Jenoptik : Quarterly Statement January 1 – March 31, 2024

Quarterly Statement of the Jenoptik Group

January to March 2024

Jenoptik Group

Jenoptik at a glance

• Other includes Corporate Center (holding, shared services, real estate) and consolidation ² Based on the sum of external and internal revenue
  ³ Prior-year figures refer to December 31, 2023

Please note that there may be rounding differences in this report compared to the mathematically exact amounts (currency units, percentages).

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Quarterly Statement January to March 2024

Summary of Business Performance, January to March 2024

• Order intake down on prior year: At 242.0 million euros in the period from January through March 2024, the order intake was down on the prior-year figure of 283.0 million euros. The book-to-bill ratio was 0.94 (prior year: 1.21). The order backlog, worth 731.3 million euros, remained at a good level (31/12/2023: 745.0 million euros).
  See Earnings position - page 6
• Revenue sharply up on prior year: Over the reporting period, revenue of 256.1 million euros was
  up by 9.4 percent on the prior year (prior year: 234.1 million euros), in particular thanks to the contribution from the Advanced Photonic Solutions division.
  See Earnings position - page 4
• Marked improvement in EBITDA: In particular due to good performance of the Advanced Photonic Solutions division and the improvement in earnings of the Non-Photonic Portfolio Companies, EBITDA rose by 21.6 percent to 44.5 million euros (prior year: 36.6 million euros). The EBITDA margin was 17.4 percent (prior year: 15.6 percent).
  See Earnings position - page 5
• Balance sheet and financing structure still highly robust: The equity ratio, at 54.3 percent, remained
  virtually unchanged from the level at year-end 2023 (31/12/2023: 54.2 percent). Free cash flow
  amounted to 19.5 million euros (prior year: 28.5 million euros). See Financial and asset position - page 7
• Guidance confirmed: For the fiscal year 2024, the Executive Board anticipates revenue growth in the mid-single-digit percentage range and an EBITDA margin of 19.5 to 20.0 percent, including an expected impact of about 0.5 percentage points for the move to the new semiconductor site in Dresden.
  See Forecast Report - page 13

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Jenoptik Group

Earnings, Financial, and Asset Position

The tables in the Quarterly Statement, which show a breakdown of the key indicators by segment, include the Corporate Center (holding company, shared services, real estate) and consolidation effects under "Other". Jenoptik operates in the following reportable segments: the Advanced Photonic Solutions division, the Smart Mobility Solutions division, and the Non-Photonic Portfolio Companies.

Earnings position

In the first three months of 2024, Jenoptik was able to significantly increase revenue and EBITDA, especially in the Advanced Photonic Solutions division.

In the first quarter 2024, the Group saw revenue improve to 256.1 million euros, a significant 9.4-percent increase on the prior year (prior year: 234.1 million euros).

In the Advanced Photonic Solutions division, the marked revenue growth was particularly facilitated by sustained good business in the Semiconductor Equipment area. The Smart Mobility Solutions division and the Non-Photonic Portfolio Companies also improved revenue in the first three months of 2024.

Revenue by segment (in million euros)

During the period from January through March 2024, Jenoptik increased revenue both in Germany and in other Euro- pean countries, while the prior-year level was not quite reached in the Americas and Asia/Pacific. The Advanced Photonic Solutions division was the main contributor to the strong increase in revenue seen in Europe (including Germany), from

130.2 million euros to 159.9 million euros. At 70.7 percent, the share of revenue generated abroad was down on the prior-year figure of 74.0 percent.

The cost of sales increased to 172.1 million euros (prior year: 156.3 million euros), rising slightly more strongly than revenue in percentage terms. This was in part due to higher depreciation/amortization from investments. At 84.1 million euros, gross profit was up on the prior-year figure of 77.8 million euros, primarily due to the contribution made by the Advanced Photonic Solutions division. The gross margin, however, decreased to 32.8 percent (prior year: 33.2 per- cent).

Over the reporting period, research and development expenses increased to 16.0 million euros (prior year: 14.1 million euros). Development expenses on behalf of customers posted in cost of sales increased to 8.1 million euros (prior year:

7.7 million euros). The R+D output came to 25.9 million euros, up on the prior-year figure of 23.1 million euros and equating to a share of revenue of 10.1 percent (prior year: 9.9 percent).

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Quarterly Statement January to March 2024

R+D output (in million euros)

Selling expenses of 26.6 million euros in the reporting period were virtually unchanged from the prior-year figure of

26.2 million euros, despite the increase in revenue; at 10.4 percent, the selling expenses ratio was down on the prior- year level of 11.2 percent.

Administrative expenses rose to 17.6 million euros (prior year: 16.1 million euros), but the administrative expenses ratio

remained unchanged at 6.9 percent (prior year: 6.9 percent).

