BESI Q2 2026 Earnings and Market Reaction

On 23 July 2026, BE Semiconductor Industries NV (ticker BESI) saw its share price decline by nearly 2%, closing at €243.70, underperforming the broader AEX index which was down 0.3% on the same day. The price dip was attributed to the company’s omission of any update on hybrid bonding orders for a memory customer in its earnings release, a point highlighted by Morgan Stanley analysts.

The second‑quarter 2026 operational results were robust. Total orders rose 129% year‑on‑year to €292.9 million, surpassing consensus estimates by 18%. AI‑related systems accounted for roughly 60% of first‑half orders, an increase from about 50% in the prior year, reflecting continued demand from expanded AI infrastructure spending. The company disclosed that recent hybrid bonding orders originated from two repeat customers and a new hyperscaler, but did not provide details on any memory‑related hybrid bonding demand.

Looking ahead, BESI projected third‑quarter revenue to grow sequentially by 10% to 15%, driven by its order backlog and ongoing AI application demand. Gross margin guidance for the quarter was set at 63%‑65%, compared with the 65.7% achieved in Q2, a decline attributed to a less favourable product mix. Operating expenses are expected to be flat to a maximum increase of 5%.

Chief Executive Officer Richard Blickman commented that demand remains fueled by AI infrastructure spending, a modest recovery in smartphone and automotive markets, and disciplined cost management. He noted that customers continue to invest in hybrid bonding capacity for next‑generation AI devices, underscoring the strategic importance of this technology.

Key Figures

  • Share price: €243.70 (‑2% decline)
  • Q2 orders: €292.9 million (+129% YoY, +18% vs consensus)
  • AI‑related orders share: ~60% of H1, up from ~50% YoY
  • Q3 revenue outlook: +10%‑15% sequential growth
  • Gross margin forecast: 63%‑65% (down from 65.7% in Q2)
  • Operating expense outlook: flat to +5%

Analyst Note

Morgan Stanley indicated that investors are likely to focus on the lack of any mention of a potential hybrid bonding order for a memory customer, expecting further clarification during the earnings call.