Besi stock: AI orders surge as hybrid bonding adoption widens

BE Semiconductor Industries, known as Besi, reported strong third-quarter and nine-month results on October 22, 2026, as demand for advanced semiconductor packaging equipment accelerated. In its Q3 2026 results, the Dutch company said customers increased orders for hybrid bonding, data-center equipment and AI-related mainstream computing applications.

Orders outpace quarterly revenue

Besi received orders worth 342.6 million euros in the quarter, an increase of 17.0 percent from the second quarter and 96.1 percent from the third quarter of 2025. The order intake exceeded revenue of 283.4 million euros, which rose 13.4 percent sequentially and 113.6 percent year over year.

The order trend extended across the first nine months. Besi reported year-to-date orders of 905.2 million euros, up 108.3 percent from the comparable period, while revenue increased 69.0 percent to 718.1 million euros. Net income reached 107.2 million euros, up 179.1 percent year over year, and the net margin rose to 34.5 percent from 20.9 percent.

Hybrid bonding widens its reach

Hybrid bonding remains the central technology marker for Besi's growth outlook. The company said first-nine-month hybrid-bonding orders had more than doubled compared with all of fiscal 2025, with cumulative demand exceeding 215 systems. Adoption has expanded to logic, memory, co-packaged optics and edge AI applications.

That mix gives Besi exposure to the build-out of AI and data-center capacity, but it also makes delivery timing important. Customers have asked to align deliveries for some third-quarter orders with their production-capacity plans for the first half of 2027. As a result, the strong order book is not expected to translate one-for-one into fourth-quarter revenue.

Stable fourth-quarter outlook

Besi expects fourth-quarter revenue to be flat to plus or minus 5 percent against the third-quarter level. Gross margin is forecast at 63 to 65 percent, compared with 65.2 percent in the third quarter, while operating expenses are expected to rise 5 to 10 percent, mainly because of higher strategic consulting costs.

The company also initiated a 100 million euro share repurchase program. For investors, the combination of elevated orders and a broadly stable near-term revenue outlook points to a business cycle in which demand is strong but shipment schedules determine when growth reaches reported sales. Hybrid-bonding adoption and the conversion of AI-related orders into production remain the key indicators for the next phase.

Besi stock traded at 152.48 euros on Lang & Schwarz at 10:34 CET on Tuesday, November 10.

The Dutch market backdrop is tracked through the AEX index.

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