BE Semiconductor Industries N.V. Q2 2026 Earnings Recap

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.