BE Semiconductor Industries N.V. Announces Q3-25 Results
23-Oct-2025 04:00:58 EDT
BE Semiconductor Industries N.V. Announces Q3-25 Results
GlobeNewswire October 23, 2025
Q3-25 Orders Up 36.5% vs. Q2-25. Revenue and Net Income of EUR 132.7 Million and EUR 25.3 Million, Respectively
YTD-25 Revenue and Net Income of EUR 425.0 Million and EUR 88.8 Million, Respectively
New EUR 60 Million Share Repurchase Program Initiated
DUIVEN, the Netherlands, Oct. 23, 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 third quarter and nine months ended September 30, 2025.
Key Highlights Q3-25
Revenue of EUR 132.7 million decreased by 10.4% vs. Q2-25 and was at the midpoint of guidance. Revenue decreased 15.3% vs. Q3-24 principally due to the ongoing industry downturn
In contrast, orders of EUR 174.7 million increased by 36.5% vs. Q2-25 and 15.1% vs. Q3-24 principally due to a significant increase in bookings by Asian subcontractors for 2.5D datacenter and photonics applications
Besi's gross margin of 62.2% exceeded guidance. It decreased by 1.1 points vs. Q2-25 and 2.5 points vs. Q3-24 due primarily to adverse forex effects from the decline of the USD vs. the euro
Net income of EUR 25.3 million decreased by 21.2% vs. Q2-25 and 45.9% vs. Q3-24 due principally to lower revenue and gross margins realized. Besi's Q3-25 net margin decreased to 19.0% vs. 21.6% in Q2-25 and 29.9% in Q3-24
Cash and deposits at September 30, 2025 increased by EUR 28.4 million vs. June 30, 2025, principally due to increased cash flow generated from operations
Key Highlights YTD-25
Revenue of EUR 425.0 million decreased by 6.4% vs. YTD-24 principally due to ongoing weakness in mainstream assembly markets, particularly for mobile and automotive applications, partially offset by increased shipments to Asian subcontractors for data center applications and increased shipments of hybrid bonding systems
Orders of EUR 434.6 million were down 6.5% vs. YTD-24 primarily due to lower bookings for hybrid bonding and mobile applications, partially offset by increased die attach orders by Asian subcontractors for AI related computing applications
Gross margin of 63.1% decreased by 2.5 points vs. YTD-24 primarily due to adverse forex effects
Net income of EUR 88.8 million decreased by EUR 33.9 million, or 27.6%, vs. YTD-24 primarily due to lower revenue and gross margin and higher interest expense. Similarly, Besi's net margin decreased to 20.9% versus 27.0% in YTD-24
Q4-25 Outlook
Revenue is expected to increase by 15-25% vs. the EUR 132.7 million reported in Q3-25 due to increased bookings levels
Gross margin is expected to range between 61-63% vs. the 62.2% realized in Q3-25
Operating expenses are expected to increase by 5-10% vs. the EUR 48.5 million reported in Q3-25 due to increased R&D expenses
(EUR millions, except EPS)
Q3-2025
Q2-2025
D
Q3-2024
D
YTD-2025
YTD-2024
D
Revenue
132.7
148.1
-10.4%
156.6
-15.3%
425.0
454.1
-6.4%
Orders
174.7
128.0
+36.5%
151.8
+15.1%
434.6
464.8
-6.5%
Gross Margin
62.2%
63.3%
-1.1pts
64.7%
-2.5pts
63.1%
65.6%
-2.5pts
Operating Income
34.1
43.5
-21.6%
55.1
-38.1%
116.8
145.0
-19.4%
Net Income
25.3
32.1
-21.2%
46.8
-45.9%
88.8
122.7
-27.6%
Net Margin
19.0%
21.6%
-2.6%pts
29.9%
-10.9pts
20.9%
27.0%
-6.1pts
EPS (basic)
0.32
0.40
-20.0%
0.59
-45.8%
1.12
1.56
-28.2%
EPS (diluted)
0.32
0.40
-20.0%
0.59
-45.8%
1.12
1.55
-27.7%
Net Cash and Deposits
-7.8
-36.0
-78.3%
110.7
-107.0%
-7.8
110.7
-107.0%
Richard W. Blickman, President and Chief Executive Officer of Besi, commented: “Besi reported Q3-25 revenue and operating results within prior guidance in an assembly equipment market showing early signs of recovery. Order levels improved significantly in Q3-25 with bookings of EUR 174.7 million increasing by 36.5% and 15.1% versus Q2-25 and Q3-24, respectively. For the quarter, revenue decreased by 10.4% and 15.3% versus Q2-25 and Q3-24, respectively, reflecting continued weakness in mainstream assembly markets, particularly for mobile and automotive applications, and lower hybrid bonding revenue. Operating income was higher than anticipated due to gross margin and operating expense development slightly better than forecast.
