ASML Solid 1Q26, IBM and DUV (ARFi) lift FY26 guidance in line with CSS est.
ASML reported solid 1Q26 results, with revenue 1% above CSS expectations, driven by the strong IBM performance amid robust AI-driven demand and capacity constraints, particularly in memory. The stronger mix lifted gross margin by 80bps vs expectations, while diluted EPS came in 7% higher, supported by higher sales, margins, interest income and equity income. ASML maintained its FY26 gross margin guidance of 51–53%, where we see some upside, and revised FY26 revenue guidance to €36–40bn (from €34–39bn), supported by stronger-than-expected DUV immersion and IBM performance, with CSS close to the...