INVESTOR PRESENTATION

Q4 and FY 2019 RESULTS

February 20, 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, 2018; 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 20, 2020

Table of Contents

3

I. Key Highlights

II. Market & Strategy

III. Outlook

IV. Financial Appendix

February 20, 2020

I. KEY HIGHLIGHTS

4February 20, 2020

Besi Q4-19 Results Exceed ExpectationsSequential Orders Increase by 22.3%

5February 20, 2020

€ millions

Guidance

Q4-19 Q4-19 ∆ Q3-19 ∆ Q4-18

Revenue -5% - +5%* 92.4 +3.0% -0.1%

Orders 100.5 +22.3% +20.9%

Gross

Margin54%-56% 56.3% +1.2 -0.1

Opex +5% - +10%* 25.2 +4.1% -2.7%

Net Income 33.7 +75.5% +48.5%

EPS Basic 0.47 +80.8% +56.7%

Net Cash 130.3 +21.9% -34.7%

*As compared to Q3-19

€ 89.7 € 92.4

21.4%

36.5%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

20

40

60

80

100

Q3-19 Q4-19*

Net

marg

in %

Revenue (

€ m

illio

ns)

Revenue Net Margin

Gross Margin

OPEX

Headcount

Effective Tax Rate

- 38

- 56.6 points

+ 4.1%

+ 1.2 points

Solid FY-19 Performance in DownturnAttractive Profit and Margins Maintained

6

12.7% - 43.9%

1,634 1,596

€ 24.2 MM € 25.2 MM

55.1% 56.3%

Q4-19/Q3-19

€ 19.2

FY-19/FY-18

€ 22.1

+ 3.0%

+ 15.1 points

February 20, 2020

€ 525.3

€ 356.2

25.9%22.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

100

200

300

400

500

600

2018 2019*

Net

marg

in %

Revenue (

€ m

illio

ns)

Revenue Net Margin

Gross Margin

OPEX

Headcount

Effective Tax Rate

- 32.2%

- 163

- 15.0%

- 1.0 points

€ 69.7

€ 136.3

12.1% (4.1%)

1,759 1,596

€ 125.7 MM € 106.9 MM

56.8% 55.8%

- 3.1 points

- 16.2 points

€ 11.6 € 11.6

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

Increased Profitability vs. Last Downturn

7February 20, 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%

Liquidity Trends

8

Q4-19 vs. Q3-19

• Net cash increased by € 23.4 million

(+21.9%) to € 130.3 million

Q4-19 cash movements

• +€ 36.3 million cash provided by operations

• - € 5.8 million share repurchases

• - € 4.2 million capitalized R&D

• - € 0.7 million capex

157.8

304.8

527.8

475.5

507.5

361.7383.7

408.4

136.5

168.1

247.6

199.4

229.7

86.1106.9

130.3

0

100

200

300

400

500

600

2015 2016 2017 2018 Q1-19 Q2-19 Q3-19 Q4-19

€ m

illio

ns

Cash and Deposits Net Cash

February 20, 2020

€ 122.4 MM

Dividend

2018

Capital Allocation Trends

9

45.4

65.3

174.0

122.422.0

23.5

35.5

44.7

67.4

88.8

209.5

167.1

72.9

0

50

100

150

200

2016 2017 2018 2019 2020*

Dividends

Share Repurchases

€ millions

* Includes proposed dividend for approval at April 30, 2020 AGM

• Shareholder friendly capital allocation program

• € 652.9 million distributions since 2011:

• € 167.1 million in 2019

• € 1.01 dividend proposal 2019, for approval at AGM

• Current € 75 million share repurchase program:

