BE Semiconductor Industries (BESI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached €184.9 million, up 28.3% year-over-year and 11.1% sequentially, driven by high-end mobile, 2.5D AI photonics, and data center demand.

• Orders surged to €269.7 million, up 104.5% year-over-year and 7.7% sequentially, with broad-based growth and particular strength in hybrid bonding, mobile, and photonics.

• Net income rose 63.8% year-over-year and 20.6% sequentially to €51.6 million, with net margin improving to 27.9%.

• EPS (basic) was €0.65, up 62.5% year-over-year and 20.4% sequentially.

• Liquidity improved significantly, with net cash up €67.3 million sequentially to €103.3 million.

Financial highlights

• Gross margin was 63.5%, slightly down 0.1 points year-over-year, but within guidance.

• Operating income reached €63.9 million, up 62.6% year-over-year and 13.7% sequentially.

• EBITDA was €73.7 million, up 58.2% year-over-year and 11.5% sequentially.

• Net cash position improved to €103.3 million, up €67.3 million sequentially.

• Effective tax rate for Q1-26 was 12.2%.

Outlook and guidance

• Q2 2026 revenue expected to grow 30%-40% sequentially; gross margin forecasted at 64%-66%.

• Operating expenses anticipated flat to up 10% due to higher revenue and customer support.

• H1 2026 revenue projected at €292.2 million, up 49% year-over-year, with substantial improvement in operating and net income.

• Significant expansion of net income and profit margins expected in Q2-26.