Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Investor Presentation (August 2026)
46 slides from Be Semiconductor Industries's investor presentation, August 2026
Slide 1: Investor Presentation August 2026
INVESTOR PRESENTATION August 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. Summary August 2026 3
Slide 4: I. Company Overview
I. COMPANY OVERVIEW August 2026 4
Slide 5: Company History
Company History 800 Consistent focus on Advanced Packaging has created an industry leader € 733.8 •Focused on most rapidly growing segments of assembly market 70% 700 •Growth organically and via acquisitions •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 complementary presence in addressable technologies and products markets Exceed challengi
Slide 7: 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 127% (3 year) allocation program advanced packaging 203% (5 year) 3,302% (10 year) € 2.4 billion of dividends Consisten
Slide 8: Besi's Position in Semiconductor Equipment Market
Besi’s Position in Semiconductor Equipment Market Total Semiconductor Manufacturing Equipment 2025 (E): $ 136B Front end: $ 118.9B Assembly: $ 5.4B Test: $ 11.9B (87%) (4%) (9%) Besi focus Assembly Process Dicing Die Attach Wire Bond Packaging Plating Leadframe Wire Bond Substrate Wire Bond Substrat
Slide 9: Assembly Equipment Market Composition
Assembly Equipment Market Composition Assembly Equipment Market (2025E) Besi Addressable Market* (2025E) Wire Bonding Plating Inspection, 12% 1% Dicing, Other 42% Packaging $5.4Bn 38% $1.5Bn Die Attach Die 61% Attach 30% Plating Other 0% Packaging Bonding 12% 4% * Excludes TCB Source: TechInsights,
Slide 10: Industry Leading Equipment Portfolio
Industry Leading Equipment Portfolio Die Attach (80% of 2025 Revenue) Hybrid Bonding Thermo Compression CoW Flip Chip Multi-Module Attach CoS Flip Chip Direct Lid Attach Epoxy / Soft Solder Packaging and Plating (20% of 2025 Revenue) Wafer & Panel Molding Substrate Molding Leadframe Molding Singulat
Slide 11: Well Positioned With Leading Market Shares in Its Addressable Markets
Well Positioned With Leading Market Shares in Its Addressable Markets 68% 70% Addressable Market1 41% 32% 33% 2021 2022 2023 2024 2025 50% 49% Die Attach1 46% 40% 40% 2021 2022 2023 2024 2025 83% 82% Advanced Die 81% Placement1,2 79% 78% 2021 2022 2023 2024 2025 Source: TechInsights, May 2026 1) Exc
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 • Supplying leading IDMs, fabless producers and 51% subcontrac
Slide 13: 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 LTM Q2-26 Taiwan Shenzhen Revenue (€ MM) Europe/RoW India 14% Thailand Philippines Duiven and ‘s-Hertogenbosch (NL) Vietnam Malaysia 733.8 Singapore A
Slide 14: R&D Efforts Focus on Next Gen AI Applications
R&D Efforts Focus on Next Gen AI Applications R&D investment has more than doubled since 2020 90 20% Gross R&D* % of Revenue 87.7 Key areas of current focus: 80 • Hybrid bonding: 18% • 50 nm accuracy hybrid bonder in evaluation this year 70 • Targets increased throughput (+50%) vs. Gen 1 60 14.8% 15
Slide 15: Long-term Through Cycle Growth. New Upcycle Began in H2-25
Long-term Through Cycle Growth. New Upcycle Began in H2-25 Revenue Gross Margin Gross margin weighted 5-year average 1000 70% 64.3% 900 62.6% 882 60% 800 56.3% 749 50% 700 600 42.8% Gross margin 40% € millions 593 500 36.0% 30% 400 379 300 351 20% 200 10% 100 191 0 0% 2006 2007 2008 2009 2010 2011 2
Slide 16: Strategic Update 2026
Strategic Update 2026 Progress achieved on long-term strategic plan realization • For both revenue and cost initiatives ✓ • LTM orders exceeded Besi’s last cyclical peak • Disciplined expense management has significantly increased profit potential Progress also continues on wafer level assembly agen
Slide 17: Summary Financials
Summary Financials Year Ended December 31, 2023 2024 2025 H1-25 H1-26 (€ MM) Long-term growth in cyclical business Orders 548.3 586.7 685.0 259.9 562.6 • Increased revenue, profitability and market share per cycle Growth (%) -17% +7% +17% +116% Strong margins and profitability Revenue 578.9 607.5 59
Slide 18: Target Model
Target Model Current Target New Target € 1.0 billion Engine 1 Revenue € 1.1 billion Besi’s long-term revenue model increased to range of € 1.7 – € 2.2 billion • Up ~15% at midpoint € 0.5-0.9 billion Engine 2 Revenue € 0.6-1.1 billion • Increased Engine 1 (Traditional Advanced Addressable Market Pack
Slide 19: II. Market Overview
II. MARKET OVERVIEW August 2026 19
