Dutch tech giant ASML sees profits rise but warns on '26

Dutch tech giant ASML said yesterday it booked higher net profits in the second quarter of 2025 compared with the same period last year but warned that geopolitical headwinds had darkened the 2026 outlook.

- RICHARD CARTER

The firm, which makes cutting-edge machines for the manufacture of semiconductors, said net profits came in at €2.3 billion, compared with €1.6 billion in the second quarter of last year.

However, it warned that the growth outlook for next year was somewhat less rosy than before.

"Looking at 2026, we see that our AI customers’ fundamentals remain strong," said Chief Executive Officer Christophe Fouquet in a statement.

"At the same time, we continue to see increasing uncertainty driven by macroeconomic and geopolitical developments," he cautioned.

"Therefore, while we still prepare for growth in 2026, we cannot confirm it at this stage."

Investors appeared to give more weight to the gloomy outlook for 2026 than the positive quarterly data, with ASML stock down six percent at the opening bell.