FINANCIALS AT A GLANCE 2
QUARTERLY STATEMENT 3
FINANCIAL INFORMATION 8
FURTHER INFORMATION 12
FINANCIALS AT A GLANCE Key Quarterly Financialsin EUR million | 9M 2026 | +/- 9M 2025 % | Q3 2026 | +/- Q3 2025 % | ||
Order intake | 660.9 | 374.7 76 | 274.9 | 124.0 122 | ||
Order backlog (Equipment only) | 549.4 | 286.5 92 | 549.4 | 286.5 92 | ||
Revenue | 358.1 | 369.5 -3 | 183.6 | 119.6 54 | ||
Gross profit | 144.9 | 136.2 6 | 87.3 | 46.4 88 | ||
% | 40% | 37% | 3pp | 48% | 39% | 9pp |
EBIT | 49.1 | 42.3 16 | 56.7 | 15.4 268 | ||
% | 14% | 11% | 3pp | 31% | 13% | 18pp |
Profit for the period | 32.6 | 37.3 | -13 | 35.4 | 13.0 172 | |
% | 9% | 10% | -1pp | 19% | 11% | 8pp |
Net cash provided by operating activities | 311.1 | 128.5 142 | 138.4 | 43.4 219 | ||
Free cash flow | 289.9 | 110.3 163 | 127.8 | 39.2 226 | ||
Earnings per share (in EUR) | 0.29 | 0.33 | -12 | 0.31 | 0.11 182 | |
in EUR million | 30.09.26 | 31.12.25 |
Inventories | 323.3 | 283.6 |
Trade Receivables | 110.2 | 130.7 |
Cash, cash equivalents and other current financial assets | 944.8 | 224.6 |
Liability component of the convertible bond | 353.9 | 0.0 |
Contract liabilities for advance payments | 309.0 | 44.5 |
Equity | 1,030.8 | 910.4 |
Equity Ratio | 58% | 88% |
AI-driven demand fuels strong order momentum Opto- and power electronics drive order intake
Strong Q3 profitability supported by favorable product and regional mix
Production ramp progressing as planned FY 2026 guidance confirmed
Business Development in the GroupOrder intake increased by 122% to EUR 274.9 million in the third quarter of 2026 reflecting the continued strong demand for photonic applications in AI data centers (Q3/2025: EUR 124.0 million). Optoelectronics accounted for around 68% of equipment order intake in the third quarter of 2026, while power electronics represented around 24%. Demand is driven by a broad customer base across North America, Europe and Asia. Market momentum for optical connectivity solutions in AI data centers is currently exceeding original expectations.
Revenues in the first nine months of 2026 amounted to EUR 358.1 million (9M/2025: EUR 369.5 million). In the third quarter of 2026, revenues increased to EUR 183.6 million from EUR 119.6 million in the prior-year quarter and were within the guided range of EUR 180 million ± EUR 20 million.
Order intake in the first nine months of 2026 rose by 76% to EUR 660.9 million, (9M/2025: EUR 374.7 million). As of September 30, 2026, equipment order backlog amounted to EUR 549.4 million, significantly exceeding both the prior-year level of EUR
286.5 million and the year-end 2025 figure of EUR 257.8 million.
Demand for Indium phosphide (InP)-based optical components continued to grow at a very strong pace in the third quarter of 2026 and now accounts for the majority of the order backlog, which provides revenue visibility well into 2027. This market development is driven by the ongoing expansion of AI infrastructure and data center interconnects, which continues to increase demand for high-speed optical connectivity. Industry investment spans both the 800G and 1.6T optical transceiver markets. While 800G remains the established volume platform, the transition to 1.6T is expected to progress gradually as customer qualifications and supply chains mature.
