Jenoptik Ag · XETR:JEN
Jenoptik — Investor Presentation (January 2025)
52 slides from Jenoptik's investor presentation, January 2025
Slide 1: Our Vision – Brighter Futures with the Power of Light
Our Vision – Brighter Futures with the Power of Light. Investor Relations Presentation I January 2025 © Copyright Jenoptik. All rights reserved.
Slide 2: Disclaimer
Disclaimer This presentation can contain forward-looking statements that are based on current expectations and certain assumptions of the management of the Jenoptik Group. A variety of known and unknown risks, uncertainties and other factors can cause the actual results, the financial situation, the
Slide 3: Agenda
Agenda Company overview Divisional set-up Results 9M/2024 and outlook Outlook Appendix Jenoptik Investor Relations Presentation 3
Slide 4: Jenoptik at a glance – a leading globally operating photonics group
Jenoptik at a glance – a leading globally operating photonics group 1991 Year of foundation Our Mission >80 Represented in countries The Leading Light In the Application of >4,600 Employees worldwide Photonics ~1.3bn1 Market capitalization in euros Fiscal year 2023 Focus on four core markets 1.07 bi
Slide 5: Addressing multiple mega-trends with our strong photonics expertise
Addressing multiple mega-trends with our strong photonics expertise We enable the digital age We ensure superb quality in demanding production processes We enable the digital age We drive life science We make roads and and healthcare development cities safer Jenoptik Investor Relations Presentation
Slide 6: Clear focus on attractive markets
Clear focus on attractive markets Semiconductor & Advanced Metrology & Production Manufacturing Solutions Optics, Micro-optics Precision components OEM OEM businesses businesses generate Solutions ~2/3 of revenue businesses Biophotonics Smart Mobility Solutions Semi Bio Metrology Mobility Others Jen
Slide 7: Strong value proposition: Leading photonics expertise combined with strong customer relationships
Strong value proposition: Leading photonics expertise combined with strong customer relationships Customer access / relationship Technology Industrial Joint R&D Shared R&D Designed-in Application Manufacturing manufacturing programmes roadmaps solutions excellence capacity know how Evolution Supplie
Slide 8: Semiconductor market expectations remain unchanged: Around 1 trillion USD of chip sales by 2030
Semiconductor market expectations remain unchanged: Around 1 trillion USD of chip sales by 2030 Semiconductor chips revenue1 Fundamental trends fueling market growth remain (billion USD) solid despite current downturn: 1200 CAGR ~7% − Connected world 1000 ▪ Artificial Intelligence & cloud infrastruc
Slide 9: Semiconductor: our products are integral part of our customers' products
Semiconductor: our products are integral part of our customers‘ products Support of main functionalities in current and next generation systems IC inspection systems DUV & EUV IC lithography systems Micro-optical components Micro-optical components Optical components & modules Optical components & m
Slide 10: Robust track record of profitable growth in spite of COVID pandemic
Robust track record of profitable growth in spite of COVID pandemic 2014 – 2023 Main driver to margin expansion Revenue CAGR ~7% − Product mix effects EBITDA margin increased ~7 percentage points − Operating leverage ~1.2 billion 1.07 Mid-single- euros 1200 1150 billion digit growth 21-22% 1100 euro
Slide 11: Priorities shift from portfolio transformation and M&A to organic growth and operational excellence
Priorities shift from portfolio transformation and M&A to organic growth and operational excellence Priorities 2017-2023 Priorities to 2026 Growth M&A & organic growth Organic growth driver Jenoptik today: Business Series of M&A for Leveraging growth Operational excellence focus portfolio transforma
Slide 12: Main initiatives to drive future growth and profitability
Main initiatives to drive future growth and profitability − Continue successful “grow share of wallet”-strategy − Realize growth opportunities in new application areas and regions 2026 financial targets − Increased customer focus supported by simplified organisation Revenue of − Expansion of R&D cap
Slide 13: Dissolving regional matrix & verticalize functions – executed in 2024
