Q1 2026 Jenoptik AG Earnings Call Transcript
Key Points
- Order intake for Jenoptik AG (JNPKF) reached a record high of nearly EUR357 million, marking a strong start to the year.
- The Semiconductor & Advanced Manufacturing business unit saw a significant acceleration in demand, particularly in the lithography and inspection sectors.
- The Biophotonics business unit experienced a 66% year-over-year increase in order intake, driven by MedTech, Life Science, and Defense sectors.
- EBITDA increased by over 22% year-over-year, with an improvement in the EBITDA margin by around 350 basis points.
- The company confirmed its outlook for 2026, expecting single-digit revenue growth and an EBITDA margin between 19% and 21% for the full year.
- Revenues for the quarter were slightly down by 1% year-over-year, impacted by high comps in the Biophotonics business.
- Free cash flow decreased year-over-year due to higher working capital needs associated with increased order intake.
- The order intake included a large one-time order in the Semiconductor & Advanced Manufacturing unit, which is not expected to recur in future quarters.
- The company faces macroeconomic and geopolitical uncertainties, particularly affecting the automotive-related activities.
- Working capital ratio increased at the end of the first quarter, considered temporarily elevated due to the semi ramp.
Good morning, ladies and gentlemen, and welcome to the Jenoptik conference call regarding the results of the first quarter of 2026. (Operator Instructions)
Let me now turn the floor over to your host, Dr. Prisca Havranek.
Good morning, everyone, and welcome to our Q1 2026 results call. I will lead you through our presentation. And then as always, Andreas, our Head of Investor Relations, and I will be open for your questions.
Now let me begin with an overview and some key messages on page 4 of our slide deck. First of all, I'm very pleased to report that order intake was very strong for our OEM businesses in the first quarter, as we already indicated on our previous call at the end of March. Ramp-up in the semi industry seems to be in full swing now, hence, demand for our semi equipment customers was particularly strong.
But also order intake in our biophotonics business unit was substantially up compared to last year. Revenues
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