European Capital Goods: LFE#3: ASML’s beat and raise a +ve read to supply chain

研报英文原文证据摘录

European Capital Goods: LFE#3: ASML’s beat and raise a +ve read to supply chain

Equity Research

European Capital Goods

15 July 2026

LFE#3: ASML’s beat and raise a +ve

read to supply chain

ASML upgrading FY26 sales forecasts with capacity expansion European Capital Goods

plans, implying faster capacity spending by chip makers and NEUTRAL

support WFE, positive read to VAT / ATCOA / AALB European Capital Goods

Timothy Lee, CFA

+44 (0)20 7773 6879

ASML’s (covered by Simon Coles) beat and raise from its 2Q results (details see here) is timothy.lee@barclays.com

another strong evidence of the great semi spending cycle, a positive read to VAT, ATCOA Barclays, UK

and AALB with ASML being a key customer / highly relevant player in the space. It also Vlad Sergievskii

supports our view on semi being one of the preferred verticals on DC build-out (see our +44 (0)20 7116 1117

detailed report here). vlad.sergievskii@barclays.com

Barclays, UK

ASML’s 2Q26 results showed a beat on sales, and it also raised its FY26 sales forecast by c.16% at

George Featherstone, CFA

the mid point or c.11% above BBG consensus), with its 3Q sales guide also c.12% above

+44 (0)20 3555 8585

consensus. These reflected faster capacity addition activities at the chip makers, and supports george.featherstone@barclays.com

BARC estimates on WFE. Barclays, UK

Besides, ASML also plans for a 30% increase in Low-NA EUV units for 2027 vs. 2026, and Rajesh Patki

investigating to increase capacity for another 30% boost for 2028. It also plans for a 30% +44 (0)20 3555 5193

rajesh.patki@barclays.comincrease in DUV immersion capacity for 2027 and again in 2028. DUV does not necessarily need

vacuum but EUV is vacuum intensive, a driver for vacuum products (valves / pumps).

Madalena Azevedo

+44 (0)20 7773 3616