Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Q4 2025 Earnings Presentation
26 slides from Be Semiconductor Industries's earnings presentation, Feb 19, 2026
Slide 1: Investor Presentation Q4-25 Results
INVESTOR PRESENTATION Q4-25 RESULTS February 19, 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: Table of Contents
Table of Contents I. Key Highlights II. Market & Strategy III. Outlook IV. Financial Appendix February 19, 2026 3
Slide 4: I. Key Highlights
I. KEY HIGHLIGHTS February 19, 2026 4
Slide 5: Q4-25 Results Above Guidance. Orders Up 43.3% Sequentially
Q4-25 Results Above Guidance. Orders Up 43.3% Sequentially Guidance € millions Q4-25* Q4-25 ∆ Q3-25 ∆ Q4-24 Revenue Up 15-25% 166.4 +25.4% +8.5% Orders Significant increase 250.4 +43.3% +105.4% Gross Margin 61-63% 63.9% +1.7pts -0.1pts Opex Up 5-10% 50.0 +3.1% +5.0% Operating Income 56.2 +64.8% +11.
Slide 6: Increased AI Influence on FY 2025 Business Development
Increased AI Influence on FY 2025 Business Development Strong H2-25 Order and Profit Growth Q3-25/Q4-25 FY-24/FY-25 Revenue Net Income Revenue Net Income € 607.5 -2.7% 160 € 166.4 600 € 591.3 +25.4 € 132.7 Gross Margin 500 Gross Margin 62.2% +1.7 points 63.9% 65.2% -1.9 points 63.3% 120 OPEX OPEX €
Slide 7: Strong Liquidity Position Maintained. Net Cash Position Improving
Strong Liquidity Position Maintained. Net Cash Position Improving Q4-25 vs. Q3-25 Cash and Deposits Net Cash • Cash and deposits of € 543.0 million 900 • + € 24.4 million primarily due to: € 173 Million • + € 47.9 million cash flow from operations 800 Annual Dividend • - € 16.1 million share repurch
Slide 8: II. Market & Strategy
II. MARKET & STRATEGY February 19, 2026 8
Slide 9: Assembly Market Trends
Assembly Market Trends 8.8 TechInsights forecasts renewed growth after extended downturn • 74% increase expected 2025-2030 6.7 • Expansion of AI/use cases • Recovery of mainstream applications $ billions 5.7 • New fabs coming online 5.1 • Broad based advanced packaging growth expected Besi expects t
Slide 10: 2025 Strategic Highlights
2025 Strategic Highlights ✓ Strategic plan updated to include new revenue and cost initiatives. Increased revenue target from € 1 billion+++ to € 1.5 - € 1.9 billion ✓ Continued progress on wafer level assembly agenda for both hybrid bonding and TC Next systems ✓ Expansion of cleanroom capacity and
Slide 11: Signs of Improving Market Conditions
Signs of Improving Market Conditions Semi Inventory/Bookings Ratio Reaching Equilibrium IC Unit Growth Trending More Positively Back to Long Term Trend Line IC Inventories Total Weekly IC Unit Shipments 1.2 (Q1 2016 – Q1 2026F) 2.5 (2004-2025) Total I:B Ratio 1.1 2.0 1.0 1.5 0.9 $B 1.0 0.8 0.5 0.7 0
Slide 12: III. Outlook
III. OUTLOOK February 19, 2026 12
Slide 13: Guidance Q1-26
Guidance Q1-26 € in millions Q4-25 Q1-26 Guidance +15% Revenue € 166.4 to +5% 65% Gross Margin 63.9% to 63% +15% to Operating Expenses € 50.0 +10% -15% February 19, 2026 13
Slide 14: Financial Calendar
Financial Calendar 25 Feb 2026 Goldman Sachs Technology Conference (virtual) 27 Feb 2026 Susquehanna’s Fifteenth Annual Technology Conference (virtual) 5 Mar 2026 ODDO BHF TMT Forum (virtual) 23 Apr 2026 Besi’s Q1-2026 results 23 Apr 2026 Besi’s Annual General Meeting of Shareholders, Duiven 21 May
Slide 15: IV. Financial Appendix
IV. FINANCIAL APPENDIX February 19, 2026 15
