ASM International Q1 2026 Results Summary

Company Overview

ASM International, a leading Dutch semiconductor equipment manufacturer, has recently reported its Q1 2026 financial results, showcasing significant growth and setting new margin records.

Financial Performance

In Q1 2026, ASM International achieved a revenue of €862.5 million, surpassing the consensus estimate of €828.5 million and aligning with the company's guidance of €830 million ±4%. This represents a year-over-year revenue growth of 3% reported and 16% at constant exchange rates.

The gross margin stood at 53.3%, slightly down from 53.4% a year ago, while the adjusted operating margin reached a record 33.1%, up from 32.3% in the previous year. The adjusted net profit for the quarter was €246 million, an increase of €54 million year-over-year.

Future Guidance

For Q2 2026, ASM International forecasts revenue of approximately €980 million ±5% in constant currency, significantly above the analyst consensus of €883.9 million. The company anticipates a stronger second half of 2026 compared to the first half, maintaining an optimistic outlook for the full year.

Growth Drivers

The growth in ASM International's performance can be attributed to three main factors:

• Logic/Foundry Demand: Strong performance in leading-edge nodes and a rebound in revenue from China.
• AI-led Investment: Increased customer spending on production capacity for AI infrastructure, with pilot production lines for the 1.4 nm node expected to begin in H2 2026.
• Favorable Product Mix & Cost Control: Achieving record operating margins while increasing R&D spending.

CEO Hichem M'Saad noted that customers are investing in advanced technological processes, which could lead to products from major companies like Nvidia and Apple.

Market Performance

ASM International's shares have surged by 63.8% YTD, making it a top performer on the STOXX 600 index. The company has ceased publishing data on new orders, but analysts remain optimistic, stating that the guidance beat is more significant than order data.

The forward P/E ratio is approximately 38x, which is considered a premium relative to the sector, justified by the company's record margins and exposure to the AI market.