Key Highlights
- Order bookings for Q1 surged 104.5% compared to last year, reaching €269.7 million and exceeding expectations by approximately 4%
- Quarterly profit climbed 63.8% to €51.6 million while revenue increased 28.3% to €184.9 million
- Robust growth fueled by AI chip packaging equipment and hybrid bonding technology
- Second quarter revenue projected to grow 30% to 40% sequentially, with gross margin targets of 64–66%
- Another customer initiated qualification for high bandwidth memory (HBM) hybrid bonding solutions
BE Semiconductor Industries delivered impressive first-quarter performance, with order intake more than doubling and profits surging nearly 64% amid growing AI-fueled demand for sophisticated chip packaging solutions.
The Netherlands-based semiconductor equipment manufacturer announced Q1 2026 order bookings totaling €269.7 million, representing a 104.5% increase from the €131.9 million recorded in the same period last year. The result exceeded Wall Street consensus estimates by approximately 4%, according to J.P. Morgan analysts.
Quarterly revenue reached €184.9 million, marking a 28.3% year-over-year gain. Net earnings totaled €51.6 million, climbing from €31.5 million in Q1 2025, benefiting from revenue expansion and effective cost management initiatives.
The equipment maker’s order backlog more than doubled during the period to €268.7 million. Company executives highlighted robust shipment activity across premium mobile devices and 2.5D AI computing platforms.
Advanced Bonding Technology Drives Momentum
Hybrid bonding technology — an advanced packaging technique that directly stacks chips atop one another — continues driving significant growth for Besi. This innovation is considered essential for cutting-edge AI processors and high bandwidth memory solutions.
During the quarter, a second major customer initiated qualification testing for Besi’s hybrid bonding technology within the high bandwidth memory sector. Industry analysts view this development as an encouraging indicator of expanding HBM adoption.
J.P. Morgan characterized the results as evidence that hybrid bonding technology is gaining meaningful traction within the memory chip industry, describing it as “a positive print” for the semiconductor equipment provider.
Besi’s early leadership in hybrid bonding technology has positioned the company to capitalize on the expanding AI semiconductor infrastructure. The firm counts major chipmakers including TSMC, Intel, and Samsung Electronics among its customer base — all currently expanding manufacturing capabilities.
TSMC and Samsung have both recently announced intentions to further boost production volumes, which analysts anticipate will generate additional equipment demand for Besi in upcoming quarters.
Strong Sequential Growth Expected in Q2
For the current quarter, Besi projected revenue expansion of 30% to 40% on a sequential basis from the Q1 baseline of €184.9 million. This guidance suggests Q2 revenue should land between approximately €240 million and €259 million.
Gross profit margins are anticipated to strengthen to a range of 64% to 66% during Q2. Management expects net income to show substantial improvement.
The forward-looking guidance underscores persistent strength in AI-related semiconductor demand, despite ongoing weakness in other chip market segments including automotive, personal computing, and consumer memory applications.
In related European semiconductor news, STMicroelectronics similarly reported first-quarter performance exceeding analyst projections, suggesting nascent recovery signals across its primary business segments.
BESI shares advanced approximately 3% during early trading hours in Amsterdam on Thursday, outpacing the broader Dutch AEX benchmark index. Year-to-date, the stock has appreciated roughly 79% including Thursday’s trading session.
