Aixtron Se · XETR:AIXA
Aixtron — Q3 2025 Earnings Presentation
33 slides from Aixtron's earnings presentation, Oct 30, 2025
Slide 1: Q3/2025 Investor Presentation
Q3/2025 Investor Presentation Dr. Felix Grawert, CEO Dr. Christian Danninger, CFO October 30th, 2025
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/2025 Key highlights
AIXTRON – 9M/2025 Key highlights Financials Q3/2025: Q3 delivered within revenue guidance ▪ Order Intake of EUR 124m ▪ Revenues of EUR 120m - within guided range ▪ Gross Profit at EUR 46m; Gross Margin at 39% ▪ EBIT at EUR 15m; EBIT Margin at 13% - lower than expected due to quarter-on-quarter shift
Slide 4: Annual Revenues by Application
Annual Revenues by Application EUR million 630 633 530-565e 463 429 Q4/25e 9M/2025 269 2020 2021 2022 2023 2024 2025 Optoelectronics and Communication¹ LED incl. Micro LED GaN-Power SiC-Power Other incl. R&D After Sales FY25 Guidance low end FY25 Guidance high end 1 Includes applications in Consumer
Slide 5: 9M/2025 – Highlights | Key P&L Indicators
9M/2025 – Highlights | Key P&L Indicators Revenues Gross Profit Margin EBIT Margin Q3/25 €-23% 119.6 m YoY € 46.4 m -31% YoY 39% € 15.4 m -59% YoY 13% Q3/24- Q4/24e 633.2 m € 136.2 262.5 m €€131.2 42.3 mm FY/24 €-9% 9M/25 369.5 YoY 1% YoY -15%YoY -6% YoY 37% 41% -30% -16% YoY 11% 21% ▪ 9M Gross Prof
Slide 6: 9M/2025 – Highlights | Key Balance Sheet & Cash Flow Indicators
9M/2025 – Highlights | Key Balance Sheet & Cash Flow Indicators Working Capital1 Operating Cash Flow Free Cash Flow Cash Balance2 Q3/25 €€ -34.5 348.2 m m vs. Q2/25 € 43.4 m € +28.0 m YoY € 39.2 m € +40.7 m YoY € 153.4 m € +38.6 m vs. Q2/25 FY/24 €€ -99.5 9M/25 348.2 446.9 m 128.5mm € 26.2 110.3m €
Slide 7: 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 1 2 GaN Power & RF SiC Power Electronics ▪ EV main inverters and EV OBCs ▪ Fast charging / mobile devices Power ▪ EV charging infrastructure ▪ Data centers: AC/DC & DC/DC ▪ Data centers: AC/DC ▪ Motor drives, e.g.
Slide 8: SiC power – faster growth than market due to market share gains
1 SiC power – faster growth than market due to market share gains Update G10-SiC tool ▪ AIXTRON maintains a strong (leading) position in SiC power segments ▪ 2025: Market slowdown in the West, but strong G10 traction driven by 6-to-8 inch transition and competitive cost-per-wafer ▪ Mid-term (2026-20
Slide 9: GaN power – acceleration of growth due to additional demand from AI
2 GaN power – acceleration of growth due to additional demand from AI G10-GaN tool Update ▪ AIXTRON maintains a leading (dominant) position in GaN power segments ▪ 2025: Continued slowdown in Western markets; overcapacity delays chip-level qualifications ▪ Preparation for launch of 300mm technology
Slide 10: GaN power – growth is fueled by adding more and more applications
2 GaN power – growth is fueled by adding more and more applications Voltage ≥ 1200 V 1200V GaN 500-700 V Smartphone AC/DC for HV motor EV On-Board fast chargers datacenters drives, home Charger (OBC) appliances Class-D audio Industrial Battery tools, PSU battery consumer < 200 V DC/DC for LV motor d
Slide 11: GaN power – selected case examples
2 GaN power – selected case examples HV motor drives, home appliances ▪ Up to 40% energy consumption reduction ▪ Ramp from 2025 onwards ▪ High unit volume, large dies --> high wafer consumption AI „On Board“ power delivery ▪ Replacement of silicon Battery tools and consumer power chips around the de
