Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Investor Day (June 2025)
60 slides from Be Semiconductor Industries's investor day presentation, Jun 12, 2025
Slide 1: Investor Day Presentation June 12, 2025
INVESTOR DAY PRESENTATION June 12, 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: 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. Strategic Plan Update Richard Blickman 14.45 – 15.00 VI.
Slide 4: I. Strategic Overview
I. STRATEGIC OVERVIEW Richard Blickman CEO June 12, 2025 4
Slide 5: Besi's Opportunity
Besi’s Opportunity AI Expansion Drives Continued Advanced Packaging Adoption • Generative AI accelerating. Large capex budgets maintained by hyperscalers • New use cases emerging from cloud to edge computing • Accelerated advanced packaging innovation expected in 2026-2030 across logic, memory, cons
Slide 6: Many New Advanced Packaging Fabs Planned
Many New Advanced Packaging Fabs Planned Approximately $100B investment in progress or planned Packaging Fab Project Initiated Cost ($B) Status Packaging Fab Project Initiated Cost ($B) Status TSMC AP7 CoWoS & SoIC - Chiayi, Taiwan 2024 15,0 In Progress SPIL – Changhua & Yunlin, Taiwan 2025 3,3 In P
Slide 7: Advanced Packaging Revenue Forecast to Grow Rapidly
Advanced Packaging Revenue Forecast to Grow Rapidly 2.5D/3D Fastest Growing Segment Market Revenue CAGR 90.0 2.5D/3D 18.9% 78.6 80.0 Other Advanced Packaging 7.8% 72.9 70.0 64.4 Besi Portfolio Well Positioned by Node 60.0 56.9 Size and Accuracy 51.9 $ billions 50.0 • ~70% of Besi equipment revenue f
Slide 8: Besi Focuses on Highest Growth Segments of Advanced Packaging
Besi Focuses on Highest Growth Segments of Advanced Packaging Estimated 2030 Hybrid Bonding & TCB Fluxless Market Size (€ MMs) Hybrid bonding estimated to be largest assembly segment by 2030 • Assumes transition from TCB to hybrid TCB bonding as from HBM5 Fluxless • Estimated market size in 2030 =~3
Slide 9: Besi's Die Attach Market Share Trends
Besi’s Die Attach Market Share Trends 50% 46% Die Attach1 40% 40% 37% 2020 2021 2022 2023 2024 Advanced Die 81% 82% 81% 79% 78% Placement1,2 2020 2021 2022 2023 2024 Source: TechInsights, June 2025 1) Excludes TCB, wire bonding, dicing, and other 2) Advanced die placement defined as < 7 micron accur
Slide 10: Summary Strategy
Summary Strategy Maintain best in class technology leadership Reward Expand Strategic focus/discipline has been a shareholders presence in winning formula: via capital wafer level allocation assembly policy • Maintain position as R&D leader • Focus on advanced packaging • Win with the winners Strate
Slide 11: Expansion of R&D Spending in Support of New Product Introductions
Expansion of R&D Spending in Support of New Product Introductions 90 Gross R&D* % of Revenue 20% 80 78.7 Innovation is a key driver of our business: 70 • New opportunities for each next-generation advanced packaging system 60 15% Significant R&D investment in advanced 13.0% packaging over past 5 yea
Slide 12: Higher Through Cycle Revenue and Gross Margins
Higher Through Cycle Revenue and Gross Margins € millions Revenue Gross Margin Gross Margin 800 70% 64.3% 700 749 60% 58.0% 600 51.1% 605 50% 593 500 516 39.5% 40% 424 400 34.1% 379 30% 351 300 302 4 year averages 20% 200 164 191 10% 100 0 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20
Slide 13: II. Market Trends
II. MARKET TRENDS Chris Scanlan Senior VP Technology June 12, 2025 13
Slide 14: AI is Driving Long-Term Semiconductor Revenue Growth
AI is Driving Long-Term Semiconductor Revenue Growth $1.4 CAGR 2024 - 2033 Humanoid Robotics Total Semiconductor Market 6.8% $1.2 AI-Related Semiconductors 28.9% Semiconductor Revenue ($T) Autonomous Taxis $1.0 $0.8 AI AI Wearables (AR/VR) $0.6 AI Smartphones Non-AI $0.4 $0.2 AI Personal Computers $
