ASML, the world's No. 1 semiconductor lithography equipment maker, said it posted first-quarter revenue of 8.77 billion euros (about 13.3304 trillion won) this year. Revenue dipped slightly from the previous quarter, but logged clear growth from a year earlier, confirming a recovery in AI-driven demand. In particular, it reduced its reliance on the Chinese market and diversified its customer base.
On the 15th (local time), ASML said it recorded first-quarter revenue of 8.77 billion euros (about 13.3304 trillion won) and a gross margin of 53%. That topped the market consensus of 8.6 billion euros.
Revenue fell slightly from the prior quarter (9.7 billion euros) due to seasonal off-peak effects, but grew about 13.3% from a year earlier (7.74 billion euros), tracing a steep recovery curve. In particular, installed base management (service and field options) revenue jumped to 2.49 billion euros, sharply higher than the previous quarter, supporting results.
ASML said in its first-quarter results announcement that the share of exports to Korea within total lithography system revenue rose sharply to 45% from 22% in the prior quarter.
Revenue from the Korean market also surged about 70% in the first quarter to 2.84 billion euros (about 4.95 trillion won), compared with 1.67 billion euros in the previous quarter.
ASML did not identify specific customers, but the surge is seen as stemming from increased orders by Korea's two major memory chip makers, Samsung Electronics and SK hynix.
ASML raised its full-year revenue guidance. It projected 2026 total revenue of 36 billion to 40 billion euros and kept the gross margin at 51% to 53%. The decision reflects the view that customers are accelerating capacity expansion plans on the back of increased investment in AI-related infrastructure.
A reduced share of the high-regulatory-risk Chinese market is also a key point in these results. The portion of sales to China, which accounted for 30% to 40% of ASML's revenue last year and sparked controversy over a "China stockpiling" rush, fell sharply to 19% this quarter. As export controls tighten amid U.S.-China tensions, ASML's target of "settling China's share in the 20% range" is underway.
The gap left by China's demand for older tools was filled by Korea's expansion of high-bandwidth memory (HBM) infrastructure and Taiwan's demand for next-generation foundries. In particular, as Samsung Electronics and SK hynix accelerate the adoption of EUV tools to produce HBM4, Korea is again emerging as a key strategic market for ASML.
Notably, the next-generation lithography tool essential for the sub-2-nanometer ultra-fine process race, the High-NA EUV (EXE:5000), has moved beyond research and development and is being deployed on actual mass-production lines. Priced at more than 500 billion won per unit, the tool is the focus of procurement by Intel, Samsung Electronics and TSMC, and it is also helping lift ASML's average selling price (ASP). Considering ASML tools typically have a lead time of 12 to 18 months, this data points to continued growth in the semiconductor market after 2027.
ASML CEO Christophe Fouquet said, "First-quarter sales came in solidly within the guidance range, and gross margin achieved the high end of guidance," and added, "Customers are accelerating capacity expansion plans beyond 2026, and as a result our bookings remain very strong."