Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Investor Presentation (November 2026)
46 slides from Be Semiconductor Industries's investor presentation, November 2026
Slide 1: Investor Presentation November 2026
INVESTOR PRESENTATION November 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the presentation, including, but not limited to, statements relating to exp
Slide 3: Agenda
Agenda I. Company Overview II. Market Overview III. End-User Market Trends IV. Summary November 2026 3
Slide 4: I. Company Overview
I. COMPANY OVERVIEW November 2026 4
Slide 5: Company History
Company History 1200 Consistent focus on Advanced Packaging has created an industry leader 100% 1100 • Focused on most rapidly growing segments of assembly market • Growth organically and via acquisitions € 1,002.0 90% 1000 • Expanded share of wallet with key industry leaders each cycle • Expansion
Slide 6: Summary Strategy and Strategic Objectives
Summary Strategy Maintain best in class technology leadership Reward Expand shareholders via presence in capital wafer level allocation policy assembly Strategic Acquire companies with Objectives Increase market presence in complementary addressable technologies markets and products Exceed challengi
Slide 7: Superior Long-Term Value Creation
Superior Long-Term Value Creation Capital Allocation Strategic/Financial Shareholder Return Disciplined execution has Superior Total Returns*: Attractive capital created leader in 116% (3 year) allocation program advanced packaging 221% (5 year) 1,729% (10 year) € 2.4 billion of dividends Consistent
Slide 8: Besi's Position in Semiconductor Equipment Market
Besi’s Position in Semiconductor Equipment Market Total Semiconductor Manufacturing Equipment 2026 (E): $ 185B Front end: $ 160.0B Assembly: $ 7.5B Test: $ 17.5B (86%) (4%) (10%) Besi focus Assembly Process Dicing Die Attach Wire Bond Packaging Plating Leadframe Wire Bond Substrate Wire Bond Substra
Slide 9: Assembly Equipment Market Composition
Assembly Equipment Market Composition Assembly Equipment Market (2026E) Besi Addressable Market* (2026E) Wire Plating Bonding 1% Inspection, 15% Dicing, Other 36% Packaging 34% $7.5Bn $2.1Bn Die Attach 65% Die Attach 35% Packaging & Plating Other 11% Bonding 3% * Excludes TCB Source: TechInsights, S
Slide 10: Industry Leading Equipment Portfolio
Industry Leading Equipment Portfolio Die Attach (80% of 2025 Revenue) Hybrid Bonding Thermo Compression CoW Flip Chip Multi-Module Attach CoS Flip Chip Direct Lid Attach Epoxy / Soft Solder Packaging and Plating (20% of 2025 Revenue) Wafer & Panel Molding Substrate Molding Leadframe Molding Singulat
Slide 11: Well Positioned With Leading Market Shares in Its Addressable Markets
Well Positioned With Leading Market Shares in Its Addressable Markets 68% 70% Addressable Market1 41% 32% 33% 2021 2022 2023 2024 2025 50% 49% Die Attach1 46% 40% 40% 2021 2022 2023 2024 2025 83% 82% Advanced Die 81% Placement1,2 79% 78% 2021 2022 2023 2024 2025 Source: TechInsights, May 2026 1) Exc
Slide 12: Serving Blue Chip Customers Across Key End-Markets
Serving Blue Chip Customers Across Key End-Markets Customers End-User Markets • Diversified, blue chip customer base Independent Device Manufacturers (IDMs) • Top 10 customers ~44% of 2025 revenue • No customer greater than 10% Computing 51% • Supplying leading IDMs, fabless producers and subcontrac
Slide 13: Global Operations Supported by European Development Centers and Asian Production
Global Operations Supported by European Development Centers and Asian Production Footprint/Supply Chain Chandler Korea Suzhou Chengdu Shanghai Leshan LTM Q3-26 Taiwan Shenzhen Revenue (€ MM) Europe/RoW India 12% Thailand Philippines Duiven and ‘s-Hertogenbosch (NL) Vietnam Malaysia 884.6 Singapore A
