ASML Holding’s cut to its expectations for next year on weak order intake means the company’s trajectory from 2025 into 2026 and beyond is now key for its shares, Citi analysts say in a research note. The Dutch company, which supplies semiconductor-manufacturing machinery to chip makers, expects between 30 billion and 35 billion euros in sales next year, below a previous forecast of up to 40 billion euros. The company had reiterated as recently as September that the low end of its 2025 sales guidance was conservative despite negative newsflow over the summer, including cuts to spending plans by key customer Intel, Citi says. “Estimates had been declining for 2025, including our own, but consensus at 36 billion euros is now high,” the analysts say.