Jenoptik AG
Jenoptik makes precision optics, measuring equipment and traffic cameras. Its lenses and optical assemblies help equipment manufacturers produce and inspect chips, medical devices and industrial parts.
Overview
Latest results
Jan–Jun 2026 · Reported in EUR
Latest financial publication
Preliminary nine-month 2026 update and raised margin guidance
Investment Thesis
Precision optics with renewed semiconductor demand
European Tech Equities analysis ·
The investment case
The case rests on selling demanding optical components and assemblies to manufacturers that need repeatable precision. Semiconductor equipment offers a route to growth, while medical optics and traffic technology provide other customers. The mix matters: Jenoptik is an optics supplier with several industrial businesses, not a chip manufacturer.
Evidence of adoption
ICBC selected Jenoptik to deliver and install more than 140 cameras plus its FlowTris software in British Columbia. Santa Fe separately awarded a multi-year speed and noise enforcement contract. These are named customer commitments in traffic technology; they do not establish semiconductor market share or disclose project margins.
What drives demand
The 21 October preliminary update reported around EUR1.1 billion of nine-month orders, against EUR777.3 million a year earlier. Demand was strongest in OEM activities, especially semiconductor equipment. Sales above EUR800 million and a better product mix supported the margin forecast, but orders still need to become deliveries and cash.
Profit and cash generation
First-half 2026 sales barely changed at EUR503.2 million, but operating profit rose to EUR61.9 million from EUR39.6 million. Operating cash flow fell to EUR57.4 million as working capital absorbed cash. At June-end, cash was EUR126.4 million and financial debt including leases EUR435.8 million. Better earnings and cash generation therefore need separate attention.
What the valuation assumes
On 27 October 2026, the market value was EUR2.283 billion, roughly 32 times 2025 earnings attributable to shareholders of EUR72.0 million. This is a dated calculation, not a price target. The valuation assumes that stronger orders and margins can support earnings beyond a single recovery year; weaker chip or automotive spending would challenge that assumption.
What would weaken the case
- Semiconductor equipment orders can be volatile and depend on a limited number of major customers.
- Weak automotive investment can offset stronger optics demand.
- Inventory, customer project timing and new capacity can consume cash before higher orders generate revenue.
Sources
- Jenoptik Annual Report 2025
- Jenoptik optics for semiconductor equipment
- British Columbia camera contract, 24 September 2026
- Santa Fe speed and noise camera contract, 22 July 2026
- Jenoptik raises EBITDA margin guidance, 21 October 2026
- Jenoptik Interim Financial Report January–June 2026
- Dated Jenoptik equity value
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
The 21 October preliminary update reported nine-month sales above EUR800 million and EBITDA just below EUR180 million. These qualified amounts are not exact statement values. Complete June statements remain visible until the detailed nine-month release scheduled for 10 November.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS consolidated figures in EUR millions; EPS in EUR. Revenue and operating profit cover continuing operations; net income includes discontinued operations and non-controlling interests. Debt includes leases. Capital expenditure is cash paid for tangible and intangible assets, not the issuer’s investment-additions headline.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
The 21 October preliminary update reported nine-month sales above EUR800 million and EBITDA just below EUR180 million. These qualified amounts are not exact statement values. Complete June statements remain visible until the detailed nine-month release scheduled for 10 November.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS consolidated figures in EUR millions; EPS in EUR. Revenue and operating profit cover continuing operations; net income includes discontinued operations and non-controlling interests. Debt includes leases. Capital expenditure is cash paid for tangible and intangible assets, not the issuer’s investment-additions headline.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
The 21 October preliminary update reported nine-month sales above EUR800 million and EBITDA just below EUR180 million. These qualified amounts are not exact statement values. Complete June statements remain visible until the detailed nine-month release scheduled for 10 November.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS consolidated figures in EUR millions; EPS in EUR. Revenue and operating profit cover continuing operations; net income includes discontinued operations and non-controlling interests. Debt includes leases. Capital expenditure is cash paid for tangible and intangible assets, not the issuer’s investment-additions headline.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Jenoptik Baltic secures major contract to expand Lithuania’s “Via Toll” enforcement network
Preliminary nine-month 2026 update and raised margin guidance
Jenoptik secures major contract to deploy intersection safety camera systems across British Columbia
Jenoptik CEO Dominic Dorfner highlights strong position as an enabler of megatrends
Dr. Silke Gottschlich to become Vice President of Global HR at Jenoptik
Interviews
Interviews are coming soon
No interviews with Jenoptik AG have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2025 · Published Aug 12, 2026 · Checked Oct 28, 2026
H1 2026 · Published Aug 12, 2026 · Checked Oct 28, 2026
FY 2024 · Published Mar 25, 2026 · Checked Oct 28, 2026
FY 2025 · Published Mar 25, 2026 · Checked Oct 28, 2026
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