AIXTRON (AIXA) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues reached EUR 120 million, within guidance, but down from EUR 156 million year-over-year; order intake was EUR 124 million and gross margin was 39%.

• Free cash flow for Q3 was EUR 39 million, totaling EUR 110.3 million for the first nine months of 2025, driven by net result, working capital reduction, and low capex.

• Inventories reduced to EUR 316 million from EUR 369 million at 2024 year-end, supporting cash position rebuilding.

• Demand in optoelectronics and GaN power remains strong, while SiC and Power Electronics segments are weak due to soft automotive demand.

• Guidance for FY 2025 was revised downward due to market softness and FX headwinds, with expected revenues now in the lower half of the initial range.

Financial highlights

• Q3 2025 revenues: EUR 119.6 million, down 23% YoY; 9M 2025 revenues: EUR 369.5 million, down 9% YoY.

• Q3 gross profit: EUR 46.4 million (39% margin), down 31% YoY; 9M gross profit: EUR 136.2 million (37% margin), down 15% YoY.

• Q3 EBIT: EUR 15.4 million (13% margin), down 59% YoY; 9M EBIT: EUR 42.3 million (11% margin), down 30% YoY.

• 9M net profit: EUR 37.3 million, down 29% YoY; Q3 profit: EUR 13.0 million, down 58%.

• Cash and equivalents rose to EUR 153.4 million as of September 30, 2025, up EUR 88.8 million from year-end 2024.

Outlook and guidance

• FY 2025 revenue guidance revised to EUR 530–565 million, the lower half of the initial range.

• Gross margin guidance now 40–41%, down from 41–42%; EBIT margin expected at 17–19%, down from 18–22%.

• Annualized savings from personnel reduction expected to improve margins by about 1 percentage point.

• 2026 revenues expected to be flat or slightly below 2025, with EBIT margin stable or potentially better.

• No major demand recovery expected in 2025; visibility for 2026 remains low.