ASM International (ASM) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record €1,159.4m, up 45% YoY as reported and 44% at constant currencies, at the upper end of guidance.

• Growth was led by advanced logic/foundry and memory, with robust mature logic/foundry sales amid stretched supply chains.

• 2027 revenue is projected above €5.7bn at constant currencies, reaching the 2030 revenue target three years early.

Financial highlights

• Gross profit was €603.2m; reported operating result was €378.9m and adjusted operating result was €386.7m.

• Adjusted net earnings were €315.4m versus €206.2m in Q3 2025; reported net earnings were €308.1m versus €384.1m.

• Equipment revenue rose 48% YoY at constant currencies to €936.4m; spares and services revenue grew 31% at constant currencies and 32% as reported.

• Free cash flow was €313.4m versus €139.4m a year ago; operating cash flow was €416.8m.

• Gross R&D spending rose 14% YoY to €144m; net R&D expense increased with lower capitalization and an impairment charge.

Outlook and guidance

• Q4 2026 revenue is expected at €1,230m ±5% at constant currencies; FY 2026 revenue is expected to grow ~35%, with equipment revenue growth above 40%.

• FY 2026 gross margin is expected to be ~52%, adjusted SG&A ~8% of revenue, and capital expenditure above €250m.

• 2027 revenue is projected above €5.7bn at constant currencies, led by advanced logic/foundry and strong memory growth.

• 1.4nm served available market is expected to increase by a solid double digit versus 2nm, alongside higher market share; mature logic/foundry is expected to remain relatively stable.

• Further growth is expected in 2028 and beyond, supported by 1.4nm high-volume manufacturing, DRAM ALD and epitaxy, and advanced packaging opportunities.