Orders rose but profit fell: Besi’s equipment business in 2025
Besi’s official results show that rising equipment orders can coexist with lower revenue and net income. The case separates equipment-market growth from an individual company’s profitability.
Updated Oct 25, 2026
Orders rose while revenue and net income fell
Besi reported 2025 orders of EUR 685.0 million, up 16.8%. Annual revenue fell 2.7% to EUR 591.3 million and net income fell 27.7% to EUR 131.6 million. These are company-wide results, not hybrid-bonding-only figures.
AI demand did not fully offset weakness elsewhere
Management attributed lower revenue mainly to weak mobile, automotive and industrial demand, partly offset by AI datacenter and photonics growth. Lower gross margins, higher net interest expense and a higher effective tax rate also affected net income.
Supplying the tools does not make profit automatic
New orders can indicate future demand without being current revenue or profit. Ask separately whether a supplier wins a role in the expanding process, when delivery and acceptance occur, and whether development and support costs are recovered.
Besi’s results do not forecast LG’s profitability
The event is the 2025 financial period, reported on 2026-02-19. Besi remained profitable, so this is not a loss-making case. Different product mixes and development stages prevent using it to calculate LG’s success probability or a price target.
Sources
- Besi FY2025 results, published 2026-02-19Accessed Oct 24, 2026