“We continue to see increasing uncertainty driven by macroeconomic and geopolitical developments,” Fouquet said in a statement on ASML’s quarterly results on Wednesday. “Therefore, while we still prepare for growth in 2026, we cannot confirm it at this stage.”
ASML’s shares fell as much as 7.1 per cent to €655.70 in Amsterdam on Wednesday, the biggest decline since April. They have fallen 33 per cent in the last year.
Chief financial officer Roger Dassen highlighted the threat of tariffs for new systems and parts sent to the US, as the threat of other countries reacting with reciprocal measures. Tariffs could also negatively hit ASML’s gross margin, he said in a video accompanying the results.
Semiconductors are currently exempt from US tariffs, but there is uncertainty over how chipmaking equipment will be affected. The administration of US President Donald Trump’s chaotic roll-out has roiled markets and made planning major spending difficult.
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“This is a more negative comment than many were expecting at this stage,” Barclays analysts Simon Coles and Rohan Bahl said in a note.