Momentum in Gallium nitride (GaN) and silicon carbide (SiC) power electronics improved during the third quarter. Initial orders for capacity expansions and a growing project pipeline indicate the beginning of a recovery in power electronics. Key drivers include new low-voltage GaN applications for AI infrastructure power delivery as well as industrial and AI-related high-voltage SiC applications.
in EUR million | 9M 2026 | 9M 2025 +/- M EUR % |
Total order intake incl. spares & services | 660.9 | 374.7 286.2 76 |
Equipment order backlog (end of period) | 549.4 | 286.5 262.9 92 |
In April 2026, AIXTRON successfully placed its first convertible bond with a total nominal value of EUR 450 million and a maturity date of April 2031. The proceeds of the bond are for general corporate purposes, which may include investments into organic growth, potential M&A transactions and also - when appropriate - share buybacks. The bond does not bear periodic interest and strengthens the company's long-term financial flexibility.
The operational ramp to accommodate the increased shipment volume - which is expected to continue in the coming quarters - is progressing as planned. Production output has been increasing in every quarter of the year and is expected to rise further in Q4. The strong order backlog supports the achievement of the full-year guidance. In addition, AIXTRON announced in March 2026 the construction of a new production facility in Penang, Malaysia. Construction is proceeding as planned. The new site will increase manufacturing flexibility, strengthen supply-chain resilience, and further improve the company's long-term cost competitiveness.
Development of ResultsRevenues in the first nine months of 2026 amounted to EUR 358.1 million, a decrease of 3% yoy (9M/2025: EUR 369.5 million). Revenues in the third quarter of 2026 increased by 54% to EUR 183.6 million (Q3/2025: EUR 119.6 million) and were within the guidance range of EUR 180 million ± EUR 20 million.
Revenues by Equipment, Spares & Service9M 2026 M EUR % | 9M 2025 M EUR | % | +/- M EUR | % | |
Equipment revenues | 270.3 75 | 289.8 | 78 | -19.5 | -7 |
Revenues from service, spare parts, etc. | 87.8 25 | 79.7 | 22 | 8.1 | 10 |
Total | 358.1 100 | 369.5 | 100 | -11.4 | -3 |
9M 2026 M EUR % | 9M 2025 M EUR | % | +/- M EUR | % | |
Asia | 193.9 54 | 221.6 | 60 | -27.7 | -13 |
Europe | 65.7 18 | 64.6 | 17 | 1.1 | 2 |
Americas | 98.5 28 | 83.3 | 23 | 15.2 | 18 |
Total | 358.1 100 | 369.5 | 100 | -11.4 | -3 |
In the first nine months of 2026, over 61% of equipment revenue came from the optoelectronics equipment business, particularly for the manufacture of lasers for optical data communication and 3D sensing technology. The power electronics segment based on gallium nitride (GaN) and silicon carbide (SiC) accounted for 19% of equipment revenue during the same period. 18% of equipment sales revenue in the first nine months of 2026 was generated by equipment for LEDs, including Micro LED. Equipment revenues in the first nine months of fiscal year 2026 were EUR 270.3 million, representing 75% of the total revenues in the period (9M/2025: EUR 289.8 million; 78%). In the third quarter of 2026 equipment revenues amounted to EUR 148.3 million or 81% of total revenue (Q3/2025: EUR 92.0 million, 77%).
The average exchange rate used by AIXTRON in the first nine months of fiscal year 2026 was 1.17 USD/EUR against 1.11 USD/EUR in 9M/2025 (Q3/2026: 1.15; Q2/2026: 1.16;
Q1/2026: 1.18). Compared to the previous year's average, the US dollar thus depreciated by 5% in 9M/2026, with a corresponding effect on the US dollar-based revenues of the AIXTRON Group in the course of the first nine months of fiscal year 2026.