Become more focused: Dissolving regional matrix & verticalize functions – executed in 2024 2024 | Verticalization Contribution to future success MORE customer focus MORE direct business responsibility MORE efficiency Jenoptik Investor Relations Presentation 13
Slide 14: Our new reporting structure starting January 2025
Our new reporting structure starting January 2025 Structure since Metrology & 1.1. 2025 Semiconductor Global Group Smart Mobility & Advanced Biophotonics Production Functions / Solutions Manufacturing Solutions Prodomax HOMMEL Structure until Prodomax 31.12.2024 ETAMIC Smart Mobility Advanced Photon
Slide 15: Substantial investments to support organic growth
Substantial investments to support organic growth Significant investments into production capacities New Semi Fab in Dresden − Doubling production with new micro-optics cleanroom fab (LEED certified) in Dresden; production start in early 2025 − New biophotonics production site in Berlin inaugurated
Slide 16: Robust key financial figures; net debt reflects recent acquisitions
Robust key financial figures; net debt reflects recent acquisitions 1 Key financial ratios Net debt and net debt to EBITDA 4,0 Acquisition Acquisition 700 Jenoptik Group 9M/2024 FY/2023 TRIOPTICS BG Medical/ 3,5 600 SwissOptic 3,0 Equity ratio in % 55,9 54.2 500 2.0x 2,5 400 2,0 Net debt in million
Slide 17: Capital allocation priorities in current strategy period focus on organic growth
Capital allocation priorities in current strategy period focus on organic growth Capital allocation New capital allocation priorities 2018 – 2023 ~9% ~61% 1 Investment into organic growth (Capex, R&D) ~1bn euros of capital allocated 2018 – 2023 2 Return to shareholders ~30% M&A CAPEX Dividends 3 Bol
Slide 18: Continued focus on sustainability: Non-financials 2025 partly reached
Continued focus on sustainability: Non-financials 2025 partly reached Partnership Jenoptik‘s Selected theme KPI 2023 Target 2025 for the goals sustainability ratings Share of green 93.6% >90% electricity Environment CO2 reduction 50.5% >55% Diversity rate 29.4% 33% 9/2024 AA Rating - Top 17 percent
Slide 19: Divisional set-up until 2024
Divisional set-up until 2024
Slide 20: Organizational structure of Jenoptik Group
Organizational structure of Jenoptik Group Advanced Photonic Solutions Smart Mobility Non-Photonic Division Solutions Division Portfolio Companies Semiconductor & Life Science & Others Smart Mobility Electronics Medical Technology Optics, Micro-optics Diode lasers Equipment for traffic surveillance
Slide 21: Advanced Photonic Solutions division: markets & applications (1/2)
Advanced Photonic Solutions division: markets & applications (1/2) Markets Semiconductor Electronics Equipment − Increasing demand for chips for various existing and new applications (smartphones, 5G, gaming, servers, self-driving cars, Internet of Things, etc.) Drivers Market − Homeshoring of produ
Slide 22: Advanced Photonic Solutions division: markets & applications (2/2)
Advanced Photonic Solutions division: markets & applications (2/2) Markets Medical Technology Life Science − Growing and aging population Drivers Market − Wealth, better access to healthcare in developing countries, and digitalization − New therapeutic approaches (e.g. personalized medicine) and dia
Slide 23: Advanced Photonic Solutions: partner for performance-critical photonic solutions
Advanced Photonic Solutions: partner for performance-critical photonic solutions Revenue 2023: 821.2 million euros Business profile Main production Jena, Berlin, Heerbrugg, − Division bundles all B2B photonics activities sites: Jupiter, Wuhan − Global OEM and machine supplier of components and modul
Slide 24: Smart Mobility Solutions Division: markets & applications
Smart Mobility Solutions Division: markets & applications Traffic Law Enforcement Civil Security Road User Charging Markets − New applications such as distracted driving Drivers Market − Growing demand for integrated services − Political initiatives such as Vision Zero in additional countries − Over
Slide 25: Smart Mobility Solutions: provider of road traffic solutions for safety and security
Smart Mobility Solutions: provider of road traffic solutions for safety and security Revenue 2023: 118.8 million euros Business profile Main production Monheim, Camberley − Division bundles all B2G activities − Provider of roadside equipment and software, including integration, Employees 2023: 526 i
Slide 26: Non-Photonic Portfolio Companies – driving production efficiency
