Jenoptik (JEN) Q2 2024 earnings summary

Executive summary

• Revenue rose 7.1% year-over-year to €540.8m in H1 2024, with double-digit earnings growth and improved profitability, mainly driven by Advanced Photonic Solutions and Non-Photonic Portfolio Companies.

• Q2 2024 saw a strong rebound in order intake, especially in semiconductor equipment, though H1 order intake remained below the prior year.

• EBITDA increased 10.7% to €101.4m, with margin up to 18.8% from 18.1% year-over-year.

• Earnings per share rose to €0.69, up 23% quarter-over-quarter and year-over-year.

• Construction of the new Dresden fab is progressing on schedule, supporting future growth.

Financial highlights

• H1 2024 order intake: €524.4m, down 4.1% year-over-year, but Q2 showed a strong rebound; order backlog at €734.1m.

• Group revenue up 7.1% year-over-year in H1, driven by APS and Non-Photonic Portfolio Companies.

• Group EBITDA reached €101.4m, margin up 70 bps to 18.8%, mainly from scale effects.

• Free cash flow before interest and tax rose 58.6% to €41.5m.

• Net debt at €429.6m; leverage stable at 2.0x EBITDA; equity ratio at 54.2%.

Outlook and guidance

• Full-year 2024 guidance confirmed: mid-single-digit sales growth and EBITDA margin of 19.5–20%, including a 0.5pp negative impact from Dresden fab move.

• H2 order intake expected to exceed H1, with strong backlog supporting 2024 targets.

• CapEx for 2024 expected slightly above previous year, with catch-up in H2 due to phasing.

• Margin expected to remain flat in H2 due to strong prior-year comps and increased personnel costs.

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