ASML's backlog contracted by around €1.2B in 2Q25, with €1.4B cancellation from Chinese customers due to restrictions. China will still account for >25% of ASML's system revenue in CY25 (-28% y/y). ASML's exit China backlog of €8B+ should cover for the next five quarters through 3Q26 at current quarterly run-rate.
Source: Sravan Kundojjala
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