ASML remains cautious about 2026

ASML’s revenue next year will “not be below 2025.” With this rather sober remark in his comments on the third-quarter results, CEO Christophe Fouquet continues to temper expectations for 2026. While he does see demand for EUV scanners improving, China is taking a significant step back compared to the boom years of 2024 and 2025.

A wave of major AI deals and cautiously positive developments around key customer Intel had recently fueled optimism that ASML might shift up a little sooner than previously projected. In July, the company signaled that uncertainty surrounding macroeconomic and geopolitical factors was clouding the medium-term outlook. “While we still prepare for growth in 2026, we can’t confirm it at this stage,” Fouquet said at the time.