Jenoptik : Investor Relations (Stand Mai 2026)

Our Vision - Brighter Futures with the Power of Light.

Investor Relations Presentation I May/June 2026 © Copyright Jenoptik. All rights reserved.

Agenda

Company overview

Divisional set-up

Results Q1/2026 and outlook

Appendix

Jenoptik at a glance - a leading globally operating photonics group

1991

>80

~4,500

~2.05bn1

Fiscal year 2025

~1.05 bn

18.4

Year of foundation Represented in countries Employees worldwide

Our Mission

The Leading Light In the Application of Photonics

Focus on four growth areas

− Semiconductor technology

− Medical technology

− Metrology

− Smart Mobility

Market capitalization in euros

Revenue in euros

EBITDA margin in %

1 as of 8.5.2026

We enable the digital age

Addressing multiple mega-trends with our strong photonics expertise

We enable the digital age

We ensure superb quality in demanding production processes

We drive life science

and healthcare development

We make roads and cities safer

Clear focus on attractive markets

OEM

businesses

Solutions businesses

Semiconductor & Advanced

Manufacturing

Metrology & Production Solutions

42%

OEM businesses generate

~2/3 of revenue

20%

Biophotonics

Smart Mobility Solutions

12%

23%

3%

Semi Bio Metrology Mobility Others

Based on FY 2025 data

Strong value proposition:

Leading photonics expertise combined with strong customer relationships

Customer access / relationship

Technology

Joint R&D

programmes

Shared R&D roadmaps

Designed-in solutions

Application excellence

Industrial manufacturing know how

Manufacturing capacity

Supplier

Joint R&D projects

Evolution

Joint roadmaps

Joint ecosystem (Partner)

Portfolio has been aligned to future markets of photonics; focus on organic growth

Priorities Initiatives

Organic growth

Operational excellence

Innovation

Utilization of photonic

growth platforms

− Increased customer focus

− Investment in new application areas and regions

− Reorganization

• Allocation of production units

• Stronger standardization

− Continuous investment in development (e.g. micro-optics, optics, automation)

Streamlined organizational structure implemented to enhance customer focus and efficiency

Jenoptik has become more simple

− Matrix structure largely removed in 2024

− Full allocation of plants to individual

Strategic Business Units

Stronger customer focus, more efficiency clearer responsibilities

A

dvanced Manufactur

Semiconductor &

ing

Biophotonics

OEM businesses

Metrology & Production Solutions

Smart Mobility Solutions

Solution businesses

Robust track record of profitable growth

2014 - 2025

Revenue CAGR >5%

EBITDA margin increased >5 percentage points

Main driver to margin expansion

− Product mix effects

− Operating leverage

1200

1150

1100

1050

1000

950

900

850

800

750

700

650

600

550

500

450

400

350

300

18.8%1

19.7%

19.9%

21,0%

19,0%

17,0%

15,0%

13,0%

11,0%

18.4%

~590

million euros

12.9%

13.3%

14.2%

14.3%

15.3%

15.7%

15.1%1

16.7%1

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Revenues Discontinued Operation EBITDA margin

1) EBITDA margin of continuing operations; for 2021 excluding one-off items

Substantial investments to support organic growth

New Semi Fab in Dresden

Significant investments into production capacities

− Doubling production with new micro-optics cleanroom fab

(LEED certified) in Dresden; production started in early 2025

− New biophotonics production site in Berlin inaugurated in June 2023; capacity significantly expanded

− Continuous investment into production equipment

Relocation & expansion in Berlin

Capex and capex ratio

160

120

80

40

0

10.8 10.4 10.3 12

5.1

6.5

6.2

6.6

7,4

8

4

0

2018 2019 2020 2021 2022 2023 2024 2025

Capex in million euros (lhs) Capex rel. to revenue in %

Capex significantly declined in 2025

Robust key financial figures; net debt reflects recent acquisitions

Jenoptik Group	Q1/2026	FY 2025	700 600
Equity ratio in %	60.4	60.2	500
Net debt in million euros	313.0	317.4	400 300
Net debt / EBITDA	1.6x	1.6x	200 100
			0

Key financial ratios

Net debt and net debt to EBITDA1

Acquisition BG Medical/

SwissOptic (end 2021)

1.6x

Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26

4,0

3,5

3,0

2,5

2,0

1,5

1,0

0,5

0,0

Financing

Net debt in million euros Net debt / EBITDA (rhs)

(lhs) -69 -27,2

1 FY 2022 EBITDA (LTM) of continuing operations

− Substantial financing capacities available based on undrawn credit facilities (~300 million euros at the end Q1/2026)