Slide 12: NVIDIA – HVDC Architecture combines SiC and GaN devices
1 2 NVIDIA – HVDC Architecture combines SiC and GaN devices NVIDIA 800 V HVDC Architecture will power the next Navitas developing next generation 800V HVDC generation of AI Factories architecture with NVIDIA Source: Navitas Infineon Unveils Next-Generation Power Architecture Key efficiency gains ▪ U
Slide 13: Micro LED / LED – work continues until ramp in 2026+
3 Micro LED / LED – work continues until ramp in 2026+ Update ▪ Continued work in Asia on LED brightness and cost per G10-AsP display ▪ ROY LEDs: China dominates market; ▪ local consolidation drives vertical partnerships (e.g. with panel makers). ▪ Micro LED: Still early-stage; ▪ secured orders are
Slide 14: Optoelectronics – momentum in laser market continues to be strong
Optoelectronics – momentum in laser market continues to be strong G10-AsP Platform: Securing top-tier engagements ▪ G10 AsP recognized as tool of record by leading customers – further engagements progressing with additional prospects. ▪ Demand for InP-based edge-emitting lasers remained robust, driv
Slide 15: Optoelectronics – great market expectations
Optoelectronics – great market expectations Data Demand Explosion: Photonic Integrated Circuits (PICs): - Driven by AI, 5G, sensing - Replacing discrete lasers - Bandwidth doubling every ~2 years - Higher performance, smaller size, lower energy - Shift to Co-Packaged Optics (CPO) in hyperscale data
Slide 16: AIXTRON – Guidance for FY/2025
AIXTRON – Guidance for FY/2025 EUR million Guidance1 FY/20251 Revenue Guidance FY/2025 EUR million EUR 530m – EUR 565m Revenues1 ~80 (from EUR 530m – 600m) ~100 130-165 40% – 41% 370 Gross Margin1 (from 41% – 42%) ~30 ~370 ~300 17% – 19% EBIT Margin1 (from 18% – 22%) 9m/2025 Revenues ▪ Gross Margin
Slide 17: Financial Calendar & Contact Data
Financial Calendar & Contact Data Our Financial Calendar: For further information please contact: 26 Feb 2026 FY/25 Results, Conference Call Christian Ludwig Ralf Penner 30 Apr 2026 Q1/26 Results, Conference Call 13 May 2026 AGM for FY/25 VP Investor Relations Senior IR Manager +49 (2407) 9030-444 +
Slide 18: Backup
Backup
Slide 19: 24 Months Business Development Revenues Order Intake
24 Months Business Development EUR million Order Intake Revenues Order Backlog (incl. equipment & after sales)1 (incl. equipment & after sales)2 (equipment only)1 @ $1.15 @ $1.15 @ $1.10 @ $1.08 @ $1.09 @ $1.11 @ $1.15 @ $1.15 @ $1.10 401 384 354 355 308 227 289 285 287 214 204 176 157 156 143 132 1
Slide 20: 9M/2025 Revenue Analysis
9M/2025 Revenue Analysis1 Equipment & After Sales End Application (equipment only) Regional Split 5% 22% 16% 23% 33% 14% 60% 17% 78% 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 21: Demand Drivers on Order Intake per Quarter
Demand Drivers on Order Intake per Quarter (Equipment Only) EUR million SiC & GaN Power Electronics & Micro LED Equipment Demand 180 SiC & GaN Power 170 Electronics SiC Power Electronics 160 150 GaN Power Electronics, 140 Lasers, ROY & Micro LEDs 130 WBG Power Electronics, 120 Lasers, ROY LEDs 110 1
Slide 22: What We Do – deposition equipment for compound semiconductors
What We Do – deposition equipment for compound semiconductors Focused Business Model ▪ AIXTRON is the leading supplier of deposition equipment to the compound semiconductor industry ▪ (MO)CVD: The tools run a (Metal-Organic) Chemical Vapor Deposition process for deposition of compound semiconductors
