Slide 1: Investor Presentation Q2-26 Results
INVESTOR PRESENTATION Q2-26 RESULTS July 23, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the presentation, including, but not limited to, statements relating to exp
Slide 3: Table of Contents
Table of Contents I. Key Highlights II. Market & Strategy III. Outlook IV. Financial Appendix July 23, 2026 3
Slide 4: I. Key Highlights
I. KEY HIGHLIGHTS July 23, 2026 4
Slide 5: Strong Q2-26 Financial Performance. Order Momentum Continues
Strong Q2-26 Financial Performance. Order Momentum Continues Guidance € millions Q2-26* Q2-26 ∆ Q1-26 ∆ Q2-25 Revenue Up 30-40% 249.9 +35.2% +68.7% Orders 292.9 +8.6% +128.8% Gross Margin 64-66% 65.7% +2.2pts +2.4pts Opex Up 0-10% 55.3 +3.4% +10.2% Operating Income 108.8 +70.3% +150.1% EBITDA 118.6
Slide 6: Revenue and Profit Growth Accelerated in H1-26
Revenue and Profit Growth Accelerated in H1-26 Q2-25/Q2-26 H1-25/H1-26 Revenue Net Income Revenue Net Income 250 500 450 900 € 249.9 € 434.7 450 400 800 +48.8% +68.7% 200 400 350 700 350 € 292.2 300 600 € 148.1 Gross Margin Net Income (€ millions) Net Income (€ millions) Revenue (€ millions) Revenue
Slide 7: Net Cash Position Increasing
Net Cash Position Increasing 900 Cash and Deposits Net Cash € 125.4 Million 800 Annual Dividend Q2-26 vs. Q1-26 • Cash and deposits of € 509.1 million 700 672.3 • - € 102.3 million primarily due to: 611.4 • + € 47.7 million cash from operations 600 543.0 • - € 125.4 million annual dividend 509.1 • -
Slide 8: II. Market & Strategy
II. MARKET & STRATEGY July 23, 2026 8
Slide 9: Semiconductor Industry Conditions Continue to Improve
Semiconductor Industry Conditions Continue to Improve Semi Inventory/Bookings Ratio Indicates Order Favorable IC Unit Growth Trends Return Growth Outpacing Inventory Levels IC Inventories Total Weekly IC Unit Shipments (Q1 2016 – Q2 2026F) 8.9B (2004-2026) 2.3 2.1 Total I:B Ratio 1.9 1.7 1.5 1.3 1.1
Slide 10: Assembly Equipment Market Trends
Assembly Equipment Market Trends Assembly Equipment Forecast ($B) 8.0 8.3 TechInsights forecasts renewed assembly growth • 20% increase anticipated in 2026 • 53% increase expected 2025-2028 6.5 • Expansion of AI/use cases • Recovery of mainstream applications $ billions 5.4 • New fabs coming online
Slide 11: Business Update
Business Update Progress achieved on long term strategic plan realization • For both revenue and cost initiatives • LTM orders exceeded Besi’s last cyclical peak • Disciplined expense management has significantly increased profit potential Progress also continues on wafer level assembly agenda:
Slide 12: III. Outlook
Besi am Ill. OUTLOOK July 23, 2026 12
Slide 13: Guidance Q3-26 & YTD-26
Guidance Q3-26 & YTD-26 € in millions Revenue Gross Margin Total Operating Expenses +15% 63% +5% Q3-26 € 249.9 to 65.7% - € 55.3 to +10% 65% +0% Q2-26 Q3-26 Q2-26 Q3-26 Q2-26 Q3-26 Flat +/- 5% Revenue Gross Margin Total Operating Expenses YTD-26* +68.4% +1.3pts € 151.2 +9.4% € 425.0 63.1% € 715.8 64
Slide 14: Financial Calendar 2026
Financial Calendar 2026 04 Aug 2026 Roadshow New York, organized by Goldman Sachs 19 Aug 2026 7th Annual Needham Virtual Semiconductor & SemiCap 1x1 Conference 09 Sep 2026 Bernstein Europe Strategic Decisions Conference, London 22 Oct 2026 Besi’s Q3-2026 results 03 Dec 2026 CEO Buy-Side Symposium, L
Slide 15: IV. Financial Appendix
IV. FINANCIAL APPENDIX July 23, 2026 15
Slide 16: Long-term Through Cycle Growth. New Upcycle Began in H2-25
