Jenoptik (JEN) Q4 2025 earnings summary

Executive summary

• Implemented a new organizational structure, enhancing accountability, transparency, and customer focus.

• Brought new micro-optics fab in Dresden online, supporting future growth and semiconductor inspection capabilities.

• Substantial progress on strategic goals, especially in semi inspection and efficiency programs, with intensified cost management.

• Management team to be completed with new CEO joining.

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

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.

• Earnings per share at €1.26, down from €1.62 in 2024.

• Dividend proposed at €0.40, up from €0.38.

• Free cash flow rose 48% to €152.4m, enabling debt and leverage reduction.

Outlook and guidance

• Revenue expected to increase in the single-digit percentage range in 2026, driven by semi and defense markets.

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

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

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

• Guidance assumes stable political and economic conditions.