Capital allocation priorities in current strategy period focus on organic growth

Capital allocation 2018 - 2024

~10%

~35%

~1.2bn euros of capital allocated 2018 - 2025

~55%

M&A CAPEX Dividends

New capital allocation priorities

3

2

1

Investment into organic growth (Capex, R&D)

Return to shareholders

Bolt-on acquisitions

New sustainability targets 2030

Jenoptik's

sustainability ratings

03/2025 Bronze Status 2025

Top Performer (65/100)

09/2025 AA Rating - Top 17 percent ranked in global Electronics Components Sector

Target 2025	Target 2030
>90%	100%
>55%	70%
33%	33%
Better than global benchmark	Better than global benchmark
>4%	>4.5%
50%	New target being developed

ESG-Area

Environment

Social

Governance/ others

KPI	2025
Share of green		96.8%
CO2 reduction		59.0%
Diversity rate		31.0%

electricity

Engagement score

73%

Apprentice Rate 4.5%

CSR rate 64.0%

Reach net zero (Scope 1+2) by 2035 at the latest

Divisional set-up

Leaner organizational structure to increase customer focus and efficiency and more clearly assign responsibilities

Semiconductor & Advanced Manufacturing

− Optical and micro-optical modules & subsystems for the semiconductor equipment industry

− Information and communication technologies and other

applications

Biophotonics

− Optical components for life science & medical technology industry

− Various industrial applications (incl.

security and defense)

Metrology & Production Solutions

− Systems and service for inspection, metrology and production solutions for optical, electronics and

automotive industries

Smart Mobility Solutions

− Camera systems and services for traffic surveillance, civil security and roads

user charging

MORE customer focus / MORE direct business responsibility / MORE efficiency

Jenoptik is strongly rooted in main applications IC lithography and IC inspection

Markets

Semiconductor & Advanced Manufacturing

Main characteristics

− Supplier to global manufacturers of wafer fab equipment for optical lithography and inspection

− Performance-critical, designed-in optical and micro-optical modules and subsystems

− Few key accounts / deep & long-term customer relationships

− Global R+D and manufacturing footprint

Market position

− Strategic supplier for high-end optical solutions, leveraging emerging technologies

− Unique technology portfolio; from nano-structured to classical optics

− Deep experience in semiconductor industry & markets

Financial profile

Revenue 2025:	EBITDA 2025:	Manufacturing footprint:
EUR 434.4m	EUR 114.2m	Jena (GER), Dresden (GER),
(−11.7% yoy)	Margin: 25.7%	Heerbrugg (CH), Jupiter (US), Wuhan (CN)

Semiconductor market expectations remain robust;

Multiple drivers support mid-term equipment market growth

Wafer Fab Equipment Market1 (billion USD)

Main chip demand drivers:

Digitalization

(AI & cloud infrastructure, 5G connectivity, edge computing)

Climate change & resource scarcity

180

150

120

90

CAGR 2025-28: ~9%

(Electrification & smart mobility, energy transition)

Social and economic shifts

(Working remotely, automation, technological sovereignty)

Main capacity demand drivers:

60

30

0

2020 2021 2022 2023 2024 2025 2026 2027 2028

WFE Market

Chip production volume growth Chip technology advancement

Technological sovereignty, energy transition

1 SEMI.org

Jenoptik Investor Relations Presentation 18

Chip manufacturing: photonics plays a critical role along the process

Front-end

Back-end
Wafer level packaging	Packaging

Inspection/Metrology

Inspection/Metrology

e.g. co-packaged optics

e.g. advanced / 3D-

packaging

Etching

CMP

Implant

Lithography

Deposition

Diffusion

Jenoptik core technology portfolio

Main photonics applications

Use of photonics

Jenoptik leverages its strong position in the global semi supply chain; revenues more than doubled since 2020 - CAGR (organic) >10%

Key business features:

Close customer relationships with leading OEM's

Broad technology portfolio & deep application know-how

Main demand drivers:

• Chip fabrication capacity expansion

• New technologies both front and back end

• Growing installed base

  
  
  

  Strong track record in supplying function-critical components & modules

  
  
  
  
  

  Joint development and designed-in products

  
  
  

  Significant capacity expansion largely completed

  Source: ASML

  20

  
  
  

  Target to continuously increase share of wallet

  
  
  

  New state-of-the-art fab in Dresden opened on time in Q1 2025

  
  
  
  
  

  − Largest single investment in recent history (just under 100m euros)

