Slide 1: Investor Presentation Q4-24 Results
INVESTOR PRESENTATION Q4-24 RESULTS February 20, 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 February 20, 2025 3
Slide 4: I. Key Highlights
I. KEY HIGHLIGHTS February 20, 2025 4
Slide 5: Q4-24 Results Within Prior Guidance
Q4-24 Results Within Prior Guidance Guidance € millions Q4-24* Q4-24 ∆ Q3-24 ∆ Q4-23 Revenue +/-10% 153.4 -2.0% -3.9% Orders 121.9 -19.7% -26.7% Gross Margin 63-65% 64.0% -0.7pts -1.1pts Opex +0-5% 47.6 +3.0% +25.9% Operating Income 53.0** 50.6 -8.2% -23.4% EBITDA 58.0 -7.1% -20.2% Net Income 59.3 +
Slide 6: Increased Revenue, Orders, and Gross Margin in 2024
Increased Revenue, Orders, and Gross Margin in 2024 Due to Advanced Packaging Strength Q3-24/Q4-24 2023/2024 Revenue Net Income Revenue Net Income 700 - 2.0% 160 € 156.6 € 153.4 + 4.9% € 607.5 600 € 578.9 Gross Margin Gross Margin 64.7% - 0.7 points 64.0% 500 64.9% + 0.3 points 65.2% 120 OPEX OPEX €
Slide 7: End-User Market Trends Reflect Growth of AI Computing Applications
End-User Market Trends Reflect Growth of AI Computing Applications 17% 17% 16% 9% 11% 9% % of Total Revenue 12% 16% 18% 20% 28% 30% 43% 30% 24% 2022 2023 2024 Computing Mobile Automotive Industrial & Other Spares / Services February 20, 2025 7
Slide 8: Strong Liquidity Position Maintained. Net Cash Increased
Strong Liquidity Position Maintained. Net Cash Increased Both Sequentially and Year Over Year 800 Cash and Deposits Net Cash Q4-24 vs. Q3-24 • Cash and deposits of € 672.3 million • + € 34.9 million primarily due to: 700 672.2 672.3 671.7 637.4 • + € 63.9 million cash flow from operations • - € 22.4
Slide 9: II. Market & Strategy
II. MARKET & STRATEGY February 20, 2025 9
Slide 10: Assembly Equipment Rebound Now Expected in H2-25
Assembly Equipment Rebound Now Expected in H2-25 Assembly Market ($B) 7.0 6.6 TechInsights forecasts 6.1% increase in 2024 5.6 5.3 • Downward revisions during year reflect extended mainstream downturn 4.4 4.1 3.9 Market expected to recover in 2025/2026 • Forecast $ 7.0 billion in 2026 • +69% from 20
Slide 11: Progress on Strategic Agenda: 2024 Highlights
Progress on Strategic Agenda 2024 Highlights ✓ Navigated extended industry downturn at high profitability levels ✓ Significant growth in AI related revenue for hybrid bonding and photonics applications ✓ Cumulative hybrid bonding orders in excess of 100 units. Adoption expanded to 15 customers ✓ Suc
Slide 12: III. Outlook
III. OUTLOOK February 20, 2025 12
Slide 13: Guidance Q1-25
Guidance Q1-25 Revenue Gross Margin Baseline Operating Expenses* 0% +5% € 153.4 - 64.0% 63% - 65% € 42.8 - -10% 0% Q4-24 Q1-25 Q4-24 Q1-25 Q4-24 Q1-25 € in millions Total Operating Expenses +20% € 47.6 - +10% Q4-24 Q1-25 * Excludes share-based compensation and strategic consulting costs. February 20
Slide 14: Financial Calendar
Financial Calendar 25-Feb-25 Goldman Sachs European Technology Conference (virtual) 28-Feb-25 Publication Besi Annual Report 2024 28-Feb-25 Susquehanna’s 14th Annual Tech Conference (virtual) 11-Mar-25 BNP Paribas Exane TMT Conference, London 23-Apr-25 Besi’s 2025 first quarter results 23-Apr-25 Bes