Long-term Through Cycle Growth. New Upcycle Began in H2-25 Revenue Gross Margin Gross margin weighted 5-year average 800 70% 64.1% 749 62.6% 700 734 60% 56.3% 600 593 50% 500 42.8% Gross margin 40% € millions 400 36.0% 379 30% 351 300 20% 200 191 10% 100 0 0% 2006 2007 2008 2009 2010 2011 2012 2013
Slide 17: Revenue/Order Trends
Revenue/Order Trends Q2-26 vs. Q1-26 Revenue Orders • Revenue: +€ 65 million (+35.2%) Quarterly Trends • Broad based growth 350 • Higher hybrid bonding, photonics and datacenter 293 applications by Asian subcontractors 300 270 • Orders: +€ 23.2 million (+8.6%) 250 250 • Higher datacenter, photonics,
Slide 18: Order Trends
Order Trends € millions IDMs Foundries/Subcontractors* 1’100.0 987.6 900.0 663.7 685.0 700.0 586.6 548.3 63% Orders 500.0 45% 58% 39% 53% 45% 39% 48% 300.0 61% 61% 55% 47% 37% 52% 55% 42% 100.0 2022 2023 2024 2025 LTM (100.0) * Includes foundries and subcontractors as of 2024 July 23, 2026 18
Slide 19: Gross Margin Trends
Gross Margin Trends Quarterly Trends 300 70% Revenue Gross Margin 249.9 69% Q2-26 vs. Q1-26 250 • 65.7% vs. 63.5% (+2.2 points) 68% 67% • High end of guidance 200 184.9 • More favorable product mix 166.4 66% € millions 151.2 156.6 153.4 148.1 65.7% • Net forex negative: Revenue - USD vs. EUR 144.1 1
Slide 20: Baseline Operating Expense Trends
Baseline Operating Expense Trends 70.0 40.0% 60.0 55.3 52.5 53.5 35.0% 50.2 48.5 50.0 Operating Expenses (€ millions) 47.6 8.0 50.0 46.2 8.9 5.7 32.0% 9.9 4.8 6.0 7.9 5.7 30.3% 30.0% 30.0% 40.0 27.9% 30.0 25.9% 25.3% 25.0% 23.6% 47.3 20.0 40.5 42.8 43.6 44.5 42.5 42.1 43.6 20.0% 18.9% 10.0 0.0 15.0%
Slide 21: Headcount Trends
Headcount Trends 3’000 30% 2’500 2’311 25% 2’217 2’141 1’946 1’964 359 2’000 1’870 315 20% 1’819 108 496 134 144 134 Increasing fixed and Headcount 1’500 15% temporary headcount to support order upturn 1’267 1’313 1’354 1’193 1’249 1’154 1’162 1’000 10% 500 5% 491 513 543 563 589 589 598 0 0% 2021 2
Slide 22: Net Income Trends
Net Income Trends Quarterly Trends Net Income Net Margin 100 40% 38.7% 90 35.6% 35% Q2-26 vs. Q1-26 80 • € 89.0 million (+€ 37.4 million) 70 • +35.2% higher revenue 29.9% 30% € millions 60 27.9% • +2.2 points gross margin 50 25.7% 25% • Opex increase of 3.4%, low end of guidance € 89.0 • Net margin
Slide 23: Cash Flow Efficiency Trends
Cash Flow Efficiency Trends € millions Total Cash Flow from Operations % of Revenue 350 As % of Revenue 300 271.9 248.4 250 208.6 201.1 200 37.6% 36.0% 178.1 33.9% 150 33.1% 30.1% 100 50 0 2022 2023 2024 2025 LTM * * LTM per Q2-26 July 23, 2026 23
Slide 24: Dividend Trends
Dividend Trends Cumulative dividends of € 1.7 billion since 2011, or € 21.54 per share* Dividend (€) Dividend Payout Ratio 3.50 3.33 98% 97% 96% 3.00 95% 2.85 95% 95% 94% 2.50 92% 2.15 2.18 92% 2.00 90% 1.58 1.50 88% 86% 1.00 84% 0.50 82% 0.00 80% 2021 2022 2023 2024 2025 Dividend Dividend Payout Ra
Slide 25: Share Repurchase Activity
Share Repurchase Activity Share Repurchases Average Cost per Share 250 285.0 213.4 € 257.58 235.0 200 Avg Cost per Share 185.0 146.8 € 173.80 150 € millions € 125.53 135.0 € 118.26 100 79.8 82.0 € 83.40 85.0 € 54.38 50 35.0 14.2 14.7 0 -15.0 2022 2023 2024 2025 Q1-2026 Q2-2026 • Approximately 0.3 mi
Slide 26: Investment Considerations
Investment Considerations Assembly market Long term secular Wafer level assembly Disciplined strategic ever more critical in trends drive for AI applications focus has created an semiconductor value advanced packaging promising new industry leader chain growth growth opportunity Market presence has