BE Semiconductor Industries (BESI) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached €166.4M, up 25.4% sequentially and 8.5% year-over-year, with orders at €250.4M, up 43.3% sequentially and 105.4% year-over-year, driven by strong Asian demand for 2.5D data center, photonics, and hybrid bonding applications.

• Q4 2025 net income was €42.8M, up 69.2% sequentially but down 27.8% year-over-year due to a prior year tax benefit, reflecting higher revenue, improved gross margins, and lower-than-expected operating expense growth.

• Full-year 2025 revenue was €591.3M, down 2.7% year-over-year, with net income at €131.6M, and margins of 63.3% gross, 29.3% operating, and 22.3% net.

• Orders for 2025 reached €685M, up 16.8% year-over-year, with AI applications accounting for about 50% of total orders and computing end-user markets growing from 40% to 50% of revenue.

• Strong liquidity maintained with €543M in cash and deposits and a net cash position of €36M at year-end.

Financial highlights

• Q4 2025 gross margin was 63.9%, up 1.7 points sequentially and nearly flat year-over-year.

• Q4 2025 operating income was €56.2M (+64.8% vs Q3-25), EBITDA €66.1M (+53.4% sequentially and 14.0% year-over-year).

• FY 2025 revenue: €591.3M (-2.7% YoY); orders: €685M (+16.8% YoY).

• Net margin for Q4 2025 was 25.7%; FY 2025 net margin was 22.3%.

• Cash flow from operations was €47.9M in Q4-25; headcount increased to 1,964 to support wafer level assembly expansion.

Outlook and guidance

• Q1 2026 revenue expected to increase 5%-15% sequentially, with gross margins of 63%-65%.

• Operating expenses projected to rise 10%-15% due to higher R&D and development spending.

• Optimism for 2026 based on strong order momentum, especially in 3D wafer level assembly, AI-related 2.5D capacity, and mainstream assembly applications.