ASML's Buyback Machine Keeps Running as Europe Stays on the Sidelines
Published on 09/28/2026 at 11:01 | Editorial boerse-global.de
ASML Holding is putting its cash to work on two fronts that tell very different stories. While the Dutch lithography giant continues to funnel hundreds of millions into its own shares, its home continent has effectively stopped ordering the machines that made it a household name in the semiconductor world.
The stock changed hands at EUR 1,509.60 on Monday, down 1.1% on the day but still up a hefty 64% since the start of the year. That gain has come even as Europe's contribution to new-system sales has flatlined.
EUR 427.8 Million in a Single Week
Filings from the Veldhoven-based company show just how aggressively it is shrinking its share count. Between September 14 and September 18, 2026, ASML repurchased 304,500 shares for a combined EUR 427,767,898. The five trading days immediately preceding that stretch saw another EUR 335,463,189 worth of stock change hands under the same program.
The buybacks are being executed under existing authorizations, and management has framed them as a signal of confidence in the company's long-term earnings power. Reducing the number of shares outstanding also lifts earnings per share — a lever ASML has been pulling without straining its operating budget or future expansion plans.
No New Machines for Europe
The contrast with ASML's commercial reality on its home turf could hardly be sharper. Executive Vice President Frank Heemskerk said on September 21 that the company is not selling any new chipmaking equipment in Europe. He pointed to weak investment activity and a shortage of new chip fabrication plants being built across the continent.
Should investors sell immediately? Or is it worth buying ASML Holding?
Media reports indicate the drought applies specifically to new systems. Service work and upgrades to existing machines remain unaffected. Industry figures cited in those reports show Europe accounted for zero percent of revenue from new lithography system sales in the second quarter of 2026, even as the service and installed-base business continued to deliver steady contributions.
2027 Is Already Spoken For
Whatever Europe is or isn't buying, the rest of the world has made its intentions clear. According to Reuters, ASML's production capacity for 2027 is nearly sold out, with the company able to build at least 80 systems that year. Fresh customer orders are therefore mostly aimed at deliveries in 2028.
Demand is being driven by the artificial intelligence boom, and ASML is now examining ways to push EUV output beyond 110 machines in 2028. Leading chipmakers are racing to expand production lines for AI servers and high-performance computing, locking in allocations years in advance — a backlog that gives the company visibility stretching to the end of the decade.
High-NA Commitments Lock In the Next Generation
The next technology tier is already drawing binding commitments. Major semiconductor firms are tying themselves to ASML's High-NA EUV machines, which carry a price tag of roughly $400 million each. TSMC plans to move to regular production use starting in 2030. South Korea's Samsung Electronics and SK Hynix intend to deploy High-NA technology in mass DRAM manufacturing from 2028. Micron Technology has also placed orders for the equipment but has yet to disclose a specific production timeline.
The willingness of chipmakers to commit hundreds of millions per system years before installation underscores just how entrenched ASML's position is at the cutting edge. The transition to finer geometries demands enormous capital outlays, and customers are evidently prepared to pay them well ahead of need.
Eindhoven Build-Out and a Date to Watch
To handle the rising volume, ASML has begun expanding capacity in Eindhoven, where a new plant will support future lithography system production. Roughly three weeks ago, the company broke ground on its second industrial campus.
Alongside that operational build-out, the capital return to shareholders continues. Under the running repurchase program, ASML has been acquiring shares in tranches worth more than EUR 60 million each.
Hard numbers on the business are due shortly. According to media reports, ASML will publish third-quarter 2026 results on October 13. The stock closed Friday's session at EUR 1,527.20, putting its year-to-date advance at 66%.
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