Q2 2026 Jenoptik AG Earnings Call Transcript
Key Points
- Order intake surged over 50% year-on-year in H1 2026, driven by strong demand in semiconductor and biophotonics, with a book-to-bill ratio of 1.4 and a record backlog of around EUR825 million.
- Group revenue returned to growth in Q2, with H1 revenue up 1% year-on-year (close to 3% excluding currency effects), led by a 10% increase in the semiconductor and advanced manufacturing segment.
- EBITDA rose over 25% year-on-year to around EUR99 million, with the margin improving by nearly 400 basis points, driven by a lower cost base, better product mix, and the absence of one-time relocation costs.
- The semiconductor business achieved a very strong EBITDA margin of close to 32%, reflecting operational leverage and improved mix, with expectations of continued strong performance in H2.
- Management raised full-year 2026 guidance, now expecting revenue growth of 5% to 9% and an EBITDA margin of 20% to 21%, both in the upper half of the original ranges.
- The new CEO, Dominic Dorfner, brings a fresh perspective and has expressed confidence in the company's technology and growth potential, while the ongoing strategy review could unlock further value.
- Order intake in H1 included pull-forward effects, particularly in biophotonics, and management cautioned that the exceptional order dynamics may not continue in H2, leading to potential volatility.
- Biophotonics revenue declined almost 5% year-on-year in H1, impacted by a strong prior-year dental business and a weaker medtech performance, despite strong defense demand.
- The Metrology and Production Solutions (MPS) business remains slightly loss-making, with continued weakness in the European automotive sector and a challenging market environment.
- Operating cash flow was reduced due to higher working capital needs from the strong order intake, and the working capital ratio is expected to remain above 2025 levels in H2.
- The company faces capacity constraints in its semiconductor business, with expansion projects in Jena and Dresden not expected to contribute significantly until later, potentially limiting near-term output.
- The strategic review process is ongoing, with no outcomes expected before year-end, creating uncertainty for investors and delaying potential portfolio actions.
Ladies and gentlemen, and welcome to the Jenoptik conference call regarding the results of the first half year 2026. The conference will be recorded. (Operator Instructions)
Let me now turn the floor over to your host, Dr. Prisca Havranek.
Good morning, everyone, and welcome to our call on the results for the first half year 2026. As in the past, I will lead you through the presentation and then Andreas, our Head of Investor Relations, and I will be open to your questions. But before we go into detail here, I would like to hand over to our new CEO, Dominic Dorfner.
Thank you, Prisca, and good morning to everyone. I'm very pleased to introduce myself to our investors and analysts on the occasion of our first year results release now that I've been officially on board since August 1. I've already had the chance to meet many optic colleagues at
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