ASML remains confident, but tariffs have increased uncertainty

Net sales amounted to EUR 7.7 billion in the first quarter, down from EUR 9.2 billion in the fourth quarter of 2024. Net income also declined to EUR 2.3 billion, compared to EUR 2.6 billion in the previous quarter. ASML sold 73 new lithography systems and four used systems during the quarter.

“Our first-quarter total net sales came in at EUR 7.7 billion, in line with our guidance,” said ASML President and CEO Christophe Fouquet, in a press release. “The gross margin was 54.0%, above guidance, driven by a favourable EUV product mix and the achievement of performance milestones.”

Notably, ASML shipped its fifth High-NA EUV system, now deployed at three customer sites.

Fouquet emphasised continued optimism for the industry, particularly around the growing demand for artificial intelligence, but acknowledged the increasing uncertainty in the global macroeconomic environment.

“Our conversations so far with customers support our expectation that 2025 and 2026 will be growth years,” Fouquet says. “However, the recent tariff announcements have increased uncertainty in the macro environment and the situation will remain dynamic for a while. Artificial intelligence continues to be the primary growth driver in our industry. It has created a shift in the market dynamics that benefits some customers more than others, contributing to both upside potential and downside risks as reflected in our 2025 revenue range.”

Looking ahead, ASML forecasts second-quarter net sales between EUR 7.2 billion and EUR 7.7 billion, with a gross margin between 50% and 53%. The company expects R&D expenses of approximately EUR 1.2 billion and SG&A costs of about EUR 300 million. 

For the full year 2025, ASML reiterated its outlook for total net sales between EUR 30 billion and EUR 35 billion, with gross margin expected to range from 51% to 53%, however, these are subject to ongoing macroeconomic uncertainties.