The improved order outlook this quarter was principally due to a broad-based increase in die attach bookings by Asian subcontractors for 2.5D data center applications and renewed capacity purchases by leading photonics customers. We also noticed improvement in more mainstream electronics and automotive applications. A push out to Q4-25 of certain anticipated hybrid bonding bookings limited even stronger order development during the quarter. Progress on our wafer level assembly activities continued with new customers/orders received for both Besi's hybrid bonding and TC Next systems in Q3-25.
Besi's results for the first nine months of 2025 reflected similar trends experienced in Q3-25 with revenue of EUR 425.0 million and orders of EUR 434.6 million decreasing by 6.4% and 6.5%, respectively, versus the comparable period of the prior year. In general, weakness in mobile and automotive applications this year has been partially offset by significantly increased die attach orders by Asian subcontractors for AI related computing applications. Year to date 2025 net income of EUR 88.8 million decreased by 27.6% versus the comparable 2024 period primarily due to lower revenue, lower gross margins realized primarily as a result of adverse forex effects and higher interest expense, net, related to our Senior Note issuance in July 2024.
Liquidity remained strong with cash and deposits of EUR 518.6 million at September 30, 2025 increasing by EUR 28.4 million, or 5.8%, versus June 30, 2025 due to cash flow from operations more than doubling versus Q2-25. In addition, we completed our EUR 100 million share buyback program in October 2025 and authorized a new EUR 60 million share repurchase program with an anticipated completion date of October 2026.
The outlook for Besi's business has significantly improved based on Q3-25 order trends and continued order momentum to date in Q4-25. The improved outlook reflects increased demand for advanced packaging capacity necessary to support the rapid expansion of datacenters, software and next generation semiconductor devices required by the industry's leading AI players. 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 datacenter performance.
For Q4-25, we anticipate that revenue will increase by approximately 15-25% versus Q3-25 due to increased bookings levels. Besi's gross margin is anticipated to range between 61-63%. Operating expenses are expected to increase by 5-10% versus Q3-25 due primarily to higher R&D expenses.”
Share Repurchase Activity During the quarter, Besi spent EUR 23.1 million to repurchase approximately 192,000 of its ordinary shares at an average price of EUR 119.94 per share. At September 30, 2025, EUR 95.3 million of the current EUR 100 million share repurchase authorization had been used to repurchase approximately 837,000 ordinary shares at an average price of EUR 113.80 per share. At such date, Besi held approximately 2.2 million shares in treasury, equivalent to 2.7% of shares outstanding.
On October 21, 2025, Besi completed its EUR 100 million share repurchase program by means of the following transactions:
Date
Total repurchased shares
Weighted average price (in euro)
Total repurchased value (in euro)
17-Oct-25
2,460
142.26
349,968.95
20-Oct-25
2,441
143.28
349,741.60
21-Oct-25
696
144.24
100,388.12
Under this program, a total of 870,825 shares were repurchased at an average price of EUR 114.83 per share. Details are available on Besi's website.
New EUR 60 Million Share Repurchase Program Besi will initiate a new EUR 60 million share repurchase program effective October 24, 2025. The program is aimed at general capital reduction purposes and to help offset dilution related to Besi's Convertible Notes and shares issued under employee stock plans. It will be funded using Besi's available cash resources and is expected to be completed by October 2026. At present, Besi has authority until October 23, 2026, to purchase up to 10% of its shares issued, or 8.1 million shares.
The program will be executed in accordance with industry best practices and in compliance with European buyback rules and regulations and may be suspended or discontinued at any time. The program will be managed by an independent brokerage firm. All purchases will be executed through Euronext Amsterdam and Multilateral Trading Facilities as defined by the Directive 2014/65/EU of the European Parliament and of the Council of May 15, 2014 on markets in financial instruments and subject to the rules of the relevant Exchange.
