Almere, The Netherlands
March 3, 2026, 6 p.m. CET
Double-digit growth in 2025, strong 2026 ahead
ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q4 and full year 2025 results (unaudited).
- Orders of €803 million in Q4 2025 showed a solid rebound, driven by strong demand in the advanced logic/foundry market and a quarter-end recovery in demand from Chinese customers.
- Revenue of €698 million in Q4 2025 exceeded previous guidance of €630-660 million. Full year 2025 revenue was up 12% at constant currency, driven by advanced logic/foundry as customers invested in 2nm GAA capacity.
- Gross margin remained at a solid level of 49.8% in Q4 2025, and increased to a record 51.8% in full-year 2025, supported by a very strong mix.
- Adjusted operating result margin decreased to 25.1% in Q4, mainly due to lower revenue, and partly offset by strict control over SG&A expense.
- Drop in Q4 2025 net earnings is mainly explained by €181 million non-cash gain that was included in Q3 2025 (related to reversal of previous impairment of the ASMPT stake).
- Proposed dividend over 2025 of €3.25 per share and new €150 million share buyback announced.
Financial highlights
| € million | Q4 2024 | Q3 2025 | Q4 2025 |
| New orders | 731.4 | 636.8 | 802.8 |
| yoy change % at constant currencies | 8% | (17%) | 19% |
| Revenue | 809.0 | 800.0 | 698.3 |
| yoy change % as reported | 28% | 3% | (14%) |
| yoy change % at constant currencies | 27% | 8% | (7%) |
| Gross profit | 407.2 | 414.9 | 347.7 |
| Gross profit margin % | 50.3% | 51.9% | 49.8% |
| Operating result | 222.3 | 242.8 | 170.5 |
| Operating result margin % | 27.5% | 30.3% | 24.4% |
| Adjusted operating result 1 | 227.0 | 247.5 | 175.2 |
| Adjusted operating result margin %1 | 28.1% | 30.9% | 25.1% |
| Net earnings | 225.8 | 384.1 | 166.1 |
| Adjusted net earnings 1 | 231.5 | 206.2 | 169.6 |
1 Adjusted figures are non-IFRS performance measures. Refer to Annex 3 for a reconciliation of non-IFRS performance measures.
Comment
"2025 was another year of strong progress for ASM. Sales increased by 12% at constant currencies, marking our ninth consecutive year of double-digit growth," said Hichem M'Saad, CEO of ASM. "Q4 revenue of €698 million decreased 7% year-on-year at constant currencies but exceeded our guidance of €630-660 million, as preannounced earlier in January. Q4 bookings came in at €803 million, up 26% quarter-on-quarter at constant currencies and also above our initial indication, supported by strengthened demand in leading-edge logic/foundry and a rebound in orders from Chinese customers.
ASM's revenue increased to a record €3.2 billion in 2025, driven primarily by the advanced logic/foundry segment as customers increased their investments in 2nm GAA capacity. Product penetrations have led to new applications such as Mo ALD and area selective deposition (ASD) entering HVM production for the 2nm node. With our strength in deposition products, we are well positioned to gain further share in GAA at the 1.4nm node.
Memory sales declined in 2025, as anticipated, and accounted for 16% of equipment sales in 2025, reflecting solid demand in HBM-related DRAM offset by a normalization of sales to memory customers in China following unusually high demand in 2024.
Sales in the power/analog/wafer segment declined further in 2025, reflecting the continued downturn in this market. Our Spares & Services business delivered another strong year, with 18% growth at constant currency, driven by the rapid expansion of our outcome-based service offerings. Equipment sales from China decreased year-on-year, but still accounted for more than 30% of total ASM revenue in 2025.
ASM again delivered robust financial results in 2025. Gross margin increased to a very strong 51.8%, supported by a favorable mix and the gradual benefits of our efficiency-improvement programs. Adjusted operating margin rose to a record 30.2%, reflecting both healthy top-line performance and continued strict cost discipline, whilst increasing investments in R&D.
In December 2025, we enhanced our capabilities with the acquisition of Axus Technology, a Chandler, Arizona-based provider of differentiated Chemical Mechanical Polishing (CMP) equipment for compound semiconductors and More-than-Moore manufacturing. CMP complements our strengths in interface engineering and chemistries and becomes increasingly important in new areas such as 3D integration.
