Jenoptik (JEN) Q4 2025 earnings summary

Executive summary

• Implemented a new organizational structure and opened a micro-optics fab in Dresden, enhancing accountability and supporting future growth.

• Achieved strategic milestones and intensified cost management, including efficiency programs and personnel/material expense reductions.

• Free cash flow significantly improved despite revenue and EBITDA declines.

• Management team to be completed with new CEO joining.

• Profitable growth expected for 2026 after a challenging 2025 marked by weak demand in semiconductor equipment and automotive sectors.

Financial highlights

• Group revenue declined by 6.3% year-over-year to €1,046.0m, with a 1% negative FX impact.

• EBITDA reached €192.5m, down 13.1% year-over-year; margin contracted by 150 bps.

• Gross margin decreased to 32.1%, mainly due to lower fixed cost absorption and product mix.

• Earnings per share at €1.26, down from €1.62 in 2024; proposed dividend of €0.40 per share, up from €0.38.

• Free cash flow rose 48% to €152.4m; net debt reduced to €317.4m from €393.5m.

Outlook and guidance

• Revenue expected to increase in the single-digit percentage range in 2026.

• EBITDA margin guidance for 2026 set at 19%-21%.

• CapEx/investments projected slightly below 2025, trending toward maintenance levels.

• Q1 2026 revenue anticipated below Q1 2025 due to order book structure and capacity.

• Guidance assumes stable political and economic conditions; improved demand expected in semi and defense businesses.