BE Semiconductor Industries (BESI) investor relations material

Executive summary

• Q2-26 revenue reached €249.9 million, up 68.7% year-over-year and 35.2% sequentially, driven by strong demand in AI, photonics, datacenter, hybrid bonding, and mobile applications.

• Net income for Q2-26 was €89.0 million, up 177.3% year-over-year and 72.5% sequentially, with net margin rising to 35.6%.

• H1-26 revenue totaled €434.7 million, up 48.8% year-over-year, and net income was €140.6 million, up 121.1%.

• Orders for Q2-26 were €292.9 million, up 128.8% year-over-year, and H1-26 orders reached €562.6 million, up 116.5%.

• Operating income and EBITDA increased significantly, driven by higher revenue, improved gross margin, and disciplined expense management.

Financial highlights

• Gross margin for Q2-26 was 65.7%, up 2.2 points sequentially and 2.4 points year-over-year, reflecting a favorable product mix.

• Operating expenses were €55.3 million in Q2-26, up 3.4% sequentially and 10.2% year-over-year, at the low end of guidance.

• Net cash position at Q2-26 end was €164.0 million, up 58.8% from March 31, 2026, aided by convertible note conversion and strong cash flow.

• Cash flow from operating activities for H1-26 was €140.7 million, up from €70.4 million in H1-25.

• Dividend payout for the year was €125.4 million, with a payout ratio consistently above 90%.

Outlook and guidance

• Q3-26 revenue is expected to increase 10-15% sequentially from Q2-26, driven by continued AI and mainstream market demand.

• Gross margin is projected to be 63-65% in Q3-26, slightly lower due to a less favorable product mix.

• Operating expenses are anticipated to be flat to up 5% versus Q2-26.

• Multi-year AI CapEx cycle expected to sustain order momentum, with ongoing expansion in wafer-level assembly and photonics markets.

• Year-to-date revenue at Q3-26 midpoint is expected to reach €715.8 million, up 68.4% year-over-year.