We stand ready to support our customers as they expand capacity and drive innovation to meet the multi-year surge in AI datacenter demand. We continue to invest in our people, our R&D capabilities, and our global footprint. In 2025, we completed our new manufacturing and innovation center in Korea, and advanced the development of our Scottsdale, Arizona site, which remains on track for completion in early 2027. Sustainability also remains central to our strategy. In 2025, all ASM sites operated on renewable electricity for the second consecutive year, and we achieved further progress in improving energy efficiency across our operations."
Outlook
We project Q1 revenue to increase to €830 million, with a range of +/-4%, and expect Q2 revenue to be up from the level in Q1. We anticipate revenue in the second half of 2026 to be higher than in the first half.
Advanced logic/foundry will be again our strongest business this year, as customers ramp investments in today's leading tech nodes to support the surge in AI-related demand in 2026 and beyond. In addition, in the second half of 2026, the first investments are anticipated in pilot lines for the next node, 1.4nm, which will further expand our served available market.
We expect healthy growth in our DRAM sales in 2026, even though memory will continue to represent a smaller share of our business compared to logic/foundry in the coming years. In the power/analog/wafer segment, we anticipate some recovery in 2026, albeit from a relatively low base. Following the improvement in demand conditions in recent months, we now expect our sales in China to increase in 2026, a notable improvement from our earlier forecast of a double-digit decline.
Share buyback program
ASM announces today that its Management Board authorized a new repurchase program of up to €150 million of
the company's common shares in the 2026/2027 period. This repurchase program is part of ASM's commitment to use excess cash for the benefit of its shareholders.
Dividend proposal
ASM will propose to the forthcoming 2026 Annual General Meeting on May 11, 2026, to declare a regular
dividend of €3.25 per common share over 2025, up from €3.00 per common share over 2024.
Update to disclosure practices
As of Q1 2026, ASM will discontinue the disclosure of quarterly bookings and backlog. Backlog will continue to be reported at year-end as part of the fourth-quarter results. In addition, beginning in 2026, ASM will introduce a sales breakdown by customer segment (logic/foundry, memory, and other), which will be reported on a half-yearly and annual basis.
Other
Axus Technology acquisition
In December 2025, we acquired Axus Technology, a provider of differentiated Chemical Mechanical Polishing (CMP) equipment for compound semiconductors and More-than-More (MTM) manufacturing. CMP is a key technology that is complementary to our strengths in interface engineering and chemistry, which becomes increasingly important in new areas such as 3D integration.
Announcement of intended new expansion in Almere, the Netherlands
ASM announced on December 17, 2025, its intention to invest in a new facility in the Netherlands. As part of this strategic investment, ASM signed a Head of Terms with the Municipality of Almere and the Province of Flevoland. The planned facility in Almere will serve as ASM's new global headquarters and will include a state-of-the-art R&D center, a dedicated training hub, and part of our product development operations. Over the coming years, ASM expects to invest several hundred million euros in this project, marking a significant expansion of our presence and activities in the Netherlands.
Appointment of Gary Ding as Chief Product Officer
ASM appointed Dr. Gary Ding as Chief Product Officer, effective January 2, 2026. In this role, Gary joins the company's Executive Committee. Gary brings over 30 years of experience in the semiconductor industry, with a distinguished track record of driving innovation and leading large, high-performing global teams. Under his leadership, ASM will unify all technology-focused business units, creating a single integrated product organization. This strengthened structure will further accelerate our ability to deliver advanced solutions to customers worldwide.
About ASM
ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM's common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For more information, visit ASM's website at www.asm.com.
Cautionary Note Regarding Forward-Looking Statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, pandemics, epidemics and other risks indicated in the company's reports and financial statements. The company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Quarterly earnings conference call details
ASM will host the quarterly earnings conference call and webcast on Wednesday, Mar 4, 2026, at 3:00 p.m. CET.
Conference-call participants should pre-register using this link to receive the dial-in numbers, passcode and a personal PIN, which are required to access the conference call.
A simultaneous audio webcast and replay will be accessible at this link.
| Contacts | |
| Investor and media relations | Investor relations |
| Victor Bareño | Huiying Jing |
| T: +31 88 100 8500 | T: +31 88 100 8124 |
| E: investor.relations@asm.com | E: investor.relations@asm.com |
