Jenoptik : Interim Report (January 1 - June 30, 2021)

Interim Financial Report of the Jenoptik Group

(unaudited)

January to June 2021

Jenoptik Six - Month Report 2021

At a glance - Jenoptik Group

		Jan. - June 2021		Jan. - June 2020	Change in % April - June 2021		April - June 2020		Change in %
Order intake (in million euros)	508.4		333.9	52.2	240.0	122.2		96.4
Light & Optics	269.6		141.2	90.9	136.9	66.9		104.7
Light & Production	109.6		63.3	73.0	45.2	3.1		1,351.2
Light & Safety	64.6		41.9	54.3	23.3	19.6		19.1
VINCORION	63.5		84.3	- 24.7	34.7	30.9		12.2
Other¹	1.1		3.2			- 0.1	1.7
Revenue (in million euros)	389.3		329.0	18.3	213.3	164.6		29.6
Light & Optics	207.3		139.5	48.6	113.1	70.1		61.3
Light & Production	78.0		72.6	7.5	41.3	33.7		22.7
Light & Safety	42.8		55.7	- 23.2	23.6	29.2		- 19.3
VINCORION	60.0		58.8	2.1	34.6	30.6		13.0
Other¹	1.1		2.4			0.6	0.9
								121.3
EBITDA (in million euros)	73.7		37.9	94.6	53.7	24.3
Light & Optics	65.5		30.0	118.5	46.2	15.5		199.1
Light & Production	3.7		- 4.4	n/a	3.9		- 0.3		n/a
Light & Safety	3.3		10.6	- 68.5	3.2	5.7		- 44.3
VINCORION	6.3		4.1	53.3	3.3	3.2		3.6
Other¹		- 5.2		- 2.4			- 2.9	0.3
EBITDA margin	18.9%		11.5%			25.2%	14.7%
Light & Optics²	31.5%		21.4%			40.7%	21.9%
Light & Production²	4.7%		- 6.1%			9.4%		- 0.9%
Light & Safety²	7.8%		19.0%			13.4%	19.4%
VINCORION²	10.6%		7.0%			9.5%	10.3%
EBIT (in million euros)	46.2		15.6	197.1	40.2	13.1		207.5
EBIT margin	11.9%		4.7%			18.8%	7.9%
Earnings after tax (in million euros)	37.7		10.6	257.2	34.0	11.0		209.7
Earnings per share (in euros)	0.65		0.18	253.6	0.58	0.19		202.3
Free cash flow (in million euros)	11.6		16.0	- 27.8	- 4.2	1.6		n/a
Cash conversion rate	15.7%		42.3%			< 0	6.5%

			June 30, 2021		Dec. 31, 2020	June 30, 2020
Order backlog (in million euros)			586.0	460.1		478.0
Light & Optics			239.3	179.1		139.6
Light & Production			106.1	74.7		89.9
Light & Safety			68.8		46.0		54.1
VINCORION			171.7	160.3		193.6
Other¹			0	0		0.8
Frame contracts (in million euros)			58.0		42.3		44.4
Employees (head count and incl. trainees)			4,362		4,472		3,998
Light & Optics			1,889	1,845		1,366
Light & Production			941	1,040		1,048
Light & Safety			498		489		480
VINCORION			743	775		792
Other¹			291	323		312

• Other includes Corporate Center (holding, shared services, real estate) and consolidation. ² Based on total revenue

Please note that there may be rounding differences in this report compared to the mathematically exact amounts (currency units, percentages). OTTO Vision Technology GmbH (OTTO) has been part of the Light & Optics division since January 1, 2021. In the prior year the company was part of the Light & Production division. For this reason, the figures reported here for the comparative periods differ from the figures in the respective prior-year reports.

2

Summary

Summary of Business Performance, January to June 2021

• Jenoptik posted record figures in order intake, revenue and EBITDA in the second quarter of 2021; these
• 
  indicators­ also exceeded the prior-year figures in the first half-year as a whole.
• Strong order intake: In the first half-year of 2021, the Jenoptik Group's order intake increased to 508.4 mil- lion euros, a considerable improvement on the prior-year figure of 333.9 million euros. In the second quar- ter the order intake almost doubled compared with the prior year. The order backlog grew to 586.0 million
• 
  euros­ (31/12/2020: 460.1 million euros). See Earnings Position - Page 11
• Revenue up on prior year: In the period from January to June 2021, revenue of 389.3 million euros was
• 1. percent higher than in the prior-year period (prior year: 329.0 million euros), particularly due to the contribution made by the Light & Optics division. In the second quarter, revenue grew by 29.6 percent
     compared­ with the prior-yearquarter. See Earnings Position - Page 9
• High profitability: EBITDA increased to 73.7 million euros (prior year: 37.9 million euros), assisted by strong operating performance and a positive one-off effect of around 16 million euros in connection with the
• 
  acquisition­ of TRIOPTICS. The EBITDA margin increased to 18.9 percent (prior year: 11.5 percent). See Earnings Position - Page 11
• Financial power further boosted: Debenture bonds worth 400 million euros were successfully placed. The balance sheet and financing structure remained highly robust. Due to increased equity, the equity ratio of 53.5 percent was up on the figure of 51.5 percent at the end of 2020. Free cash flow amounted to
• 1. million euros (prior year: 16.0 million euros).

