ASM reports second quarter 2025 results
ASM International (ASMIY) reported strong Q2 2025 results with revenue reaching €835.6 million, up 23% year-over-year at constant currencies. The company's performance was marked by a solid gross profit margin of 51.8% and adjusted operating result margin of 31.5%.
New orders decreased to €702.5 million, down 4% year-over-year at constant currencies, primarily due to lower advanced logic/foundry orders. The company's Q2 performance was driven by foundry segment growth and momentum in spares & services, particularly benefiting from AI-driven capacity expansions in leading-edge logic/foundry and HBM-related DRAM segments.
For 2025, ASM expects revenue growth at constant currencies to be around the midpoint of 10-20% guidance range, with H2 2025 revenue projected to be similar to H1 levels. The company's €150 million share buyback program was 40% complete as of June 30, 2025.
ASM International (ASMIY) ha riportato risultati solidi nel secondo trimestre del 2025, con ricavi pari a 835,6 milioni di euro, in crescita del 23% su base annua a valute costanti. Le performance dell'azienda sono state caratterizzate da un margine lordo solido del 51,8% e un margine operativo rettificato del 31,5%.
Gli ordini nuovi sono diminuiti a 702,5 milioni di euro, in calo del 4% su base annua a valute costanti, principalmente a causa della riduzione degli ordini nel segmento advanced logic/foundry. La performance del secondo trimestre è stata trainata dalla crescita del segmento foundry e dal dinamismo nei ricambi e servizi, beneficiando in particolare delle espansioni di capacità guidate dall'IA nei segmenti logic/foundry all'avanguardia e DRAM correlati ad HBM.
Per il 2025, ASM prevede una crescita dei ricavi a valute costanti intorno al punto medio dell'intervallo di previsione del 10-20%, con un fatturato nel secondo semestre 2025 stimato simile a quello del primo semestre. Il programma di riacquisto azionario da 150 milioni di euro era completato al 40% al 30 giugno 2025.
ASM International (ASMIY) reportó sólidos resultados en el segundo trimestre de 2025, con ingresos que alcanzaron los 835,6 millones de euros, un aumento del 23% interanual a tipos de cambio constantes. El desempeño de la compañía se destacó por un sólido margen bruto del 51,8% y un margen operativo ajustado del 31,5%.
Los nuevos pedidos disminuyeron a 702,5 millones de euros, una caída del 4% interanual a tipos de cambio constantes, principalmente debido a una menor demanda en pedidos avanzados de lógica/fundición. El desempeño del segundo trimestre estuvo impulsado por el crecimiento del segmento de fundición y el impulso en repuestos y servicios, beneficiándose especialmente de las expansiones de capacidad impulsadas por IA en los segmentos de lógica/fundición avanzada y DRAM relacionados con HBM.
Para 2025, ASM espera un crecimiento de ingresos a tipos de cambio constantes alrededor del punto medio del rango de guía del 10-20%, con ingresos en el segundo semestre de 2025 proyectados similares a los niveles del primer semestre. El programa de recompra de acciones de 150 millones de euros estaba completado en un 40% al 30 de junio de 2025.
ASM International (ASMIY)은 2025년 2분기에 강력한 실적을 보고했으며, 매출은 8억 3,560만 유로로 전년 동기 대비 환율 변동을 고려한 기준에서 23% 증가했습니다. 회사의 실적은 51.8%의 견고한 총이익률과 31.5%의 조정 영업이익률로 특징지어졌습니다.
신규 주문은 7억 250만 유로로 전년 동기 대비 환율 변동을 고려한 기준에서 4% 감소했으며, 주로 첨단 로직/파운드리 주문 감소가 원인입니다. 2분기 실적은 파운드리 부문의 성장과 예비 부품 및 서비스 부문의 모멘텀에 힘입었으며, 특히 첨단 로직/파운드리 및 HBM 관련 DRAM 부문에서 AI 기반 용량 확장으로 혜택을 받았습니다.
2025년 ASM은 환율 변동을 고려한 매출 성장률이 10-20% 가이던스 범위의 중간 지점 근처일 것으로 예상하며, 2025년 하반기 매출은 상반기 수준과 비슷할 것으로 전망합니다. 회사의 1억 5,000만 유로 규모 자사주 매입 프로그램은 2025년 6월 30일 기준으로 40% 완료되었습니다.