Slide 14: R&D Efforts Focus on Next Gen AI Applications
R&D Efforts Focus on Next Gen AI Applications R&D investment has more than doubled since 2020 90 20% Key areas of current focus: Gross R&D* % of Revenue 87.7 80 • Hybrid bonding: 18% • 50 nm accuracy hybrid bonder in evaluation this year 70 • Targets increased throughput (+50%) vs. Gen 1 60 14.8% 15
Slide 15: Long-term Through Cycle Growth. New Upcycle Began in H2-25
Long-term Through Cycle Growth. New Upcycle Began in H2-25 Revenue Gross Margin Gross margin weighted 5-year average 1200 70% 64.7% 62.6% 60% 1000 56.3% 1,002 50% 800 42.8% 749 Gross margin 40% € millions 600 36.0% 593 30% 400 379 20% 351 200 191 10% 0 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014
Slide 16: Business Update
Business Update Progress achieved on long-term strategic plan realization • Revenue and orders to exceed € 1 billion mark in 2026, assuming we reach the midpoint of the guidance ✓ • AI drives significant order growth for hybrid bonding, datacenter and photonics applications • Disciplined cost manage
Slide 17: Summary Financials
Summary Financials Year Ended December 31, 2023 2024 2025 YTD Q3-25 YTD Q3-26 (€ MM) Long-term growth in cyclical business Orders 548.3 586.7 685.0 434.6 905.2 • Increased revenue, profitability and market share per cycle Growth (%) -17% +7% +17% +108% Strong margins and profitability • Increasing t
Slide 18: Target Model
Target Model Current Target New Target Besi’s long-term revenue model increased to range of € 1.7 – € 2.2 billion € 1.0 billion Engine 1 Revenue € 1.1 billion • Up ~15% at midpoint • Increased Engine 1 (Traditional € 0.5 - 0.9 billion Engine 2 Revenue € 0.6 - 1.1 billion Advanced Packaging) revenue
Slide 19: II. Market Overview
II. MARKET OVERVIEW November 2026 19
Slide 20: AI Driving New Semiconductor Super-Cycle
AI Driving New Semiconductor Super-Cycle Annual Semiconductor Revenue Growth $2.5 AI Infrastructure CAGR 2025 - 2035 2026 Updated Semi Forecast 8.4% LLM Training $2.0 $2.0 2025 Forecast (Last Investor Day) 6.8% AI Inference $1.5 $1.4 AI Enabled Devices $ Trillions $1.0 Mobile Devices $0.9 Computers
Slide 21: Overall WFE Outlook Improving Due to AI Infrastructure Build
Overall WFE Outlook Improving Due to AI Infrastructure Build Estimated IDM & Foundry Capex to Double by 2030E AI Buildout Has Caused New Multi-year WFE 400 CAGR 365 Capex Cycle 350 Logic 11.4% 51 “Customers are increasingly ordering for 2028 and Memory 15.7% 299 expressing interest in 2029 and 2030.
Slide 22: Semiconductor Industry Conditions Continue to Improve
Semiconductor Industry Conditions Continue to Improve Semi Inventory/Bookings Ratio Indicates Order Favorable IC Unit Growth Trends Return Growth Outpacing Inventory Levels IC Inventories Total Weekly IC Unit Shipments (Q1 2016 – Q2 2026F) (2004-2026) 2.3 2.1 Total I:B Ratio 1.9 1.7 1.5 1.3 1.1 0.9
Slide 23: Many New Advanced Packaging Fabs Planned
Many New Advanced Packaging Fabs Planned ~$125B Investment Planned or In Progress Packaging Fab Projects # Projects Cost ($B) Arizona advanced packaging investment expanded to USA 7 33 c. $12bn on strong customer commitments Taiwan 6 30 2026 capex raised to record $10.5bn as advanced Korea 3 26 pack
Slide 24: Assembly Equipment Growth Expected to Accelerate
Assembly Equipment Growth Expected to Accelerate 16.0 Assembly Equipment Forecast ($B) 14.0 12.0 12.0 TechInsights has upwardly revised its assembly 10.0 growth forecast 10.0 • 37% increase now anticipated in 2026 (vs. 20%) $ billions 8.0 • 122% increase expected 2025-2028 (vs. 53%) 7.4 • Expansion
Slide 25: Long-Term Outlook Enhanced By Increased Hybrid Bonding Use Cases
