Jenoptik Ag · XETR:JEN
Jenoptik — Investor Presentation (November 2025)
50 slides from Jenoptik's investor presentation, November 2025
Slide 1: Our Vision – Brighter Futures with the Power of Light
Our Vision – Brighter Futures with the Power of Light. Investor Relations Presentation I November/December 2025 © Copyright Jenoptik. All rights reserved.
Slide 2: Disclaimer
Disclaimer This presentation can contain forward-looking statements that are based on current expectations and certain assumptions of the management of the Jenoptik Group. A variety of known and unknown risks, uncertainties and other factors can cause the actual results, the financial situation, the
Slide 3: Agenda
Agenda Company overview Divisional set-up Results 9M/2025 and outlook Appendix Jenoptik Investor Relations Presentation 3
Slide 4: Jenoptik at a glance – a leading globally operating photonics group
Jenoptik at a glance – a leading globally operating photonics group 1991 Year of foundation Our Mission >80 Represented in countries The Leading Light In the Application of >4,500 Employees worldwide Photonics ~1.2bn1 Market capitalization in euros Fiscal year 2024 Focus on four growth areas 1.12 bi
Slide 5: Addressing multiple mega-trends with our strong photonics expertise
Addressing multiple mega-trends with our strong photonics expertise We enable the digital age We ensure superb quality in demanding production processes We enable the digital age We drive life science We make roads and cities and healthcare development safer Jenoptik Investor Relations Presentation
Slide 6: Clear focus on attractive markets
Clear focus on attractive markets Semiconductor & Advanced Metrology & Production Manufacturing Solutions Optics, Micro-optics Precision components 44% 20% OEM businesses Solutions OEM generate businesses businesses ~2/3 of revenue Biophotonics Smart Mobility Solutions 11% 20% 4% Based on FY 2024 da
Slide 7: Strong value proposition: Leading photonics expertise combined with strong customer relationships
Strong value proposition: Leading photonics expertise combined with strong customer relationships Customer access / relationship Technology Industrial Joint R&D Shared R&D Designed-in Application Manufacturing manufacturing programmes roadmaps solutions excellence capacity know how Evolution Supplie
Slide 8: Portfolio aligned to future markets of photonics; focus on organic growth
Portfolio has been aligned to future markets of photonics; focus on organic growth Priorities Initiatives − Increased customer focus Organic growth − Investment in new application areas and regions Utilization − Reorganization Operational excellence of photonic ▪ Allocation of production units growt
Slide 9: Streamlined organizational structure implemented to enhance customer focus and efficiency
Streamlined organizational structure implemented to enhance customer focus and efficiency Jenoptik has become more simple − Matrix structure largely removed in 2024 Stronger customer focus, more − Full allocation of plants to individual efficiency clearer responsibilities Strategic Business Units Se
Slide 10: Robust track record of profitable growth
Robust track record of profitable growth 2014 – 2024 Main driver to margin expansion Revenue CAGR ~7% − Product mix effects EBITDA margin increased ~7 percentage points − Operating leverage 1200 1.12 bn 1150 1.07 bn euros 21-22% 21,0% 1100 euros 1050 1000 19.9% 19.9% 950 19.7% 19,0% 900 850 18.8%1 8
Slide 11: Substantial investments to support organic growth
Substantial investments to support organic growth Significant investments into production capacities New Semi Fab in Dresden − Doubling production with new micro-optics cleanroom fab (LEED certified) in Dresden; production started in early 2025 − New biophotonics production site in Berlin inaugurate
Slide 12: Robust key financial figures; net debt reflects recent acquisitions
Robust key financial figures; net debt reflects recent acquisitions Key financial ratios Net debt and net debt to EBITDA 1 4,0 700 Acquisition Jenoptik Group 9M/2025 FY/2024 BG Medical/ 3,5 600 SwissOptic 3,0 Equity ratio in % 59.1 56.6 500 1.9x 2,5 400 2,0 Net debt in 366.3 395.5 300 million euros
Slide 13: Capital allocation priorities in current strategy period focus on organic growth
