ASML Takeaways from London TMT Conference 2026

Research evidence excerpt

ASML Takeaways from London TMT Conference 2026

J P M O R G A N Europe Equity Research

21 May 2026

ASML Overweight

ASML.AS, ASML NA

Take-aways from London TMT Conference 2026 Price (20 May 26):€1,333.00

Price Target (Dec-27):€1,515.00

We hosted ASML’s CFO Roger Dassen for a fireside chat at our London TMT Overweight

conference. The key take-aways from our conversation were:

ASML, ASML US

• EUV capacity ramp: ASML reiterated indications of at least ~60 tools in 2026 Price (20 May 26):$1,550.13

and at least ~80 in 2027, with stated internal capacity to reach ~90 tools, and Price Target (Dec-27):$1,813.00

potential to go above 90. The near-term focus is on optimising cabin usage and

reducing production cycle times as well as supporting the supply chain (incl. European Tech Hardware &

Zeiss) to match the ramp. Management indicated that if a true step-change is Payments

needed it would require incremental build-out and lead time. AC Sandeep Deshpande

• DUV/Immersion demand: Immersion demand is strong, supported by (44-20) 7134-5276

increasing critical layer counts even as EUV layer intensity rises. China’s sandeep.s.deshpande@jpmorgan.com

immersion intake is lower this year largely due to facility/building readiness at Craig A McDowell

memory players, with expectations it could take more tools next year as (44-20) 7742-4576

cleanrooms come online. ASML’s view on 2026 immersion improved in craig.mcdowell@jpmorgan.com

November last year (with leading-edge customers signaling stronger needs), Anthony Girard

(44-20) 3493-6469

driving a return toward 2025-like immersion output levels, weighted to H2. anthony.girard@jpmorgan.com

Importantly, ASML sees room to lift immersion output without EUV-like J.P. Morgan Securities plc

investment intensity.

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