Non-Photonic Portfolio Companies – driving production efficiency Our product portfolio includes − Automation: individual systems through to automated plant concepts and complete process solutions for efficient production environments − Modern production measurement technology for efficient quality c
Slide 27: First nine months 2024
First nine months 2024
Slide 28: Double-digit earnings growth in first nine months 2024
Double-digit earnings growth in first nine months 2024 − Revenue and EBITDA: robust development − Order intake: slightly below the prior year's figure − General market environment: has become more difficult − Fiscal year 2024: revenue and earnings guidance confirmed − Financial targets 2025: postpon
Slide 29: Order intake below prior-year figure mainly due to weak automotive demand
Order intake below prior-year figure mainly due to weak automotive demand; continued solid level of order backlog Order intake in MEUR Order backlog in MEUR 1000 −6.4% 900 −4.8% 800 835.3 745.0 781.9 709.2 600 600 400 300 200 0 0 9M/2023 9M/2024 Dec 31, 2023 Sep 30, 2024 − Stable demand in semicondu
Slide 30: EBITDA increased significantly more than revenue
EBITDA increased significantly more than revenue Revenue in MEUR EBITDA in MEUR 900 6.0% 180 12.2% 750 815.1 150 160.6 768.7 143.0 600 120 450 90 300 60 150 30 0 0 9M/2023 9M/2024 9M/2023 9M/2024 − Revenue increase driven by Advanced Photonic Solutions − EBITDA margin grew to 19.7% (prior year 18.6%
Slide 31: Earnings per share up by around 22 percent
Earnings per share up by around 22 percent In million euros 9M/2024 9M/2023 Change in % Revenue 815.1 768.7 6.0 − Gross margin influenced in particular by higher depreciation/amortization Gross margin 33.9% 34.7% − Functional cost ratio amounted to 21.3% Functional costs 174.0 172.2 1.1 (cost manage
Slide 32: Continued sound financial position and balance sheet
Continued sound financial position and balance sheet In million euros 9M/2024 9M/2023 Change in % Cash flows from operating 124.9 110.5 13.0 activities before income taxes − Cash flows from operating activities influenced by improved EBITDA and lower income tax payments Cash flows from operative −62
Slide 33: Advanced Photonic Solutions: increase in revenue and earnings
Advanced Photonic Solutions: increase in revenue and earnings Order intake in MEUR Revenue in MEUR EBITDA in MEUR 800 800 200 0.4% 7.2% 4.0% 160 600 600 622.1 624.7 636.9 594.3 120 138.5 400 400 133.2 80 200 200 40 0 0 0 9M/2023 9M/2024 9M/2023 9M/2024 9M/2023 9M/2024 − Order intake: stable demand f
Slide 34: Smart Mobility Solutions: book-to-bill ratio continues to be well above one
Smart Mobility Solutions: book-to-bill ratio continues to be well above one Order intake in MEUR Revenue in MEUR EBITDA in MEUR 100 2.7% 100 0.5% 10 − 8.3% 80 80 8 87.7 90.1 82.7 83.0 60 60 6 6.7 6.2 40 40 4 20 20 2 0 0 0 9M/2023 9M/2024 9M/2023 9M/2024 9M/2023 9M/2024 − Order intake is subject to p
Slide 35: Non-Photonic Portfolio Companies: earnings strongly improved
Non-Photonic Portfolio Companies: earnings strongly improved Order intake in MEUR Revenue in MEUR EBITDA in MEUR 150 120 20 − 46.6% 4.8% 41.1% 120 16 90 17.2 122.5 93.6 90 89.3 12 60 12.2 60 8 65.4 30 30 4 0 0 0 9M/2023 9M/2024 9M/2023 9M/2024 9M/2023 9M/2024 − Order intake: weak demand; prior-year
Slide 36: Outlook
Outlook
Slide 37: Revenue and earnings outlook 2024 confirmed / Financial targets 2025 postponed by one year
Revenue and earnings outlook 2024 confirmed / Financial targets 2025 postponed by one year Jenoptik’s outlook is based in particular on the high order backlog as well as its strong position in core markets. Expected development − Revenue growth in mid single-digit percentage range (2023: 1,066.0 mil
Slide 38: Appendix
Appendix
Slide 39: Innovation remains our main growth engine through our leading competencies
Innovation remains our main growth engine through our leading competencies in… − Harnessing light − Helping our customers to solve highly complex photonic problems − Design and industrialization of complex optics ©NASA/JPL-Caltech and photonics components − Decoding photonic signals in data imaging
Slide 40: Jenoptik – key take aways
Jenoptik – key take aways 1 Global photonics company with strong growth platforms 2 Addressing attractive markets, where Jenoptik can make a difference 3 Unique technological expertise and trusted develpment partner for our customers 4 Proven track record of profitable growth; multiple future growth
