Q4-25 Revenue of EUR 166.4 Million and Net Income of EUR 42.8 Million Up 25.4% and 69.2%, Respectively, vs Q3-25.
Orders of EUR 250.4 Million Up 43.3% vs. Q3-25 and 105.4% vs. Q4-24
FY-25 Revenue of EUR 591.3 Million and Net Income of EUR 131.6 Million
Orders of EUR 685.0 Million Up 16.8% vs. FY-24
Proposed Dividend of EUR 1.58 per Share for Fiscal Year 2025. 95% Payout Ratio
DUIVEN, the Netherlands, Feb. 19, 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 fourth quarter and year ended December 31, 2025.
Key Highlights Q4-25
-- Revenue of EUR 166.4 million increased 25.4% vs. Q3-25 and 8.5% vs. Q4-24
primarily due to higher shipments for 2.5D AI-related computing and
photonics applications
-- Orders of EUR 250.4 million up 43.3% vs. Q3-25 and 105.4% vs. Q4-24 due
principally to a broad-based increase in demand by Asian subcontractors
for 2.5D datacenter applications, renewed capacity purchases for
photonics applications and a significant increase in hybrid bonding
orders
-- Gross margin of 63.9% increased 1.7 points vs. Q3-25 primarily due to a
more favorable product mix. Q4-25 gross margin was relatively flat vs.
Q4-24
-- Net income of EUR 42.8 million increased 69.2% vs. Q3-25 due to higher
revenue, increased gross margins and lower than anticipated operating
expense growth. Similarly, Besi's net margin of 25.7% increased 6.7
points vs. Q3-25. Vs. Q4-24, net income and net margin decreased 27.8%
and 12.9 points due to the absence of an EUR 18.2 million net tax benefit
recognized in Q4-24
-- Strong liquidity position at year end with cash and deposits of EUR 543.0
million and net cash of EUR 36.0 million. Vs. Q3-25, cash and deposits
and net cash increased by EUR 24.4 million and EUR 43.8 million,
respectively
Key Highlights FY 2025
-- Revenue of EUR 591.3 million down 2.7% vs. 2024 principally due to
broad-based weakness in mobile, automotive and industrial end-user
markets partially offset by increased revenue from Asian subcontractors
for AI-related datacenter and photonics applications
-- Orders of EUR 685.0 million rose 16.8% due to strength in AI-related 2.5D
demand for datacenter applications by Asian subcontractors and renewed
capacity purchases for photonics applications
-- Gross margin of 63.3% decreased 1.9 points due primarily to a 12%
decrease in the value of the US dollar versus the euro in the first half
year
-- Net income of EUR 131.6 million declined 27.7% due primarily to lower
gross margins, higher interest expense, net and an increased effective
tax rate
-- Proposed dividend of EUR 1.58 per share. Represents payout ratio of 95%
Q1-26 Outlook
-- Revenue expected to increase 5%-15% vs. the EUR 166.4 million reported in
Q4-25
-- Gross margin expected to range between 63%-65% vs. the 63.9% realized in
Q4-25
-- Operating expenses expected to grow 10%-15% vs. the EUR 50.0 million
reported in Q4-25 primarily due to higher R&D spending
(EUR millions, Q4- Q3- Q4- FY- FY-
except EPS) 2025 2025 <DELTA> 2024 <DELTA> 2025 2024 <DELTA>
--------------- ----- ----- ------- ----- -------- ----- ----- ---------
Revenue 166.4 132.7 +25.4% 153.4 +8.5% 591.3 607.5 -2.7%
Orders 250.4 174.7 +43.3% 121.9 +105.4% 685.0 586.7 +16.8%
Gross Margin 63.9% 62.2% +1.7pts 64.0% -0.1pts 63.3% 65.2% -1.9pts
Operating
Income 56.2 34.1 +64.8% 50.6 +11.1% 173.1 195.6 -11.5%
EBITDA 66.1 43.1 +53.4% 58.0 +14.0% 206.8 224.2 -7.8%
Net Income* 42.8 25.3 +69.2% 59.3 -27.8% 131.6 182.0 -27.7%
Net Margin* 25.7% 19.0% +6.7pts 38.6% -12.9pts 22.3% 30.0% -7.7pts
EPS (basic) 0.54 0.32 +68.8% 0.75 -28.0% 1.66 2.31 -28.1%
EPS (diluted) 0.54 0.32 +68.8% 0.74 -27.0% 1.66 2.30 -27.8%
Net Cash and
Deposits 36.0 -7.8 +43.8 143.8 -107.8 36.0 143.8 -107.8%
