Aixtron sees strong momentum in optoelectronics
Aixtron SE has posted its Q2 2026 results, which it says have benefitted from a strong order intake of €214.5m (+81 percent year-on-year).
This underlines the continued strong market momentum, says Aixtron, driven by very strong demand for optoelectronic systems. Major laser system shipments are expected to begin in Q3/2026 and continue well beyond the current fiscal year. The company has confirms the raised guidance released on April 14, 2026.
In the power electronics as well as the Micro LED/LED end markets, demand remained soft. Yet, utilisation rates at its power electronics customers are gradually increasing. H1/2026 revenues of €174.5m were down -30 percent year-on-year but in line with expectations (H1/2025: €249.9m). Q2/2026 revenues of €115.1m were in line with the guidance of €110m in a range of ± €10m.
Cash flow from operating activities reached €172.7m in the first six months of 2026, while free cash flow amounted to €162.1m. The strong cash generation was primarily driven by higher customer advance payments, which support the upcoming production ramp.
In April, the company successfully placed its inaugural €450m convertible bond, further enhancing long- term financial flexibility. The proceeds of the bond are for general corporate purposes. The bonds do not bear periodic interest and, unless converted before then, will be redeemed in April 2031.
“The first half of 2026 marked an important turning point for Aixtron. Strong order momentum in optoelectronics provides high visibility for the upcoming production ramp, while the convertible bond and our planned production site in Malaysia enhance our financial and operational flexibility. And thus we have positioned the company well to capture the full wave of accelerating optoelectronics demand. At some point in time, power electronics will also restart and add to revenue growth,” says Felix Grawert, CEO of Aixtron SE.
Order intake and order backlog
Total was €386.0m, 54 percent above the previous year's level (H1/2025: €250.7m). Optoelectronics accounted for about 75 percent of equipment order intake in Q2/2026 and is currently Aixtron's main demand driver. The company says it enjoys a strong project pipeline that extends well beyond 2026. As of June 30, 2026, equipment order backlog stood at €456.9m, up from €284.6m a year earlier and from €257.8m at the end of 2025.
Operational measures and output growth
During the first six months of 2026, Aixtron implemented several operational measures: in light of a very soft business outlook at the beginning of the year, in Q1 a personnel reduction was implemented. This resulted in one-off costs in the mid-single-digit €million range. Late in Q1, strong momentum in optoelectronics began to materialise.
To serve all customers with shipments at their requested delivery dates, the company is now ramping up production capacity at its own premises and in close collaboration with its suppliers. The operational ramp to realise a growing shipment volume in Q3 and realise further growth in Q4 is fully on track: the output will increase with every quarter of the year. In addition, Aixtron announced the new production site in Penang, Malaysia. Groundworks for the new building have already started.
Revenue development
Revenues in H1/2026 amounted to €174.5m down -30 percent year-on-year (H1/2025: €249.9m) but in line with expectations. In Q2/2026 revenues of €115.1m were within the guidance of €110m in a range of ± €10m (Q2/2025: €137.4m).
Gross profit and gross margin
Aixtron recorded gross profit of €57.5m in the first six months of 2026 (H1/2025: €89.9m), corresponding to a gross margin of 33 percent (H1/2025: 36 percent). This includes one-off expenses in the mid-single-digit €million range related to the implemented personnel reduction in the operations area. In Q2/2026, gross profit reached €46.8m, which was down -16 percent from the prior-year quarter (Q2/2025: €55.7m) mainly due to lower revenue volume.
Free cash flow of €162.1m in the first half of the year and available liquidity of €816.2m provide us with substantial financial flexibility. We are well positioned to execute the upcoming production ramp and develop our new site in Malaysia while continuing to invest in our technology and operational capabilities,” says Dr. Christian Danninger, CFO of Aixtron SE.
Raised 2026 full-year guidance confirmed
Aixtron confirms its raised full-year guidance for fiscal year 2026, published on April 14, 2026. The outlook is supported by a healthy optoelectronics pipeline and the expected start of major system shipments during the second half of 2026.
The executive board expects revenues of €560m in a range of ± €30m, a gross margin of around 42 percent and an EBIT margin of 17 percent to 20 percent for fiscal year 2026.
The guidance for gross margin and EBIT margin includes one-off expenses in the mid-single-digit €million range related to the implemented personnel reduction in the operations area.
For the third quarter of 2026, the board expects revenues of €180m in a range of ± €20m.
