By Mauro Orru

ASML Holding is scheduled to report results for the third quarter on Wednesday. Here is what to know:

ORDERS FORECAST: The Dutch semiconductor-equipment maker is expected to report orders of nearly 5.36 billion euros ($6.20 billion), according to consensus estimates by Visible Alpha. The forecast is well above orders of 2.63 billion euros that ASML reported a year earlier, but slightly below the 5.54 billion-euro figure from the second quarter of 2025.

ASML's orders swing wildly between quarters as they are affected by how much chip makers are willing to invest on semiconductor-making tools. The company said earlier this year that it would no longer post quarterly orders as of 2026 because the metric doesn't necessarily reflect business momentum.

ASML's extreme ultraviolet lithography systems--used to print the most intricate layers on chips--should contribute 2.22 billion euros in orders.

Citi analysts wrote in a note to clients that overall orders could surprise positively, citing recent newsflow on demand. They estimate 6 billion euros in orders, above consensus.

SALES FORECAST: ASML should post quarterly sales of 7.66 billion euros, according to the consensus, above the 7.47 billion-euro figure from a year earlier and within a company guidance range between 7.4 billion euros and 7.9 billion euros.

GROSS PROFIT FORECAST: Gross profit--a closely watched metric for companies operating in the semiconductor industry--should come in at 3.93 billion euros, according to the consensus, above 3.79 billion euros that ASML reported a year earlier. ASML's gross margin is expected to have increased to 51.3% from 50.8%, within company guidance between 50% and 52%.

NET PROFIT FORECAST: Net profit should amount to 2.08 billion euros, nearly flat on year.

ASML shares are up nearly 25% since the year began, making it Europe's largest listed company by market value. The stock got a boost after the European Union reached a trade deal with the U.S. that set a 15% tariff ceiling for semiconductor exports to the U.S.

Shares were also lifted in recent weeks following a string of partnership announcements, including a deal between Nvidia and Intel to jointly develop data-center and personal-computing products, an initial agreement between Samsung Electronics and OpenAI to establish artificial-intelligence infrastructure under the Stargate project and a multibillion-dollar deal between OpenAI and Advanced Micro Devices to collaborate on AI data centers.

Investors welcome these partnerships as they raise expectations that companies will need to purchase more semiconductor-making tools to produce the sophisticated chips needed to power AI.

WHAT TO WATCH:

-- GUIDANCE: ASML said in July that it couldn't guarantee growth in 2026 because of uncertainty from President Trump's tariffs. Now that the EU has a trade deal with the U.S., ASML could provide color on 2026 in its third-quarter results.

"Management previously indicated growth preparation for 2026 but offered no guarantees. We now anticipate guidance suggesting stable revenues for 2026, which might be seen as somewhat cautious," UBS analysts wrote in a research note.

However, Citi analysts said they don't expect ASML to alter its outlook just yet as orders so far are unlikely to completely fill next year's backlog, leaving the group somewhat circumspect about calling for growth.

TARIFFS: Investors will be on the lookout for any remarks about the EU-U.S. trade deal. Prior to the agreement, ASML said it had been working with the supply chain to mitigate the impact of tariffs as much as possible.

Finance chief Roger Dassen said in July that both the direct and the indirect impact of tariffs was hard to predict and that prolonged uncertainty could prompt some clients to delay or reconsider investment decisions.

Write to Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

October 10, 2025 06:17 ET (10:17 GMT)

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