Aixtron SEXETR: AIXA

Q3 2026 Results presentation

· Issued by Aixtron SE

Summary by 6ix AI

AIXTRON, a maker of deposition equipment for the compound semiconductor industry, reported order intake of EUR 275m for the third quarter of 2026, up from EUR 124m a year earlier, which it says was driven by demand for AI-related photonics (light-based) applications. Revenues for the third quarter of 2026 were EUR 184m, up 54% year on year.

Key details

  • Q3 2026 gross profit was EUR 87m, a gross margin of 48%, which the company attributes to a better product and regional mix. EBIT (earnings before interest and taxes) was EUR 57m, an EBIT margin of 31%.
  • Free cash flow was EUR 290m for the first nine months of 2026, up EUR 180m year on year, mainly driven by higher customer advance payments. Net financial assets rose to EUR 591m.
  • Full-year 2026 guidance was confirmed: revenues of EUR 560m ± 30m, gross margin around 42% and EBIT margin of 17% - 20%, based on a $1.20/€ budget exchange rate.
  • Optoelectronics (light-based devices such as lasers for data communication) made up 68% of Q3 2026 equipment order intake.
  • AIXTRON plans a new production facility in Penang, Malaysia, with an investment of approx. EUR 40 million in 2026-2027 and a phased production ramp-up.

What’s still pending

  • AIXTRON expects growth in 2027, led by optoelectronics and supported by increasing momentum in power electronics.
  • A further production output increase is targeted for the fourth quarter of 2026.
  • First system deliveries from the Penang facility are expected by end of 2027, and the company expects it to add approximately 25-30% manufacturing capacity by 2028.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/aixtron-q3-2026-results-presentation

Watch Aixtron's latest callAixtron (Xetra:AIXA) Q2 2026 Earnings Call · Replay · Jul 30Read the transcript of Aixtron (Xetra:AIXA) Q2 2026 Earnings Call
Q3/2026 Investor Presentation

Dr. Felix Grawert, CEO

Dr. Christian Danninger, CFO October 29th, 2026

Q3/2026 results: Strong AI-driven optoelectronics demand accelerating ahead of expectations

  • Order Intake of EUR 275m, driven by exceptionally strong demand for AI-related photonics applications (Q3/2025: EUR 124m)

  • Revenues of EUR 184m reflecting ramp of photonics business

  • Gross Profit at EUR 87m; Gross Margin at 48% due to better product and regional mix

  • EBIT at EUR 57m; EBIT Margin at 31%

    Strong cash generation

  • Free cash flow of EUR 290m in 9M/26, up EUR 180m yoy, mainly driven by higher customer advance payments

  • Net financial assets increased to EUR 591m, supported by strong free cash flow and the net effect of the convertible bond

    Production ramp fully on track

  • Output increased significantly in every quarter of 2026

  • Further output increase targeted for Q4

  • Strong order backlog supports FY/2026 guidance

    FY/2026 guidance1 confirmed

  • Revenues FY/26E: EUR 560m ± 30m

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

  • EBIT Margin FY/26E: 17% - 20% for personnel reduction in operations area in Q1

    Outlook 2027

  • Significant growth expected in 2027, led by optoelectronics and supported by increasing momentum in power electronics

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

    Optoelectronics

  • 68% of Q3/2026 equipment order intake

  • Global demand from US, Europe, China, Japan, Taiwan and Singapore

  • AI networking drives investments in transceivers and InP manufacturing

  • Demand exceeds original market expectations and backlog provides visibility well into 2027

    GaN

  • Low-voltage AI power applications progressing through development and qualification (800V HVDC power)

  • Inquiries and orders from selected high-volume customers starting

  • Broad market demand expected to kick in once low-voltage adoption becomes broader

    SiC

  • Additional demand driven by AI / industrial applications, i.e., from higher voltage class devices

