Quick Take: Besi 2Q26 - Expanding hybrid bonding customer base

研报英文原文证据摘录

Quick Take: Besi 2Q26 - Expanding hybrid bonding customer base

David Dai, CFA +852 2918 5704 david.dai@bernsteinsg.com 23 July 2026

RESULTS AND GUIDANCE

• Besi’s Q2 revenue reached EUR 249.9mn, up 35% QoQ and 69% YoY, driven by broad-based growth, particularly in HB,

photonics, and Data Center applications, and to a lesser extent mobile and auto/industrial markets. Revenue was marginally

below consensus (-1% vs. EUR 253mn). GM of 65.7% and OPM of 43.5% came in ahead of street (Cons. 65.0% / 42.8%),

supported by strong operating leverage. EPS of EUR 1.11 was slightly below street -2% and up 175% YoY (Exhibit 1, Exhibit

2, Exhibit 3, Exhibit 4).

• Looking at orders, which are always the primary metric on investors’ minds, Q2 orders were strong at EUR 292mn, up 9%

sequentially and ~130% YoY, and 8% above street expectations. BESI attributed the strength to broad-based growth

across end markets, driven by Data Center, photonics, and AI power management applications. AI-related applications

accounted for 60% of total bookings, up from 50% in H1 2025. Orders from APAC (ex-China) reached a record 55% of total

bookings, while China remained relatively strong at 35%, with Europe and the US accounting for the remaining 10%. HB

orders increased materially vs. H1-25, supported by significant new capacity additions and expanding use cases across

logic, memory, co-packaged optics, and consumer applications. BESI also highlighted strong HB orders from two traditional

customers, as well as a new hyperscaler customer (presumably Meta). We estimate Q2 Backlog increased to a record level of

€ 454Mn, up 127% YoY. (Exhibit 5, Exhibit 6)

• Q3 topline guidance was well above expectations, with revenue expected to increase 10–15% QoQ to ~EUR 280mn,

~11% above street at EUR 254mn.