ASM reports third quarter 2025 results
ASM (OTC:ASMIY) reported Q3 2025 results with revenue €800.0m (+8% at constant currencies vs. Q3 2024) and gross margin 51.9%. Adjusted operating margin was 30.9% and adjusted net earnings were €206.2m. New orders fell to €637m (‑17% yoy at constant currencies; ‑7% sequentially at constant currencies), driven by weaker bookings from China and recent export restrictions. Net earnings included a €181m non‑cash reversal of a prior impairment related to the ASMPT stake. Q4 2025 revenue is guided to €630–€660m; full‑year 2025 revenue growth remains expected at close to 10% at constant currencies.
The company reiterated a >€5.7bn 2030 revenue target and outlined margin and R&D investment targets introduced at Investor Day.
ASM (OTC:ASMIY) ha riportato i risultati del terzo trimestre 2025 con ricavi a 800,0 milioni di euro (+8% a tassi di cambio costanti rispetto al Q3 2024) e margine lordo del 51,9%. Il margine operativo rettificato è stato 30,9% e l’utile netto rettificato è stato di 206,2 milioni di euro. I nuovi ordini sono scesi a 637 milioni di euro (-17% su base annua a tassi di cambio costanti; -7% rispetto al trimestre precedente a tassi di cambio costanti), trainati da ordini più deboli dalla Cina e dalle recenti restrizioni all’esportazione. L’utile netto includeva una reversione non monetaria di 181 milioni di euro relativa a una precedente impairment legata alla partecipazione ASMPT. Le previsioni per il Q4 2025 indicano ricavi tra 630–660 milioni di euro; la crescita dei ricavi per l’intero 2025 resta prevista intorno al 10% a tassi di cambio costanti.
L’azienda ha ribadito un obiettivo di ricavi superiore a €5,7 miliardi per il 2030 e ha delineato obiettivi di margine e investimenti in R&D introdotti al Investor Day.
ASM (OTC:ASMIY) informó resultados del 3T 2025 con ingresos de 800,0 millones de euros (+8% a tipos de cambio constantes frente al 3T 2024) y margen bruto del 51,9%. El margen operativo ajustado fue del 30,9% y el beneficio neto ajustado fue de 206,2 millones de euros. Los nuevos pedidos cayeron a 637 millones de euros (-17% interanual a tipos de cambio constantes; -7% secuencialmente a tipos de cambio constantes), impulsados por debilidades en China y las recientes restricciones a las exportaciones. El beneficio neto incluía una reversión no monetaria de 181 millones de euros relacionada con una impairment previa vinculada a la participación de ASMPT. Se espera que los ingresos del Q4 2025 estén entre 630 y 660 millones de euros; el crecimiento de ingresos para el año completo 2025 se mantiene cerca del 10% a tipos de cambio constantes.
La empresa reiteró un objetivo de ingresos de >€5,7 mil millones para 2030 y delineó objetivos de margen e inversión en I+D introducidos en el Investor Day.
ASM (OTC:ASMIY)가 2025년 3분기 실적을 발표했으며 매출은 8억 유로로, 전년 동기 대비 8% 증가했고 총이익률은 51.9%였습니다. 조정영업마진은 30.9%, 조정 순이익은 2억 620만 유로였습니다. 신규 수주는 6억 3700만 유로로 전년 동기 대비 17% 감소했고, 환율 기준으로는 전 분기 대비 7% 감소했습니다. 이는 중국의 주문 약세와 최근의 수출 제한 때문이었습니다. 순이익에는 ASMPT 지분 관련 이전 impairment와 관련된 1억 8100만 유로의 비현금 반전이 포함되어 있습니다. 2025년 4분기 매출은 6억 3000만 ~ 6억 6000만 유로로 전망되며, 2025년 연간 매출 증가율은 환율 변동 기준으로 여전히 약 10%에 근접합니다.
회사 는 2030년 매출 목표를 >€57억으로 재확인했고, Investor Day에서 도입된 마진 및 R&D 투자 목표를 제시했습니다.
ASM (OTC:ASMIY) a annoncé les résultats du T3 2025 avec un chiffre d’affaires de 800,0 M€ (+8% en taux de change constants par rapport au T3 2024) et une marge brute de 51,9%. La marge opérationnelle ajustée s’élevait à 30,9% et le bénéfice net ajusté à 206,2 M€. Les nouvelles commandes se situaient à 637 M€ (-17% sur un an en taux de change constants ; -7% en séquentiel en taux de change constants), tirées par une faiblesse des commandes en provenance de Chine et les récentes restrictions à l’exportation. Le bénéfice net incluait une réversion non monétaire de 181 M€ liée à une impairment antérieure concernant la participation ASMPT. Le chiffre d’affaires prévu pour le T4 2025 est compris entre 630 et 660 M€; la croissance du chiffre d’affaires pour l’ensemble de 2025 demeure attendue autour de 10% en taux de change constants.
