Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Investor Presentation (March 2026)
48 slides from Be Semiconductor Industries's investor presentation, March 2026
Slide 1: Investor Presentation March 2026
INVESTOR PRESENTATION March 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: Agenda
Agenda I. Company Overview II. Market Overview III. End-User Market Trends IV. Financial Update and Summary March 2026 3
Slide 4: I. Company Overview
I. COMPANY OVERVIEW March 2026 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% € 591.3 600 • Expanded share of wallet with key industry leaders each cycle • Expansion of customer base
Slide 6: Summary Strategy and Strategic Objectives
Summary Strategy Maintain best in class technology leadership Reward Expand shareholders via presence in capital wafer level allocation policy assembly Strategic Acquire companies with Objectives Increase market presence in complementary addressable technologies markets and products Exceed challengi
Slide 7: 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: ✓ Hybrid bonding adoption grew to 150+ cumulative orders and 18 customers ✓ New u
Slide 8: Superior Long Term Value Creation
Superior Long Term Value Creation Capital Allocation Strategic/Financial Shareholder Return Disciplined execution has Superior Total Returns**: Attractive capital created leader in 155% (3 year) allocation program advanced packaging 216% (5 year) 2,076% (10 year) € 2.4 billion of dividends Consisten
Slide 9: Market Positioning: From Processed Wafer to Assembled Chip
Market Positioning: From Processed Wafer to Assembled Chip Total Semiconductor Manufacturing Equipment 2025 (E): $ 136B Front end: $ 119.2B Assembly: $ 5.1B Test: $ 11.5B (88%) (4%) (8%) Besi focus Assembly Process Dicing Die Attach Wire Bond Packaging Plating Leadframe Wire Bond Substrate Wire Bond
Slide 10: Assembly Equipment Market Composition
Assembly Equipment Market Composition Assembly Equipment Market (2025E) Besi Addressable Market* (2025E) Wire Bonding Plating 10% 1% Inspection, Dicing,Other 46% Packaging Die $5.1Bn 41% $1.3Bn Attach Die 58% Attach 27% Other Bonding Plating 4% Packaging 0% 13% * Excludes TCB Source: TechInsights, D
Slide 11: Industry Leading Assembly Equipment Portfolio
Industry Leading Assembly Equipment Portfolio Die Attach (80% of 2025 Revenue) Multi-Module Epoxy / Soft Flip-chip Direct Lid Embedded Thermo Hybrid Attach Solder Attach Bridge Attach Compression Bonding Packaging and Plating (20% of 2025 Revenue) Leadframe Substrate Wafer and Panel Trim and Form Si
Slide 12: 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 ~44% of 2025 revenue • No customer greater than 10% Computing 51% • Supplying leading IDMs, fabless producers and subcontrac
Slide 13: Global Operations Supported by European Development Centers and Asian Production
Global Operations Supported by European Development Centers and Asian Production Footprint/Supply Chain Chandler Korea Suzhou Chengdu Shanghai Leshan 2025 Taiwan Shenzhen Revenue (€ MM) Europe/RoW India Thailand Philippines 24% Duiven and ‘s-Hertogenbosch (NL) Vietnam Malaysia 591.3 Singapore Asia 7
Slide 14: Focus on New Product Innovation
Focus on New Product Innovation R&D investment has more than doubled since 2020 90 20.0% Gross R&D* % of Revenue 87.7 80 Innovation is a key driver of our business: 17.5% • New opportunities for each next-generation 70 advanced packaging system 60 15.0% Significant R&D investment in advanced packagi
Slide 15: Summary Financials
Summary Financials Year Ended December 31, 2023 2024 2025 (€ MM) Long-term growth in cyclical business Orders 548.3 586.7 685.0 • Increased revenue, profitability and market share per cycle Growth (%) -17% +7% +17% Strong margins and profitability • Increasing through cycle gross and net margins due
Slide 16: Key Business Model Objectives Long Term Target
Key Business Model Objectives Long Term Target Revenue € 1.5 - € 1.9 billion Addressable Market Share 40%+ Gross Margin 64 - 68% Operating Margin 40 - 55% Scope 1 & 2 Emissions Net Zero GHG by 2030 Global Energy Needs 100% from renewable sources March 2026 16
Slide 17: II. Market Overview
II. MARKET OVERVIEW March 2026 17
Slide 18: AI Driving Long-Term Semiconductor Revenue Growth
AI Driving Long-Term Semiconductor Revenue Growth Total Semiconductor Revenue ($Trillion) $2.0 CAGR 2025 - 2035 Humanoid robotics $1.8 AI-Related Semiconductors 16.5% $1.6 Total Semiconductor Market 7.4% Autonomous vehicles $1.4 $1.2 AI - Data Center Revenue ($T) $1.19T AI wearables (AR/VR) $1.0 AI
Slide 19: Many New Advanced Packaging Fabs Planned
Many New Advanced Packaging Fabs Planned Approximately $100B investment in progress or planned Packaging Fab Projects # Projects Cost ($B) Taiwan 4 26.1 USA 6 24.5 Europe 4 9.3 Korea 2 9.1 Singapore 1 7.0 China 7 6.3 India 2 6.0 Malaysia 1 1.3 Vietnam 1 1.0 Source: TechInsights, Besi estimates, May
Slide 20: 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 21: 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 (Q1 2016 – Q1 2026F) (2004-2025) 1.2 2.5 1.1 2.0 Total I:B Ratio 1.0 1.5 0.9 $B 1.0 0.8 0.5 0.7 0
Slide 22: Advanced Packaging Revenue Forecast to Grow Rapidly
