INVESTOR PRESENTATION

May 2020

Safe Harbor Statement

This presentation contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking

statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders,

net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital

expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”,

“would”, and similar expressions are intended to identify forward looking statements, although not all forward looking statements contain these

identifying words. The financial guidance set forth under the heading “Outlook” contains such forward looking statements. While these forward looking

statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important

factors could cause actual developments and results to differ materially from those contained in forward looking statements, including any inability to

maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without

charges; the volatility in the demand for semiconductors and our products and services; failure to develop new and enhanced products and introduce

them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including

through consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our

information technology systems; inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our

intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with

substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region; potential

instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled

personnel; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2019; and other key factors that could

adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We

expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

2May 2020

Agenda

I. Company Overview

II. Market

III. Strategy

IV. Financial Update and Summary

V. Appendix

3May 2020

I. COMPANY OVERVIEW

4May 2020

Besi Overview

• Leading assembly equipment supplier with #1 and #2 positions in key markets. 32% addressable market share

• Broad portfolio: die attach, packaging and plating

• Strategic positioning in substrate and wafer level packaging

• Global operations in 6 countries; 1,621 employees. HQ in the Netherlands

Corporate Profile

• LTM revenue and net income of € 366.1 million and € 85.7 million

• Cash/deposits at Q1-20: € 427.6 million

• Net cash/deposits at Q1-20: € 148.3 million

• € 730.5 million of dividends and share repurchases since 2011*

Financial Highlights

• Applications for digital society key long term drivers: Internet of Everything, AI, Big Data, Cloud computing, 3D imaging, 5G network roll out

• Advanced packaging is critical part of semi value chain

• China market growth and share gains also benefit revenue development

• Asian production optimization, European overhead reduction and common parts initiatives also help drive profit potential

Investment Considerations

5

* Includes 2019 dividend payment of € 1.01 per share and share repurchases through April 30, 2020

May 2020

Company History

€ 85.5

€ 366.1

25.9%

56.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

55.0%

60.0%

0

100

200

300

400

2003 LTM

Reven

ue

(€ m

illio

ns)

Revenue Gross Margin

•

Die Attach Acquisitions

• Expanded advanced packaging leadership into die attach area

• Gained market share organically and via acquisitions

• Gained mindshare with key industry leaders

• Growth in China, key customers and electronics supply chains

Product Strategy

• Asian production transfer combined with European restructuring enhanced profit potential

• Developed Asian production hubs (MY and CN), Singapore development/support center and Asian supply chain

• Scalability enhanced. Break even revenue levels reduced

Successful Execution of Strategic Plan Initiatives

• Achieved peer leading gross and net margins and ROI

• Improved cash flow generation

• Implemented attractive capital allocation policy

Financial Metrics

6May 2020

Best in Class Product Portfolio

Multi Module Attach• 2200 evo

• 2200 evo plus

• 2200 evo hS

• 2200 evo advanced

New

Die Sorting• WTT

• TTR

New

New

Die Bonding

• 2100 xP plus / hS

• 2100 sD plus / PPP plus

• 2100 sD advanced

• 2100 SSI

Flip Chip• 8800 CHAMEO advanced

• 8800 TC advanced

• 8800 FC QUANTUMadvanced

• 2100 FC hS

New

New

Plating• Leadframe

• Solar

•Next generation Die Attach

•Next generation Packaging

•Common modules

AMS-LM• Substrate

AMS-i/X• Leadframe

• MEMS

• Sensors

FML• Wafer

• Panel

New FSL• Singulation

• Sorting

FCL• X

• P

• X/PNew

New

• 2100 DS

• 2100 SC

• 2100 hSi

• 2100 sD advanced i

Die Lid Attach• DLA New

• Film & Foil

• Battery

Die Attach

Packaging

Plating In Development

New

New

New

New

7

New

NewNew

May 2020

Customers OEMs End Products

Customer Ecosystem

• Diversified, blue chip customer base, top 10 = 44% of 2019 revenue

• Leading IDMs and subcontractors. 61%/39% split in 2019

• Also supply leading fabless companies: Qualcomm, Broadcom, MediaTek via subcontractors

