Besi: President & CEO fireside chat takeaway - Dual engines firing on all cylinders

Research evidence excerpt

Besi: President & CEO fireside chat takeaway - Dual engines firing on all cylinders

4 August 2026

David Dai, CFA

+852 2918 5704

EU Semiconductors david.dai@bernsteinsg.com

BE Semiconductor Industries NV Juho Hwang

+81 3 6777 6980

Rating juho.hwang@bernsteinsg.com

Outperform Carmine Milano, CFA

Price Target +44 20 7762 1857

carmine.milano@bernsteinsg.com

BESI.NA 320.00 EUR (310.00 OLD)

Besi: President & CEO fireside chat takeaway - Dual engines firing

on all cylinders

We hosted Besi President and CEO, Mr. Richard Blickman, for a fireside chat last week. Below

Close Date 3 Aug 2026

is a summary of the takeaways and our latest views on the company.

BESI.NA Close Price (EUR) 201.40

Hybrid bonding (HB) adoption trend set for logic and is still likely for HBM 4E. For Price Target (EUR) 320.00

logic applications, adoptions in CPUs and AI accelerators are accelerating, and the Apple Upside/(Downside) 59%

M5 adoption proves there is use case for client devices as well. For memory, management 52-Week Range 328.40/105.40

emphasizes that HB adoption is not driven by height but rather by performance, and hence EDME 1,618.74

doesn’t get impacted whether JEDEC relaxes the height spec. Potential adoption of HB is FYE Dec

pushed by a large end customer to improve performance, which could even be for 12-hi, and Div Yield 0.8%

a decision will be made this year. While slow throughput is a barrier today, the next gen of Market Cap (EUR) (M) 16,343

50nm HB offers 50-80% faster throughput. HB is also margin accretive, sitting at the high EV (EUR) (M) 16,192

end of 60-70% GM range. Performance YTD 1M 6M 12M

Absolute (%) 50.6 (26.3) 25.8 71.9

Engine 1 is still strong: of the current order book, still 80% is “engine 1” vs. 20% EDME (%) 10.1 (0.2) 5.6 21.0

“submicron” packaging.