ASML Holding NV Chief Executive Officer Christophe Fouquet walked back his forecast that sales will grow next year, blaming trade disputes and global tensions.

ASML (ASML) reported strong second quarter earnings but narrowed its guidance for the remainder of 2025 and said it could not confirm growth expectations for 2026 due to the unclear impact of tariffs.

ASML’s revenue rose 24% in the second quarter to €7.7 billion, or $8.95 billion. The consensus estimate projected €7.52 billion. ASML Chief Financial Officer Roger Dassen told investors that the better-than-expected sales increase was partly driven by upgrades made to customers’ EUV equipment.