Aixtron Se

AIXTRON reported 2025 revenue of EUR 557 million, down 12% year over year. Gross margin was 40%, down 1 percentage point; gross profit declined 15% to EUR 222 million; EBIT was EUR 100 million, down 24%; and net profit was EUR 85 million, down 20%. In Q4 2025, revenue was EUR 187 million, down 18% year over year, with gross margin of 46% and EBIT margin of 31%. Orders in Q4 were EUR 170 million, up 8% year over year, and full-year order intake was EUR 544 million; backlog was EUR 258 million, down 11% year over year. Operating cash flow increased by more than EUR 180 million to EUR 208 million, free cash flow rose by more than EUR 250 million to EUR 182 million, and year-end cash including other financial assets was EUR 225 million versus EUR 65 million a year earlier. For 2026, the company guided to revenue of EUR 520 million plus/minus EUR 30 million, gross margin of 41% to 42%, and EBIT margin of 16% to 19%. For Q1 2026, management expects revenue of EUR 65 million plus/minus EUR 10 million.

CEO Felix Grawert framed 2025 as a year of solid execution in a soft market, emphasizing that the company delivered on revised revenue guidance and kept Q4 shipments aligned with customer requests. He highlighted a business mix shift: SiC is under pressure from overcapacity and slower EV momentum, while optoelectronics is being pulled by AI-related demand for optical interconnect and datacom lasers. His tone was constructive but cautious, repeatedly saying the near-term environment remains weak for SiC while more favorable growth trends are building in photonics and, later, in AI-driven GaN.

CFO Christian Danninger focused on the financial mechanics behind the year’s results: revenue fell 12% to EUR 557 million, gross margin slipped to 40% because of lower utilization, G10 ramp-up expenses and one-off restructuring costs, and EBIT came in at EUR 100 million. He noted R&D spend declined to EUR 81 million and OpEx fell 7% to EUR 122 million, while cash improved sharply as inventories fell by about EUR 85 million to EUR 284 million and receivables conversion generated about EUR 60 million in cash. He also pointed to year-end cash of EUR 225 million, free cash flow of EUR 182 million, expected further inventory reduction in 2026, and a stable dividend proposal of EUR 0.15 per share.

Analysts focused on whether 2026 guidance is back-half loaded enough to be achievable, and management said Q2 onward should step up meaningfully, with Q2/Q3/Q4 above the weak Q1 seasonality. Several questions probed the optoelectronics surge, and management said the photonics cycle began in Q4 2025, is continuing into Q1, and the 2026 uplift is driven by more tools shipped rather than price increases. Q&A also centered on 300-mm GaN, 800-volt AI data-center power, and SiC digestion; management said 300-mm GaN qualification is underway with multiple customers, but broader commercialization and data-center ramp timing remain uncertain, while SiC overcapacity is cyclical and likely to persist through 2026.