Jim Kavanagh's questions to ASML Holding NV (ASML) leadership • Q2 2025
Question
Jim Kavanagh of ASML Investor Relations initiated the discussion by requesting a summary of Q2 2025 results and Q3 guidance. He followed up with questions on short-term market dynamics driven by AI, the full-year 2025 business outlook, and specific drivers for the expected gross margin decline in the second half. Kavanagh also inquired about the potential impact of tariffs, progress on the technology roadmap for EUV and DUV systems, capital allocation plans, and the company's long-term market perspective through 2030.
Answer
EVP & CFO Roger Dassen reported Q2 revenue of €7.7 billion and a gross margin of 53.7%, driven by strong installed base upgrades. He guided Q3 revenue to €7.4-€7.9 billion with a 50-52% gross margin. For the full year 2025, Dassen projects ~15% revenue growth with a ~52% gross margin, noting a second-half weighting. President & CEO Christophe Fouquet identified AI as the primary growth driver for Logic and Memory. He confirmed the 2030 outlook of €44-€60 billion in revenue, highlighting progress on High-NA EUV systems and productivity gains in Low-NA and DUV tools which are enabling customers to shift more layers to single exposure.