BE Semiconductor Industries N.V. Announces Q2-25 Results
Q2-25 Revenue and Net Income of € 148.1 Million and € 32.1 Million, Respectively
H1-25 Revenue and Net Income of € 292.2 Million and € 63.6 Million, Respectively
DUIVEN, the Netherlands, July 24, 2025 (GLOBE NEWSWIRE) -- BE Semiconductor Industries N.V. (the "Company" or "Besi") (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the second quarter and first half year ended June 30, 2025.
Key Highlights Q2-25
Revenue of € 148.1 million grew 2.8% vs. Q1-25 and was within prior guidance due primarily to higher die attach shipments for mainstream computing applications. Revenue decreased 2.1% vs. Q2-24 principally due to weakness in mobile end markets partially offset by growth in hybrid bonding shipments
Orders of € 128.0 million decreased 3.0% vs. Q1-25 due primarily due to ongoing weakness in mainstream computing and mobile applications partially offset by significant new orders for TCB Next systems. Orders declined 30.9% vs. Q2-24 due primarily to lower orders for hybrid bonding and mobile applications
Gross margin of 63.3% decreased by 0.3 points vs. Q1-25 and by 1.7 points vs. Q2-24 due to a less favorable product mix and adverse forex effects from a decline in the USD versus the euro
Net income of € 32.1 million increased 1.9% vs. Q1-25. Versus Q2-24, net income decreased 23.4% due principally to lower revenue and gross margins, increased R&D spending and higher interest expense related to the Senior Note offering in July 2024. Q2-25 net margin decreased to 21.6% vs. 21.9% in Q1-25 and 27.7% in Q2-24
Cash and deposits of € 490.2 million at June 30, 2025 increased by 90.6% vs. June 30, 2024 due to the Senior Note offering in July 2024
Key Highlights H1-25
Revenue of € 292.2 million decreased 1.8% vs. H1-24 principally due to ongoing weakness in mainstream assembly markets, particularly for mobile and automotive applications, partially offset by increased shipments of hybrid bonding systems
Orders of € 259.9 million were down 17.0% vs. H1-24 primarily due to lower bookings for hybrid bonding systems and for mobile applications, partially offset by increased die attach orders by Asian subcontractors for AI related computing applications and new orders for Besi's TCB Next system
Gross margin of 63.4% decreased by 2.7 points versus H1-24 primarily due to a less favorable product mix and adverse forex effects
Net income of € 63.6 million decreased € 12.3 million, or 16.2%, vs. H1-24 primarily due to lower revenue and gross margin and higher interest expense. Similarly, Besi's net margin decreased to 21.7% versus 25.5% in H1-24
Q3-25 Outlook
Revenue is expected to decline 5-15% vs. the € 148.1 million reported in Q2-25
Orders are expected to increase significantly vs. Q2-25 primarily due to increased demand for hybrid bonding systems and die attach systems for AI-related 2.5D computing applications
Gross margin is expected to range between 60-62% and decrease vs. the 63.3% realized in Q2-25 primarily due to adverse forex effects from a significantly lower USD versus the euro
Operating expenses are expected to be flat +/- 5% vs. € 50.2 million in Q2-25
(€ millions, except EPS)
Q2-2025
Q1-2025
Δ
Q2-2024
Δ
HY1-2025
HY1-2024
Δ
Revenue
148.1
144.1
+2.8%
151.2
-2.1%
292.2
297.5
-1.8%
Orders
128.0
131.9
-3.0%
185.2
-30.9%
259.9
313.0
-17.0%
Gross Margin
63.3%
63.6%
-0.3
65.0%
-1.7
63.4%
66.1%
-2.7
Operating Income
43.5
39.3
+10.7%
49.3
-11.8%
82.8
90.0
-8.0%
Net Income
32.1
31.5
+1.9%
41.9
-23.4%
63.6
75.9
-16.2%
Net Margin
21.6%
21.9%
-0.3
27.7%
-6.1
21.7%
25.5%
-3.8
EPS (basic)
0.40
0.40
-
0.53
-24.5%
0.80
0.97
-17.5%
EPS (diluted)
0.40
0.40
-
0.53
-24.5%
0.80
0.97
-17.5%
Net Cash and Deposits
-36.0*
159.4
-122.6%
74.4*
-148.4%
-36.0*
74.4*
-148.4%
* Reflects cash dividend payments of € 172.8 million and € 171.5 million in Q2-25 and Q2-24, respectively.
Richard W. Blickman, President and Chief Executive Officer of Besi, commented:"Besi reported Q2-25 revenue, operating income and net income of € 148.1 million, € 43.5 million and € 32.1 million, respectively. Revenue and operating results were at the midpoint of prior guidance in a mainstream assembly equipment market still affected by soft demand for mobile and automotive applications. Market development in Q2-25 was also affected by increased customer caution due to global trade tensions. Q2-25 revenue and operating income grew sequentially by 2.8% and 10.7%, respectively, as we saw an increase in shipments to Asian subcontractors for AI-related datacenter applications combined with a 4.3% decrease in sequential operating expenses. Orders for the quarter decreased 3.0% versus Q1-25 as weakness in mainstream computing and mobile applications was partially offset by new orders for Besi's TCB Next system.
