Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Investor Presentation (July 2025)
48 slides from Be Semiconductor Industries's investor presentation, July 2025
Slide 1: Investor Presentation July 2025
INVESTOR PRESENTATION July 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. Company Overview II. Market Overview III. End-User Market Trends IV. Financial Update and Summary July 2025 3
Slide 4: I. Company Overview
I. COMPANY OVERVIEW July 2025 4
Slide 5: Company History
Company History Consistent focus on Advanced Packaging has 700 created an industry leader • Focus on most rapidly growing segments of assembly market • Growth organically and via acquisitions 70% € 602.2 • Expanded share of wallet with key industry leaders each cycle 600 • Expansion of customer base
Slide 6: Summary Strategy
Summary Strategy Maintain best in class technology leadership Reward Expand shareholders presence in via capital wafer level allocation assembly policy Strategic Acquire Objectives Increase companies market with presence in complementary addressable technologies markets and products Exceed Enhance c
Slide 7: Superior Long Term Value Creation
Superior Long Term Value Creation Capital Allocation Strategic/Financial Shareholder Return Superior Total Returns**: Disciplined execution has Attractive capital created leader in 198% (3 year) allocation program advanced packaging 276% (5 year) 1,436% (10 year) € 2.2 billion of dividends Consisten
Slide 8: Market Positioning: From Processed Wafer to Assembled Chip
Market Positioning: From Processed Wafer to Assembled Chip Total Semiconductor Manufacturing Equipment 2024 (E): $ 120B Front end: $ 106.5B Assembly: $ 5.1B Test: $ 8.2B (89%) (4%) (7%) Besi focus Assembly Process Dicing Die Attach Wire Bond Packaging Plating Leadframe Wire Bond Substrate Wire Bond
Slide 9: Assembly Equipment Market Composition
Assembly Equipment Market Composition Assembly Equipment Market (2024) Besi Addressable Market (2024) Wire Plating Bonding 1% Inspection, 14% Dicing,Other 41% Packaging 38% $5.1Bn $1.5Bn Die Attach 60% Die Attach 28% Plating Other 0% Packaging Bonding 13% 4% Source: TechInsights, June 2025 July 2025
Slide 10: Industry Leading Assembly Equipment Portfolio
Industry Leading Assembly Equipment Portfolio Die Attach (81% of 2024 Revenue) Multi-Module Epoxy / Soft Flip-chip Direct Lid Embedded Thermo Hybrid Attach Solder Attach Bridge Attach Compression Bonding Packaging and Plating (19% of 2024 Revenue) Leadframe Substrate Wafer and Panel Trim and Form Si
Slide 11: Serving Blue Chip Customers Across Key End-Markets
Serving Blue Chip Customers Across Key End-Markets Customers End-User Markets • Diversified, blue chip customer base Independent Device Manufacturers (IDMs) • Top 10 customers ~52% of 2024 revenue • One customer > 10% Computing 43% • Supplying leading IDMs, fabless producers and subcontractors • Sel
Slide 12: Global Operations Supported by European Development Centers and Asian Production Footprint
Global Operations Supported by European Development Centers and Asian Production Footprint/Supply Chain Chandler Korea Suzhou Chengdu Shanghai Leshan Q2-25 LTM Taiwan Shenzhen Revenue (€ MM) India Europe/RoW Thailand Philippines 35% Duiven and ‘s-Hertogenbosch (NL) Vietnam Malaysia 602.2 Asia Singap
Slide 13: Focus on New Product Innovation
Focus on New Product Innovation Significant R&D Investment in Support of New Product Introductions 90 Gross R&D* % of Revenue 20% Innovation is a key driver of our business: 80 • New opportunities for each next-generation 78.7 advanced packaging system 70 15% Significant R&D investment in advanced 6
Slide 14: Summary Financials
Summary Financials Year Ended December 31, 2023 2024 H1-25 H1-24 (€ MM) Orders 548.3 586.7 259.9 313.0 Long-term growth in cyclical business • Increased revenue, profitability and market share per cycle Growth (%) -17% +7% -17.0% Revenue 578.9 607.5 292.2 297.5 Strong margins and profitability • Att
Slide 15: 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
Slide 16: II. Market Overview
II. MARKET OVERVIEW July 2025 16
Slide 17: 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 18: 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 19: Attractive Long Term Market Opportunity
Attractive Long Term Market Opportunity 8.2 Long-term growth trends intact: 6.3 • Expansion of AI/use cases $ billions • Advanced packaging growth in all end-user markets 5.5 5.1 Significant assembly growth forecast between 2024-2029 • 25% increase anticipated 2024-2026 • AI and cyclical mainstream
Slide 20: 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 21: 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 = ~
Slide 22: Leading Market Shares in Besi's Key Die Attach Markets
Leading Market Shares in Besi’s Key Die Attach Markets 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
Slide 23: III. End-User Market Trends
III. END-USER MARKET TRENDS July 2025 23
