - ASML anticipates a strong performance in Q4 2025 and expects that net sales for 2026 will not be lower than those in 2025 [1] - However, the outlook for the Chinese market is less optimistic, with a projected decline in net sales for 2026 compared to the high base levels of 2024 and 2025 [1] Technological Developments - ASML is integrating artificial intelligence into its lithography solutions through collaboration with Mistral AI to enhance system performance and production efficiency [2] - The company noted a positive trend in AI-related investments, expanding to more clients in advanced logic chips and DRAM sectors [2] - The introduction of the TWINSCAN XT:260, an i-line lithography machine, is expected to improve production efficiency by up to four times compared to existing solutions [2]

Core Insights - The Dutch group reported an increase in orders for its chip-making equipment in the third quarter, indicating strong demand in the semiconductor industry [1] - The company also experienced a rise in net profit, reflecting improved financial performance [1] - The company confirmed its guidance for 2025, suggesting confidence in future growth prospects [1] Summary by Category Orders and Demand - There was a rise in orders for chip-making equipment in the third quarter, signaling robust demand in the market [1] Financial Performance - The company reported an increase in net profit, showcasing a positive trend in its financial results [1] Future Outlook - The company has confirmed its guidance for 2025, indicating a stable outlook and confidence in continued growth [1]

格隆汇10月15日｜阿斯麦(ASML.US)在目前的美股夜盘交易中拉升涨超5%，报1037.4美元。消息面 上，阿斯麦公布第三季度净利润21.3亿欧元，市场预期20.8亿欧元。预计第四季度销售额为92亿欧元-98 亿欧元；预计第四季度毛利率为51%-53%。预计2025年销售额将同比增长约15%，达到约325亿欧元； 预计2026年的销售额不会低于2025年。阿斯麦还计划在2026年1月宣布一项新的股票回购计划。 ...

格隆汇10月15日｜阿斯麦(ASML.US)计划在2026年1月宣布一项新的股票回购计划。 ...