ASM International (ASMIY) a publié de solides résultats pour le deuxième trimestre 2025 avec un chiffre d'affaires atteignant 835,6 millions d'euros, en hausse de 23 % en glissement annuel à taux de change constants. La performance de l'entreprise s'est caractérisée par une marge brute solide de 51,8 % et une marge opérationnelle ajustée de 31,5 %.
Les nouvelles commandes ont diminué à 702,5 millions d'euros, en baisse de 4 % en glissement annuel à taux de change constants, principalement en raison d'une baisse des commandes dans le segment advanced logic/foundry. La performance du deuxième trimestre a été portée par la croissance du segment foundry et le dynamisme des pièces de rechange et services, bénéficiant notamment des expansions de capacité pilotées par l'IA dans les segments logic/foundry de pointe et DRAM liés à HBM.
Pour 2025, ASM prévoit une croissance du chiffre d'affaires à taux de change constants autour du point médian de la fourchette de prévisions de 10-20%, avec un chiffre d'affaires au second semestre 2025 projeté similaire aux niveaux du premier semestre. Le programme de rachat d'actions de 150 millions d'euros était achevé à 40 % au 30 juin 2025.
ASM International (ASMIY) meldete starke Ergebnisse für das zweite Quartal 2025 mit einem Umsatz von 835,6 Millionen Euro, was einem Anstieg von 23 % gegenüber dem Vorjahr bei konstanten Wechselkursen entspricht. Die Unternehmensleistung zeichnete sich durch eine solide Bruttogewinnmarge von 51,8 % und eine bereinigte operative Ergebnismarge von 31,5 % aus.
Die Auftragseingänge sanken auf 702,5 Millionen Euro, ein Rückgang von 4 % gegenüber dem Vorjahr bei konstanten Wechselkursen, hauptsächlich bedingt durch geringere Bestellungen im Bereich Advanced Logic/Foundry. Die Performance im zweiten Quartal wurde durch das Wachstum im Foundry-Segment und die Dynamik im Bereich Ersatzteile & Services getragen, wobei insbesondere von KI-getriebenen Kapazitätserweiterungen in den führenden Logic/Foundry- und HBM-bezogenen DRAM-Segmenten profitiert wurde.
Für 2025 erwartet ASM ein Umsatzwachstum bei konstanten Wechselkursen in etwa in der Mitte der Prognosespanne von 10-20%, wobei der Umsatz im zweiten Halbjahr 2025 voraussichtlich auf dem Niveau des ersten Halbjahres liegen wird. Das 150 Millionen Euro umfassende Aktienrückkaufprogramm war zum 30. Juni 2025 zu 40 % abgeschlossen.
- Revenue increased 23% YoY to €835.6 million at constant currencies
- Strong gross profit margin of 51.8%, above target range of 46-50%
- Adjusted operating result margin improved to 31.5%, up 5.7 percentage points YoY
- 40% completion of €150 million share buyback program
- Solid growth in AI-driven leading-edge logic/foundry and HBM-related DRAM segments
- China sales performing better than expected, reaching top end of guided range
- New orders declined 4% YoY to €702.5 million at constant currencies
- Memory contribution expected to drop below 20% of equipment sales in 2025 vs 25% in 2024
- Power/analog/wafer segment demand remains depressed
- Book-to-bill ratio projected to be below 1 in Q3 2025
- Uncertainties related to tariffs and geopolitical tensions remain high
Almere, The Netherlands
July 22, 2025, 6 p.m. CET
Solid Q2 results against a backdrop of continued mixed market conditions
ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q2 2025 results (unaudited).
Financial highlights
| € million | Q2 2024 | Q1 2025 | Q2 2025 |
| New orders | 755.4 | 834.2 | 702.5 |
| yoy change % at constant currencies | | | ( |
| Revenue | 706.1 | 839.2 | 835.6 |
| yoy change % as reported | | | |
| yoy change % at constant currencies | | | |
| Gross profit | 352.0 | 447.8 | 433.2 |
| Gross profit margin % | 49.8 % | 53.4 % | 51.8 % |
| Operating result | 177.6 | 266.2 | 258.5 |
| Operating result margin % | 25.1 % | 31.7 % | 30.9 % |
| Adjusted operating result 1 | 182.3 | 271.0 | 263.2 |
| Adjusted operating result margin %1 | 25.8 % | 32.3 % | 31.5 % |
| Net earnings (losses) | 159.0 | (28.9) | 202.4 |
| Adjusted net earnings 1 | 164.7 | 191.9 | 173.0 |
1 Adjusted figures are non-IFRS performance measures. Refer to Annex 3 for a reconciliation of non-IFRS performance measures.
