Review|ASML 2Q26: Looking Forward to EUV Capacity Expansion; DUV Re-accelerates

Financial Performance and Guidance

ASML’s Q2 financial performance and Q3 guidance both exceeded market expectations, and the company has once again raised its full-year 2026 revenue guidance from EUR 36bn–40bn to EUR 43bn–45bn; the midpoint of the guidance is 12% higher than the consensus.

ASML expects its Q3 gross margin to be 55%–57%, significantly beating the market expectation of 52%. The Q3 gross margin exceeded expectations, driven by strong demand in the Installed Base Management business. Benefiting from the service revenue brought by the expanding EUV installed base and customers’ urgent need to upgrade the capacity of their existing fabs, ASML now expects the high-margin Installed Base Management business to grow by more than 30% in 2026. In today's market, customers are looking for ways to increase capacity quickly. ASML offers software upgrades that require minimal machine installation or downtime, so customers can start seeing productivity benefits right after installation.

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