AIXTRON (AIXA) Industrial Technology Online Investor Conference summary

Company overview and market positioning

• Specializes in deposition systems for compound semiconductors, serving global customers in power electronics (SiC, GaN), optoelectronics, and LEDs, with over 4,000 systems sold globally.

• Holds leading market shares: 35% in silicon carbide (surpassing ASM), 90% in gallium nitride and optoelectronics, and shares the LED market with Veeco and AMEC.

• Headquartered near Aachen, Germany, with over 40 years of experience, presence in 9 countries, and around 1,100 employees as of FY 2025.

• Technology leader in MOCVD and CVD processes, with R&D and production in Germany, UK, and Malaysia.

• Product gross margins are close to 50% for new tools, with older generations yielding lower margins; tools are priced between EUR 4 million and EUR 4.5 million.

Product portfolio and applications

• G10 product family addresses growth in optoelectronics, power electronics, SiC power, and GaN power markets.

• G10-AsP platform is gaining momentum in the laser market, supporting data communications, 3D sensing, and LiDAR.

• G10-GaN and G10-SiC tools are established for high-volume manufacturing in electric vehicles, charging infrastructure, and wireless communication.

• All G10 models are well established, with G10-AsP recognized as a tool of record by leading customers.

Financial performance and outlook

• FY 2026 revenue guidance is EUR 560 million ± EUR 30 million, with gross margin around 42% and EBIT margin between 17% and 20%.

• Q1 2026 saw EUR 120 million in optoelectronics orders, with continued growth anticipated into next year.

• Margins remain subdued due to underutilization in early quarters, but are expected to improve as top-line grows.

• Q1 2026 revenues, after-sales, equipment order backlog, and new orders expected to contribute to full-year performance.

• Revenue peaked in 2024 due to strong power electronics demand, but declined in 2025 from over-investment in silicon carbide for EVs and a drop in MicroLED R&D orders.