- New orders of
€702 million in Q2 2025 decreased by4% over the same period last year at constant currency (decreased by7% as reported). Compared to Q1 2025, orders decreased by10% at constant currency. This sequential decrease is explained by lower advanced logic/foundry orders due to timing of orders. The y-o-y decrease was mainly due to the lumpy nature of quarterly order intake and compared to a relatively high memory contribution in Q2 2024.
- Revenue of
€836 million increased by23% at constant currencies (increased by18% as reported) from Q2 last year. At constant currencies, revenue increased by7% compared to Q1 2025, which was above our guidance range of +1% to +6% at constant currencies. Revenue in Q2 2025 was driven by foundry, followed by memory, and logic.
- Gross profit margin of
51.8% in Q2 2025 improved compared to49.8% in Q2 last year, while it decreased, as expected, compared to53.4% in Q1 2025. Q2 2025 margin remained healthy thanks to mix, including continued strong sales to China.
- Adjusted operating result margin of
31.5% increased by5.7% points compared to the same period last year and slightly decreased by0.8% points compared to previous quarter. The y-o-y improvement is mainly due to higher gross profit margin this quarter, and a one-off tax charge which resulted in a higher SG&A cost last year.
- Reported net earnings included a reversal of impairment of
€34 million from our stake in ASMPT (Q1 included a€215 million impairment), triggered by the increase in market valuation in the recent period. There is no cash impact. Following the impairment, and in line with our accounting policy, the changes in the market value of ASMPT will be included in our quarterly net results in case of further decline or until the impairment charge has been reversed.
Comment
“ASM continued to deliver solid quarterly results against a backdrop of mixed market conditions. Sales increased by
The market environment continued to show a mixed picture in the second quarter. Growth in AI is fueling ongoing capacity expansions in the leading-edge logic/foundry and HBM-related DRAM segments, while conditions in most of the other market segments are still slow.
Bookings amounted to
The gross margin, while down from a high level of
Operating profit increased strongly in Q2, by approximately
We are well positioned to at least maintain our ALD and epi market share from the first to the second GAA logic/foundry nodes and remain focused on further share gains in memory, as ALD and epi intensity grows in upcoming DRAM nodes.”
Outlook
We expect revenue in the second half of 2025 to be approximately similar to the level in the first half, at constant currencies. For Q3 2025, we expect total ASM revenue to be flat to slightly lower, in a range of
For Q3 2025, we expect advanced logic/foundry bookings to be higher than in Q2 2025 and China bookings to be lower, with the overall book-to-bill in Q3 projected to be below 1.
Based on comparable sales in the second half versus the first half, we expect revenue growth at constant currencies in 2025 to be around the midpoint of the guidance range of +
The key growth driver for ASM this year is the high-volume manufacturing ramp of the 2nm GAA node. Despite some further shifts in capex forecasts among customers in this segment, our view for a strong increase in advanced logic/foundry sales in 2025 has not changed. Demand in advanced HBM-related DRAM applications remains solid, but conditions in the other parts of the memory market are sluggish. Against a very strong level last year, we still expect the memory contribution to drop this year (to less than
In the power/analog/wafer segment equipment demand remains depressed with no meaningful sales recovery in the remainder of the year, despite some early signs of improvement in the related end markets.
Demand in the Chinese market held up better than initially expected in the first half. We now expect China equipment sales in 2025 to be around the top end of the previously guided range of low to high 20s percentage of total ASM revenue. China sales and bookings in the second half are projected to be lower than in the first half.
Share buyback program
The
Investor Day
We will host our 2025 Investor Day on September 23. Speakers will include our CEO, CFO and other members of ASM's senior management team. Further details will be announced later.
Interim financial report
ASM International N.V. (Euronext Amsterdam: ASM) today also publishes its Interim Financial Report for the six-month period ended June 30, 2025.
This report includes an Interim Management Board Report, including ESG update, and condensed consolidated interim financial statements prepared in accordance with IAS 34 (Interim Financial Reporting). The Interim Financial Report comprises regulated information within the meaning of the Dutch Financial Markets Supervision Act (“Wet op het Financieel Toezicht”) and is available in full on our website www.asm.com.
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 International'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, July 23, 2025, 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 | Valentina Fantigrossi |
| T: +31 88 100 8500 | T: +31 88 100 8502 |
| E: investor.relations@asm.com | E: investor.relations@asm.com |
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