Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Q1 2025 Earnings Presentation
25 slides from Be Semiconductor Industries's earnings presentation, Apr 23, 2025
Slide 1: Investor Presentation Q1-25 Results
INVESTOR PRESENTATION Q1-25 RESULTS April 23, 2025
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 April 23, 2025 3
Slide 4: I. Key Highlights
I. KEY HIGHLIGHTS April 23, 2025 4
Slide 5: Q1-25 Results At Midpoint of Guidance; Orders Up 8.2% Sequentially
Q1-25 Results At Midpoint of Guidance Orders Up 8.2% Sequentially Guidance € millions Q1-25* Q1-25 ∆ Q4-24 ∆ Q1-24 Revenue Down 0-10% 144.1 -6.1% -1.5% Orders 131.9 +8.2% +3.3% Gross Margin 63-65% 63.6% -0.4pts -3.6pts Opex Up 10-20% 52.5 +10.3% -8.9% Operating Income 39.3 -22.3% -3.4% EBITDA 46.6 -
Slide 6: Profitability Remains At Attractive Levels Despite Challenging Environment
Profitability Remains At Attractive Levels Despite Challenging Environment Q1-24/Q1-25 Q4-24/Q1-25 Revenue Net Income Revenue Net Income 160 160 € 153.4 - 6.1% - 1.5% € 146.3 € 144.1 € 144.1 Gross Margin Gross Margin 67.2% - 3.6 points 63.6% 64.0% - 0.4 points 63.6% 120 OPEX 120 OPEX € 57.6 MM - 8.9
Slide 7: Strong Liquidity Position Maintained
Strong Liquidity Position Maintained. Q1-25 Cash and Net Cash Position Increased Sequentially 800 Cash and Deposits Net Cash 685.7 Q1-25 vs. Q4-24 700 672.2 671.7 672.3 • Cash and deposits of € 685.7 million € 435.5 million • + € 13.4 million primarily due to: 600 capital allocation • + € 44.4 milli
Slide 8: II. Market & Strategy
II. MARKET & STRATEGY April 23, 2025 8
Slide 9: Assembly Equipment Market Trends
Assembly Equipment Market Trends Assembly Market ($B) 6.6 6.6 5.6 5.2 Market expected to recover in 2025/2026 4.1 4.6 • Estimated to start in H2-25 3.9 • Forecast $ 6.6 billion in 2026 • +60% from 2023 levels • Growth trajectory subject to many variables Secular fundamentals intact: • AI, Datacenter
Slide 10: Progress on Strategic Agenda: Q1-2025 Highlights
Progress on Strategic Agenda Q1-2025 Highlights ✓ Contrasting assembly market trends continue. AI versus Mainstream ✓ Progress on wafer level assembly agenda: Adoption expanded to memory space ✓ Hybrid bonding orders from two leading memory producers for HBM4 applications ✓ Important announcements f
Slide 11: III. Outlook
III. OUTLOOK April 23, 2025 11
Slide 12: Guidance Q2-25
Guidance Q2-25 Revenue Gross Margin Total Operating Expenses 0% +10% € 144.1 to 63.6% 62%-64% € 52.5 to -10% -10% Q1-25 Q2-25 Q1-25 Q2-25 Q1-25 Q2-25 Flat +/- 5% € in millions April 23, 2025 12
Slide 13: Financial Calendar
Financial Calendar 21-May-25 ABN AMRO Benelux Conference, Amsterdam 21-May-25 Berenberg European Conference, New York 28-May-25 NDR New York, organized by Goldman Sachs 12-Jun-25 Investor Day, Amsterdam 16-Jun-25 Kepler Cheuvreux CEO-CFO tour (virtual) 24-Jul-25 Besi’s 2025 second quarter results 23
Slide 14: IV. Financial Appendix
IV. FINANCIAL APPENDIX April 23, 2025 14
Slide 15: Through Cycle Revenue and Gross Margin Trends
Through Cycle Revenue and Gross Margin Trends € millions Revenue Gross Margin Gross Margin 800 70% 63.8% 700 60% 58.0% 600 51.1% 749 605 50% 500 516 593 39.5% 40% 424 400 34.1% 379 30% 300 302 4 year 351 averages 20% 200 164 191 10% 100 0 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201