  • Customer utilization and consumables consumption improving

  • First new orders for 200 mm capacity expansions

    LED / Micro LED

  • Demand remains soft

  • AR and AI optical interconnect activity increasing

  • Long-term opportunity remains attractive

EUR million

630 633

557

560 ± 30e

429

463

Q4/26e

9M/2026

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

1 Includes applications in Consumer Optoelectronics, Solar and Telecom/Datacom 4

Revenues

Gross Profit

Margin

EBIT

Margin

Q3/26

EUR 184m

+54% YoY

EUR 87m

+88% YoY

48%

EUR 57m

+268% YoY

31%

9M/26

EUR 358m

-3% YoY

EUR 145m

+6% YoY

40%

EUR 49m

+16% YoY

14%

  • Q3 revenue increased by 54% yoy, reflecting the high demand especially in optoelectronics

  • Gross margin increased to 48%, driven by higher revenue and a favorable product and regional mix

  • EBIT margin increased to 31%, supported by the higher gross margin and operating leverage

  • 9M operating expenses were slightly higher year-on-year, mainly due to a 17% increase in R&D expenses

    5

    Working Capital1

    Operating Cash Flow

    Free Cash Flow

    Net Financial Assets2

    Q3/26

    EUR 84m

    EUR -68m vs. Q2/26

    EUR 138m

    EUR +95m YoY

    EUR 128m

    EUR +89m YoY

    EUR 591m

    EUR +124m vs. Q2/26

    9M/26

    EUR 84m

    EUR -254m vs. Q4/25

    EUR 311m

    EUR +183m YoY

    EUR 290m

    EUR +180m YoY

    EUR 591m

    EUR +366m 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

  • Strong operating cash flow primarily driven by higher customer advance payments

  • Advance payments reflect the order backlog, order composition and individual payment terms

  • Customer prepayments support the upcoming production ramp

  • Increase in net financial assets driven by EUR 290m free cash flow and the net effect of the convertible bond, partly offset by the EUR 17m dividend payment

    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 minus financial liability of convertible bond 6

    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

G10-AsP Platform: Securing top-tier engagements

  • G10 AsP recognized as tool of record by leading customers -further engagements progressing with additional prospects.

  • Demand for InP-based edge-emitting lasers remained robust, driven by AI and datacenter applications

  • PIC applications driving of orders:

    • Multiple photonic components are integrated on a single chip, enabling faster, energy-efficient data transmission using light.

    • Applications: AI, data center, 5G, LiDAR and quantum computing.

  • G10-AsP tool of record for the photonics ramp:

    • "In-situ clean" is ideally suited to multi-step processes of these devices

    • Flexible use for 75/ 100/ 150/ 200mm wafer size(s)

G10-AsP:

Tool of record

AI data centers are accelerating the transition from copper to optical interconnects The current demand cycle remains at an early stage and is expected to extend until 2030 Hyperscaler AI CapEx 2023-2030E (USD Billions, estimated)

Optical Interconnects replace Cu wiring in Datacenter

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

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

    Strong growth predicted beyond 2026

    Source: ODDO BHF Securities, AI Capex note, Oct 2026

    AI infrastructure is the #1 demand driver for everything downstream: compute, networking, optics, lasers, and epitaxy equipment.

    Layer

    What It Means

    Copper → Optics Transition

    SCALE-UP

    Connecting GPUs/XPUs within

    and across racks at full native speed (e.g., NVLink 5/6/7)

    Today: 0% optics

    From 2027/2028:

    optics between GPUs/XPUs

    SCALE-OUT

    Connecting compute rack to

    other racks within the datacenters

    Already using optics today (800G/1.6T

    transceivers). Growing with compute build-out

    SCALE-

    ACROSS

    Connecting data centers to each

    other and to the internet (coherent long-haul)

    Upside scenario that can be

    accelerated with inference needs

    Every expansion in AI compute requires a proportional increase in data interconnects, while changes in network architecture can drive non-linear growth in connectivity requirements.

    Why is the photonics market larger than previously expected?

