BE Semiconductor: 2Q26 Preview: Order trends to be robust. Focus to be on timing of next step up in orders

研报英文原文证据摘录

BE Semiconductor: 2Q26 Preview: Order trends to be robust. Focus to be on timing of next step up in orders

J P M O R G A N Europe Equity Research

20 July 2026

BE Semiconductor Overweight

BESI.AS, BESI NA

2Q26 Preview: Order trends to be robust. Focus to be Price (17 Jul 26):€225.50

on timing of next step up in orders Price Target (Dec-27):€342.00

We expect Besi to see strong order growth in its 2.5D business due to share gains European Tech Hardware &

at TSMC with CoWoS-L. Shortages in the optical market and in the AI power Payments

market should mean orders in mainstream businesses see very strong trends. Sandeep Deshpande AC

Hybrid bonding orders should continue from TSMC though the next step-up in (44-20) 7134-5276

orders may be later in the year or in early 2027, both from TSMC and/or due to sandeep.s.deshpande@jpmorgan.com

HBM-related orders. Overall, we expect Besi to report orders that are ahead of Craig A McDowell

consensus expectations with the company expected to confirm very strong revenue (44-20) 7742-4576

growth in 2026 and increased confidence in Hybrid bonding usage in HBM. craig.mcdowell@jpmorgan.com

Anthony Girard

• What to expect for 2Q26? Besi is to report Q2 results on July 23rd, and we (44-20) 3493-6469

expect revenue of €250m (implying a growth of 35% QoQ and 69% YoY), anthony.girard@jpmorgan.com

J.P. Morgan Securities plc

which is in line with guidance and Bloomberg consensus. On profitability, we

expect 2Q26 gross margin of 65%, which is at the mid-point of the guided range Specialist Sales contact details:

and in line with consensus. We also expect 2Q26 EBIT of €107m, which is in Scott Silver - Specialist Sales -

line with consensus expectations. European TMT

• Order momentum should be strong.