ASML Delivers Strong Margins Amid Growing Uncertainty in the Semiconductor Market
Solid Financials: ASML reported €7.7B in net sales and €2.4B in net income in Q1, with a gross margin of 54.0% and EPS of €6.00, maintaining full-year guidance of €30–35B.
Shifting Demand Mix: EUV systems made up 56% of system sales, and memory end-markets increased to 42%, reflecting rising AI-related demand for high-bandwidth memory.
Regional Dynamics: South Korea led regional sales with 40%, up from 25% in Q4; China remained stable at 27%; U.S. share dropped to 16%, highlighting changing global demand patterns.
Bookings Decline: Net bookings fell to €3.9B (vs. €7.1B in Q4), in line with seasonal effects and cautious customer behavior. The backlog remains strong, offering future visibility.
Shareholder Focus: ASML plans a €6.40 dividend for 2024 and repurchased €2.7B in shares during Q1, reducing cash reserves from €12.7B to €9.1B.
Cautious but Confident: While short-term visibility remains mixed, ASML continues to invest for long-term growth, targeting €44–60B revenue by 2030, driven by structural trends like AI and electrification.
| Metric | Q4 2024 | Q1 2025 |
|---|---|---|
| Total net sales | €9,263M | €7,742M |
| …of which Installed Base Management sales | €2,147M | €2,001M |
| New lithography systems sold (units) | 119 | 73 |
| Used lithography systems sold (units) | 13 | 4 |
| Net bookings | €7,088M | €3,936M |
| Gross profit | €4,790M | €4,180M |
| Gross margin (%) | 51.7% | 54.0% |
| Net income | €2,693M | €2,355M |
| EPS (basic; in euros) | €6.85 | €6.00 |
| Cash & short-term investments | €12,741M | €9,100M |
