ASML Holding N.V. (ASML)
Recap: Q1 2026
Q1 Top of Guide, FY2026 Raised + Narrowed to €36-40B, Non-EUV Upgraded From Flattish to Increase, 2027 Capacity 80+ EUV Low NA Units, 1,000-Watt Source Demonstrated, Memory Constraint Extends Beyond 2026 — Maintaining Outperform
Recap: Q4 2025
Q4/FY2025 Record on Every Metric, FY2026 Guide €34-39B (+12% Midpoint) Replaces "Not Below 2025", New €12B 3-Year Buyback Program, Memory CapEx Cycle Accelerating, NVIDIA Wafer Demand 4x by 2027 — Maintaining Outperform
Recap: Q3 2025
Q3 EUV Bookings €3.6B Reaccelerate +57% QoQ, 2026 Framework Upgraded From "Cannot Confirm" to "Not Below 2025", Q4 Guide €9.2-9.8B Implies Largest Sequential Ramp in 8+ Quarters, Mistral AI 11% Stake — Upgrading to Outperform on Multi-Quarter Framework Restoration
Recap: Q2 2025
Q2 Print Tops Guide But Management Cannot Confirm 2026 Growth on Tariff Uncertainty, €1.4B China Backlog Cancellations, EUV Growth Revised to ~30% From ~40% — Initiating Hold (CB) on the Cleanest EUV Monopoly Plus Concrete Near-Term Uncertainty