Jenoptik (JEN) Q3 2024 earnings summary

Executive summary

• Revenue and operating profit for the first nine months of 2024 developed in line with expectations, with revenue up 6.0% to €815.1m and EBITDA up 12.2% to €160.6m, supported by strong order backlog and robust execution across divisions.

• Earnings per share rose 22.3% to €1.15; order intake declined 6.4% to €781.9m, mainly due to weak automotive demand and a prior-year major order.

• Strategic midterm targets of €1.2bn in sales and 21–22% EBITDA margin postponed by one year to 2026, with 2025 expected to be a transition year.

• Long-term growth prospects remain intact despite current market uncertainties and delays in the semiconductor upturn.

• Order backlog remained robust at €709.2m, down 4.8% from year-end 2023.

Financial highlights

• Revenue grew organically by 6% year-over-year to €815.1m, driven by Advanced Photonic Solutions and NPC segments.

• Group EBITDA reached €160.6m, margin up to 19.7% from 18.6% year-over-year.

• Earnings per share increased by 22.3% to €1.15; gross margin at 33.9%, down from 34.7% year-over-year.

• Free cash flow before interest and tax payments up 9.6% to €62.3m; net debt at €421.4m; leverage at 1.9x EBITDA.

• EBIT up 18.6% to €104.6m; EBIT margin at 12.8% (prior year: 11.5%).

Outlook and guidance

• 2024 revenue and profit guidance reaffirmed, expecting mid-single-digit revenue growth and EBITDA margin between 19.5% and 20%, including a 0.5pp negative impact from the Dresden move.

• 2025 financial targets postponed to 2026, now expecting €1.2bn revenue and 21–22% EBITDA margin.

• Order intake for the year is expected to be slightly below the prior year; CapEx will be slightly higher.

• No guidance for 2025 yet; 2025 is seen as a transition year with stable or slightly growing topline, but below original expectations.

• Ramp-up of the Dresden facility and full capacity utilization delayed in line with postponed semiconductor market upturn.