Duiven, the Netherlands, April 26, 2023 - BE Semiconductor Industries N.V. (the “Company" or "Besi") (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the first quarter ended March 31, 2023.

Key Highlights

• Revenue of € 133.4 million down 3.1% vs. Q4-22 due primarily to lower shipments for computing and automotive end-user markets from IDMs and Asian subcontractors. Down 34.1% vs. Q1-22 due to industry downcycle with particular weakness in computing end-user markets 

• Orders of € 142.0 million down 21.3% vs. Q4-22 principally as a result of lower mobile and, to a lesser extent, computing bookings from IDMs and Asian subcontractors. Vs. Q1-22, orders decreased 30.7% due primarily to broad weakness in computing end-user markets

• Gross margin of 64.2% rose 1.9 points vs. Q4-22 and 4.1 points vs. Q1-22 principally due to a more favorable product mix, positive net forex influences and cost reduction initiatives

• Net income of € 34.5 million down 14.2% vs. Q4-22 primarily due to higher share-based incentive compensation. Down 48.9% vs. Q1-22 reflecting broad based industry weakness and increased R&D spending. Ex share-based incentive compensation, net income reached € 43.0 million vs. € 42.3 million in Q4-22 and € 75.5 million in Q1-22

• Net margin of 25.9% vs. 29.2% in Q4-22 and 33.4% in Q1-22. Ex share-based incentive compensation, net margin realized of 32.2% vs. 30.7% in Q4-22 and 37.3% in Q1-22

• Cash and deposits of € 644.9 million and net cash of € 325.8 million decreased 7.4% and 20.0%, respectively, vs. Q1-22 due to significantly increased capital allocation to shareholders

Outlook

• Q2-23 revenue anticipated to increase 15-25% vs. Q1-23 with gross margins in a range of 62%-64%