Fy 2025 results presentation

Dr. Felix Grawert, CEO

Dr. Christian Danninger, CFO February 26th, 2026

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", "plan", "believe", "continue" and "estimate" and variations of such words or similar expressions. These forward-looking statements are based on the current assessments, expectations and assumptions of the executive board of AIXTRON, of which many are beyond control of AIXTRON, based on information available at the date hereof and subject to risks and uncertainties. You should not place undue reliance on these forward-looking statements. Should these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of AIXTRON may materially vary from those described explicitly or implicitly in the relevant forward-looking statement. This could result from a variety of factors, such as those discussed by AIXTRON in public reports and statements, including but not limited those reported in the chapter "Risk Report". AIXTRON undertakes no obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise, unless expressly required to do so by law.

Due to rounding, numbers presented throughout this report may not add up precisely to the totals indicated and percentages may not precisely reflect the absolute figures for the same reason.

Our registered trademarks: AIXACT®, AIX-Multi-Ject®, AIXTRON®, Close Coupled Showerhead®, EXP®, EPISON®, Gas Foil Rotation®, HXP®, HYPERION®, Multi-Ject®, Planetary Reactor®, PVPD®, STExS®, TriJet®

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)

• Gross Profit at EUR 222m; Gross Margin at 40% (-1pp yoy driven by lower utilization, G10 ramp-up adjustments and one-off restructuring costs.)

• EBIT at EUR 100m; EBIT Margin at 18% (-3pp yoy)

  
  
  

• Net Profit at EUR 85m down -20%

  Q4/2025: Strong quarterly performance

• Order Intake with EUR 170m up 37% qoq

• Revenues with EUR 187m -18% yoy; Gross Profit down -16% yoy with Gross Margin at 46% (up 1pp yoy)

  
  
  

• EBIT at EUR 58m down -18% yoy; EBIT Margin at 31% (flat yoy)

  Strong cash flow and cash position at year end

• Operating cash flow of EUR 208m (up by EUR >180m yoy)

• Free cash flow of EUR 182m (up by EUR >250m yoy)

  
  
  

• Cash and cash equivalents at EUR 225m at year end (vs. EUR 65m end of 2024)

  AGM 2025: Dividend Proposal

• EUR 0.15 Euro dividend per share to be proposed to shareholders - unchanged to build a strong cash position

  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%

  EBIT Margin FY/26E: 16% - 19%;

  includes mid-single-digit million euro restructuring expenses

  
  
  
  
  
  
  

  Market Dynamics 2026 - AI as the key driver of revenue

• Optoelectronics / laser set for strong growth yoy in 2026, driven by AI need for optical interconnects

• GaN power with moderate growth, partially by AI, partially by GaN gaining traction across all market segments

• SiC power weak in 2026 due to overcapacity and slow momentum in EVs

• LED / Micro LED demand largely unchanged

EUR million

630 633

557

520+/-30e

429

463

269

• Gross Margin significantly improved in Q4 vs. 9M due to volume and improved product mix

• EBIT Margin significantly improved in Q4 vs. 9M due to volume, improved mix and reduced OpEx

• OpEx down yoy mainly due to -11% lower R&D cost driven by reduced external contract work and consumables

  5

  	Working Capital1	Operating Cash Flow	Free Cash Flow	Cash Balance2
  Q4	€ 336.2 m € -9.2 m vs. Q3/25	€ 79.9 m € +81.9 m YoY	€ 71.7 m € +86.1 m YoY	€ 224.6 m € +71.3 m vs. Q3/25
  FY/25	€ 336.2 m € -108.8 m vs. Q4/24	€ 208.4 m € +182.1 m YoY	€ 181.9 m € +254.4 m YoY	€ 224.6 m € +160.0 m vs. Q4/24

• Strong Operating Cash Flow driven by Net Result and continued Working Capital reduction; further positive impact expected throughout 2026

• FCF with strong improvement due to Net Result and continued reduction of Working Capital & Capex

• Cash Balance with € 224.6m significantly up by € +160.0m vs. Q4/24

  1. Working Capital = Inventories + Trade Receivables - Trade Payables - Contract Liabilities for Advance Payments; FX-effects excluded in illustrated Change in Working Capital