Slide 20: AI Driving New Semiconductor Super-Cycle
AI Driving New Semiconductor Super-Cycle Annual Semiconductor Revenue Growth $2.5 AI Infrastructure CAGR 2025 - 2035 2026 Updated Semi Forecast 8.4% LLM Training $2.0 $2.0 2025 Forecast (Last Investor Day) 6.8% AI Inference $1.5 $1.4 AI Enabled Devices $ Trillions $1.0 Mobile Devices $0.9 Computers
Slide 21: Overall WFE Outlook Improving Due to AI Infrastructure Build
Overall WFE Outlook Improving Due to AI Infrastructure Build Estimated IDM & Foundry Capex to Double by 2030E AI Buildout Has Caused New Multi-year WFE 400 Capex Cycle CAGR 365 350 Logic 11.4% 51 “It will be a long time before we can meet Memory 15.7% customer demand” (C.C. Wei, June 2026) 300 Disc/
Slide 22: Semiconductor Industry Conditions Continue to Improve
Semiconductor Industry Conditions Continue to Improve Semi Inventory/Bookings Ratio Indicates Order Favorable IC Unit Growth Trends Return Growth Outpacing Inventory Levels IC Inventories Total Weekly IC Unit Shipments (Q1 2016 – Q2 2026F) 8.9B (2004-2026) 2.3 2.1 Total I:B Ratio 1.9 1.7 1.5 1.3 1.1
Slide 23: Many New Advanced Packaging Fabs Planned
Many New Advanced Packaging Fabs Planned ~$125B Investment Planned or In Progress Packaging Fab Projects # Projects Cost ($B) USA 7 33 Taiwan 6 30 Korea 3 26 India 3 10 Singapore 1 7 China 7 6 Europe 5 5 Vietnam 2 5 Malaysia 3 3 Source: TechInsights, Besi estimates, June 2026 SK Hynix to invest $13
Slide 24: Assembly Equipment Growth Expected to Accelerate
Assembly Equipment Growth Expected to Accelerate TechInsights forecasts renewed assembly growth • 20% increase anticipated in 2026 Assembly Equipment Forecast ($B) • 53% increase expected 2025-2028 • Expansion of AI/use cases 8.3 • Recovery of mainstream applications 8.0 • New fabs coming online • B
Slide 25: Long-Term Outlook Enhanced By Increased Hybrid Bonding Use Cases
Long-Term Outlook Enhanced By Increased Hybrid Bonding Use Cases and Products in the News “TSMC says COUPE platform set for production as Samsung outlines “Samsung, SK Hynix reportedly ramp hybrid bonding push for next-gen Silicon Photonics push” HBM” Digitimes Asia. April 2026 Digitimes Asia. April
Slide 26: AI Drives Growth In Mainstream Assembly Applications
AI Drives Growth In Mainstream Assembly Applications ▪ AI / Datacenter are primary demand drivers across multiple Total Semiconductor Market Revenue mainstream applications: Photonics, 2.5D, Power Management 1.60 ▪ AI also creates demand across Besi’s traditional end markets: AI/datacenters, high en
Slide 27: III. End-User Market Trends
III. END-USER MARKET TRENDS August 2026 27
Slide 28: 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 29: AI Driving Change in Besi's End-User Application Revenue
AI Driving Change in Besi’s End-User Application Revenue 13% 16% 15% 17% 17% 12% 7% 9% 9% 11% 10% 13% 12% 16% 18% 17% Spares / Services 20% Industrial and other Automotive 28% 44% Mobile 30% Computing 51% 43% 30% 24% 19% 2 02 1 2 02 2 2 02 3 2 02 4 2 02 5 End market as % of total revenue August 2026
Slide 30: Slowing of Moore's Law Accelerates Chiplet Adoption in Next Gen AI Devices
Slowing of Moore’s Law Accelerates Chiplet Adoption in Next Gen AI Devices as Size of Silicon Area Increases Latest AI Devices Require Multiple Chiplets with 2.5D/3D Packaging • Customers adopting chiplets, connected via hybrid 7000 bonding and TCB, to optimize device function per node System-on-Chi
Slide 31: Besi Offers Complete Portfolio for Complex AI Chiplet Packages
Besi Offers Complete Portfolio for Complex AI Chiplet Packages HBM - Hybrid HBM - TCB SoIC – Hybrid Bonding CPO Besi GPU CPU EIC - Hybrid Bond Bridge IVR Interposer IPD Bridge Photonic IC Package Substrate Hybrid Bonding CoW Flip-chip & Bridge Fluxless TCB CoS Flip-chip oS and Photonics 8800 CHAMEO
Slide 32: Increasing Packaging Complexity Also Driving Higher Capital Intensity
Increasing Packaging Complexity Also Driving Higher Capital Intensity Single Chip Design Multi-Chip Module 3D Chiplet System Co-Packaged Optics Monolithic: Integrated SoC Multiple Dies 2.5D / 3D Interconnect Add Optical Interconnects Requires increased number of die attach steps and higher accuracy
Slide 33: Hybrid Bonding is Technology of Choice for High Performance 3D Integration
Hybrid Bonding is Technology of Choice for High Performance 3D Heterogeneous Integration Hybrid Bonding is extension of front-end fab process Directly connects chips in 3D with highest interconnect density Hybrid Bonding Benefits for 3D Chip Stacking ✓ 15X Higher Interconnect Density1 Direct, gaples
