2Q26 1st take: strong orders, guidance confirmed

研报英文原文证据摘录

2Q26 1st take: strong orders, guidance confirmed

Update

July 30, 2026 06:41 AM GMT

Morgan Stanley & Co. International plc+MAixtron SE | Europe Nigel van Putten

Equity Analyst

2Q26 1st take: strong orders, Nigel.Putten@morganstanley.comShawn Kim +44 20 7425-2803

Shawn.Kim@morganstanley.com +44 20 7677-1018

guidance confirmed Lee Simpson

Lee.Simpson@morganstanley.com +44 20 7425-3378

AlphaSignals Earnings Reaction Amelia M Scicluna

Research Associate

Unchanged Modest upside Largely unchanged Amelia.Scicluna@morganstanley.com +44 20 7425-6694

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Aixtron SE (AIXGn.DE, AIXA GR)

Source: Company data, Morgan Stanley Research

Technology - European Semiconductors | Germany

Stock Rating Equal-weight

Key Takeaways Industry View In-Line

Price target €45.00

Aixtron’s 2Q26 order intake of €215m was stronger than expected, ahead of MSe Shr price, close (Jul 29, 2026) €33.34

52-Week Range €62.66-11.68

at €200m and consensus at €184m, with 75% from Opto customers. Mkt cap, curr (mn) €3,744

Net debt (12/26e) (mn)* €(326)

The 2Q26 print was broadly in line, while 3Q26 guidance came in ahead of EV, curr (mn)* €3,510

expectations. * = GAAP or approximated based on GAAP

More importantly, FY26 guidance was left unchanged with the 3Q guide and 2Q

order intake providing credibility to Aixtron achieving the mid-point.

Cash flow from operations rose to €173m in 1H26 from €85m, including €119m in

2Q, driven by customer advance payments to fund the upcoming production

ramp.

Expect the call at 15:00 CET to focus on the demand environment, both duration

of strength in Opto as well as signs of a recovery in Power.

Exhibit 1: Aixtron 2Q26 actuals and 3Q26 guide vs. Css and MSe

2Q26 3Q26e

Act vs. Guide

Act.