Long-Term Outlook Enhanced By Increased Hybrid Bonding Use Cases and Products in the News “TSMC says COUPE platform set for production as Samsung outlines “Samsung, SK Hynix reportedly ramp hybrid bonding push for next-gen Silicon Photonics push” HBM” Digitimes Asia. April 2026 Digitimes Asia. April
Slide 26: AI Drives Growth In Mainstream Assembly Applications
AI Drives Growth In Mainstream Assembly Applications ▪ AI / Datacenter are primary demand drivers across multiple Total Semiconductor Market Revenue mainstream applications: Photonics, 2.5D, Power Management 1.60 ▪ AI also creates demand across Besi’s traditional end markets: AI/datacenters, high en
Slide 27: III. End-User Market Trends
III. END-USER MARKET TRENDS November 2026 27
Slide 28: Principal Growth Drivers In Besi's End-User Markets
Principal Growth Drivers In Besi’s End-User Markets Computing Mobile Automotive Industrial / Other Agentic AI On Device AI Autonomous Driving Factory Automation • Datacenters • Adv. cameras & 3D imaging • Advanced cameras/sensors • Robotics • Si Photonics • 5G advanced → 6G • Vehicle electrification
Slide 29: AI Driving Change in Besi's End-User Application Revenue
AI Driving Change in Besi’s End-User Application Revenue 13% 16% 15% 17% 17% 12% 7% 9% 9% 11% 10% 13% 12% 16% 18% 17% Spares / Services 20% Industrial and other Automotive 28% 44% Mobile 30% Computing 51% 43% 30% 24% 19% 2021 2022 2023 2024 2025 End market as % of total revenue November 2026 29
Slide 30: Slowing of Moore's Law Accelerates Chiplet Adoption in Next Gen AI Devices
Slowing of Moore’s Law Accelerates Chiplet Adoption in Next Gen AI Devices as Size of Silicon Area Increases Latest AI Devices Require Multiple Chiplets with 2.5D/3D Packaging • Customers adopting chiplets, connected via hybrid 7000 bonding and TCB, to optimize device function per node System-on-Chi
Slide 31: Besi Offers Complete Portfolio for Complex AI Chiplet Packages
Besi Offers Complete Portfolio for Complex AI Chiplet Packages HBM - Hybrid HBM - TCB SoIC – Hybrid Bonding CPO Besi GPU CPU EIC - Hybrid Bond Photonic IC Bridge IVR Interposer IPD Bridge Package Substrate Hybrid Bonding CoW Flip-chip & Bridge Fluxless TCB CoS Flip-chip oS and Photonics 8800 CHAMEO
Slide 32: Increasing Packaging Complexity Also Driving Higher Capital Intensity
Increasing Packaging Complexity Also Driving Higher Capital Intensity Single Chip Design Multi-Chip Module 3D Chiplet System Co-Packaged Optics Monolithic: Integrated SoC Multiple Dies 2.5D / 3D Interconnect Add Optical Interconnects Requires increased number of die attach steps and higher accuracy
Slide 33: Hybrid Bonding is Technology of Choice for 3D Heterogeneous Integration
Hybrid Bonding is Technology of Choice for High Performance 3D Heterogeneous Integration Hybrid Bonding is extension of front-end fab process Directly connects chips in 3D with highest interconnect density Hybrid Bonding Benefits for 3D Chip Stacking ✓ 15X Higher Interconnect Density1 Direct, gaples
Slide 34: Hybrid Bonding Customer Adoption Expanding
Hybrid Bonding Customer Adoption Expanding Logic Memory Photonics R&D 25 23 • Continued growth in HB adoption: 4 • 23 total customers 20 • Customer mix skewed to logic currently via two 18 leading customers # Unique Customers 3 4 • Other 21 customers represent important source of 15 15 future demand
Slide 35: Significant New Hybrid Bonding Use Cases Announced Over Past Year
Significant New Hybrid Bonding Use Cases Announced Over Past Year SoC Split Die Chiplets and Hybrid Bonding Opteron Server CPUs 1st Gen EPYC CPU (2017) 2nd Gen EPYC (2019) 3rd Gen EPYC (2022) with Hybrid Bonding 3rd Gen Xeon CPU Sapphire Rapids CPU (2023) Clearwater Forest CPU w/ Hybrid Bonding Xeon
Slide 36: First Insertion Point for Hybrid Bonding Anticipated in HBM 4e