• Long term relationships, some exceeding 50 years

IDMs

Subcontractors

8May 2020

Product Positioning

9

Semiconductor Manufacturing Equipment

(2019: $61.7B)*

Front end: $53.2B

(86.2%)

Assembly: $3.0B

(4.8%)

Test: $5.5B

(8.9%)

* Source: VLSI April 2020

** Includes Molding, Trim and Form and Singulation Systems

Dicing

Semiconductor Assembly Process

Die Attach Wire Bond Packaging** Plating

Leadframe Assembly

Substrate

Wire Bond Assembly

Substrate

Flip Chip Assembly/TCB

Wafer Level Packaging

Flip Chip Assembly/Fan Out

May 2020

Operational Profile

10

• Development activities in Europe

• Production in Asia

• Sales/service activities in Asia, US and Europe

Sales Office

Production Site

Sales, Production and R&D Site

Leshan

ChengduShanghai

Korea

Taiwan

Philippines

Malaysia

Singapore

Suzhou

Radfeld, (Austria)Steinhausen,

(Switzerland)

Duiven & Drunen,

(The Netherlands)

Chandler

Shenzhen

LTM March 31, 2020

Europe/NA Asia

Revenue (MMs) € 88.9 24.3% € 277.2 75.7%

Headcount 508 31.3% 1,113 68.7%

Thailand

May 2020

Year Ended December 31, (€ millions, except share data) 2017 2018 2019 Q1-19 Q1-20

Revenue 592.8 525.3 356.2 81.4 91.3

% seq. change 58% -11% -32% +12%

Gross margin 57% 57% 56% 56% 57%

EBITDA 222.8 187.7 11.7 19.7 24.0

Pretax income 199.2 154.9 78.1 10.8 16.2

Net income 173.2 136.3 81.3 9.5 13.9

Net margin 29% 26% 23% 12% 15%

EPS (diluted) (a) 2.17 1.68 1.06 0.13 0.19

EPS (basic) (a) 2.32 1.83 1.12 0.13 0.19

Dividend per share (a) 2.32 1.67 1.01

Net cash 247.6 199.4 130.3 229.7 148.3

Summary Financials

11

(a) Adjusted for 2:1 stock split in May 2018

Long term, step function revenue growth in cyclical business

• Last peak reached in 2017 at € 592.8 million

• Current performance affected by downturn starting in Q2-18

• Recovery limited by COVID-19 pandemic in Q1-20

• Orders +42.2% vs. Q1-19

Strong margins and profit potential

• Attractive quarterly gross margins of 55%+ achieved

• Aligned overhead and production levels with market conditions

• Net margin of 23% in 2019 despite 32% YOY revenue decrease

• Peer leading financial metrics

Improved cash generation supports shareholder friendly capital

allocation policy

• € 167.1 million distributed in 2019: dividends and share

repurchases

• € 77.6 million distributed YTD 2020

May 2020

Increased Profitability vs. Last Market Downturn

12May 2020

349.2356.2

57.9

91.9

0

20

40

60

80

100

120

140

200

250

300

350

2015 2019

Op

era

tin

g In

co

me

Reve

nu

e

Revenue Operating Income

+58.7%

€ millions

16.6%

25.8%

+2.0%

Business Model Objectives

13

Objectives

€ 800MM

40%+

55-60%

30-35%

80% Asia/20% Euro

Revenue

Addressable Market Share

Gross Margin

Net Margin

Headcount Split

May 2020

Capital Allocation Trends

14May 2020

45.4

65.3

174.0

122.4

73.5

22.0

23.5

35.5

44.7

4.167.4

88.8

209.5

167.1

77.6

0

50

100

150

200

2016 2017 2018 2019 2020*

Dividends

Share Repurchases

€ millions

* Includes dividend payment of € 1.01 per share payable in May 2020 and share repurchases through April 30, 2020.

