Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Q1 2026 Earnings Presentation
26 slides from Be Semiconductor Industries's earnings presentation, Apr 23, 2026
Slide 1: Investor Presentation Q1-26 Results
INVESTOR PRESENTATION Q1-26 RESULTS April 23, 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 April 23, 2026 3
Slide 4: I. Key Highlights
I. KEY HIGHLIGHTS April 23, 2026 4
Slide 5: Strong Q1-26 Financial Performance. Order Momentum Continues
Strong Q1-26 Financial Performance. Order Momentum Continues Guidance € millions Q1-26* Q1-26 ∆ Q4-25 ∆ Q1-25 Revenue Up 5-15% 184.9 +11.1% +28.3% Orders Significant increase 269.7 +7.7% +104.5% Gross Margin 63-65% 63.5% -0.4pts -0.1pts Opex Up 10-15% 53.5 +7.0% +1.9% Operating Income 63.9 +13.7% +6
Slide 6: Favorable Revenue and Profit Growth Sequentially and Year Over Year
Favorable Revenue and Profit Growth Sequentially and Year Over Year Q1-25/Q1-26 Q4-25/Q1-26 Revenue Net Income Revenue Net Income 200 200 € 184.9 € 184.9 +11.1% +28.3%% € 166.4 160 160 € 144.1 Gross Margin Gross Margin 63.9% -0.4 points 63.5% 63.6% -0.1 points 63.5% OPEX Revenue (€ millions) OPEX 12
Slide 7: Solid Q1-26 Cash Flow Generation. Net Cash Position Improving
Solid Q1-26 Cash Flow Generation. Net Cash Position Improving Cash and Deposits Net Cash Q1-26 vs. Q4-25 900 € 173 Million • Cash and deposits of € 611.4 million 800 Annual Dividend • + € 68.4 million primarily due to: 685.7 • + € 93.0 million cash flow from operations 700 672.3 • - € 14.2 million s
Slide 8: II. Market & Strategy
II. MARKET & STRATEGY April 23, 2026 8
Slide 9: Assembly Market Trends
Assembly Market Trends 9.1 TechInsights forecasts renewed assembly growth 8.1 • 21% increase anticipated in 2026 • 75% increase expected 2025-2030 • Expansion of AI/use cases 6.3 • Recovery of mainstream applications $ billions • New fabs coming online 5.2 • Broad based advanced packaging growth exp
Slide 10: Strategic Update
Strategic Update ✓ Order momentum continues for 2.5D and 3D AI applications ✓ Hybrid bonding adoption continues to expand ✓ Higher orders for hybrid bonding in logic, co packaged optics and HBM applications ✓ Recovery in mobile and automotive end-user markets ✓ Aligning organization and supply chain
Slide 11: Increased Hybrid Bonding Use Cases and Products in the News
Increased Hybrid Bonding Use Cases and Products in the News “TSMC says COUPE platform set for production as Samsung “Samsung, SK Hynix reportedly ramp hybrid bonding push for next- outlines Silicon Photonics push” gen HBM” Digitimes Asia. April 2026 Digitimes Asia. April 2026 “Taiwan’s TSMC advanced
Slide 12: III. Outlook
III. OUTLOOK April 23, 2026 12
Slide 13: Guidance Q2-26 & H1-26
Guidance Q2-26 & H1-26 € in millions Revenue Gross Margin Total Operating Expenses +30% 0% Q2-26 € 184.9 to 63.5% 64%-66% € 53.5 to +40% +10% Q1-26 Q2-26 Q1-26 Q2-26 Q1-26 Q2-26 Flat +/- 5% Revenue Gross Margin Total Operating Expenses HY1-26 € 292.2 +49% 63.4% ~64.4% € 102.7 +7% HY1-25 HY1-26* HY1-
Slide 14: Financial Calendar 2026
Financial Calendar 2026 23 Apr 2026 Besi’s Annual General Meeting of Shareholders, Duiven 13 May 2026 UBS Best of Europe Virtual One-on-One Conference 19 May 2026 Imec ITF World, Antwerp 20 May 2026 Berenberg European Conference, New York 21 May 2026 J.P Morgan European TMT Conference, London 27 May
