ASML Holding(US:ASML) Xin Lang Cai Jing·2026-01-28 07:27Core Viewpoint - ASML's fourth-quarter performance exceeded expectations, driven by strong demand for extreme ultraviolet (EUV) equipment and optimistic customer outlook on AI-related demand sustainability, leading to significantly raised future growth targets [1][8]. Financial Performance - In Q4 2025, ASML reported record net sales of €9.7 billion, including revenue from two High NA systems [3][19]. - For the full year 2025, net sales reached €32.7 billion, with a net profit of €9.6 billion, both marking historical highs [3][19]. - Q4 orders amounted to €13.2 billion, nearly double the analyst consensus of €6.85 billion, and significantly up from €5.4 billion in the previous quarter [6][22]. - The order backlog stood at €38.8 billion, providing a solid foundation for future growth [11][22]. Market Outlook - ASML's CEO, Christophe Fouquet, noted a positive shift in customer assessments of the mid-term market, primarily due to stronger expectations for sustainable AI-related demand [8][24]. - The company anticipates that 2026 will be another growth year, with projected net sales between €34 billion and €39 billion and a gross margin maintained between 51% and 53% [8][12][24]. - Q1 2026 net sales are expected to be between €8.2 billion and €8.9 billion, with a gross margin in the same range [12][24]. Shareholder Returns - ASML announced a new stock buyback program of up to €12 billion, effective immediately and running until December 31, 2028 [15][31]. - The company plans to increase the annual dividend for 2025 to €7.50 per share, a 17% increase from 2024 [15][31]. Organizational Changes - ASML is restructuring its technology and IT organization to enhance focus on engineering and innovation, aiming to improve operational efficiency and support future business growth [17][33]. - The company continues to invest in capacity and personnel to meet the growing demand driven by AI in the semiconductor sector [17][33].