ASML 2Q25 Conf Call: trying to clear doubts on EUV growth and China demand – short update
I'm not sure that we have more clarity after the conf call
The stock is down -10%. The 2026 revenue comment (“while we still prepare for growth in 2026, we cannot confirm it at this stage“) and confusion on EUV growth should explain it.
Number of EUV machines sold is flat but ASP is up 30% as machine’s throughput is up 30%. EUV revenue growth is in the mix, not units. Still, there is no increase in EUV layers at 2nm (2H25), next increase is at 14A (2027-28). IMO, High NA insertion could be delayed to later versions of 14A (2029) or 10A (2030).
China: I don’t know what they tried to say. Healthy demand in China from mainstream logic and memory, not falling off a cliff. But wait, China 1H25 revenue have declined -28% YoY.
Clarification on 2026 revenue? “we’re not going there”.