Q2-26 Revenue and Net Income of EUR 249.9 Million and EUR 89.0 Million, Respectively, Up 68.7% and 177.3%, Respectively, vs. Q2-25. Orders of EUR 292.9 million Up 128.8% vs. Q2-25
H1-26 Revenue and Net Income of EUR 434.7 Million and EUR 140.6 Million, Respectively, Up 48.8% and 121.1%, Respectively, vs. H1-25. Orders of EUR 562.6 million Up 116.5% vs. H1-25
DUIVEN, The Netherlands, July 23, 2026 (GLOBE NEWSWIRE) -- BE Semiconductor Industries N.V. (the "Company" or "Besi") (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the second quarter and first half year ended June 30, 2026.
Key Highlights Q2-26
-- Revenue of EUR 249.9 million grew EUR 65.0 million, or 35.2%, vs. Q1-26
and EUR 101.8 million, or 68.7%, vs. Q2-25 due primarily to broad based
growth, particularly for hybrid bonding, photonics and datacenter
applications and, to a lesser extent, increased demand for mobile
applications
-- Orders of EUR 292.9 million rose 8.6% vs. Q1-26 due primarily to
increased demand for datacenter, photonics and AI power management
applications. Vs. Q2-25, up 128.8% due to broad based growth,
particularly for AI computing applications
-- Gross margin of 65.7% rose 2.2 points vs. Q1-26 and 2.4 points vs. Q2-25
due primarily to a more favorable product mix
-- Net income of EUR 89.0 million rose 72.5% vs. Q1-26 and 177.3% vs. Q2-25
due to higher revenue, gross margins and cost control efforts. Q2-26 net
margin rose to 35.6% vs. 27.9% in Q1-26 and 21.6% in Q2-25
-- Net cash and deposits grew by 58.8% vs. March 31, 2026 to reach EUR 164.0
million
Key Highlights H1-26
-- Revenue of EUR 434.7 million increased 48.8% vs. H1-25 due to higher
demand for AI computing applications and, to a lesser extent, increased
demand for mobile applications
-- Orders of EUR 562.6 million rose 116.5% vs. H1-25 due to broad based
growth across end-user markets with strength in photonics, hybrid bonding
and datacenter computing applications
-- Gross margin of 64.7% increased 1.3 points vs. H1-25 primarily due to a
more favorable product mix
-- Net income of EUR 140.6 million grew 121.1% vs. H1-25 due to higher
revenue, gross margins and cost control efforts which limited overhead
growth. Besi's net margin grew to 32.3% vs. 21.7% in H1-25
Q3-26 Outlook
-- Revenue expected to increase 10-15% vs. the EUR 249.9 million reported in
Q2-26
-- Gross margin expected to range between 63-65% vs. the 65.7% realized in
Q2-26 due to a less favorable product mix
-- Operating expenses expected to be flat to up 5% vs. the EUR 55.3 million
reported in Q2-26
(EUR millions,
except EPS) Q2-2026 Q1-2026 <DELTA> Q2-2025 <DELTA> H1-2026 H1-2025 <DELTA>
------- -------
Revenue 249.9 184.9 +35.2% 148.1 +68.7% 434.7 292.2 +48.8%
Orders 292.9 269.7 +8.6% 128.0 +128.8% 562.6 259.9 +116.5%
Gross Margin 65.7% 63.5% +2.2 63.3% +2.4 64.7% 63.4% +1.3
Operating
Income 108.8 63.9 +70.3% 43.5 +150.1% 172.7 82.8 +108.6%
EBITDA 118.6 73.7 +60.9% 50.9 +133.0% 192.3 97.5 +97.2%
Net Income 89.0 51.6 +72.5% 32.1 +177.3% 140.6 63.6 +121.1%
Net Margin 35.6% 27.9% +7.7 21.6% +14.0 32.3% 21.7% +10.6
EPS (basic) 1.11 0.65 +0.46 0.40 +0.71 1.77 0.80 +0.97
EPS (diluted) 1.11 0.65 +0.46 0.40 +0.71 1.76 0.80 +0.96
Net Cash and
Deposits 164.0* 103.3 +60.7 -36.0* +200.0 164.0* -36.0* +200.0
----------------- ------- ------- ------- ------- ------- ------- ------- -------
* Reflects cash dividend payments of EUR 125.4 million and EUR 172.8 million in Q2-26 and Q2-25, respectively, and the redemption of Besi's 2029 Convertible Notes in Q2-26.
Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
"Besi reported strong second quarter and first half 2026 results as favorable order momentum continued for both our traditional and wafer level assembly systems. For the first half year, Besi's revenue of EUR 434.7 million and net income of EUR 140.6 million increased by 48.8% and 121.1%, respectively, versus H1-25 primarily due to significantly expanded AI infrastructure spending, a modest recovery in traditional mobile and auto/industrial markets and disciplined overhead management. Similarly, net margins increased from 21.7% in H1-25 to 32.3% in H1-26 aided by improved gross margins and significant operating leverage in our business model as baseline operating expenses reduced from 30.0% of revenue in Q2-25 to 18.9% in Q2-26. Our net cash position at the end of Q2-26 increased by 58.8% versus March 31, 2026 to reach EUR 164.0 million. Growth was primarily due to the conversion into equity of Besi's EUR 175 million of Convertible Senior Notes due 2029 and strong cash flow generated from operations which offset the payment of EUR 125.4 million for the annual dividend in Q2-26.
"H1-26 orders rose to EUR 562.6 million, an increase of EUR 302.7 million, or 116.5%, versus H1-25 due to broad based growth across all Besi end-user markets and products. Order growth was strong for photonics and datacenter applications and hybrid bonding capacity expansion for both current and next generation AI devices. We also received new orders for AI power management applications in Q2-26 from multiple customers. Overall, we estimate that system orders for AI applications rose to approximately 60% in H1-26 versus approximately 50% in H1-25. In addition, we saw renewed growth for high end smartphone applications in H1-26 versus cyclical lows reached in 2025 due primarily to incremental capacity purchases and new product introductions planned for 2026.
"Progress continued on our wafer level assembly agenda this year. Hybrid bonding customer adoption increased from 15 at year end 2025 to 21 at the end of Q2-26, use cases increased for logic, memory, co-packaged optics and consumer applications and orders increased materially versus H1-25 as significant new capacity was added. In addition, there were multiple new product announcements made this year related to datacenter and consumer CPU applications utilizing hybrid bonding. Progress also was made on our TC Next agenda with increased revenue and customer adoption versus H1-25.
"For the quarter, revenue of EUR 249.9 million increased by 68.7% and 35.2% versus Q2-25 and Q1-26, respectively. Growth versus Q2-25 was primarily due to increased AI spending for photonics, datacenter and hybrid bonding applications as well as increased demand for mobile applications. Additional hybrid bonding orders were received in Q2-26 from two repeat customers and one new hyperscaler customer. Similarly, orders of EUR 292.9 million rose by 128.8% versus Q2-25 and 8.6% versus Q1-26. Of note, Besi's orders for the last twelve months increased to a record EUR 987.6 million. Q2-26 net income of EUR 89.0 million increased by 177.3% versus Q2-25 and 72.5% versus Q1-26 as gross margins improved and operating expense growth was limited despite increased spending for development and customer support activities. Similarly, net margins increased to 35.6% versus 21.6% in Q2-25.
"We see order momentum continuing in Q3-26 due to ongoing demand strength for current and future AI applications as well as improvement in Besi's traditional mainstream end-user markets. Customers indicate that we are in a multi-year AI capex cycle further supported by increased demand for agentic AI applications, which are driving increased demand for datacenter CPUs and many of our advanced packaging systems. Besi's strategy is currently focused on expanding our opportunities in wafer level assembly, increasing our penetration of CoWoS, CoPoS and photonics markets and ramping our supply chain and service/support capabilities in alignment with market conditions.
"Based on our backlog and feedback from customers, we anticipate that Besi's Q3-26 revenue will increase by 10-15% versus Q2-26. In addition, gross margins are anticipated to decrease to a range of 63-65% due to a less favorable product mix than Q2-26. Operating expenses are anticipated to be flat to up 5% due primarily to increased development spending."
Share Repurchase Activity
During the quarter, Besi repurchased approximately 57,000 of its ordinary shares at an average price of EUR 257.58 per share for a total of EUR 14.7 million. Cumulatively, as of June 30, 2026, a total of EUR 40.1 million was purchased under the current EUR 60 million share repurchase plan at an average price of EUR 180.83 per share.
