AIXTRON with robust results in a soft market environment

Revenue at upper end of guidance range / Free cash flow significantly improved / Strong cash position at year-end / Strong momentum in Optoelectronics / Overall soft outlook for 2026  

 

Herzogenrath, Germany, February 26, 2026 – AIXTRON SE (FSE: AIXA, ISIN DE000A0WMPJ6) achieved robust financial results in a soft market environment for the 2025 fiscal year. Following the high investment phase in 2023/24 (including the Innovation Center), 2025 marked a year of adjustment with a slowdown especially in the field of LEDs including Micro LEDs, which was only partially compensated by the uptick in optoelectronics.

With revenues of EUR 556.6 million (down -12% yoy), AIXTRON concludes the fiscal year 2025 at the upper end of the adjusted revenue guidance (EUR 530.0 million to EUR 565.0 million). The operating result (EBIT) reached EUR 100.3 million, down -24% yoy due to lower volume and negative FX-effects. At 18%, the EBIT margin comes out in the middle of the forecasted range of 17% to 19%. Despite significant headwinds in the power electronics segment and from FX-effects, both revenue and the EBIT margin also fell within the originally forecasted ranges.

In 2025, AIXTRON recorded a significant recovery in the optoelectronics segment, driven by surging demand for laser and photonics solutions for AI applications and high-speed data transmission. The G10-AsP platform has established itself as the leading solution for these applications, receiving repeat orders from multiple blue-chip customers in all regions of the world.

While demand for silicon carbide (SiC) and gallium nitride (GaN) systems remained subdued in Western markets, momentum in Asia, and in China in particular, served as a stabilizing factor. AIXTRON secured significant large-volume orders for the G10-SiC system in China in H1/2025 and celebrated a major success with the delivery of its 100^th G10-SiC system less than three years after its market launch.

“In 2025 AIXTRON has performed well in a challenging market environment. We efficiently adjusted our capacity and significantly increased our free cash flow by over EUR 250 million. Our long-term growth drivers – AI infrastructure, renewable energy, and electromobility – remain fully intact. In 2026, optical data communication for AI applications and GaN power will be the main source of revenue. We expect that AI data centers can become the largest single application for GaN power semiconductors in the near future. GaN and SiC are emerging as new materials for power semiconductors in AI data center power supplies due to their significant energy-saving potential. Numerous customers have announced specific projects in this new application space,” says Dr. Felix Grawert, CEO of AIXTRON SE.

 

Order intake - uptick  in the fourth quarter

AIXTRON recorded an order intake of EUR 544.3 million in 2025 (2024: EUR 596.4 million), thereof EUR 169.6 million in Q4/2025 which was 37% up from the third quarter (EUR 124.0 million) and 8% up versus the prior-year quarter (EUR 157.0 million). AIXTRON concluded the year 2025 with an equipment order backlog of EUR 257.8 million, down -11% compared to the previous year (2024: EUR 289.3 million).

 

Solid revenues despite market headwinds

Revenue for fiscal year 2025 decreased -12% year-over-year to EUR 556.6 million (2024: EUR 633.2 million). Revenue was primarily driven by systems for power electronics applications based on SiC and GaN, accounting for 57% of total equipment revenue (2024: 55%). Additional revenues were recognized in the Optoelectronics (23%) and LED including Micro LEDs (15%) segments.

 

Strong deliveries in the fourth quarter

AIXTRON generated revenue of EUR 187.1 million in the fourth quarter of 2025, a -18% decrease compared to the prior-year record quarter (Q4/2024: EUR 226.7 million), but approximately 65% above the revenue in the first quarter of the fiscal year (Q1/2025: EUR 112.5 million). This underscores the agility of AIXTRON’s supply chain and manufacturing operation.

 

Gross margin

Gross profit decreased -15% year-over-year to EUR 222.4 million (2024: EUR 262.5 million). This development was driven by several factors: overall lower volume, selected product enhancements in connection with the G10-series ramp-up and one-off expenses in the mid-single-digit million euro range related to the workforce reduction conducted in the first quarter of 2025.

In Q4/2025, gross profit reached EUR 86.1 million, which was down 16% from the prior-year quarter (Q4/2024: EUR 102.5 million) due to lower volume.

The gross margin for the full year 2025 declined slightly by one percentage point year-over-year to 40% (2024: 41%) driven by the above mentioned factors. The gross margin improved slightly to 46% in the fourth quarter compared to 45% in the prior-year period.

