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BE Semiconductor Industries (BESI) investor relations material
BE Semiconductor Industries Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary24 Jul, 2025
Executive summary
Q2 2025 revenue was €148.1M, up 2.8% sequentially but down 2.1% year-over-year, with net income at €32.1M, a 1.9% sequential increase but 23.4% lower year-over-year due to weaker mobile markets and higher expenses.
H1 2025 revenue was €292.2M, down 1.8% year-over-year, with net income of €63.6M, a 16.2% decrease, reflecting ongoing softness in mobile and automotive segments, partially offset by growth in hybrid bonding shipments.
Orders in Q2 2025 declined 3.0% sequentially and 30.9% year-over-year, mainly due to lower demand in mainstream computing and mobile, but saw new orders for TCB Next systems.
Liquidity remained strong with cash and deposits at €490.2M as of June 30, 2025, up 90.6% year-over-year, mainly due to the Senior Note offering.
Dividend payments in Q2 2025 totaled €172.8M; share repurchases during the quarter amounted to €20.7M for 196,000 shares.
Financial highlights
Q2 2025 gross margin was 63.3%, down 0.3 points sequentially and 1.7 points year-over-year, impacted by product mix and adverse forex.
Operating income for Q2 2025 was €43.5M, up 10.7% sequentially but down 11.8% year-over-year.
Q2 2025 EBITDA was €50.9M, up 9.2% sequentially but down 9.4% year-over-year.
Q2 2025 EPS (basic) was €0.40; H1 2025 EPS was €0.80, down 17.5% year-over-year.
Net cash position at June 30, 2025, was negative €36.0M, reflecting large dividend payments.
Outlook and guidance
Q3 2025 revenue is expected to decline 5–15% sequentially, while orders are anticipated to increase significantly due to demand for hybrid bonding and 2.5D packaging.
Gross margin for Q3 2025 is projected at 60–62%, lower than Q2 2025, mainly due to adverse forex from a weaker USD.
Operating expenses in Q3 2025 are expected to remain flat within a ±5% range of Q2 2025 levels, despite higher R&D spending.
Management sees improved H2 2025 outlook, citing increased customer capex for AI infrastructure and strong advanced packaging demand.
Long-term market growth is forecasted, with a 25% increase in assembly equipment revenue expected from 2024 to 2026 and 63% growth from 2024 to 2029.
How did global trade tensions affect Q2-25?
Explain the expected increase in Q3 orders.
Detail Besi's positioning in advanced packaging.
Assess impact of US compute customer issues.
When will HBM4 hybrid bonding production start?
Detail drivers for Q3 gross margin decline.
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Next BE Semiconductor Industries earnings date
Q3 202523 Oct, 2025
Next BE Semiconductor Industries earnings date
Q3 202523 Oct, 2025
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Frequently asked questions
Semiconductor Assembly Specialists
BE Semiconductor Industries N.V. (Besi) specializes in the development and manufacturing of semiconductor assembly equipment. The company's products are used in the assembly of semiconductor chips for a variety of applications, including mobile devices, computing, automotive, and industrial electronics. They have clients in the semiconductor manufacturing industry, providing equipment that supports the production of high-performance and miniaturized electronic components. The company is headquartered in Duiven, the Netherlands, and its shares are listed on the Euronext Amsterdam.
Product Portfolio and Clients
Besi’s clientele includes some of the largest semiconductor manufacturers in the world, who rely on the company’s equipment to produce cutting-edge chips that power a vast array of electronic products. The company’s portfolio of products is focused on advanced semiconductor packaging, offering solutions that are critical for the miniaturization and enhanced performance of electronic components. The company’s core product lines include die attach systems, packaging systems, and plating systems.
Die Attach Systems: These are crucial in the initial stages of semiconductor assembly, where the semiconductor die is attached to the substrate or package. Besi’s die attach equipment supports high precision and high-speed processes, which are vital for the production of advanced packages, such as those used in smartphones and other high-performance devices.
Packaging Systems: Besi provides a range of packaging solutions designed to meet the demands of increasingly complex and miniaturized semiconductor packages. The company’s packaging systems are used for various technologies including wafer-level packaging, flip-chip, and fan-out packaging. These systems enable the production of chips that offer greater functionality while occupying less space, which is essential for modern electronic devices.
Plating Systems: Besi’s plating systems are used to deposit metal layers on semiconductor wafers, a process essential for creating electrical connections in semiconductor devices. The company’s equipment supports advanced plating techniques required for fine-pitch interconnections, which are critical for high-density electronic components.
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