Slide 23: Our growth is driven by megatrends that will continue through the cycle
Our growth is driven by megatrends that will continue through the cycle 1 2 3 4 Electrification of everything Energy efficiency AI and data Digitization & communication IoT and intelligent devices G10-SiC G10-GaN G10-AsP 22
Slide 24: 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 25: AIXTRON Competitive Landscape – clear market leader
AIXTRON Competitive Landscape – clear market leader USA Europe China/Taiwan Japan Opto GaAs/InP Lasers ROY (Micro) LED GaN (Micro) LED TOPEC Power GaN Power TOPEC SiC Power Source: AIXTRON market research 24
Slide 26: Consolidated Income Statement
Consolidated Income Statement1 (EUR million) 9M/2025 9M/2024 +/- (%) Q3/2025 Q3/2024 +/- (%) Revenues 369.5 406.4 (9)% 119.6 156.3 (23)% Cost of sales 233.3 246.4 (5)% 73.2 89.2 (18)% Gross profit 136.2 160.0 (15)% 46.4 67.1 (31)% Gross margin 37% 39% (2)pp 39% 43% (4)pp Selling expenses 13.0 11.0 1
Slide 27: Consolidated Balance Sheet
Consolidated Balance Sheet1 (EUR million) 30.09.25 30.06.25 31.12.24 Property, plant & equipment and leased assets 235.3 235.5 226.9 Goodwill 71.6 71.8 73.5 Other intangible assets 5.7 5.9 7.4 Other non-current assets 6.1 5.1 3.8 Others 33.1 33.8 35.4 Non-current assets 351.9 352.1 347.1 Inventories
Slide 28: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows1 (EUR million) 9M/2025 9M/2024 Q3/2025 Q3/2024 Net result 37.3 52.9 13.0 30.9 Adjust for: Non-cash items (8.3) 6.8 (4.1) 11.3 Changes in Working Capital2 99.5 (31.5) 34.5 (26.8) Cash flow from operating activities 128.5 28.2 43.4 15.4 Capital expenditures/disposa
Slide 29: Four Year View on Consolidated Income Statement
Four Year View on Consolidated Income Statement1 (EUR million) FY/24 FY/23 FY/22 FY/21 Revenues 633.2 629.9 463.2 429.0 Cost of sales 370.7 350.8 267.9 247.5 Gross profit 262.5 279.0 195.3 181.5 Gross margin 41% 44% 42% 42% Selling expenses 14.2 14.1 11.2 10.0 General & admin expenses 31.9 32.6 29.2
Slide 30: Four Year View on Consolidated Balance Sheet
Four Year View on Consolidated Balance Sheet1 (EUR million) 31.12.2024 31.12.2023 31.12.2022 31.12.2021 Property, plant & equipment and leased assets 226.9 147.8 99.0 74.0 Goodwill 73.5 72.3 72.5 72.3 Other intangible assets 7.4 4.4 3.3 2.2 Other non-current assets 3.8 0.0 0.0 0.0 Others 35.4 41.8 3
Slide 31: Four Year View on Consolidated Statement of Cash Flows
Four Year View on Consolidated Statement of Cash Flows1 (EUR million) FY/24 FY/23 FY/22 FY/21 Net Result 106.2 145.2 100.5 94.8 Adjust for: Non-Cash Items 9.1 4.3 (11.9) 18.3 Changes in Working Capital2 (89.1) (196.8) (51.5) (46.7) Cash Flow from Operating Activities² 26.2 (47.3) 37.1 66.4 Capital E
Slide 32: EU Taxonomy Alignment & ESG-Ratings – well above industry standard
EU Taxonomy Alignment & ESG-Ratings – well above industry standard FY/2024: Revenues1 EU Taxonomy Aligned Technologies ESG-Ratings ▪ Wide Band Gap (WBG) Power ▪ CDP (Europe): 35% Taxonomy Aligned Semiconductors based on: ▪ 2024: C ▪ Gallium Nitride (GaN) and ▪ 2023: D 65% Taxonomy Non-Aligned ▪ Sili
Slide 33: AIXTRON SE
AIXTRON SE Dornkaulstr. 2 52134 Herzogenrath, Germany Phone +49 (2407) 9030-0 Fax +49 (2407) 9030-40 E-Mail info@aixtron.com