ASML (ASML NA) CFO says demand for Terafab is included in the forecasts in 2027 and beyond; if the US Match Act limits sales of DUVs to China, it will prove counterproductive; Impact of price increases will be visible, starting 2027

CFO commentary of this kind lands in two distinct buckets that have historically traded differently. The first is guidance arithmetic: folding a named future programme (here, Terafab demand) into forecasts for 2027 and beyond extends visibility past the usual horizon, and sell-side attention typically turns to whether that inclusion reflects committed orders or assumed ramp, since the distinction determines how much of the out-year revenue line is defensible in model revisions. The second is export-control risk, where ASML's management has prior form in pushing back publicly against tighter DUV restrictions on China; past rounds of such measures have tended to compress the China revenue mix gradually rather than abruptly, given order backlogs and service annuities, and the counterproductive framing signals the company expects lobbying room rather than imminent enforcement. Price increases flowing through from 2027 imply margin support arriving on a lag, which in previous cycles has meant the revenue and gross-margin beats cluster in the outer years rather than the near-term quarters. The follow-ons are the formal order-book disclosure, any update on the China share of DUV shipments, and whether the export-control rhetoric hardens into actual rulemaking. As verbal guidance alongside results, the signal is directional until confirmed in the written numbers.