AIXTRON (AIXA) Q4 2025 earnings summary

Executive summary

• 2025 revenue reached EUR 557 million, down 12% year-over-year, with net profit at EUR 85 million, down 20% year-over-year, but operating cash flow and free cash flow improved significantly, ending 2025 with EUR 225 million in cash.

• Delivered at the upper end of adjusted 2025 revenue guidance despite a soft market, with strong Q4 performance and a 31% EBIT margin.

• Q4 2025 showed a 37% quarter-over-quarter rebound in order intake and improved gross margin to 46%.

• Stable dividend of EUR 0.15 per share proposed despite lower net profit.

Financial highlights

• FY 2025 revenues: EUR 556.6 million (-12% YoY); gross profit: EUR 222.4 million (-15% YoY); EBIT: EUR 100.3 million (-24% YoY); net profit: EUR 85.3 million (-20% YoY).

• Q4 2025 revenues: EUR 187.1 million (-18% YoY); gross margin: 46%; EBIT margin: 31%.

• Operating cash flow for FY 2025: EUR 208.4 million; free cash flow: EUR 181.9 million.

• Order intake for 2025 was EUR 544 million, backlog at EUR 258 million, down 11% year-over-year.

• Inventory reduced by EUR 85 million to EUR 284 million; receivables decreased, generating EUR 60 million in cash.

Outlook and guidance

• 2026 revenue expected at EUR 520 million ±EUR 30 million, gross margin 41%-42%, EBIT margin 16%-19%, including mid-single-digit million euro restructuring expenses.

• Q1 2026 revenue guidance at EUR 65 million ±EUR 10 million, reflecting seasonal weakness.

• AI-driven demand to fuel optoelectronics and lasers; GaN power to see moderate growth; SiC segment to remain weak due to overcapacity and EV slowdown.

• LED/micro LED and GaN power demand expected to remain stable.