• 3.1 million shares (€ 67.1 million) bought

at € 21.91 per share

• 7.8 million shares (9.8%) held in treasury

February 20, 2020

33%

67%

26%

74%

17%

83%

27%

73%

II. MARKET & STRATEGY

10February 20, 2020

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%

150%

0

200

400

600

2014 2015 2016 2017 2018 2019

€ m

illio

ns

Besi RevenueRevenue YoY Growth Rate

Assembly Equipment Market Trends

3.7

3.13.5

4.4 4.3

3.03.3

3.5

22.9%

-16.5%

12.5%

25.8%

-2.5%

-30.4%

10.3% 7.2%

-50%

-30%

-10%

10%

30%

50%

0.0

1.0

2.0

3.0

4.0

5.0

2014 2015 2016 2017 2018 2019E 2020E 2021E

US

$ b

illio

ns

Assembly Equipment MarketMarket Size YoY Growth Rate

Source: VLSI January 2020

• VLSI downwardly revised 2019 forecast to -30.4%

• Rebound anticipated in 2020 and 2021

11February 20, 2020

Semiconductor Equipment Outlook

12February 20, 2020

Source: VLSI February 2020

Q4 VLSI Update

Current Technology Roadmap

February 20, 2020 13

• 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

III. OUTLOOK

14February 20, 2020

Guidance Q1-20

15February 20, 2020

Revenue

Q4-19 Q1-20

€ 92.4 -10%

-

+10%

Operating Expenses

€ 25.2

Q1-20Q4-19Q4-19 Q1-20

Gross Margin

56.3%

Q4-19/Q1-20

54%-56%+35%

-

+40%

Baseline Operating Expenses

€ 23.7+10%

-

+15%

Q1-20Q4-19

Financial Calendar

16

25-Feb-20 Roadshow London, organized by Kempen

26-Feb-20 Roadshow Frankfurt, organized by ING

27-Feb-20 Roadshow the Netherlands, organized by Degroof Petercam

10-Mar-20 Berenberg Benelux Conference, London

12-Mar-20 Susquehanna’s Ninth Annual Technology Conference, New York

12-Mar-20 KBC Securities Tech Conference, London

30- Apr-20 2020 First Quarter Results

30-Apr-20 Besi Annual General Meeting of Shareholders, Duiven

28-Jul-20 2020 Second Quarter Results

22-Oct-20 2020 Third Quarter Results

February 20, 2020

IV. FINANCIAL APPENDIX

17February 20, 2020

Revenue and Gross Margin Cycles Since 2006

18

191

351

379

593356

164

302

424

55.8%

34.1%

39.5%

51.1%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

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

-12.9%

-7.8%-6.9%

February 20, 2020

-32.2%

Current Downturn

155 161

117

9381

93 90 92

206

86

108

83 83 83 82

101

0

40

80

120

160

200

240

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

€ m

illio

ns

Quarterly Trends

Revenue Orders

Revenue/Order Trends

19February 20, 2020

525

356

483

349

0

100

200

300

400

500

600

FY 18 FY 19

€ m

illio

ns

YTD Trends

Revenue Orders

Q4-19 vs. Q3-19

• Revenue: € 92.4 million (+3.0%)

• High end of guidance

• More IDM sales for logic/cloud servers

• Orders: € 100.5 million (+22.3%)

• +Advanced logic applications

• +Market conditions

• Asian subcontractor demand steady

• IDMs 58%/Subcontractors 42%

Q4-19 vs. Q4-18

• Revenue: -€ 0.1 million (-0.1%)

• Orders: +€ 17.4 million (+20.9%)

• +Asian subcontractors/mobile apps

2019 vs. 2018

• Revenue: -€ 169.1 million (-32.2%)

• Adverse market conditions

• Broad based. Mobile and auto hardest hit

• Orders: -€ 134.4 million (-27.8%)

• IDMs 61%/Subcontractors 39%

IDM/Subcontractor Trends

February 20, 2020 20

348.3 373.8

680.9

483.1

348.7

-

100

200

300

400

500

600

700

800

2015 2016 2017 2018 2019

Ord

ers

IDMs Subcontractors

49%

49%

35%

32%

51% 51%

65%

68%

€ millions

39%

61%

Gross Margin Trends

21

Q4-19 vs. Q3-19

• 56.3% vs. 55.1%

•Above guidance (54-56%)