On May 5, 2026, Besi exercised its early redemption option with respect to its EUR 175 million 1.875% Senior Unsecured Convertible bonds due 2029 (the "2029 Notes") which resulted in the conversion into equity during Q2-26 of all of the 2029 Notes outstanding and the issuance of 1.5 million shares held in treasury related thereto. As a result, Besi held approximately 0.3 million shares in treasury at June 30, 2026, equal to 0.4% of its shares outstanding.
Investor and media conference call A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com. --------------------------------------------------------
Important Dates
-- Publication Q3/nine-month results October 22, 2026 -- Publication Q4/full year results February 2027
Basis of Presentation
The accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2025 Annual Report, which is available on www.besi.com.
Contacts:
Richard W. Blickman, President & CEO
Andrea Kopp-Battaglia, Senior Vice President Finance
Claudia Vissers, Executive Secretary/IR coordinator
Edmond Franco, VP Corporate Development/US IR coordinator
Tel. (31) 26 319 4500
investor.relations@besi.com
About Besi
Besi is a leading manufacturer of assembly equipment supplying a broad portfolio of advanced packaging solutions to the semiconductor and electronics industries. We offer customers high levels of accuracy, reliability and throughput at a lower cost of ownership with a principal focus on wafer level and substrate assembly solutions. Customers are primarily leading semiconductor manufacturers, foundries, assembly subcontractors and electronics and industrial companies. Besi's ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.
Caution Concerning Forward-Looking Statements
This press release 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 press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as "anticipate", "estimate", "expect", "can", "intend", "believes", "may", "plan", "predict", "project", "forecast", "will", "would", and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading "Outlook" contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately manage costs and expenses in line with revenue; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers; and the other risks detailed in the Risk Management section of our Annual Report. We expressly disclaim any obligation to update or alter these forward-looking statements for revisions or changes whether as a result of new information, future events or otherwise after the date of this release.
In addition, the United States and other countries have recently levied tariffs and taxes on certain goods and could significantly increase or impose new tariffs on a broad array of goods. They have imposed, and may continue to impose, new trade restrictions and export regulations. Increased or new tariffs and additional taxes, including any retaliatory measures, trade restrictions and export regulations, could negatively impact end-user demand and customer investment in semiconductor assembly equipment, increase Besi's supply chain complexity and manufacturing costs, decrease margins, reduce the competitiveness of our products or restrict our ability to sell products, provide services or purchase necessary equipment and supplies. Any or all of the foregoing factors could have a material and adverse effect on our business, results of operations or financial condition. In addition, investors should consider those additional risk factors set forth in Besi's annual report for the year ended December 31, 2025 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.
Consolidated Statements of Operations
Three Months Ended Six Months Ended
(EUR thousands, except share June 30, June 30,
and per share data) (unaudited) (unaudited)
2026 2025 2026 2025
---------- ---------- ---------- ----------
Revenue 249,866 148,101 434,745 292,246
Cost of sales 85,800 54,410 153,302 106,833
Gross profit 164,066 93,691 281,443 185,413
Selling, general and
administrative expenses 32,169 30,629 62,263 63,587
Research and development
expenses 23,111 19,571 46,469 39,073
Total operating expenses 55,280 50,200 108,732 102,660
Operating income 108,786 43,491 172,711 82,753
Financial expense, net 6,320 5,693 11,517 8,652
Income before taxes 102,466 37,798 161,194 74,101
Income tax expense 13,456 5,748 20,613 10,545
Net income 89,010 32,050 140,581 63,556
---------- ---------- ---------- ----------
Net income per share --
basic 1.11 0.40 1.77 0.80
Net income per share --
diluted 1.11 0.40 1.76 0.80
Number of shares used in
computing per share
amounts:
- basic 80,042,363 79,184,703 79,644,593 79,206,267
- diluted (1) 80,930,306 81,288,679 80,951,856 81,405,308
------------------------------ ---------- ---------- ---------- ----------
(1) () The calculation of diluted income per share
assumes the exercise of equity settled share based
payments and the conversion of all convertible notes,
if dilutive.
