ASM International NV Q1 2026 Earnings Recap

ASM delivered a strong Q1 2026, surpassing revenue guidance with 16% YoY growth at constant currency, driven by robust demand in logic/foundry and spares & services amid a supply-tight semiconductor environment.

Key Takeaways

• Revenue reached EUR 863 million, at the high end of guidance, with 26% growth compared to Q4 2025, fueled by AI-driven demand across segments.
• Operating margin hit a record 33.1%, supported by favorable product mix and ongoing cost efficiencies; gross margin remained stable at 53.3%.
• Spares & services grew 23% YoY, reflecting expanded outcome-based offerings and high customer utilization rates.
• Market environment remains bullish on AI, prompting expectations of increased capacity investments, especially in advanced logic and memory segments.
• Cash flow was impacted by working capital build-up; free cash flow stood at EUR -48 million, with CapEx exceeding previous guidance to support new site development.