Slide 15: Growth in Besi's Principal End-User Markets
And Growth in Besi’s Principal End-User Markets Computing (43%) Mobile Internet (20%) Automotive (12%) Industrial/Other (9%) Lidar Agentic AI AI Smartphone Autonomous Driving Robotics Training and Inference AR/VR Headsets Vehicle Electrification Smart Grid AI Enabled PC Camera Technology Connectivit
Slide 16: Slowing of Moore's Law Accelerates Adoption of Chiplets & 3DIC
Slowing of Moore’s Law Accelerates Adoption of Chiplets & 3DIC • Moore’s Law slowing as data volumes grow exponentially and commercial applications expand • Customers adopting chiplets, connected via hybrid bonding and TCB, to optimize device function per node and reduce cost Transistor Density Slow
Slide 17: Latest Advanced Data Center Chips Adopting Chiplet Architectures
Latest Advanced Data Center Chips Adopting Chiplet Architectures AMD NVIDIA Intel MI325 GPU B100 (Blackwell) GPU Gaudi 3 AI Accelerator CoWoS-S (Hybrid Bonding) CoWoS-L package CoWoS-S package Zen 5 EPYC CPU Spectrum X Network Switch Clearwater Forest CPU SoIC (Hybrid Bonding) CoWoS-S with CPO (Hybr
Slide 18: AMD Demonstrating Value of Chiplets Across CPU Roadmap
AMD Demonstrating Value of Chiplets Across CPU Roadmap Est. Wafer Cost per Node 30000 • Escalating cost with each new advanced node 25000 • 20000 Chiplet benefits: Price ($) • Improved yield and cost efficiency 15000 • Increased energy efficient performance • Increased design flexibility 10000 • Fas
Slide 19: Chiplet Usage Also Drives Demand for Advanced Die Attach Equipment
Chiplet Usage Also Drives Demand for Advanced Die Attach Equipment Single Chip Design Multi Chip Module 3D Multi Chiplet System Monolithic: Integrated SoC Multiple Dies: node optimized Individual IPs: node optimized 1 Die attach steps Dozens 10µm Accuracy 100nm Source: Intel June 12, 2025 19
Slide 20: AI Chiplet Packages Require a Variety of Advanced Packaging Solutions
AI Chiplet Packages Require a Variety of Advanced Packaging Solutions Hybrid Bonding Thermo-compression Bonding CoW Flip-chip and Fan-out 3DIC stacking < 9μm pitch C2W chiplet stacking CoW flip-chip of logic & memory HBM stacking ≥ 16 High HBM stacking ≤ 16 High High-density fan-out Photonics 3D bri
Slide 21: Besi Developing Complete Portfolio for Complex AI Chiplet Packages
Besi Developing Complete Portfolio for Complex AI Chiplet Packages Hybrid Bonding Thermo-compression Bonding CoW Flip-chip and Fan-out 8800 CHAMEO UltraPlus AC 9800 TC Next 8800 CHAMEO fleX New Q1-26 New Q1-26 R&D Flip-chip CoS Photonics Interposer Attach Chiplet Molding 8800 Quantum AdvX 2200 evo 1
Slide 22: Hybrid Bonding is Technology of Choice for High Performance Logic Chiplet Stacking
Hybrid Bonding is Technology of Choice for High Performance Logic Chiplet Stacking TCB Micro-bump C2W Hybrid Bonding TCB C2W used for lower density, less performance critical Highest performance interconnect to create 3D ICs in front-end applications, such as CoW interposer assembly wafer fabricatio
Slide 23: Intel Introducing New Products Using Hybrid Bonding
Intel Introducing New Products Using Hybrid Bonding Intel using hybrid bonding to stack CPU core chiplets atop base tiles with SRAM and I/O functions 3D stacking “improves the latency between compute and memory by shortening the hops, while at the same time enabling a larger cache” - Pushkar Ranade,
Slide 24: New Hybrid Bonding Applications Expected to Ramp in Near Term
New Hybrid Bonding Applications Expected to Ramp in Near Term • Broadcom co-develops AI chips for customers such as Google, Fujitsu, Apple and Open AI • Announced use of hybrid bonding for custom AI ASICs • Using TSMC’s SoIC process with face-to-face hybrid bonding • Initially at 6 micron bond pad p
Slide 25: CPO Use Cases Emerging in New Product Announcements
