Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Investor Day (June 2026)
64 slides from Be Semiconductor Industries's investor day presentation, Jun 18, 2026
Slide 1: Investor Day Presentation
INVESTOR DAY PRESENTATION June 18, 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: Agenda
Agenda I. Strategic Overview Richard Blickman 13.00 – 13.20 II. Market Trends Chris Scanlan 13.20 – 13.50 III. Wafer Level Assembly Peter Wiedner 13.50 – 14.15 Break 14.15 – 14.30 IV. Mainstream Die Attach Christoph Scheiring 14.30 – 14.45 V. Summary Richard Blickman 14.45 – 15.00 VI. Q&A Besi Team
Slide 4: I. Strategic Overview
I. STRATEGIC OVERVIEW Richard Blickman CEO June 18, 2026 4
Slide 5: Executive Summary
Executive Summary Significant Progress Achieved on Long-Term Plan Realization • Overall market conditions have improved significantly. 50%+ assembly equipment growth anticipated 2025-2028 • Market share leadership increasing • Expect to grow ~3x more rapidly than overall assembly equipment market th
Slide 6: Executive Summary
Executive Summary Multiple drivers converging to accelerate hybrid bonding growth • Growth anticipated in 2027/2028 as customer road maps converge • In logic: AMD, Intel and Apple already in production. On roadmap of Broadcom ASIC accelerator and Nvidia Feynman • In memory: HBM 4e insertion point •
Slide 7: Overall WFE Outlook Improving Due to AI Infrastructure Build
Overall WFE Outlook Improving Due to AI Infrastructure Build Estimated IDM & Foundry Capex to Double by 2030E AI Buildout Has Caused New Multi-year WFE 400 CAGR 365 Capex Cycle 350 Logic 11.4% 51 “It will be a long time before we can meet Memory 15.7% customer demand” (C.C. Wei. June 2026) 300 Disc/
Slide 8: Semiconductor Inventory Levels Have Moved from Surplus to Deficit
Similarly, Semiconductor Inventory Levels Have Moved from Surplus to Deficit Conditions and Unit Growth Now Above Long Term Trendline Semi Inventory/Bookings Ratio Indicates Order Favorable IC Unit Growth Trends Growth Outpacing Inventory Levels 8.9B IC Inventories Total Weekly IC Unit Shipments (Q1
Slide 9: Assembly Equipment Growth Also Expected to Accelerate
Assembly Equipment Growth Also Expected to Accelerate 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 • Ne
Slide 10: Many New Advanced Packaging Fabs Planned
Many New Advanced Packaging Fabs Planned ~$125B Investment Planned or In Progress Packaging Fab Projects # Projects Cost ($B) USA 7 33 Taiwan 6 30 Korea 3 26 India 3 10 Singapore 1 7 China 7 6 Europe 5 5 Vietnam 2 5 Malaysia 3 3 Source: TechInsights, Besi estimates, June 2026 • Planned spending up 2
Slide 11: New Besi Upcycle Began in H2-25
New Besi Upcycle Began in H2-25 Revenue Gross Margin Gross margin weighted 5-year average 800 70% 63.9% 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 2014 2015 2016 2017 2018 20
Slide 12: Revenue, Orders and Profitability Have Accelerated Since Q2-25
Revenue, Orders and Profitability Have Accelerated Since Q2-25 350 Revenue & Orders 400 Peak Quarterly Orders 300 350 327 270 Revenue Orders 250 300 250 270 242 250 185 € Millions 200 175 166 200 € millions 148 150 128 133 150 124 100 100 50 50 0 0 Q2-25 Q3-25 Q4-25 Q1-26 Q2-14 Q1-17 Q1-21 Q1-26 70
Slide 13: Well Positioned With Leading Market Shares
Well Positioned With Leading Market Shares In Its Addressable Markets 68% 70% Addressable Market1 41% 32% 33% 2021 2022 2023 2024 2025 50% 49% Die Attach1 46% 40% 40% 2021 2022 2023 2024 2025 83% 82% Advanced Die 81% Placement1,2 79% 78% 2021 2022 2023 2024 2025 Source: TechInsights, May 2026 1) Exc
Slide 14: Long Term Outlook Enhanced By Increased Hybrid Bonding Use Cases
Long Term Outlook Enhanced By Increased Hybrid Bonding Use Cases and Products in the News “TSMC says COUPE platform set for production as Samsung outlines “Samsung, SK Hynix reportedly ramp hybrid bonding push for next-gen Silicon Photonics push” HBM” Digitimes Asia. April 2026 Digitimes Asia. April
Slide 15: Hybrid Bonding Customer Adoption Expanding