Advanced Packaging Revenue Forecast to Grow Rapidly 2.5D/3D Fastest Growing Segment 180 CAGR 2020-2025E 2025E-2030E 160.9 160 Advanced packaging 9.6% 8.5% Traditional packaging 8.0% 4.7% 140 116.3 69.8 Besi portfolio well positioned by node 120 41% size and accuracy Revenue $B 100 37% • ~70% of Besi
Slide 23: Besi Focuses on Highest Growth Segments of Advanced Packaging
Besi Focuses on Highest Growth Segments of Advanced Packaging Estimated 2030 Hybrid Bonding and Advanced TCB Market Size (€ millions) Hybrid bonding estimated to be largest assembly segment by 2030 • Assumes transition from TCB to hybrid bonding in HBM5 Advanced • Estimated market size in 2030 = ~35
Slide 24: 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, December 2025 1) Excludes TCB, wire bonding, dicing, and other 2) Advanced die placement define
Slide 25: III. End-User Market Trends
III. END-USER MARKET TRENDS March 2026 25
Slide 26: Besi's End-User Market Trends
Besi’s End-User Market Trends 12.9% 15.1% 16.7% 17.1% 16.4% 11.8% 7.5% 9.5% 9.2% 11.7% 9.9% 13.3% 12.0% 16.0% 17.5% 16.7% Spares / Services 20.0% Industrial and other Automotive 28.2% 43.5% Mobile 30.0% Computing 50.8% 42.4% 29.6% 23.7% 18.5% 2021 2022 2023 2024 2025 End market as % of total revenue
Slide 27: Principal Growth Drivers in Besi's End-User Markets
Principal Growth Drivers in Besi’s End-User Markets Computing Mobile Automotive Industrial / Other Agentic AI On Device AI Autonomous Driving Factory Automation • Datacenters • Adv. cameras & 3D imaging • Advanced cameras/sensors • Robotics • Si Photonics • 5G advanced → 6G • Vehicle electrification
Slide 28: 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 29: Slowing of Moore's Law Accelerates Adoption of Chiplets and 3DIC
Slowing of Moore’s Law Accelerates Adoption of Chiplets and 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 Die Sizes Exceeding R
Slide 30: Chiplet Usage Increasing Rapidly Due to Favorable Economics
Chiplet Usage Increasing Rapidly Due to Favorable Economics for Advanced Applications Chiplet Usage Expected to Grow Rapidly Chiplet Adoption Drives Higher Capital Intensity Total Chiplet Units (millions units) 30,000 25,698 25,000 19,960 20,000 15,000 13,174 10,000 7,412 5,000 2,743 1,444 1,858 - 2
Slide 31: 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 32: Advanced Datacenter Chips Adopting Chiplet Architectures
Advanced Datacenter Chips Adopting Chiplet Architectures AMD NVIDIA Intel MI350 Accelerator B200 (Blackwell) GPU Gaudi 3 AI Accelerator CoWoS-S (Hybrid Bonding) CoWoS-L package CoWoS-S package Zen 5 EPYC CPU Spectrum X Network Switch Clearwater Forest CPU SoIC (Hybrid Bonding) CoWoS-S with CPO (Hybr
Slide 33: 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 34: Hybrid Bonding is Technology of Choice for 3D Chiplet Stacking
Hybrid Bonding is Technology of Choice for 3D Chiplet Stacking TCB Micro-bump C2W Hybrid Bonding TCB C2W used for lower density, less performance critical Highest performance interconnect to create 3D ICs in front-end applications, such as CoW interposer assembly wafer fabrication process Source: IN
Slide 35: 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 36: Besi's Hybrid Bonding Roadmap
Besi’s Hybrid Bonding Roadmap 1 Today’s Industry Standard 2 Launch in 2026 3 Roadmap to 25 nm and beyond 8800 CHAMEO ultra plus AC 3300 HYBRID N50 HYBRID Next Generation Alignment Accuracy: 100 nm Alignment Accuracy: 50 nm Alignment Accuracy: 25 nm Pad Pitch: <6μm Pad Pitch: <3μm Pad Pitch: <1μm Die
Slide 37: 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 38: TC Next Complements Hybrid Bonding for Next Gen AI Applications
TC 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 39: HBM4/5 Adoption Expected to Accelerate in 2026
HBM4/5 Adoption Expected to Accelerate in 2026. Important Drivers for Both Hybrid Bonding and TCB Next Growth Estimated HBM Shipments 2500 23% 2000 13% 48% 37% 68% Units (millions) 1500 HBM5 94% HBM 4/4e 35% 83% HBM3/3e 1000 85% HBM2 63% 500 0 2024 2025 2026 2027 2028 2029 2030 Source: TechInsights,
Slide 40: 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 Transceiver, LPO and CPO Unit Volume Forecast Introduced family of network switch products using co-packaged optics (CPO) in March 2025 400 CAGR % 2025E – 2030E 367 Ethernet Pluggable
Slide 41: 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 42: IV. Financial Update and Summary
IV. FINANCIAL UPDATE AND SUMMARY March 2026 42
Slide 43: Higher Through Cycle Revenue and Gross Margin Trends
Higher Through Cycle Revenue and Gross Margin Trends 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 20% 200 164 191 10% 100 0 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 44: 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 45: Headcount Trends
Headcount Trends 2,500 30% 2,141 1,946 1,964 25% 2,000 1,870 496 1,819 108 134 134 144 20% 1,500 • Increasing European and Headcount Asian fixed headcount to 1,267 15% support wafer level assembly 1,249 1,193 1,154 1,162 expansion 1,000 10% 500 5% 513 543 563 589 491 0 0% 2021 2022 2023 2024 2025 Eu
Slide 46: 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: • + € 47.9 million cash flow from operations 800 € 173 million annual dividend • - € 16.1 million share repurch
Slide 47: 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% March 2026 47
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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