  − Expanding production & research and development

  capacities for innovative micro-optics

  − Extremely demanding manufacturing environment (clean rooms meet the highest requirements for vibration-free operation and temperature stability)

  • Well positioned to support mid-term demand for high-performance chips, e.g. for AI

Developing new applications in the area of Medtech & Life Sciences

Markets

Biophotonics

Main characteristics

− Supplier to global Medtech & Life Science OEM manufacturers

− Performance-critical, designed-in modules and sub-systems

− Key account approach / strong relationship to market leading customers

− Serves selective industrial applications (e.g., defense & security, automation)

Market position

− Strength in combining optics, illumination, detection and assembly know-how

− Strong position in certain applications, e.g., dentistry, ophthalmology, DNA-sequencing

− Develop growth opportunities in new fields, e.g., surgery

Financial

profile

Revenue 2025:

EUR 245.4m (+10.4% yoy)

EBITDA 2025: EUR 52.2m

Margin: 21.1%

Manufacturing footprint: Jena (GER), Berlin (GER),

Triptis (GER), Heerbrugg (CH) Jupiter (US)

Biophotonics: main Medtech and Life Sciences applications and drivers

Our products portfolio enables diagnostics and therapy, e.g.

− imaging solutions for dentistry and (robotic) surgery

− disk lasers for ophthalmology

− readheads for DNA sequencing and fluorescence microscopy

− illumination and cameras for optical microscopy

− detectors for electron microscopy

− diode laser stacks for esthetics

− Growing and aging population, better access to healthcare in developing countries

− New therapeutic approaches (e.g., personalized medicine / minimal invasive procedure), and digitization

− Overall average end-market growth in medtech and life science market expected at mid-single digit rate1

− Changes in geopolitical situation

1) Fortune Business Insights

Key market drivers

Biophotonics: optical defense portfolio & position

Well established supplier of high-end optical defense products

Our product portfolio supports defense and industrial applications by leveraging technological synergies, e.g.

• Laser rangefinders

• Thermal imaging (IR) cameras

  
  
  

• Light Emitting Diodes (LEDs)

• Infrared and polymer optics

  Applications mainly relate to surveillance and targeting

• Land

• Air

  
  
  
  
  

• Naval

Well established global customer base

Addressing highly specialized application with a broad portfolio for efficient quality control and production solutions

Main

characteristics

Metrology & Production Solutions

Markets

− Supplier of high-end testing and production solutions incl. service

− Main end-markets include automotive and electronics, as well as industries producing optics

− Broad customer-base (OEM, Tier 1/integrators, component manufacturers)

Market position

− Global sales and service infrastructure in place

− Leading position in certain niches, e.g., smart phone camera & AR/VR testing, airbag perforation, shaft measurement

− Develop growth opportunities in new/emerging fields, e.g., AR/VR, adjacent automotive applications

− Realize service opportunity

Financial profile

Revenue 2025:

EUR 206.7m (−7.0% yoy)

EBITDA 2025:

EUR 16.1m

Margin: 7.8%

Manufacturing footprint:

Villingen-Schwenningen (GER), Wedel (GER),

Jena (GER), Bayeux (FR), Shanghai (CN)

Deploying strong technology basis to realize growth opportunities in new/emerging fields

ELECTRONICS manufacturing

OPTICS manufacturing

AUTOMOTIVE manufacturing

Quality Inspection

adjacent applications

Visionline

Opticline

ProCam

OptiSurf

OptiCentric

ImageMaster

Mechanical

parts testing

Shaft measurement

JENvelt

Advanced production technologies

AR/VR and Smartphone testing

Lens assembly & testing

Measurement of center thicknesses and air gaps

ADAS

Votan A

alignm. & testing

Laser material processing

Airbag perforation

Addressing highly specialized application with a broad portfolio of quality control and production solutions

Markets

Smart Mobility Solutions

Main characteristics

− Provider of solutions for traffic law enforcement, civil security and road user charging

− Offers equipment and software, including integration, installation and maintenance through to full-service operation (~40% recurring revenue)

− Global public sector customer basis (local and central governments, police etc.)

