BE Semiconductor Investor Day 2026: More bullish than prior Investor Day but has left ammunition for more upgrades

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BE Semiconductor Investor Day 2026: More bullish than prior Investor Day but has left ammunition for more upgrades

id Bonding is the most important element of the upgrade: The Quarterly Forecasts (FYE Dec)

company’s increase in the number of HB units to 1750 tools (up ~250 tools) Adj. EPS (€)

was driven by upgrades in all segments. Logic is the segment where adoption 2025A 2026E 2027E

has progressed the most with two major customers – TSMC & Intel having a Q1

large number of installed tools. With the adoption of TSMC’s HB capacity Q2

Q3

expanding beyond AMD to other customers such as Apple, Broadcom (AI Q4

ASICs and networking) and likely in 2028, Nvidia, the logic market adoption FY 1.65 3.84 6.12

of HB is the most advanced. In memory, Besi indicated that they believe that

Style Exposure

HB adoption in HBM will start in FY27. This would mean that tool shipments

will start in 1H27 with orders possibly seen in 4Q26. We believe that the

adoption will be led by Samsung followed by the two other HBM suppliers. In

the initial adoption, HB & TCB were indicated to coexist, with HB taking a

larger share in each successive generation. Besi indicated that it expects HBM5

to be ‘majority’ HB, with HBM5 being a major memory in 2029 meaning that

HB tool shipments should significantly accelerate in 2H28 in preparation. In

percentage terms, however, our takeaway is that co-packaged optics (CPO) is

likely to see the biggest increase in tool volume guidance with TSMC’s

COUPE technology using Besi’s HB tools. Nvidia, Broadcom, Alchip etc. are

TSMC customers for this technology and thus this would likely be earlier

Nvidia HB adoption than Nvidia’s adoption of HB for their AI accelerators.

• Mainstream technology growth is also indicated to contribute to the