Key Highlights
- Order intake surged 104.5% year-over-year to €269.7 million in Q1, approximately 4% above market expectations
- Quarterly net income climbed 63.8% to €51.6 million; sales increased 28.3% to €184.9 million
- AI chip packaging equipment and hybrid bonding technology fueling robust demand
- Second-quarter revenue projected to grow 30% to 40% from Q1 levels, with gross margins targeted at 64–66%
- An additional customer initiated qualification processes for high bandwidth memory (HBM) hybrid bonding solutions
BE Semiconductor Industries delivered an impressive first-quarter performance, with order intake more than doubling and earnings soaring nearly 64% amid surging AI-fueled demand for sophisticated chip packaging solutions.
The Netherlands-based semiconductor equipment provider recorded order bookings totaling €269.7 million during Q1 2026, representing a 104.5% increase compared to €131.9 million in the same period last year. The figure exceeded analyst projections by approximately 4%, based on J.P. Morgan estimates.
Quarterly sales reached €184.9 million, marking a 28.3% year-over-year expansion. Net income hit €51.6 million, rising from €31.5 million in the first quarter of 2025, supported by revenue growth and ongoing cost management initiatives.
The firm’s total order backlog more than doubled during the period to €268.7 million. Company leadership highlighted robust shipment activity across premium mobile devices and 2.5D AI computing segments.
Hybrid Bonding Technology Momentum Accelerates
Hybrid bonding technology — an advanced packaging technique that directly connects two chips vertically — continues to serve as a primary catalyst for Besi’s expansion. This method is considered essential for powering next-generation artificial intelligence systems and high bandwidth memory architectures.
During the quarter, a second major customer initiated qualification procedures for Besi’s hybrid bonding solutions within the high bandwidth memory sector. Industry analysts view this development as an encouraging indicator of expanding HBM technology adoption.
J.P. Morgan characterized the quarterly performance as evidence that hybrid bonding implementation is accelerating throughout the memory industry, describing it as “a positive print” from the manufacturer.
Besi’s early-mover advantage in hybrid bonding technology has positioned the company to capitalize directly on the expanding AI semiconductor infrastructure. Its customer roster includes semiconductor manufacturing leaders TSMC, Intel, and Samsung Electronics — all actively expanding their production capabilities.
TSMC and Samsung have both recently announced intentions to further scale up manufacturing capacity, which analysts expect will generate additional equipment demand for Besi in coming quarters.
Second Quarter Outlook Shows Continued Strength
For the upcoming quarter, Besi projected sequential revenue expansion of 30% to 40% from the Q1 baseline of €184.9 million. This guidance suggests second-quarter revenue ranging between approximately €240 million and €259 million.
Gross profit margins are anticipated to climb to a range of 64% to 66% in Q2. Net earnings are forecast to demonstrate substantial growth.
The forward-looking guidance reflects persistent strength in AI-related semiconductor demand, despite continued weakness across other chip market segments including automotive, personal computing, and consumer memory applications.
In related developments within Europe’s semiconductor industry, STMicroelectronics similarly reported first-quarter performance exceeding analyst expectations, suggesting early recovery signals in its primary end markets.
BESI shares traded approximately 3% higher during early Thursday trading in Amsterdam, outpacing the broader Dutch AEX benchmark index. The stock has accumulated roughly 79% in gains year-to-date through Thursday’s trading session.
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