33%

67%

26%

74%

17%

83%

27%

73%

• € 730.5 million distributions since 2011:

• Includes € 73.5 million 2019 dividend

• Current € 75 million share repurchase program:

• 3.2 million shares (€ 71.2 million) bought

at € 22.33 per share

• 7.3 million shares (9.1%) held in treasury

5%

95%

II. MARKET

15May 2020

What Drives Besi’s Business?

Macro GDP trendsTech capabilities in

24/7 production environment

IDM customer and supply chain

choice

Timing of customer roadmaps and

capital spending programs

Competitive cycle times and scalability

16May 2020

Assembly Equipment Market Trends

17

378.8

349.2 375.4

592.8 525.3

356.2 48.6%

-7.8%

7.5%

57.9%

-11.4%

-32.2%

-50%

0%

50%

100%

0

200

400

600

2014 2015 2016 2017 2018 2019

€ m

illio

ns

Besi RevenueRevenue YoY Growth Rate

3.7

3.13.5

4.4 4.3

3.0 2.83.6

3.9

22.9%

-16.5%

12.5%

25.8%

-2.5%

-29.3%

-8.3%

27.3%

9.2%

-50%

-30%

-10%

10%

30%

50%

0.0

1.0

2.0

3.0

4.0

5.0

2014 2015 2016 2017 2018 2019 2020E 2021E 2022E

US

$ b

illio

ns

Assembly Equipment MarketMarket Size YoY Growth Rate

Source: VLSI April 2020

May 2020

• VLSI revised 2019 forecast to -29.3% from

more optimistic view at start of 2019

• 2020 forecast upturn of 10.3% downgraded

to -8.3% in April due to COVID-19

• Assumes economic activity regains traction

in Q3-20

• Strong rebound from depressed levels

anticipated in 2021 and 2022

Semi Equipment Recovery Changed Markedly at End of Q1-20

18

Source: VLSI April 2020

May 2020

Die Bonding44.6%

Flip Chip / TCB14.8%

Die Sorting4.6%

Singulation6.1%

Molds & Presses22.9%

Lead Trim & Form5.2%

Plating1.7%

Assembly Equipment Market Composition

• Roughly half of assembly market represented by die attach and packaging equipment

• Die Attach represents Besi’s largest addressable market

Die Attach

64%

Packaging

34%

Plating

2%

Assembly Equipment Market *

(2018: $4.3 billion)Besi Addressable Market *

(2018: $1.8 billion)

* Source: VLSI July 2019

Wire Bonding22.8%

Die Attach30.3%Packaging

18.1%

Plating0.7%

Other Assembly

(Inspection, Dicing)28.1%

19May 2020

Besi Market Share Trends

Source: VLSI June 2019 and Besi estimates

% Total Revenue 2017 2018

Die Attach 76.4% 81.6%

Packaging 19.2% 15.2%

Plating 4.4% 3.2%

• Market share trending upwards

• Can vary p.a. based on customer

roadmaps and advanced packaging

needs

20

2014 2015 2016 2017 2018

Total Assembly Market ($MM) $3,725 $3,119 $3,515 $4,421 $4,313

Besi Market Share 13.5% 12.4% 11.9% 15.1% 13.9%

Addressable Market ($MM) $1,622 $1,286 $1,540 $1,983 $1,848

Besi Market Share 30.4% 29.6% 27.0% 33.5% 32.4%

Die Attach 36.9% 34.8% 32.9% 40.6% 38.6%

Packaging 17.9% 17.5% 14.4% 16.2% 18.3%

Plating 75.4% 78.5% 85.5% 78.1% 83.6%

May 2020

Move to Digital Society Helps Drive Advanced Packaging Growth

May 2020 21

Requiring Increased Density, Higher Accuracy and Smaller Form Factors for Next Generation Devices

