Q3 2025 results presentation

Dr. Felix Grawert, CEO

Dr. Christian Danninger, CFO October 30th, 2025

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®, Multi-Ject®, OVPD®, Planetary Reactor®, PVPD®, STExS®, TriJet®

• Order Intake of EUR 124m

• Revenues of EUR 120m - within guided range

• Gross Profit at EUR 46m; Gross Margin at 39%

• EBIT at EUR 15m; EBIT Margin at 13% - lower than expected due to quarter-on-quarter shifts and FX effects

• Free Cash Flow at EUR 39m; strong increase driven by net result, continued working capital reduction and low capex

  AI data center build out driving demand in Optoelectronics
  
  

• Laser business pick up in Q2 continues in Q3

• Data center demand drives capacity utilization in GaN

• Automotive SiC demand remains soft

  Structural growth drivers fully intact - but short term visibility remains low
  
  

• Demand in western power electronics markets currently still weak; partially compensated by Asian/Chinese markets

• GaN/SiC-power expected roughly flat yoy; LED/Micro LED revenues much weaker yoy; Optoelectronics up yoy

  FY/2025 Guidance1 adjusted

• Revenues1 FY/25E: EUR 530m - EUR 565m

• Gross Margin1,2 FY/25E: 40% - 41%

• EBIT Margin1,2 FY/25E: 17% - 19%

  Geopolitical dynamics monitored closely
  
  

• US-tariffs: Semiconductor Equipment currently exempt; Management is monitoring developments closely

1 Q4/2025 based on $1.15/€ rate (previously $1.10/€);

2 incl. a mid-single-digit EURm expense for headcount reduction in operations area; will result in similar amount of permanent savings corresponding to ~1pp higher Margins

EUR million

630 633

530-565e

429

463

Q4/25e

9M/2025

269

2020 2021 2022 2023 2024 2025

Optoelectronics and Communication¹ LED incl. Micro LED GaN-Power SiC-Power

Other incl. R&D After Sales FY25 Guidance low end FY25 Guidance high end

1 Includes applications in Consumer Optoelectronics, Solar and Telecom/Datacom

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

1% YoY -6% YoY -16% YoY

• 9M Gross Profit & EBIT impacted by mid-single-digit EURm expense for personnel reduction in operations area in H1/25

• 9M Adjusted Gross Margin at 38% slightly lower yoy due to product mix with lower margins (9M/24: 39%)

• 9M Opex down yoy mainly due to ~13% lower R&D cost driven by reduced external contract work and consumables

• 9M Adjusted EBIT Margin at 12% lower yoy due to negative operating leverage resulting from lower volumes and negative FX effects (9M/24: 15%)

  	Working Capital1	Operating Cash Flow	Free Cash Flow	Cash Balance2
  Q3/25	€ 348.2 m € -34.5 m vs. Q2/25	€ 43.4 m € +28.0 m YoY	€ 39.2 m € +40.7 m YoY	€ 153.4 m € +38.6 m vs. Q2/25
  9M/25	€ 348.2 m € -99.5 m vs. Q4/24	€ 128.5 m € +100.3 m YoY	€ 110.3 m € +168.3 m YoY	€ 153.4 m € +88.8 m vs. Q4/24

  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

• 9M Operating Cash Flow strong driven by Net Result of the Period and continued Working Capital reduction

• 9M FCF with strong improvement due to Net Result and continued reduction of Working Capital & Capex

• 9M Cash Balance with €153m up by €89m 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

  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

1200V GaN

Smartphone fast chargers

AC/DC for datacenters

Class-D audio

Industrial

Battery tools, PSU

DC/DC for datacenters

Wireless charging

LV motor drives

battery consumer

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