Chip machinery maker ASML is planning to cut its workforce by 1,700 jobs in the coming period, despite having its best-ever year in 2025.

The jobs, the company said in an email to staff ahead of the presentation of its 2025 earnings, will mostly go in the Netherlands and involve “streamlining” its technology and IT divisions to improve the focus on innovation and engineering.

The reorganisation, the company said, is necessary to ensure further growth by bringing back “the fast-moving culture which made us so successful”. ASML has a global workforce of 43,520.

The company booked net profit of €9.6 billion in 2025, on turnover of €31.7 billion. ASML expects further sales growth to between €34 billion and €39 billion this year.

Orders totalled €13 billion in the last three months of the year, almost double the same period in 2024. ASML also announced a new share buyback programme of up to €12 billion, to be executed by 31 December 2028.

ASML is one of Europe’s biggest companies and a major player in the Dutch economy.

Based in Veldhoven near Eindhoven, the company has been at the forefront of efforts to persuade the Dutch government not to discourage highly skilled workers from moving to the Netherlands from abroad and plans to develop a second campus in the region in the coming years.