ASM reports second quarter 2025 results

Financial Performance - ASM International reported Q2 2025 results with new orders of €702 million, a decrease of 4% year-on-year at constant currency and a 10% decrease compared to Q1 2025 [1][4] - Revenue for Q2 2025 was €836 million, reflecting an 18% increase as reported and a 23% increase at constant currencies compared to Q2 2024 [1][2] - Gross profit margin for Q2 2025 was 51.8%, improved from 49.8% in Q2 2024 but decreased from 53.4% in Q1 2025 [1][5] - Adjusted operating result margin was 31.5%, up 5.7 percentage points year-on-year, but down 0.8 percentage points from the previous quarter [1][5] Market Conditions - The market environment in Q2 2025 showed mixed conditions, with growth in AI driving capacity expansions in leading-edge logic/foundry and HBM-related DRAM segments, while other segments remained slow [3][10] - Advanced logic/foundry bookings are expected to increase in Q3 2025, despite a 10% decline in Q2 2025 [4][8] - Demand in the Chinese market held up better than expected, with projections for China equipment sales in 2025 to be at the top end of the previously guided range [11][12] Future Outlook - For the second half of 2025, revenue is expected to be similar to the first half, with Q3 2025 projected to be flat to slightly lower compared to Q2 2025 [7][9] - The company anticipates revenue growth at constant currencies in 2025 to be around the midpoint of the guidance range of +10% to +20% [9] - The key growth driver for ASM in 2025 is the ramp-up of high-volume manufacturing for the 2nm GAA node, with expectations for strong increases in advanced logic/foundry sales [10] Share Buyback Program - ASM initiated a €150 million share buyback program on April 30, 2025, with 40% completed by June 30, 2025, at an average share price of €486.48 [13]