ASML Holding NV: 2Q26 - FY upgrade, implied record order levels

研报英文原文证据摘录

ASML Holding NV: 2Q26 - FY upgrade, implied record order levels

Equity Research

European Technology Hardware

15 July 2026

ASML Holding NV

2Q26 - FY upgrade, implied record

order levels

ASML delivered a strong quarter ahead of its own guidance, ASML.AS/ASML NA OVERWEIGHT

NEUTRALraised FY26 guidance significantly, and we estimate EUV EuropeanHardware Technology

orders reached new records in 1H26. ASML perhaps more Price Target EUR 2000.00

importantly laid out plans to increase capacity for EUV and Price (14-Jul-26) EUR 1555.80 Potential Upside/Downside +28.6%

Source: Bloomberg, Barclays ResearchDUV immersion by 30% in both 2027 and 2028. We are OW.

We think ASML has given a lot of what investors were looking for. The focus heading in was on European Technology Hardware

capacity. ASML is planning to expand both EUV low NA and DUV immersion capacity by 30% in Simon Coles, CFA

+44 (0)20 3555 4519both 2027 and 2028. This should reduce the debate on whether ASML is capacity constrained.

simon.coles@barclays.com

Demand continues to be unprecedented. We estimate EUV low NA bookings in 1H could as been

Barclays, UK

as much as €22bn alone, ie new record levels. IBM gross margins were 60% in 1H another sign of

the strength in demand as customers seek every productivity improvement possible. Whilst less Thomas Wu

+44 (0)20 7773 4104of a focus heading in but just as important, ASML has increased FY revenue guide by >15% at the

thomas.wu@barclays.com

midpoint for revenues whilst taking up gross margins by 3pp as well. Positively, ASML

announced that Intel is shipping product using high NA, hinted at on our recent roadshow (see

On the road with the CFO, 21/5/26).

• Capacity. There was intense focus on ASML’s capacity heading into results. The company is