INVESTOR PRESENTATION

Q4 and FY 2020 RESULTS

February 19, 2021

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; the extent and duration of the COVID-19 pandemic and measures taken to contain the outbreak, and the

associated adverse impacts on the global economy, financial markets, and our operations as well as those of our customers and suppliers; 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 industry 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 including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers as a result of the COVID-19

pandemic; 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.

2February 19, 2021

Table of Contents

3

I. Key Highlights

II. Market & Strategy

III. Outlook

IV. Financial Appendix

February 19, 2021

4

I. KEY HIGHLIGHTS

February 19, 2021

Q4-20 Revenue and Net Income up Strongly vs. Q4-19Results Exceed Expectations. Sequential Orders up 65.8%

5

€ millions

Guidance

Q4-20* Q4-20 ∆ Q3-20 ∆ Q4-19

RevenueFlat to minus

15%*109.7 +1.3% +18.7%

Orders 157.3 +65.8% +56.5%

Gross Margin 58%-60% 58.3% -2.5 +2.0

Opex 0% to +5%* 23.3 -2.5% -7.5%

Net Income 44.6 +31.2% +32.3%

EPS Basic 0.62 +31.9% +31.9%

Net Cash 198.7 +25.2% +52.5%

* As compared to Q3-2020

February 19, 2021

€ 92.4

€ 109.7

36.5%

40.7%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

20

40

60

80

100

120

Q4-19* Q4-20*

Net

marg

in %

Revenue (

€ m

illio

ns)

Revenue Net Margin

Q4-20/Q4-19

Gross Margin

OPEX

Headcount

Effective Tax Rate*

€ 356.2

€ 433.6

22.8%

30.5%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

100

200

300

400

500

2019* 2020*

Net

marg

in %

Revenue (

€ m

illio

ns)

Revenue Net Margin

Gross Margin

OPEX

Headcount

Effective Tax Rate*

+ 22

+ 22.7 points

- 7.5%

+ 2.0 points

FY-20 Net Income +62.7% vs. FY-19 On 21.7% Revenue Increase

6

(43.9%) (21.2%)

1,596 1,618

€ 25.2 MM € 23.3 MM

56.3% 58.3%

FY-20/FY-19

€ 46.6

+ 18.7%

+ 4.2 points

February 19, 2021

+ 21.7%

+ 22

+ 1.7%

+ 3.8 points

€ 132.3

€ 81.3

(4.1%) 3.8%

1,596 1,618

€ 106.9 MM € 108.7 MM

55.8% 59.6%

+ 7.7 points

+ 7.9 points

* Includes € 11.2 million and 11.6 million tax benefit at in Q4-20 and Q4-19, respectively. Ex such benefits, Besi’s net margin would have been 30.4% and 23.9% in Q4-20 and Q4-19 and 27.9% and

