2Q26 1st look: Strong order momentum to continue

Research evidence excerpt

2Q26 1st look: Strong order momentum to continue

Update

July 23, 2026 05:58 AM GMT

Morgan Stanley & Co. International plc+MBE Semiconductor Industries NV | Europe Nigel van Putten

Equity Analyst

2Q26 1st look: Strong order Nigel.Putten@morganstanley.comShawn Kim +44 20 7425-2803

Shawn.Kim@morganstanley.com +44 20 7677-1018

momentum to continue Amelia M Scicluna

Research Associate

Amelia.Scicluna@morganstanley.com +44 20 7425-6694

AlphaSignals Earnings Reaction Lee Simpson

Strengthens our thesis In-line Modest revision higher Lee.Simpson@morganstanley.com +44 20 7425-3378

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

BE Semiconductor Industries NV (BESI.AS, BESI NA)

Source: Company data, Morgan Stanley Research

Technology - European Semiconductors | Netherlands

Stock Rating Overweight

Key Takeaways Industry View In-Line

Price target €300.00

Orders of €293m were 18% above consensus and 25% above MSe, rising 9% q/q. Shr price, close (Jul 22, 2026) €248.10

52-Week Range €328.40-105.40

Importantly, the company commented that it expects order momentum to Mkt cap, curr (mn) €19,676

continue in 3Q. Net debt (12/26e) (mn)* €(224)

EV, curr (mn)* €19,635

2Q revenue was in line with MSe and 0.4% below consensus. Gross margin was * = GAAP or approximated based on GAAP

60bp above consensus, while EPS was 5% below.

The 3Q revenue guide of +10% to +15% implies €275m to €287m, 7% above

consensus and 3% above MSe at the midpoint.

Mention of a potential hybrid bonding (HB) order for memory customer is absent

from the PR. HB orders came from two repeat customers and a new hyperscaler.

A solid result, strong guide and mention of continued order momentum

comforts. We expect focus on the status of hybrid bonding for HBM on the call at