News › JENOPTIK posts fur­ther growth in first quarter

  • Sub­stan­tial increase in reve­nue and profitability
  • Order intake below prior-year level
  • Gui­dance for 2024 con­firmed: fur­ther pro­fi­ta­ble growth expected

“With signi­fi­cant growth in reve­nue and ear­nings, Jen­op­tik deli­vered a solid start to the fis­cal year 2024. Howe­ver, we observe that the gene­ral mar­ket envi­ron­ment has sof­tened, and demand in some of our busi­ness sec­tors is curr­ently below our expec­ta­ti­ons. Due to our strong posi­tion in our core mar­kets and our sound cus­to­mer base, we expect demand to pick up in the second half of the year. Based on this and in view of our order back­log, we con­firm our gui­dance for 2024 and expect fur­ther pro­fi­ta­ble growth this year,” says Ste­fan Trae­ger, Pre­si­dent & CEO of JENOPTIK AG.

Reve­nue growth of 9.4 per­cent – pro­fi­ta­bi­lity again signi­fi­cantly improved

In the first quar­ter of 2024 the Jen­op­tik pho­to­nics group con­tin­ued on its course of growth, with reve­nue up by 9.4 per­cent to 256.1 mil­lion euros (prior year: 234.1 mil­lion euros), pri­ma­rily dri­ven by the Advan­ced Pho­to­nic Solu­ti­ons divi­sion. In Europe (inclu­ding Ger­many), Jen­op­tik recor­ded the stron­gest reve­nue growth of 22.7 per­cent, while reve­nues in the Ame­ri­cas and Asia/Pacific did not reach the prior year’s levels.

EBITDA again grew fas­ter than reve­nue, mainly due to good per­for­mance of the Advan­ced Pho­to­nic Solu­ti­ons divi­sion and the impro­ve­ment in ear­nings at the Non-Pho­to­nic Port­fo­lio Com­pa­nies. At 44.5 mil­lion euros, EBITDA was 21.6 per­cent up on the prior-year figure of 36.6 mil­lion euros. The EBITDA mar­gin was 17.4 per­cent (prior year: 15.6 per­cent). Group EBIT grew by 30.4 per­cent from 19.9 mil­lion euros to 26.0 mil­lion euros. At 15.4 mil­lion euros, group ear­nings after tax were also signi­fi­cantly hig­her than the prior year’s figure of 11.8 mil­lion euros; ear­nings per share amoun­ted to 0.27 euros (prior year: 0.21 euros).

Curr­ently sub­dued demand in some mar­kets; con­tin­ued capa­city expansion

The Group’s order intake in the past quar­ter rea­ched 242.0 mil­lion euros, down on the prior-year figure of 283.0 mil­lion euros. Demand was wea­ker than expec­ted in Opti­cal Test & Mea­su­re­ment, in cer­tain appli­ca­ti­ons in Life Sci­ence and Medi­cal Tech­no­logy, and in the Non-Pho­to­nic Port­fo­lio Com­pa­nies, here in part due to pro­ject delays. The Group’s book-to-bill ratio was 0.94 (prior year: 1.21). Accor­din­gly, the order back­log remained at a good level of 731.3 mil­lion euros (31/12/2023: 745.0 mil­lion euros).

In view of the strong mid-term growth pro­s­pects in the three future mar­kets of semi­con­duc­tor & elec­tro­nics, life sci­en­ces & medi­cal tech­no­logy, and smart mobi­lity, Jen­op­tik is fur­ther expan­ding its pro­duc­tion capa­ci­ties, mainly through the con­s­truc­tion of a new fab in Dres­den for the semi­con­duc­tor equip­ment indus­try, but also with capi­tal expen­dit­ure in machi­nery and equip­ment. Invest­ments in the past quar­ter amoun­ted to 19.8 mil­lion euros, com­pared to 22.5 mil­lion euros in the prior-year quarter.

Finan­cial and balance sheet posi­tion remain very strong

Free cash flow before inte­rest and taxes amoun­ted to 19.5 mil­lion euros in the first quar­ter, reflec­ting an increase in working capi­tal (prior year: 28.5 mil­lion euros). In the first three months of 2024, the cash con­ver­sion rate was at 43.8 per­cent com­pared to an excep­tio­nally high 78.0 per­cent in the same period last year. With an equity ratio of 54.3 per­cent (31/12/2023: 54.2 per­cent), net debt of 416.7 mil­lion euros (31/12/2023: 423.1 mil­lion euros), and leverage (net debt in rela­tion to EBITDA) of 1.9x (31/12/2023: 2.0x), Jen­op­tik con­ti­nues to have very solid finan­cial and balance sheet ratios.

