The Dutch chip supplier BE Semiconductor Industries (Besi) is reaping the full benefits of the ongoing wave of investment in AI infrastructure. The company is seeing a particularly strong increase in demand for hybrid bonding, a technique that allows chips to be placed closer together and work more efficiently.
This growth is clearly reflected in the company’s financial performance. In the first quarter, revenue reached 185 million euros, representing an increase compared to the previous quarter. Profit grew even faster, reaching 52 million euros. The order intake also continued to rise, indicating sustained strong market demand. On an annual basis, this growth is even more striking, with order intake more than doubling and thus exceeding analysts’ expectations, according to an analysis by the FD.
According to CEO Richard Blickman, the market is continuing to recover, with hybrid bonding systems standing out in particular. This technology enables chips to be connected directly via microscopic copper bonds. This allows data to be exchanged more quickly while reducing energy consumption. Hybrid bonding is seen as a key building block for the next generation of AI chips, with demand for advanced memory chips serving as a major driver.
Limits of lithography play into Besi’s hands
The outlook remains positive. For the current quarter, Besi expects further revenue growth and improved margins. For the full year 2026, the company anticipates a clear acceleration, with a significant increase in both revenue and gross margin. Strong demand for hybrid bonding systems plays a central role in this. Besi is also benefiting from a broader trend in which chip manufacturers are increasingly turning to advanced assembly techniques because traditional scaling via lithography is reaching physical limits, reports the FD.
To meet this growth, Besi is scaling up its production capacity. In Vietnam, production of more standardized systems is being expanded. In Malaysia, the company is creating capacity for more complex solutions focused on AI applications. At the same time, the company is strengthening its presence in key markets such as Taiwan and South Korea, where demand for advanced chip packaging technology is growing rapidly.
In addition, Besi is working closely with major players in the sector, including TSMC and Applied Materials, on the development of hybrid bonding. These collaborations are crucial for applying the technology on a large scale in future chip generations.
Besi Aims for Next Leap in Scale
In the longer term, Besi sees significant growth potential. The breakthrough of new assembly techniques such as hybrid bonding could lift revenue to a much higher level than in previous years. At the same time, the company points to the cyclical nature of the chip industry. Geopolitical tensions and economic uncertainties can influence customers’ willingness to invest.
The company is not commenting on potential acquisition speculation. However, it emphasizes that collaboration within the sector is often more effective than consolidation. This is certainly true at a time when geopolitical interests are playing an increasingly significant role. Besi therefore remains focused on organic growth and on strengthening its strategic position within the global chip supply chain.