ASM International (ASM) investor relations material

Executive summary

• Q2 2026 revenue reached a record €1,003 million, surpassing guidance, driven by strong demand in leading-edge logic/foundry, robust HBM DRAM growth, and solid mature logic/foundry sales in China.

• Profitability remained high with gross margin at 51.9% and adjusted operating margin at 33.0%, reflecting operating leverage and disciplined cost management.

• Free cash flow hit a record €355 million, and cash position stood at €1,180 million as of June 30, 2026.

• Accelerated semiconductor market growth driven by AI, device complexity, and new materials, boosting demand for ALD and Epi technologies.

• Maintains over 55% ALD market share and expanding Epi presence, supported by R&D and global investments.

Financial highlights

• Revenue grew 24% year-over-year and 15% sequentially from Q1 2026; equipment sales up 22% year-over-year, Spares & Services up 34%.

• Gross profit increased 24% year-over-year at constant currency, with gross margin stable at 51.9%.

• Adjusted operating profit rose 27% year-over-year to €331 million; adjusted net earnings €293 million.

• Currency translation gain of €22 million versus a €60 million loss last year.

• Working capital days improved to 50 from 69 sequentially.

Outlook and guidance

• Q3 2026 revenue projected at €1,100 million +/- 5% at constant currency.

• H2 2026 revenue expected to rise over 20% versus H1, driven by leading-edge logic/foundry, memory, and initial 1.4nm node contributions.

• 2027 revenue now expected to exceed previous top-end guidance of €4.6 billion due to strong order intake and market visibility.

• Gross margin for full year expected around 51%; SG&A as % of sales to be below 8.5%.

• Memory sales and Power/Analog/Wafer segments to increase in H2; mature logic/foundry to decline.