 

Operating expenses decreased due to lower R&D expenses

R&D expenses declined in 2025 due to a reduction in external contract work and lower costs for consumables. At EUR 81.1 million, they were significantly below the high level of the prior-year period (2024: EUR 91.4 million).

Operating expenses decreased in fiscal year 2025 to EUR 122.1 million, down from EUR 131.2 million in 2024, primarily due to the reduction in R&D expenses.

 

Operating result (EBIT) and net profit

The weaker gross profit and negative FX-effects led to a -24% decrease in operating profit (EBIT) to EUR 100.3 million in fiscal year 2025 (2024: EUR 131.2 million). This translates into an EBIT margin of 18%, relative to 21% in the previous year.

In the strong fourth quarter, AIXTRON achieved an EBIT of EUR 58.0 million (EBIT margin of 31%), matching the very strong margin from the prior-year quarter, although the absolute result was lower (Q4/2024: EUR 71.0 million).

Net result for the year amounted to EUR 85.3 million, representing a 20% decrease year-over-year (2024: EUR 106.2 million). This was due to the decrease in the operating result. Correspondingly, earnings per share stood at EUR 0.76, down from EUR 0.94 reported in 2024.

 

Strong cash flow and cash position at year-end

Operating cash flow in 2025 increased by over EUR 180 million yoy to EUR 208.4 million (2024: EUR 26.2 million). This primarily came from the operating income, a reduction in inventory by EUR 85.5 million, and lower receivables at the end of fiscal year 2025. Free cash flow increased by over EUR 250 million to EUR 181.9 million (2024: EUR -72.4 million), primarily driven by the significant improvement in operating cash flow and a sharp decline in capital expenditures.

Cash and cash equivalents, including financial assets, totaled EUR 224.6 million as of December 31, 2025 (previous year: EUR 64.6 million). The high equity ratio of 88% as of December 31, 2025 (compared to 83% as of December 31, 2024) underscores AIXTRON's financial strength.

 

Stable dividend of EUR 0.15 proposed

AIXTRON plans to pay a stable dividend despite the decline in net profit for the year. The Executive Board and Supervisory Board will therefore propose a dividend of EUR 0.15 per dividend-bearing share to the Annual General Meeting on May 13, 2026, maintaining the dividend at the previous year’s level. This proposal represents a payout ratio of approximately 20%.

Following an intensive investment phase in the years 2023 and 2024 - capex alone for the innovation center was EUR 100 million - AIXTRON plans to use the cash flow in 2026 to further strengthen the cash position. AIXTRON expressly does not pursue a fixed dividend policy, but rather adjusts the payout ratio to reflect the respective business performance and capital allocation priorities.

 

Capacity adjustment in Operations

In fiscal year 2025, the number of employees in the Group decreased -7% to 1,117 as of December 31, 2025 (year-end 2024: 1,207), primarily due to the voluntary leaver program implemented in the operations area at the beginning of 2025. At the beginning of 2026, a staff reduction at the Herzogenrath site was agreed upon. Expenses in the mid-single-digit million euro range are expected for this program.

 

Guidance for 2026: continued softness in overall market environment expected

For fiscal year 2026 AIXTRON expects the softness in overall customer demand to continue, yet with vastly different dynamics in each subsegment. Strongest growth is expected in optoelectronics, while GaN power electronics should see moderate growth. In contrast, demand for SiC power electronics is expected to be weak due to substantial market overcapacity. The market environment for the LED including Micro LED segment is anticipated to remain stable.

Based on this market expectation, the current group structure and the budgeted exchange rate of 1.20 USD/EUR, the Executive Board expects revenues of around EUR 520 million in a range of plus/minus EUR 30 million, a gross margin of around 41% to 42%, and an EBIT margin of around 16% to 19% for fiscal year 2026. The effects of the aforementioned personnel reduction are included in this forecast.

The Executive Board expects revenues of around EUR 65 million in a range of plus/minus EUR 10 million for the first quarter of 2026. This comparably low Q1 figure is in line with expectations and the seasonal pattern of the business.

“Our focus on efficiency measures and liquidity generation paid off fully in fiscal year 2025, as impressively demonstrated by our free cash flow of approximately EUR 182 million. We will maintain this focus in 2026 to ensure AIXTRON is optimally positioned for profitable growth,” says Dr. Christian Danninger, CFO of AIXTRON SE.

