Besi Rides AI Boom with Soaring Orders for Advanced Chip Equipment

DUIVEN, the Netherlands – February 19, 2026 – BE Semiconductor Industries N.V. (Besi) today signaled its pivotal role in the artificial intelligence revolution, reporting a massive surge in orders that underscores the critical need for its advanced chip assembly technology. The Dutch equipment manufacturer posted stellar fourth-quarter 2025 results, with orders rocketing 105.4% year-over-year to €250.4 million, providing a bullish outlook for 2026 even as the broader semiconductor market finds its footing.

The results paint a clear picture: while traditional electronics markets are showing early signs of recovery, the insatiable demand for AI and high-performance computing (HPC) is creating a supercycle for the companies that build the backbone of next-generation chips. Besi, whose machines are essential for assembling complex microprocessors, is emerging as a prime beneficiary.

“Besi’s progress in 2025 reflected the favorable influence of increased AI spending on our business development,” said Richard W. Blickman, President and CEO of Besi, in the company's earnings statement. He noted that AI-related applications drove approximately 50% of total orders in 2025, a dramatic increase that highlights a strategic shift in the industry's landscape.

The New Frontier: Advanced Packaging

For decades, the semiconductor industry's mantra was Moore's Law—doubling the number of transistors on a chip every two years. As that physical scaling becomes more difficult and expensive, the industry has turned to a new frontier: advanced packaging. Instead of cramming more onto a single piece of silicon, chipmakers are now stacking and connecting multiple smaller chips, or 'chiplets,' into a single, powerful system. This is where Besi's technology becomes indispensable.

Technologies like hybrid bonding and 2.5D assembly—both Besi specialities—are the sophisticated techniques that make this possible. Hybrid bonding allows for direct copper-to-copper connections between chips, creating ultra-dense, high-speed pathways for data. This is critical for integrating high-bandwidth memory (HBM) with AI processors, a combination that defines modern AI accelerators. The advanced packaging market, valued at over $33 billion in 2025, is forecast by industry analysts to nearly triple to $95 billion by 2035, with hybrid bonding itself projected to become a nearly $8 billion market by 2033.

Besi's results show it is capitalizing on this trend. The company reported a “significant increase in hybrid bonding orders” and strong demand for its 2.5D datacenter applications. This surge is not just a forecast; it's happening now. The company has expanded its hybrid bonding adoption to 18 customers and has received cumulative orders for over 150 systems. In a landmark collaboration, six integrated hybrid bonding production lines, incorporating 30 of Besi's bonders, have been installed at a leading logic customer in partnership with Applied Materials, signaling the technology's maturation for high-volume manufacturing.

Strategic Execution in a Divided Market

Besi's strong performance is a story of strategic focus. While full-year 2025 revenue saw a slight dip of 2.7% to €591.3 million, this figure masks the underlying dynamics. The decline was attributed to lingering weakness in the mobile, automotive, and industrial markets, which have been working through an inventory glut. However, the 16.8% growth in full-year orders tells the real story of where the market is headed.

The company's Q4-25 revenue of €166.4 million was up 25.4% from the previous quarter, and net income jumped an impressive 69.2% to €42.8 million over the same period. This profitability, combined with a strong liquidity position, prompted the proposal of a generous €1.58 per share dividend, representing a 95% payout ratio.

Besi’s CEO pointed to “green shoots” appearing after a downturn of nearly four years in its principal end-user markets. While the recovery in these traditional sectors is welcome, it is the explosive growth in AI that is charting the company's path forward. The market is effectively splitting into two tiers: a high-growth, high-margin advanced AI segment, and a more traditional, slower-growing mainstream segment. Besi has successfully positioned itself to dominate the former while benefiting from the eventual recovery of the latter.

Fueling a Global AI Arms Race

The demand for Besi's equipment is not happening in a vacuum. It is being fueled by a global wave of investment in AI infrastructure. The press release highlighted a “broad-based increase in demand by Asian subcontractors,” particularly from China as it builds out its own AI capabilities. This aligns with massive government and corporate initiatives worldwide.

In the United States, the CHIPS and Science Act is funneling billions into building domestic semiconductor manufacturing and advanced packaging facilities. Similar initiatives are underway in Europe, Japan, and Southeast Asia. As nations and corporations race to secure their positions in the AI economy, they are creating unprecedented demand for the highly specialized tools needed to build advanced chips. This global build-out of new fabrication plants and packaging houses represents a long-term, structural tailwind for equipment suppliers like Besi.

Looking ahead, Besi is optimistic. The company is forecasting another 5%-15% revenue increase for the first quarter of 2026, with robust gross margins between 63% and 65%. Blickman expressed confidence based on strong order momentum continuing into the new year, citing anticipated growth in three key streams: 3D wafer level assembly, AI-related 2.5D capacity, and the recovery of traditional assembly applications. Customer roadmaps point to expanded adoption of hybrid bonding and other advanced techniques for next-generation memory and processors, ensuring that the technologies powering the AI boom will continue to rely on the intricate assembly work performed by Besi's machines.