First Insertion Point for Hybrid Bonding Anticipated in HBM 4e HBM Unit Shipment Forecast 4,000 Clear technical drivers for memory adoption: 3,500 • Hybrid enables lower power consumption and better heat dissipation (up to 30%), end-users driving development to 3,000 enable higher performance and ca
Slide 37: Co-Packaged Optics Is An Additional Hybrid Bonding Growth Driver
Co-Packaged Optics Is An Additional Hybrid Bonding Growth Driver Accelerating CPO demand drives additional hybrid bonding adoption: • Hyperscalers looking for faster, lower-power datacenter connectivity vs. traditional pluggable transceivers ✓ 3.5x power efficiency ✓ 10x higher resiliency ✓ 1.3x fas
Slide 38: Besi's Hybrid Bonding Position Enhanced By Technology Roadmap & Applied Materials Collaboration
Besi's Hybrid Bonding Position Enhanced By Leading Technology Roadmap & Applied Materials Collaboration 1 8800 CHAMEO ultra plus 2 8800 CHAMEO ultra plus AC 3 3300 HYBRID N50 4 3300 HYBRID First HVM Hybrid Machine Today’s Industry Standard Beta test starting 2026 In Development Accuracy: 200nm Accur
Slide 39: Hybrid Bonding Market Potential Increased Across All Cases
Hybrid Bonding Market Potential Increased Across All Cases Installed Base Hybrid Bonding Systems (#units) 2,500 Estimated 1,150 to 2,200 systems cumulatively by 2030 High Case Low Case: Logic and CPO applications: 2,000 • Logic adoption gaining traction • Intel launching first hybrid bonded device M
Slide 40: Besi's TC Next Complements Hybrid Bonding
Besi’s TC Next Complements Hybrid Bonding to Offer Customers Complete Portfolio for Next Gen AI Applications Fluxless TCB Adoption Increasing For Next-Generation Applications: • Best in Class C2W TCB for Chiplet Packages • Customer adoption increased to 7 customers including memory, logic and CPO pr
Slide 41: Strong 2.5D Packaging Unit Growth and Increased Die Attach Intensity
Strong 2.5D Packaging Unit Growth and Increased Die Attach Intensity Drive Advanced Packaging Equipment Growth Annual CoWoS and 2.5D Wafer Demand 14000 ▪ 2.5D wafer demand expected to grow by 50.4% CAGR driven by Thousands of 300 mm equivalent 12000 growth in AI accelerators and datacenter processor
Slide 42: Multiple Growth Opportunities for Besi in 2.5D Advanced Packaging
Multiple Growth Opportunities for Besi in 2.5D Advanced Packaging Next Generation Accelerator Package Structure Each Module contains: ▪ 8x Hybrid bonds (SoIC) Besi’s 2.5D participation is expanding ▪ 16x Flip-chip bonds (2x 3DIC, 12x HBM, 2x IO) with new platform introductions ▪ 15x Bridge Die place
Slide 43: Photonic Solutions for AI Datacenters is Another Rapidly Growing Market Opportunity
Photonic Solutions for AI Datacenters is Another Rapidly Growing Market Opportunity Datacenters utilize millions of photonic transceivers to Optical Interconnect Forecast connect servers and racks over optical fiber 400 2025 – 2030 CAGR 29.5% Ethernet Transceivers (≤800G) -0,7% 350 Ethernet Transcei
Slide 44: IV. Summary
IV. SUMMARY November 2026 44
Slide 45: Besi's Opportunity
Besi’s Opportunity ✓ Overall WFE and assembly outlook significantly improving due to AI infrastructure build ✓ Industry conditions have moved from surplus to deficit and unit growth has accelerated ✓ Besi well positioned with leading market shares in its addressable markets ✓ New Besi upcycle began
Slide 46: Investment Considerations
Investment Considerations Assembly market Long-term secular Wafer level assembly Disciplined strategic ever more critical in trends drive for AI applications focus has created an semiconductor value advanced packaging promising new industry leader chain growth growth opportunity Market presence has
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