Jenoptik Ag · XETR:JEN
Jenoptik — Investor Presentation (May 2025)
51 slides from Jenoptik's investor presentation, May 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 May/June 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 Q1/2025 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 >4,600 Employees worldwide Photonics ~1.0bn1 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: Robust track record of profitable growth
Robust track record of profitable growth 2016 – 2024 Revenue CAGR ~6% EBITDA margin increased ~6 percentage points ~2024 ~1.2 billion ~1.12 level euros 1200 billion (+/-5%) 1150 euros 21-22% 21,0% 1100 1050 1000 19.9% 18.0 – 950 19.7% 19,0% 21.0% 900 1 850 ~685 18.8% 800 million 17,0% 750 euros 700
Slide 9: Priorities shift from portfolio transformation and M&A to organic growth and operational excellence
Priorities shift from portfolio transformation and M&A to organic growth and operational excellence Priorities 2017-2023 Priorities to 2026 Growth M&A & organic growth Organic growth driver Jenoptik today: Business Series of M&A for Leveraging growth Operational excellence focus portfolio transforma
Slide 10: Main initiatives to drive future growth and profitability
Main initiatives to drive future growth and profitability − Continue successful “grow share of wallet”-strategy − Realize growth opportunities in new application areas and regions − Increased customer focus supported by simplified organisation − Expansion of R&D capacity, flexibility and related com
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 Acquisition 700 Jenoptik Group Q1/2025 FY/2024 BG Medical/ 3,5 600 SwissOptic 3,0 Equity ratio in % 57.7 56.6 500 1.8x 2,5 400 2,0 Net debt in 382.2 395.5 300 1,5 million eu
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
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: 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 23: Biophotonics: main demand drivers and applications
Biophotonics: main demand drivers and applications Medical Technology Life Science − Growing and aging population − New therapeutic approaches (e.g., personalized medicine / minimal invasive procedure), diagnostic applications and digitalization − Better access to healthcare in developing countries
Slide 24: 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 25: Deploying strong technology basis to realize growth opportunities in new/emerging 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 26: 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 27: 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 28: Q1/2025 results & outlook
Q1/2025 results & outlook
Slide 29: Slow start into 2025 as expected
Slow start into 2025 as expected − General market environment: has become more challenging and uncertain − Revenue and EBITDA: did not reach prior-year levels − Order intake: below the prior year's figure − Focus: on efficiency − Jenoptik: remains strongly positioned in its key markets; focusing on
Slide 30: Streamlined organizational structure implemented to enhance customer focus and efficiency
Streamlined organizational structure implemented to enhance customer focus and efficiency Make Jenoptik more simple − Matrix structure largely removed in 2024 − Full allocation of plants to individual strategic business units Greater customer focus, more efficiency and clearer responsibilities Semic
Slide 31: 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 32: Different trends in demand in relevant markets in first quarter 2025
Different trends in demand in relevant markets in first quarter 2025 Order intake in MEUR 300 −15.5% 242.0 In million euros Q1/2025 Q1/2024 Change in % 200 204.6 Semiconductor & Advanced Manufacturing 68.6 118.4 −42.1 Biophotonics 44.7 42.9 4.1 100 Metrology & Production Solutions 50.5 50.4 0.2 Smar
Slide 33: Q1/2025 revenue impacted by challenging market environment
Q1/2025 revenue impacted by challenging market environment Revenue in MEUR 300 −4.9% 256.1 243.6 In million euros Q1/2025 Q1/2024 Change in % 200 Semiconductor & Advanced Manufacturing 100.9 118.7 −15.0 Biophotonics 63.8 50.7 25.8 100 Metrology & Production Solutions 40.6 47.9 −15.2 Smart Mobility S
Slide 34: Profitability impacted by lower revenue and product mix effects
Profitability impacted by lower revenue and product mix effects EBITDA in MEUR 50 −18,6% 40 44.5 In million euros Q1/2025 Q1/2024 Change in % 36.2 30 Semiconductor & Advanced Manufacturing 21.4 35.5 −39.7 Biophotonics 15.6 4.6 242.0 20 Metrology & Production Solutions −3.4 1.7 n.a. 10 Smart Mobility
Slide 35: Earnings figures did not reach prior-year level
Earnings figures did not reach prior-year level In million euros Q1/2025 Q1/2024 Change in % Revenue 243.6 256.1 −4.9 − Gross margin influenced in particular by lower contribution of Semiconductor & Advanced Gross margin 30.9% 32.8% Manufacturing Functional costs − Functional cost ratio amounted to
Slide 36: Cash flow and financial position further improved
Cash flow and financial position further improved In million euros Q1/2025 Q1/2024 Change in % Cash flows from operating − Cash flows from operating activities impacted by 54.9 36.9 48.9 activities before income taxes reduction in working capital − Cash flows from operative investing activities Cash
Slide 37: Slow start as expected; upturn in second half anticipated
Slow start as expected; upturn in second half of the year in the semiconductor equipment industry anticipated Targets 2025 − Revenue approx. at the prior-year level (+/−5%) (2024: 1,115.8 million euros) − EBITDA margin between 18.0 to 21.0 percent (2024: 19.9%) − Capital expenditure substantially lo
Slide 38: Appendix
Appendix
Slide 39: 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 40: 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 41: 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 42: 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 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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 50: 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 0.38e Freefloat 0,4 0.25 0.25 0,0 2020 2021 2022 2023 2024 Major institutional shareholders (05.03.20
Slide 51: Dates and contact
Dates and contact 13.05.2025 Publication Q1/2025 14.05.2025 UBS Pan European Small and Mid-Cap Conference, London 21.05.2025 Berenberg European Conference, New York 12.06.2025 Annual General Meeting 2025 25.-26.06.2025 Roadshow Geneva and Zurich 13.08.2025 Publication H1/2025 Andreas Theisen Sabine