In This Article:
Release Date: May 13, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Jenoptik AG (JNPKF) has strong positions in key markets, particularly in semiconductor and advanced manufacturing, and biophotonics.
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The company has opened a new factory in Dresden, which is expected to support mid-term demand for high-performance chips.
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Despite challenges, Jenoptik AG (JNPKF) reiterates its 2025 guidance, showing confidence in its ability to manage cyclical business environments.
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The smart mobility solutions business saw very strong order intake, driven by developments in the Americas and Middle East Africa.
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The company has implemented a new organizational structure with four fully verticalized strategic business units, aiming for greater customer focus and efficiency.
Negative Points
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Jenoptik AG (JNPKF) experienced a significant decline in order intake in its semiconductor and advanced manufacturing business due to a one-off effect.
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Revenue and operating profit did not reach prior levels in the first quarter, with declines in the semiconductor and metrology and production solutions businesses.
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The book-to-bill ratio in Q1 was down to 0.85, indicating challenges in converting orders to revenue.
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The company faces increased market uncertainty and timing risks, particularly in the semiconductor sector.
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There is a cautionary note on the sustainability of strong performance in the biophotonics business, with expectations of normalization in growth rates.
Q & A Highlights
Q: Can you provide more details on the order cancellation in the semiconductor business and its impact on future orders? A: The order cancellation was significant, in the double digits, but it was not expected to impact 2025 revenue as it was related to future potential sales. The cancellation was due to a technical redesign, not a loss of customer confidence. We expect the semiconductor business to improve in the second half of the year. (Dr. Stefan Trega, CEO)
Q: Are you confident in filling the new Dresden facility, and what is the outlook for the semiconductor business? A: We are confident in filling the Dresden facility as we believe in the semiconductor business's long-term potential. The industry is cyclical, and while there may be periods of underutilization, we expect demand to grow, especially with the need for high-performance chips. (Dr. Stefan Trega, CEO)
Q: Can you elaborate on the strong performance in the biophotonics segment and its sustainability? A: The biophotonics segment saw strong performance due to high utilization and positive mix effects, particularly in the dental business. However, the growth rate in Q1 is not expected to continue at the same level throughout the year. We anticipate solid growth but not at the Q1 rate. (Priska, CFO)