    AI datacenter build-out continues to accelerate 800G remains strong volume platform

    1.6T investments becoming visible

    Demand now coming from US, Europe and Asia Move to 6" InP wafers slower than expected

    Market exceeds earlier tool expectations

    Strengthening long-term manufacturing flexibility and resilience

    AIXTRON

    Penang

    • Expansion of global production and supply chain footprint through a new facility in Penang, Malaysia

    • Leverages Southeast Asia's strong semiconductor equipment ecosystem to support AIXTRON's growth

    • Approx. EUR 40 million investment in 2026-2027

    • Phased production ramp-up, with first system deliveries expected by end of 2027

    • Adds approximately 25-30% manufacturing capacity by 2028

    • Expansion potential beyond initial build-out if required

Q2/2026 Q3/2027 2028 onwards

Production, Engineering, Service

Start of Construction

Start of Operations

EUR million

Guidance1

FY/20261

EUR million

~170

+/- 30

~360

~30

9M/26 Revenues

Q4/26e from After Sales

Q4/26 from Equipment Order Backlog

Revenue Guidance FY/2026

Revenues

EUR 560m ± 30m

Gross Margin (%)

around 42%

EBIT Margin (%)

17% to 20%

1: At $1.20/€ Budget Rate for 2026; please refer to the "Expected earnings and financial position" in the AIXTRON 2025 Annual Report

Our Financial Calendar: For further information please contact:

04 Mar 2027

29 Apr 2027

13 May 2027

FY/26 Results, Conference Call Q1/27 Results, Conference Call AGM for FY/26

Christian Ludwig

VP Investor Relations

+49 (2407) 9030-444

[email protected]

Ralf Penner

Senior IR Manager

+49 (2407) 9030-6153

[email protected]

Conferences & Roadshows:

17 Nov 18/19 Nov

23 - 25 Nov

30 Nov

2 Dec

DZ Bank Equity Conf., FFM MorganStanley TMT Conf., Barcelona Eigenkapitalforum, FFM

Berenberg European Conf., London UBS TMT Conf., Phoenix

AIXTRON SE

Investor Relations & Corporate Communications Dornkaulstr. 2

52134 Herzogenrath Germany

E-Mail: [email protected]

For Dial-in Data, please refer to our website: https://www.aixtron.com/en/investors/events/conference-calls

14

Backup

EUR million

Order Intake

(incl. equipment & after sales)1

Revenues

(incl. equipment & after sales)2

Order Backlog

(equipment only)1

@ $1.15

@ $1.10

@ $1.20

@ $1.09 @ $1.12 @ 1.17

@ $1.15

@ $1.10 @ $1.20

549

157

132 119 124

170 171

215

275

227

137

113 120

187

115

184

289 308 285 287

258

359

457

59

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2024

2025 2026

2024 2025

2026

2024 2025

2026

  1. USD order intake and backlog were recorded at the prevailing budget rate (FY/2024: $1.15/€; 2025: $1.10/€)

  2. USD revenues were converted at the actual period average FX rate (2024: $1.09/€; 2025: $1.12/€; 2026: $1.17/€) 16

Equipment & After Sales End Application (equipment only) Regional Split

25%

75%

Equipment After Sales

5%

2%

14%

18%

61%

Optoelectronics & Communications² LED incl. Micro LED

GaN-Power SiC-Power

Other incl. R&D

28%

54%

18%

Asia Europe Americas

  1. Rounded figures; may not add up

  2. includes applications in Consumer Optoelectronics, Solar and Telecom/Datacom 17

EUR million

250

225

200

175

150

Equipment Demand

GaN Power, Lasers, ROY & Micro LEDs

SiC Power

SiC & GaN Power & Micro LED

Optoelectronics

Optoelectronics

Optoelectronics

SiC & GaN Power

Optoelectronics

125

100

75

50

25

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2021

2022

2023

2024

2025

2026

Focused Business Model

  • AIXTRON is the leading supplier of deposition equipment to the compound semiconductor industry

  • (MO)CVD: The tools run a (Metal-Organic) Chemical Vapor Deposition process for deposition of compound semiconductors

  • Competitive strength comes from strong focus and clear technology / market leadership in fast growing segments of the market

Wafer making

Deposition Lithography Etch Planarization Assembly /

Test

Packaging

Multiple steps

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