Slide 41: Megatrends will drive growing demand for photonics solutions of the future
Megatrends will drive growing demand for photonics solutions of the future Societal needs Jenoptik‘s contribution Growing demand for chips for various existing Jenoptik supplies high-performance optics, Digitization as well as new applications; increasing usage micro-optics for semiconductor equipme
Slide 42: A long tradition of innovation in optoelectronics
A long tradition of innovation in optoelectronics 19 20 21 22 23 1846 1946 1989-91 1992-98 1998-2006 2007-16 since 2017 Founded State German New Flexibility Consolidation Sustainable in Jena by property Reunification Businesses profitable growth Carl Zeiß The Zeiss plant Acquisition of IPO 1998 “Wor
Slide 43: Revenue growth in particular in Germany and Europe
Revenue growth in particular in Germany and Europe Revenue by region 2023 Revenue by region in MEUR 2022 3% Europe 317.0 (without +15.0% 26% 19% Germany) 275.7 272.3 Germany +18.9% 229.0 237.2 Americas -2.8% 22% 244.1 30% 204.4 Asia / Pacific 196.2 +4.2% Middle East / 35.1 Middle East / Africa Asia
Slide 44: Key financials 2023 of the segments
Key financials 2023 of the segments Advanced Smart Mobility Non-Photonic in million euros Photonic Solutions Solutions Portfolio Companies Group Revenue (external) 821.2 118.8 121.1 1,066.0 EBITDA 182.6 15.3 17.6 209.6 EBITDA margin* 21.9% 12.9% 14.1% 19.7% EBIT 132.3 9.1 -1.5* 126.3* EBIT margin* 1
Slide 45: Key figures – five-year overview
Key figures – five-year overview In million euros 2023 2022* 2021* 2020* 2019 Revenue 1,066.0 980.7 750.7 615.5 855.2 155.7 (incl. one-offs) EBITDA 209.6 184.1 125.2 (excl. one-offs) 92.8 134.0 20.7 (incl. one-offs) EBITDA margin (in %) 19.7 18.8 16.7 (excl. one-offs) 15.1 15.7 EBIT 126.3 101.9 108.
Slide 46: Strong R+D commitment enables fundamentally new products; continuing expansion of sales structures abroad
Strong R+D commitment enables fundamentally new products; continuing expansion of sales structures abroad R+D output Selling expenses Administrative expenses in million euros in percent in million euros in percent in million euros in percent 100 8.9 12,0 120 12.5 11.9 100 10 11.0 8.8 8.9 10.4 9.7 12
Slide 47: Overview of quarters in 2023 and 2024
Overview of quarters in 2023 and 2024 In million euros Q1/2023 Q2/2023 Q3/2023 Q4/2023 2023 Q1/2024 Q2/2024 Q3/2024 Revenue 234.1 270.8 263.8 297.3 1,066.0 256.1 284.7 274.3 EBITDA 36.6 55.0 51.4 66.5 209.6 44.5 56.9 59.1 EBITDA margin in % 15.6 20.3 19.5 22.4 19.7 17.4 20.0 21.6 EBIT 19.9 33.9 34.3
Slide 48: Acquisitions and divestments over last years
Acquisitions and divestments over last years Non-organic growth initiatives (M&A) Key acquisition criteria Divestments Hillos VINCORION − Portfolio: Complementary technologies & Non-optical process metrology regional expansion Crystal growth business − Market position: strong technological basis, 20
Slide 49: Shareholders and dividend information
Shareholders and dividend information Shareholder structure Thüringer Dividend Industriebeteiligungs EPS Dividend payment 11.0% GmbH & Co. KG 1,6 1.43 1.27 1,18 1,2 0.96 0.73 89.0% 0,8 0.30 0.35 Freefloat 0,4 0.25 0.25 0.13 0,0 2019 2020 2021 2022 2023 Major institutional shareholders (31.12.2024) S
Slide 50: Continued focus on sustainability: non-financial targets 2022 reached
Continued focus on sustainability: non-financial targets 2022 reached Gender Equality Decent Work and Industry, Innovation Climate Action Jenoptik‘s Economic Growth and Infrastructure sustainability ratings Diversity is reflected in Decent working Increasing R+D supports Commitment to global Jenopti
Slide 51: ESG: Jenoptik's photonic contribution to the SDGs
ESG: Jenoptik‘s photonic contribution to the SDG‘s Responsible Good health Industry innovation Sustainable cities consumption and and well-being and infrastructure and communities production Biophotonics: Optical systems for Traffic Safety: Metrology systems − Lasers for ophthalmology − Semiconducto
Slide 52: Dates and contact
Dates and contact 9.-10.01.2025 Oddo BHF Forum, Lyon 14.01.2025 Coba Oddo BHF German Investment Seminar, New York 21.01.2025 Kepler Cheuvreux Conference, Frankfurt / Main 12.02.2025 Preliminary figures 2024 25.03.2025 Financial Statements 2024 27.03.2025 Jefferies Pan-European MidCap Conference, Lon