ASML exited 1Q25 with around €34B backlog. Assuming they hit the mid-point of the revenue guidance in CY25 and flat system revenue for 2026, they seem to have to a 60% coverage for CY26 already. For EUV they already secured full coverage through 2025 and 90% coverage for DUV. Probably need €3.4B order per quarter for the next 3 quarters to have at least flat system revenue for '26.
Source: Sravan Kundojjala
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