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ASML says it sold 'absolutely nothing' in Europe in 2026
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As the world's only supplier of EUV lithography systems, ASML is Europe's largest company by market capitalization, currently valued at around $660 billion. But ASML earned almost nothing in Europe this year, down from 1% in 2025 and 5% in 2024. As it turns out, European chipmakers did not buy any lithography equipment from ASML in 2026. Now, ASML is calling on EU authorities to help create demand for European chips.
"So, we are selling absolutely nothing in Europe," said Frank Heemskerk, executive vice president of public affairs at ASML, while speaking at De Balie program on Dutch television. "Because Europe is not investing and because no chip factories are being built in Europe. That is genuinely worrying. […] [Our revenue share in Europe is 0%], it used to be 1%."
Indeed, Europe accounted for 1% of ASML's revenue share in 2025, 5% in 2024, 4% in 2023, and 2% in 2022, based on the company's presentations for investors. However, in the first two quarters of 2026, Europe accounted for 0% of ASML's revenue, according to ASML's earnings reports.
"There simply is no demand here for these kinds of highly specialized machines," Heemskerk said. "That is the problem. So apart from trying to attract investment with capital on the supply side, we should do much more to create demand. […] So, we at ASML are also making an enormous effort, and we are talking with Ursula von der Leyen in Europe, saying: 'try to harness the market power and dynamism that ultimately do exist in Europe in a number of areas.'"
So far, the European Union has been keen on subsidizing building new fabs in Europe (something that did not help to lure Intel in). But ASML is calling on European governments to help aggregate and guarantee demand for European-made chips — which will encourage major European chip consumers to source locally, giving semiconductor manufacturers an economic reason to build or expand fabs in Europe.
"We need to make sure that some of those buyers — the customers of our customers — start talking much more closely with European manufacturers again. In areas such as artificial intelligence for industry, for example, there are still plenty of opportunities that Europe can seize. But you have to organize this collectively."
That said, the ASML EVP may be too pessimistic about Europe's semiconductor industry.
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Intel runs its massive Fab 34 near Leixlip, Ireland, and recently announced plans to invest €5 billion in the facility to expand production of CPUs on Intel 4 and Intel 3 process technologies. While the new investment dwarfs Intel's plans to invest roughly €80 billion in its Magdeburg, Germany, fab complex, with two first fabs alone accounting for over €30 billion, it still represents Intel's commitment to its Ireland campus.