Be Semiconductor Industries N.v Stock Earnings Reports

Besi delivered a strong Q2 and H1 2026: Q2 revenue was EUR 249.9m (+68.7% y/y, +35.2% q/q) and Q2 net income was EUR 89m (+177% y/y). Orders in Q2 were EUR 292.9m (+128.8% y/y) and trailing 12‑month orders reached a record EUR 987.6m. H1 revenue was EUR 434.7m and H1 net margin improved to 32.3% (from 21.7% a year ago) driven by improved gross margins and operating leverage. Key drivers were AI infrastructure spending (photonics, data center, hybrid bonding), a recovery in traditional mobile/industrial demand, and increasing adoption of hybrid bonding (customer count rose from 15 to 21). Management estimates AI-related system orders comprised ~60% of H1 orders (vs ~50% in H1 2025). Balance sheet: net cash of EUR 164m after conversion of EUR 175m convertible notes and payment of the EUR 125.4m dividend. Strategy & outlook: focus on wafer‑level assembly, expanding penetration in CoWoS/CoPoS/Photonics, ramping supply‑chain and service support; Q3 revenue guidance is +10% to +15% vs Q2, gross margin expected 63%–65% (down due to product mix) and operating expenses flat to +5%. Management notes continued favorable market conditions from AI spending but reiterates the cyclical nature of the industry and the need to manage capacity and costs.