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BE Semiconductor Industries (BESI) investor relations material
BE Semiconductor Industries Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Q3 2025 revenue was €132.7 million, down 10.4% sequentially and 15.3% year-over-year, but orders surged 36.5% sequentially and 15.1% year-over-year to €174.7 million, driven by strong demand for 2.5D datacenter and photonic applications.
Nine-month 2025 revenue totaled €425.0 million, down 6.4% year-over-year, with net income at €88.8 million, a 27.6% decrease, reflecting industry downturns and adverse forex effects.
Net income for Q3-25 was €25.3 million, down 21.2% sequentially and 45.9% year-over-year, with a net margin of 19.0%.
Cash and deposits stood at €518.6 million as of September 30, 2025, up €28.4 million from June 30, supported by robust operating cash flow.
Completed €100 million share buyback in October 2025 and launched a new €60 million program through October 2026.
Financial highlights
Q3-25 revenue: €132.7 million (-10.4% QoQ, -15.3% YoY); orders: €174.7 million (+36.5% QoQ, +15.1% YoY).
Gross margin for Q3-25 was 62.2%, down 1.1 points sequentially and 2.5 points year-over-year, mainly due to adverse forex effects.
Operating income for Q3-25 was €34.1 million, with an operating margin of 25.7%.
Net cash at end of Q3-25 was -€7.8 million, an improvement of €28.2 million sequentially.
Cash flow from operations remains strong, with LTM at €194.1 million (36% of revenue).
Outlook and guidance
Q4-25 revenue expected to increase by 15–25% sequentially, supported by higher bookings.
Gross margin anticipated between 61–63% for Q4-25 and FY2025.
Operating expenses projected to rise 5–10% in Q4, mainly due to higher R&D spending.
FY2025 revenue guidance at €584.3 million, down 3.8% year-over-year.
Management expects to outgrow the overall assembly equipment market in 2026, driven by advanced packaging and AI-related demand.
What's driving Asian subcontractor order growth?
Explain the rise in financial expense.
Rationale for new share repurchase program?
HBM4 hybrid bonding adoption timeline?
Geopolitical impact on 2026 capacity build-out
OSAT investment appetite for compute vs. mobile peak
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Next BE Semiconductor Industries earnings date
Q4 202519 Feb, 2026
Next BE Semiconductor Industries earnings date
Q4 202519 Feb, 2026
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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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