Hybrid Bonding Customer Adoption Expanding 25 20 • Continued growth in HB adoption: 20 18 • 20 total customers 4 • Customer mix skewed to logic currently via two leading customers # Unique Customers 15 3 15 3 • Other 18 customers represent important source of 3 3 future demand 1 3 10 3 • Cost of own
Slide 16: Increased R&D Efforts Support Next Gen AI System Portfolio
Increased R&D Efforts Support Besi’s Next Gen AI System Portfolio R&D investment has more than doubled since 2020 Significant R&D investment in advanced packaging over past 5 years: 90 20.0% • R&D spend expected to reduce as % of revenue during plan Gross R&D* % of Revenue 87.7 80 period 17.5% 70 Ke
Slide 17: II. Market Trends
II. MARKET TRENDS Chris Scanlan Senior VP Technology June 18, 2026 17
Slide 18: AI Driving New Semiconductor Super-cycle
AI Driving New Semiconductor Super-cycle Annual Semiconductor Revenue Growth $2.5 AI Infrastructure CAGR 2025 - 2035 2026 Updated Semi Forecast 8.4% LLM Training $2.0 $2.0 2025 Forecast (Last Investor Day) 6.8% AI Inference $1.5 $1.4 AI Enabled Devices $ Trillions $1.0 Mobile Devices $0.9 Computers
Slide 19: Rapid AI Deployment Requires Large Hyperscaler Infrastructure Investment
Rapid AI Deployment and Market Adoption Require Large AI Infrastructure Investment by Hyperscalers AI model performance and usage growing exponentially Requiring big investment in computing infrastructure Annual Hyperscaler Data Center Capex ($B) 1’000 User Type 900 800 29% CAGR 2024 - 2030 Others 7
Slide 20: Computing is Now Besi's Largest End-User Market
Computing is Now Besi’s Largest End-User Market Computing has grown to represent majority of Besi’s end market revenue in 2025 Strong demand for advanced packaging capacity to support expansion of AI data centers and new AI enabled devices 2023 Besi End-User Market Composition 2025 Besi End-User Mar
Slide 21: AI Infrastructure Build-out Drives Demand for High Performance Computing Devices
AI Infrastructure Build-out Drives Demand for High Performance Computing Devices Using Advanced Packaging New AI Factories link thousands of GPU servers together to make entire data centers function as one computer Source: NVIDIA Which drives significant demand for high performance processors, memor
Slide 22: Chiplet Adoption Accelerating as Size of Silicon Area Increases
Chiplet Adoption Accelerating as Size of Silicon Area Increases Latest AI Devices Require Multiple Chiplets with 2.5D/3D Packaging 7000 • High performance devices adopting chiplets as System-on-Chip Era Chiplet Era die sizes exceed maximum reticle size for single SoC chips 6000 • Chiplet adoption gr
Slide 23: Hyperscalers Are Also Developing Their Own Custom AI Devices
Hyperscalers Are Also Developing Their Own Custom AI Devices Custom accelerators and CPUs being optimized for specific use cases and to lower cost per token Large devices integrate multiple chiplets in 2.5D and 3D advanced packaging chiplets Google TPU 8t Amazon AWS Tranium Microsoft Maia 200 Accele
Slide 24: Besi Offers Complete Portfolio for Complex AI Chiplet Packages
Besi Offers Complete Portfolio for Complex AI Chiplet Packages HBM - Hybrid HBM - TCB SoIC – Hybrid Bonding CPO Besi GPU CPU EIC - Hybrid Bond Photonic IC Bridge IVR Interposer IPD Bridge Package Substrate Hybrid Bonding CoW Flip-chip & Bridge Fluxless TCB CoS Flip-chip oS and Photonics 8800 CHAMEO
Slide 25: Increasing Packaging Complexity Also Driving Higher Capital Intensity
Increasing Packaging Complexity Also Driving Higher Capital Intensity Single Chip Design Multi-Chip Module 3D Chiplet System Co-Packaged Optics Monolithic: Integrated SoC Multiple Dies 2.5D / 3D Interconnect Add Optical Interconnects Requires increased number of die attach steps and higher accuracy
Slide 26: Hybrid Bonding is Technology of Choice for 3D Heterogeneous Integration
Hybrid Bonding is Technology of Choice for High Performance 3D Heterogeneous Integration Hybrid Bonding is extension of front-end fab process Directly connects chips in 3D with highest interconnect density Hybrid Bonding Benefits for 3D Chip Stacking ✓ 15X Higher Interconnect Density1 Direct, gaples
Slide 27: Hybrid Bonding Solves SRAM Bottleneck in Data Center XPUs
