Jenoptik (JEN) Q2 2026 earnings summary

Executive summary

• Order intake surged 53% year-over-year to €723.4 million, driven by strong OEM demand in semiconductor equipment and biophotonics, with significant momentum in medical technology, life sciences, and defense sectors.

• Revenue for H1 2026 rose 1.0% year-over-year to €503.2 million, with profitability improving as EBITDA increased 25.5% to €98.9 million and margin rising to 19.7%.

• Earnings after tax increased 57.1% to €39.7 million, and EPS rose to €0.69 from €0.42.

• Strategic review and capacity expansions are ongoing, with a focus on maximizing output and supporting growth in core markets.

Financial highlights

• Gross profit increased to €181.7 million, with gross margin improving to 36.1% from 31.2% year-over-year.

• EBIT rose 56.3% to €61.9 million, with EBIT margin at 12.3%.

• Free cash flow before interest and taxes improved to €47.2 million, despite higher working capital needs.

• Capital expenditure dropped 39.5% to €19.7 million, mainly for technical equipment and machinery.

• Dividend increased to €0.40 per share, totaling €22.9 million.

Outlook and guidance

• Full-year 2026 revenue and EBITDA margin are expected in the upper half of previous guidance, with EBITDA margin forecasted between 20.0% and 21.0%.

• Capital expenditure for 2026 anticipated to be slightly below 2025’s €77.4 million, with main expansion at the Jena optics site.

• Guidance assumes stable macroeconomic and political conditions; portfolio changes not included.

• Order intake in H1 was exceptionally strong but not expected to continue at the same pace in H2.