Today => TomorrowFront End

Transistor scaling

Lithography

New structures 3D

Back End Assembly

More contacts

Smaller pitches

Thinner/denser

more complex packages

Stacked structures 3D

WLP/FOWLP packages

From simple Wire Bond to BGA/Flip Chip to complex 3D structures with TSVs,

microbumps and thin dies

to WLP/FOWLP packages

without substrate interposer

22May 2020

Advanced Packaging Critical to Next Generation Applications

23

Greater Miniaturization

Greater Complexity

Increased Density

Higher Performance

Lower Power Consumption

Higher Accuracy

Die Bond

Datacon 8800 TC

Datacon 8800 CHAMEO fan-out

Esec DB2009

Esec DB2100

Packaging

Fico AMS-LM

Fico Singulation Line

FML Wafer Molding

Fico Compact Line - X

Mobile Revolution

• Mobile internet

• Messaging

• Social media

• Shared economy

• Gaming

• Geo-location

• Audio/video

• Auto electronics

Digital Society

• Smart mfg, cities, mobility and homes

• 5G mobile/wearable devices

• Artificial intelligence

• Driverless cars

• Data mining

• Cloud servers

• High performance Computing

• IoT

• VR/AR

• MEMS

May 2020

Advanced Packaging Unit Volume and Market Share Are Increasing

24

• Advanced packaging applications have

grown significantly since 2010

• Currently, estimated 38% of wafers use

advanced packaging interconnects

• Leading growth segment of assembly

equipment market

• Flip chip and WLP are leading AP assembly

processes next five years

Source: VLSI February 2020

13%

19%

26%

31%32%

34%36%

37%38%

39%40%

41%43%

0%

10%

20%

30%

40%

50%

(5)

5

15

25

35

45

55

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

AP

Ma

rket

Sh

are

%

M w

afe

rs, 3

00

MM

Eq.

Advanced Packaging Silicon Demand Growth & Market Share 2011 - 2023

Flip Chip Wafer Level Packaging

Fan-Out Wafer Level Packaging TSV (3D & 2.5D)

Advanced Packaging Unit Market Share (%)

May 2020

Besi Portfolio Well Positioned by Node Size and Accuracy

25

15%

40%

20%

25%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Typical Application Besi Equipment

Automotive, SiP

Power

Die Attach

Packaging

Plating

IOT

General ICs

Die Attach

Packaging

Plating

Computer, PC, Mobile

Cloud Computing

Die Attach

Packaging

High Performance Computing

Memory

Die Attach

Packaging

Accuracy

Micron

10+

10

7

3

Size

NM

28+

28

17

10

Estimated % of 2019 Revenue

• 75% of Besi equipment revenue advanced packaging as per VLSI definition

• 55% equipment revenue is < 7 micron accuracy and sub 17 nanometer

• Most rapidly growing market segment

May 2020

Fan Out WLP and TCB/TSV Are Emerging Advanced Packaging Process Technologies

Enabling technology for high

end memory and optical

applications

Next step beyond Flip Chip

TCB/TSV (Substrate Based)Fan Out WLP (Wafer Level)

Fan Out Advantages:

• Wafer scale. Eliminates expensive substrate

• No wire bonding

• More cost effective than TSV in many applications by factor of 2x

Leading market position:

• Installed base of ~70 systems in production

• Estimated 70% market share

• Principal Competition: Shibaura

32 Stacked Die Capability

Besi TCB Advantage

• 32 die stack at <5 micron accuracy (current market:

4-8 die stack)

• High accuracy over large area placement

• Highly stable

• Industry leading throughput

• Compact form factor

Leading market position

• Installed base of 40 systems in production

• Estimated 25% market share of active systems

• Highest penetration of memory and GPU markets

• Principal competition: Toray, ASM PT, Shinkawa

Preferred process for high data

transfer and optical devices in IoT,

mobile and power

26May 2020

Besi End User Application Trends

Source: Company Estimates

27

• Mobile Internet, Computing and

Automotive are largest end markets

• Estimated 71% of revenue in 2019

• Percentages vary p.a. based on

customer roadmaps

• Mobile is largest market

• % varies based on timing and success

of new product introductions

• Computing growth due to increased

demand for high end logic, cloud and

memory solutions

• Growth in automotive reflects ever

increasing electronic content

• Spares/service: 20% of 2019 revenue

• Growth in installed base

• Less volatile revenue stream

Mobile Internet Devices

32%

Computer, PCs22%

Spares/Service20%

Automotive17%

Industrial / LED9%

2019 % of Revenue

May 2020

Expansion of Cloud Infrastructure and Connected Devices Aids Growth

28May 2020

5G Rollout Creates New Opportunities in Besi End User Markets

29

Source: KPMG January 2020

May 2020

Besi Addressable Market Share of Mobile Increasing

Besi technology can support virtually all device platforms utilized in latest mobile devices.

