In This Article:
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Revenue Growth: Single-digit sales growth, approximately 5% increase, purely organic.
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EBITDA Margin: Almost 20% of sales.
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Order Intake: EUR1.03 billion, down by 6% year-over-year.
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Book-to-Bill Ratio: 0.92.
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Order Backlog: Reduced by about 10% year-over-year.
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Advanced Photonic Solutions Revenue: EUR866.8 million, 5.6% growth.
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Advanced Photonic Solutions EBITDA: Almost EUR192 million.
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Smart Mobility Solutions Order Intake: Positive development, particularly in North America.
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NPC EBITDA Margin: 17.5%, up from 14.1% last year.
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Earnings Per Share: EUR1.62, up by almost 28% year-on-year.
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ROCE: Improved by 120 basis points to 10.8%.
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Net Debt Position: Improved, leverage at 1.8 times compared to 2 times a year earlier.
Release Date: March 25, 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) reported robust growth in revenue and earnings for 2024, with single-digit sales growth and an EBITDA margin close to 20%.
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The company successfully expanded its profit margins, achieving an EBITDA of almost 20% of sales.
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Strong performance in the Advanced Photonic Solutions division and Non-Photonic Portfolio Companies contributed to higher earnings.
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Jenoptik AG (JNPKF) saw strong growth in Germany and Europe, with the APS segment being a key growth driver.
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The company maintained a strong financial position, with a slight improvement in net debt and leverage reduced to 1.8 times.
Negative Points
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Order intake declined by mid-single digits, particularly in the former NPC segment, due to turmoil in the automotive market.
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Geopolitical tensions and discussions around tariffs have created a challenging market environment, impacting Jenoptik AG (JNPKF) as an export-oriented organization.
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The company reported a reduction in order backlog by about 10% year-over-year, with a book-to-bill ratio of 0.92.
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The semiconductor order intake showed a downward trend, particularly in the second half of 2024, affecting strategic targets.
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Prodomax, part of the NPC segment, faced challenges due to geopolitical tensions and tariff discussions between the US and Canada, impacting order intake.
Q & A Highlights
Q: Why was the EBITDA margin in Q4 for the Semiconductor and Advanced Manufacturing division lower than other quarters? A: Stefan Traeger, CEO, explained that the decline was due to slower business overall and the first part of the costs related to moving into the new factory. There was also a mix impact between classical optics and micro-structured optics. These factors are expected to continue affecting Q1 2025.