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Analysis of ASML's Latest Results

Key Figures Compared to Market Consensus (Bloomberg):

- Revenues: €9,263 million (+28%) vs. €9,021 million expected.
- *Gross Margin: 51.7% vs. 49.62% expected.
- EBITDA: €2,693 million (31.5%) vs. €2,624 million expected.
- Order Backlog: €7,088 million vs. €3,530 million expected.

ASML has provided its usual guidance for Q1'25, which exceeds expectations:
- Revenues: Between €7,500 million and €8,000 million (vs. €7,247 million expected by consensus).
- Margins: 52%-53% (vs. 51.2% expected by consensus).

For the full year 2025, ASML maintains its previous guidance:
- Revenues: €30,000 million to €35,000 million (vs. €32,185 million expected by consensus).
- Margins: 51%-53% (vs. 52% expected by consensus).

ASML's latest results confirm that 2025 will be a year of recovery, with revenues expected to grow by 15%. This growth is supported by the development of chips for Artificial Intelligence. The strong financial performance and robust order book are likely to positively impact the share price. We reiterate our Buy recommendation.
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