Consolidated Balance Sheets
June March December
30, 2026 31, 2026 31, 2025
(EUR thousands) (unaudited) (unaudited) (audited)
-------------------------------- ------------ ------------ ----------
ASSETS
Cash and cash equivalents 349,094 361,438 372,986
Deposits 160,000 250,000 170,000
Trade receivables 254,076 186,410 173,651
Inventories 116,945 112,610 104,071
Other current assets 32,053 32,221 36,276
Total current assets 912,168 942,679 856,984
Property, plant and equipment 55,999 53,160 54,281
Right of use assets 12,395 13,178 13,700
Investment property 4,992 5,035 5,078
Goodwill 45,114 45,030 44,834
Other intangible assets 105,530 105,526 104,538
Deferred tax assets 19,944 23,916 25,111
Other non-current assets 6,683 10,428 9,221
Total non-current assets 250,657 256,273 256,763
Total assets 1,162,825 1,198,952 1,113,747
-------------------------------- ------------ ------------ ----------
Trade payables 84,077 68,229 56,524
Other current liabilities 128,899 130,838 97,801
Total current liabilities 212,976 199,067 154,325
Long-term debt 345,084 508,137 507,001
Lease liabilities 10,545 10,976 11,316
Deferred tax liabilities 10,169 10,892 10,851
Other non-current liabilities 10,799 12,934 13,857
Total non-current liabilities 376,597 542,939 543,025
Total equity 573,252 456,946 416,397
Total liabilities and equity 1,162,825 1,198,952 1,113,747
-------------------------------- ------------ ------------ ----------
Consolidated Cash Flow Statements
Three Months Ended Six Months Ended
June 30, June 30,
(EUR thousands) (unaudited) (unaudited)
2026 2025 2026 2025
--------- --------- --------- ---------
Cash flows from operating
activities:
Income before income tax 102,466 37,798 161,194 74,101
Depreciation and amortization 9,846 7,458 19,606 14,765
Share based payment expense 5,143 4,342 10,128 8,783
Financial expense, net 6,320 5,694 11,517 8,653
Changes in working capital (64,395) (11,032) (43,965) (13,145)
Interest (paid) received 292 3,726 (5,639) 839
Income tax paid (11,948) (21,988) (12,102) (23,563)
Net cash provided by operating
activities 47,724 25,998 140,739 70,433
Cash flows from investing
activities:
Capital expenditures (3,018) (11,764) (4,098) (13,497)
Capitalized development expenses (6,134) (7,320) (11,813) (14,057)
Acquisition of investment
property - (5,206) - (5,206)
Repayments of (investments in)
deposits 90,000 120,000 10,000 170,000
Net cash provided by (used in)
investing activities 80,848 95,710 (5,911) 137,240
Cash flows from financing
activities:
Proceeds from (payments of) bank
lines of credit - (840) - (776)
Proceeds from (payments of) debt - (2,042) - (2,042)
Payments of lease liabilities (934) (1,111) (1,874) (2,225)
Purchase of treasury shares (14,661) (20,721) (28,897) (42,785)
Dividends paid to shareholders (125,368) (172,811) (125,368) (172,811)
Withholding tax on purchase of
treasury shares - - (2,416) -
Net cash used in financing
activities (140,963) (197,525) (158,555) (220,639)
Net increase (decrease) in cash
and cash equivalents (12,391) (75,817) (23,727) (12,966)
Effect of changes in exchange
rates on cash and cash
equivalents 47 251 (165) 817
Cash and cash equivalents at
beginning of the period 361,438 405,736 372,986 342,319
Cash and cash equivalents at end
of the period 349,094 330,170 349,094 330,170
---------------------------------- --------- --------- --------- ---------
Supplemental Information (unaudited)
EUR millions, unless stated otherwise)*
REVENUE Q2-2026 Q1-2026 Q4-2025 Q3-2025 Q2-2025 Q1-2025
--------------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Per geography:
China 98.3 39% 84.2 46% 74.7 45% 54.5 41% 37.5 25% 40.5 28%
Asia Pacific (excl.
China) 120.9 49% 75.2 41% 65.6 39% 54.3 41% 66.1 45% 56.3 39%
EU / USA / Other 30.7 12% 25.5 13% 26.1 16% 23.9 18% 44.5 30% 47.3 33%
Total 249.9 100% 184.9 100% 166.4 100% 132.7 100% 148.1 100% 144.1 100%
ORDERS Q2-2026 Q1-2026 Q4-2025 Q3-2025 Q2-2025 Q1-2025
--------------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Per geography:
China 102.4 35% 92.9 34% 112.1 45% 65.6 38% 44.4 35% 39.7 30%
Asia Pacific (excl.
China) 162.5 55% 142.5 53% 113.6 45% 80.1 46% 60.7 47% 51.7 39%
EU / USA / Other 28.0 10% 34.3 13% 24.7 10% 29.0 16% 22.9 18% 40.5 31%
Total 292.9 100% 269.7 100% 250.4 100% 174.7 100% 128.0 100% 131.9 100%
Per customer type:
IDM 109.5 37% 81.0 30% 99.5 40% 70.6 40% 71.9 56% 48.1 36%
Foundries/Subcontractors 183.4 63% 188.7 70% 150.9 60% 104.1 60% 56.1 44% 83.8 64%
Total 292.9 100% 269.7 100% 250.4 100% 174.7 100% 128.0 100% 131.9 100%
HEADCOUNT June 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025
--------------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Fixed staff (FTE) 1,952 84% 1,902 86% 1,856 95% 1,840 88% 1,831 88% 1,820 88%
Temporary staff (FTE) 359 16% 315 14% 108 5% 245 12% 239 12% 251 12%
Total 2,311 100% 2,217 100% 1,964 100% 2,085 100% 2,070 100% 2,071 100%
OTHER FINANCIAL DATA Q2-2026 Q1-2026 Q4-2025 Q3-2025 Q2-2025 Q1-2025
--------------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Gross profit 164.1 65.7% 117.4 63.5% 106.2 63.9% 82.6 62.2% 93.7 63.3% 91.7 63.6%
Selling, general and
admin expenses:
As reported 32.2 12.9% 30.1 16.3% 28.3 17.0% 28.3 21.3% 30.6 20.7% 33.0 22.9%
Share-based
compensation expense (5.1) -2.1% (5.0) -2.7% (3.9) -2.3% (3.7) -2.8% (4.3) -2.9% (4.4) -3.1%
SG&A expenses as
adjusted 27.1 10.8% 25.1 13.6% 24.4 14.7% 24.6 18.5% 26.3 17.8% 28.6 19.8%
Research and development
expenses:
As reported 23.1 9.2% 23.4 12.7% 21.7 13.0% 20.2 15.2% 19.6 13.2% 19.5 13.5%
Capitalization of R&D
charges 6.1 2.4% 5.7 3.1% 5.6 3.4% 6.4 4.8% 7.3 4.9% 6.7 4.6%
Amortization of
intangibles** (5.9) -2.3% (5.9) -3.3% (6.1) -3.7% (5.6) -4.2% (3.9) -2.6% (3.7) -2.5%
R&D expenses as
adjusted 23.3 9.3% 23.2 12.5% 21.2 12.7% 21.0 15.8% 23.0 15.5% 22.5 15.6%
Financial expense
(income), net:
Interest income (2.8) (2.8) (2.9) (2.7) (3.4) (5.0)
Interest expense 5.2 6.1 6.3 6.1 6.4 6.3
Net cost of hedging 3.5 2.5 2.1 2.4 2.3 1.8
Foreign exchange
effects, net 0.4 (0.6) (0.2) (0.7) 0.4 (0.1)
Total 6.3 5.2 5.3 5.1 5.7 3.0
Operating income (as % of
net sales) 108.8 43.5% 63.9 34.6% 56.2 33.8% 34.1 25.7% 43.5 29.4% 39.3 27.2%
EBITDA (as % of net
sales) 118.6 47.5% 73.7 39.9% 66.1 39.7% 43.1 32.5% 50.9 34.4% 46.6 32.3%
Net income (as % of net
sales) 89.0 35.6% 51.6 27.9% 42.8 25.7% 25.3 19.0% 32.1 21.6% 31.5 21.9%
Effective tax rate 13.1% 12.2% 15.9% 12.7% 15.2% 13.2%
Income per share
Basic 1.11 0.65 0.54 0.32 0.40 0.40
Diluted 1.11 0.65 0.54 0.32 0.40 0.40
Average shares
outstanding (basic) 80,042,363 79,242,404 78,933,437 79,053,456 79,184,703 79,228,071
Shares repurchased
Amount 14.7 14.2 16.1 23.1 20.7 22.1
Number of shares 56,860 81,817 117,427 192,461 195,647 186,869
Gross cash 509.1 611.4 543.0 518.6 490.2 685.7
Net cash 164.0 103.3 36.0 (7.8) (36.0) 159.4
* Totals may not add up exactly due to rounding. **
Q4-2025 includes EUR 0.3 million impairment loss.
(END) Dow Jones Newswires
July 23, 2026 05:25 ET