Besi Q1 2026 Revenue Guide: Chip Equipment Giant Forecasts 5-15% Growth

What is Besi? Dutch Semiconductor Equipment Leader Reports Strong Q4 2025 Results

BE Semiconductor Industries (Besi), the Dutch semiconductor equipment manufacturer headquartered in Duiven, Netherlands, has announced robust fourth-quarter 2025 results and provided an optimistic revenue forecast for the first quarter of 2026. The company, a leading provider of assembly equipment for the semiconductor industry, reported Q4 2025 revenue of €166.4 million, representing a substantial 25.4% increase compared to the third quarter of 2025. More significantly, Besi projects Q1 2026 revenue growth of 5-15% quarter-over-quarter, signaling continued momentum in the semiconductor equipment market driven by artificial intelligence (AI) demand and advanced packaging technologies.

Breaking Down Besi's Q4 2025 Financial Performance

The company's fourth-quarter 2025 results exceeded expectations across multiple metrics. Net income surged to €42.8 million, a remarkable 69.2% increase from the previous quarter. The order portfolio reached €250.4 million, up 43.3% quarter-over-quarter and an impressive 105.4% higher than the fourth quarter of 2024. According to CEO Richard Blickman, 'The increased spending by companies on artificial intelligence had a favorable effect on Besi's performance in 2025.' This AI-driven demand has been particularly evident in the company's advanced semiconductor packaging segment, where Besi holds significant market share.

Key Financial Metrics at a Glance

• Q4 2025 Revenue: €166.4 million (+25.4% vs Q3 2025)
• Q4 2025 Net Income: €42.8 million (+69.2% vs Q3 2025)
• Order Portfolio: €250.4 million (+43.3% vs Q3 2025, +105.4% vs Q4 2024)
• Full Year 2025 Revenue: €591.3 million (-2.7% vs 2024)
• Q1 2026 Revenue Forecast: 5-15% growth vs Q4 2025

AI and Hybrid Bonding: The Growth Drivers Behind Besi's Success

Besi's strong performance and optimistic outlook are closely tied to two major industry trends: the artificial intelligence boom and the adoption of hybrid bonding technology. The company secured approximately €250 million in new orders during Q4 2025, with AI-related applications accounting for 50% of total orders. This includes significant demand for 2.5D datacenter applications and photonics solutions, particularly from Asian subcontractors serving the AI infrastructure market.

Hybrid bonding, a critical technology for advanced chip packaging, has emerged as another key growth area. Besi has expanded its hybrid bonding customer base to 18 companies, reflecting the technology's increasing importance in semiconductor manufacturing trends. The semiconductor bonding equipment market is projected to grow from $596.47 million in 2026 to $755.32 million by 2031, representing a 4.84% compound annual growth rate, according to Mordor Intelligence research.

Market Context: Semiconductor Equipment Industry Outlook

The broader semiconductor equipment market is experiencing significant transformation as companies invest heavily in advanced manufacturing capabilities. Besi's performance reflects several industry-wide trends:

1. AI Infrastructure Investment: Major technology companies are allocating substantial resources to AI hardware, driving demand for specialized semiconductor equipment
2. Advanced Packaging Adoption: The shift from planar scaling to vertical stacking requires sophisticated bonding equipment
3. Geopolitical Factors: Government initiatives like the CHIPS Act are stimulating semiconductor manufacturing investments
4. Supply Chain Resilience: Companies are diversifying manufacturing locations, creating opportunities for equipment providers

Besi maintains a dominant position in its niche, holding approximately 35% market share in advanced assembly equipment and 43% in die attaching technology specifically. The company's strategic importance is underscored by Applied Materials' recent acquisition of a 9% stake, highlighting the semiconductor equipment market consolidation trend.

CEO Richard Blickman's Strategic Vision

Richard Blickman, Besi's founder and CEO since 1995, has guided the company through multiple semiconductor market cycles. His leadership has been characterized by consistent R&D investment (approximately 12% of revenues annually) and a focus on margin discipline. Blickman's engineering background from Delft University of Technology has informed the company's technical strategy, particularly in hybrid bonding and advanced packaging solutions.

In recent statements, Blickman emphasized the company's positioning to capitalize on High Bandwidth Memory (HBM) and hybrid bonding growth opportunities. However, analysts note challenges including managing prolonged downturns in mainstream markets and protecting gross margins from foreign exchange headwinds and pricing pressures.

Financial Health and Dividend Announcement

Besi ended 2025 with strong liquidity, holding €543.0 million in cash. The company proposed a dividend of €1.58 per share, representing a 95% payout ratio. This dividend announcement reflects confidence in the company's financial stability and future prospects. The full-year 2025 results showed revenue of €591.3 million (down 2.7% from 2024) with net income of €131.6 million, while orders increased 16.8% to €685.0 million for the year.

The company's gross margin performance has been particularly noteworthy, improving from under 50% a decade ago to nearly 65% recently. This margin expansion demonstrates Besi's pricing power and technological leadership in its specialized market segments.

Industry Implications and Future Outlook

Besi's Q1 2026 revenue forecast of 5-15% growth suggests continued strength in the semiconductor equipment sector. The company's performance serves as a bellwether for broader industry trends, particularly the AI-driven demand for advanced packaging solutions. As PwC's 'Semiconductor and Beyond 2026' report indicates, the industry is undergoing significant transformation with implications for equipment providers across the value chain.

The global semiconductor supply chain continues to evolve, with companies like Besi positioned to benefit from both technological advancements and geopolitical shifts in manufacturing locations. The company's focus on hybrid bonding and AI-related applications aligns with industry megatrends that are expected to drive growth through 2026 and beyond.

Frequently Asked Questions About Besi's Q1 2026 Forecast

What is Besi's revenue forecast for Q1 2026?

Besi forecasts Q1 2026 revenue growth of 5-15% compared to Q4 2025, following strong Q4 2025 results of €166.4 million in revenue.

How did AI impact Besi's 2025 performance?

Artificial intelligence applications accounted for 50% of Besi's Q4 2025 orders, with CEO Richard Blickman citing increased AI spending as a key driver of the company's strong performance.

What is hybrid bonding technology?

Hybrid bonding is an advanced semiconductor packaging technology that enables direct copper-to-copper connections between chips, crucial for high-performance computing and AI applications. Besi has expanded its hybrid bonding customer base to 18 companies.

How does Besi compare to other semiconductor equipment companies?

Besi holds approximately 35% market share in advanced assembly equipment and 43% in die attaching technology specifically, making it a dominant player in its niche segment of the semiconductor equipment market.

What dividend did Besi announce for 2025?

Besi proposed a dividend of €1.58 per share for 2025, representing a 95% payout ratio, reflecting the company's strong financial position and confidence in future prospects.

Sources

Yahoo Finance: Besi Q4 2025 Results
Mordor Intelligence: Semiconductor Bonding Equipment Market
Paragon Intel: Richard Blickman CEO Analysis
Besi Official Press Release