Cost Structure9M 2026 M EUR % Rev. | 9M 2025 M EUR | % Rev. | +/- M EUR | % | |
Cost of sales | 213.2 60 | 233.3 | 63 | -20.1 | -9 |
Gross profit | 144.9 40 | 136.2 | 37 | 8.7 | 6 |
Operating expenses | 95.8 27 | 93.9 | 25 | 1.9 | 2 |
Selling expenses | 13.9 4 | 13.0 | 4 | 0.9 | 7 |
General and administration expenses | 26.4 7 | 24.2 | 7 | 2.2 | 9 |
Research and development costs | 69.8 19 | 59.7 | 16 | 10.1 | 17 |
Net other operating expenses (income) | (14.3) (4) | (3.0) | -1 | (11.3) | >300 |
EBIT | 49.1 14 | 42.3 | 11 | 6.8 | 16 |
Gross profit in 9M/2026 was EUR 144.9 million (9M/2025: EUR 136.2 million; Q3/2026: EUR 87.3 million) up from the prior-year level. The gross margin was 40% (9M/2025: 37%). Gross profit includes one-off expenses in the mid-single-digit EUR million range related to the workforce reduction in operations carried out in the first quarter of 2026. In the third quarter of 2026 gross profit increased by 88% to EUR 87.3 million (Q3/2025: EUR 46.4 million). The increase was driven by the higher revenue volume and a favorable product and regional mix. Accordingly, gross margin improved to 48% from 39% in the prior-year quarter.
Operating expenses increased slightly to EUR 95.8 million in 9M/2026 (9M/2025: EUR 93.9 million; Q3/2026: EUR 30.6 million). The main driver was higher R&D expenditure, which rose by 17% to EUR 69.8 million year on year (9M/2025: EUR 59.7 million; Q3/2026: EUR 22.8 million).
Net other operating income and expenses resulted in net operating income of EUR 14.3 million in 9M/2026 (9M/2025: income of EUR 3.0 million; Q3/2026: income of EUR 6.3 million).
in EUR million | 9M 2026 | +/- 9M 2025 M EUR % | ||
Net other operating expenses/income | (14.3) | (3.0) | (11.3) | >300 |
thereof R&D grants | (7.6) | (4.0) | (3.6) | 90 |
thereof fair value valuation | (5.6) | (0.5) | (5.1) | >300 |
thereof exchange rate valuation | 0.0 | 4.4 | (4.4) | -100 |
Operating result (EBIT) for the first nine months of 2026 amounted to EUR 49.1 million, corresponding to an EBIT margin of 14% (9M/2025: EUR 42.3 million or 11%). In the third quarter of 2026, EBIT increased to EUR 56.7 million, compared with EUR 15.4 million in the prior-year quarter, driven by the increase in gross profit due to the favorable product and regional mix as well as operating leverage due to the higher revenue volume. Accordingly, the EBIT margin rose to 31% from 13% in the prior-year quarter.
The financial result for the first nine months of 2026 amounted to an expense of EUR 7.2 million (9M/2025: income of EUR 0.0 million; Q3/2026: expense of EUR 4.5 million) and is primarily driven by expenses arising from interest accretion on the liability component of the convertible bond.
The tax expense for the first nine months of 2026 was EUR 9.3 million (9M/2025: expense EUR 5.0 million; Q3/2026: expense EUR 16.8 million). The deferred tax expense mainly resulted from the reduction of deferred tax assets on tax loss carryforwards. Due to the positive business development, these tax loss carryforwards are expected to be utilized earlier than previously assumed. Accordingly, the deferred tax assets recognized on them had to be reduced.
in EUR million | 9M 2026 | 9M 2025 | +/- M EUR % |
Tax expense (income) | 9.3 | 5.0 | 4.3 86 |
thereof current taxes | 4.8 | 4.4 | 0.4 9 |
thereof deferred taxes | 4.5 | 0.6 | 3.9 >300 |
Net result for the first nine months of 2026 was EUR 32.6 million (9M/2025: EUR 37.3 million; Q3/2026: EUR 35.4 million).