19.6% in FY-20 and FY-19

€ 33.7

Increased Profitability vs. Last Cycle

February 19, 2021 7

349.2356.2

57.9

91.9

0

20

40

60

80

100

120

140

160

180

200

200

250

300

350

400

450

2015 2019

Op

era

tin

g I

nco

me

Rev

en

ue

Revenue Operating Income

+58.7%

€ millions

16.6%

25.8%

+2.0%

Trough

375.4

433.6

75.2

149.9

0

20

40

60

80

100

120

140

160

180

200

200

250

300

350

400

450

2016 2020

Op

era

tin

g I

nco

me

Rev

en

ue

Revenue Operating Income

+99.3%

€ millions

20.0%

34.6% +15.5%

Post Trough

Cash Flow Efficiency Increasing

8February 19, 2021

98.7

168.2

184.1

120.1

162.0

26.3%28.4%

35.0%33.7%

37.4%

0

20

40

60

80

100

120

140

160

180

200

2016 2017 2018 2019 2020

% of Revenue€ millions

Total Cash Flow from Operations As % of Revenue

+34.9%

Liquidity Position Enhanced

9

Q4-20 net cash comparison

• + € 40.0 million (+25.2%) vs. Q3-20 to € 198.7 million

• + € 68.4 million (+52.5%) vs. Q4-19

Q4-20 cash flow movements

• +€ 51.7 million cash provided by operations

• -€ 8.3 million share repurchases

• -€ 5.3 million capitalized R&D

• -€ 1.6 million capex

2016 Convertible Notes

• € 8.0 million converted in Q4-20

• € 13.1 million converted in January 2021

• Current principal balance € 96.9 million

• 73.5 million shares outstanding as of January 31, 2021

304.8

527.8

475.5

408.4

598.7

168.1

247.6

199.4

130.3

198.7

0

100

200

300

400

500

600

700

2016 2017 2018 2019 2020

€ m

illio

ns

Cash and Deposits Net Cash

February 19, 2021

+46.6%

Capital Allocation Trends

10

45.4

65.3

174.0

122.4

73.5

22.0

23.5

35.5

44.7

17.867.4

88.8

209.5

167.1

91.3

123.9

0

50

100

150

200

2016 2017 2018 2019 2020 2021*

Dividends

Share Repurchases

€ millions

* Includes proposed dividend for approval at 2021 AGM

• € 866.1 million distributions since 2011*:

• Approximately 20% of cumulative revenue

• € 1.70 dividend proposed for FY-20

• 94% payout ratio

• Share repurchase program continues until

October 2021:

• Current purchases ~€ 10 million per quarter

• At end of Q4-20, 5.7 million treasury shares

(7.3% of outstanding shares)

February 19, 2021

33%

67%

26%

74%

17%

83%

27%

73%

19%

81%

11

II. MARKET & STRATEGY

February 19, 2021

Climate Index Has Risen Significantly From Q2-19 Trough

12

Source: VLSI, February 2021

February 19, 2021

3.5

4.5 4.3

3.03.6

4.34.9 5.0

12.5%

25.8%

-2.5%

-31.5%

19.9% 20.3%13.3%

2.8%

-50%

-30%

-10%

10%

30%

50%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2016 2017 2018 2019 2020E 2021E 2022E 2023E

US

$ b

illio

ns

Market Size YoY Growth Rate

Source: VLSI February 2021

Assembly Equipment Forecast Upgraded Through 2023

13

375.4

592.8 525.3

356.2

433.6

7.5%

57.9%

-11.4%

-32.2%

21.7%

-50%

-30%

-10%

10%

30%

50%

70%

0

200

400

600

2016 2017 2018 2019 2020

€ m

illio

ns

Besi Revenue

Revenue YoY Growth Rate • 20% market growth now estimated for 2021

• 36% growth forecast between 2020 to 2023E

• Market expected to reach $ 5B

• Strong secular market fundamentals:

• 5G, Datacenter and AI are primary drivers

• New process technologies:

• Hybrid bonding, CSP adoption as device

geometries shrink further

February 19, 2021

Strategic Update

14

• Adjusted business model to cope with COVID-19 pandemic

• Continued consolidation and reduction of European footprint

• Reorganized R&D to better align with customer roadmaps

• Joint development agreement with Applied Materials

• Developed new ESG framework and short, medium and LT targets

2020

• Scaling production to align with rapidly growing order book

• Working with supply chains to overcome component shortages and logistical bottlenecks

