European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent academic observatory making Europe’s listed growth companies visible.

Francesco Castellaneta, Full Professor of Strategy, SKEMA Business School · Scientific Committee Diego Zunino and Jackie Krafft

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Annual rank98

Netherlands · Technology

ASM International

Semiconductor equipment provider focused on deposition tools, including atomic layer deposition and silicon epitaxy systems.

+32%revenue growth
FY2022–FY2025
+86%net-income growth
FY2022–FY2025
+124%stock return
FY2022–FY2025
+67%2026 stock return
current context only

Company profile

Machines that add the functional layers inside a semiconductor

ASM International builds tools used in wafer fabrication, before a silicon wafer is cut into individual chips or packaged. Its equipment adds functional layers that form transistor gates, contacts and power-device structures: atomic layer deposition lays down ultrathin conformal films, plasma-enhanced deposition works at lower temperatures, vertical furnaces treat many wafers together and epitaxy grows a crystal layer with controlled composition. ASM combines materials research with platforms designed for repeatable factory operation.

Inside the vacuum chamber

A wafer receives a film one atomic layer at a time

Inside an ALD chamber, a wafer sees one precursor gas, a purge, a second reactant and another purge. Each surface reaction stops by itself, so the cycle adds an exceptionally controlled film even around narrow three-dimensional features. Those films can insulate, conduct or separate parts of a transistor. ASM's official explainer makes a normally sealed chipmaking step visible.

From process to production

Several chambers turn a precise reaction into factory throughput

High-volume fabs need more than a chemical reaction: wafers must enter, move through chambers and leave with the same result around the clock. Synergis performs thermal ALD, while XP8 DCM and Magma use plasma-enhanced processes or PECVD across several chambers. SONORA takes a different route, treating batches of up to 150 wafers in a vertical furnace.

Growing the crystal

Epitaxy changes the wafer by extending its crystal structure

Epitaxy continues the wafer's crystal structure while changing its composition and electrical properties. Silicon, silicon-germanium and silicon-phosphorus layers can form transistor channels or source and drain regions; silicon carbide is used for power devices. Epsilon and Intrepid serve silicon applications, while PE2O8 is a dual-chamber platform for 200 mm silicon-carbide wafers in volume production.

From laboratory to installed tool

Research, product development and service form one operating chain

ASM describes a development path that starts with materials and process research in Helsinki, integrates candidate steps at imec in Leuven and finishes products at development centres. In Korea, its US$100 million Hwaseong centre combines manufacturing, R&D and two cleanrooms, with a focus on plasma-enhanced ALD. Service products then address uptime, process drift, maintenance and productivity in customer fabs.

Current 2026 update

2026 highlights

Q1 2026 · 21 April 2026

Q1 2026latest official update
4curated 2026 highlights
+67%2026 stock return · context only

Record operating margin

ASM achieved a quarterly record adjusted operating margin of 33.1% while continuing to increase investment in research and development.

AI-led demand

AI-led demand accelerated as customers invested in capacity intended to support the long-term expansion of AI infrastructure.

Technology pipeline

Customer research engagements expanded across additional ALD and Epi layers, 4F² DRAM applications and advanced packaging.

The 1.4nm frontier

ASM expected customer pilot-line investments for the 1.4nm node to begin in the second half of 2026.

Annual record

Ranking history

Future editions add rows; they do not rewrite the 2026 record.

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY202598+32%+86%+124%