CPO Use Cases Emerging in New Product Announcements NVIDIA using hybrid bonding in new network switch products using co- Broadcom’s CPO network switches utilize multiple packaged optics (CPO) advanced flip-chip bonding processes Spectrum-X Ethernet switch with 36 CPO chiplets Hybrid Bonding Source:
Slide 26: HBM Bonding Technology Roadmap and Besi's Opportunity
HBM Bonding Technology Roadmap and Besi´s Opportunity Well positioned to win in TCB with highest accuracy, quality and productivity Leading integrated hybrid bonding system for HBM stacking Orders from 3 major logic and memory customers and IMEC Orders from 2 major memory customers TCB-NCF Fluxless
Slide 27: Hybrid Bonding Enables Next Generation HBM with Custom Logic Base Die
Hybrid Bonding Enables Next Generation HBM to Incorporate Higher Performance, Custom Logic Base Die Use of advanced logic nodes for the HBM base die is planned from HBM4 onwards • Additional compute functionality will be added to the base die, increasing thermal power dissipation requirements • Hybr
Slide 28: AI Enabled Smartphones Also Expected to Adopt Chiplet Solutions
AI Enabled Smartphones Also Expected to Adopt Chiplet Solutions GenAI enabled smartphone market expected to grow at 41.4% CAGR 2024-2028 • Will require processors with more NPU power and more memory with higher bandwidth connection to the APU • Adoption of chiplet architectures for the APU and new m
Slide 29: Summary
Summary Rapid advancements in AI technology and applications driving growth in all Besi end- user markets Besi’s R&D focused on providing 2.5D and 3D interconnect solutions for high performance AI enabled devices Accelerating adoption of chiplet architectures as Moore’s Law slows Hybrid bonding is h
Slide 30: III. Wafer Level Assembly
III. WAFER LEVEL ASSEMBLY Peter Wiedner Senior VP Sub-Micron Die Attach June 12, 2025 30
Slide 31: Sub-Micron Die Attach Product Portfolio
Sub-Micron Die Attach Product Portfolio Hybrid Thermocompression Lid Attach 8800 CHAMEO ultra plus AC New 9800 TC NEXT DLA Line 2026 8800 HYBRID G2 New TGB hp June 12, 2025 31
Slide 32: Advanced Logic Driving New Fine Pitch Interconnect Technologies
Advanced Logic Driving New Fine Pitch Interconnect Technologies • High end semiconductor design following path to tightest interconnect pitch • Hybrid bonding enables bump pitches <10µm Interconnect for • Hybrid bonding facilitates 3D chip computing and designs to extend Moore’s law HBM • TCB fluxle
Slide 33: TC next – Leading TC Bonder for Next Generation Heterogeneous Integration
TC next – Leading TC Bonder for Next Generation Heterogeneous Integration – Designed for Bump Pitches below 10µm 1 Highest Accuracy in Market 2 Best in Class Fluxless Capabilities Accuracy: 0.7µm Bump Pitch: 7-20 µm Micro inert chamber and plasma oxide reduction Defense: Realtime Process Control 4 B
Slide 34: Besi Hybrid Bonder – Highest Accuracy and Lowest CoO
Besi Hybrid Bonder – Highest Accuracy and Lowest CoO 1 Logic roadmap – driven by accuracy 8800 CHAMEO ultra plus AC Today’s Industry Standard 8800 HYBRID G2 2 Launch in 2026 3 Roadmap to 25nm and beyond Bump Pitch: 50nm accuracy enables even smaller Bump • Development for Bump 6µm pad pitches Pitch:
Slide 35: Hybrid Bonding Will Become Mainstream Advanced Packaging Solution
Hybrid Bonding Will Become Mainstream Advanced Packaging Solution Perception: Hybrid bonding is too expensive for widespread adoption Reality: HB provides superior cost: • Requires higher infrastructure cost but delivers 10x lower cost per interconnect • Increases energy-efficient device performance
Slide 36: Application Drivers: AI Logic
Application Drivers: AI Logic Hybrid Unit Forecast: AI Logic (Cumulative 2025-2030) CMD 2025 CMD 2024 0 100 200 300 400 500 600 Hybrid Interconnect AI Use Cases are Solidifying • Accelerated AI usage. Increased focus on energy efficient AI chips • Hyperscalers like Meta and Google designing propriet