--------------- ----- ----- ------- ----- -------- ----- ----- -------
* Q4-2024 includes net tax benefit of EUR 18.2 million
Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
"Besi's progress in 2025 reflected the favorable influence of increased AI spending on our business development. Orders of EUR 685.0 million increased by 16.8% versus 2024 due to strength in AI-related 2.5D demand for datacenter applications by Asian subcontractors and renewed capacity purchases for photonics applications. Growth accelerated in the second half of the year with orders increasing 63.6% versus the first half year. Orders for AI applications represented approximately 50% of our total orders in 2025 and revenue from Besi's computing end-user market grew from approximately 40% of revenue in 2024 to 50% in 2025.
For the year, revenue of EUR 591.3 million decreased by 2.7% versus 2024 due to lower shipments for mobile, automotive and industrial end-user markets as a result of ongoing weakness in overall assembly markets. We continued to maintain attractive levels of profitability with gross, operating and net margins realized of 63.3%, 29.3% and 22.3%, respectively. Given profits earned in 2025 and our solid liquidity position, we will propose a cash dividend of EUR 1.58 per share for approval at Besi's AGM on April 23, 2026, which represents a payout ratio relative to net income of 95%.
Besi's revenue, gross margin and operating expense development in Q4-25 exceeded the favorable end of prior guidance. Revenue of EUR 166.4 million and orders of EUR 250.4 million increased by 25.4% and 43.3% versus Q3-25 due principally to a broad-based increase in demand by Asian subcontractors for 2.5D data center applications, renewed capacity purchases for photonics applications and a significant increase in hybrid bonding orders. Net income of EUR 42.8 million increased 69.2% vs. Q3-25 due to higher revenue, increased gross margins from a more favorable product mix and lower than anticipated operating expense growth.
We are pleased with our operational progress in 2025 as we completed a comprehensive strategic plan review with enhanced revenue and profit targets and organized additional production capacity and infrastructure to help support that growth. We also experienced progress on our wafer level assembly agenda as hybrid bonding adoption expanded to 18 customers, cumulative orders grew to 150+ systems and new use cases were identified for co-packaged optics, ASICs and consumer applications. In addition, six integrated hybrid bonding production lines were installed at a leading logic customer incorporating 30 Besi hybrid bonders in collaboration with Applied Materials. The first 50 nm placement accuracy prototype system was also completed and available for customer qualification. Our position in the TCB market was further enhanced as Besi's TC Next adoption expanded to five customers for logic, memory and photonics applications. In addition, our flip chip and multi module die attach systems gained significant share in the market for AI-related 2.5D assembly structures addressing the rapid growth in demand for datacenter and photonics capacity. Further, we successfully introduced a variety of next generation die bonding and packaging systems for each of our traditional computing, mobile and automotive markets as we prepare for the next market upturn.
We enter 2026 with increased optimism based on strong order momentum experienced in the second half of 2025 which has continued to date in the first quarter of 2026. Our current optimism is based on anticipated growth in three promising Besi revenue streams: 3D wafer level assembly, AI-related 2.5D capacity and more traditional mainstream assembly applications.