•Favorable product and customer mix

•Lower personnel costs

Q4-19 vs. Q4-18

• 56.3% vs. 56.4%

• Net forex positive: Revenue +USD vs. EUR

Costs +MYR, CHF vs. EUR

YTD-18 vs. YTD-17

• 55.8% vs. 56.8%

• 55%+ margin achieved vs. 32.2% revenue decrease

• Net forex positive: Revenue +USD vs. EUR

Costs +MYR, CHF vs. EUR

* Favorable impact

Unfavorable impact

February 20, 2020

154.9 161.1

116.7

92.5 81.4

92.7 89.7 92.4

56.5% 56.5%

58.0%

56.4%55.9% 56.0%

55.1%56.3%

50%

52%

54%

56%

58%

60%

62%

64%

66%

68%

70%

0

40

80

120

160

200

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

€ m

illio

ns

Quarterly Trends

Revenue Gross Margin

525.3

356.2

56.8%55.8%

50%

52%

54%

56%

58%

60%

62%

64%

66%

68%

70%

0

100

200

300

400

500

600

FY 18 FY 19

€ m

illio

ns

YTD Trends

Revenue Gross Margin

Baseline Operating Expense Trends

22February 20, 2020

31.7 30.7

26.3 25.7 25.3 24.7 23.3 23.7

7.4

1.0

2.8

0.2

5.4

2.1

0.9 1.5

39.1

31.8

29.1

25.9

30.7

26.8

24.2 25.2

10

20

30

40

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

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.

Headcount Trends

23

540 508 502 462 453

949 1,041

1,222 1,230

1,081

50

120

316

67

62 1,539

1,669

2,040

1,759

1,596

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0

500

1,000

1,500

2,000

2015 2016 2017 2018 2019

Temp % of TotalHeadcount Headcount Trends

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

February 20, 2020

Net Income Trends

24February 20, 2020

€ 37.1

€ 47.2

€ 29.3

€ 22.7

€ 9.5

€ 18.9 € 19.2

€ 33.7

€ 22.1

23.9%

29.3%

25.1% 24.5%

11.7%

20.4% 21.4%

36.5%

23.9%

0%

10%

20%

30%

40%

50%

60%

70%

0

5

10

15

20

25

30

35

40

45

50

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

€ m

illio

ns

Quarterly Trends

Net Income Net Income Net Margin Adj. Net Margin

€ 136.3

€ 81.3

€ 136.3

€ 69.7

25.9%

22.8%

19.6%

10%

20%

30%

40%

0

20

40

60

80

100

120

140

FY 18 FY 19*

€ m

illio

ns

YTD Trends

Q4-19 vs. Q3-19

• € 33.7 million (+€ 14.5 million)

• € 11.6 million deferred tax benefit at Swiss

operations due to change in Swiss fiscal policy

• Net margin 36.5% (23.9% ex tax benefit) vs. 21.4%

• + € 2.7 million revenue increase

• + 1.2 point gross margin increase

Q4-19 vs. Q4-18

• +€ 10.6 million

• Net margin 36.5% vs. 24.5%

2019 vs. 2018

• € 81.7 million (-€ 55.0 million)

• Effective tax rate of 10.8% (ex tax benefit) vs. 12.1%

in 2018

* Includes € 11.6 million deferred tax benefit recognized in Q4-19

Cash Generation Trends

25

86.5

98.7

168.2

184.1

120.1

24.8%26.3%

28.4%

35.0%33.7%

0

20

40

60

80

100

120

140

160

180

200

2015 2016 2017 2018 2019

€ millions

Total Cash Flow from Operations CFO/Revenue

February 20, 2020

Share Repurchase Activity

26February 20, 2020

4.0

22.4 22.8

35.5

44.7

€ 8.93

€ 12.44

€ 23.74

€ 21.79

€ 24.31

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

0

5

10

15

20

25

30

35

40

45

50

2015 2016 2017 2018 2019

Avg C

ost pe

r S

ha

re

€ m

illio

ns

Share Repurchases Average Cost per Share

• 3.1 million shares (€ 67.1 million) purchased through December 31, 2019 under current € 75 million program (avg price € 21.91)

• 185,405 million shares purchased in Q4-19 for € 5.8 million

• 7.8 million shares held in treasury at December 31, 2019 at average price of € 15.05 per share, equal to 9.8% of shares outstanding

Dividend Trends

27February 20, 2020

0.60

0.87

2.32

1.67

1.0193%

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

** Includes proposed dividend for approval at April 30, 2020 AGM

Cumulative dividends of € 577.0M since 2011, or € 7.74 per share*