Jenoptik reports significant increase in orders and earnings in the first half of 2026
- Strong order intake momentum, particularly in the OEM businesses
- Revenue slightly above prior year; profitability significantly improved
- Guidance for 2026 specified
“In the first half of the year, we saw particularly strong demand, especially in our OEM businesses, which focus on the semiconductor equipment, medical technology, life sciences and defense end markets. As this development was partly driven by some major orders, this very strong momentum may not continue in the second half of the year,” said Dr. Ralf Kuschnereit, Chief Technology Officer and Chief Operating Officer of JENOPTIK AG. “Nevertheless, we expect 2026 to become a successful year for Jenoptik and have accordingly specified our guidance to the upper half of the previous range,” commented Dr. Prisca Havranek-Kosicek, Chief Financial Officer of JENOPTIK AG.
Revenue slightly up year-on-year
The photonics group Jenoptik achieved revenue of 503.2 million euros in the first half of 2026, representing an increase of 1.0 percent compared with the same period last year (498.4 million euros).
The Strategic Business Unit (SBU) Semiconductor & Advanced Manufacturing recorded revenue of 230.4 million euros in the first half of 2026, 10.2 percent above prior year (209.1 million euros), driven by stronger business both in the lithography and inspection areas of the semiconductor equipment industry. The SBU Biophotonics generated higher revenue in the defense sector during the reporting period, while the very strong revenue of the prior year could not be reached in the medical technology business, as expected. Consequently, revenue of the SBU Biophotonics of 113.9 million euros was 4.5 percent below the prior year’s figure of 119.2 million euros.
The SBU Metrology & Production Solutions recorded revenue of 79.7 million euros, which was below the first half of 2025 in all areas (prior year: 92.0 million euros), partly due to the continuing difficult market situation in the automotive industry. By contrast, the SBU Smart Mobility Solutions increased its revenue by 10.7 percent to 68.3 million euros (prior year: 61.7 million euros) driven by a strong performance in almost all regions.
Profitability significantly improved
The Group’s EBITDA improved substantially in the first six months of 2026 to 98.9 million euros, an increase of 25.5 percent compared with the prior year’s figure of 78.8 million euros. Improved capacity utilization in the SBU Semiconductor & Advanced Manufacturing, in addition to the cost-cutting measures implemented in 2025 and a changed product mix, represented the main earnings driver in the reporting period. EBITDA margin reached 19.7 percent accordingly (prior year: 15.8 percent).
Group earnings after tax came in at 39.7 million euros (prior year: 25.3 million euros, including income from discontinued operations of 2.6 million euros). Earnings per share amounted to 0.69 euros (prior year: 0.42 euros).
Strong order intake dynamics, particularly in the OEM businesses
The Group’s order intake improved significantly in the first half of the year, rising by 53.0 percent to 723.4 million euros (prior year: 472.7 million euros), primarily due to strong momentum in the OEM businesses. Hence, order intake of the SBU Semiconductor & Advanced Manufacturing rose by 85.3 percent (including a major order as reported in the first quarter) due to strong demand in both the lithography and inspection businesses. The SBU Biophotonics also recorded a significantly higher order intake (up 44.9 percent), driven by the defense as well as medical technology & life science sectors. This, however, includes a multi-year major medical technology order in the low double-digit million-euro range, which was booked in the second quarter.
The Group’s book-to-bill ratio was 1.44 during the reporting period (prior year: 0.95). The order backlog increased to 824.8 million euros accordingly (31/12/2025: 590.8 million euros).
As expected, capital expenditure, at 19.7 million euros, remained well below the prior year’s figure of 32.6 million euros and was primarily attributable to technical equipment and machinery.
Financial and balance sheet quality remained robust
Free cash flow before interest and taxes improved to 47.2 million euros in the first half year of 2026 (prior year: 43.2 million euros), despite an increase in working capital tied up due to higher demand.
With an equity ratio of 58.4 percent (31/12/2025: 60.2 percent), net debt of 307.5 million euros (31/12/2025: 317.4 million euros) and a leverage ratio (net debt to EBITDA) of 1.4x (31/12/2025: 1.6x), Jenoptik continues to maintain very sound financial and balance sheet ratios.
Guidance for the fiscal year 2026 specified
The outlook for 2026 remains affected by significant market uncertainties due to macroeconomic and political developments that are difficult to predict.
In view of the strong growth platforms in the core markets of semiconductor, medical, metrology and smart mobility, and in particular the very strong demand from the semiconductor equipment sector, the Executive Board now expects revenue growth for the fiscal year 2026 to be in the upper half of the previous guidance range (previously: single-digit percentage range / 2025: 1,046.0 million euros). It also expects the EBITDA margin to reach the upper half of the previously guided range of 19.0 to 21.0 percent, i.e. between 20.0 and 21.0 percent (2025: 18.4 percent). Despite the significant decline in the first half of 2026, the Executive Board anticipates that capital expenditure will be slightly below the previous year’s level of 77.4 million euros for the full year. In particular, capacity for optics at the Jena site is set to be expanded.
This forecast is subject to the political and economic conditions not deteriorating. Possible changes to the portfolio are not taken into account in this forecast.
The presentation on the first half-year of 2026 and the Interim Report for January through June 2026 are available on the Jenoptik website at Investors / Reports and Presentations. Images are available for download in the Jenoptik image database at media.jenoptik.com.
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.About Jenoptik
Jenoptik is a global technology group operating in the photonics market. Our core markets primarily include semiconductor technology, medical technology, metrology as well as smart mobility. Approximately 4,300 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 2025, Jenoptik generated revenue of 1,046 million euros.