Customer roadmaps point to expanded hybrid bonding and TC Next adoption over the next two years in the areas of HBM4/4e, co-packaged optics, ASICs and new high performance computing and mobile introductions. In addition, recent announcements of substantial AI-related infrastructure investments are expected to increase demand for advanced packaging. Increased AI investment has also created capacity shortages for 2.5D packaging which has caused producers to secure increased production from many Asian subcontractors. Our optimism also relates to the significant increase in demand from Chinese subcontractors as the country builds out its AI infrastructure. Further, many new advanced packaging fabs are planned for the US, Europe, Southeast Asia and Japan which should increase demand for our advanced packaging product portfolio.
We also see market conditions improving in overall assembly markets based on favorable semiconductor unit growth trends and a significant reduction of excess semiconductor inventory. Green shoots are appearing after an extended downturn of nearly four years in each of our principal end-user markets.
For Q1-26, we anticipate that revenue will increase by 5%-15% versus Q4-25 with gross margins ranging between 63%-65% aided by improved revenue and a more favorable advanced packaging product mix. Operating expenses are anticipated to increase by 10%-15% as we maintain discipline in overhead growth while continuing to increase development spending to support long-term growth opportunities."
Share Repurchase Activity
During the quarter, Besi repurchased approximately 0.1 million of its ordinary shares at an average price of EUR 136.76 per share or a total of EUR 16.1 million. For the year, Besi repurchased approximately 0.7 million shares at an average price of EUR 118.26 per share for a total of EUR 82.0 million. At year end, Besi held approximately 1.9 million shares in treasury equal to 2.3% 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 EST). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com. ------------------------------------------------------ Important Dates ----------------------------------------- -- Publication Annual Report 2025 February 27, 2026 -- Publication Q1 results April 23, 2026 -- Annual General Meeting of Shareholders April 23, 2026 -- Besi Investor Day, Amsterdam June 18, 2026 -- Publication Q2/semi-annual results July 23, 2026 -- Publication Q3/nine-month results October 22, 2026 -- Publication Q4/full year results February, 2027 Dividend Information* ----------------------------------------- -- Proposed ex-dividend date April 27, 2026 -- Proposed record date April 28, 2026 -- Proposed payment of 2025 dividend Starting May 4, 2026
* Subject to approval at Besi's AGM on April 23, 2026
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 Material Accounting Principles to the Notes to the Consolidated Financial Statements as included in our 2025 Annual Report, which will be available on www.besi.com as of February 27, 2026.
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.
Statement of Compliance
The accounting policies applied in the condensed consolidated financial statements included in this press release are the same as those applied in the Annual Report 2025 and were authorized for issuance by the Board of Management and Supervisory Board on February 18, 2026. In accordance with Article 393, Title 9, Book 2 of the Netherlands Civil Code, EY Accountants BV has issued an unqualified auditor's opinion on the Annual Report 2025. The Annual Report 2025 will be published on our website on February 27, 2026 and proposed for adoption by the Annual General Meeting on April 23, 2026. The condensed financial statements included in this press release have been prepared in accordance with IFRS Accounting Standards, as adopted by the European Union but do not include all of the information required for a complete set of IFRS financial statements.
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. In addition, the financial guidance set forth under the heading "Outlook" contains 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; the adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers arising from the COVID-19 pandemic; 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 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 factor 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 Year Ended
(EUR thousands, except share December 31, December 31,
and per share data) (unaudited) (audited)
2025 2024 2025 2024
---------- ---------- ---------- ----------
Revenue 166,354 153,413 591,331 607,473
Cost of sales 60,114 55,253 217,057 211,529
Gross profit 106,240 98,160 374,274 395,944
Selling, general and
administrative expenses 28,316 28,575 120,243 126,048
Research and development
expenses 21,715 19,009 80,975 74,305
Total operating expenses 50,031 47,584 201,218 200,353
Operating income 56,209 50,576 173,056 195,591
Financial expense, net 5,328 3,877 19,108 7,071
Income before income tax 50,881 46,699 153,948 188,520
Income tax expense (benefit) 8,076 (12,595) 22,307 6,528
Net income 42,805 59,294 131,641 181,992
---------- ---------- ---------- ----------
Net income per share -- basic 0.54 0.75 1.66 2.31
Net income per share --
diluted 0.54 0.74 1.66 2.30
Number of shares used in
computing per share amounts:
- basic 78,933,437 79,402,192 79,124,918 78,877,471
- diluted(1) 79,514,663 81,628,947 79,745,393 81,889,907
---------- ---------- ---------- ----------
_____________________
(1) () The calculation of the diluted income per share assumes the exercise of equity-settled share-based payments and the conversion of the convertible notes, if dilutive.