Market position

− Very strong market position in certain markets including UK, Germany and Australia

− Strong basis for future growth of direct business in North America

− Addressing growth opportunities: distracted driving, automatic number plate recognition

Financial profile

Revenue 2025:

EUR 129.7m (+8.5% yoy)

EBITDA 2025:

EUR 17.7m

Margin: 13.6%

Manufacturing footprint:

Monheim (GER), Camberley (UK)

Smart Mobility Solutions Division: main demand drivers and applications

Traffic Law Enforcement Civil Security

− New applications such as distracted driving

− Growing demand for integrated services

− Political initiatives such as Vision Zero in additional countries

− Overall average market growth expected at ~8-10%1

Road User Charging

1) MarketsandMarkets report

Equipment & full service provider

Redlight monitoring

Speed & average speed control (fixed & mobile)

Moving vehicle offenses

Distracted driving

Automatic number plate recognition for e.g. border control, predictive analytics

Road user charging & emission control

Results

first quarter 2026

OEM businesses drive significant increase in order intake

Semiconductor & Advanced Manufacturing

Biophotonics

Metrology &

Production Solutions

Smart Mobility Solutions

Business development:

− Substantially higher demand in OEM business, in particular in the semiconductor equipment industry

− Revenue slightly down on prior year, as expected

− EBITDA margin significantly improved

− Free cash flow influenced by demand-driven increase in working capital

Continuous focus on main growth opportunities:

− Set to leverage strong market positions (technology and customer relations)

− AI-driven semi demand, optical communication for data centers, defense, expansion of SMS business in US, and AR/VR

Outlook 2026 confirmed

Highest quarterly order intake in years supported by single major order, amongst other things

Order intake in MEUR

204.6

74.4%

356.9

In million euros		Q1/2026	Q1/2025 Change in %
Semiconductor & Advanced Manufacturing		180.2	68.6 162.7
Biophotonics		73.9	44.7 65.5
Metrology & Production Solutions		53.3	50.5 5.4
Smart Mobility Solutions		37.7	38.3 −1.6
Other		11.8	2.5 364.3

400

300

200

100

0

Q1/2025 Q1/2026

− Semiconductor & Advanced Manufacturing: strong demand (including major order), particularly in the lithography and inspection businesses (prior year: negative one-off effect resulting from a one-time product adjustment)

− Biophotonics: substantially higher demand in medtech & life science and in defense business

− Metrology & Production Solutions and Smart Mobility Solutions: order intake in line with expectations

− Book-to-bill ratio 1.48 (prior year: 0.84)

− Order backlog amounted to 719.2 million euros (31.12.2025: 590.8 million euros)

Q1/2026: revenue still slightly below prior year

Revenue in MEUR

243.6

− 1.0%

241.2

In million euros		Q1/2026	Q1/2025 Change in %
Semiconductor & Advanced Manufacturing		108.2	100.9 7.2 63.8 -10.9 40.6 -3.7 28.7 10.9 9.6 -44.8
Biophotonics		56.8
Metrology & Production Solutions		39.1
Smart Mobility Solutions		31.8
Other		5.3

300

200

100

0

Q1/2025 Q1/2026

− Semiconductor & Advanced Manufacturing: stronger revenue in particular in inspection

− Biophotonics: higher revenue in the defense and life science areas; very strong prior-year basis due to dental business

− Metrology & Production Solutions: automotive market remains challenging

− Smart Mobility Solutions: strong development in all regions

− 77.2% of revenue generated abroad (prior year: 72.7%)

EBITDA margin increased to 18.4% compared to modest prior-year level of 14.9%

EBITDA in MEUR

36.2

22.5%

44.4

	EBITDA in million euros EBITDA in %
		Q1/2026	Q1/2025	Q1/2026	Q1/2025 20.5 24.4 -8.3 6.6 -
Semiconductor & Advanced Manufacturing		33.7	21.4 15.6 −3.4 1.9 0.7	30.6
Biophotonics		12.5		21.9
Metrology & Production Solutions		-0.2		-0.4
Smart Mobility Solutions		3.7		11.6
Other		-5.4		-

50

40

30

20

10

0

Q1/2025 Q1/2026

− Cost-cutting measures implemented in 2025

− Semiconductor & Advanced Manufacturing: better utilization and change in product mix (prior year: costs for move in Dresden included)

− Biophotonics: strong profitability retained despite lower revenues

− Smart Mobility Solutions and Metrology & Production Solutions: positive development

Earnings figures clearly above modest prior-year level

In million euros

Revenue

Gross margin

Functional costs

Other operating result

EBITDA

EBIT

Financial result

Earnings before tax

Earnings after tax

Earnings per share (euros)

Q1/2026
241.2
35.4%
59.6
0
44.4
25.9
−2.4
23.5
16.8
0.29

Q1/2025		Change in %
243.6		−1.0
30.9%
58.4		2.1
−0.1		n.a.
36.2		22.5
16.9		53.4
−4.1		41.6
12.8		83.9
9.2		82.5
0.16		81.3