• Complete development of hybrid bonding cluster tools

• Expand on ESG progress

2021

February 19, 2021

15

III. OUTLOOK

February 19, 2021

Guidance Q1-21

16February 19, 2021

Revenue

Q4-20 Q1-21

€ 109.7

Q4-20 Q1-21

Gross Margin

58.3% 58%-60%

Total Operating Expenses

€ 23.3

Q1-21Q4-20

+50%

-

+55%

Baseline Operating Expenses

€ 23.3 +15%

-

+20%

Q1-21Q4-20

+30%

-

+40%

€ in millions

Financial Calendar

17

02-Mar-21 TMT conference Morgan Stanley (NY), virtual

09-Mar-21 Susquehanna Technology Conference (NY), virtual

11-Mar-21 ODDO BHF TMT forum, virtual

30-Apr-21 2021 first quarter results

30-Apr-21 Besi Annual General Meeting of Shareholders

17-Jun-21 ING Benelux conference Frankfurt, virtual

27-Jul-21 2021 second quarter results

26-Oct-21 2021 third quarter results

February 19, 2021

18

IV. FINANCIAL APPENDIX

February 19, 2021

Through Cycle Revenue and Gross Margin Trends

19

191

351

379

593

356

434

164

302

424

59.6%

34.1%

39.5%

51.1%

0%

10%

20%

30%

40%

50%

60%

70%

0

100

200

300

400

500

600

700

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Revenue Gross Margin€ millions

4 year

averages

Gross Margin

+22%

February 19, 2021

356

434

349

472

0

50

100

150

200

250

300

350

400

450

500

FY 19 FY 20

€ m

illio

ns

YTD Trends

Revenue Orders

Revenue/Order Trends

20

Q4-20 vs. Q3-20

• Revenue: € 109.7 million (+1.3%)

• Above prior guidance (flat to down 15%)

• Primarily mobile applications for Asian subcontractors

• Orders: € 157.3 million (+65.8%)

• Upward industry trajectory

• Broad based across portfolio

• Strong mobile by Asian subcontractors

• Renewed growth automotive by European IDMs

Q4-20 vs. Q4-19

• Revenue: +€ 17.3 million (+18.7%)

• Orders: +€ 56.8 million (+56.5%)

• Strength in high end mobile

FY 20 vs. FY 19

• Revenue: +€ 77.4 million (+21.7%)

• Improved industry conditions

• Higher mobile, fueled by 5G

• Increased investment by Chinese customers

• Orders: +€ 123.4 million (+35.4%)

• 45% IDM, 55% Subcontractor

8193 90 92 91

124

108 110

83 83 82

101

119

10195

157

0

40

80

120

160

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

€ m

illio

ns

Quarterly Trends

Revenue Orders

February 19, 2021

IDM/Subcontractor Order Trends

21

53%

61%47%

39%

February 19, 2021

39%

61%

373.8

680.9

483.1

348.7

472.1

-

100

200

300

400

500

600

700

800

2016 2017 2018 2019 2020

Ord

ers

IDMs Subcontractors

49%

35%

32%

51%

65%

68%

€ millions

55%

61% 45%

39%

+35%

Gross Margin Trends

22

81.4

92.7 89.7 92.4 91.3

124.3

108.3 109.7

55.9% 56.0%55.1%

56.3% 56.7%

62.0%60.8%

58.3%

50%

52%

54%

56%

58%

60%

62%

64%

66%

68%

70%

0

20

40

60

80

100

120

140

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

€ m

illio

ns

Quarterly Trends

Revenue Gross MarginQ4-20 vs. Q3-20

• 58.3% vs. 60.8%

• Within guidance (58%-60%)