Consolidated Balance Sheets
December September June 30, March 31, December
31, 2025 30, 2025 2025 2025 31, 2024
(EUR thousands) (audited) (unaudited) (unaudited) (unaudited) (audited)
---------------- --------- ----------- ----------- ----------- ----------
ASSETS
Cash and cash
equivalents 372,986 348,561 330,170 405,736 342,319
Deposits 170,000 170,000 160,000 280,000 330,000
Trade
receivables 173,651 150,136 178,615 170,440 181,862
Inventories 104,071 103,896 96,977 103,836 103,285
Other current
assets 36,276 46,546 53,821 46,099 40,927
Total current
assets 856,984 819,139 819,583 1,006,111 998,393
Property, plant
and equipment 54,281 52,548 51,089 42,868 44,773
Right of use
assets 13,700 14,131 13,799 15,161 15,726
Investment in
property 5,078 5,163 5,206 - -
Goodwill 44,834 44,840 44,857 45,610 46,010
Other intangible
assets 104,538 104,585 103,933 98,622 96,677
Deferred tax
assets 25,111 26,683 27,494 29,240 31,567
Other
non-current
assets 9,221 1,299 1,303 1,347 1,330
Total
non-current
assets 256,763 249,249 247,681 232,848 236,083
Total assets 1,113,747 1,068,388 1,067,264 1,238,959 1,234,476
---------------- --------- ----------- ----------- ----------- ----------
Bank overdraft - - - 840 776
Current portion
of long-term
debt - - - - 2,042
Trade payables 56,524 50,774 47,458 46,598 52,630
Other current
liabilities 97,801 91,654 95,530 111,170 111,531
Total current
liabilities 154,325 142,428 142,988 158,608 166,979
Long-term debt 507,001 526,388 526,184 525,493 525,653
Lease
liabilities 11,316 11,467 10,873 11,770 12,350
Deferred tax
liabilities 10,851 10,009 10,523 10,416 10,320
Other
non-current
liabilities 13,857 16,934 19,915 19,328 17,910
Total
non-current
liabilities 543,025 564,798 567,495 567,007 566,233
Total equity 416,397 361,162 356,781 513,344 501,264
Total
liabilities and
equity 1,113,747 1,068,388 1,067,264 1,238,959 1,234,476
---------------- --------- ----------- ----------- ----------- ----------
Consolidated Cash Flow Statements
Three Months Ended Year Ended
December 31, December 31,
(EUR thousands) (unaudited) (audited)
2025 2024 2025 2024
--------- --------- --------- ---------
Cash flows from operating
activities:
Income before income tax 50,881 46,699 153,948 188,520
Depreciation, amortization and
impairment 9,907 7,420 33,723 28,601
Share-based payment expense 3,884 2,851 16,375 30,067
Financial expense, net 5,328 3,877 19,108 7,071
Changes in working capital (20,576) 4,819 (14,442) (39,095)
Interest received (paid), net 943 1,965 (2,319) 9,183
Income tax paid (2,419) (3,751) (28,252) (23,264)
Net cash provided by operating
activities 47,948 63,880 178,141 201,083
Cash flows from investing
activities:
Capital expenditures (1,171) (1,074) (15,795) (12,039)