30May 2020

Source: ASML Investor Day Nov 2018

3D STACKING AND MULTI CHIP ARCHITECTURE AS IMPORTANT OR EVEN MORE IMPORTANT THAN FRONT END PROCESSES !!!!!!

Computing: Assembly Process Ever More Critical StepIn CPU Value Chain

31May 2020

III. STRATEGY

32May 2020

Summary Strategy

33May 2020

Strategic Objectives

Maintain best in class technology

leadership

Increase market presence in addressable

markets

Enhance scalability of

manufacturing model. Reduce structural costs

Pursue CSR strategy

balancing business with

social/ecological responsibilities

Acquire companies with complementary

technologies and products

Reward shareholders via capital allocation

policy

Strategic Plan Update

34

Revenue Initiatives Cost Initiatives

Customer:

• Expand partnership with next-gen leaders to

gain share

• Exploit opportunities for hybrid bonding, micro

LED, memory/TCB, solar plating

• Increase mainstream penetration with high

quality mid range systems

• Expand presence and share of wallet in China

Supply Chain:

• Increased production/supply chain flexibility:

MY, CHN, SGP

• Vendor consolidation and volume discounts

• Increased common parts

Service/Support

• Sustain operational and service excellence to

support installed base growth

• Grow spares/service business

Product Design:

• Cost reduction with each new generation

• Reduce number of platforms

• Increase standardization

• Reduce cycle times

• Cost down engineering

Research and Development

• Organize R&D group to support revenue

objectives

Headcount

• Continue West to East transfer

• Target 80% Asia

May 2020

COVID-19 Update

35May 2020

• Headcount: nearly 70% located in Asia

• Malaysia: Deemed essential business. Permitted to resume full operations recently

• Fully operational China

• Singapore: Deemed essential business. Open but most staff working remotely

• Adjusting Asian production as necessary according to local circumstances and regulations

• Europe R&D, product management, sales working remotely

Besi operating with varying restrictions

• Not optimally, but good enough

• 80% sourced in Asia

• Dual sourcing strategy and inventory stocking of critical parts have lessened bottlenecks so far

• Some non-critical components can cause delays

Supply chain functioning

Current Technology Roadmap

36

• IDMs investing in next generation devicesCustomers

• Increasing R&D activities

• Highly focused per customer roadmaps

Besi

5G Applications

Artificial Intelligence

Cloud Infrastructure

Advanced Logic Apps

May 2020

Asian Production Transfer Has Reduced Break Even Revenue Levels and Improved Cash Generation

37

Asian Production Has Significantly Expanded

Leading to Lower Fixed European + NA Headcount

And Reduced Break Even Revenue Levels

Improved Cash Generation

-

174

396

655 396

829

43%

98%

0

400

800

2010 2019

China Other Asian

% Direct

741

453

802

1,081

1,543 1,534

0

400

800

1,200

1,600

2,000

2011 2019

Europe/NA Fixed HC Asia Fixed HC

270

220

0

50

100

150

200

250

300

2011 2019

€ millionsHeadcountShipments

(38.9%) 49

120

15%

34%

0

50

100

150

2011 2019

Cash Flow Ops

CF from Ops/ Revenue

€ millions

(18.5%)

May 2020

Downturn

Flexible Production Model Has Generated Consistent Gross Margins in Market Cycles

38

* Midpoint of guidance: Revenue +5 to +25% vs. Q1-20, Gross Margin 56-58%.