  2. Including other current financial assets 6

  
  
  
  
  

  1

  Power Electronics

  SiC Power

  • EV main inverters and EV OBCs

  • EV charging infrastructure

  • Data centers: AC/DC

  • Wind & PV

  • Traction & large drives

SiC

GaN

2 GaN Power & RF

• Fast charging / mobile devices

• Data centers: AC/DC & DC/DC

• Motor drives, e.g., white goods

• AI power delivery

• EV OBCs

• Base stations

4 Lasers

• Optical data communication

• 3D sensing

• LiDAR

• Industrial power lasers

AsP

AsP

GaN

3 Micro LEDs / Specialty LEDs

• Industrial displays (in/ outdoor)

• TVs

• Smart watches / AR glasses

• Automotive

• Horticulture

1

≥ 1200 V

Voltage

EV main Inverter

AI power delivery

Smartphone fast chargers

AC/DC for datacenters

Class-D audio

DC/DC for datacenters

Wireless charging

LV motor drives

battery consumer

Battery tools,

Industrial PSU

devices (e-bikes, …)

Low speed electric vehicles

AI power delivery

Micro-Inverters

Solar

Time of Flight / Lidar

2020 - 2023

2024 - 2026

2027 - 2028

EV On-Board Charger (OBC)

HV motor drives, home appliances

< 200 V

500-700 V

Time of market adoption

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 power chips around the GPUs

• Up to 50% lower power loss in a compact form factor

G10-GaN

• Leading platform for 150mm / 200mm wafer size

• Based on 20+ years GaN experience

• Used by all key GaN-players worldwide today (tool of record)

  300mm GaN single-wafer tool

  Hyperion

  
  
  

• Key ingredients from 200mm technology transferred to 300mm

• Builds on prior experience in GaN

  • Experience gained from today's installed base

  • 300mm showerhead technology (30+ years)

• Technological outperformance vs. 200mm platform recently confirmed by a leading customer

  
  
  

  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

  300mm Epi wafers

  Expanding further to higher

  voltage range

  200mm Epi wafers

  
  
  
  
  

  150/200mm Epi wafers transition towards 200mm on-going

  first products for low and mid voltage

  2020 - 2022 2023 - 2025 2026 - 2028

  Time of market adoption

  • Co-existence of 200mm and 300mm GaN power expected for extended periods of time

  • Reuse strategies for chip-making equipment expected as key driver for 200mm vs. 300mm decisions

  1

  2

  
  
  NVIDIA - HVDC Architecture combines SiC and GaN devices

  NVIDIA 800 V HVDC Architecture will power the next generation of AI Factories

  
  
  

  Key efficiency gains

• Up to 5% improvement in end-to-end power efficiency

• Maintenance costs reduced by up to 70% due to fewer PSU failures and lower labor costs for component upkeep

• Lower cooling expenses from eliminating AC/DC PSUs inside IT racks

Source: NVIDIA

Navitas developing next generation 800V HVDC architecture with NVIDIA

Source: Navitas

Source: Powerelectronicsnews + Infineon

3

New NVIDIA Co-Packaged Optics (CPO) chip enables the new Quantum-X photonics switch to connect over 10,000 GPU with 144 ports of 800Gb/s

Source: NVIDIA

17

Data Demand Explosion:

• Driven by AI, 5G, sensing

• Bandwidth doubling every ~2 years

• Shift to Co-Packaged Optics (CPO) in hyperscale data centers

• Surge in laser demand for AI workloads

  Estimated optical lane growth in data centers

  
  
  

  Source: Lightcounting Optics for AI, 01/25

  Photonic Integrated Circuits (PICs):

• Replacing discrete lasers

• Higher performance, smaller size, lower energy

• Transition to 150mm InP substrates

• G10-AsP optimized for high-yield InP production

PICs market projection

$ 41 bn

+16%

$14.5 bn

Source: Market and Data report

18

EUR million

Guidance1

Q1/2026

FY/2026

1: At $1.20/€ Budget Rate for 2026; please refer to "Expected Financial and Earnings Position" in the AIXTRON 2025 Annual Report for further information 19