ASM International NV

Record growth & profitability (Q3 2026): Revenue hit a new record $1.16B, at the upper end of guidance, up ~44% YoY at constant currency and +14% sequentially. Gross margin was ~52% (vs 51.9% in Q2). Operating margin improved to 33.4% (from 33.0%). Strong drivers: ALD demand (+48% equipment YoY) and services momentum (+31% YoY, supported by outcome-based services + spares with high customer utilization).

Segment & node momentum (demand mix): Growth led by advanced logic/foundry—2nm remained strong, while 1.4nm moved from pilot to early HVM contribution: 1.4nm was a significant double-digit % of advanced logic/foundry sales in Q3 (first quarter of solid revenue contribution). 3–5nm also contributed healthily. Memory increased strongly; largest part of memory sales tied to high-performance DRAM for HBM; DRAM outlook supported by tight capacity and expanding ALD + epitaxy applications. Power/analog/wafer was stable at a modest level.

Clear forward guidance & 2027 growth target: - Q4 2026 revenue: €1.23B ±5% at constant currencies. - Full-year 2026: expects ~35% revenue growth at constant currencies, and equipment revenue growth >40%. - 2027 outlook: expects continuous strong growth, with revenue > €5.7B in 2027 at constant currencies—explicitly framed as achieving the 2030 revenue target set at the 2025 Investor Day three years early. - 2027 mix expectations: advanced logic/foundry is the key growth driver; 1.4nm becomes a very strong driver (management said it will be the biggest contributor in 2027), with further 2nm growth; memory growth supported by customer investment plus expanding ALD & epitaxy; power/analog/wafer recovery expected to strengthen.