L’entreprise a réitéré un objectif de chiffre d’affaires de >5,7 Md€ pour 2030 et a décrit des objectifs de marge et d’investissement en R&D présentés lors de l’Investor Day.
ASM (OTC:ASMIY) meldete die Ergebnisse für Q3 2025 mit Umsatz von 800,0 Mio. € (+8% bei konstanten Wechselkursen gegenüber Q3 2024) und Bruttomarge 51,9%. Die bereinigte operative Marge betrug 30,9% und der bereinigte Nettogewinn lag bei 206,2 Mio. €. Neue Aufträge beliefen sich auf 637 Mio. € (-17% YoY bei konstanten Wechselkursen; -7% gegenüber dem Vorquartal bei konstanten Wechselkursen), getrieben von schwächeren Buchungen aus China und den jüngsten Exportbeschränkungen. Der Nettogewinn enthielt eine nicht-bar-Verrechnungsrückführung von 181 Mio. € im Zusammenhang mit einer früheren Impairment in Bezug auf die ASMPT-Beteiligung. Für Q4 2025 werden Umsätze von 630–660 Mio. € erwartet; das Umsatzwachstum für das Gesamtjahr 2025 bleibt erwartungsgemäß nahe 10% bei konstanten Wechselkursen.
Das Unternehmen bekräftigte ein Umsatzziel von >€5,7 Mrd. für 2030 und skizzierte Margen- und F&E-Investitionsziele, die auf dem Investor Day vorgestellt wurden.
ASM (OTC:ASMIY) أعلن عن نتائج الربع الثالث من 2025 مع إيرادات قدرها 800,0 مليون يورو (+8% عند أسعار صرف ثابتة مقارنة بالربع الثالث من 2024) وهامش إجمالي قدره 51,9%. كان هامش التشغيل المعدل 30,9% وصافي الربح المعدل 206,2 مليون يورو. انخفضت الطلبات الجديدة إلى 637 مليون يورو (-17% على أساس سنوي عند أسعار صرف ثابتة؛ -7% على أساس تسلسلي عند أسعار صرف ثابتة)، مدفوعة بضعف الحجوزات من الصين وبالقيود التصديرية الأخيرة. شمل صافي الربح عكساً غير نقدي بقيمة 181 مليون يورو يتعلق بخسارة سابقة مرتبطة بحصة ASMPT. من المتوقع أن تكون إيرادات الربع الرابع من 2025 بين 630 و660 مليون يورو؛ لا يزال النمو الإجمالي لإيرادات 2025 قريباً من حوالي 10% عند أسعار صرف ثابتة.
عادت الشركة لتأكيد هدف إيرادات يقف فوق €5,7 مليار لعام 2030 وحددت أهداف الهامش والاستثمار في البحث والتطوير التي تم تقديمها في يوم المستثمر.
ASM（OTC:ASMIY） 公布了2025年第三季度业绩，营收为 8亿欧元（按固定汇率较2024年Q3↑8%）并且毛利率为 51.9%。经调整的经营利润率为 30.9%，调整后的净利润为 2.062亿欧元。新订单为 6.37亿欧元（在固定汇率下同比下降 17%；在固定汇率下环比下降 7%），原因是来自中国的订单疲软及最近的出口限制。净利润包含一笔 1.81亿欧元的非现金冲销，这与此前的对 ASMPT 持股相关的减值有关。对2025年第四季度的营收指引为 6.30–6.60亿欧元；全年 2025 年的营收增长仍预计接近 10%（按固定汇率计算）。公司重申2030年的营收目标超过 57亿欧元，并在投资者日提出了关于边际和研发投入的目标。
- Revenue €800m (+8% at constant currencies)
- Gross margin 51.9%
- Adjusted operating margin 30.9%
- Adjusted net earnings €206.2m
- Completed €150m share buyback (322,533 shares)
- New orders €637m (‑17% yoy at constant currencies)
- Bookings down 7% sequentially at constant currencies
- Q4 2025 revenue guide €630–€660m (sequential decline)
- Projected double‑digit 2026 China revenue decrease
Almere, The Netherlands
Oct 28, 2025, 6 p.m. CET
Strong Q3 earnings amid mixed market conditions
ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q3 2025 results (unaudited).
