BE Semiconductor Industries (BESI.AS): Investor Day highlights expanding Al-driven packaging opportunity and HB adoption

Research evidence excerpt

BE Semiconductor Industries (BESI.AS): Investor Day highlights expanding Al-driven packaging opportunity and HB adoption

Equity Research

19 June 2026 | 5:36AM BST

BE Semiconductor Industries (BESI.AS): Investor Day highlights

expanding AI-driven packaging opportunity and HB adoption

Alexander Duval

+44(20)7552-2995 |

alexander.duval@gs.com

Goldman Sachs International

Anant Jakhar

+1(332)245-7829 |

anant.x.jakhar@gs.com

Goldman Sachs India SPL

BESI held its Investor Day June 18th, with a presentation by Richard Blickman (CEO)

Ayo Odunaiyaand other executive members, in which the company upgraded its long-term +44(20)7051-5995 |

revenue and margin outlook, primarily driven by continued AI strength. Key ayo.x.odunaiya@gs.comGoldman Sachs International

takeaways include: 1) Raised revenue and margin targets on growing AI packaging

content, 2) Hybrid bonding adoption continues to broaden across Logic, while

Memory qualification progresses toward volume production, 3) Power and latency

benefits drive strong adoption of CPO architectures as AI networking architectures

evolve, and 4) Capacity readiness aligned with growing HB demand opportunity.

Reiterate Buy.

n Raised revenue and margin targets on growing AI packaging content:

Management upgraded its long-term outlook, raising its revenue target to €1.7 -

2.2bn (from €1.5-1.9bn previously) and its EBIT margin target to 45%-55% (vs.

40%-55% prior), reflecting increasing confidence in AI-driven packaging

demand. The company expects to grow c.3x faster than the broader assembly

equipment market through 2030, underpinned by strong adoption of advanced

packaging technologies and hybrid bonding (HB). BESI anticipates a c.50%

2025-28 CAGR of assembly equipment driven by AI accelerators and datacenter

processors.