Slide 1: Q3/2024 Investor Presentation
Q3/2024 Investor Presentation Dr. Felix Grawert, CEO Dr. Christian Danninger, CFO October 31th, 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements This document may contain forward-looking statements regarding the business, results of operations, financial condition and earnings outlook of AIXTRON. These statements may be identified by words such as “may”, “will”, “expect”, “anticipate”, “contemplate”, “intend”, “pla
Slide 3: AIXTRON – 9M/2024 Key highlights
AIXTRON – 9M/2024 Key highlights Financials Q3/2024: Robust quarter delivered ▪ Order Intake with EUR 144m above prior year (Q3/2023: EUR 118m) ▪ Revenues with EUR 156m at lower half of guided range; delivery of large project shifted to Q4 per customer request ▪ Gross Profit at EUR 67m; Gross Margin
Slide 4: Annual Revenues by Application - flat to moderate growth in 2024
Annual Revenues by Application - flat to moderate growth in 2024 EUR million 620-660e 630 Q4/24e 463 429 9M/2024 260 269 2019 2020 2021 2022 2023 2024 Optoelectronics and Communication¹ LED incl. Micro LED GaN-Power SiC-Power Other incl. R&D After Sales FY24 Guidance low end FY24 Guidance high end 1
Slide 5: Highlights | Key P&L Indicators
Highlights | Key P&L Indicators Revenues Gross Profit Margin EBIT Margin Q3 € 156.3 m € 67.1 m 43% € 37.5 m 24% -5% YoY -12% YoY -17% YoY Q3/24- Q4/24e € 406.4 m € 160.0 m € 60.3 m 9M -2% YoY -12% YoY 39% -35% YoY 15% ▪ Gross margin improvement in Q3 vs. H1 due to better mix; further significant ste
Slide 6: Highlights | Key Balance Sheet & Cash Flow Indicators
Highlights | Key Balance Sheet & Cash Flow Indicators Working Capital1 Operating Cash Flow Free Cash Flow Cash Balance2 Q3 € 385.2 m € 15.4 m € -1.5 m € 78.1 m € +26.8 m vs. Q2/24 € +10.6 m YoY € +0.6 m YoY € -1.3 m vs. Q2/24 € 385.2 m € 28.2 m € -58.0 m € 78.1 m 9M € +31.5 m vs. Q4/23 € +93.8 m YoY
Slide 7: Renewed product portfolio – strong market adoption of G10 tool family
Renewed product portfolio – strong market adoption of G10 tool family G10-GaN G10-AsP G10-SiC ◦ 9x150mm (6“) or 6x200mm (8“) ◦ 8x150mm (6“) or 5x200mm (8“) ◦ 8x150mm (6“) or 5x200mm (8“) ◦ Cost benefit of batch tool with ◦ Compact cluster for high volume ◦ Fully automated AsP MOCVD uniformity on par
Slide 8: We address a comprehensive set of growth applications with our G10 family
We address a comprehensive set of growth applications with our G10 family of products Power Electronics Optoelectronics / LEDs SiC Power Lasers • EV main inverters and EV OBCs • Optical data communication • EV charging infrastructure • 3D sensing • Data centers: AC/DC • LiDAR • Wind & PV • Industria
Slide 9: G10-SiC - tool of record for low cost SiC Epitaxy
G10-SiC - tool of record for low cost SiC Epitaxy & best in class at material uniformity • Market adoption further fueled by increased availability of 200mm substrates • Multi-ject technology as market disruptor ◦ Enables very long epi campaigns without recipe change ◦ Now enabling material uniformi
Slide 10: GaN power adoption progressing application by application: co-existence of 200mm and 300mm
GaN power adoption progressing application by application: co-existence of 200mm and 300mm GaN technology expected Voltage 200mm GaN target market ≥ 1200 V EV main inverter 300mm GaN target market 500-700 V Smartphone AC/DC for HV motor EV On-Board fast chargers Datacenter drives, home Charger (OBC)
Slide 11: In 300mm AIXTRON builds on a long history of showerhead and GaN epi tools
In 300mm AIXTRON builds on a long history of showerhead and GaN epi tools 1999-today 1999-today 2006-2017 2008-2017 2024+ 2006-2024+ Thomas Swan acquisition Blue LED market (100mm) TFOS*) development (300mm) 300mm GaN platform ▪ Showerhead technology ▪ CRIUS-series of GaN epi tools ▪ First 300mm sho
Slide 12: AIXTRON Innovation Center in Herzogenrath (Germany)
AIXTRON Innovation Center in Herzogenrath (Germany) Neue Bilder • Total invest of EUR ~100 million • 1,000m2 additional cleanroom space • Allows for collaboration and co-development with customers • Designed and built for 300mm – recent market news on 300mm fully supports decision First tools moved
Slide 13: AIXTRON – Guidance for Q4/2024 and FY/2024
AIXTRON – Guidance for Q4/2024 and FY/2024 EUR million Guidance1 Q4/20241 FY/20241 Revenue Guidance FY/2024 EUR million Revenues EUR 215m – 255m EUR 620m – 660m ~80 ~100 ~ 185- 225 ~ 406 Gross Margin (%) 43% – 45% ~ 30 ~370 ~300 EBIT Margin (%) 22% – 25% 9m/2024 Revenues Q4/24e Revenues After Sales
Slide 14: Backup
Backup
