Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Q3 2025 Earnings Presentation
26 slides from Be Semiconductor Industries's earnings presentation, Oct 23, 2025
Slide 1: Investor Presentation Q3-25 Results
INVESTOR PRESENTATION Q3-25 RESULTS October 23, 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 October 23, 2025 3
Slide 4: I. Key Highlights
I. KEY HIGHLIGHTS October 23, 2025 4
Slide 5: Q3-25 Results Above Midpoint of Guidance
Q3-25 Results Above Midpoint of Guidance Orders Up 36.5% Sequentially Guidance € millions Q3-25* Q3-25 ∆ Q2-25 ∆ Q3-24 Revenue Down 5-15% 132.7 -10.4% -15.3% Orders Significant increase 174.7 +36.5% +15.1% Gross Margin 60-62% 62.2% -1.1pts -2.5pts Opex Flat +/- 5% 48.5 -3.4% +5.0% Operating Income 3
Slide 6: YTD-25 Results Reflect Impact of Industry Downturn
YTD-25 Results Reflect Impact of Industry Downturn Q2-25/Q3-25 YTD-24/YTD-25 Revenue Net Income Revenue Net Income 500 € 454.1 -6.4% 160 € 148.1 -10.4% € 425.0 € 132.7 400 Gross Margin Gross Margin 63.3% -1.1 points 62.2% 65.6% -2.5 points 63.1% 120 OPEX OPEX € 152.8 MM € 151.2 MM Revenue (€ million
Slide 7: Strong Liquidity Position Maintained
Strong Liquidity Position Maintained New € 60 Million Share Repurchase Program Initiated Q3-25 vs. Q2-25 Cash and Deposits Net Cash • Cash and deposits of € 518.6 million • + € 28.4 million primarily due to: 950 € 435 million € 251 million € 22 million € 194 million € 23 million • + € 59.8 million c
Slide 8: II. Market & Strategy
II. MARKET & STRATEGY October 23, 2025 8
Slide 9: Assembly Market Trends
Assembly Market Trends 7.8 Near term assembly growth revised downwards by Techinsights for 2024-2026 $ billions • 8% increase anticipated now for 2024-2026 5.5 • Vs. 59% at beginning of year 5.1 5.1 • Strength in AI and HBM applications offset by weakness in many mainstream markets Long-term growth
Slide 10: Signs of Improving Market Conditions
Signs of Improving Market Conditions Semi Inventory/Bookings Ratio Reaching Equilibrium IC Unit Growth Trending More Positively IC Inventories (Q1 2020 – Q4 2025F) Worldwide IC Annual Growth Rate (Jan 2017 – Aug 2025) Source: TechInsights October 2025 October 23, 2025 10
Slide 11: Strategic Update
Strategic Update Favorable Hybrid Bonding outlook • New foundry customer added in Q3-25 • AMD and Broadcom announcements with Open AI are positive for future demand • Intel now has 6 Kinex lines running with 30 HB • More use cases emerging from leading AI players • High level discussions with major
Slide 12: III. Outlook
III. OUTLOOK October 23, 2025 12
Slide 13: Guidance Q4-25 and FY2025
Guidance Q4-25 and FY2025 € in millions Q3-25 Q4-25 FY 2025E* vs. FY 2024 +15% Revenue € 132.7 to € 584.3 -3.8% +25% 61% -2.4 Gross Margin 62.2% to 62.8% pts 63% +5 Operating Expenses € 48.5 to +10% € 203.4 +1.5% -15% * Assumes midpoint of guidance for Q4-25 October 23, 2025 13
Slide 14: Financial Calendar
Financial Calendar 12 Nov 2025 Morgan Stanley TMT Conference, Barcelona 24 Nov 2025 ING Benelux Conference, Brussels 4 Dec 2025 BofA Tech Virtual Field Trip 9 Dec 2025 ING Benelux Conference, New York October 23, 2025 14
Slide 15: IV. Financial Appendix
IV. FINANCIAL APPENDIX October 23, 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% 749 62.8% 700 60% 58.0% 600 51.1% 593 50% 584 500 516 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 17: Revenue/Order Trends
Revenue/Order Trends Quarterly Trends 250 Revenue Orders Q3-25 vs. Q2-25 • Revenue: -€ 15.4 million (-10.4%) 200 185 • At midpoint of guidance 175 157 152 • Lower hybrid bonding and mobile shipments 151 153 148 150 146 144 133 • Orders: +€ 46.7 million (+36.5%) 128 132 128 122 • Significant increase
Slide 18: Order Trends
Order Trends € millions IDMs Foundries/Subcontractor** 1,000 939.1 900 800 45% 700 663.7 586.6 Orders 600 548.3 556.5 500 45% 45% 39% 53% 400 48% 39% 55% 300 55% 61% 61% 200 47% 55% 52% 55% 45% 100 - 2021 2022 2023 2024 LTM* * Last twelve months ended September 30, 2025 ** Includes foundries and sub
Slide 19: Gross Margin Trends
Gross Margin Trends Quarterly Trends 200 Revenue Gross Margin 75% 156.6 153.4 Q3-25 vs. Q2-25 146.3 151.2 148.1 150 144.1 70% • 62.2% vs. 63.3% (-1.1 points) 132.7 • High end of prior guidance 67.2% • Net forex negative: Revenue - USD vs. EUR € millions 100 65.0% 64.7% 65% Costs - MYR/RMB vs. EUR 64
Slide 20: Baseline Operating Expense Trends
Baseline Operating Expense Trends 60.0 57.6 50.0% 52.5 45.0% 50.2 49.0 48.5 50.0 47.6 46.2 8.9 40.0% 21.2 5.7 9.0 4.8 6.0 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% 25.0% 20.0% 42.8 43.6 44.5 42.5 20.0 40.0 40.5 36.4 15.0% 10.0% 10.0 5.0% 0.0
Slide 21: Headcount Trends
Headcount Trends 2,500 30% 2,141 2,085 2,071 2,070 1,946 25% 2,000 1,819 1,870 251 239 245 496 134 134 144 20% 1,500 • Increasing European and Headcount Asian fixed headcount to 15% 1,249 1,251 1,248 1,250 support wafer level assembly 1,162 1,193 1,154 expansion 1,000 10% 500 5% 491 513 543 563 569
Slide 22: Net Income Trends
Net Income Trends Net Income Quarterly Trends Share-based compensation* Q3-25 vs. Q2-25 70 40% 38.7% • € 25.3 million (-€ 6.8 million) 60 35% • -10.4% lower revenue 50 29.9% 30% • -1.1 points lower gross margin • Partial offset: € millions 40 27.7% 25% 30 23.2% € 59.3 • -€ 1.7 million lower operatin
Slide 23: Cash Flow Efficiency Trends
Cash Flow Efficiency Trends € millions Total Cash Flow from Operations % of Revenue 350 As % of Revenue 300 277.9 271.9 250 208.6 201.1 194.1 200 37.4% 37.1% 37.6% 36.0% 162.0 33.1% 33.6% 150 100 50 0 2020 2021 2022 2023 2024 LTM* * Last twelve months ended September 30, 2025 October 23, 2025 23
Slide 24: 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 25: 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 € 114.48 146.8 100.0 € millions 150 € 83.40 80.0 € 69.84 100 79.8 60.0 € 54.38 65.9 50.1 40.0 50 20.0 0 0.0 2021 2022 2023 2024 YTD-25 • Approximately 2.2 million treasury s
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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