Aixtron's €171M Order Haul and €3.8B Subsidy Package Can't Stem the Stock's Slide
Published on 07/06/2026 at 14:01 | Redaktion boerse-global.de
A paradoxical picture is emerging around Aixtron. The chip-equipment maker reported a 30% surge in first-quarter orders to €171.4 million, while a freshly announced €3.8 billion German subsidy package for the semiconductor industry ought to underpin future demand. Yet the MDAX-listed stock continues to drift lower, closing Monday at €48.57 – down 1.36% on the day and roughly 22% below its 52-week high of €62.68 reached on June 18.
The disconnect between a bustling order book and weak near-term revenue is the main source of investor unease. In the first quarter, Aixtron generated just €59.4 million in sales, roughly half the €112.5 million posted a year earlier. That revenue shortfall has weighed on the share price for weeks, overshadowing the strong demand for deposition tools used in silicon carbide and gallium nitride chips – the kind powering AI data centres and high-performance electronics.
Management responded by lifting its full-year guidance. The board now expects 2026 revenue between €530 million and €590 million, about €40 million higher than the previous range, and an EBIT margin of 17% to 20%. But the market is demanding proof that the order pipeline will translate into factory output before bidding the stock higher.
Should investors sell immediately? Or is it worth buying Aixtron?
Last Friday’s rally, sparked by record quarterly revenue from US memory maker Micron, briefly interrupted the sell-off. Aixtron’s shares surged 9.3% that day, riding a broader wave of enthusiasm for European chip stocks. The gain proved temporary, however, with Monday’s retreat erasing part of the advance. On a weekly basis, the stock still shows a loss of 7%, and over the past month it has dropped nearly 8%.
The state subsidy programme, dubbed IPCEI AST, adds a long-term tailwind. On July 2, Germany’s economics ministry submitted the first 14 projects to the European Commission, unlocking up to €3.8 billion for microelectronics. For Aixtron, which builds deposition equipment for compound semiconductors, such funding typically spurs its customers to invest in new capacity – the very segment feeding its order flow. Yet the market is treating the announcement with caution, mindful that public pledges take time to convert into signed orders.
Technically, the stock is hovering in a neutral zone. The relative strength index stands at 41.9, neither overbought nor oversold, while the annualised 30-day volatility remains elevated at nearly 81% – a sign of lingering nervousness after the first half’s breakneck rally. Aixtron trades below its 50-day moving average of €52.97 but comfortably above the 100-day (€42.83) and 200-day (€30.19) lines, keeping the long-term uptrend intact.
Despite the recent pullback, the yearly performance remains extraordinary. The shares have gained 148% since the start of 2026 and 205% over the past 12 months, still a far cry from the 52-week low of €12.02 set on September 3 last year. Investors now await the second-quarter results, due on July 30, with particular focus on production utilisation – the missing link between a boom in orders and a recovery in revenue. Until that gap narrows, even a €3.8 billion subsidy may not be enough to restore confidence.
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