Jenoptik AG

For H1 2026, Jenoptik reported revenue up 1% year on year, or close to 3% excluding currency effects. EBITDA reached around EUR 99 million, up a little more than 25% year on year, and EBITDA margin improved by almost 400 bps. EBIT was up 56% year on year and EBIT margin reached 12.3%; EPS was EUR 0.69 versus EUR 0.42 a year earlier. Free cash flow was slightly up year on year, while order intake rose more than 50% and backlog increased to around EUR 825 million. For 2026, management now expects revenue growth of 5% to 9% and EBITDA margin of 20% to 21%, with CapEx still expected to be slightly below last year.

New CEO Dominic Dorfner used his first earnings call to emphasize Jenoptik’s technology base, its people, and the attractiveness of photonics as a growth industry. He said he is spending his early weeks listening and learning across the business, while the company continues its strategy process update. He also said key findings from that review are expected toward the end of the year at the earliest, which limits near-term detail.

Prisca Havranek-Kosicek highlighted the operational upside from semi and strong order intake, saying H1 order intake exceeded expectations and backlog rose to around EUR 825 million. She said EBITDA margin improved because of the lower cost base from last year’s restructuring, better mix in semi, and the absence of prior-year Dresden relocation costs. On cash flow, she said working capital needs rose because the company prioritized serving customers amid the order surge, and that working capital ratio is expected to trend slightly above 2025 levels in H2; CapEx guidance remains slightly below last year.

Analysts pressed on whether the large biophotonics order was a one-off and whether semi orders were being pulled forward. Management said the pull-forward effect was mainly in biophotonics, not semi, and that semi demand reflects the ongoing ramp rather than a specific early-order shift. Questions also focused on backlog conversion, capacity, and utilization; management said the business has a strong backlog, is adding machines and people, and expects additional facilities to take time before contributing. On strategy and Prodomax, management said the strategic review is still underway and that Prodomax order momentum is encouraging but not yet a trend, with divestment intent unchanged.