• Net forex negative: Revenue USD vs EUR

Costs Neutral

• Product mix

Q4-20 vs. Q4-19

• 58.3% vs. 56.3%

• 18.7% revenue increase. More favorable product mix

• Increased productivity from lower Asian headcount

• Net forex neutral: Revenue USD vs EUR

Costs MYR / CNY vs. EUR

FY 20 vs. FY 19

• 59.6% vs. 55.8%

• 21.7% revenue increase

• Increased labor efficiencies from lower fixed

production headcount

• Net forex positive: Revenue USD vs EUR

Costs MYR / CNY vs. EUR

* Favorable impact

Unfavorable impact

February 19, 2021

356.2

433.6

55.8%

59.6%

50%

55%

60%

65%

70%

0

50

100

150

200

250

300

350

400

450

500

FY 19 FY 20

€m

illio

ns

YTD Trends

Revenue Gross Margin

Headcount Trends

23February 19, 2021

508 502 462 453 463

1,041 1,222 1,230

1,081 1,060

120

316

67

62 95

1,669

2,040

1,759

1,596 1,618

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

500

1,000

1,500

2,000

2,500

2016 2017 2018 2019 2020

Tem

p %

of

Tota

l

Hea

dco

un

t

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

Overhead Remains Under Control

24February 19, 2021

24.9 24.5 23.7 23.7 25.4 25.0

23.1 23.3

5.8

2.3

0.5 1.5

7.6

3.6

0.8

30.7

26.8

24.2 25.2

33.0

28.6

23.9 23.3

30.6%

26.4% 26.4% 25.7%

27.8%

20.1% 21.3% 21.2%

0%

10%

20%

30%

40%

50%

60%

10.0

20.0

30.0

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

Op

era

tin

g E

xp

en

se

s (

€ m

illio

ns)

Baseline Opex Other Opex* Baseline Opex % of Revenue

* Other Opex includes both short-term and long-term incentive compensation, seasonal effects, restructuring

costs, net R&D capitalization/amortization and certain one-time items.

€ 9.5

€ 18.9 € 19.2

€ 33.7

€ 13.9

€ 39.8

€ 34.0

€ 44.6

€ 22.1

€ 33.4

11.6%

20.4% 21.4%

36.5%

15.2%

32.0% 31.3%

40.7%

23.9%

30.4%

0%

10%

20%

30%

40%

50%

60%

0

5

10

15

20

25

30

35

40

45

50

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

€ m

illio

ns

Net Income Tax benefit Net Margin Adj. Net Margin

Net Income Trends

25

Q4-20 vs. Q3-20

• € 44.6 million (+€ 10.6 million)

• Net margin 40.7% vs. 31.3%

• + € 11.2 million tax benefit

• - 2.5 point gross margin decrease

• - € 0.6 million (2.5%) opex decrease

• Effective tax rate decreases to 9.2% vs. 12.4%

Q4-20 vs. Q4-19

• +€ 10.9 million (+32.3%)

• 18.7% revenue increase

• + 2.0 point gross margin increase

• Opex down 7.5%:

• Lower travel and service overhead

• Higher capitalized R&D

FY 20 vs. FY1 9

• € 51.0 million (+62.7%)

• + 21.7% revenue increase

• + 3.8 points gross margin increase

• Limited opex growth of 1.7%

• Effective tax rate increased to 11.9% vs. 10.8%

ex tax benefits

€ 81.3

€ 132.3

22.8%

30.5%

10%

20%

30%

40%

0

20

40

60

80

100

120

140

FY 19 FY 20

€m

illio

ns

YTD Trends

Net Income Net Margin

February 19, 2021

* Includes € 11.6 million and € 11.2 million deferred tax benefits in Q4-19 and Q4-20

Dividend Trends

26February 19, 2021

0.87

2.32

1.67

1.01

1.70

100%

107%

91%90%

94%

80%

85%

90%

95%

100%

105%

110%

115%

120%

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2016 2017 2018 2019 2020**

Dividend Payout Ratio

Dividend (€)

Dividend Dividend Payout Ratio*

* Calculated on Basic EPS

** Includes proposed dividend for approval at 2021 AGM

Cumulative dividends of € 700.2 MM since 2011, or € 9.45 per share *

27

Share Repurchase Activity

February 19, 2021

Cumulative share repurchases of € 165.9 MM since 2011

22.4 22.8

35.5

44.6

17.8

€ 12.44

€ 23.74

€ 21.86

€ 24.31

€ 38.05

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

2016 2017 2018 2019 2020

Avg C

ost pe

r S

ha

re

€ m

illio

ns

Share Repurchases Average Cost per Share

Investment Considerations

Assembly market ever more critical in semiconductor

value chain

Tech leadership and scalability

result in superior financial returns

Long term secular trends drive

advanced packaging growth

Commitment to sustainable growth

and fighting climate change

Disciplined strategic focus has created an industry leader

Attractive capital allocation policy

Market presence has grown via key

IDMs, supply chains and

partners

February 19, 2021 28