Jenoptik’s first-half 2026 order intake surged 53% to €723.4 million from €472.7 million, even as recognized revenue increased only 1% to €503.2 million, creating a significant gap between current reported growth and the volume of new business entering the photonics company’s pipeline.
The faster pace of new orders pushed Jenoptik’s book-to-bill ratio to 1.44 from 0.95 a year earlier. Order backlog increased to €824.8 million from €590.8 million at the end of 2025, an increase of nearly 40% in six months.
Semiconductor equipment was the main driver of that momentum. Order intake in Semiconductor & Advanced Manufacturing increased 85.3%, including a major order reported in Q1, as demand strengthened in both lithography and inspection.
The same unit’s recognized revenue rose more moderately, up 10.2% to €230.4 million from €209.1 million, suggesting that a meaningful portion of the recent semiconductor order surge is still in the backlog rather than already appearing in reported sales.
Biophotonics showed a similar divergence. Revenue declined 4.5% to €113.9 million, even as order intake jumped 44.9% on stronger demand from defense, medical technology and life sciences. Q2 included a multi-year medical-technology order in the low double-digit million-euro range.
Despite only modest overall revenue growth, profitability increased substantially. First-half EBITDA rose 25.5% to €98.9 million from €78.8 million, while EBITDA margin expanded to 19.7% from 15.8%. Jenoptik attributed the increase to better utilization in Semiconductor & Advanced Manufacturing, cost reductions implemented in 2025 and a more favorable product mix.
Group earnings after tax increased to €39.7 million from €25.3 million, while EPS rose to €0.69 from €0.42. The earnings growth therefore substantially outpaced the 1% increase in revenue.
Cash generation also remained positive despite the buildup in working capital associated with higher demand. Free cash flow before interest and taxes increased to €47.2 million from €43.2 million, while capital expenditures declined to €19.7 million from €32.6 million.
Jenoptik ended the first half with net debt of €307.5 million, down from €317.4 million at year-end, while leverage improved to 1.4x EBITDA from 1.6x. Its equity ratio remained 58.4%.
The company responded to the stronger orders and earnings by moving its 2026 expectations toward the upper end of previous guidance. Jenoptik now expects revenue growth in the upper half of its prior single-digit percentage range and EBITDA margin of 20% to 21%, compared with 18.4% in 2025.
The large order increase does carry a timing caveat. Management noted that several major orders contributed to the unusually strong first-half intake and cautioned that the same level of order momentum may not persist during the second half.
KEY QUOTES:
“In the first half of the year, we saw particularly strong demand, especially in our OEM businesses, which focus on the semiconductor equipment, medical technology, life sciences and defense end markets. As this development was partly driven by some major orders, this very strong momentum may not continue in the second half of the year.”
Dr. Ralf Kuschnereit, Chief Technology Officer and Chief Operating Officer of JENOPTIK AG
“Nevertheless, we expect 2026 to become a successful year for Jenoptik and have accordingly specified our guidance to the upper half of the previous range.”
Dr. Prisca Havranek-Kosicek, Chief Financial Officer of JENOPTIK AG
