Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Q2 2025 Earnings Presentation
25 slides from Be Semiconductor Industries's earnings presentation, Jul 24, 2025
Slide 1: Investor Presentation Q2-25 Results
INVESTOR PRESENTATION Q2-25 RESULTS July 24, 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 July 24, 2025 3
Slide 4: I. Key Highlights
I. KEY HIGHLIGHTS July 24, 2025 4
Slide 5: Q2-25 Results at Midpoint of Guidance
Q2-25 Results at Midpoint of Guidance Guidance € millions Q2-25* Q2-25 ∆ Q1-25 ∆ Q2-24 Revenue Flat (up/down 10%) 148.1 +2.8% -2.1% Orders 128.0 -3.0% -30.9% Gross Margin 62-64% 63.3% -0.3pts -1.7pts Opex Down 0-10% 50.2 -4.3% +2.4% Operating Income 43.5 +10.7% -11.8% EBITDA 50.9 +9.2% -9.4% Net Inc
Slide 6: Revenue: H1-25 Reflects Ongoing Weakness in Mainstream Assembly Markets
H1-25 Reflects Ongoing Weakness in Mainstream Assembly Markets Q1-25/Q2-25 H1-24/H1-25 Revenue Net Income Revenue Net Income 350 160 -1.8% +2.8% € 297.5 € 144.1 € 148.1 € 292.2 300 Gross Margin Gross Margin 63.6% -0.3 points 63.3% 250 66.1% -2.7 points 63.4% 120 OPEX OPEX € 106.6 MM € 102.7 MM Reven
Slide 7: Strong Liquidity Position Maintained
Strong Liquidity Position Maintained Cash and Deposits Net Cash 950 € 435 million € 251 million € 22 million € 194 million Q2-25 vs. Q1-25 capital allocation capital allocation capital allocation capital allocation • Cash and deposits of € 490.2 million • - € 195.5 million primarily due to: 750 685.
Slide 8: II. Market & Strategy
II. MARKET & STRATEGY July 24, 2025 8
Slide 9: Assembly Equipment Forecast
Assembly Equipment Forecast 8.2 Long-term growth trends intact: 6.3 • Expansion of AI/use cases • Advanced packaging growth in all end-user markets $ billions 5.5 5.1 Significant assembly growth forecast between 2024-2029 • 25% increase anticipated 2024-2026 • AI and cyclical mainstream recovery • 6
Slide 10: Besi's Opportunity
Besi’s Opportunity Generative AI accelerating • Drives investments in next generation devices and applications requiring advanced packaging New use cases emerging from cloud to edge computing to co-packaged optics Promise of AI requires new 2.5D/3D assembly solutions to further Moore’s Law Advanced
Slide 11: III. Outlook
III. OUTLOOK July 24, 2025 11
Slide 12: Guidance Q3-25
Guidance Q3-25 € in millions Q2-25 Q3-25 Seasonal Revenue Trends -5 Q3E/Q2Δ Revenue € 148.1 to Average change 2020-2024 (-12.5%) -15% (-10.0%)* 2025 3.6% 2024 -24.1% 2023 62% 63.3% to -21.1% 2022 Gross Margin 60% -7.9% 2021 -12.9% 2020 +5 Operating Expenses € 50.2 to -5% -15% * At midpoint of guidan
Slide 13: Financial Calendar
Financial Calendar 31 Jul 2025 Goldman Sachs AI and Semis Symposium (virtual) 20 Aug 2025 6th Annual Needham Semiconductor & Semis Conference (virtual) 27 Aug 2025 Deutsche Bank's 2025 Technology Conference (Dana Point, USA) 04 Sep 2025 Deutsche Bank European TMT Conference (London) 10 Sep 2025 Kepl
Slide 14: IV. Financial Appendix
IV. FINANCIAL APPENDIX July 24, 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% 63.9% 700 749 60% 58.0% 600 51.1% 593 602 50% 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 201
Slide 16: Revenue/Order Trends
Revenue/Order Trends Quarterly Trends 250 Revenue Orders Q2-25 vs. Q1-25 200 185 • Revenue: +€ 4.0 million (+2.8%) • Above midpoint of guidance 157 152 146 151 153 144 148 • Higher shipments for mainstream computing 150 132 128 122 128 • Orders: -€ 3.9 million (-3.0%) € millions • Weakness in mainst
Slide 17: Order Trends
Order Trends € millions IDMs Foundries/Subcontractor** 1,000 939.1 900 800 45% 700 663.7 586.6 Orders 600 548.3 533.6 500 45% 45% 39% 53% 400 48% 39% 50% 300 55% 61% 61% 200 47% 55% 52% 55% 50% 100 - 2021 2022 2023 2024 LTM* * Last twelve months ended June 30, 2025 ** Includes foundries and subcontr
Slide 18: Gross Margin Trends
Gross Margin Trends Quarterly Trends 200 Revenue Gross Margin 75% 156.6 153.4 Q2-25 vs. Q1-25 146.3 151.2 148.1 150 144.1 70% • 63.3% vs. 63.6% (-0.3 points) • Midpoint of prior guidance 67.2% • Less favorable product mix € millions 100 65.0% 64.7% 64.0% 65% • Net forex negative: Revenue - USD vs. E
Slide 19: Baseline Operating Expense Trends
Baseline Operating Expense Trends 60.0 57.6 50.0% 52.5 45.0% 50.2 49.0 50.0 47.6 46.2 8.9 40.0% 21.2 5.7 9.0 4.8 Operating Expenses (€ millions) 5.7 35.0% 40.0 30.3% 30.0% 30.0% 27.9% 26.5% 25.9% 30.0 24.9% 25.0% 20.0% 42.8 43.6 44.5 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-
Slide 20: Headcount Trends
Headcount Trends 2,500 30% 2,141 2,071 2,070 1,946 25% 2,000 1,819 1,870 251 239 496 134 134 144 20% 1,500 • Increasing European and Headcount Asian fixed headcount to 15% 1,249 1,251 1,248 support wafer level assembly 1,162 1,193 1,154 expansion 1,000 10% 500 5% 491 513 543 563 569 583 0 0% 2021 20
Slide 21: Net Income Trends
Net Income Trends Net Income Quarterly Trends Share-based compensation* 40% Q2-25 vs. Q1-25 70 38.7% • € 32.1 million (+€ 0.6 million) 60 • +2.8% higher revenue 35% 50 • Partial offset: • -€ 2.7 million increase financial expense, net € millions 40 29.9% 30% 30 € 59.3 27.7% 20 € 41.9 € 46.8 Q2-25 vs
Slide 22: Cash Flow Efficiency Trends
Cash Flow Efficiency Trends € millions Total Cash Flow from Operations % of Revenue 350 As % of Revenue 300 277.9 271.9 250 208.6 206.3 201.1 200 37.4% 37.1% 37.6% 36.0% 162.0 34.3% 150 33.1% 100 50 0 2020 2021 2022 2023 2024 LTM* * Last twelve months ended June 30, 2025 July 24, 2025 22
Slide 23: Dividend Trends
Dividend Trends Cumulative dividends of € 1.5 billion since 2011, or € 19.96 per share* Dividend Payout Ratio Dividend (€) 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 Share Repurchases Average Cost per Share 250 160.0 213.4 140.0 200 € 125.53 120.0 Avg Cost per Share € 111.74 146.8 100.0 € millions 150 € 83.40 80.0 € 69.84 100 79.8 60.0 € 54.38 50.1 40.0 50 42.8 20.0 0 0.0 2021 2022 2023 2024 YTD-25 • Approximately 2.0 million treasury s
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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