ASML has narrowed its growth forecast for the remainder of 2025 after reporting flat net sales of €7.7 billion ($8.95 billion) for Q2 2025, meeting its own internal forecasts but falling short of €8.3bn ($9.6bn) market expectations.

The Dutch chipmaking equipment company’s share price dropped by six percent in response to the news.

While ASML posted net bookings of €5.5bn ($6.4bn) for the three-month period, an increase on the €3.9bn ($4.4bn) figure reported by the company in the previous quarter, CEO Christophe Fouquet warned that the company could not guarantee growth for 2026.

“Looking at 2026, we see that our AI customers' fundamentals remain strong," Fouquet said. "At the same time, we continue to see increasing uncertainty driven by macro-economic and geopolitical developments. Therefore, while we still prepare for growth in 2026, we cannot confirm it at this stage."

Of that quarterly total, €2.3bn ($2.7bn) related to Extreme Ultraviolet lithography (EUV) bookings, with the company selling 67 new lithography systems during the quarter and nine used systems. In Q1 2025, the company sold 73 new systems and four old ones.

The company said it also shipped its first High NA tool – a TWINSCAN EXE:5200B system – during the second quarter. ASML did not name the customer, but Fouquet said the system was going to be used in high-volume manufacturing and was currently under installation. It has previously been reported that TSMC purchased the machine for its R&D center near its headquarters in Hsinchu, Taiwan.

Costing approximately $370 million, High NA EUV machines are the most advanced lithography tools available. They require less light per exposure than traditional EUV machines and reduce the time required to print each layer, thus increasing wafer output.

Although ASML CFO Roger Dassen said that the impact of US tariffs was “a bit less negative than we anticipated,” he reiterated his comments from the previous quarter that the company was continuing to work with its customers and supply chain partners to limit the impact as much as possible.

Seemingly as a result of the ongoing uncertainty, ASML has narrowed its guidance for the remainder of the year, saying it now expects full-year 2025 total net sales increase of around 15 percent relative to 2024 – which would put the figure towards the lower end of the company’s previous forecast of between €30bn ($34bn) and €35bn ($40bn).

Speaking in a video published following the release of the results, Dassan said: “Quite frankly, it's all very uncertain. Both the direct and the indirect impact are still very uncertain. So, we just have to navigate that as best as we can.”