Slide 16: Revenue/Order Trends
Revenue/Order Trends Quarterly Trends 250 Revenue Orders Q1-25 vs. Q4-24 200 185 • Revenue: -€ 9.3 million (-6.1%) • Lower demand for high-end mobile applications 151 157 152 153 146 144 150 128 132 • Orders: +€ 10.0 million (+8.2%) € millions 122 • Increased demand for AI related datacenter applica
Slide 17: Order Trends
Order Trends € millions IDMs Subcontractors 1,000 939.1 900 800 45% 700 663.7 590.8 Orders 600 586.6 548.3 500 45% 45% 39% 46% 53% 400 48% 39% 300 55% 61% 61% 200 47% 55% 52% 55% 54% 100 - 2021 2022 2023 2024 LTM* * Last twelve months ended March 31, 2025 ** Includes foundries and subcontractors as
Slide 18: Gross Margin Trends
Gross Margin Trends Quarterly Trends 200 Revenue Gross Margin 75% 156.6 Q1-25 vs. Q4-24 151.2 153.4 150 146.3 144.1 70% • 63.6% vs. 64.0% (-0.4 points) • Less favorable product mix • Net forex neutral: Revenue + USD vs. EUR € millions 67.2% Costs + MYR vs. EUR 100 65.0% 64.7% 65% 64.0% Q1-25 vs. Q1-
Slide 19: Baseline Operating Expense Trends
Baseline Operating Expense Trends 60.0 57.6 50.0% 52.5 45.0% 49.0 50.0 47.6 46.2 8.9 40.0% 21.2 9.0 4.8 Operating Expenses (€ millions) 5.7 35.0% 40.0 30.3% 30.0% 27.9% 26.5% 25.9% 30.0 24.9% 25.0% 20.0% 42.8 43.6 20.0 40.0 40.5 36.4 15.0% 10.0% 10.0 5.0% 0.0 0.0% Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Basel
Slide 20: Headcount Trends
Headcount Trends 2,500 30.0% 2,141 2,071 1,946 25.0% 2,000 1,819 1,870 251 496 134 134 144 20.0% 1,500 • Increasing European and Asian fixed headcount to support wafer Headcount 15.0% 1,249 1,251 level assembly expansion 1,162 1,193 1,154 1,000 10.0% 500 5.0% 491 513 543 563 569 0 0.0% 2021 2022 202
Slide 21: Net Income Trends
Net Income Trends Net Income Quarterly Trends Share-based compensation* Net Margin 70 40% 38.7% Q1-25 vs. Q4-24 60 • € 31.5 million (-€ 27.8 million) • -€ 18.2 million net tax benefit 35% 50 • -6.1% lower revenue • -0.4pts lower gross margin • -€ 4.9 million higher opex, primarily consultancy € mill
Slide 22: Cash Flow Efficiency Trends
Cash Flow Efficiency Trends € millions % of Revenue 350 Total Cash Flow from Operations As % of Revenue 300 277.9 271.9 250 208.6 201.1 200 37.4% 37.1% 37.6% 185.3 36.0% 162.0 150 33.1% 30.6% 100 50 0 2020 2021 2022 2023 2024 LTM* * Last twelve months ended March 31, 2025 April 23, 2025 22
Slide 23: Dividend Trends
Dividend Trends Dividend (€) Dividend Payout Ratio Cumulative dividends of € 1.5 billion since 2011, or € 19.96 per share* 3.50 3.33 100% 98% 98% 3.00 2.85 97% 96% 95% 95% 2.50 94% 2.15 2.18 92% 92% 2.00 1.70 90% 1.50 88% 1.00 86% 84% 0.50 82% 0.00 80% 2020 2021 2022 2023 2024 Dividend Dividend Payo
Slide 24: Share Repurchase Activity
Share Repurchase Activity 250 Share Repurchases Average Cost per Share 160.0 213.4 140.0 200 € 125.53 € 117.95 120.0 Avg Cost per Share 146.8 100.0 € millions 150 € 83.40 80.0 € 69.84 100 79.8 60.0 € 54.38 € 38.05 50.1 40.0 50 17.8 22.1 20.0 0 0.0 2020 2021 2022 2023 2024 Q1-25 • Approximately 2.0 m
Slide 25: 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
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