Translation: Original published in Finnish on 4/16/2026 at 7:34 am EEST.

ASML, which has a virtual monopoly on EUV lithography machines, reported its Q4 results on Wednesday, exceeding analyst expectations in terms of revenue, gross margin, and earnings per share. The company also raised its full-year 2026 revenue guidance, reflecting strong AI investment trends. From Canatu's perspective, ASML's strengthened growth outlook is positive, as increasing adoption of the most advanced EUV systems is the main driver of demand for the company's carbon nanotube pellicles. Our recent extensive report on Canatu is available here.

ASML's Q1 result slightly exceeded expectations, the full-year outlook was raised

ASML's Q1 revenue was 8.8 BEUR, exceeding analysts' consensus estimate (8.65 BEUR). Gross margin was at the upper end of the guidance range at 53%, while the consensus expectation was 52%. EPS was EUR 7.15, clearly exceeding the consensus estimate (EUR 6.6). The Q2 guidance (8.4–9.0 BEUR) was slightly below the consensus estimate (9.1 BEUR), but the full-year outlook was simultaneously raised due to strengthened demand.

The company now estimates that the revenue for 2026 will reach 36-40 BEUR (was 34-39 BEUR). Prior to the earnings release, the consensus expectation was around 37.9 BEUR. According to ASML, the growth outlook for the semiconductor industry continues to solidify, and AI investments are creating an increasing demand for both advanced memory and logic circuits. Memory manufacturers' capacity is sold out for this year, and capacity constraints will continue beyond that. Compared to last quarter, a new positive aspect is that ASML now also expects growth in its non-EUV business (DUV and applications), whereas previously, only stable development was anticipated. Regarding EUV systems, the company plans to deliver at least 60 Low NA EUV units in 2026 and at least 80 in 2027.

New system deliveries from ASML create growth market for Canatu in the coming years

ASML's latest EUV systems, with power exceeding 600 watts, are particularly interesting from Canatu's perspective. The use of these devices requires EUV pellicles that protect the photomask in the production process, which can be made from Canatu's CNT. The characteristics of CNTs produced using Canatu’s patented method seem to be better suited for this purpose than competitors' products, which gives the company an attractive starting point to pursue a significant position in this market. In systems above 600 watts, the properties of Canatu's CNT pellicles are clearly superior to traditional composite membranes, which can no longer properly withstand higher thermal loads and mechanical stress. We currently expect demand for EUV pellicles to begin growing strongly in 2027–2028, and, in line with Canatu’s targets, we expect volumes to reach significant levels during 2029–2030.