Slide 37: Application Drivers: High Bandwidth Memory
Application Drivers: High Bandwidth Memory Hybrid Unit Forecast: HBM (Cumulative 2025-2030) CMD 2025 CMD 2024 0 100 200 300 400 500 600 • Overall HBM demand is forecast to increase 4x 2025 - 2030 TC-Fluxless Unit Forecast: HBM (Cumulative 2025-2030) • TC and TC-fluxless will be primary technologies
Slide 38: Application Drivers: Co-Packaged Optics
Application Drivers: Co-Packaged Optics CPO Hybrid Unit Forecast: CPO (Cumulative 2025-2030) CMD 2025 NEW CMD 2024 0 10 20 30 40 50 60 • At GTC 2025, NVIDIA revealed use of CPO in their Optical links now used to replace copper for short distance photonics network switches “Spectrum-X” and data trans
Slide 39: Application Drivers: Consumer: PCs - Tablets - Smartphones
Application Drivers: Consumer: PCs - Tablets – Smartphones Hybrid Unit Forecast: Consumer Logic (Cumulative 2025-2030) CMD 2025 CMD 2024 0 100 200 300 400 TC-fluxless Unit Forecast: Consumer Logic (Cumulative 2025-2030) • Adoption of edge AI driving need for energy-efficient performance beyond datac
Slide 40: Application Drivers: Consumer: AR Glasses - Optical Applications
Application Drivers: Consumer: AR Glasses – Optical Applications Hybrid Unit Forecast: AR Glasses (Cumulative 2025-2030) CMD 2025 NEW CMD 2024 0 5 10 15 20 25 30 New application fields emerging: Smart glasses prototype • Advanced micro displays for smart glasses are using hybrid and fusion bonding t
Slide 41: Collaborative Accelerated Innovation
Applied Materials & Besi Collaboration Helps Accelerate Hybrid Bonding Adoption and Growth, 2 to 4 generations ahead • Front & Back End Process & Equipment Expertise • Market Leader in Advanced Wafer Level Packaging ▪ Back End Assembly Equipment • Dedicated Packaging Development Collaborative & Proc
Slide 42: Fluxless TCB C2W Market Potential
Fluxless TCB C2W Market Potential Total # of installed TC fluxless C2W machines Estimated 350 – 600 systems cumulatively 700 by 2030 600 High case Fluxless TCB applications bridge gap between 500 Mid case conventional TCB and hybrid bonding 400 Memory: Low case • Next generation AI devices driving s
Slide 43: Hybrid Bonding Market Potential – Logic and Memory Cases Confirmed
Hybrid Bonding Market Potential – Logic and Memory Cases Confirmed Installed Base Hybrid Bonding Systems (#Units) Estimated 960 – 2,000 systems cumulatively by 2030 2000 High case Up ~7% for low and mid cases vs. 2024 CMD 1800 Low case (logic): 1600 • Logic adoption confirmed Mid case • AMD and Inte
Slide 44: IV. Mainstream Die Attach
IV. MAINSTREAM DIE ATTACH Christoph Scheiring Senior VP Die Attach June 12, 2025 44
Slide 45: Besi's Mainstream DA Addressable Market Expected to More Than Double by 2030
Besi’s Mainstream DA Addressable Market* Expected to More Than Double by 2030. Growth Anticipated Across All Product Lines 1’480 Key Market Trends • Exponential growth in AI training workloads drives data center expansion and demand for HPC and Photonics 660 • Move to Inferencing expected to drive n
Slide 46: Industry Leading Mainstream Die Attach Equipment Portfolio
Industry Leading Mainstream Die Attach Equipment Portfolio with Significant Competitive Advantage ▪ Highest accuracy C2W (2.5D CoWoS) assembly ▪ Highest accuracy for photonics and CPO ▪ Highly productive tool of reference in BGA & CSP & LF ▪ Leading process capabilities for large die AI Multi- flip
Slide 47: Portfolio Well Positioned in High Growth 2.5D Advanced Packaging
Portfolio Well Positioned in High Growth 2.5D Advanced Packaging 2.5D Logic Packaging Revenue 2.5D package architectures require new flip-chip capabilities to support multiple Growth chiplets including higher accuracy, higher productivity and greater flexibility 12 10 High Speed CoW (Logic & HBM) La