Hybrid Bonding Solves SRAM Bottleneck in Data Center XPUs More SRAM capacity is needed to improve performance of both CPUs and AI Accelerators Not cost effective to use more advanced nodes for SRAM as performance does not scale below 5nm node Hybrid bonding solves problem by stacking advanced node c
Slide 28: Increased Use of Hybrid Bonding in GPUs and Accelerators Expected
Increased Use of Hybrid Bonding in GPUs and Accelerators Expected AMD expanding use of hybrid bonding in AI NVIDIA’s next generation Feynman accelerators (2028) has multiple potential hybrid bonding use cases • MI355X with 6 μm pitch hybrid bonding now in HVM • Stacking of accelerator chiplets to I/
Slide 29: Hybrid Bonding Becoming Standard for CPO Chiplets
Hybrid Bonding Becoming Standard for CPO Chiplets in AI Factories Co-Packaged-Optics based on TSMC’s COUPE with hybrid bonding now in HVM in leading scale-out network switches CPO performance significantly higher compared to traditional pluggable transceivers*: ✓ 3.5x power efficiency ✓ 10x higher r
Slide 30: Hybrid Bonding Adoption Expected in HBM4e, HBM5 and Custom HBM
Hybrid Bonding Adoption Expected in HBM4e, HBM5 and Custom HBM Thermal resistance of HBM with Hybrid “HCB technology not only enables a higher number of I/O and Bonding up to 30% better than TCB performance improvements but also significantly enhances thermal behavior” – Samsung, 2026 IEEE ECTC “Hyb
Slide 31: Hybrid Bonding Expanding Into High-End Consumer Computing
Hybrid Bonding Expanding Into High-End Consumer Computing High-end consumer PC chips using hybrid-bonded chiplet architectures in HVM Fusion Architecture introduced in 2026 M5 Pro and M5 Max laptops AMD Ryzen 9 9950X3D2 • Hybrid bonding of separate CPU and GPU chips to Si base die to form Latest Ver
Slide 32: 2.5D (CoWoS) Demand is Also Expanding Rapidly, Exceeding Supply
2.5D (CoWoS) Demand is Also Expanding Rapidly, Exceeding Supply CoWoS & 2.5D capacity growing rapidly, driven by demand for AI chipsets Capacity expansion in progress by both foundries and OSATs: • Requires wafer-level assembly (CoW) of chiplets and bridge chips using flip-chip or TCB processes • An
Slide 33: Edge AI Applications Present Additional Growth Opportunities
Edge AI Applications Present Additional Growth Opportunities New consumer devices, such as AI-enabled mobile phones, smart glasses, and other wearables drive opportunities for Besi’s advanced packaging portfolio Mobile Application Processors Mobile Memory Smart Eyewear New AP packages for AI smart p
Slide 34: AI Also Driving Growth in Mainstream End Markets
AI Also Driving Growth in Mainstream End Markets Automotive Data Center Power Management • Automotive semiconductor market projected to grow AI servers drive significant demand for high-efficiency power at 8% CAGR 2025 to 2030 (TechInsights 2026) management ICs • Driven by growth in EV vehicles and
Slide 35: Market Trends Summary
Market Trends Summary ✓ Besi’s leading edge product portfolio well positioned to gain market share Rapid advancements in AI technology and adoption driving growth in all of Besi’s end-user ✓ markets, particularly computing ✓ Chiplet architecture adoption accelerating as Moore’s Law slows Hybrid bond
Slide 36: III. Wafer Level Assembly
III. WAFER LEVEL ASSEMBLY Peter Wiedner Senior VP Sub-Micron Die Attach June 18, 2026 36
Slide 37: ECTC 2026: Hybrid Bonding Is Pulling Packaging Into Front-End
ECTC 2026: Hybrid Bonding Is Pulling Packaging Into Front-End “Memory bandwidth, chiplet-to-chiplet latency, synchronization overhead and energy per bit now shape overall efficiency in multi-die (AI) architectures. In that environment, how efficiently dies exchange data increasingly determines how f
Slide 38: Besi Hybrid Bonder - Roadmap for Sustained Leadership
Besi Hybrid Bonder - Roadmap for Sustained Leadership 1 8800 CHAMEO ultra plus 2 8800 CHAMEO ultra plus AC 3 3300 HYBRID N50 4 3300 HYBRID First HVM Hybrid Machine Today’s Industry Standard Beta test starting 2026 In Development Accuracy: 200nm Accuracy: 100nm Accuracy: 50nm Accuracy: 25nm Logic Bum
Slide 39: Applied Materials & Besi Collaboration Accelerates Hybrid Bonding Adoption
