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 results and cash flows remained robust.

• Delivered at the upper end of adjusted 2025 guidance, with strong Q4 performance, including a 37% quarter-over-quarter rebound in order intake and improved gross margin to 46%.

• Operating cash flow rose to EUR 208 million, free cash flow to EUR 182 million, and year-end cash stood at EUR 225 million, up from EUR 65 million at the end of 2024.

• Proposed a stable dividend of EUR 0.15 per share 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 gross margin was 46% and EBIT margin 31%, matching prior year’s strong Q4.

• Operating cash flow for FY 2025: EUR 208.4 million (+EUR 182.1 million YoY); free cash flow: EUR 181.9 million (+EUR 254.4 million YoY).

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

• Inventory reduced by EUR 85 million to EUR 284 million; receivables also decreased, supporting cash flow.

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 forecasted at EUR 65 million (±EUR 10 million), reflecting typical seasonality.

• Optoelectronics/laser segment set for strong growth in 2026, driven by AI demand; GaN power to see moderate growth; SiC power expected to remain weak due to overcapacity and slow EV momentum.

• Further solid free cash flow generation expected in 2026.