Jenoptik : Results January 1 to March 31, 2024

JENOPTIK AG - First quarter 2024

Dr. Stefan Traeger I Dr. Prisca Havranek-Kosicek | May 8, 2024

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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 development or the performance of the company to be materially different from the announced forward-looking statements. Such factors can be, among others, geopolitical conflicts, pandemic diseases, changes in currency exchange rates and interest rates, energy supply, the introduction of competing products or the change of the business strategy. The company does not assume any obligation to update such forward-looking statements in this document in the light of future developments.

08.05.2024

First quarter 2024

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Highlights

First quarter 2024

Delivered solid first quarter 2024 results

• Strong growth in revenues and profit margins primarily driven by Advanced Photonic Solutions division and Non-Photonic Portfolio Companies
• Continued successful execution of our strategy to gain share of wallet with our key customers: new project won in our semiconductor equipment business
• Order intake down vs. prior year on softer than expected demand in some of our businesses, particularly of Non-Photonic Portfolio Companies
• Expect demand to pick up in H2 2024; full-year guidance confirmed

08.05.2024

First quarter 2024

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First quarter 2024 Group

Order intake lower than in prior year, continued solid level of order backlog

Order intake in MEUR

400,0	−14.5%
300,0
283.0
200,0	242.0
100,0
0,0
Q1/2023	Q1/2024

• Weaker demand in Optical Test & Measurement area and in certain applications in the life science / medical technology sector
• Non-PhotonicPortfolio Companies below prior year due to project postponements
• Book-to-billratio 0.94 (prior year 1.21)

08.05.2024 First quarter 2024

Order backlog in MEUR

900	−1.8%
745.0	731.3
600
300
0
Dec 31,2023	Mar 30,2024

• Approx. 77% to be converted to revenue in 2024 (prior year approx. 74%)
• Slight decline in order backlog attributable in particular to Non-Photonic Portfolio Companies

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Revenue increase drives substantial improvement in profitability

Revenue in MEUR

300	9.4%
234.1	256.1
200
100
0
Q1/2023	Q1/2024

• Strong revenue performance driven by Advanced Photonic Solutions and Non-Photonic Portfolio Companies
• Double-digitrevenue growth in Europe (incl. Germany)
• Foreign revenue share at 70.7% (prior year 74.0%)

08.05.2024 First quarter 2024

EBITDA in MEUR

60	21.6%
40	44.5
36.6
20
0
Q1/2023	Q1/2024

• EBITDA margin grew to 17.4% (prior year 15.6%)
• Robust performance by Advanced Photonic Solutions division
• Non-PhotonicPortfolio Companies significantly improved earnings

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Earnings per share increased by 28.6%

In million euros	Q1/2024			Q1/2023		Change in %
Revenue	256.1	234.1		9.4
Gross margin	32.8%	33.2%
Functional costs	60.2	56.4		6.7
Other operating result	2.1			−1.3		n.a.
EBITDA	44.5	36.6		21.6
EBIT	26.0	19.9		30.4
Financial result	−4.8			−3.5		n.a.
Earnings before tax	21.2	16.5		28.5
Earnings after tax	15.4	11.8		30.7
Earnings per share (euros)	0.27	0.21		28.6

08.05.2024 First quarter 2024

• Gross margin influenced in particular by higher depreciation/amortization
• Functional cost ratio amounted to 23.5% (prior year 24.1%)
• • R+D expenses ratio: 6.2% (prior year 6.0%),
  • Selling expenses ratio: 10.4% (prior year 11.2%)
  • Administrative expenses ratio: 6.9% (prior year 6.9%)
• EBIT margin improved to 10.2% (prior year 8.5%)
• Financial result impacted by higher currency losses
• Tax rate 27.3% (prior year 28.5%)
  ▪ Cash-effective tax rate of 24.4% (prior year 17.5%)
• Earnings per share substantially up on prior year

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Continued sound financial basis and balance sheet

In million euros

Cash flows from operating activities before income taxes

Cash flows from operative investing activities

Free cash flow

(before interest and income tax payments)

Cash conversion rate

Equity ratio

*31.12.2023

08.05.2024 First quarter 2024

Q1/2024			Q1/2023	Change in %
36.9	49.6	−25.7
−17.4			−21.1	−17.5
19.5	28.5	−31.7
43.8%	78.0%	n.a.
54.3%	54.2%*	n.a.

• Cash flows from operating activities mainly influenced by increase in working capital
• Working capital ratio at 28.7% (31.12.23: 28.6% / 31.03.2023: 28.1%)
• Capital expenditure amounted to EUR 19.8m (prior year EUR 22.5m);
  main investments: construction of the fab in Dresden, technical equipment
• Net debt at EUR 416.7m (31.12.23: EUR 423.1m)
• Leverage: 1.9x (net debt to EBITDA / 31.12.2023: 2.0x)

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First quarter 2024 Divisions