Acquisition of investment property 42 - (5,164) -
Capitalized development expenses (5,573) (5,447) (25,994) (19,437)
Repayments of (investments in)
deposits - - 160,000 (105,000)
Net cash provided by (used in)
investing activities (6,702) (6,521) 113,047 (136,476)
Cash flows from financing
activities:
Proceeds from (payments of) bank
lines of credit - 776 (776) 776
Payments of debt - - (2,042) -
Proceeds from notes - - - 350,000
Transaction costs related to notes - (29) - (6,424)
Payments on lease liabilities (574) (1,128) (3,685) (4,314)
Purchase of treasury shares (16,075) (22,415) (81,967) (79,833)
Dividend paid to shareholders - - (172,811) (171,534)
Net cash provided by (used in)
financing activities (16,649) (22,796) (261,281) 88,671
Net change in cash and cash
equivalents 24,597 34,563 29,907 153,278
Effect of changes in exchange
rates on cash and cash
equivalents (172) 308 760 564
Cash and cash equivalents at
beginning of the Period 348,561 307,448 342,319 188,477
Cash and cash equivalents at end
of the period 372,986 342,319 372,986 342,319
---------------------------------- --------- --------- --------- ---------
Supplemental Information (unaudited)
(EUR millions, unless stated otherwise*)
REVENUE Q4-2025 Q3-2025 Q2-2025 Q1-2025 Q4-2024 Q3-2024 Q2-2024 Q1-2024
------------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Per geography:
China 74.7 45% 54.5 41% 37.5 25% 40.5 28% 42.8 28% 45.5 29% 57.5 38% 58.5 40%
Asia Pacific (excl.
China) 65.6 39% 54.3 41% 66.1 45% 56.3 39% 53.5 35% 51.6 33% 54.1 36% 43.6 30%
EU / USA / Other 26.1 16% 23.9 18% 44.5 30% 47.3 33% 57.1 37% 59.5 38% 39.6 26% 44.2 30%
Total 166.4 100% 132.7 100% 148.1 100% 144.1 100% 153.4 100% 156.6 100% 151.2 100% 146.3 100%
ORDERS Q4-2025 Q3-2025 Q2-2025 Q1-2025 Q4-2024 Q3-2024 Q2-2024 Q1-2024
------------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Per geography:
China 112.1 45% 65.6 38% 44.4 35% 39.7 30% 40.4 33% 45.4 30% 43.3 23% 51.1 40%
Asia Pacific (excl.
China) 113.6 45% 80.1 46% 60.7 47% 51.7 39% 38.8 32% 69.3 46% 72.0 39% 45.0 35%
EU / USA / Other 24.7 10% 29.0 16% 22.9 18% 40.5 31% 42.7 35% 37.1 24% 69.9 38% 31.6 25%
Total 250.4 100% 174.7 100% 128.0 100% 131.9 100% 121.9 100% 151.8 100% 185.2 100% 127.7 100%
Per customer type:
IDM 99.5 40% 70.6 40% 71.9 56% 48.1 36% 61.2 50% 84.5 56% 122.4 66% 53.5 42%
Foundries/Subcontractors 150.9 60% 104.1 60% 56.1 44% 83.8 64% 60.7 50% 67.3 44% 62.8 34% 74.2 58%
Total 250.4 100% 174.7 100% 128.0 100% 131.9 100% 121.9 100% 151.8 100% 185.2 100% 127.7 100%
HEADCOUNT Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024
------------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Fixed staff (FTE) 1,856 95% 1,840 88% 1,831 88% 1,820 88% 1,812 93% 1,807 87% 1,783 86% 1,760 88%
Temporary staff (FTE) 108 5% 245 12% 239 12% 251 12% 134 7% 271 13% 279 14% 236 12%
Total 1,964 100% 2,085 100% 2,070 100% 2,071 100% 1,946 100% 2,078 100% 2,062 100% 1,996 100%
OTHER FINANCIAL DATA Q4-2025 Q3-2025 Q2-2025 Q1-2025 Q4-2024 Q3-2024 Q2-2024 Q1-2024
------------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Gross profit 106.2 63.9% 82.6 62.2% 93.7 63.3% 91.7 63.6% 98.2 64.0% 101.2 64.7% 98.3 65.0% 98.3 67.2%
Selling, general and
admin expenses:
As reported 28.3 17.0% 28.3 21.3% 30.6 20.7% 33.0 22.9% 28.6 18.6% 27.3 17.4% 30.5 20.2% 39.6 27.1%
Share-based
compensation expense (3.9) -2.3% (3.7) -2.8% (4.3) -2.9% (4.4) -3.1% (2.9) -1.8% (3.4) -2.1% (6.9) -4.6% (16.9) -11.6%
SG&A expenses as
adjusted 24.4 14.7% 24.6 18.5% 26.3 17.8% 28.6 19.8% 25.7 16.8% 23.9 15.3% 23.6 15.6% 22.7 15.5%
Research and development
expenses:
As reported 21.7 13.0% 20.2 15.2% 19.6 13.2% 19.5 13.5% 19.0 12.4% 18.9 12.1% 18.5 12.2% 17.9 12.2%
Capitalization of R&D
charges 5.6 3.4% 6.4 4.8% 7.3 4.9% 6.7 4.6% 5.4 3.5% 4.4 2.8% 4.9 3.2% 4.7 3.2%
Amortization of
intangibles** (6.1) -3.7% (5.6) -4.2% (3.9) -2.6% (3.7) -2.5% (3.9) -2.5% (3.9) -2.5% (3.6) -2.3% (3.6) -2.4%
R&D expenses as
adjusted 21.2 12.7% 21.0 15.8% 23.0 15.5% 22.5 15.6% 20.5 13.4% 19.4 12.4% 19.8 13.1% 19.0 13.0%
Financial expense
(income), net:
Interest income (2.9) (2.7) (3.4) (5.0) (5.1) (5.2) (3.0) (4.0)
Interest expense 6.3 6.1 6.4 6.3 6.1 5.7 2.1 2.8
Net cost of hedging 2.1 2.4 2.3 1.8 2.0 1.9 1.4 1.6
Foreign exchange
effects, net (0.2) (0.7) 0.4 (0.1) 0.9 (0.8) 0.5 0.2
Total 5.3 5.1 5.7 3.0 3.9 1.6 1.0 0.6
Operating income (as % of
net sales) 56.2 33.8% 34.1 25.7% 43.5 29.4% 39.3 27.2% 50.6 33.0% 55.1 35.2% 49.3 32.6% 40.7 27.8%
EBITDA (as % of net
sales) 66.1 39.7% 43.1 32.5% 50.9 34.4% 46.6 32.3% 58.0 37.8% 62.4 39.8% 56.2 37.2% 47.5 32.5%
Net income (as % of net
sales) 42.8 25.7% 25.3 19.0% 32.1 21.6% 31.5 21.9% 59.3 38.6% 46.8 29.9% 41.9 27.7% 34.0 23.2%
Effective tax rate 15.9% 12.7% 15.2% 13.2% -27.0% 12.6% 13.0% 15.3%
Income per share
Basic 0.54 0.32 0.40 0.40 0.75 0.59 0.53 0.44
Diluted 0.54 0.32 0.40 0.40 0.74 0.59 0.53 0.44
Average shares
outstanding (basic) 78,933,437 79,053,456 79,184,703 79,228,071 79,402,192 79,630,787 79,281,533 77,181,326
Shares repurchased
Amount 16.1 23.1 20.7 22.1 22.4 27.8 14.8 14.8
Number of shares 117,427 192,461 195,647 186,869 198,450 230,807 105,042 101,049
Gross cash 543.0 518.6 490.2 685.7 672.3 637.4 257.2 447.1
Net cash 36.0 (7.8) (36.0) 159.4 143.8 110.7 74.4 180.9
*Totals may not add up exactly due to rounding. **
Q4-2025 includes EUR 0.3 million impairment loss.
(END) Dow Jones Newswires
February 19, 2026 05:19 ET (10:19 GMT)