ASML’s Installed Base Management (IBM) segment is experiencing robust growth as system upgrades and preventive maintenance contracts gain traction. In the first half of 2025, service revenues climbed 18% year-over-year to exceed €2.4 billion, driven by a record 150 upgrade orders for both immersion and EUV lithography systems. ASML now supports over 600 EUV machines in customer fabs worldwide, up from 510 at the end of 2024. The company cites strong demand for its High-NA EUV upgrade program, which accounted for 40% of orders in Q2, as customers seek to boost yield and throughput on advanced nodes.

Adoption of EUV technology continues to broaden beyond leading-edge foundries, with leading memory manufacturers placing initial orders for ASML’s NXE:3600D systems. This wider deployment has lifted ASML’s installed base by 17% year-to-date, translating into an 11% rise in field service visits and a 22% increase in spare-parts consumption. Management projects service revenue to contribute more than 30% of total revenues by year-end, compared with 26% in 2024, underlining the recurring nature of this business.

Equity research firm Bernstein recently upgraded ASML into its top momentum tier, highlighting a 25% rally in the share price over the last six months relative to peers. The firm forecasts 'big years' ahead as ASML’s capital expenditure cycle dovetails with sustained chipmakers’ investments in capacity expansion. In its latest report, Bernstein notes that ASML’s momentum score now ranks in the 90th percentile of the Benzinga Edge universe, up from the 75th percentile three months ago. This shift reflects growing investor confidence in ASML’s service-driven revenue model and its strategic leadership in advanced lithography.