Slide 24: Besi's End-User Market Trends
Besi’s End-User Market Trends 17% 17% 16% Spares / Services 9% 11% 9% Industrial & Other % of Total Revenue 12% 16% Automotive 18% 20% Mobile 28% 30% Computing 43% 30% 24% 2022 2023 2024 July 2025 24
Slide 25: Principal Growth Drivers in Besi's End-User Markets
Principal Growth Drivers in Besi’s End-User Markets Computing Mobile Automotive Industrial / Other Generated by ImageFX Generative AI On Device AI Autonomous Driving Factory Automation • Adv. cameras & 3D imaging • Advanced cameras/sensors • Datacenters • Smart grid • 5G advanced → 6G • Vehicle elec
Slide 26: Advanced Packaging Solutions Critical to Next Generation Applications
Advanced Packaging Solutions Critical to Development of Next Generation Applications Besi’s 2.5D/3D Process End-User Advanced Packaging Applications Applications Solutions • Hybrid bonding • 3D IC logic • Mobile: • TCB chip-to-wafer • High Bandwidth Memory (HBM) • On-device AI • High accuracy flip-c
Slide 27: And Extension of Moore's Law
And Extension of Moore’s Law Moore’s Law Scaling Is Slowing Cost Per Transistor Is Increasing July 2025 27
Slide 28: 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 29: Chiplet Usage Increasing Rapidly Due to Favorable Economics
Chiplet Usage Increasing Rapidly Due to Favorable Economics for Advanced Applications Wafer Foundry Addressable Market Chiplet Adoption Drives Higher Capital Intensity $ Bn 300 30% 26% 25% 70 225 23% 20% 55 15% 37 150 11 15% 1 24 197 8% 168 75 149 8% 129 126 131 1% 0 0% 2022 2024 2026 2028 2030 2032
Slide 30: 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 31: Hybrid Bonding Enables Faster, More Complex Devices
Hybrid Bonding Enables Faster, More Complex Devices With Submicron Placement Accuracy and Less Power/Heat Generation Direct Cu-Cu 3D Interconnect Heterogeneous Chiplet Integration Source: Intel Source: IMEC 1,000x increase in contact density More transistors per package New Chip Architectures Increa
Slide 32: 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 33: Important Process Step In Future Product Roadmaps
Important Process Step In Future Product Roadmaps 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 Sapphire Rapids CPU (2023) Clearwater Forest CPU w/ Hybrid Bonding (2025) H100 GPU B100 GPU (2024) Futur
Slide 34: Besi's Hybrid Bonding Roadmap
Besi’s Hybrid Bonding Roadmap Generation 1: Generation 1+: Generation 2: 200nm 100nm 50nm New Standard: 100nm Bonder Working on 50nm Bonder Industry Standard for … Hybrid Bonding 10% Productivity increase 30% Productivity increase Bump Pitch 10 µm 9 µm 8 µm 7 µm 6 µm 5 µm 4 µm 3 µm 2 µm 1 µm 2023 20
Slide 35: 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 36: TCB Next Complements Hybrid Bonding for Next Gen AI Applications
TCB Next Complements Hybrid Bonding To Offer Customers Complete Portfolio for Next Gen AI Applications 9800 TC Next Thermo Compression Bonder Key Features Best in Class C2W TCB for Chiplet Packages • NCF, NCP, TC-CUF and TC fluxless bonding processes with micro-inert chamber • Chip-to-Wafer and chip
Slide 37: HBM4/5 Adoption Expected Starting in 2026
HBM4/5 Adoption Expected Starting in 2026. Important Drivers for Both Hybrid Bonding and TCB Next Growth 140 120 120 120 120 112 23% 7% 100 95 48% Units (millions) 68% 80 74 60 40 35 20 - 2023 2024 2025 2026 2027 2028 2029 HBM2/2E HBM3/3E HBM4/5 Source: Yole, December 2024 July 2025 37
Slide 38: 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 Low case Memory: • Next generation AI devices driving s
Slide 39: Silicon Photonics Another Driver of 2.5D/3D Assembly Growth
Silicon Photonics Another Driver of 2.5D/3D Assembly Growth NVIDIA Confirms Hybrid Bonding Adoption In CPO Switches Introduced family of network switch products using co-packaged optics (CPO) in March 2025 Ethernet Transceiver Unit Shipment Forecast* 2023 – 2029 160 Spectrum-X Ethernet switch with 3
Slide 40: Besi's Market Opportunity
Besi’s Market 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 Ad
Slide 41: IV. Financial Update and Summary
IV. FINANCIAL UPDATE AND SUMMARY July 2025 41
Slide 42: Higher Cycle Revenue and Gross Margin Trends
Higher 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 2017
Slide 43: 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 44: 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 45: Spares/Service Activities Important Area of Growth
Spares/Service Activities Important Area of Growth Spares & Service % of Revenue 140 35% • Revenue +30% since 2020 119.5 120 30% • Represent ~16% of revenue 100.2 • Diverse customer base 96.7 100 95.0 94.8 25% • Less cyclical part of business • Highly profitable 80 € millions 20% 73.0 • Revenue will
Slide 46: 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 47: 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 48: 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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