Slide 1: FY 2024 Investor Presentation
FY 2024 Investor Presentation Dr. Felix Grawert, CEO Dr. Christian Danninger, CFO 27 February 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 – Full Year 2024 Highlights
AIXTRON – Full Year 2024 Highlights FY/2024: Good performance in weak market environment ▪ Order Intake with EUR 596m down by -7% yoy due to weak market ▪ Revenues with EUR 633m up 1% yoy and in original and adjusted guidance range ▪ Gross Profit at EUR 262m; Gross Margin at 41% (-3pp yoy mainly due
Slide 4: Annual Total Revenues by Application (including After Sales)
Annual Total Revenues by Application (including After Sales) EUR million 630 633 530-600e 463 429 269 2020 2021 2022 2023 2024 2025e Optoelectronics and Communication¹ LED incl. Micro LED GaN-Power SiC-Power Other incl. R&D After Sales FY25 Guidance low end FY25 Guidance Range 1 Includes application
Slide 5: FY 2024 – Highlights | Key P&L Indicators
FY 2024 – Highlights | Key P&L Indicators Revenues Gross Profit Margin EBIT Margin Q4 € 226.7 m € 102.5 m 45% € 71.0 m 31% 6% YoY 4% YoY 12% YoY Q3/24- Q4/24e FY/24 €1%633.2 YoY m € 262.5 m -6% YoY 41% € 131.2 m -16% YoY 21% ▪ Gross Margin significantly improved in Q4 vs. 9M due to mix and improved
Slide 6: FY 2024 – Highlights | Key Balance Sheet & Cash Flow Indicators
FY 2024 – Highlights | Key Balance Sheet & Cash Flow Indicators Working Capital1 Operating Cash Flow Free Cash Flow Cash Balance2 Q4 € 446.9 m € -2.0 m € -14.4 m € 64.6 m € +57.6 m vs. Q3/24 € -20.3 m YoY € +13.0 m YoY € -13.5 m vs. Q3/24 FY/24 €€ +89.1 446.9 m m vs. Q4/23 € 26.2 m € +73.5 m YoY € -
Slide 7: 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 6
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: G10-SiC – tool of record for low cost SiC Epitaxy
1 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 unifor
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 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, PSU battery consumer < 200 V DC/DC for LV m
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: GaN power – AIXTRON leads the market in 200mm 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 transfered to 300mm ▪ Based on 20+ years GaN experience ▪
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 ▪ Designed and built for 300mm – recent market news on 300mm fully supports decision Opened in December
Slide 14: Guidance for Q1/2025 and FY/2025 introduced
AIXTRON – Guidance for Q1/2025 and FY/2025 introduced1 EUR million Guidance1 Q1/2025 FY/2025 Revenue Guidance FY/2025 EUR million Revenues EUR 90m – 110m EUR 530m – 600m ~80 ~100 ~ 115 Gross Margin (%) 41% – 42% ~ 235 -305 ~370 ~300 ~ 180 EBIT Margin (%) 18% – 22% 2025 Revenues from After Sales ▪ Gr
Slide 15: Financial Calendar & Contact Data
Financial Calendar & Contact Data Our Financial Reporting Dates: For further information please contact: 27 Feb. 2025 FY/24 Results, Conference Call Christian Ludwig Ralf Penner 30 Apr. 2025 Q1/25 Results, Conference Call 31 Jul. 2025 Q2/25 Results, Conference Call VP Investor Relations Senior IR Ma
Slide 16: Backup
Backup
Slide 17: Consolidated Income Statement
Consolidated Income Statement1 (EUR million) FY/24 FY/23 +/- (%) Q4/2024 Q4/2023 +/- (%) Revenues 633.2 629.9 1% 226.7 214.2 6% Cost of sales 370.7 350.8 6% 124.3 116.0 7% Gross profit 262.5 279.0 (6)% 102.5 98.2 4% Gross margin 41% 44% (3)pp 45% 46% 1pp Selling expenses 14.2 14.1 1% 3.2 4.0 (20)% G
Slide 18: Consolidated Balance Sheet
Consolidated Balance Sheet1 (EUR million) 31.12.24 30.09.24 31.12.23 Property, plant & equipment and leased assets 226.9 224.3 147.8 Goodwill 73.5 72.6 72.3 Other intangible assets 7.4 5.4 4.4 Others 35.4 42.1 41.8 Non-current assets 347.1 344.5 266.3 Inventories 369.1 426.7 394.5 Trade receivables
Slide 19: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows1 (EUR million) FY/24 FY/23 Q4/2024 Q4/2023 Net result 106.2 145.2 53.4 61.7 Adjust for: Non-cash items 9.1 4.3 2.2 (0.1) Changes in Working Capital2 (89.1) (196.8) (57.6) (43.2) Cash flow from operating activities 26.2 (47.3) (2.0) 18.4 Capital expenditures/dispo
Slide 20: 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 @ $1.15 @ $1.08 @ $1.09 @ $1.15 @ $1.15 418 412 401 384 368 352 355 227 289 204 214 178 176 173 157 165 156 140 143 132 118 120 1
Slide 21: FY/24 Revenue Analysis
FY/24 Revenue Analysis1 Equipment & After Sales End Application (equipment only) Regional Split 17% 6% 12% 10% 24% 24% 28% 66% 83% 30% 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 22: 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 SiC Power Electronics 160 150 GaN Power Electronics, 140 Lasers, ROY & Micro LEDs 130 120 110 WBG Power Electronics, 100 Lasers, ROY LE
Slide 23: 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 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: 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 24
Slide 26: AIXTRON Competitive Landscape – clear market leader
AIXTRON Competitive Landscape – clear market leader USA Europe China/Taiwan Korea Japan Opto GaAs/InP Lasers ROY (Micro) LED GaN (Micro) LED TOPEC Power GaN Power SiC Power Source: AIXTRON market research 25
Slide 27: 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 28: 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 Others 35.4 41.7 34.9 25.4 Non-current assets 347.1 266.3 2
Slide 29: 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 30: EU Taxonomy Alignment & ESG-Ratings
EU Taxonomy Alignment & ESG-Ratings 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 ▪ Silicon Carbide (SiC) Key technolog
Slide 31: AIXTRON SE
AIXTRON SE Dornkaulstr. 2 52134 Herzogenrath, Germany Phone +49 (2407) 9030-0 Fax +49 (2407) 9030-40 E-Mail info@aixtron.com