Capital allocation priorities in current strategy period focus on organic growth Capital allocation New capital allocation priorities 2018 – 2024 ~10% 1 Investment into organic growth (Capex, R&D) ~1.1bn euros of 2 ~35% ~55% capital allocated Return to shareholders 2018 – 2024 M&A CAPEX Dividends 3
Slide 14: Continued focus on sustainability: Non-financial targets partly reached already
Continued focus on sustainability: Non-financial targets partly reached already Partnership Jenoptik‘s Selected theme KPI 2024 Target 2025 for the goals sustainability ratings Share of green 95.8% >90% electricity Environment CO2 reduction 55.8% >55% Diversity rate 31.6% 33% 9/2024 AA Rating - Top 1
Slide 15: Divisional set-up
Divisional set-up
Slide 16: Leaner organizational structure to increase customer focus and efficiency
Leaner organizational structure to increase customer focus and efficiency and more clearly assign responsibilities Semiconductor & Metrology & Smart Mobility Advanced Biophotonicss Production Solutions Manufacturing Solutions − Optical and micro- − Optical components for − Systems and service for −
Slide 17: Our new organizational structure starting January 2025
Our new organizational structure starting January 2025 Structure as at Semiconductor Metrology & Global Group 1.1. 2025 Smart Mobility Functions / & Advanced Biophotonics Production Solutions Prodomax Manufacturing Solutions HOMMEL Prodomax Structure until ETAMIC 31.12.2024 Smart Mobility Advanced P
Slide 18: Semiconductor & Advanced Manufacturing
Jenoptik is strongly rooted in main applications IC lithography and IC inspection Markets Semiconductor & Advanced Manufacturing − Supplier to global manufacturers of wafer fab equipment for optical lithography and inspection Main − Performance-critical, designed-in optical and micro-optical modules
Slide 19: Semiconductor market expectations remain robust; multiple drivers support equipment market growth
Semiconductor market expectations remain robust; Multiple drivers support mid-term equipment market growth Semiconductor chips revenue1 Wafer Fab Equipment Market2 (billion USD) (billion USD) 1200 CAGR ~9% CAGR ~7% 40,0% 180 35,0% 1000 150 30,0% 800 120 25,0% 600 20,0% 90 15,0% 400 60 10,0% 200 30 5
Slide 20: Chip manufacturing: photonics plays a critical role along the process
Chip manufacturing: photonics plays a critical role along the process Front-end Back-end Main photonics applications Wafer level Diffusion Deposition Lithography Etching Implant CMP Packaging packaging e.g. advanced / 3D- e.g. co-packaged packaging optics Inspection/Metrology Inspection/Metrology Us
Slide 21: Jenoptik leverages its strong position in the global semi supply chain
Jenoptik leverages its strong position in the global semi supply chain; revenues more than doubled since 2020 – CAGR (organic) >10% Key business features: Main demand drivers: ▪ Chip fabrication capacity expansion Close customer relationships with leading OEM‘s ▪ New technologies both front and back
Slide 22: New state-of-the-art fab in Dresden opened on time
New state-of-the-art fab in Dresden opened on time − Largest single investment in recent history (just under 100m euros) − Officially inaugurated in Dresden on May 6 − Expanding production & research and development capacities for innovative micro-optics − Extremely demanding manufacturing environme
Slide 23: Biophotonics
Developing new applications in the area of Medtech & Life Sciences Markets Biophotonics − Supplier to global Medtech & Life Science OEM manufacturers − Performance-critical, designed-in modules and sub-systems Main characteristics − Key account approach / strong relationship to market leading custom
Slide 24: Biophotonics: main demand drivers and applications
Biophotonics: main demand drivers and applications Medical Technology & Life Science Industry Our products portfolio enables diagnostics and therapy, e.g. Our product portfolio supports defense − imaging solutions for dentistry and (robotic) surgery, and industrial automation applications, e.g. − di
Slide 25: Metrology & Production Solutions
Addressing highly specialized application with a broad portfolio for efficient quality control and production solutions Markets Metrology & Production Solutions − Supplier of high-end testing and production solutions incl. service Main − Main end-markets include automotive and electronics, as well a
