A stark divergence is emerging for Aixtron SE. The company’s stock price recently surged to a new 52-week high, yet management is simultaneously applying the brakes to its financial forecasts. This semiconductor equipment specialist is navigating a complex phase, banking heavily on artificial intelligence-driven demand to offset significant weakness in another core division.
Soaring Valuation Meets Cautious Guidance
Investor enthusiasm has propelled Aixtron’s share price, which reached €25.25 on Thursday, marking a fresh annual peak. This market optimism, however, contrasts sharply with the subdued operational outlook presented by the company’s board. For the 2026 fiscal year, management anticipates revenue of approximately €520 million, with a possible variance of plus or minus €30 million.
This projection implies a continuation of the declining sales trend witnessed in 2025, when revenue fell by twelve percent to €556.6 million. Pressure on profitability is also evident. The forecasted EBIT margin range of 16% to 19% suggests stagnation or a slight dip compared to the previous year’s 18%.
A Tale of Two Markets: Weakness and Strength
The cautious stance stems from a bifurcated market environment. The primary headwind originates from the silicon carbide (SiC) power electronics segment, where substantial industry overcapacity is significantly dampening demand.
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Counterbalancing this weakness is a powerful growth engine, likely fueling the stock’s nearly 29% advance since the start of the year: optoelectronics. Aixtron is gaining substantial traction from the global build-out of AI infrastructure. Demand is particularly robust for lasers used in optical data communication. CEO Felix Grawert has also highlighted the potential of gallium nitride (GaN) power semiconductors for supplying electricity to AI data centers, a segment that could evolve into the company’s largest single application.
Cost Management and Shareholder Returns
To safeguard profitability during this transitional period, Aixtron is implementing cost-control measures. This includes a workforce reduction at its Herzogenrath headquarters, expected to generate savings in the mid-single-digit million-euro range.
Despite a 24% decline in operating profit (EBIT) to €100.3 million for 2025, the company intends to maintain shareholder loyalty through a stable dividend of €0.15 per share. It is worth noting that while 2025 results showed a contraction, they ultimately met the upper end of the company’s own revised guidance.
2026: A Pivotal Bridge Year
The current fiscal year is shaping up to be a bridge period where booming AI-related demand must compensate for softness in the SiC business. Whether these long-term growth drivers are potent enough to justify the equity’s elevated valuation at current price levels will depend squarely on the actual order intake witnessed over the coming quarters.
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