Slide 1: FY 2025 Investor Presentation
FY 2025 Investor Presentation Dr. Felix Grawert, CEO Dr. Christian Danninger, CFO February 26th, 2026
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: Full year 2025 highlights: robust operating results and strong cash flows
Full year 2025 highlights: robust operating results and strong cash flows FY/2025: AIXTRON performs well in soft market environment ▪ Order Intake with EUR 544m down by -9% yoy with a slight recovery in Q4/25 ▪ Revenues with EUR 557m down -12% yoy as expected (in original and adjusted guidance range
Slide 4: Outlook 2026
Outlook 2026 FY/2026 Guidance1 introduced ▪ Revenues FY/26E: ~EUR 520m in a range of +/– 30m; Q1/26E: ~EUR 65m in a range of +/– 10m ▪ Gross Margin FY/26E: 41% – 42% includes mid-single-digit million euro restructuring expenses ▪ EBIT Margin FY/26E: 16% – 19%; Market Dynamics 2026 – AI as the key dr
Slide 5: Annual Total Revenues by Application (including After Sales)
Annual Total Revenues by Application (including After Sales) EUR million 630 633 557 520+/–30e 463 429 269 2020 2021 2022 2023 2024 2025 2026e Optoelectronics and Communication¹ LED incl. Micro LED GaN-Power SiC-Power Other incl. R&D After Sales FY26 Guidance low end FY26 Guidance high end 1 Include
Slide 6: FY 2025 – Highlights | Key P&L Indicators
FY 2025 – Highlights | Key P&L Indicators Revenues Gross Profit Margin EBIT Margin Q4 € 187.1 m € 86.1 m 46% € 58.0 m 31% -18% YoY -16% YoY -18% YoY Q3/24- Q4/24e FY/25 €-12% 556.6 m YoY € 222.4 m -15% YoY 40% € 100.3 m -24% YoY 18% ▪ Gross Margin significantly improved in Q4 vs. 9M due to volume an
Slide 7: FY 2025 – Highlights | Key Balance Sheet & Cash Flow Indicators
FY 2025 – Highlights | Key Balance Sheet & Cash Flow Indicators Working Capital1 Operating Cash Flow Free Cash Flow Cash Balance2 Q4 € 336.2 m € 79.9 m € 71.7 m € 224.6 m € -9.2 m vs. Q3/25 € +81.9 m YoY € +86.1 m YoY € +71.3 m vs. Q3/25 FY/25 €€ -108.8 336.2 m m vs. Q4/24 € 208.4 m € +182.1 m YoY €
Slide 8: We address a comprehensive set of growth applications with our G10 family of products
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 9: 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 ▪ 2026: Continued Market slowdown and underutilization ▪ Mid-term (2027-2029): ▪ OEM's switching from 400V to 800V battery systems using SiC wil
Slide 10: 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 ▪ 2026: Moderate growth in 2026 as GaN adoption expands across a broader range of applications ▪ Launch of 300mm technology in 2026 ▪ Co-e
Slide 11: GaN power – growth is fueled by adding more and more applications
2 GaN power – growth is fueled by adding more and more applications Voltage EV main Inverter ≥ 1200 V AI power delivery 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 < 2
Slide 12: 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 13: GaN power – selected case examples
2 GaN power – selected case examples Status of GaN for EV main inverters ▪ >= 1200V breakdown for GaN devices demonstrated, achieving key parameters required for HVM ▪ Multiple companies with 650V or 1200V prototypes in the roadmaps for traction inverters ▪ Potential for cost reduction in main inver
Slide 14: GaN power – AIXTRON leads the market in 200mm today and is ready for 300mm ramp
2 GaN power – AIXTRON leads the market in 200mm today and is ready for 300mm ramp 200mm GaN multi-wafer tool 300mm GaN single-wafer tool G10-GaN Hyperion ▪ Leading platform for 150mm / 200mm wafer size ▪ Key ingredients from 200mm technology transferred to 300mm ▪ Based on 20+ years GaN experience ▪
Slide 15: GaN PE market to be dominated by 200mm in near term – expanding in voltage range
2 GaN PE market to be dominated by 200mm in near term – expanding in voltage range 300mm to penetrate market from Low and Mid voltage mid term Voltage 200mm Epi wafers Expanding further to higher voltage range 150/200mm Epi wafers transition towards 300mm Epi wafers 200mm on-going first products for
Slide 16: 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 Key efficiency gains ▪ Up to 5% improvement in end-to-end power efficiency ▪
Slide 17: Micro LED / LED – work continues until ramp in 2027+