Investor and media conference call A 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 Q4/full year 2025 results
February 19, 2026
• Publication Q1-2026 results
April 23, 2026
• Besi's 2026 AGM
April 23, 2026
Basis of Presentation The 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 & CEO Andrea Kopp-Battaglia, Senior Vice President Finance Claudia Vissers, Executive Secretary/IR coordinator Edmond Franco, VP Corporate Development/US IR coordinator Tel. (31) 26 319 4500 investor.relations@besi.com
About Besi Besi 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 Statements This 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
(EUR thousands, except share and per share data)
Three Months Ended September 30, (unaudited)
Nine Months Ended September 30, (unaudited)
2025
2024
2025
2024
Revenue
132,731
156,570
424,977
454,060
Cost of sales
50,110
55,325
156,943
156,276
Gross profit
82,621
101,245
268,034
297,784
Selling, general and administrative expenses
28,340
27,318
91,927
97,473
Research and development expenses
20,187
18,874
59,260
55,296
Total operating expenses
48,527
46,192
151,187
152,769
Operating income
34,094
55,053
116,847
145,015
Financial expense, net
5,128
1,560
13,780
3,194
Income before taxes
28,966
53,493
103,067
141,821
Income tax expense
3,686
6,719
14,231
19,123
Net income
25,280
46,774
88,836
122,698
Net income per share – basic
0.32
0.59
1.12
1.56
Net income per share – diluted
0.32
0.59
1.12
1.55
Number of shares used in computing per share amounts:
– basic
79,053,456
79,630,787
79,154,770
78,701,287
– diluted1
81,171,504
81,876,505
81,326,814
81,978,112
______________________ 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
(EUR thousands)
September 30,2025 (unaudited)
June 30, 2025 (unaudited)
March 31, 2025 (unaudited)
December 31, 2024 (audited)
ASSETS
Cash and cash equivalents
348,561
330,170
405,736
342,319
Deposits
170,000
160,000
280,000
330,000
Trade receivables
150,136
178,615
170,440
181,862
Inventories
103,896
96,977
103,836
103,285
Other current assets
46,546
53,821
46,099
40,927
Total current assets
819,139
819,583
1,006,111
998,393
Property, plant and equipment
52,548
51,089
42,868
44,773
Right of use assets
14,131
13,799
15,161
15,726
Goodwill
44,840
44,857
45,610
46,010
Other intangible assets
104,585
103,933
98,622
96,677
Investment property
5,163
5,206
–
–
Deferred tax assets
26,683
27,494
29,240
31,567
Other non-current assets
1,299
1,303
1,347
1,330
Total non-current assets
249,249
247,681
232,848
236,083
Total assets
1,068,388
1,067,264
1,238,959
1,234,476
Bank overdraft
–
–
840
776
Current portion of long-term debt
–
–
–
2,042
Trade payables
50,774
47,458
46,598
52,630
Other current liabilities
91,654
95,530
111,170
111,531
Total current liabilities
142,428
142,988
158,608
166,979
Long-term debt
526,388
526,184
525,493
525,653
Lease liabilities
11,467
10,873
11,770
12,350
Deferred tax liabilities
10,009
10,523
10,416
10,320
Other non-current liabilities
16,934
19,915
19,328
17,910
Total non-current liabilities
564,798
567,495
567,007
566,233
Total equity
361,162
356,781
513,344
501,264
Total liabilities and equity
1,068,388
1,067,264
1,238,959
1,234,476
Consolidated Cash Flow Statements
(EUR thousands)
Three Months Ended September 30, (unaudited)
Nine Months Ended September 30, (unaudited)
2025
2024
2025
2024
Cash flows from operating activities:
Income before income tax
28,966
53,493
103,067
141,821
Depreciation and amortization
9,051
7,388
23,816
21,181
Share based payment expense
3,708
3,400
12,491
27,216
Financial expense, net
5,128
1,560
13,780
3,194
Changes in working capital
19,278
6,031
6,134
(43,914)
Interest (paid) received
(4,101)
2,156
(3,262)
7,218
Income tax paid
(2,270)
(1,996)
(25,833)
(19,513)
Net cash provided by operating activities
59,760
72,032
130,193
137,203
Cash flows from investing activities:
Capital expenditures
(1,127)
(2,099)
(14,624)
(10,965)
Capitalized development expenses
(6,364)
(4,415)
(20,421)
(13,990)
Acquisition of investment property
–
–
(5,206)
–
Repayments of (investments in) deposits
(10,000)
(200,000)
160,000
(105,000)
Net cash provided by (used in) investing activities
(17,491)
(206,514)
119,749
(129,955)
Cash flows from financing activities:
Proceeds from (payments of) bank lines of credit
–
–
(776)
–
Proceeds from (payments of) debt
–
–
(2,042)
–
Proceeds from notes
–
350,000
–
350,000
Transaction costs related to notes
–
(6,395)
–
(6,395)
Payments of lease liabilities
(886)
(1,080)
(3,111)
(3,186)
Purchase of treasury shares
(23,107)
(27,829)
(65,892)
(57,418)
Dividends paid to shareholders
–
–
(172,811)
(171,534)
Net cash used in financing activities
(23,993)
314,696
(244,632)
111,467
Net increase (decrease) in cash and cash equivalents
18,276
180,214
5,310
118,715
Effect of changes in exchange rates on cash and cash equivalents
115
–
932
256
Cash and cash equivalents at beginning of the period
330,170
127,234
342,319
188,477
Cash and cash equivalents at end of the period
348,561
307,448
348,561
307,448
Supplemental Information (unaudited) (EUR millions, unless stated otherwise)*