Applied Materials & Besi Collaboration Helps Accelerate Hybrid Bonding Adoption and Growth CoE – Center of Excellence • Dedicated AMAT-BESI Packaging Development Center in Singapore • Equipped with two integrated lines and five hybrid bonders • Collaborating to develop next generation hybrid process
Slide 40: Hybrid Bonding Use Cases Confirmed for Logic Applications
Hybrid Bonding Use Cases Confirmed for Logic Applications Adoption Expanding in Data Center and Consumer End Markets Hybrid bonding becoming confirmed as predominant interconnect technology for AI Use Cases • AMD enlarging its device portfolio • Intel recently launched first hybrid bonded product •
Slide 41: 2024 Investor Day High Performance Processor Roadmap
2024 Investor Day High Performance Processor Roadmap SoC Split Die Chiplets and Hybrid Bonding Opteron Server CPUs 1st Gen EPYC CPU (2017) 2nd Gen EPYC (2019) 3rd Gen EPYC (2022) with Hybrid Bonding 3rd Gen Xeon CPU Sapphire Rapids CPU (2023) Clearwater Forest CPU w/ Hybrid Bonding H100 GPU B100 GPU
Slide 42: 2026 Update: Significant New Products Announced Over Past Year
2026 Update: Significant New Products Announced Over Past Year SoC Split Die Chiplets and Hybrid Bonding Opteron Server CPUs 1st Gen EPYC CPU (2017) 2nd Gen EPYC (2019) 3rd Gen EPYC (2022) with Hybrid Bonding 3rd Gen Xeon CPU Sapphire Rapids CPU (2023) Clearwater Forest CPU w/ Hybrid Bonding Xeon 6+
Slide 43: First Insertion Point for Hybrid Bonding in HBM4e
First Insertion Point for Hybrid Bonding in HBM4e Customers Now Preparing For Volume Manufacturing in 2027 HBM Unit Shipment Forecast 4’000 Clear technical drivers for memory adoption: 3’500 • In parallel with HBM market growth, key memory players developing lower power, faster and bigger memory pac
Slide 44: Co-Packaged Optics is an Additional Hybrid Bonding Growth Driver
Co-Packaged Optics is an Additional Hybrid Bonding Growth Driver Accelerating CPO demand drives additional hybrid bonding adoption: • Hyperscalers looking for faster, lower power data center connectivity • Suppliers responding with novel CPO package types including hybrid interconnects (e.g. COUPE)
Slide 45: TSMC's COUPE with Hybrid Bonding is Leading CPO Technology
TSMC’s COUPE with Hybrid Bonding is Leading CPO Technology Offers Superior Performance, Energy Efficiency and Scalability Significant CPO market growth anticipated • Should expand hybrid bonding market potential CPO Market Forecast 70 61 60 50 Units (M) 40 30 20 Source: TSMC 2026 10 0.2 0 ✓ Up to 10
Slide 46: Hybrid Bonding Market Potential Increased Across All Cases
Hybrid Bonding Market Potential Increased Across All Cases Installed Base Hybrid Bonding Systems (#units) Estimated 1,150 to 2,200 systems cumulatively by 2030 vs. 2’500 960 to 2,000 systems Investor Day 2025 High Case Low Case: Logic and CPO applications: 2’000 • Logic adoption gaining traction • I
Slide 47: Fluxless TCB Adoption Increasing For Next-Generation Applications
Fluxless TCB Adoption Increasing For Next-Generation Applications TCnext Progress: •Customer adoption increased to 5 customers including memory, logic and CPO producers •Customer interest expanding (eg: AI logic chips for automotive) Memory: Demonstrated best CoO for TC NCF applications TC fluxless
Slide 48: Wafer Level Assembly Summary
Wafer Level Assembly Summary • Strong Technology Roadmap Extending Besi’s Leadership in Hybrid Bonding • Hybrid Bonding Use Cases Confirmed for Logic Applications • Adoption expanding in data center and consumer end markets • Significant new use cases announced over past year • First Insertion Point
Slide 49: IV. Mainstream Die Attach
IV. MAINSTREAM DIE ATTACH Christoph Scheiring Senior VP Die Attach June 18, 2026 49
Slide 50: AI Drives Growth In Mainstream Assembly Applications
AI Drives Growth In Mainstream Assembly Applications Total Semiconductor Market Revenue Key Market Trends 1.60 1.40 0.09 Consumer ▪ AI / Datacenter are primary demand drivers across multiple mainstream applications: Photonics, 2.5D, Power CAGR 11% 0.10 PC/Notebook 2025 - 2030 Management 1.20 0.12 ~0
Slide 51: Besi's Mainstream DA Addressable Market to Double by 2030
