Technology / Semiconductor / Internet Research

Nicolas Baratte

Nicolas Baratte has been a financial analyst since 2000, covering the Semiconductor sector and Global Technology. Nicolas has worked on the sell-side for JPMorgan, CLSA. On the buy-side for a Tiger fund and Prudential. Nicolas has covered semiconductors, Asian hardware and components, and the Global Tech supply chain. Nicolas lives mostly in Taiwan, sometimes in France and is in New York regularly.

ASML Q425. Employees Asking For Headcount Reductions? Give Me A Break!

ASML Pre-Earnings: When the Supplier Becomes the Ultimate Constraint

ASML Q1 2026. Revenue Beat, Guidance Raised. What’s Not To Like?

ASML: 3Q25 Small Miss, 4Q Guidance a Beat, Still No Visibility on 2026 “revenue Not Below 2025”

ASML: No Clarification on 2026, China Procurement in Excess of End-Demand, High NA Start in 2028

ASML 2Q25 Conf Call: Trying to Clear Doubts on EUV Growth and China Demand – Short Update

Equity Bottom-Up

<ul>
<li>4Q25 just in-line. Revenue and Operating Income 2% above Consensus, Net Income in-line. </li>
<li>Last quarter, management said no visibility 2026 “revenue not below 2025”. Consensus was at €34.5bn or +6% YoY. Yesterday, official 2026 guidance mid-point €36.5bn or +12% YoY.</li>
<li>Large increase in bookings in 4Q: €13bn, up 144% QoQ. But 2025 bookings reach €28bn or 77% of 2026 revenue guidance, Backlog €39bn or 106% of 2026 revenue guidance.</li>
</ul>


4Q25 just in-line. Revenue and Operating Income 2% above Consensus, Net Income in-line. 
Last quarter, management said no visibility 2026 “revenue not below 2025”. Consensus was at €34.5bn or +6% YoY. Yesterday, official 2026 guidance mid-point €36.5bn or +12% YoY.
Large increase in bookings in 4Q: €13bn, up 144% QoQ. But 2025 bookings reach €28bn or 77% of 2026 revenue guidance, Backlog €39bn or 106% of 2026 revenue guidance.


ASML：受注の大幅な増加、2026年のガイダンスはコンセンサスを上回る：これは大きな出来事か？

ASML Holding NV

ASML：受注の大幅な増加、2026年のガイダンスはコンセンサスを上回る：これは大きな出来事か？