Slide 15: 24 Months Business Development
24 Months Business Development EUR million Order Intake Revenues Order Backlog (incl. equipment & after sales)1 (incl. equipment & after sales)2 (equipment only)1 @ $1.20 @ $1.15 @ $1.15 @ $1.06 @ $1.08 @ $1.09 @ $1.20 @ $1.15 @ $1.15 418 412 401 384 368 352 354 355 214 204 178 176 183 173 165 160 1
Slide 16: 9M/2024 Revenue Analysis
9M/2024 Revenue Analysis1 Equipment & After Sales End Application (equipment only) Regional Split 6% 11% 10% 20% 26% 26% 28% 62% 80% 32% Equipment After Sales Optoelectronics & Communications² Asia Europe Americas LED incl. Micro LED GaN-Power SiC-Power Other incl. R&D 1 Rounded figures; may not add
Slide 17: Demand Drivers on Order Intake per Quarter (Equipment Only)
Demand Drivers on Order Intake per Quarter (Equipment Only) EUR million SiC & GaN Power Electronics & Micro LED Equipment Demand SiC & GaN Power 180 Electronics 170 SiC Power Electronics 160 150 GaN Power Electronics, 140 Lasers, ROY & Micro LEDs 130 120 110 WBG Power Electronics, 100 Lasers, ROY LE
Slide 18: Market Share Overview 2023 - AIXTRON is clear market leader
Market Share Overview 2023 - AIXTRON is clear market leader MOCVD (GaN/LED/Opto) CVD (SiC) Others Others EUR 530m EUR 500m AIXTRON AIXTRON Source: Gartner, own estimates Source: YOLE Power SiC - Manufacturing Report 2024 17
Slide 19: AIXTRON Competitive Landscape – clear market leader
AIXTRON Competitive Landscape – clear market leader USA Europe China/Taiwan Korea Japan GaAs/InP Lasers Opto ROY (Micro) LED GaN (Micro) LED TOPEC Power GaN Power SiC Power Source: AIXTRON market research 18
Slide 20: Consolidated Income Statement
Consolidated Income Statement1 (EUR million) 9M/2024 9M/2023 +/- (%) Q3/2024 Q3/2023 +/- (%) Revenues 406.4 415.7 (2)% 156.3 165.0 (5)% Cost of sales 246.4 234.9 5% 89.2 88.8 0% Gross profit 160.0 180.8 (12)% 67.1 76.2 (12)% Gross margin 39% 43% (4)pp 43% 46% (3)pp Selling expenses 11.0 10.1 9% 3.6
Slide 21: Consolidated Balance Sheet
Consolidated Balance Sheet1 (EUR million) 30.09.24 30.06.24 31.12.23 Property, plant & equipment and leased assets 224.3 209.8 147.8 Goodwill 72.6 72.9 72.3 Other intangible assets 5.4 5.4 4.4 Others 42.1 44.5 41.8 Non-current assets 344.5 332.5 266.3 Inventories 426.7 447.9 394.5 Trade receivables
Slide 22: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows1 (EUR million) 9M/2024 9M/2023 Q3/2024 Q3/2023 Net result 52.9 83.5 30.9 39.6 Adjust for: Non-cash items 6.8 4.4 11.3 12.1 Changes in Working Capital2 (31.5) (153.5) (26.8) (46.9) Cash flow from operating activities 28.2 (65.6) 15.4 4.9 Capital expenditures/dispo
Slide 23: Four Year View on Consolidated Income Statement
Four Year View on Consolidated Income Statement1 (EUR million) FY/23 FY/22 FY/21 FY/20 Revenues 629.9 463.2 429.0 269.2 Cost of sales 350.8 267.9 247.5 161.0 Gross profit 279.0 195.3 181.5 108.3 Gross margin 44% 42% 42% 40% Selling expenses 14.1 11.2 10.0 9.7 General & admin expenses 32.6 29.2 25.4
Slide 24: Four Year View on Consolidated Balance Sheet
Four Year View on Consolidated Balance Sheet1 (EUR million) 31.12.2023 31.12.2022 31.12.2021 31.12.2020 Property, plant & equipment and leased assets 147.8 99.0 74.0 63.5 Goodwill 72.3 72.5 72.3 71 Other intangible assets 4.4 3.3 2.2 2.9 Others2 41.8 34.9 25.4 74.9 Non-current assets 266.3 209.7 174
Slide 25: Four Year View on Consolidated Statement of Cash Flows
Four Year View on Consolidated Statement of Cash Flows1 (EUR million) FY/23 FY/22 FY/21 FY/20 Net Result 145.2 100.5 94.8 34.5 Adjust for: Non-Cash Items 4.3 (11.9) 18.3 9.2 Changes in Working Capital2 (196.8) (51.5) (46.7) (20.4) Cash Flow from Operating Activities² (47.3) 37.1 66.4 23.3 Capital Ex
Slide 26: EU Taxonomy Alignment & ESG-Ratings – well above industry standard
EU Taxonomy Alignment & ESG-Ratings – well above industry standard FY/2023: Revenues EU Taxonomy Aligned Technologies ESG-Ratings ▪ Wide Band Gap (WBG) Power ▪ CDP (Europe): 27% Taxonomy Aligned Semiconductors based on: ▪ 2023: D (B) ▪ Gallium Nitride (GaN) and ▪ 2022: C (B) 73% Taxonomy Non-Aligned
Slide 27: Financial Calendar & Contact Data
Financial Calendar & Contact Data Our Financial Reporting Dates: For further information please contact: 31 Oct. 2024 Q3/24 Results, Conference Call Christian Ludwig Ralf Penner 27 Feb. 2025 FY/24 Results, Conference Call 30 Apr. 2025 Q1/25 Results, Conference Call VP Investor Relations Senior IR Ma
Slide 28: AIXTRON SE
AIXTRON SE Dornkaulstr. 2 52134 Herzogenrath, Germany Phone +49 (2407) 9030-0 Fax +49 (2407) 9030-40 E-Mail info@aixtron.com