Slide 34: Hybrid Bonding Customer Adoption Expanding
Hybrid Bonding Customer Adoption Expanding Logic Memory Photonics R&D 25 • Continued growth in HB adoption: 21 • 21 total customers 20 • Customer mix skewed to logic currently via two 18 4 leading customers # Unique Customers 3 • Other 18 customers represent important source of 15 future demand 15 3
Slide 35: Significant New Hybrid Bonding Use Cases Announced Over Past Year
Significant New Hybrid Bonding Use Cases Announced Over Past Year 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 3rd Gen Xeon CPU Sapphire Rapids CPU (2023) Clearwater Forest CPU w/ Hybrid Bonding Xeon
Slide 36: First Insertion Point for Hybrid Bonding Anticipated in HBM4e
First Insertion Point for Hybrid Bonding Anticipated in HBM4e HBM Unit Shipment Forecast 4,000 Clear technical drivers for memory adoption: 3,500 • In parallel with HBM market growth, key memory players developing lower power, faster and bigger memory packages 3,000 • Hybrid enables lower power cons
Slide 37: Co-Packaged Optics Is An Additional Hybrid Bonding Growth Driver
Co-Packaged Optics Is An Additional Hybrid Bonding Growth Driver Accelerating CPO demand drives additional hybrid bonding adoption: • Hyperscalers looking for faster, lower-power datacenter connectivity vs. traditional pluggable transceivers ✓ 3.5x power efficiency ✓ 10x higher resiliency ✓ 1.3x fas
Slide 38: Besi's Hybrid Bonding Position Enhanced By Technology Roadmap & Applied Materials Collaboration
Besi's Hybrid Bonding Position Enhanced By Leading Technology Roadmap & Applied Materials Collaboration 1 8800 CHAMEO ultra plus 2 8800 CHAMEO ultra plus AC 3 3300 HYBRID N50 4 3300 HYBRID First HVM Hybrid Machine Today’s Industry Standard Beta test starting 2026 In Development Accuracy: 200nm Accur
Slide 39: Hybrid Bonding Market Potential Increased Across All Cases
Hybrid Bonding Market Potential Increased Across All Cases Installed Base Hybrid Bonding Systems (#units) 2,500 Estimated 1,150 to 2,200 systems cumulatively by 2030 High Case Low Case: Logic and CPO applications: 2,000 • Logic adoption gaining traction • Intel launching first hybrid bonded device M
Slide 40: Besi's TC Next Complements Hybrid Bonding for Next Gen AI Applications
Besi’s TC Next Complements Hybrid Bonding to Offer Customers Complete Portfolio for Next Gen AI Applications Fluxless TCB Adoption Increasing For Next-Generation Applications : • Best in Class C2W TCB for Chiplet Packages • Customer adoption increased to 5 customers including memory, logic and CPO p
Slide 41: Strong 2.5D Packaging Unit Growth and Increased Die Attach Intensity
Strong 2.5D Packaging Unit Growth and Increased Die Attach Intensity Drive Advanced Packaging Equipment Growth Annual CoWoS and 2.5D Wafer Demand 14000 ▪ 2.5D wafer demand expected to grow by 50.4% CAGR driven by Thousands of 300 mm equivalent 12000 growth in AI accelerators and datacenter processor
Slide 42: Multiple Growth Opportunities for Besi in 2.5D Advanced Packaging
Multiple Growth Opportunities for Besi in 2.5D Advanced Packaging Next Generation Accelerator Package Structure Each Module contains: ▪ 8x Hybrid bonds (SoIC) Besi’s 2.5D participation is expanding ▪ 16x Flip-chip bonds (2x 3DIC, 12x HBM, 2x IO) with new platform introductions ▪ 15x Bridge Die place
Slide 43: Photonic Solutions for AI Datacenters is Another Rapidly Growing Market Opportunity
Photonic Solutions for AI Datacenters is Another Rapidly Growing Market Opportunity Datacenters utilize millions of photonic transceivers to Optical Interconnect Forecast connect servers and racks over optical fiber 400 2025 – 2030 CAGR 29.5% Ethernet Transceivers (≤800G) -0,7% 350 Ethernet Transcei
Slide 44: IV. Summary
IV. SUMMARY August 2026 44
Slide 45: Besi's Opportunity
Besi’s Opportunity ✓ Overall WFE & assembly outlook significantly improving due to AI infrastructure build ✓ Industry conditions have moved from surplus to deficit and unit growth has accelerated ✓ Besi well positioned with leading market shares in its addressable markets ✓ New Besi upcycle began in
Slide 46: Investment Considerations
Investment Considerations Assembly market Long-term secular Wafer level assembly Disciplined strategic ever more critical in trends drive for AI applications semiconductor value focus has created an advanced packaging promising new industry leader chain growth growth opportunity Market presence has
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