BE Semiconductor Industries (BESI) Investor presentation summary

Financial performance and targets

• YTD Q3-26 orders €905.2m, up 108% YoY; revenue €718.1m, up 69%; gross margin 65% vs. 63%.

• YTD Q3-26 EBITDA €332.2m, with a 46% margin vs. 33%; net income €247.8m, with a 35% margin vs. 21%; net cash €246.6m.

• FY 2026 revenue and orders expected to exceed €1bn if Q4 guidance reaches its midpoint; Q3-26 operating margin was 46% and net margin 38%.

• Long-term revenue model raised to €1.7–2.2bn and operating margin target to 45–55%; Engine 1 target increased to €1.1bn and Engine 2 to €0.6–1.1bn.

Market outlook

• Assembly equipment market forecast raised to $7.4bn in 2026, $10bn in 2027 and $12bn in 2028; forecast growth is 37% in 2026 and 122% from 2025 to 2028.

• Estimated IDM and foundry capex rises from $180bn in 2024 to $365bn in 2030, a 102% increase, driven by AI infrastructure investment.

• Approximately $125bn of advanced packaging fab investment is planned or underway, including $33bn in the US, $30bn in Taiwan and $26bn in Korea.

• 2.5D wafer demand is forecast to grow at a 50.4% CAGR from 2025 to 2030; rising accelerator demand and packaging complexity increase die-attach intensity.

Technology and growth opportunities

• Hybrid bonding adoption reached 23 customers by Q3-26, with cumulative unit orders above 215; all leading HBM players have installed hybrid bonding solutions.

• Cumulative hybrid bonding system installations are estimated at 1,150–2,200 by 2030; the estimate includes logic and CPO, with HBM adoption expected to begin in 2027.

• A 50nm-accuracy hybrid bonder is in evaluation in 2026, targeting 50% higher throughput than Gen 1; a 25nm-accuracy system is in development.

• Optical interconnect demand is forecast to grow at a 29.5% CAGR through 2030; CPO is an additional hybrid bonding opportunity, with a 318% forecast CAGR from 2026 to 2030.