− Gross margin influenced in particular by higher contribution of Semiconductor & Advanced Manufacturing

− Functional cost ratio amounted to 24.7% (prior year: 24.0%)

• R+D expense ratio: 6.7% (prior year: 6.6%)
• Selling expense ratio: 10.5% (prior year: 10.4%)
• Administrative expense ratio: 7.6% (prior year: 7.0%)

  − EBIT margin increased to 10.7% (prior year 6.9%)

  − Financial result impacted by lower interest expenses and

  currency losses

  − Tax rate at 28.8% (prior year: 28.3%)

• Cash-effective tax rate of 22.0% (prior year: 25.3%)

Free cash flow impacted by increase in working capital; financial position remains very strong

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)

Net debt

Equity ratio

Q1/2026

28.7

−12.8

15.9

313.0

60.4%

*31.12.2025

Q1/2025 Change in %

54.9 −47.7

−26.0 50.8

28.9 −44.8 317.4* −1.4 60.2%* n.a.

− Cash flows from operating activities impacted by

increase (prior year: reduction) in working capital

− Cash flows from operative investing activities influenced in particular by payments for property, plant and equipment

− Cash conversion rate at 35.9% (prior year: 79.8%)

− Leverage: 1.6x (net debt to EBITDA / 31.12.2025: 1.6x)

− Capital expenditure amounted to 10.1 million euros (prior year 14.4 million euros)

− Working capital ratio at 31.8% (31.12.2025: 29.1% /

31.3.2025: 29.0%)

Revenue and margin guidance for 2026 confirmed

Targets 2026

Semiconductor & Advanced Manufacturing

Biophotonics

Metrology &

Production Solutions

Smart Mobility Solutions

− Revenue increase in single-digit percentage range (2025: 1,046.0 million euros)

− EBITDA margin between 19.0 and 21.0 percent (2025: 18.4%)

− Investments slightly below prior year (2025: 77.4 million euros)

The guidance is subject to the assumption that political and economic conditions do not deteriorate, including in particular economic trends, the war in Ukraine, the conflict in the Middle East, European and international regulations, and macroeconomic developments.

Potential portfolio changes are not considered in this forecast.

Appendix

Innovation remains our main growth engine through our leading competencies in…

− Harnessing light

− Helping our customers to solve highly complex

photonic problems

− Design and industrialization of complex optics and photonics components

− Decoding photonic signals in data imaging solutions

Approx. 670 R+D colleagues are dedicated to drive

innovation and to engineer novel solutions.

Investment into future applications such as AR/VR will continue.

R+D output in million euros1

11,0%

9,0%

7,0%

5,0%

3,0%

1,0%

-1,0%

9.2%

8.9%

8.9%

8.5%

8.0%

8.5%

9.5%

2019

2020

2021

2022

2023

2024

2025

©NASA/JPL-Caltech

120

90

60

30

0

R&D expenses R&D customer projects R&D output rel. to revenue

1) R+D output incl. R+D expenses, developments on behalf of customers as well as capitalized R+D

Megatrends will drive growing demand for photonics solutions of the future

Societal needs

Jenoptik's contribution

Digitization

Health

Mobility

Sustainability

Global photonics market CAGR of ~6%1 until 2030

Growing demand for chips for various existing as well as new applications; increasing usage of augmented and virtual reality

Aging population >> increasing demand for therapies, diagnostics and bioimaging

Increasing demand for intelligent safety solutions

Solutions for e.g. climate protection, sustainable

mobility, efficient use of resources

Jenoptik supplies high-performance optics, micro-optics for semiconductor equipment as well as innovative test & measurement systems

Jenoptik supplies optical systems e.g. for genome sequencing and digital image processing, microscope cameras and laser systems

Jenoptik supplies innovative products for more safety on roads and in cities

Jenoptik enables its customers to produce more efficiently for greater resource conservation and climate protection

1) Verified Market Research

A long tradition of innovation in optoelectronics

19 20 21 22 23

1846 1946

1989-91

1992-98

1998-2006

2007-16

since 2017

Founded	State	German	New	Flexibility	Consolidation	Sustainable
in Jena by	property	Reunification	Businesses			profitable growth

Carl Zeiß

"Workshop for precision mechanics and optics"

The Zeiss plant in Jena, converted into state property

Acquisition of companies to open up new sales channels

IPO 1998

Strategy "More Light" in 2018

Starting new strategy

"More Value" in 2021