Q1 2026 results presentation

Dr. Felix Grawert, CEO

Dr. Christian Danninger, CFO April 30th, 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.

▪

▪

▪

▪

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 Profit at EUR 11m; Gross Margin at 18%;

EBIT at EUR -22m; EBIT Margin at -38%

impacted by low volume and a mid-single-digit EUR million

expense for personnel reduction in operations area

• Personnel measures implemented in Q1, strengthening the operational setup and supporting sustainable profitability

  
  
  

• New production facility in Malaysia announced, enhancing long-term capacity, supply chain resilience and proximity to Asian customers while improving structural cost competitiveness

  FY/2026 Guidance1 raised

• Revenues FY/26E: EUR 560m ± 30m (before: EUR 520m ± 30m)

  
  
  

• Gross Margin FY/26E: around 42% (before: 41% - 42%) incl. mid-single-digit EUR million expense

  
  
  

• EBIT Margin FY/26E: 17% - 20% (before: 16% - 19%) for personnel reduction in operations area

  Q2/2026 Guidance1

  • Revenues Q2/26E: ~EUR 110m ± 10m

    1 FY/26 Based on $1.20/€ Budget Rate

    
    
    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, reflecting ongoing customer underutilization; recovery is expected in H2/2026 or early 2027

• GaN tool demand stayed stable at low level; demand anticipated to pick up later in the year due to higher customer utilization

• LED / Micro LED had no material impact on Q1/2026 performance, with investments still cyclical and at low levels

EUR million

557

560 ± 30e

429

463

Q2/26-

Q4/26e

Q1/2026

630 633

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

FY/24 € 633.2 m € 262.5 m 41% € 131.2 m 21%

1% YoY -6% YoY -16% YoY

• Gross Profit & EBIT both impacted by low volume and a mid-single-digit EUR million one-off expense for personnel measures in operations area

• Q1 Opex cost yoy up mainly due to ~40% higher R&D cost

  	Working Capital1	Operating Cash Flow	Free Cash Flow	Cash Balance2
  Q1	€ 263.6 m € -76.3 m vs. Q4/25	€ 53.6 m € +18.5 m YoY	€ 48.5 m € +18.7 m YoY	€ 272.7 m € +48.1 m vs. Q4/25

  FY/24 € 446.9 m € 26.2 m € -72.4 m € 64.6 m

  € +93.9 vs. Q4/23 € +73.5 m YoY € +37.2 m YoY € -117.1 m vs. Q4/23

• Operating cash flow positively impacted by further reduction in working capital

• Pre payments starting to increase as order intake rises

• Capex in Q1 was fairly stable yoy.

• FCF with continuing improvement due to continued reduction of working capital

  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

  
  
  
  
  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

  • Effective conversion price of ~EUR 51.01 at maturity, reflecting accreted redemption amount

    
    
    

  • Potential dilution of approx. 7.9% of current share capital

    AIXTRON's first-ever issuance of this instrument The net proceeds of the offering will be used for general corporate purposes, which may include investments to support organic growth, acquisitions, and share buybacks.

    Successful placement of convertible bond increases long term strategic & financial flexibility

    
    
    
    
    Power Electronics

    SiC Power

    • EV main inverters and EV OBCs

    • EV charging infrastructure

    • Data centers: AC/DC

    • Wind & PV

    • Traction & large drives

SiC

GaN

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

  Optoelectronics / LEDs

  Lasers

  • Optical data communication

  • 3D sensing

  • LiDAR

  • Industrial power lasers

AsP

AsP

GaN

Micro LEDs / Specialty LEDs

• Industrial displays (in/outdoor)

• TVs

• Smart watches / AR glasses

• Automotive

• Horticulture

The trend is expected to continue until 2030 and beyond

• Modern AI GPU clusters (NVIDIA Blackwell GB200 NVL72 and beyond) demand high optical interconnect bandwidth.

• Each rack needs thousands of high-speed optical links.

Sources: CNBC, Introl Blog, MarketWise - Feb/Mar 2026

≥ 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

GaN achieves > 1200V breakdown voltage

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 inverter

• Test at several OEMs ongoing

  3-Phase traction inverter powered by GaN devices

  
  
  200mm GaN multi-wafer tool

  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

    
    
    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

    
    
    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

Source: Navitas

Source: Powerelectronicsnews + Infineon