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Today, leading semiconductor equipment manufacturer ASML Holding NV (ASML) and France-based AI leader Mistral AI announced a strategic partnership based on a long-term collaboration agreement to explore the use of AI models across ASML’s product portfolio as well as research, development and operations, to benefit ASML customers with faster time to market and higher performance holistic lithography systems.

In addition, ASML is investing 1.3 billion EUR in Mistral AI’s Series C funding round as lead investor, in order to support its development and reinforce the long-term partnership benefits. This results in ASML holding an approximately 11 percent share on a fully diluted basis in Mistral AI.

We are announcing a Series C funding round of 1.7B€ at a 11.7B€ post-money valuation . This investment fuels our scientific research to keep pushing the frontier of AI to tackle the most critical and sophisticated technological challenges faced by strategic industries.

Quarterly Earnings ​

Investor Day 2024 ​

Q3 2025 ​

  • ASML expects a full-year 2025 total net sales increase of around 15% relative to 2024, with a gross margin of around 52%
  • ASML does not expect 2026 total net sales to be below 2025.

On the technology side, we see litho intensity continue to develop positively as EUV adoption gains momentum, including progress on High NA EUV.

In line with our plans to support our customers in the 3D integration space, we shipped ASML’s first product serving Advanced Packaging, the TWINSCAN XT:260, an i-line scanner offering up to 4x productivity compared to existing solutions.

Finally, our partnership with Mistral AI allows us to embed AI across our entire holistic portfolio, in order to increase the performance and productivity of our systems and the yield of our customers' processes.

We expect China customer demand, and therefore our China total net sales in 2026 to decline significantly compared to our very strong business there in 2024 and 2025

We do not expect 2026 total net sales to be below 2025. We will provide more details on our 2026 outlook in January.

I think we have seen a flow of positive news in the last few months that has helped to reduce some of the uncertainties we discussed last quarter.

  • First, we continue to see strong news about commitment to AI. Which means, we think, investment in advanced Logic and DRAM.
  • Second, and it's very important for us, it looks like AI is going to benefit a larger part of our customer base.
  • Third, we continue to make very good progress with our litho intensity, especially with EUV that continues to be adopted with DRAM and advanced Logic customers.

We entered into a partnership with Mistral AI. I think Mistral is really recognized on a number of fronts. They're recognized for their business-to-business approach. They're also recognized for the quality of their large language model. Particularly when it comes to software coding and software coding development. So, they're recognized for that. That's the reason why we entered into the partnership with them. Because many people look at ASML, look at our products and are really looking at hardware. But increasingly I think people appreciate the very significant software content that is within those systems. People really understand that if you get to the level of precision and the level of speed that we have in our scanners, but also quite frankly, what we need in metrology and inspection, it's pretty clear that the software contingent therein becomes increasingly important.

So, that's the reason why this is very strategic to us. Why it's very strategic to improving the performance Improving the precision and the speed of our tools as we bring them to our customers. So, therefore, this collaboration is truly a strategic choice for us. I would also say that, on top of the significance that it has for our products, AI is also a great way to improve the speed of our product development To improve the speed of our time-to-market of any product development to our customers.. That's another big area that we're collaborating with Mistral on.

So, all in all, we believe a very strategic partnership. We also, to underscore that strategic partnership, we were the lead investor for their Series C funding round. By being the lead investor we took approximately an 11% share in Mistral. We also have a seat on their Strategic Committee. We truly believe that by doing this we also get closer and closer to the AI world, which we believe is so pivotal to what we do at ASML.

Some important news also came from SK hynix, who announced the start of the installation of their first EXE:5200 in their production fab. Positioning this tool basically as one of the key enablers for the future of DRAM.

When we look at those requirements we also see that a lot of the technology we have developed for holistic lithography can be transferred to 3D integration. This is why we are looking at several opportunities. The XT:260 is the first product.

As we just discussed, we see that 3D integration will become a new opportunity which we are going to pursue.

  • The semiconductor industry remains strong, driven by artificial intelligence adoption across an expanding applications space and is expected to surpass $1 trillion in revenue by 2030
  • The industry will require major innovations to address AI power consumption and cost challenges
  • We see an opportunity to achieve 2030 annual revenue between approximately €44 billion and €60 billion with a gross margin between approximately 56% and 60%.
  • In Q3 2025 we purchased around 218 thousand shares for a total amount of around €148 million
  • ASML does not expect to complete the €12 billion share buyback program in full within the 2022-2025 timeframe. We intend to announce a new share buyback program in January 2026

Q2 2025 ​

Looking at 2026, we see that our AI customers' fundamentals remain strong. At the same time, we continue to see increasing uncertainty driven by macro-economic and geopolitical developments.Therefore, while we still prepare for growth in 2026, we cannot confirm it at this stage.

Thirdly, actually, the tariffs panned out to be a bit less negative than we anticipated.

When we look at China, we expect China revenue to be over 25%, which is in line with our backlog.

If you piece it all together for total ASML, we're looking at approximately 15% increase for 2025 in terms of revenue over last year. We expect a gross margin of approximately 52% for the full year.

In terms of revenue, final comment there, you will see as we mentioned before, that the second half of the year is bigger in terms of revenue than the first half. Within that second half year, you will see that revenue, based on our current shipment plan, is very much also skewed towards the last quarter.

The industry will require major innovations to address AI power consumption and cost challenges.

We expect to continue to return significant amounts of cash to our shareholders through growing dividends and share buybacks.

In Q2, ASML paid a final dividend of €1.84 per ordinary share. Together with the interim dividend paid in 2024 and 2025, this resulted in a total dividend for 2024 of €6.40 per ordinary share.
The first quarterly interim dividend over 2025 will be €1.60 per ordinary share and will be made payable on August 6, 2025
In Q2 2025 we purchased around 2.3 million shares for a total amount of around €1.4 billion

Q1 2025 ​

The potential direct impacts result from tariffs related to a number of areas including;

  • New system sales and upgrades to our US customers,
  • The import of materials for our US manufacturing facilities,
  • The import of parts and tools for our US field operations,
  • As well as imports of parts from the US into other countries, to the extent tariffs apply to those parts.

    And of course you have the indirect effect and this is what Christophe also talked about. To what extent will it have an impact on global GDP. To what extent will it have an impact on total market demand. I think it's way too early to discuss that and therefore it's quite impossible actually to put a number on that.
  • Presentation Investor Relations(PDF)
  • Investor call prepared remarks(PDF)

As we have described before, there are 3 Phases of technology insertion our customers will follow with High NA.
We are currently in Phase 1 where our customers take a system into to their R&D facilities and work with us to understand the value and capability of High NA for their next nodes.
In Phase 2, which we expect to take place in 2026-2027 customers will start running the systems on 1-2 layers to test its readiness for volume manufacturing.
And Phase 3 when customers design in High NA on their most critical layers in their most advanced nodes and run in volume manufacturing.

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