Dutch tech giant ASML warned Wednesday of a steep fall in its China business next year, as it booked flat net profits in the third quarter of 2025 compared with the same quarter last year.

“We expect China customer demand, and therefore our China total net sales in 2026, to decline significantly compared to our very strong business there in 2024 and 2025,” said CEO Christophe Fouquet in a statement.

The firm, which makes cutting-edge machines that manufacture semiconductors, announced net profits of 2.125 billion euros ($2.5 billion), after 2.077 billion euros in the third quarter of last year.

Net sales in the third quarter of 2025 came in at 7.5 billion euros. ASML had forecast a figure between 7.4 billion euros and 7.9 billion euros.

“Our third-quarter total net sales… were in line

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