BE Semiconductor Industries N.V. Earnings Recaps
Q2 2026
Jul 26, 2026
Shares fell 8.5% as investors reacted to Besi’s cautious margin outlook and guidance for lower gross margins in Q3, despite continued revenue growth and strong order momentum.
Key takeaways
- Q2 revenue rose 68.7% year-over-year to EUR 249.9 million, driven by AI-related demand for photonics, data center, and hybrid applications.
- Orders surged 128.8% year-over-year to EUR 292.9 million, with AI system orders increasing to approximately 60% of total orders.
- Net income improved 177.3% year-over-year to EUR 89 million, supported by improved gross margins and disciplined operating expense growth.
- Management expects Q3 revenue growth of 10–15%, but cautions gross margins will decline to 63–65% due to an unfavorable product mix.
- Operating expenses are forecasted to be flat to increase up to 5%, mainly from higher development spending, diluting near-term margin expansion.
Q3 2025
Oct 24, 2025
Besi's Q3 2025 results showed early signs of market recovery with a notable increase in bookings, despite a decline in revenue driven by challenges in mainstream assembly markets.
Key takeaways
- Bookings surged 36.5% quarter-over-quarter to EUR 174.7 million, indicating improved demand, especially in die attach for AI-related applications.
- Revenue decreased by 10.4% compared to Q2 2025, reflecting ongoing weakness in mobile and automotive sectors, with Q3 revenue at EUR 139 million.
- Net income for the first nine months of 2025 fell 27.6% year-over-year to EUR 88.8 million, attributed to lower revenue and adverse foreign exchange impacts.
- Strong liquidity remains with cash reserves increasing 5.8% to EUR 518.6 million, bolstered by improved cash flow from operations.
- Guidance for Q4 2025 anticipates a revenue increase of 15% to 25% over Q3, supported by a positive order outlook in advanced packaging driven by AI demand.
Q2 2025
Jul 25, 2025
Besi reported Q2 2025 revenue of €148.1 million, reflecting stable sequential growth, driven by demand for AI-related applications despite ongoing challenges in mobile and automotive markets.
Key takeaways
- Q2 revenue grew 2.8% sequentially, while operating income rose 10.7%, indicating resilience amid soft demand.
- Hybrid bonding system revenue more than doubled year-over-year, showcasing strong market adoption.
- Liquidity remains robust with cash and deposits totaling €490.2 million, increased by 90.6% year-over-year.
- Anticipated orders for hybrid bonding systems are set to rise significantly in H2 2025, with new AI applications driving growth.
- Gross margin expected to decline to 60-62% in Q3 due to FX headwinds, while operating expenses are forecasted to remain stable.