May 2020

COVID

19

110

170159

153 155161

117

93

81

93 90 92 91

105

55.7%57.3%

58.7%56.3% 56.5% 56.5%

58.0%56.4% 55.9% 56.0% 55.1%

56.3% 56.7% 57.0%

30%

40%

50%

60%

70%

80%

90%

100%

0

20

40

60

80

100

120

140

160

180

Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20*

Gro

ss M

arg

in %

€ m

illio

ns

Revenue Gross Margin

Flexible Asian Workforce Has Significantly Enhanced Scalability

39

1,724 1,692 1,626 1,605 1,546 1,534 1,529

71% 73% 72% 72% 71% 70% 70%

29% 27% 28% 28% 29% 30% 30%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2017 2018 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20

Head

co

un

t

Europe/NA Fixed HC Asia Fixed HC Asia % Europe/NA %

Fixed Headcount

Total Headcount

502 462 452 450 453 453 458

1,222 1,230 1,174 1,155 1,093 1,081 1,071

316 67 69 111

88 62 92

2,040

1,759 1,695 1,7161,634 1,596 1,621

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

500

1,000

1,500

2,000

2,500

2017 2018 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20

Tem

p %

of

Tota

l

Head

co

un

t

Europe/NA Fixed HC Asia Fixed HC Temporary HC Temp % of Total

• Headcount adjusted in downturn:

• 25.3% reduction from Q1-18 peak to Q4-19

• Focus on SG&A structure currently

• Temporary help added in Q1-20 to support

increased orders

• Asian HC rationalized in 2019 post large

2015-2018 ramp

• Both fixed and temporary workers

• European and NA fixed HC has declined:

• -37.3% since 2011

• -16.0% vs. 2015

• Stable in 2019 due to R&D ramp

May 2020

Overhead Alignment With Market Cycles

• Overhead aligned with order patterns

• Substantial operating leverage in business model

40May 2020

94.8

113.7

96.9

27.1%

19.2%

27.2%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0

20

40

60

80

100

120

140

2015 2017 2019

Op

ex

/Re

ve

nu

es

Bas

eli

ne

Op

era

tin

g E

xp

en

se

Baseline Opex Baseline Opex/Revenues

Baseline Opex Trends 2015-2019

€ millions

CSR Objectives

Safeguard safe and healthy working

conditions Maintain best practices

environmental and ethical behavior

Reduce environmental

impact of products and operations

Promote employee

talent, training and diversity

Conserve natural

resources

Develop sustainable

supply chain. Minimize impact of conflict

materials

Reduce packaging,

waste, transportation

and energy

Responsible tax practices

in all jurisdictions

Besi Strategic CSR Objectives

41May 2020

CSR Objectives 2020

Review sustainability strategy

Improve reporting and KPI monitoring

Upscale sustainability initiatives

Progress on CSR Agenda

42

CSR Highlights 2019

Environmental

Footprint

Reduced packaging, energy, waste, and

water usage

Installed solar panels at Malaysia facility

Developed system to better assess

sustainability in product design

Received MISA ‘19 Audience Award for

solar panel efficiency

Implemented video conferencing system to

reduce travel

Human

Resources

New management training, governance and

e-learning programs

Supply Chain

Achieved RBA gold status

Increased supply chain compliance with

RoHs standards

May 2020

17.7

14.9

12

14

16

18

2017 2019

GW

h

Energy Usage

183

159

125

150

175

200

2017 2019

tons

Waste Usage

32.6

27.3

20

25

30

35

2017 2019

m³

(00

0s)

Water Usage

(13.1)%(15.8%)

(16.3%)

IV. FINANCIAL UPDATE AND SUMMARY

43May 2020

Gross Margin

OPEX

Headcount

Effective Tax Rate

€ 92.4 € 91.3

23.9%

15.2%

0%

25%

50%

75%

100%

0

20

40

60

80

100

Q4-19* Q1-20

Net

ma

rgin

%

Reve

nu

e (

€ m

illi

on

s)

