Dutch semiconductor equipment manufacturer BE Semiconductor Industries (Besi) reported stronger-than-expected orders for the third quarter of 2026, supported by rising demand for equipment used in artificial intelligence data centres. The company also pushed back against speculation that fellow Dutch chip equipment maker ASML could emerge as a competitor in hybrid bonding, a technology increasingly important to advanced semiconductor manufacturing.
Besi announced on October 22 that new orders reached €342.6 million ($385.2 million) during the third quarter. The figure represented a 17% increase from the previous quarter and a 96% jump compared with the same period a year earlier. Analysts surveyed by research firm Visible Alpha had forecast orders of approximately €298 million, making the reported total significantly stronger than market expectations.
The company also announced plans to begin a new €100 million share repurchase programme on October 27, providing an additional development for investors assessing its financial position and growth prospects.
A central element of Besi’s strategy is hybrid bonding, a semiconductor manufacturing process that connects stacked chips directly to one another. The technology can support faster communication between chips while reducing energy consumption, making it relevant to increasingly demanding computing applications, including artificial intelligence.
Besi said orders for its hybrid bonding systems had more than doubled in 2026 compared with the total recorded throughout 2025. The increase highlights the growing importance of advanced chip-packaging technologies as semiconductor manufacturers seek to improve performance and efficiency.
The company’s outlook for hybrid bonding became a focus of investor attention after concerns emerged that ASML might be developing equipment capable of challenging Besi in the market. Last week, Besi’s shares declined after semiconductor research firm SemiAnalysis reported that ASML appeared to be working on a competing hybrid bonding tool. ASML has not confirmed those reports.
Besi chief executive Richard Blickman rejected the suggestion that ASML should currently be regarded as a direct rival in the technology.
In its statement, Blickman said Besi did not consider ASML a competitor in hybrid bonding. Instead, he described the relationship between the two Dutch companies as collaborative, with both working to improve the precision with which Besi’s machines position chips.
Blickman also said that, to his knowledge, ASML’s interest was focused on developing technology for stacking three-dimensional transistors within chips over the coming decade, rather than competing directly with Besi’s hybrid bonding equipment.
His comments were intended to address uncertainty surrounding the companies’ respective technological ambitions. For investors, the distinction matters because hybrid bonding is becoming increasingly relevant to advanced semiconductor designs, while the emergence of a major competitor could influence Besi’s long-term market position.
Despite the strong order performance, concerns remain about how quickly semiconductor manufacturers will adopt the technology. Investors have questioned whether memory producers such as Micron and South Korea’s SK Hynix will move rapidly towards hybrid bonding for high-bandwidth memory, which is an important component in AI accelerators.
High-bandwidth memory enables AI processors to access large volumes of data at high speeds. As demand for artificial intelligence computing expands, manufacturers are seeking ways to increase memory capacity and improve the movement of information between processing units and memory.
However, the timing of investment decisions by memory producers remains an important factor for equipment suppliers such as Besi. Even with rising interest in advanced packaging, customers may adjust purchasing schedules according to their manufacturing plans and the pace of technology adoption.
Besi’s share performance reflects some of these concerns. Its stock has fallen by roughly half from a peak reached in June, as investors weighed questions about hybrid bonding adoption and the possibility of competition from ASML.
The company’s near-term revenue forecast was also more cautious than its order figures might suggest. Besi expects fourth-quarter revenue to remain broadly stable compared with the third quarter, when revenue totalled €283.4 million. The company indicated that the result could vary by 5% in either direction.
Analysts surveyed by LSEG had projected revenue of €277.3 million for the third quarter and €291.5 million for the fourth quarter. Besi’s guidance therefore points to a less pronounced near-term increase than analysts had anticipated.
The company explained that some customers had requested changes to delivery schedules for orders placed during the third quarter. Those customers wanted deliveries aligned with their own manufacturing plans for the first half of 2027.
The timing adjustments suggest that at least some demand is being shifted between reporting periods rather than necessarily disappearing. However, the revised schedules also contribute to uncertainty over how quickly orders will translate into revenue.
ING analyst Marc Hesselink said the stronger order intake, progress in hybrid bonding, Blickman’s clarification regarding ASML and the new share buyback were more significant than the weaker revenue outlook. He particularly noted that the guidance shortfall appeared to be related to delivery timing.
Overall, Besi’s latest results indicate that demand linked to AI infrastructure is providing support for its business, while hybrid bonding remains an important area of investment. The company has reported substantial growth in orders and is seeking to reassure investors about its competitive position. Nevertheless, the pace of customer adoption, delivery schedules and developments in semiconductor equipment technology will remain important factors in determining its performance over the coming quarters.
