Slide 1: Q1/2026 Investor Presentation
Q1/2026 Investor Presentation Dr. Felix Grawert, CEO Dr. Christian Danninger, CFO April 30th, 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: Q1/2026 Key highlights
Q1/2026 Key highlights Financials Q1/2026: Inflection point due to optoelectronics demand surge ▪ Order Intake with EUR 171m driven by strong optoelectronics momentum (Q1/2025: EUR 132m) ▪ Revenues of EUR 59m reflecting seasonality and limited customer demand in power electronics segments ▪ Gross Pr
Slide 4: Q1/2026 Market & business development
Q1/2026 Market & business development Market & Business Development ▪ Optoelectronics showed strong momentum, with laser systems accounting for almost 70% of Q1/2026 order intake, underlining the strong trend reversal. Major shipments are scheduled from Q2/2026 onward ▪ SiC tool demand remained soft
Slide 5: Annual Revenues by Application
Annual Revenues by Application EUR million 630 633 560 ± 30e 557 463 429 Q2/26- Q4/26e Q1/2026 2021 2022 2023 2024 2025 2026 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 Includes applications in
Slide 6: Q1/2026 Highlights: Key P&L Indicators
Q1/2026 – Highlights | Key P&L Indicators Revenues Gross Profit Margin EBIT Margin Q1 € 59.4 m € 10.8 m 18% € -22.3 m -38% -47% YoY -68% YoY n.m. 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 Profit & EBIT both impacted by low volume and a mid-single-dig
Slide 7: Q1/2026 Highlights: Key Balance Sheet & Cash Flow Indicators
Q1/2026 – Highlights | Key Balance Sheet & Cash Flow Indicators Working Capital1 Operating Cash Flow Free Cash Flow Cash Balance2 Q1 € 263.6 m € 53.6 m € 48.5 m € 272.7 m € -76.3 m vs. Q4/25 € +18.5 m YoY € +18.7 m YoY € +48.1 m vs. Q4/25 FY/24 €€ +93.9 446.9 m vs. Q4/23 € 26.2 m € +73.5 m YoY € -72
Slide 8: Convertible Bond – Key milestone achieved in financial strategy
Convertible Bond – Key milestone achieved in financial strategy Key transaction highlights ▪ EUR 450m convertible bond ▪ Five-year maturity (April 2031) with zero coupon, ensuring no cash outflow ▪ Initial conversion price of EUR 50.375, representing a 30% premium to the reference share price ▪ Effe
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 SiC Power GaN Power & RF 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. whit
Slide 10: 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 11: Datacenters are an inflection point where copper wiring is being replaced by lasers
Datacenters are an inflection point where copper wiring is being replaced by lasers The demand we see is only at its beginning and set to last… Hyperscaler AI CapEx 2024–2026 (USD Billions, estimated) Optical Interconnects replaces Cu wiring in Datacenter The trend is expected to • Modern AI GPU clu
Slide 12: SiC power – faster growth than market due to market share gains
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): ▪ OEMs switching from 400V to 800V battery systems using SiC will i
Slide 13: GaN power – acceleration of growth due to additional demand from AI
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: Slight decline in 2026 as GaN adoption across a broader range of applications is slower than expected ▪ Launch of 300mm technology i
Slide 14: GaN power – growth is fueled by adding more and more applications
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 < 200
Slide 15: GaN power – selected case examples
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 devi
Slide 16: GaN power – selected case examples
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 inverte
Slide 17: GaN power – AIXTRON leads the market in 200mm and is ready for 300mm ramp
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 ▪ B
Slide 18: GaN PE market to be dominated by 200mm in near term
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 l
Slide 19: NVIDIA – HVDC Architecture combines SiC and GaN devices
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 ▪ Mai
Slide 20: Micro LED / LED – work continues until ramp in 2027+
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 tar
Slide 21: New production site in Malaysia announced
New production site in Malaysia announced Strengthening long-term manufacturing flexibility and resilience ▪ Expansion of global production and supply chain footprint through a new facility in Penang, Malaysia ▪ Leverages Southeast Asia’s strong semiconductor equipment ecosystem to support AIXTRON’s
Slide 22: Guidance for Q2/2026 and FY/2026
Guidance for Q2/2026 and FY/2026 EUR million Guidance1 Q2/20261 FY/20261 Revenue Guidance FY/2026 EUR million EUR 560m ± 30m Revenues EUR 110m ± 10m ~80 (from EUR 520m ± 30m) ~100 ~60 ~185 ~80 around 42% +/- 30 Gross Margin (%) (from 41% – 42%) ~370 ~235 ~300 17% to 20% EBIT Margin (%) (from 16% – 1
Slide 23: Financial Calendar & Contact Data
Financial Calendar & Contact Data Our Financial Calendar: For further information please contact: 13 May 2026 Annual General Meeting Christian Ludwig Ralf Penner 30 Jul. 2026 Q2/26 Results, Conference Call 29 Oct. 2026 Q3/26 Results, Conference Call VP Investor Relations Senior IR Manager +49 (2407)
Slide 24: Backup
Backup
Slide 25: 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 @ $1.20 @ $1.09 @ $1.12 @ 1.18 @ $1.15 @ $1.10 @ $1.20 401 384 359 308 227 289 285 287 258 187 176 170 171 157 156 143 13
Slide 26: Q1/2026 Revenue Analysis
Q1/2026 Revenue Analysis1 Equipment & After Sales End Application (equipment only) Regional Split 14% 1% 9% 3% 40% 52% 27% 60% 31% 64% 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 27: 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 Optoelectronics 170 SiC Power Electronics Optoelectronics 160 150 140 GaN Power Electronics, 130 Lasers, ROY & Micro LEDs 120 110 100 90 80
Slide 28: 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 29: 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 28
Slide 30: 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 31: 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 30
Slide 32: Consolidated Income Statement
Consolidated Income Statement1 (EUR million) Q1/2026 Q1/2025 +/- (%) Q1/2026 Q4/2025 +/- (%) Revenues 59.4 112.5 (47)% 59.4 187.0 (68)% Cost of sales 48.6 78.4 (38)% 48.6 100.9 (52)% Gross profit 10.8 34.1 (68)% 10.8 86.1 (87)% Gross margin 18% 30% (12)pp 18% 46% (28)pp Selling expenses 4.4 4.8 (8)%
Slide 33: Consolidated Balance Sheet
Consolidated Balance Sheet1 (EUR million) 31.03.26 31.12.25 30.09.25 Property, plant & equipment and leased assets 230.9 241.9 235.3 Goodwill 71.8 71.6 71.6 Other intangible assets 5.9 6.1 5.7 Others 35.0 36.3 39.3 Non-current assets 343.6 355.8 351.9 Inventories 295.0 283.6 315.8 Trade receivables
Slide 34: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows1 (EUR million) Q1/2026 Q1/2025 Q1/2026 Q4/2025 Net result (21.9) 5.1 (21.9) 47.9 Adjust for: Non-cash items (0.7) (1.5) (0.7) 22.8 Changes in Working Capital2 76.3 31.5 76.3 9.2 Cash flow from operating activities 53.6 35.1 53.6 79.9 Capital expenditures/disposal
Slide 35: 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 36: 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 37: 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 38: 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 39: AIXTRON SE
AIXTRON SE Dornkaulstr. 2 52134 Herzogenrath, Germany Phone +49 (2407) 9030-0 Fax +49 (2407) 9030-40 E-Mail info@aixtron.com