Revenue Net Margin

+ 25

- 58.3 points

+ 31.0%

+ 0.4 points

Q1-20 Profit Metrics Better Than Anticipated

44

(43.9%) 14.4%

1,596 1,621

€ 25.2 MM € 33.0 MM

56.3% 56.7%

Q4-19/Q1-20

€ 22.1

Q1-19/Q1-20

€ 13.9

- 1.2%

- 8.7 point

May 2020

€ 81.4

€ 91.3

11.6%

15.2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

20

40

60

80

100

Q1-19 Q1-20

Net

ma

rgin

%

Reve

nu

e (

€ m

illi

on

s)

Revenue Net Margin

Gross Margin

OPEX

Headcount

Effective Tax Rate

+ 12.2%

- 74

+ 7.5%

+ 0.8 points

€ 13.9€ 9.5

12.5% 14.4%

1,695 1,621

€ 30.7 MM € 33.0 MM

55.9% 56.7%

+ 3.6 points

+1.9 points

* Includes € 11.6 million tax benefit at Besi’s Swiss operations in Q4-19

Gross Margin

OPEX

Headcount

Effective Tax Rate

Strong Liquidity Position to Help Navigate COVID-19 Challenge

45

304.8

527.8

475.5

507.5

361.7383.7

408.4427.6

168.1

247.6

199.4

229.7

86.1106.9

130.3148.3

0

100

200

300

400

500

600

2016 2017 2018 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20

€ m

illio

ns

Cash and Deposits Net Cash

€ 122.4 MM

Dividend

2018

Solid Liquidity Base

• Total cash/deposits grew to €427.6 million Q1-20

• Net cash increased by € 18.0 million (+13.8%) to

€ 148.3 million

• Untapped € 80 million revolving credit expandable to

€ 136 million

Strong cash flow generation continues

• Supports capital allocation policy

Q1-20 cash movements

• +€ 26.6 million cash provided by operations

• - € 3.1 million share repurchases

• - € 3.7 million capitalized R&D

• - € 0.9 million capex

May 2020

Guidance Q2-20

46

-15%

Operating Expenses

€ 33.0

Q2-20Q1-20Q1-20 Q2-20

Gross Margin

56.7%

Revenue

Q1-20 Q2-20

€ 91.3 56%-58%

-10%

-

-15%

-15%

+5%

-

+25%

May 2020

€ in millions

Summary

47

Assembly market ever more critical in semiconductor

value chain

Asian production expansion has been a game

changer

Long term secular trends drive

advanced packaging growth

Tech leadership and scalable model have resulted in benchmark

financial returns

Disciplined strategic focus has created an industry leader

Attractive capital allocation policy

rewards shareholders

Market presence has grown via key

IDM customers and supply chains

May 2020

V. APPENDIX

48May 2020

Revenue and Gross Margin Cycles Since 2006

49May 2020

191

351

379

593

356

164

302

424

56.8%

55.8%

34.1%

39.5%

51.1%

0%

10%

20%

30%

40%

50%

60%

0

100

200

300

400

500

600

700

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Revenue Gross Margin€ millions

4 year

averages

Gross Margin

IDM/Subcontractor Order Trends

50

348.3 373.8

680.9

483.1

348.7

384.0

-

100

200

300

400

500

600

700

800

2015 2016 2017 2018 2019 LTM

Ord

ers

IDMs Subcontractors

49%49%

35%

32%

51%51%

65%68%

€ millions

47%

61%

May 2020

53%

39%

Baseline Operating Expense Trends

51

30.7

26.3 25.7 25.3 24.7 23.3 23.7

25.9

1.0

2.8

0.2

5.4

2.1

0.9 1.5

7.1

31.8

29.1

25.9

30.7

26.8

24.2 25.2

33.0

10

20

30

40

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20

Op

era

tin

g E

xp

en

se

s (

€ m

illio

ns)

Baseline Opex Other Opex*

* Other Opex includes both short term and long term incentive comp, forex effects, restructuring costs and selected one-time effects.