Slide 26: Deploying strong technology basis to realize growth opportunities in new fields
Deploying strong technology basis to realize growth opportunities in new/emerging fields ELECTRONICS manufacturing OPTICS manufacturing AUTOMOTIVE manufacturing adjacent applications Quality Inspection Visionline Opticline Mechanical Shaft parts testing measurement ImageMaster OptiCentric OptiSurf P
Slide 27: Smart Mobility Solutions
Addressing highly specialized application with a broad portfolio of quality control and production solutions Markets Smart Mobility Solutions − Provider of solutions for traffic law enforcement, civil security and road user charging Main − Offers equipment and software, including integration, instal
Slide 28: Smart Mobility Solutions Division: main demand drivers and applications
Smart Mobility Solutions Division: main demand drivers and applications Traffic Law Enforcement Civil Security Road User Charging − New applications such as distracted driving − Growing demand for integrated services − Political initiatives such as Vision Zero in additional countries − Overall avera
Slide 29: 9M/2025 results & outlook
9M/2025 results & outlook
Slide 30: Continued acceleration of demand, market environment remains uncertain
Continued acceleration of demand, market environment remains uncertain Business highlights: Semiconductor & − Order intake almost reached prior-year level Advanced Manufacturing − Revenue and EBITDA below prior year, as expected; positive development over the course of the year − Free cash flow sign
Slide 31: Order intake almost at prior-year level
Order intake almost at prior-year level, substantial improvement in demand in the course of the year Order intake in MEUR −0.6% 800 781.9 777.3 In million euros 9M/2025 9M/2024 Change in % 257.4 304.5 Semiconductor & Advanced Manufacturing 297.6 364.7 −18.4 Q3 Biophotonics 213.2 159.0 34.2 600 Metro
Slide 32: Revenue in first nine months influenced by challenging environment
Revenue in first nine months influenced by challenging environment Revenue in MEUR 1000 In million euros 9M/2025 9M/2024 Change in % − 7.6% Semiconductor & Advanced Manufacturing 314.9 371.2 −15.2 815.1 Biophotonics 182.1 160.7 13.4 753.2 750 274.3 Metrology & Production Solutions 139.0 156.7 −11.3
Slide 33: EBITDA down on lower revenue and product mix effects
EBITDA down on lower revenue and product mix effects; EBITDA margin at 17.5% vs. 19.7% in prior year EBITDA in MEUR EBITDA in million euros EBITDA margin in % 200 9M/2025 9M/2024 9M/2025 9M/2024 − 17.9% 160.6 Semiconductor & Advanced 160 Manufacturing 78.2 111.4 24.1 29.6 59.1 131.8 Biophotonics 39.
Slide 34: Program to reduce personnel and material expenses largely implemented
Program to reduce personnel and material expenses largely implemented; earnings, however, did not reach prior-year level In million euros 9M/2025 9M/2024 Change in % − Gross margin influenced in particular by lower Revenue 753.2 815.1 −7.6 contribution of Semiconductor & Advanced Manufacturing Gross
Slide 35: Balance sheet ratios and liquidity situation remain solid
Balance sheet ratios and liquidity situation remain solid In million euros 9M/2025 9M/2024 Change in % − Cash flows from operating activities: reduction Cash flows from operating activities (prior year increase) in working capital more than offset 139.7 124.9 11.8 before income taxes lower earnings
Slide 36: Guidance further specified
Guidance further specified Targets 2025 and future development − Revenue at lower end of guidance range (between prior-year figure and minus 5% / 2024: 1,115.8 million euros) − EBITDA margin at lower end of guidance range incl. expected expenses for cost reduction measures in high single-digit milli
Slide 37: Appendix
Appendix
Slide 38: Innovation remains our main growth engine
Innovation remains our main growth engine through our leading competencies in… − Harnessing light − Helping our customers to solve highly complex photonic problems − Design and industrialization of complex optics ©NASA/JPL-Caltech and photonics components − Decoding photonic signals in data imaging
