Slide 1: H1/2024 Investor Presentation
H1/2024 Investor Presentation Dr. Felix Grawert, CEO Dr. Christian Danninger, CFO July 25th, 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 – H1/2024 Key highlights
AIXTRON – H1/2024 Key highlights Financials Q2/2024: Strong increase in order intake ▪ Strong order intake with EUR 176m (Q2/23: EUR 178m) ▪ Revenues with EUR 132m at upper half of guided range ▪ Gross Profit of EUR 49m; Gross Margin at 37% (lower yoy due to product mix) ▪ EBIT at EUR 13m; EBIT Marg
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 630 463 429 Q3/24- Q4/24e 260 269 H1/2024 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 hig
Slide 5: Consolidated Income Statement
Consolidated Income Statement1 (EUR million) H1/2024 H1/2023 +/- (%) Q2/2024 Q2/2023 +/- (%) Revenues 250.1 250.7 —% 131.8 173.5 (24)% Cost of sales 157.2 146.1 8% 82.7 100.0 (17)% Gross profit 92.9 104.6 (11)% 49.1 73.5 (33)% Gross margin 37% 42% (5)pp 37% 42% (5)pp Selling expenses 7.4 6.7 10% 3.7
Slide 6: Consolidated Balance Sheet
Consolidated Balance Sheet1 (EUR million) 30.06.24 31.03.24 31.12.23 Property, plant & equipment and leased assets 209.8 169.9 147.8 Goodwill 72.9 72.7 72.3 Other intangible assets 5.4 4.8 4.4 Others 44.5 44.0 41.8 Non-current assets 332.5 291.5 266.3 Inventories 447.9 436.4 394.5 Trade receivables
Slide 7: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows1 (EUR million) H1/2024 H1/2023 Q2/2024 Q2 2023 Net result 22.0 43.9 11.1 10.8 Adjust for: Non-cash items 7.6 5.3 4.6 2.1 Changes in Working Capital (16.8) (119.7) 4.4 (118.8) Cash flow from operating activities 12.8 (70.5) 20.2 (76.3) Capital expenditures/disposa
Slide 8: 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 9: 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 Traction
Slide 10: GaN power adaption progressing application by application
GaN power adaption progressing application by application – and broadening in voltage class Voltage Deep dive next pages ≥ 1200 V EV main inverter 500-700 V Smartphone AC/DC for HV motor EV On-Board fast chargers Datacenter drives, home Charger (OBC) appliances Class-D audio Industrial Battery tools
Slide 11: New GaN application – GaN for power delivery to AI (2026+ onwards)
New GaN application – GaN for power delivery to AI (2026+ onwards) The AI challenge of energy consumption Power consumption of AI GPUs increases from ~700W (H100) to est. 2000W per GPU in 2026 Power to train one LLM equates to 1 nuclear power plant Energy efficiency becomes critical GaN power
Slide 12: New GaN application – GaN for EV main inverter (2026/27+ onwards)
New GaN application – GaN for EV main inverter (2026/27+ onwards) GaN achieves > 1200V breakdown voltage Status of GaN for EV main inverters Vertical leakage current >= 1200V breakdown for GaN devices demonstrated, achieving key parameters required for HVM Multiple companies with 650V or 1200V p
Slide 13: 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 First tools to move in as planned in H2/2024 Picture shows construction status in July 2024 12
Slide 14: New AIXTRON Turin (Italy) site
New AIXTRON Turin (Italy) site Adresses (peak) volume demand of new markets 15,000m2 of shop floor space – doubling capacity available today Low initial invest (low double-digit EURm) for building incl. renovations and facility invest Complete buildout – with additional invest – allows to sc
Slide 15: AIXTRON – Guidance for Q3/2024 and FY/2024
AIXTRON – Guidance for Q3/2024 and FY/2024 EUR million Guidance1 Q3/20241 FY/20241 Revenue Guidance FY/2024 EUR million EUR 620m – 660m Revenues EUR 150m – 180m ~80 (from EUR 630m – 720m) ~100~ 20-40 ~ 250 Gross Margin (%) 43% – 45% ~ 290-310 ~370 ~300 ~ 60 22% – 25% EBIT Margin (%) (from 24% – 26%)
Slide 16: Backup
Backup
Slide 17: 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 @ $1.08 @ $1.20 @ $1.15 @ $1.15 418 412 401 369 368 352 354 355 214 204 178 176 183 173 165 160 1
Slide 18: H1/2024 Revenue Analysis
H1/2024 Revenue Analysis1 Equipment & After Sales End Application (equipment only) Regional Split 7% 9% 8% 21% 18% 32% 27% 65% 79% 34% 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 u
Slide 19: 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 180 SiC & GaN Power 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 20: AIXTRON - Market Position in MOCVD Deposition Equipment
AIXTRON - Market Position in MOCVD Deposition Equipment 2021 2022 2023 USD 561m USD 571m USD 704m AIXTRON Veeco AMEC Source: Gartner 2021-2023; AIXTRON incl. SiC power 19
Slide 21: 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 20
Slide 22: 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 23: 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 24: 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 7.5 5.7 5.7 8.0 Changes in Working Capital (200.0) (69.1) (34.2) (19.2) Cash Flow from Operating Activities² (47.3) 37.1 66.4 23.3 Capital Expendi
Slide 25: 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 26: 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 VP Investor Relations Senior IR Manager +49 (2407) 9030-444 +49 (2407) 9030-6153 c.ludwig@aixtron.com r.penner@aixtron.com
Slide 27: AIXTRON SE
AIXTRON SE Dornkaulstr. 2 52134 Herzogenrath, Germany Phone +49 (2407) 9030-0 Fax +49 (2407) 9030-40 E-Mail info@aixtron.com