This article first appeared on GuruFocus .
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Order Intake:Reached almost EUR357 million, marking a record for the company.
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Revenue:Marginally down by 1% year on year to around EUR241 million; would have been up by close to 2% excluding FX effects.
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EBITDA:Approximately EUR44 million, up by over 22% compared to last year.
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EBITDA Margin:Improved by around 350 basis points.
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Net Income:Earnings per share reached EUR0.29 versus EUR0.16 in the first quarter of last year.
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Free Cash Flow:Down year on year due to higher working capital needs.
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Book-to-Bill Ratio:Increased sharply to almost 1.5.
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Order Backlog:Grew to EUR719 million.
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Semiconductor & Advanced Manufacturing Revenue:Up by around 7% year on year.
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Biophotonics Revenue:Down by around 11% due to high comps from the previous year.
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Smart Mobility Solutions Revenue:Almost up by 11%.
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Gross Margin:Considerably up year on year.
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EBIT Margin:Increased to 10.7% in the first quarter.
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Working Capital Ratio:Temporarily elevated due to semi ramp support.
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2026 Revenue Outlook:Expected to be up in the single-digit percentage range versus prior year.
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2026 EBITDA Margin Outlook:Expected to be in the range of 19% to 21% on a full-year basis.
Release Date: May 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Order intake for Jenoptik AG ( JNPKF ) reached a record high of nearly EUR357 million, marking a strong start to the year.
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The Semiconductor & Advanced Manufacturing business unit saw a significant acceleration in demand, particularly in the lithography and inspection sectors.
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The Biophotonics business unit experienced a 66% year-over-year increase in order intake, driven by MedTech, Life Science, and Defense sectors.
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EBITDA increased by over 22% year-over-year, with an improvement in the EBITDA margin by around 350 basis points.
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The company confirmed its outlook for 2026, expecting single-digit revenue growth and an EBITDA margin between 19% and 21% for the full year.
Negative Points
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Revenues for the quarter were slightly down by 1% year-over-year, impacted by high comps in the Biophotonics business.
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Free cash flow decreased year-over-year due to higher working capital needs associated with increased order intake.
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The order intake included a large one-time order in the Semiconductor & Advanced Manufacturing unit, which is not expected to recur in future quarters.
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The company faces macroeconomic and geopolitical uncertainties, particularly affecting the automotive-related activities.
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Working capital ratio increased at the end of the first quarter, considered temporarily elevated due to the semi ramp.
Q & A Highlights
Q: Could you share details about the large order in Q1 for semicon and advanced manufacturing, and what proportion of the backlog do you expect to convert into revenues this year? A: The large order in Q1 was a low double-digit million amount, and we do not expect it to recur in upcoming quarters. Regarding backlog conversion, it depends on factory output and utilization levels. Our revenue guidance remains at a single-digit percentage increase compared to last year.
Q: Are customers placing orders earlier due to potential capacity constraints, and what are the implications for AR/VR? A: We have seen early order impacts, possibly due to geopolitical concerns affecting supply chains. In AR/VR, there is more momentum in augmented reality, with increased customer inquiries, but it's still early days for significant order intake.
Q: Is the order intake increase in Prodomax a trend or a one-time occurrence? A: It's too early to call it a trend. While Q1 showed encouraging signs, the investment environment remains muted, and geopolitical tensions persist. We are cautiously optimistic about Prodomax's demand uptick.
Q: What should we expect for gross margin progression throughout the year? A: Q1 gross margin was strong, but year-over-year comparisons are affected by last year's operational challenges. We expect normal fluctuations in gross margin, similar to previous good semi quarters.
Q: Given strong order momentum, should we expect full-year 2026 growth to be at the upper end of guidance? A: We maintain our single-digit growth guidance for the group and semi SBU. Execution and order conversion will determine where we land within the guidance range.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
