ASM International NV

Strong Q2 outperformance & profitability (good) - Revenue: €1.0B+ in Q2, above guidance of €980M at constant currency. - Growth: +24% YoY and +15% vs Q1 2026. - Equipment sales: +22% YoY (const. currency), driven by record ALD sales. - Spares & Services: +34% YoY (const. currency), reflecting outcome-based services strength and elevated customer fab utilization. - Gross margin: 51.9% (strong mix/efficiency). - Adjusted operating margin: 33% (stable at record level from Q1). - Full-year gross margin guidance: ~51%; SG&A % of sales expected <8.5% (improving vs 9.2% prior year).

Segment/mix themes: leading-edge strong; mature logic shifting (good + nuanced) - Logic/foundry dominates equipment sales: 77% of H1 equipment sales. - 2-nm remains the biggest driver; 3–7 nm also improving after a period of lower spending. - China continues to be a major contributor, particularly in mature logic/foundry. - Memory (DRAM) strengthening: Q2 memory up sequentially, largely HBM-driven. - H1 memory equipment contribution: 15% (slightly below 16% full-year 2025 due to shipment phasing); company expects substantially higher second-half memory. - Mature logic/foundry timing: company expects mature logic to be weaker in H2 on phasing, but overall China sales should remain solid with power/wafer/analog + memory offsetting.

2026 outlook: growth acceleration in H2; power/analog selective (good) - Q3 revenue forecast: ~€1.1B. - H2 growth: revenue up >20% vs H1 (constant currency). - Key drivers (H2): - Advanced logic/foundry across 2-nm, 3–7 nm, plus first meaningful 1.4-nm contribution. - Memory: strong sequential increase, supported by record Q2 orders and shipment phasing (primarily advanced HBM). - Power/wafer/analog: expected to rise from a lower base in H1, but still “selective”. - Only segment expected down in H2: mature logic/foundry (first-half weighted).