ASML’s shares rose modestly by 2.7% following Q2 results that beat on Installed Base Management sales and gross margins but fell short of prompting a stronger rally due to cautious cost management and elevated operating expenses.
- Total net sales reached EUR 9.3 billion, exceeding the high end of guidance primarily driven by Installed Base Management sales, which came in EUR 300 million above expectations at EUR 2.8 billion.
- Net system sales totaled EUR 6.6 billion, split nearly evenly between logic (51%) and memory (49%), with EUV systems contributing EUR 3.8 billion, including one High-NA system shipped.
- Gross margin was above guidance at 54%, supported by high-margin components within Installed Base Management.
- Operating expenses were higher than forecast, notably R&D at EUR 1.3 billion, impacted by transformation-related costs, along with SG&A at EUR 0.3 billion.
- The company raised full-year sales guidance to EUR 43–45 billion and expects continued strong demand in advanced logic and memory segments for 2026.
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