Robust business performance in a challenging market environment

• Order intake after the first nine months almost reached prior year’s level despite weak start to the year
• Revenue and earnings, however, down year-on-year, as expected
• Financial and balance sheet position remained very solid
• Revenue and EBITDA margin 2025 expected at lower end of guidance range

“Following a weak start to the year, order intake dynamics overall continued to improve in the third quarter, driven primarily by our Biophotonics business unit. Nevertheless, as expected, the Group’s revenue and earnings for the first nine months were below the prior year’s level. In particular, our largest business unit, Semiconductor & Advanced Manufacturing, recorded significant declines in revenue and earnings. Even though the announced massive investments in AI data centers worldwide indicate a fundamentally positive development in the semiconductor industry, uncertainties remain high, especially with regard to the timing and extent of the expected increase in demand,” comments Dr. Stefan Traeger, President & CEO of JENOPTIK AG. “Against the background of these and the general challenges in our markets, we have responded with a cost reduction program, which is now at an advanced stage of implementation,” Traeger continued.

Revenue down year-on-year due to a partly challenging market environment

The photonics group Jenoptik generated revenue of 753.2 million euros in the first nine months of 2025. This represents a decline of 7.6 percent compared to the prior-year figure of 815.1 million euros. Due to fluctuations in the supply chain in the lithography business, the Strategic Business Unit (SBU) Semiconductor & Advanced Manufacturing, which focuses on the semiconductor equipment industry, generated lower revenue of 314.9 million euros (prior year: 371.2 million euros) in the first nine months. Driven primarily by strong performance in both the medical technology and defense businesses, the SBU Biophotonics increased its revenue by 13.4 percent to 182.1 million euros (prior year: 160.7 million euros). At 139.0 million euros, the SBU Metrology & Production Solutions generated lower revenue compared with the prior year (156.7 million euros), particularly due to the continuing difficult market situation in the automotive industry and revenue shifts into the fourth quarter. The SBU Smart Mobility Solutions increased its revenue by 13.7 percent to 94.4 million euros (prior year: 83.0 million euros) driven by strong business development particularly in the Americas and Middle East/Africa regions.

While the Group achieved revenue growth in the Americas and Middle East/Africa regions, the prior year’s level was not reached in Germany, other European countries and Asia/Pacific.

Earnings development primarily influenced by lower revenue and product mix effects

The Group’s EBITDA decreased to 131.8 million euros from January to September 2025 and, despite strict cost management and significant improvements in the third quarter, was 17.9 percent below the prior year’s figure of 160.6 million euros. The Group’s EBITDA margin was 17.5 percent in the reporting period (prior year: 19.7 percent).

In particular, lower capacity utilization, a changed product mix and costs for the move to the new location in Dresden (in the first quarter) had a negative impact on the SBU Semiconductor & Advanced Manufacturing. This could not be offset by the positive development in the SBUs Biophotonics and Smart Mobility Solutions. Due to reduced revenue, the SBU Metrology & Production Solutions also generated an EBITDA below the prior year’s level.

Accordingly, at 72.9 million euros, EBIT remained significantly below the prior year’s figure of 104.6 million euros. The Group’s earnings after tax came to 47.0 million euros, and were thus also noticeably below the prior-year figure of 66.8 million euros. Earnings per share amounted to 0.80 euros (prior year: 1.15 euros).

In view of high market uncertainties, Jenoptik has intensified its strict cost management. A program aimed at reducing personnel and material expenses (including a voluntary program) is at an advanced stage of implementation.

Positive momentum in order intake continued

After a weak start to the year, the Group’s order intake continued to improve, as expected, and, at 304.5 million euros in the third quarter, was significantly higher than in prior quarters. Since the beginning of the year, Jenoptik’s order intake totaled 777.3 million euros, almost the same amount as in the prior year (781.9 million euros). Order intake of the SBU Semiconductor & Advanced Manufacturing declined significantly in the first nine months. This was primarily attributable to lower demand in the lithography business and a one-time effect resulting from a product adjustment in the first quarter. All other business units recorded higher order intake, especially the SBU Biophotonics. The Group’s book-to-bill ratio was 1.03 (prior year: 0.96), and 1.20 for the third quarter (prior year: 0.94). The order backlog amounted to 658.9 million euros as of September 30, 2025 (31/12/2024: 670.1 million euros).

Following the completion of the new factory for the semiconductor equipment industry in Dresden, Jenoptik invested less than in the prior year, as expected. Investments amounted to 58.3 million euros, compared with 72.6 million euros in the prior year.

Cash flow further improved – very solid balance sheet and financial position

Free cash flow before interest and taxes increased from 62.3 million euros to 84.6 million euros in the reporting period, particularly against the backdrop of lower inflows in working capital and lower investments.

With an equity ratio of 59.1 percent (31/12/2024: 55.6 percent), net debt of 366.3 million euros (31/12/2024: 395.5 million euros) and leverage (net debt in relation to EBITDA) of 1.9x (31/12/2024: 1.8x), Jenoptik continues to have solid financial and balance sheet ratios.

Revenue and EBITDA margin 2025 expected at lower end of guidance range

The outlook for the fiscal year 2025 remains influenced by high market uncertainties. For 2025, the Executive Board of the Jenoptik Group assumes that revenue will be at the lower end of the guidance range (between the prior year’s figure and minus 5 percent / 2024: 1,115.8 million euros). The EBITDA margin, including the expected expenses for cost cutting measures in the high single-digit million euros range, is expected to be at the lower end of the guidance (18.0 to19.5 percent / 2024: 19.9 percent). Investments in the current fiscal year are anticipated to be significantly below the prior year’s level of 114.6 million euros.

In the semiconductor industry, the Executive Board expects a fundamentally positive development, based in part on the announced significant investments in data centers. At the same time, there are still uncertainties, especially with regard to the timing and extent of the expected pick-up in demand, and due to current macroeconomic and political developments. These include the ongoing discussions and announcements on the subject of tariffs and their possible impacts, both on direct customer demand and on global economic growth. The extent to which these uncertainties will affect the Group’s business performance in 2026 cannot be assessed with sufficient certainty at this stage.

The expected negative impacts, including increases in material and labor costs, customs duties, and negative currency effects, are offset by expected savings from the cost-cutting measures implemented in 2025. The Executive Board is optimistic that both an increase in revenue and an improvement in margins can be achieved in the coming fiscal year.

The forecast is subject to the assumption that the political and economic environment does not deteriorate. Possible portfolio changes are not taken into account in this forecast.

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 November 12, 2025 at 11:00 am (CET).

The presentation on the first nine months 2025 and the quarterly statement for January through September 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.

This press release may contain statements relating to the future which are based on current assumptions and forecasts made by the corporate management of the Jenoptik Group. A variety of known and unknown risks, uncertainties, and other factors may cause the actual results, the financial situation, the development, or the performance of the company to diverge significantly from the information provided here. Such factors may include geopolitical conflicts, changes in currency exchange rates and interest rates, pandemics, the introduction of competing products, or a change in business strategy. The company does not assume any obligation to update such forward-looking statements in the light of future developments.