Besi posts strong bookings as AI drives demand for hybrid bonding tech

By Leo Marchandon and Ozan Ergenay

(Reuters) -BE Semiconductor Industries (Besi), a supplier of advanced packaging tools for chipmakers, said on Wednesday its order bookings grew in the first quarter as Asian subcontractors ordered more AI-related data centre applications.

Investors are banking on growing orders for Besi's hybrid bonding solutions, a critical chip technology allowing two chips to be bonded directly on top of each other, and its first-mover advantage amid a surge in demand for AI-enabling technology.

"We received hybrid bonding orders from two leading memory (chip) producers for HBM 4 applications as well as follow-on orders from a leading Asian foundry for logic applications," CEO Richard Blickman said in a statement.

The Dutch group's quarterly order bookings, an important indicator of future growth, grew 8.2% to 131.9 million euros ($150.1 million) compared to the fourth quarter of 2024.

Besi's shares, which had fallen 30% this year as of the last close, were up 9% by 0730 GMT.

Analysts from KBC Securities said in a note that Besi's new orders were "very positive", underscoring its long term potential even if there will be some volatility in the short run.

Besi's revenue fell 6.1% quarter-on-quarter to 144.1 million euros, weighed down by muted shipments for mobile and automotive applications. It expects the metric to remain at a similar level in the second quarter, with a possible deviation of 5% into either direction.

The timing and trajectory of the expected demand upturn is more difficult to predict now given the uncertainties around the escalating trade war, Blickman said.

Besi had said in February it expected mainstream assembly markets to start to recover only in the second half of the year, depending on end market trends and the course of the global trade restrictions.

"However, demand for advanced packaging for AI applications remains strong given upcoming new device introductions and use cases planned in the 2026-2028 period," Blickman added.

Degroof Petercam analysts said the upturn, which they expect to materialise in late 2025 or early 2026, should be stronger for Besi given its lead in hybrid bonding technology.

($1 = 0.8787 euros)

(Reporting by Leo Marchandon and Ozan Ergenay in Gdansk, editing by Milla Nissi)