Slide 15: IV. Financial Appendix
IV. FINANCIAL APPENDIX February 20, 2025 15
Slide 16: Through Cycle Revenue and Gross Margin Trends
Through Cycle Revenue and Gross Margin Trends € millions Revenue Gross Margin Gross Margin 800 70% 65.2% 700 60% 58.0% 600 51.1% 749 50% 607 500 516 593 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 17: Revenue/Order Trends
Revenue/Order Trends 250 Quarterly Trends Revenue Orders Q4-24 vs. Q3-24 • Revenue: -€ 3.2 million (-2.0%) 200 185 • Lower demand for automotive applications 163 160 166 151 157 152 153 • Partial offset: Increased hybrid bonding shipments 146 150 133 142 128 • Orders: -€ 29.9 million (-19.7%) 123 12
Slide 18: Order Trends
Order Trends € millions IDMs Foundries/Subcontractors* 1,000 939.1 900 800 45% 700 663.7 586.7 Orders 600 548.3 500 472.1 45% 39% 53% 39% 45% 400 48% 55% 300 55% 61% 61% 47% 200 55% 52% 55% 100 45% - 2020 2021 2022 2023 2024 * Includes foundries and subcontractors as of financial year 2024 February
Slide 19: Gross Margin Trends
Gross Margin Trends Quarterly Trends 200 Revenue Gross Margin 75% 162.5 159.6 156.6 Q4-24 vs. Q3-24 151.2 153.4 150 133.4 146.3 70% • 64.0% vs. 64.7% (-0.7 points) 123.3 • At midpoint of guidance • Net forex negative: Revenue + USD vs. EUR € millions 67.2% 65.6% 65.1% Costs + MYR vs. EUR 100 64.6% 6
Slide 20: Baseline Operating Expense Trends
Baseline Operating Expense Trends 60.0 57.6 50.0% 45.0% 49.0 50.0 47.6 46.2 40.0% 44.0 43.7 21.2 9.0 4.8 Operating Expenses (€ millions) 5.7 35.0% 40.0 36.9 37.8 11.2 9.5 2.2 30.0% 3.3 27.3% 27.9% 26.5% 25.9% 30.0 24.6% 24.9% 25.0% 22.3% 21.0% 20.0% 40.5 42.8 20.0 40.0 34.2 35.6 36.4 15.0% 32.8 33.6
Slide 21: Headcount Trends
Headcount Trends 2,500 30.0% 2,141 2,078 2,062 1,996 1,946 25.0% 2,000 1,819 1,870 271 496 236 279 134 134 1,618 144 20.0% 95 1,500 • Increasing European and Asian fixed headcount to support wafer Headcount 15.0% 1,244 1,249 level assembly expansion 1,193 1,211 1,233 1,154 1,162 1,000 1,060 10.0% 50
Slide 22: Net Income Trends
Net Income Trends Quarterly Trends Net Income Share-based compensation* Q4-24 vs. Q3-24 70 Net Margin 38.7% 40% • € 59.3 million (+€ 12.5 million) 60 • +€ 18.2 million net tax benefit 50 34.4% 35% • -2.0% lower revenue 32.4% • -0.7pts lower gross margin € millions 40 29.9% 30% • -€ 1.4 million highe
Slide 23: Cash Flow Efficiency Trends
Cash Flow Efficiency Trends € millions % of Revenue 350 300 277.9 271.9 250 208.6 201.1 200 37.4% 37.1% 37.6% 36.0% 162.0 150 33.1% 100 50 0 2020 2021 2022 2023 2024 Total Cash Flow from Operations As % of Revenue February 20, 2025 23
Slide 24: 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 25: Share Repurchase Activity
Share Repurchase Activity 250 Share Repurchases Average Cost per Share 160.0 213.4 140.0 200 € 125.53 120.0 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 20.0 0 0.0 2020 2021 2022 2023 2024 • Approximately 1.8 million treasury shar
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