May 2020

Net Income Trends

52

47.2

26.2

22.7

9.5

18.9 19.2

33.7

13.9

3.8

3.1

3.5

6.4

3.5 3.1

3.8

8.0

51.0

29.3

26.2

15.9

22.4 22.3

37.5

21.9

29.3%

25.1%24.5%

11.7%

20.4% 21.4%

36.5%

15.2%

0%

10%

20%

30%

40%

50%

60%

0

10

20

30

40

50

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20

€ m

illio

nsNet Income Variable Compensation (a) Net Margin

(a) Includes variable compensation from both cost of goods sold and operating expenses

May 2020

Currency Exposure Trends

53

Currency Exposure (2015) Forex Financial Impact

• USD revenue % comparable to 2018

• Long-term cost exposure shifting to Asia:• Production transfer increases importance of MYR, CNY and SGD• Material purchases and production expenses ~60% in Asian currencies (MYR, CNY and SGD) • Lower units produced vs. 2018 decreases % impact of Asian currencies in mix this year

Revenue Expenses

2017 2018 20192019 ∆

vs. €*2017 2018 2019

2019 ∆

vs. €*

Euro 18% 33% 32% 21% 29% 33%

US dollar 82% 67% 68% 9% 9% 9%

Malaysian ringgit - - - 31% 31% 25%

Chinese renminbi - - - 13% 10% 11%

Swiss franc - - - 19% 12% 10%

Singapore dollar - - - 5% 6% 9%

Other - - - 2% 3% 3%

Total 100% 100% 100% 100% 100% 100%

* Currency variance in 2019 based on average forex rates vs. the euro

May 2020

Cash Generation Trends

54

86.5

98.7

168.2

184.1

120.1

98.9

24.8%26.3%

28.4%

35.0%33.7%

27.0%

0

20

40

60

80

100

120

140

160

180

200

2015 2016 2017 2018 2019 LTM

% of Revenue€ millions

Total Cash Flow from Operations As % of Revenue

May 2020

55

Share Repurchase Activity

4.0

22.4 22.8

35.5

44.7

4.1

€ 8.93

€ 12.44

€ 23.74

€ 21.79

€ 24.31

€ 32.57

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

0

5

10

15

20

25

30

35

40

45

50

2015 2016 2017 2018 2019 YTD 2020*

Avg C

ost pe

r S

ha

re

€ m

illio

ns

Share Repurchases Average Cost per Share

• 3.2 million shares (€ 71.2 million) purchased through April 30, 2020 under current € 75 million program (avg price € 22.33)

• 125,543 million shares purchased from January 1, 2020 through April 30, 2020 for € 4.1 million

• 7.3 million shares held in treasury at April 30, 2020 at average price of € 15.32 per share, equal to 9.1% of shares outstanding

May 2020

* Includes share purchases through April 30, 2020

Dividend Trends

56

0.60

0.87

2.32

1.67

1.01 93%

100%

107%

91%90%

80%

85%

90%

95%

100%

105%

110%

115%

120%

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2015 2016 2017 2018 2019

Dividend YieldDividend (€)

Dividend Dividend Payout Ratio*

* Calculated on Basic EPS. Includes value of both cash and stock dividends

Cumulative dividends of € 578.3M since 2011, or € 7.74 per share*

May 2020

Shareholder Base Expanded

Market

Profile

Share

Ownership

41%48%

56%

0%

10%

20%

30%

40%

50%

60%

70%

2017 2018 2019

Top 10 Shareholders**(% of shares outstanding)

• BESI

• Euronext Midcap AMX

Symbol/ Index

• € 2.7 billion ($ 2.9 billion)

Market Cap*

• Pay out 40-100% of net income per annum

Dividend Policy

* As of April 30, 2020 ** Besi estimates

20%31% 35%

22%16%

18%20%

27% 23%

21%

15% 15%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2017 2018 2019

By Geography

Unidentified

57

0

5,000

10,000

15,000

20,000

25,000

0

200

400

600

800

1000

2016 2017 2018 2019 2020YTD

Avg V

ol *

Avg P

rice (

€ thousands)

Vo

lum

e (

tho

usa

nd

s)

Avg. Daily Volume & Liquidity

Europe

ex. NL

NL

UK

US

May 2020