For the first half year, revenue of € 292.2 million decreased 1.8% versus H1-24 reflecting broader assembly market trends as weakness in mobile and, to a lesser extent, automotive end markets was significantly offset by growth in hybrid bonding revenue which more than doubled versus H1-24. Orders decreased by 17.0% due to the timing of customer orders for hybrid bonding systems and a lack of new product introductions in high-end smartphones. H1-25 operating and net income decreased by 8.0% and 16.2%, respectively, versus H1-24 primarily due to lower revenue and a 2.7-point reduction in gross margin from a less favorable product mix, adverse net forex effects from the decline of the USD versus the euro and increased interest expense related to Besi's Senior Note issuance in July 2024. Liquidity remained strong with cash and deposits of € 490.2 million at June 30, 2025 increasing by 90.6% vs. June 30, 2024 due to the Senior Note offering in July 2024.
We believe the outlook for Besi's business in H2-25 has improved in recent weeks based on customer feedback and order trends subsequent to quarter end. Expanded capex budgets for AI infrastructure have been confirmed by each of the leading industry players in recent quarters with new use cases emerging in cloud and edge computing along with co-packaged optics. Advanced packaging is one of the key ways to achieve AI system differentiation, develop innovative consumer edge AI devices and provide the most energy-efficient data center performance. Advanced packaging demand for AI applications remains strong given new device introductions expected in 2026-2028. We believe we are well positioned in the fastest-growing advanced packaging market segments including data centers, photonics, AI-enhanced PCs and mobile devices and EVs/autonomous driving.
As such, orders for our hybrid bonding systems are expected to increase significantly in H2-25 versus both H1-25 and H2-24 in both advanced logic and HBM4 memory applications as customers advance their technology roadmaps for new product introductions in 2026 and 2027. Customer interest in our TCB Next system for both memory and logic applications has also expanded significantly. TCB Next cycle times have improved with shipments anticipated in Q4-25 from orders received in Q2-25. We also anticipate increased orders for 2.5D advanced packaging systems for AI-related datacenter applications from both global IDMs and Asian subcontractors. In addition, there are early signs of a recovery in our mainstream assembly markets principally related to increased demand by Asian subcontractors for high-end mobile applications and high-performance computing applications for consumer markets.
For Q3-25, we anticipate that revenue will decline by approximately 5-15% versus Q2-25. However, orders for Q3-25 are expected to increase significantly on a sequential basis due to increased demand for hybrid bonding and 2.5D advanced packaging applications. Besi's gross margin is anticipated to decline to a range of 60-62% in Q3-25 due to the adverse impact of a 12.8% decline in the value of the USD versus the euro in the first half of 2025. Operating expenses in Q3-25 are expected to be flat plus or minus 5% versus Q2-25 despite increased R&D spending."
Share Repurchase ActivityDuring the quarter, Besi spent € 20.7 million to repurchase approximately 196,000 of its ordinary shares at an average price of € 105.80 per share. As of June 30, 2025, € 72.2 million of the current € 100 million share repurchase authorization has been used to repurchase approximately 644,000 ordinary shares at an average price of € 111.96 per share. As of June 30, 2025, Besi held approximately 2.0 million shares in treasury, equivalent to 2.5% of shares outstanding.
Investor and media conference callA conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.
Important Dates• Publication Q3/Nine-month results• Publication Q4/Full year results
October 23, 2025February 2026
Basis of PresentationThe accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2024 Annual Report, which is available on www.besi.com.
Contacts:Richard W. Blickman, President & CEOAndrea Kopp-Battaglia, Senior Vice President FinanceClaudia Vissers, Executive Secretary/IR coordinatorEdmond Franco, VP Corporate Development/US IR coordinatorMichael Sullivan, Investor RelationsTel. (31) 26 319
About BesiBesi is a leading manufacturer of assembly equipment supplying a broad portfolio of advanced packaging solutions to the semiconductor and electronics industries. We offer customers high levels of accuracy, reliability and throughput at a lower cost of ownership with a principal focus on wafer level and substrate assembly solutions. Customers are primarily leading semiconductor manufacturers, foundries, assembly subcontractors and electronics and industrial companies. Besi's ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.
Caution Concerning Forward-Looking StatementsThis press release 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 press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as "anticipate", "estimate", "expect", "can", "intend", "believes", "may", "plan", "predict", "project", "forecast", "will", "would", and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading "Outlook" contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 and other global pandemics and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers.
In addition, the United States and other countries have recently levied tariffs and taxes on certain goods and could significantly increase or impose new tariffs on a broad array of goods. They have imposed, and may continue to impose, new trade restrictions and export regulations. Increased or new tariffs and additional taxes, including any retaliatory measures, trade restrictions and export regulations, could negatively impact end-user demand and customer investment in semiconductor equipment, increase Besi's supply chain complexity and manufacturing costs, decrease margins, reduce the competitiveness of our products or restrict our ability to sell products, provide services or purchase necessary equipment and supplies. Any or all of the foregoing factor could have a material and adverse effect on our business, results of operations or financial condition. In addition, investors should consider those additional risk factors set forth in Besi's annual report for the year ended December 31, 2024 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.
