• Improved demand in the second quarter
• Revenue, earnings, and order intake, however, were below the prior year’s level
• Financial and balance sheet position remained solid
• 2025 guidance specified

"In the second quarter, we saw a significant improvement in demand in our OEM businesses, which are focused on the semiconductor equipment and life science & medical technology sectors. However, order intake, revenue and earnings of the Group in the first half-year remained below the prior year’s levels as expected. We still assume that demand relevant to Jenoptik, particularly in the semiconductor equipment industry, will pick up in the second half of the year, but risks have increased due to existing and potential additional trade barriers," commented Dr. Stefan Traeger, President & CEO of JENOPTIK AG. "We are responding to these uncertainties and have further intensified our strict cost management," added Traeger.

Revenue below prior year’s level due to difficult market environment

The photonics group Jenoptik generated revenue of 498.4 million euros in the first half of 2025, which is down 7.8 percent from the prior-year period (540.8 million euros). While the Group achieved revenue growth in the Americas region, revenue in Germany, Europe, and Asia/Pacific did not reach the prior year’s level.

Due to fluctuations in the supply chain, the Strategic Business Unit (SBU) Semiconductor & Advanced Manufacturing, which focuses on the semiconductor equipment industry, achieved lower revenue of 209.1 million euros in the first six months (prior year: 246.3 million euros). As expected, revenue was down year-on-year in the lithography sector. The SBU Biophotonics was able to increase revenue by 11.1 percent to 119.2 million euros (prior year: 107.3 million euros), mainly due to a strong business performance in the dental, ophthalmology, and security technology sectors. The SBU Metrology & Production Solutions generated lower revenue of 92.0 million euros compared with the prior year (103.7 million euros), mainly due to the ongoing difficult market situation in the automotive industry. The SBU Smart Mobility Solutions increased revenue by 17.7 percent to 61.7 million euros (prior year: 52.4 million euros), in particular as a result of a strong business development in the Americas and Middle East/Africa.

Earnings impacted mainly by lower revenue and product mix effects

The EBITDA of the Group declined by 22.3 percent to 78.8 million euros in the first half of 2025, compared with the prior year’s level of 101.4 million euros. Lower capacity utilization, a changed product mix, and costs for the move to the new site in Dresden (first quarter) negatively affected the SBU Semiconductor & Advanced Manufacturing. These impacts could not be offset by the positive development in the SBUs Biophotonics and Smart Mobility Solutions. Due to the lower revenue, the SBU Metrology & Production Solutions also achieved an EBITDA below the prior year’s level. The Group’s EBITDA margin was 15.8 percent in the reporting period (prior year: 18.8 percent).

Accordingly, EBIT declined considerably to 39.6 million euros (prior year: 63.7 million euros). Earnings after tax were also significantly lower than the prior year’s level of 40.2 million euros, at 25.3 million euros, including a gain of 2.6 million euros related to the sale of VINCORION. Earnings per share came in at 0.42 euros (prior year: 0.69 euros).

Improved demand in the second quarter

In the second quarter the Group’s order intake improved significantly to 268.1 million euros, compared with the first quarter (204.6 million euros), but, at 472.7 million euros, was still below prior year’s level of 524.4 million euros in the first half of the year. Order intake of the SBU Semiconductor & Advanced Manufacturing was significantly down in the first half of the year, mainly due to lower demand and a one-time effect from a non-recurring product adjustment in the first quarter. All other Strategic Business Units recorded higher order intake, particularly the SBU Biophotonics. The book-to-bill ratio of the Group came to 0.95 (prior year: 0.97) or 1.05 (prior year: 0.99) for the second quarter. The order backlog at the end of the first half of the year was 612.7 million euros (31/12/2024: 670.1 million euros).

In view of the strong medium-term prospects in the growth areas semiconductor technology, medical technology, metrology and traffic technology, Jenoptik has been expanding its production capacities, particularly through the now completed construction of a new factory for the semiconductor equipment industry in Dresden. As expected, capital expenditures in the first half of the year were at 32.6 million euros, down from prior year’s level of 42.9 million euros.

Financial and balance sheet position remained solid

The free cash flow before interest and taxes improved slightly in the reporting period to 43.2 million euros (prior year: 41.5 million euros), mainly due to lower working capital inflows.

With an equity ratio of 58.3 percent (31/12/2024: 55.6 percent), net debt of 402.5 million euros (31/12/2024: 395.5 million euros), and leverage (net debt in relation to EBITDA) of 2.0x (31/12/2024: 1.8x), Jenoptik continues to have solid financial and balance sheet ratios.

Guidance for fiscal year 2025 specified

The outlook for fiscal year 2025 remains influenced by above-average market uncertainty. For 2025, the Executive Board anticipates for the Jenoptik Group that demand relevant to Jenoptik, particularly in the semiconductor equipment industry, will pick up in the second half of the year, following a modest start. However, risks have increased due to ongoing discussions and announcements around tariffs and their potential impact, both on direct customer demand and on global economic growth for the years 2025 and 2026.

Against this backdrop, the Executive Board now expects revenue for the current fiscal year to be in the lower half of the previous forecast range (+/- 5 percent) compared to the prior year’s level (2024: 1,115.8 million euros). With regard to the EBITDA margin, the Executive Board anticipates that it will also reach the lower half of the previous forecast range of 18.0 to 21.0 percent (2024: 19.9 percent). Capital expenditure is expected to be significantly lower than the prior year’s value of 114.6 million euros.

The extent to which the risks mentioned above will affect business performance in 2026 cannot be assessed with sufficient certainty at this time.

This forecast is subject to the assumption that political and economic conditions do not deteriorate. Potential portfolio changes are not considered in this forecast.

Planned sale of Prodomax not feasible in the short term

The currently difficult situation in the North American automotive industry and the associated investment restraint, as well as the still uncertain tariff situation, have led the Executive Board to conclude that the sale of Prodomax is no longer feasible during the current strategy period, i.e., until the end of 2025.

Conference call for journalists, analysts, and investors

The CEO and CFO of JENOPTIK AG will hold a conference call with analysts, investors, and journalists (in English) on August 13, 2025 at 11:00 am (CEST).

The presentation on the first half-year 2025 and the Interim Report for January through June 2025 are available on the Jenoptik website on the Investors pages / Report and Presentations. Images are available for download in the Jenoptik image database at media.jenoptik.com.