Cashflow and Financial PositionCash flow from operating activities amounted to EUR 311.1 million in the first nine months of 2026, compared to EUR 128.5 million in 9M/2025. The strong cash flow performance was primarily attributable to higher customer advance payments. In addition to the high level of order intake and the order backlog, the composition of current orders and the individually agreed-upon payment terms also had a slightly positive effect on the amount of advance payments. These advance payments are helping to finance the upcoming production ramp-up.
Free cash flow (cash flow from operating activities - investments in property, plant, and equipment, intangible assets, and long-term financial assets + proceeds from disposals) amounted to EUR 289.9 million in the first nine months of 2026 (9M/2025: EUR 110.3 million).
As of September 30, 2026, AIXTRON reported cash, cash equivalents and other current financial assets totaling EUR 944.8 million, compared to EUR 224.6 million as of December 31, 2025. The increase compared with December 31, 2025 is mainly attributable to the issuance of a convertible bond with a total nominal amount of EUR
450.0 million. After deducting the liability component of the convertible bond of EUR
353.9 million, net financial assets amounted to EUR 590.9 million (cash and cash equivalents + other current financial assets - the liability component of the convertible bond).
AIXTRON did not have any bank borrowings as of either September 30, 2026, or December 31, 2025. The unused revolving credit facility amounted to EUR 200.0 million as of September 30, 2026.
OutlookAIXTRON confirms the guidance for fiscal year 2026 published on April 14, 2026.
AIXTRON continues to expect revenues of EUR 560 million within a range of ± EUR 30 million, a gross margin of around 42% and an EBIT margin of 17% to 20% for the fiscal year 2026.
Based on the current sales pipeline, AIXTRON expects to maintain or further grow the current strong level of order intake over the coming quarters, supported by demand for optoelectronics and increasingly by growing momentum in power electronics.
Further details regarding the updated annual guidance can be found in the Company Announcement published on April 14, 2026.
FINANCIAL INFORMATION Consolidated Income Statementin EUR thousands | 9M 2026 | 9M 2025 | Q3 2026 | Q3 2025 |
Revenues | 358,096 | 369,505 | 183,613 | 119,555 |
Cost of sales | 213,210 | 233,257 | 96,276 | 73,180 |
Gross profit | 144,886 | 136,248 | 87,337 | 46,375 |
Selling expenses | 13,884 | 13,025 | 4,409 | 3,920 |
General administration expenses | 26,420 | 24,242 | 9,666 | 7,667 |
Research and development costs | 69,801 | 59,716 | 22,816 | 23,690 |
Other operating income | 17,958 | 12,507 | 6,983 | 7,962 |
Other operating expenses | 3,637 | 9,448 | 729 | 3,592 |
Operating result | 49,102 | 42,324 | 56,700 | 15,468 |
Finance income | 2,022 | 632 | 776 | 231 |
Finance expense | 9,214 | 598 | 5,244 | 181 |
Net finance result | -7,192 | 34 | -4,468 | 50 |
Profit before taxes | 41,910 | 42,358 | 52,232 | 15,518 |
Taxes on income | 9,320 | 5,028 | 16,844 | 2,493 |
Profit for the period | 32,590 | 37,330 | 35,388 | 13,025 |
Attributable to: | ||||
Owners of AIXTRON SE | 32,594 | 37,321 | 35,389 | 13,025 |
Non-controlling interests | -4 | 9 | -1 | 0 |
Basic earnings per share (in EUR) | 0.29 | 0.33 | 0.31 | 0.11 |
Diluted earnings per share (in EUR) | 0.29 | 0.33 | 0.31 | 0.11 |
in EUR thousands | 9M 2026 | 9M 2025 | Q3 2026 | Q3 2025 |
Profit for the period | 32,590 | 37,330 | 35,388 | 13,025 |