Consolidated Statements of Operations
(€ thousands, except share and per share data)
Three Months EndedJune 30,(unaudited)
Six Months EndedJune 30,(unaudited)
2025
2024
2025
2024
Revenue
148,101
151,176
292,246
297,490
Cost of sales
54,410
52,908
106,833
100,951
Gross profit
93,691
98,268
185,413
196,539
Selling, general and administrative expenses
30,629
30,514
63,587
70,155
Research and development expenses
19,571
18,503
39,073
36,422
Total operating expenses
50,200
49,017
102,660
106,577
Operating income
43,491
49,251
82,753
89,962
Financial expense, net
5,693
1,045
8,652
1,634
Income before taxes
37,798
48,206
74,101
88,328
Income tax expense
5,748
6,261
10,545
12,404
Net income
32,050
41,945
63,556
75,924
Net income per share, basic
0.40
0.53
0.80
0.97
Net income per share, diluted
0.40
0.53
0.80
0.97
Number of shares used in computing per share amounts:- basic- diluted 1
79,184,70381,288,679
79,281,53381,941,471
79,206,26781,405,308
78,231,43082,023,808
______________________1) The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding
Consolidated Balance Sheets
(€ thousands)
June30, 2025(unaudited)
March31, 2025(unaudited)
December 31, 2024(audited)
ASSETS
Cash and cash equivalents
330,170
405,736
342,319
Deposits
160,000
280,000
330,000
Trade receivables
178,615
170,440
181,862
Inventories
96,977
103,836
103,285
Other current assets
53,821
46,099
40,927
Total current assets
819,583
1,006,111
998,393
Property, plant and equipment
51,089
42,868
44,773
Right of use assets
13,799
15,161
15,726
Goodwill
44,857
45,610
46,010
Other intangible assets
103,933
98,622
96,677
Investment property
5,206
-
-
Deferred tax assets
27,494
29,240
31,567
Other non-current assets
1,303
1,347
1,330
Total non-current assets
247,681
232,848
236,083
Total assets
1,067,264
1,238,959
1,234,476
Bank overdraft
-
840
776
Current portion of long-term debt
-
-
2,042
Trade payables
47,458
46,598
52,630
Other current liabilities
95,530
111,170
111,531
Total current liabilities
142,988
158,608
166,979
Long-term debt
526,184
525,493
525,653
Lease liabilities
10,873
11,770
12,350
Deferred tax liabilities
10,523
10,416
10,320
Other non-current liabilities
19,915
19,328
17,910
Total non-current liabilities
567,495
567,007
566,233
Total equity
356,781
513,344
501,264
Total liabilities and equity
1,067,264
1,238,959
1,234,476
Consolidated Cash Flow Statements
(€ thousands)
Three Months Ended June 30,(unaudited)
Six Months Ended June 30,(unaudited)
2025
2024
2025
2024
Cash flows from operating activities:
Income before income tax
37,798
48,206
74,101
88,328
Depreciation and amortization
7,458
6,980
14,765
13,793
Share based payment expense
4,342
6,916
8,783
23,816
Financial expense, net
5,694
1,045
8,653
1,634
Changes in working capital
(11,032)
(46,694)
(13,145)
(49,945)
Interest (paid) received
3,726
3,893
839
5,062
Income tax paid
(21,988)
(15,428)
(23,563)
(17,517)
Net cash provided by operating activities
25,998
4,918
70,433
65,171
Cash flows from investing activities:
Capital expenditures
(11,764)
(3,216)
(13,497)
(8,866)
Capitalized development expenses
(7,320)
(4,912)
(14,057)
(9,575)
Acquisition of investment property
(5,206)
-
(5,206)
-
Repayments of (investments in) deposits
120,000
85,000
170,000
95,000
Net cash provided by (used in) investing activities
95,710
76,872
137,240
76,559
Cash flows from financing activities:
Proceeds from (payments of) bank lines of credit
(840)
-
(776)
-
Proceeds from (payments of) debt
(2,042)
-
(2,042)
-
Payments of lease liabilities
(1,111)
(1,063)
(2,225)
(2,106)
Purchase of treasury shares
(20,721)
(14,810)
(42,785)
(29,589)
Dividends paid to shareholders
(172,811)
(171,534)
(172,811)
(171,534)
Net cash used in financing activities
(197,525)
(187,407)
(220,639)
(203,229)
Net increase (decrease) in cash and cash equivalents
(75,817)
(105,617)
(12,966)
(61,499)
Effect of changes in exchange rates on cash and cash equivalents
251
798
817
256
Cash and cash equivalents at beginning of the period
405,736
232,053
342,319
188,477
Cash and cash equivalents at end of the period
330,170
127,234
330,170
127,234
Supplemental Information (unaudited) (€ millions, unless stated otherwise)
REVENUE
Q2-2025
Q1-2025
Q4-2024
Q3-2024
Q2-2024
Q1-2024
Per geography:
China
