ASML Q2 2025 presentation: Sales hit €7.7 billion as first EXE:5200B ships

Introduction & Market Context

ASML Holding (AS:ASML) NV (NASDAQ:ASML) reported second-quarter 2025 results on July 16, delivering €7.7 billion in total net sales and maintaining a positive outlook for the remainder of the year. The semiconductor equipment manufacturer continues to benefit from strong industry tailwinds, particularly in artificial intelligence applications, while making progress on next-generation lithography technology.

The company’s shares were trading slightly lower in premarket activity, down 0.21% to €821.28, following a 2.02% gain in the previous session. This modest premarket decline comes despite generally positive quarterly results and outlook.

Quarterly Performance Highlights

ASML reported €7.7 billion in total net sales for Q2 2025, with net system sales accounting for €5.6 billion and Installed Base Management contributing €2.1 billion. The company achieved a gross margin of 53.7% and an operating margin of 34.6%, resulting in net income of €2.3 billion or 29.8% of total sales.

Earnings per share reached €5.90 for the quarter, while net bookings totaled €5.5 billion, including €2.3 billion of EUV (Extreme Ultraviolet) lithography system bookings.

As shown in the following quarterly results summary:

Technology Innovation

A significant milestone in the quarter was the shipment of ASML’s first EXE:5200B system, which represents an important advancement in the company’s EUV technology portfolio. The system delivers improved productivity and overlay performance, helping customers manage the cost of advanced semiconductor manufacturing.

The EXE:5200B features several key improvements, including 0.55 NA optics with improved aberration specifications, 1µm pre-pulse EUV source technology operating at higher tin droplet frequency, wafer stocker support for high productivity dual reticle exposure, and reduced wafer exchange overhead. These enhancements enable throughput of ≥175 wafers per hour at 50mJ/cm².

The following image details the specifications and improvements of the EXE:5200B system:

Sales Mix Analysis

ASML’s Q2 2025 system sales showed a balanced technology mix, with EUV systems accounting for 48% of net system sales, ArFi (argon fluoride immersion) systems at 43%, and Metrology & Inspection at 2%. From an end-use perspective, Logic represented 69% of sales while Memory accounted for 31%.

Geographically, Taiwan led with 35% of system sales, followed by China at 27% and South Korea at 19%. The United States accounted for 10% of sales, with smaller contributions from Japan (5%), EMEA (2%), and Rest of Asia (2%).

The detailed breakdown of system sales by technology, end-use, and region is illustrated in the following chart:

Looking at longer-term trends, ASML’s total net sales by end-use shows consistent growth across segments from 2021 through Q2 2025. The company has seen particularly strong performance in Logic sales, which has been the primary growth driver in recent years.

The following chart shows the evolution of ASML’s sales by end-use from 2021 through Q2 2025:

Bookings Strength

ASML reported €5.5 billion in net system bookings for Q2 2025, with a notable shift in the end-use mix compared to the previous quarter. Logic applications dominated Q2 bookings at 84%, up significantly from 60% in Q1 2025. Conversely, Memory bookings declined to 16% of the total, down from 40% in Q1.

This shift toward Logic bookings aligns with the industry’s continued investment in advanced computing capabilities, particularly for AI applications. The strong Logic bookings suggest semiconductor manufacturers are prioritizing investments in leading-edge logic processes to meet growing computational demands.

The following chart illustrates the bookings mix by end-use for Q2 2025 compared to Q1:

Shareholder Returns

ASML continued its commitment to returning cash to shareholders in Q2 2025. The company paid a final dividend of €1.84 per ordinary share, bringing the total dividend for 2024 to €6.40 per share. For 2025, ASML announced a first quarterly interim dividend of €1.60 per share, payable on August 6, 2025.

In addition to dividends, ASML repurchased approximately 2.3 million shares during Q2 for a total amount of around €1.4 billion as part of its ongoing share buyback program.

The company’s history of dividend growth and share repurchases is illustrated in the following chart:

Financial Outlook

Looking ahead to Q3 2025, ASML expects total net sales between €7.4 billion and €7.9 billion, including approximately €2.0 billion from Installed Base Management. The company projects a gross margin between 50% and 52% for the quarter, with R&D costs around €1.2 billion and SG&A costs of approximately €310 million.

For the full year 2025, ASML maintains its expectation of approximately 15% total net sales growth, with a gross margin around 52% and an annualized effective tax rate of approximately 17%.

The detailed financial outlook is presented in the following slide:

Long-Term Industry Perspective

ASML remains optimistic about the semiconductor industry’s long-term prospects, projecting that the market will surpass $1 trillion in revenue by 2030, driven largely by artificial intelligence adoption. The company acknowledges that addressing AI power consumption and cost challenges will require major innovations across the semiconductor ecosystem.

Based on different market scenarios presented at its November 2024 Investor Day, ASML sees an opportunity to achieve annual revenue between €44 billion and €60 billion by 2030, with gross margins between 56% and 60%. This represents substantial growth from current levels and reflects the company’s confidence in continued strong demand for advanced lithography solutions.

The company emphasized that lithography remains at the heart of semiconductor innovation and that its flexible portfolio is well-positioned to address evolving customer needs. ASML also highlighted the importance of its industry partnerships and its leadership position in ESG (Environmental, Social, and Governance) initiatives.

Consolidated Financial Performance

ASML’s consolidated statements of operations show consistent performance over the past five quarters. Q2 2025 total net sales of €7.7 billion represent a 23.3% increase compared to €6.2 billion in Q2 2024, though slightly below the €7.7 billion reported in Q1 2025.

The company’s gross margin of 53.7% in Q2 2025 shows improvement from 51.5% in Q2 2024 and is slightly lower than the 54.0% achieved in Q1 2025. Net income of €2.3 billion in Q2 2025 represents a 45.8% increase from €1.6 billion in Q2 2024.

The detailed quarterly financial performance is presented in the following consolidated statements of operations:

In conclusion, ASML’s Q2 2025 results demonstrate continued strong performance and technological progress in a dynamic semiconductor market. The company’s robust bookings, particularly in the Logic segment, suggest ongoing momentum in advanced semiconductor manufacturing, while the shipment of its first EXE:5200B system highlights ASML’s continued innovation in lithography technology.

Full presentation:

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