 

 

Key figures at a glance

 

						+/-						+/-
in EUR million		FY/2025		FY/2024		%		Q4/2025		Q4/2024		%
Order intake		544.3		596.4		-9		169.6		157.0		8
Order backlog (Equipment only)		257.8		289.3		-11		257.8		289.3		-11
Revenue		556.6		633.2		-12		187.1		226.7		-18
Gross profit		222.4		262.5		-15		86.1		102.5		-16
%		40%		41%		-1pp		46%		45%		1pp
EBIT		100.3		131.2		-24		58.0		71.0		-18
%		18%		21%		-3pp		31%		31%		0pp
Net result		85.3		106.2		-20		47.9		53.4		-10
%		15%		17%		-2pp		26%		24%		2pp
Earnings per share (EUR)		0.76		0.94		-19		0.42		0.47		-11
Cash flow from operating activities		208.4		26.2		n.a.		79.9		-2.0		n.a.
Free cash flow		181.9		-72.4		n.a.		71.7		-14.4		n.a.

 

 

 

Financial information

The full-year 2025 results presentation is available at:

www.aixtron.com/en/investors/publications/ir-presentations

 

The consolidated financial statements (income statement, statement of comprehensive income, statement of financial position, cash flow statement, and statement of changes in equity) related to this press release, as well as the integrated sustainability report, are available as part of the 2025 Annual Report at: www.aixtron.com/en/investors/publications

 

Investor conference call

In connection with the publication of its full-year results for 2025, AIXTRON will host a conference call (in English) for analysts and investors on Thursday, February 26, 2026, at 3:00 p.m. CET (06:00 a.m. PST, 09:00 a.m. EST).

To participate in the conference call, please register online at “Analyst Conference Call – FY 2025”. You will then receive an email with your personal access details.

 

An audio webcast replay will be available shortly after the call at:

www.aixtron.com/en/investors/events/conference-calls

 

 

Contact

 

Media and Investors:

Christian Ludwig

VP Investor Relations & Corporate Communications

phone +49 (2407) 9030-444

email c.ludwig@aixtron.com

 

 

About AIXTRON

 

AIXTRON SE (FSE: AIXA, ISIN DE000A0WMPJ6) is a leading provider of deposition equipment to the semiconductor industry. The company was founded in 1983 and is headquartered in Herzogenrath (near Aachen), Germany, with subsidiaries and sales offices in Asia, Europe, and the United States. Its technology solutions are used by a diverse range of customers worldwide to build advanced components for electronic and optoelectronic applications based on compound semiconductor materials. These components are used in a variety of innovative applications, technologies and industries. These include laser and LED applications, display technologies, data transmission, SiC and GaN power management and conversion, communication, signaling and lighting as well as many other leading-edge applications.

 

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

 

For further information on AIXTRON (FSE: AIXA, ISIN DE000A0WMPJ6), please visit our website at: www.aixtron.com

 

Forward-looking statements

This document may contain forward-looking statements regarding the business, financial position, results, and earnings outlook of AIXTRON. These forward-looking statements are identified by words such as “can”, “will”, “expect”, “anticipate”, “consider”, “intend”, “plan”, “believe”, “continue”, and “estimate”, or variations of these words and similar expressions. Such forward-looking statements reflect the current assessments, expectations, and assumptions of AIXTRON’s management, many of which are beyond AIXTRON’s control, and are subject to existing risks and uncertainties. You should not place undue reliance on these forward-looking statements. Should risks or uncertainties materialize, or should underlying expectations not occur in the future, or should it emerge that assumptions were incorrect, AIXTRON’s actual results, performance, and achievements may differ materially from those results explicitly or implicitly stated in the forward-looking statement. This can be caused by factors such as actual customer orders received by AIXTRON, the level of market demand for deposition technology, the timing of final acceptance of products by customers, the financial market climate and AIXTRON’s access to financing, general market conditions for deposition equipment, the macroeconomic environment, cancellations, changes, or delays in product deliveries, production capacity constraints, long sales and qualification cycles, difficulties in the production process, general trends in the semiconductor industry, increased competition, exchange rate fluctuations, the availability of public funding, interest rate fluctuations or changes in available interest terms, delays in the development and marketing of new products, a deterioration in general economic conditions as well as all other factors that AIXTRON has described in public reports and filings, particularly in the risk section of the annual report. The forward-looking statements contained in this release are based on the current assessments and forecasts of the Executive Board based on information available at the time of this release. AIXTRON assumes no obligation to update or review forward-looking statements due to new information, future events, or other reasons unless there is an express legal obligation to do so.

 

This document is only a convenience translation of the German original; in the event of any discrepancies, the German authoritative version of the document shall prevail over the English translation.