Financial highlights
| € million | Q3 2024 | Q2 2025 | Q3 2025 |
| New orders | 815.3 | 702.5 | 636.8 |
| yoy change % at constant currencies | | ( | ( |
| Revenue | 778.6 | 835.6 | 800.0 |
| yoy change % as reported | | | |
| yoy change % at constant currencies | | | |
| Gross profit | 384.4 | 433.2 | 414.9 |
| Gross profit margin % | | | |
| Operating result | 215.2 | 258.4 | 242.8 |
| Operating result margin % | | | |
| Adjusted operating result 1 | 219.9 | 263.2 | 247.5 |
| Adjusted operating result margin %1 | | | |
| Net earnings | 127.9 | 202.4 | 384.1 |
| Adjusted net earnings 1 | 133.6 | 173.0 | 206.2 |
1 Adjusted figures are non-IFRS performance measures. Refer to Annex 3 for a reconciliation of non-IFRS performance measures.
- New orders of
€637 million in Q3 2025 decreased by17% over the same period last year at constant currency (decreased by22% as reported). Compared to Q2 2025, orders decreased by7% at constant currency (decreased by9% as reported). The sequential decrease in order is predominantly attributable to orders from the Chinese market, which were strong in the first half year, as highlighted in the previous quarter. Advanced logic/foundry orders increased strongly compared to Q2, even though lower than initially expected, as indicated in our press release from September 23, 2025.
- Revenue of
€800 million increased by8% at constant currencies (increased by3% as reported) from Q3 last year. At constant currencies, revenue remained flat compared to Q2 2025 (decreased by4% as reported). This was at the higher end of our guidance of Q3 revenue to be in a range of flat to down5% versus Q2 at constant currencies.
- Gross profit margin of
51.9% in Q3 2025 improved compared to49.4% in Q3 last year, minor increase compared to51.8% in Q2 2025. Q3 2025 margin remained healthy thanks to mix, including continued strong sales to China.
- Adjusted operating result margin of
30.9% increased by2.7% points compared to the same period last year and slightly decreased by0.6% points compared to previous quarter. The y-o-y improvement this quarter is mainly due to higher gross profit margin and a decrease in SG&A.
- Net earnings included a non-cash result of
€181 million , related to the full reversal of the previous impairment of the ASMPT stake, reflecting the recovery in the market valuation of ASMPT.
Comment
“ASM reported strong quarterly profitability amidst mixed market conditions,” said Hichem M’Saad, CEO of ASM. “Revenue increased
Operating margin was robust at
Bookings totaled
Order intake in the advanced logic/foundry segment showed strong sequential growth, albeit with very mixed customer dynamics and below prior projections, as already communicated. Demand in the power/analog/wafer markets, including in SiC, continued to be weak. Orders for HBM-related advanced DRAM remained stable at healthy levels.
We expect the subdued order trend to bottom out in Q4 at a slightly higher level than Q3. Quarterly orders are projected to pick up again as 2026 progresses. This is expected to be driven by: continued healthy advanced logic/foundry investments, including the start of 1.4nm pilot line investments in the second half of 2026; increasing investments in the DRAM segment; and a gradual recovery in (Si-based) power/analog/wafer segment. Demand in China is expected to normalize, as communicated previously, with a projected double-digit year-on-year decrease in 2026 China revenue.
As shared during our Investor Day on September 23, 2025, we remain confident in our long-term growth trajectory. Recent industry announcements have reinforced expectations that AI will fuel solid growth in the semiconductor markets for many years to come. This will drive above-average growth in the advanced logic/foundry and DRAM markets. These trends align closely with ASM’s core strength in ALD and Epi technologies. We are seeing evidence of this through new wins in Epi and ALD dipole and work function related layers in DRAM HBM for nodes expected to ramp in the next couple of years. In our Investor Day, we highlighted the increase of
Outlook
For Q4 2025, we expect revenue to be in a range of
Share buyback program
During the third quarter, on July 25, 2025, we completed the
ASM Investor Day 2025
On September 23, 2025, ASM held its Investor Day, where Hichem M’Saad, CEO, and Paul Verhagen, CFO, together with other senior leaders, provided updates on our business, financial performance, and market outlook, and outlined our strategic priorities through 2030. Highlights included:
- Guidance 2027: revenue adjusted for currency only to
€3.7 -€4.6 billion and margins increased.
- New guidance for 2030 is as follows:
- Revenue of more than
€5.7 billion , representing a 2024-2030 CAGR of at least12% , outperforming WFE.
- Gross margin target range increased to
47% -51%
- Operating margin target range increased to
28% -32% . Target >30% by 2030.
- Continue low double-digit % investment in net R&D while SG&A is expected to decrease to below
7% in 2030, both as % of total sales.
- Capex
€150 -250 million in years with infrastructure expansion and€100 -200 million after main expansions are completed.
- Free cash flow is expected to increase to more than
€1 billion by 2030.
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, Oct 29, 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 | Huiying Jing |
| T: +31 88 100 8500 | T: +31 88 100 8124 |
| E: investor.relations@asm.com | E: investor.relations@asm.com |
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FAQ
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