3 Micro LED / LED – work continues until ramp in 2027+ 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 18: 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 19: 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 20: AIXTRON – Guidance for Q1/2026 and FY/2026 introduced
AIXTRON – Guidance for Q1/2026 and FY/2026 introduced1 EUR million Guidance1 Q1/2026 FY/2026 Revenue Guidance FY/2026 EUR million Revenues ~EUR 65m +/– 10m ~EUR 520m +/– 30m ~80 ~100 ~ 100 Gross Margin (%) 41% – 42% ~ 280 +/-30 ~370 ~300 ~ 140 EBIT Margin (%) 16% – 19% 2026 Revenues from After Sales
Slide 21: Financial Calendar & Contact Data
Financial Calendar & Contact Data Our Financial Reporting Dates: 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 30 Jul 2026 Q2
Slide 22: Backup
Backup
Slide 23: Consolidated Income Statement
Consolidated Income Statement1 (EUR million) FY/25 FY/24 +/- (%) Q4/2025 Q4/2024 +/- (%) Revenues 556.6 633.2 (12)% 187.0 226.7 (18)% Cost of sales 334.2 370.7 (10)% 100.9 124.3 (19)% Gross profit 222.4 262.5 (15)% 86.1 102.5 (16)% Gross margin 40% 41% (1)pp 46% 45% 1pp Selling expenses 16.3 14.2 15
Slide 24: Consolidated Balance Sheet
Consolidated Balance Sheet1 (EUR million) 31.12.25 30.09.25 31.12.24 Property, plant & equipment and leased assets 241.9 235.3 226.9 Goodwill 71.6 71.6 73.5 Other intangible assets 6.1 5.7 7.4 Others 36.3 39.3 39.2 Non-current assets 355.8 351.9 347.1 Inventories 283.6 315.8 369.1 Trade receivables
Slide 25: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows1 (EUR million) FY/25 FY/24 Q4/2025 Q4/2024 Net result 85.3 106.2 47.9 53.4 Adjust for: Non-cash items 14.3 9.1 22.8 2.3 Changes in Working Capital2 108.8 (89.1) 9.2 (57.7) Cash flow from operating activities 208.4 26.2 79.9 (2.0) Capital expenditures/disposals (2
Slide 26: 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 @ $1.15 @ $1.10 @ $1.09 @ $1.12 @ $1.15 @ $1.10 401 384 355 308 227 289 285 287 258 187 176 170 157 156 143 137 132 124 132 120 119 118 1
Slide 27: FY/25 Revenue Analysis
FY/25 Revenue Analysis1 Equipment & After Sales End Application (equipment only) Regional Split 5% 20% 20% 23% 28% 15% 20% 60% 80% 29% 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 28: 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 170 Electronics 160 SiC Power Electronics Optoelectronics 150 GaN Power Electronics, 140 Lasers, ROY & Micro LEDs 130 120 110 100 90 80 70 60 50 40 30
Slide 29: 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 30: 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 29
Slide 31: 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 32: 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 Power GaN Power SiC Power Source: AIXTRON market research 31
Slide 33: Four Year View on Consolidated Income Statement
Four Year View on Consolidated Income Statement1 (EUR million) FY/25 FY/24 FY/23 FY/22 Revenues 556.6 633.2 629.9 463.2 Cost of sales 334.2 370.7 350.8 267.9 Gross profit 222.4 262.5 279.0 195.3 Gross margin 40% 41% 44% 42% Selling expenses 16.3 14.2 14.1 11.2 General & admin expenses 32.1 31.9 32.6
Slide 34: Four Year View on Consolidated Balance Sheet
Four Year View on Consolidated Balance Sheet1 (EUR million) 31.12.2025 31.12.2024 31.12.2023 31.12.2022 Property, plant & equipment and leased assets 241.9 226.9 147.8 99.0 Goodwill 71.6 73.5 72.3 72.5 Other intangible assets 6.1 7.4 4.4 3.3 Others 36.3 39.2 41.8 34.9 Non-current assets 355.8 347.1
Slide 35: Four Year View on Consolidated Statement of Cash Flows
Four Year View on Consolidated Statement of Cash Flows1 (EUR million) FY/25 FY/24 FY/23 FY/22 Net Result 85.3 106.2 145.2 100.5 Adjust for: Non-Cash Items 14.4 9.1 4.3 (11.9) Changes in Working Capital2 108.7 (89.1) (196.8) (51.5) Cash Flow from Operating Activities² 208.4 26.2 (47.3) 37.1 Capital E
Slide 36: EU Taxonomy Alignment & ESG-Ratings
EU Taxonomy Alignment & ESG-Ratings FY/2025: Revenues1 EU Taxonomy Aligned Technologies ESG-Ratings ▪ Wide Band Gap (WBG) Power ▪ CDP (Europe): 37% Taxonomy Aligned Semiconductors based on: ▪ 2025: C ▪ Gallium Nitride (GaN) and ▪ 2024: C 63% Taxonomy Non-Aligned ▪ Silicon Carbide (SiC) Key technolog
Slide 37: AIXTRON SE
AIXTRON SE Dornkaulstr. 2 52134 Herzogenrath, Germany Phone +49 (2407) 9030-0 Fax +49 (2407) 9030-40 E-Mail info@aixtron.com