Review| $ASML 26Q3: Upgrades Lift Gross Margin; Capacity Expansion Awaits Further Clarity ASML’s Q3 gross margin and Q4 guidance both beat expectations. The company narrowed its 2026 revenue guidance to EUR 44–45b and raised its full-year gross margin guidance to around 56%, driven by continued strength in the upgrade business within Installed Base Management. The company stated that its plan to increase capacity by 30% in 2027, together with the further 30% increase in 2028 that had been under investigation, will still not fully meet customer demand, and it is now looking into expanding 2028 capacity beyond 30%. Customers have expressed interest in placing orders for 2029 and 2030, although ASML has not yet accepted those orders. We raise our 2026/27/28 EPS forecasts to EUR 42.5/61.4/76.9. Detailed Report