See Financial and Asset Position - from Page 12

• Division highlights
  Light & Optics: Order intake significantly up on prior year at 269.6 million euros. All areas, including TRIOPTICS for the first time, contributed to the sharp rise in revenue. High profitability thanks to strong operating­ performance and one-off effect in connection with the acquisition of TRIOPTICS; EBITDA margin at 31.5 percent (prior year: 21.4 percent); sharp rise in free cash flow.
  Light & Production: Order intake substantially up on prior-year period. Revenue also increased on prior year. Restructuring measures contributed to improved profitability; earnings up on prior year.
  Light & Safety: Order intake up on prior-year period, resulting in appreciable increase in order backlog. Revenue and earnings sharply down on prior year due to project-based business, reduction attributable to pandemic-related delays in both deliveries of electronic components and placement of orders.
  VINCORION: Project postponements resulted in significant fall in order intake. Revenue increase due to strong performance in Energy & Drive area. Earnings improved on prior year.
  See Segment Report - from Page 15
• Forecast raised: For the 2021 fiscal year, the Executive Board is now expecting revenue of between 880 and
  900 million euros (previously: revenue growth in low double-digit percentage range) and an EBITDA margin
  of between 19.0 and 19.5 percent (previously: EBITDA margin between 16.0 and 17.0 percent). See Forecast Report - Page 23

3

Jenoptik Six - Month Report 2021

Business and Framework Conditions

Group Structure and Business Activity

Jenoptik is a global photonics group and a supplier of high-­ quality and innovative capital goods. The Group is thus primar­ ily a technology partner to industrial companies. In the Light & Safety and VINCORION divisions, the company is also a supplier to the public sector, in part indirectly through system integra- tors.

Jenoptik provides the majority of its products and services to the photonics market. Our key markets primarily include the semiconductor equipment industry, the medical technology, consumer electronics­ and electronics manufacturing, automotive and mechanical­ engineering, traffic, aviation, and security and defense technology industries.

The Jenoptik Group operates in the three following photonics divisions:

• Light & Optics
• Light & Production
• Light & Safety.

In addition, its mechatronic activities are managed under the VINCORION brand.

The three photonics divisions build on extensive expertise in optics, sensors, imaging, robotics, data analysis, and human-­ machine interfaces.

This organizational structure enables a good market and customer-driven approach to doing business. Business operations have been consolidated according to a common understanding of markets and customers based on the same business models. This helps to increase the reach of our products and solutions and opens up improved growth opportunities.

More information on the Group structure and business activity can be found in the 2020 Annual Report, from page 78 on.

Purchases and sales of companies.

There were no company acquisitions or disposals in the first six months of 2021.

As it continues to focus its business on photonic applications, Jenoptik concluded an agreement on the sale of its crystal

growing­ business to Hellma Materials in early July 2021.

Also in July 2021, Jenoptik announced the sale of its non-­ optical process measuring technology business for grinding machines to Marposs, allowing it to sharpen its focus on those areas of metrology in which the Group is well positioned on the global market.

4

Group Management Report

Business and Framework Conditions

Targets and Strategies

The Jenoptik Share

At the heart of our strategy and future development is a concentration on photonic technologies for high-growth markets. Over the coming years, Jenoptik aims to push on with its plan to become a global, streamlined photonics company. Our main aim is to target markets where technological expertise justifies a price premium. Our solutions contribute to increased efficiency and precision of our customers' products and processes as well as to resource conservation and more sustainability. A concentration on optics and photonic technologies is at the heart of our "Strategy 2022," and we are also focused on inter­ nationalization and innovation. By 2022, we want to ­increase our R+D output, including developments on behalf of cus­ tomers, to around 10 percent of revenue. Diversity and inter­ national mindedness will also mark out Jenoptik more strongly than ever before.

In order to implement the growth strategy, we

• are focusing on our core areas of expertise in the field of photonics and optics,
• are actively managing our portfolio with a view to additional purchases as well as transformational acquisitions and selective divestments,
• are continuing to work on further internationalization in
  conjunction­with greater vertical integration and customer proximity­ in our growth regions,
• want to drive innovation even more strongly and be an
  innovation­ leader in our markets,
• are ensuring greater sustainability and resource conservation, as well as helping to achieve global sustainability targets, with our photonic products and solutions,
• are expanding our system and application expertise and
  developing­ as a solutions provider,
• are continuing to steadily strengthen our financial resources, and
• are promoting an active cultural change within the company.

For more information on the strategic trajectory of the Jenoptik Group, we refer to the 2020 Annual Report and the details given in the "Targets and Strategies" chapter from page 84 on, as well as on the Jenoptik website.

The mood on the capital markets remained positive in the first half-year of 2021, assisted by vaccination programs and the hope to overcome the coronavirus crisis and a return to

normalcy­ in economic activity. Signs of economic ­recovery and rising corporate profits, however, also caused share prices to rise. In the first six months, Germany's benchmark­ index, the Dax, rose 13.1 percent to 15,531.04 points. The German technology index (TecDax) stood at 3,564.07 points at the end of June 2021, a year-to-date gain of 9.8 percent. On the last day of trading in the second quarter, the SDax was up 7.9 percent, at 16,021.03 points.

Over the reporting period, the Jenoptik share was only party to the encouraging growth on the German stock market at times. After starting the first day of trading in 2021 with a closing price of 25.00 euros, the share made significant gains in the first two months, reaching its highest price of 29.96 euros on February 3. From late March on, however, it underperformed the indices, despite the announced growth in revenue and earnings in the current fiscal year. The share ended trading on June 30 at 23.06 euros, equating to a year-to-date fall of

7.8 percent. As of the end of June 2021, Jenoptik's market capitalization­ was 1,319.9 million euros.

Euro
35.00
30.00
25.00
20.00
15.00
January 2021		April 2021	July 2021
JO Xetra	Dax indexed	TecDax indexed	Sdax indexed

5