Besi’s Mainstream DA Addressable Market* to Double by 2030 Besi’s 2030E die attach addressable market up 8.1% versus last year’s estimate 1’600 1’480 700 * Excluding TCB, Hybrid, Die Sorting, LED Source: Besi / Techinsights June 2026 June 18, 2026 51
Slide 52: Demand Growing Rapidly for Multi-Module and Flip Chip Systems
Demand Growing Rapidly for Multi-Module and Flip Chip Systems Epoxy and Soft Solder Product Lines Growing More Moderately ▪ Highest accuracy C2W (2.5D CoWoS) assembly ▪ Highest accuracy for photonics and CPO ▪ Highly productive tool of reference in BGA & CSP & ▪ Leading process capabilities for larg
Slide 53: Strong 2.5D Packaging Unit Growth Drives Advanced Packaging Equipment Growth
Strong 2.5D Packaging Unit Growth Together with Increased Die Attach Intensity Drives Advanced Packaging Equipment Growth Annual CoWoS and 2.5D Wafer Demand 2.5D Key Market Trends 14000 Thousands of 300 mm equivalent 12000 ▪ 2.5D wafer demand expected to grow by 50.4% CAGR driven by 10000 growth in
Slide 54: Multiple Growth Opportunities in 2.5D Advanced Packaging
Multiple Growth Opportunities in 2.5D Advanced Packaging Next Generation Accelerator Package Structure Each Module contains: ▪ 8x Hybrid bonds (SoIC) Besi’s 2.5D participation is expanding ▪ 16x Flip-chip bonds (2x 3DIC, 12x HBM, 2x IO) with new platform introductions ▪ 15x Bridge Die placements ▪ 1
Slide 55: 8800 CHAMEO fleX – New Flip-chip & Bridge Attach Platform
8800 CHAMEO fleX – New Flip-chip & Bridge Attach Platform Expands Share in 2.5D Packaging with Highest Accuracy, Speed and Flexibility Gaining Customer Traction ▪ Introduced Q4 2025 – strong customer interest ▪ 1st Qualification completed successfully ▪ Building on success of Besi’s industry leading
Slide 56: Photonic Solutions for AI Data Centers is a Rapidly Growing Opportunity
Photonic Solutions for AI Data Centers is Another Rapidly Growing Market Opportunity Data centers utilize millions of photonic transceivers to Optical Interconnect Forecast connect servers and racks over optical fiber 400 2025 – 2030 CAGR 29.5% Ethernet Transceivers (≤800G) -0,7% 350 Ethernet Transc
Slide 57: Besi's Multi Module Attach System: Leading Photonics Platform
Besi’s Multi Module Attach System: Leading Photonics Platform in Rapidly Growing Market Computer Besi # 1 vendor, engagement with all key players Significant Growth Opportunity ▪ Die attach intensity increasing 2200 Evo advanced 2200 Evo ONE ▪ 1.6T transceivers increasing #die attach steps (more of
Slide 58: Besi Die Attach Solutions Preferred Choice for Edge AI
Besi Die Attach Solutions Preferred Choice for Edge AI Semiconductor Applications AI Compute Moves on Device Global Edge AI Device Market 70 ▪ Increasing use of Edge AI devices, particularly smartphones 60 • Higher semiconductor content driven by increased functionality 50 CAGR 2025 – 2030 (AP, memo
Slide 59: Mainstream Die Attach Summary
Mainstream Die Attach Summary • AI structural growth driver across broad range of end markets and Besi’s product portfolio • Increasing Die Attach Intensity creates multiplier effect on equipment demand • Besi’s mainstream die bonding addressable market expected to more than double by 2030 • Increas
Slide 60: V. Summary
V. Summary Richard Blickman CEO June 18, 2026 60
Slide 61: Target Model Update
Target Model Update Current Target New Target Increasing Besi’s long term revenue model to € 1.0 billion Engine 1 Revenue € 1.1 billion range of € 1.7 – € 2.2 billion • Up ~15% at midpoint € 0.5-0.9 billion Engine 2 Revenue € 0.6-1.1 billion • Increasing Engine 1 (Traditional Advanced Addressable Ma
Slide 62: CEO Summary
CEO Summary ✓ Overall WFE & assembly outlook significantly improving due to AI infrastructure build ✓ Industry conditions have moved from surplus to deficit and unit growth has accelerated ✓ Besi well positioned with leading market shares in its addressable markets ✓ New Besi upcycle began in H2-25
Slide 63: VI. Q&A
VI. Q&A June 18, 2026 63
Slide 64: 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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