Slide 48: Besi's Multi Module Attach System: Leading Photonics Platform
Besi’s Multi Module Attach System: Leading Photonics Platform in Rapidly Growing Market Data center expansion driving demand for optical Computer connections Besi # 1 player in optical transceiver assembly working with all key players Optical Typical Optical Transceiver Assembly transceivers in toda
Slide 49: Edge AI Drives Semiconductor Market Recovery and Demand for Mainstream Die Attach
Edge AI Drives Semiconductor Market Recovery and Demand for Besi Mainstream Die Attach Equipment GenAI Smartphones • AI drives high-end smartphone segment 1000 with richer content (AP, memory, camera) Besi Mainstream die attach solutions are preferred choice 800 • New camera applications in pipeline
Slide 50: Summary
Summary • AI driving customer investments in next generation devices and applications requiring advanced packaging • Besi’s mainstream die bonding addressable market expected to more than double by 2030 • Favorably positioned in highest growth segments of advanced packaging: • CoWoS • Photonics • Mo
Slide 51: V. Strategic Plan Update
V. STRATEGIC PLAN UPDATE Richard Blickman CEO June 12, 2025 51
Slide 52: Strategic Plan Updated to Position Besi for Advanced Packaging Growth 2025-2030
Strategic Plan Updated to Position Besi for Advanced Packaging Growth 2025-2030 Strategic Plan Update 2025 • 16-week process • Senior management, customers and other key stakeholders involved • Revenue and cost reduction goals established • Multiple secular growth drivers identified: • Expanded AI d
Slide 53: Long-Term Market Opportunity
Long-Term Market Opportunity 8.2 6.3 Long-term growth trends intact: • Expansion of AI/use cases 5.5 5.1 • Advanced packaging growth in all end-user markets Significant assembly growth forecast between 2024-2029 • 25% increase anticipated 2024-2026 • AI and cyclical mainstream recovery • 63% increas
Slide 54: Target Model Update
Target Model Update Prior New Long Term Target Long Term Target € 1 billion +++ Revenue € 1.5-1.9 billion Addressable Market 40%+ 40%+ Share 62-66% Gross Margin 64-68% 35-50% Operating Margin 40-55% Net Zero GHG by 2030 Scope 1 & 2 Emissions Net Zero GHG by 2030 100% from renewable sources Global En
Slide 55: Key Revenue Growth Drivers
Key Revenue Growth Drivers Hybrid Bonding Revenue Target € Billions • Expanded logic adoption as new use cases emerge • Heterogeneous chiplet integration, datacenter, Edge AI, CPO • Expanded consumer applications for mobile, PCs, wearables, AR/VR • Memory adoption for HBM 4/5 • Increased market pene
Slide 56: Key Operational Goals
Key Operational Goals Gross Margin Operating Expenses Operations Sustainability • Target € 15-30 million cost • Investment in R&D and • Expand presence in SE • Net zero GhG emissions reduction Service/Support to support Asia and India per by 2030 • Realize further design sub-micron die attach custom
Slide 57: Strong Liquidity Position for Future Growth
Strong Liquidity Position for Future Growth Attractive Capital Allocation Policy Continues Cash and Deposits Net Cash 1000 € 22 million 900 € 436 million € 251 million Shareholder friendly capital allocation capital allocation capital allocation capital allocation Q1-25 • € 2.2 billion distributions
Slide 58: Summary
Summary Assembly Market at Major Growth Inflection Point • AI expansion drives continued advanced packaging adoption • Slowing of Moore’s law accelerating adoption of chiplets and 3D IC Besi Developing Complete Portfolio of Complex Chip Packages For World’s Leading Semiconductor Producers • New syst
Slide 59: VI. Q&A
VI. Q&A June 12, 2025 59
Slide 60: 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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