Slide 39: Megatrends will drive growing demand for photonics solutions of the future
Megatrends will drive growing demand for photonics solutions of the future Societal needs Jenoptik‘s contribution Growing demand for chips for various existing Jenoptik supplies high-performance optics, Digitization as well as new applications; increasing usage of micro-optics for semiconductor equi
Slide 40: A long tradition of innovation in optoelectronics
A long tradition of innovation in optoelectronics Vollbild anzeigen 19 20 21 22 23 1846 1946 1989-91 1992-98 1998-2006 2007-16 since 2017 Founded State German New Flexibility Consolidation Sustainable in Jena by property Reunification Businesses profitable growth Carl Zeiß The Zeiss plant in Acquisi
Slide 41: Revenue growth mainly in Germany and Europe
Revenue growth mainly in Germany and Europe Revenue by region 2024 Revenue by region in million euros 2023 Europe 3% (without 333.4 +5.2% 317.0 16% Germany) 29% 318.3 Germany +16.9% 272.3 243.8 Americas +2.8% 237.2 22% 183.2 Asia/ Pacific 204.4 -10.4% 30% Middle East/ 37.1 Africa +5.8% 35.1 Middle E
Slide 42: Overview of quarters 2023 and 2024
Overview of quarters 2023 and 2024 In million euros Q1/2023 Q2/2023 Q3/2023 Q4/2023 2023 Q1/2024 Q2/2024 Q3/2024 Q4/2024 2024 Revenue 234.1 270.8 263.8 297.3 1,066.0 256.1 284.7 274.3 300.7 1,115.8 EBITDA 36.6 55.0 51.4 66.5 209.6 44.5 56.9 59.1 61.0 221.5 EBITDA margin in % 15.6 20.3 19.5 22.4 19.7
Slide 43: Strong R+D commitment enables fundamentally new products
Strong R+D commitment enables fundamentally new products; continuing expansion of sales structures abroad R+D output Selling expenses Administrative expenses in million euros in percent in million euros in percent in million euros in percent 120 9.5 12,0 120 12.5 11.9 100 8.8 10 8.9 11.0 9.7 9.3 12
Slide 44: Key figures – five-year overview
Key figures – five-year overview In million euros 2024 2023 2022* 2021* 2020* Revenue 1,115.8 1,066.0 980.7 750.7 615.5 155.7 (incl. one-offs) EBITDA 221.5 209.6 184.1 125.2 (excl. one-offs) 92.8 20.7 (incl. one-offs) EBITDA margin (in %) 19.9 19.7 18.8 16.7 (excl. one-offs) 15.1 EBIT 146.6 126.3 10
Slide 45: Key figures by segment 2024 – new group structure
Key figures by segment 2024 – new group structure Semiconductor & Metrology & Advanced Production Smart Mobility in million euros Manufacturing Biophotonics Solutions Solutions Group2) Revenue1) 491.8 222.2 222.2 119.5 1,115.8 EBITDA 139.9 29.5 26.3 13.6 221.5 EBITDA margin in % 27.9 12.7 11.8 11.4
Slide 46: Key figures by segment 2024 – new group structure
Key figures by segment 2024 – new group structure Semiconductor & Advanced Manufacturing Biophotonics in million euros Q1 Q2 Q3 Q4 in million euros Q1 Q2 Q3 Q4 Revenue1) 118.7 127.6 125.0 120.6 Revenue1) 50.7 56.6 53.4 61.6 EBITDA 35.5 36.8 39.0 28.5 EBITDA 4.6 4.5 8.0 12.4 EBITDA margin in % 29.6 2
Slide 47: Key figures by segment 2024 – new group structure
Key figures by segment 2024 – new group structure Metrology & Production Solutions Smart Mobility Solutions in million euros Q1 Q2 Q3 Q4 in million euros Q1 Q2 Q3 Q4 Revenue1) 47.9 55.8 53.1 65.4 Revenue1) 24.0 28.4 30.6 36.5 EBITDA 1.7 6.8 5.2 12.7 EBITDA 0.1 3.1 3.0 7.5 EBITDA margin in % 3.5 12.2
Slide 48: Acquisitions and divestments over last years
Acquisitions and divestments over last years Non-organic growth initiatives (M&A) Key acquisition criteria Divestments Hillos VINCORION − Portfolio: Complementary technologies & Non-optical process metrology regional expansion Crystal growth business − Market position: strong technological basis, 20
Slide 49: Shareholders and dividend information
Shareholders and dividend information Shareholder structure Thüringer Dividend Industriebeteiligungs EPS Dividend payment 11.0% GmbH & Co. KG 2,0 1.62 1,6 1.43 1.27 1,2 0.96 89.0% 0.73 0,8 0.30 0.35 0.38 Freefloat 0,4 0.25 0.25 0,0 2020 2021 2022 2023 2024 Major institutional shareholders (11.10.202
Slide 50: Dates and contact
Dates and contact 12.11.2025 Publication 9M/2025 13.11.2025 Morgan Stanley Conference, Barcelona (CEO/IR) 13.11.2025 LBBW Conference (virtual) (CFO/IR) 18.11.2025 BNP Paribas Exane Conference, Paris (CFO/IR) 25.11.2025 Eigenkapitalforum, Frankfurt/Main (IR) 02.12.2025 Roadshow Hamburg (CFO/IR) 03.12