Items that may be subsequently reclassified to profit or loss (after tax): | ||||
Currency translation adjustment | 3,994 | -9,192 | 2,027 | -1,050 |
Other comprehensive income/loss | 3,994 | -9,192 | 2,027 | -1,050 |
Total comprehensive income for the period | 36,584 | 28,138 | 37,415 | 11,975 |
Attributable to: | ||||
Owners of AIXTRON SE | 36,575 | 28,150 | 37,401 | 11,982 |
Non-controlling interests | 9 | -12 | 14 | -7 |
in EUR thousands | 30.09.26 | 31.12.25 |
Assets | ||
Property, plant and equipment and leased assets | 242,429 | 241,873 |
Goodwill | 72,157 | 71,616 |
Other intangible assets | 8,096 | 6,085 |
Other non-current assets | 4,095 | 8,594 |
Other non-current financial assets | 924 | 381 |
Deferred tax assets | 23,132 | 27,275 |
Total non-current assets | 350,833 | 355,824 |
Inventories | 323,288 | 283,587 |
Trade receivables | 110,196 | 130,660 |
Current tax receivables | 8,059 | 6,507 |
Other current assets | 45,645 | 38,596 |
Other current financial assets | 694,387 | 116,468 |
Cash and cash equivalents | 250,438 | 108,141 |
Assets held for sale | 7,129 | 0 |
Total current assets | 1,439,142 | 683,959 |
Total assets | 1,789,975 | 1,039,783 |
Liabilities and equity | ||
Issued Capital | 112,851 | 112,786 |
Additional paid-in capital | 504,290 | 403,583 |
Retained earnings incl. profit for the period | 410,756 | 395,090 |
Currency translation reserve | 2,748 | -1,233 |
Equity attributable to the owners of AIXTRON SE | 1,030,645 | 910,226 |
Non-controlling interests | 190 | 181 |
Total equity | 1,030,835 | 910,407 |
Liability component of the convertible bond | 353,930 | 0 |
Non-current other liabilities | 3,457 | 2,909 |
Other non-current provisions | 2,486 | 3,540 |
Deferred tax liabilities | 1,004 | 984 |
Total non-current liabilities | 360,877 | 7,433 |
Trade payables | 40,834 | 33,554 |
Contract liabilities for advance payments | 309,044 | 44,457 |
Other current provisions | 32,772 | 27,198 |
Other current liabilities | 12,832 | 7,607 |
Current tax payables | 2,781 | 9,127 |
Total current liabilities | 398,263 | 121,943 |
Total liabilities | 759,140 | 129,376 |
Total liabilities and equity | 1,789,975 | 1,039,783 |
in EUR thousands | 9M 2026 | 9M 2025 |
Profit for the period | 32,590 | 37,330 |
Adjustments to reconcile profit of the period to cash from operating activities | ||
Expense from share-based payments | 2,345 | 2,709 |
Depreciation, amortization and impairment expense | 16,323 | 12,179 |
Net result from disposal of property, plant and equipment | 3 | 264 |
Result from the change in the group structure | 0 | -133 |
Adjustments for fair value valuation of financial assets at fair value through profit or loss | -2,432 | -460 |
Deferred income taxes | 4,550 | 596 |
Interest and lease repayments shown under investing or financing activities | 10,536 | 1,276 |
Change in | ||
Inventories | -35,375 | 50,420 |
Trade receivables | 22,161 | 58,188 |
Other assets | -2,317 | -21,088 |
Trade payables | 5,135 | -1,343 |
Current provisions and other liabilities | -3,272 | -2,694 |
Non-current liabilities and provisions | -846 | -1,004 |
Advance payments from customers | 261,671 | -7,761 |
Net cash provided by operating activities | 311,072 | 128,479 |
Capital expenditures in property, plant and equipment | -18,559 | -19,399 |
Capital expenditures in intangible assets | -3,297 | 470 |
Proceeds from disposal of fixed assets | 665 | 702 |
Interest received | 2,022 | 632 |
Sale (+) / Purchase (-) of other financial assets | -575,487 | -72,011 |
Net cash provided by (used) investing activities | -594,656 | -89,606 |
Interest paid | -530 | -404 |