Slide 16: Through Cycle Revenue and Gross Margin Trends
Through Cycle Revenue and Gross Margin Trends Revenue Gross Margin 800 70% 749 63.5% 700 60% 58.3% 625 600 51.1% 593 591 50% 500 516 Gross margin 39.7% 40% € millions 424 400 34.1% 379 30% 351 300 302 4-year weighted averages 20% 200 164 191 10% 100 0 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014
Slide 17: Revenue/Order Trends
Revenue/Order Trends Quarterly Trends Revenue Orders Q4-25 vs. Q3-25 250 • Revenue: +€ 33.7 million (+25.4%) 250 • Above high end of guidance 200 185 • Higher 2.5D AI-related computing and photonics 175 166 • Orders: +€ 75.7 million (+43.3%) 151 157 152 153 148 146 144 • Growth by Asian subcons for
Slide 18: Order Trends
Order Trends € millions IDMs Foundries/Subcontractors* 1,000 939.1 900 800 45% 685.0 700 663.7 586.6 Orders 600 548.3 500 45% 58% 45% 39% 53% 400 48% 39% 300 55% 61% 61% 200 47% 55% 52% 55% 42% 100 - 2021 2022 2023 2024 2025 * Includes foundries and subcontractors as of 2024 February 19, 2026 18
Slide 19: Gross Margin Trends
Gross Margin Trends Quarterly Trends 200 Revenue Gross Margin 75% 166.4 156.6 153.4 Q4-25 vs. Q3-25 146.3 151.2 148.1 150 144.1 70% • 63.9% vs. 62.2% (+1.7 points) 132.7 • Above prior guidance 67.2% • Net forex negative: Revenue - USD vs. EUR - neutral € millions 100 65.0% 64.7% 64.0% 65% Costs - MY
Slide 20: Baseline Operating Expense Trends
Baseline Operating Expense Trends 60.0 57.6 50.0% 52.5 45.0% 50.2 50.0 49.0 48.5 50.0 47.6 46.2 8.9 40.0% 21.2 5.7 4.8 6.0 7.9 9.0 Operating Expenses (€ millions) 5.7 35.0% 40.0 32.0% 30.3% 30.0% 30.0% 27.9% 26.5% 25.9% 30.0 24.9% 25.3% 25.0% 20.0% 42.8 43.6 44.5 42.5 42.1 20.0 40.0 40.5 36.4 15.0%
Slide 21: Headcount Trends
Headcount Trends 2,500 30% 2,141 1,946 1,964 25% 2,000 1,819 1,870 496 134 108 134 144 20% 1,500 • Increasing European and Headcount Asian fixed headcount to 15% 1,249 1,267 support wafer level assembly 1,193 1,154 1,162 expansion 1,000 10% 500 5% 491 513 543 563 589 0 0% 2021 2022 2023 2024 2025 Eu
Slide 22: Net Income Trends
Net Income Trends Quarterly Trends Net Income Q4-25 vs. Q3-25 70 40% 38.7% Share-based compensation* • € 42.8 million (+€ 17.5 million) 60 Net Margin • +25.4% higher revenue 35% 50 • +1.7 point higher gross margin 29.9% 30% • Partial offset: € millions 40 27.7% 25.7% 25% • -€ 1.5 million higher R&D
Slide 23: Cash Flow Efficiency Trends
Cash Flow Efficiency Trends € millions Total Cash Flow from Operations % of Revenue 350 As % of Revenue 300 277.9 271.9 250 208.6 201.1 200 37.1% 37.6% 36.0% 178.1 150 33.1% 30.1% 100 50 0 2021 2022 2023 2024 2025 February 19, 2026 23
Slide 24: Dividend Trends
Dividend Trends Cumulative dividends of € 1.7 billion since 2011, or € 21.54 per share* Dividend (€) Dividend Payout Ratio 3.50 3.33 98% 97% 96% 3.00 95% 2.85 95% 95% 94% 2.50 92% 2.15 2.18 92% 2.00 90% 1.58 1.50 88% 86% 1.00 84% 0.50 82% 0.00 80% 2021 2022 2023 2024 2025 Dividend Dividend Payout Ra
Slide 25: Share Repurchase Activity
Share Repurchase Activity Share Repurchases Average Cost per Share 250 160.0 213.4 140.0 200 € 125.53 € 118.26 120.0 Avg Cost per Share 146.8 100.0 150 € millions € 83.40 80.0 € 69.84 100 79.8 82.0 60.0 € 54.38 50.1 40.0 50 20.0 0 0.0 2021 2022 2023 2024 2025 • Approximately 1.9 million treasury sha
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
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