Slide 15: IV. Financial Appendix
IV. FINANCIAL APPENDIX April 23, 2026 15
Slide 16: Through Cycle Revenue and Gross Margin Trends
Through Cycle Revenue and Gross Margin Trends Revenue Revenue 4-year average Gross Margin Gross margin weighted 4-year average 800 70% 63.9% 749 63.5% 700 734 60% 58.3% 625 600 51.1% 593 50% 500 516 Gross margin 39.7% 40% € millions 424 400 34.1% 379 30% 351 300 302 20% 200 164 191 10% 100 0 0% 2006
Slide 17: Revenue/Order Trends
Revenue/Order Trends Revenue Orders Quarterly Trends 350 Q1-26 vs. Q4-25 • Revenue: +€ 18.5 million (+11.1%) 300 270 • Above midpoint of guidance 250 • Higher mobile, 2.5D AI-related computing and 250 photonics 200 185 175 185 • Partial offset: lower automotive revenue € millions 157 152 166 • Order
Slide 18: Order Trends
Order Trends € millions IDMs Foundries/Subcontractors* 1,000 900 823.0 800 685.0 663.7 700 586.6 548.3 Orders 600 61% 500 45% 58% 45% 39% 53% 400 48% 39% 300 61% 61% 200 47% 55% 55% 42% 39% 52% 100 - 2022 2023 2024 2025 LTM * Includes foundries and subcontractors as of 2024 April 23, 2026 18
Slide 19: Gross Margin Trends
Gross Margin Trends Quarterly Trends 250 70% Revenue Gross Margin 69% Q1-26 vs. Q4-25 200 184.9 68% • 63.5% vs. 63.9% (-0.4 points) 166.4 • In line with guidance 67% 151.2 156.6 153.4 • Net forex negative: Revenue - USD vs. EUR 144.1 148.1 150 66% Costs - MYR/RMB vs. EUR € millions 132.7 65.0% 65% 6
Slide 20: Baseline Operating Expense Trends
Baseline Operating Expense Trends 70.0 40.0% 60.0 52.5 53.5 35.0% 49.0 50.2 50.0 48.5 Operating Expenses (€ millions) 50.0 47.6 46.2 8.9 9.9 5.7 32.0% 4.8 6.0 7.9 9.0 5.7 30.3% 30.0% 30.0% 40.0 27.9% 26.5% 30.0 25.9% 25.3% 25.0% 23.6% 20.0 40.0 40.5 42.8 43.6 44.5 42.5 42.1 43.6 20.0% 10.0 0.0 15.0%
Slide 21: Headcount Trends
Headcount Trends 3,000 30% 2,500 25% 2,217 2,141 1,946 1,964 315 2,000 1,819 1,870 20% 496 134 108 Increasing Asian fixed 144 134 and temporary headcount Headcount 1,500 15% to support order upturn and increased hybrid 1,249 1,267 1,313 bonding activities 1,162 1,193 1,000 1,154 10% 500 5% 491 513 5
Slide 22: Net Income Trends
Net Income Trends Q1-26 vs. Q4-25 Quarterly Trends Net Income Net Margin • € 51.6 million (+€ 8.8 million) 70 40% • +11.1% higher revenue 38.7% 60 • Partial offset: 35% • -0.4 point lower gross margin € millions 50 • -€ 1.6 million higher R&D 29.9% 30% • -€ 1.8 million higher SG&A, primarily share-b
Slide 23: Cash Flow Efficiency Trends
Cash Flow Efficiency Trends € millions Total Cash Flow from Operations % of Revenue 350 As % of Revenue 300 271.9 250 226.7 208.6 201.1 200 37.6% 36.0% 178.1 35.9% 150 33.1% 30.1% 100 50 0 2022 2023 2024 2025 LTM April 23, 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 250 200.0 213.4 180.0 € 173.83 200 160.0 Avg Cost per Share 140.0 146.8 € 125.53 150 120.0 € millions € 118.26 100.0 100 € 83.40 80.0 79.8 82.0 60.0 € 54.38 50 40.0 14.2 20.0 0 0.0 2022 2023 2024 2025 Q1-2026 • Approximately 1.9 mill
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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