ASML Holding NV releases 2025 annual report
ASML Holding NV, the Dutch manufacturer of lithography equipment, published its 2025 annual report on 25 February 2026. The document provides a comprehensive review of the company’s financial performance, operational milestones, and strategic outlook for the forthcoming year. Key highlights include the continued expansion of the EUV (extreme ultraviolet) product portfolio and the reinforcement of ASML’s leadership position in the semiconductor equipment market.
EUV light‑source breakthrough promises 50 % higher chip output by 2030
Across multiple sources dated 23 – 24 February 2026, Reuters, Nltimes, and other outlets reported that ASML researchers have increased the power of the EUV light source used in its lithography machines from 600 W to 1 000 W. The enhancement is projected to raise wafer throughput by approximately 50 % by the end of the decade. The upgrade is expected to:
- Reduce cycle time per wafer in leading‑edge semiconductor fabs.
- Strengthen ASML’s competitive advantage over emerging U.S. and Chinese rivals.
- Support the continued demand for higher‑density chip manufacturing.
ASML’s statements emphasize that the improvement will be incorporated into next‑generation EUV systems, positioning the company to meet the escalating throughput requirements of advanced process nodes.
Competitive landscape: ASML versus BE Semiconductor Industries
In a feature published by Boerse‑Express on 24 February 2026, analysts compared ASML with BE Semiconductor Industries (Besi). While both companies operate in the Dutch semiconductor ecosystem, their roles differ markedly:
- ASML – Dominates the lithography segment, supplying the core light‑source technology that enables the fabrication of chips at the smallest feature sizes.
- Besi – Supplies complementary equipment such as deposition and etch systems, supporting the broader manufacturing chain.
The analysis underscored that ASML’s monopoly‑like position in EUV lithography gives it a decisive edge in setting industry standards, whereas Besi serves a more diversified but comparatively smaller market segment.
Market metrics
| Metric | Value |
|---|---|
| Close price (23 Feb 2026) | €1,263.40 |
| 52‑week high | €1,309.00 |
| 52‑week low | €508.40 |
| Market cap | €490 billion |
| Price‑earnings ratio | 51.77 |
The strong price performance and high valuation reflect investor confidence in ASML’s technological leadership and its ability to generate sustained revenue growth.
Strategic implications
The EUV power upgrade is anticipated to:
- Drive sales of new EUV machines, as fabs upgrade existing equipment to maintain throughput levels.
- Extend ASML’s lead over competitors that cannot match the same level of light‑source performance.
- Support the company’s 2025 financial goals, as outlined in the annual report, by enhancing operational efficiency and reducing development costs for next‑generation systems.
Investors and industry observers note that the company’s focus on sustaining its monopoly‑like position in lithography will likely continue to justify the current valuation multiples.