Busi­ness per­for­mance of the divisions

The Advan­ced Pho­to­nic Solu­ti­ons divi­sion saw con­tin­ued dyna­mic growth, with reve­nue incre­asing 10.3 per­cent from 181.8 mil­lion euros in the prior-year quar­ter to 200.5 mil­lion euros. In par­ti­cu­lar, busi­ness with the semi­con­duc­tor equip­ment indus­try grew signi­fi­cantly in the first three months of 2024. The division’s EBITDA mar­gin was 19.7 per­cent, com­pared with 20.0 per­cent in the prior year. Impac­ted by weak demand in Opti­cal Test & Mea­su­re­ment and some Life Sci­ence and Medi­cal Tech­no­logy appli­ca­ti­ons, among other things, the order intake was 197.9 mil­lion euros and thus below the prior year’s 212.1 mil­lion euros.

The Smart Mobi­lity Solu­ti­ons divi­sion pos­ted reve­nue growth of 4.6 per­cent in the first quar­ter of 2024, to 24.0 mil­lion euros (prior year: 22.9 mil­lion euros). EBITDA slightly impro­ved to 0.1 mil­lion euros (pre­vious year: minus 0.1 mil­lion euros). Due to typi­cal fluc­tua­tions in the pro­ject busi­ness, the divi­sion pos­ted an order intake of 29.4 mil­lion euros in the first three months of 2024 (prior year: 38.9 mil­lion euros).

At 30.9 mil­lion euros, reve­nue of the Non-Pho­to­nic Port­fo­lio Com­pa­nies was a con­sider­a­bly up by 9.4 per­cent (prior year: 28.3 mil­lion euros). Thanks to a hig­her con­tri­bu­tion to ear­nings from HOMMEL ETAMIC, the EBITDA mar­gin impro­ved from 10.9 per­cent in the prior-year period to 17.1 per­cent in the first three months of 2024. In part impac­ted by pro­ject delays, the order intake for the quar­ter was 14.0 mil­lion euros (prior year: 30.6 mil­lion euros).

Gui­dance for fis­cal year 2024 confirmed

Despite an incre­asingly dif­fi­cult gene­ral mar­ket envi­ron­ment, the Exe­cu­tive Board of JENOPTIK AG expects fur­ther pro­fi­ta­ble growth in the fis­cal year 2024 based on a good order back­log and strong posi­tio­ning in the Group’s core mar­kets. Demand is anti­ci­pa­ted to pick up, par­ti­cu­larly in the second half of the year. The Exe­cu­tive Board the­r­e­fore con­ti­nues to expect reve­nue growth in the mid-sin­gle-digit per­cen­tage range in 2024 (2023: 1,066.0 mil­lion euros) and an EBITDA mar­gin of 19.5 to 20.0 per­cent (2023: 19.7 per­cent), inclu­ding an expec­ted impact of appro­xi­m­ately 0.5 per­cen­tage points for the relo­ca­tion to the new semi­con­duc­tor site in Dres­den. Capi­tal expen­dit­ure is expec­ted to be slightly above the prior-year level of 110.4 mil­lion euros.

This fore­cast is sub­ject to the assump­tion that geo­po­li­ti­cal risks do not esca­late. These include, for exam­ple, the war in Ukraine with the sanc­tions that have been imple­men­ted and poten­tial impacts on price deve­lo­p­ments, energy sup­plies, sup­ply chains, the con­flict in the Middle East, and the over­all eco­no­mic envi­ron­ment. Poten­tial port­fo­lio chan­ges are not con­side­red in this forecast.

The pre­sen­ta­tion on the first quar­ter of 2024 and the Quar­terly State­ment for Janu­ary through March 2024 are available on the Jen­op­tik web­site on the Inves­tors / Reports and pre­sen­ta­ti­ons pages.

Images are available for down­load in the Jen­op­tik image data­base at

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.

Key figu­res at a glance (PDF)

About Jen­op­tik

Opti­cal tech­no­lo­gies are the core of our busi­ness. Jen­op­tik is a glo­bal pho­to­nics group and com­pri­ses the two divi­si­ons Advan­ced Pho­to­nic Solu­ti­ons and Smart Mobi­lity Solu­ti­ons. Non-pho­to­nic acti­vi­ties, par­ti­cu­larly for the auto­mo­tive mar­ket, are ope­ra­ted as inde­pen­dent brands within the Non-Pho­to­nic Port­fo­lio Com­pa­nies. Our key mar­kets pri­ma­rily include semi­con­duc­tor & elec­tro­nics, life sci­ence & medi­cal tech­no­logy as well as smart mobi­lity. Appro­xi­m­ately 4,600 peo­ple world­wide work for the Jen­op­tik Group, which is head­quar­te­red in Jena (Ger­many). JENOPTIK AG is lis­ted on the Ger­man Stock Exch­ange in Frank­furt and traded on the MDax and TecDax. In fis­cal year 2023, Jen­op­tik gene­ra­ted reve­nue of 1,066.0 mil­lion euros.

Read the full press release in the online press por­tal here: