J P M O R G A N Europe Equity Research 28 January 2026 ASML 4Q First take: Order blowout indicates a major upgrade cycle Our Take: 4Q 2025 is the last quarter ASML will report orders and with an order number of €13.2bn which is 88% /93.6% ahead of JPMe/cons. The company is guiding to FY26 sales of €34-30bn which is €36.5bn at the midpoint or up 11.7% YoY which is 3.5% ahead of consensus. Overall the FY26 guidance is positive, but the very robust order intake points to an even stronger FY27 where estimates a ...