BE Semiconductor Industries (BESI.AS): 2Q26 First Take: Hybrid Bonding adoption broadens as AI investment cycle gathers pace

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BE Semiconductor Industries (BESI.AS): 2Q26 First Take: Hybrid Bonding adoption broadens as AI investment cycle gathers pace

Equity Research

23 July 2026 | 7:16AM BST

BE Semiconductor Industries (BESI.AS): 2Q26 First Take: Hybrid Bonding

adoption broadens as AI investment cycle gathers pace

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 reported 2Q26 revenues 1% below Visible Alpha Consensus Data, while

Ayo Odunaiyaoperating income came in 1% above Visible Alpha Consensus, due primarily to a +44(20)7051-5995 |

more favorable product mix. Quarterly reported revenues increased 69% yoy, ayo.x.odunaiya@gs.comGoldman Sachs International

supported by a meaningful expansion in AI infrastructure spending, alongside a

modest recovery in traditional mobile and auto/industrial markets. The company

received order intake of c.€293mn, representing a 9% qoq increase and exceeding

Visible Alpha Consensus of €249mn. Order growth was driven by robust demand

from photonics and data centre applications, as well as hybrid bonding capacity

expansion for both current and next-gen AI devices. In addition, we note that BESI

received new orders from multiple customers for AI-powered management

applications in 2Q. In this vein, the company guided 3Q26 revenues to grow 10-15%

qoq with GMs between 63% and 65%, and opex is expected to be flat to up 5% qoq,

which implies 3Q26 sales/EBIT which are 7%/8% above Visible Alpha Consensus,

respectively. Finally, we expect the focus on the call to remain on 1) the trajectory of

Hybrid Bonding order intake over the coming quarters, 2) potential risks to Hybrid

Bonding adoption should HBM stack-height requirements ease, 3) the competitive