Repayment of lease liabilities | -3,562 | -1,503 |
Dividend paid | -16,928 | -16,916 |
Convertible bond | 443,891 | 0 |
Net cash provided by (used in) financing activities | 422,871 | -18,823 |
Effect of changes in exchange rates on cash and cash equivalents | 3,010 | -4,012 |
Net change in cash and cash equivalents | 142,297 | 16,038 |
Cash and cash equivalents at the beginning of the period | 108,141 | 64,087 |
Cash and cash equivalents at the end of the period | 250,438 | 80,125 |
Net cash provided by operating activities includes: | ||
Income taxes paid | -13,690 | -10,342 |
Income taxes received | 0 | 91 |
in EUR thousands | Issued capital | Additional paid-in capital | Retained Earnings incl. profit for the period | Currency translation reserve | Equity attributable to the owners of AIXTRON SE | Non-Controlling Interests | Total Equity |
Balance January 1, 2025 | 112,672 | 400,115 | 326,776 | 8,302 | 847,865 | 178 | 848,043 |
Dividends | -16,916 | -16,916 | -16,916 | ||||
Share-based payments | 2,677 | 2,677 | 2,677 | ||||
Issue of shares | 114 | -114 | 0 | 0 | |||
Profit for the period | 37,321 | 37,321 | 9 | 37,330 | |||
Other comprehensive income | -9,171 | -9,171 | -21 | -9,192 | |||
Total comprehensive income for the period | 37,321 | -9,171 | 28,150 | -12 | 28,138 | ||
Balance September 30, 2025 | 112,786 | 402,678 | 347,181 | (869) | 861,776 | 166 | 861,942 |
Balance January 1, 2026 | 112,786 | 403,583 | 395,090 | -1,233 | 910,226 | 181 | 910,407 |
Dividends | -16,928 | -16,928 | -16,928 | ||||
Share-based payments | 2,345 | 2,345 | 2,345 | ||||
Issue of shares | 65 | -65 | 0 | 0 | |||
Equity component of convertible bonds | 98,427 | 98,427 | 98,427 | ||||
Profit for the period | 32,594 | 32,594 | -4 | 32,590 | |||
Other comprehensive income | 3,981 | 3,981 | 13 | 3,994 | |||
Total comprehensive income for the period | 32,594 | 3,981 | 36,575 | 9 | 36,584 | ||
Balance September 30, 2026 | 112,851 | 504,290 | 410,756 | 2,748 | 1,030,645 | 190 | 1,030,835 |
AIXTRON GROUP
FURTHER INFORMATION Forward-Looking StatementsThis 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 to 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.
Financial CalendarMarch 4, 2027 Publication results FY/26
This QUARTERLY GROUP STATEMENT of AIXTRON SE has been
prepared in accordance with the "International Financial Reporting Standards" (IFRS) as adopted by the European Union. Due to rounding differences, the sum of the individual items may differ from the stated totals, and for this reason, percentages may not correspond exactly to the absolute figures. As in previous years, this QUARTERLY GROUP STATEMENT has not been audited in accordance with Section 317 of the German Commercial Code (HGB) nor has it been subject to a review by an auditor. This QUARTERLY GROUP STATEMENT should be read in conjunction with the consolidated financial statements and the explanatory notes provided elsewhere in this report.
This document is an English language translation of a document in German language. In case of discrepancies, the German language document shall prevail and shall be the valid version.
PublisherAIXTRON SE | Dornkaulstr. 2 | 52134 Herzogenrath | Germany
Contact for investors and analysts: [email protected] Contact for journalists: [email protected]
AIXTRON does not routinely print or mail its financial reports. These are available on the AIXTRON website under https://www.aixtron.com/en/investors/publications at any time.
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®.
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AIXTRON QUARTERLY GROUP STATEMENT Q3/2026