In the first quarter, other operating income came to 5.5 million euros, slightly up on the prior-year period (prior year:

1. million euros). Lower currency losses were chiefly responsible for the improvement in other operating expenses to minus 3.4 million euros (prior year: minus 6.0 million euros). Overall, other operating income and expenses came to

1. million euros (prior year: minus 1.3 million euros).

Over the first three months of 2024, EBITDA improved to 44.5 million euros, 21.6 percent up on the prior-year figure of

36.6 million euros, mainly due to good performance of the Advanced Photonic Solutions division, but also the improve- ment seen by the Non-Photonic Portfolio Companies. The EBITDA margin in the first quarter of 2024 came to 17.4 per- cent (prior year: 15.6 percent).

In the first three months of 2024, this good performance was also reflected in income from operations (EBIT), which at 26.0 million euros was also sharply up on the prior-year figure of 19.9 million euros. The corresponding margin improved from 8.5 percent to 10.2 percent.

EBITDA (in million euros)

EBIT (in million euros)

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Jenoptik Group

The financial result decreased during the reporting period, primarily due to higher currency losses, to minus 4.8 million euros (prior year: minus 3.5 million euros).

Over the reporting period, Jenoptik achieved markedly improved earnings before tax of 21.2 million euros (prior year:

16.5 million euros). Income taxes amounted to 5.8 million euros (prior year: 4.7 million euros). The tax rate was 27.3 per- cent (prior year: 28.5 percent). The cash effective tax rate rose to 24.4 percent (prior year: 17.5 percent).

Group earnings after tax increased to 15.4 million euros (prior year: 11.8 million euros). Group earnings per share came

to 0.27 euros (prior year: 0.21 euros).

Order position

In the first three months of 2024, the order intake, worth 242.0 million euros, was 14.5 percent down on the prior-year figure of 283.0 million euros. Demand was weaker than expected in Optical Test & Measurement and in certain applications in Life Science and Medical Technology, as well as in the Non-Photonic Portfolio Companies, here in part due to project delays. The Group's book-to-bill ratio came to 0.94 (prior year: 1.21).

Although the order backlog decreased by 1.8 percent to 731.3 million euros, it remained at a good level (31/12/2023:

745.0 million euros). Of this backlog, around 563 million euros or around 77 percent (prior year: around 571 million euros or around 74 percent) is due to be converted to revenue in the present fiscal year.

Order situation (in million euros)

As of March 31, 2024, the number of Jenoptik employees (including trainees and temporary staff) rose 1.0 percent or by 46 persons to 4,704 (31/12/2023: 4,658 employees). In the Advanced Photonic Solutions division, the number of employees rose slightly due to an increase in staff in the Semiconductor Equipment area. At the end of March 2024, 1,710 people were employed at the foreign locations (31/12/2023: 1,677 employees). In the Segment Report, the number of employees is stated on the basis of full-time equivalents (FTE). For the Group, this number amounted to 4,338 employees at the end of March 2024 (31/12/2023: 4,280 employees).

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Quarterly Statement January to March 2024

Employees (headcount incl. trainees and temporary staff)

As of March 31, 2024, Jenoptik had a total of 147 trainees (31/12/2023: 163 trainees).

Detailed information on the development of the divisions can be found in the Segment Report from page 9 on.

Financial and asset position

Compared to the end of December 2023, net debt decreased marginally to 416.7 million euros (31/12/2023: 423.1 million euros). As of March 31, 2024, the Group also had unused credit lines worth around 400 million euros. Leverage, net debt in relation to EBITDA, improved to 1.9x (31/12/2023: 2.0x). The Group therefore still has sufficient financial leeway to ensure the company's scheduled strategic growth.

Over the reporting period, Jenoptik invested 19.8 million euros in property, plant, and equipment, including leases of

1. million euros, and intangible assets (prior year: 22.5 million euros, including leases of 7.1 million euros). At 17.8 mil- lion euros, the largest share of capital expenditure was spent on property, plant, and equipment (prior year: 20.4 million euros), in part for new technical equipment and an expansion in production capacities, in particular for the semiconduc- tor equipment industry, and construction of the factory in Dresden. Capital expenditure for intangible assets of 1.9 mil- lion euros was slightly down on the prior-year figure of 2.1 million euros. Scheduled depreciation/amortization totaled

1. million euros (prior year: 16.6 million euros) and includes the impacts arising from the purchase price allocation for the acquisitions made in recent years.

In the first quarter of 2024, cash flows from operating activities amounted to 32.3 million euros (prior year. 44.4 million euros), mainly influenced by the increase in working capital.

At the end of March 2024, cash flows from investing activities came to minus 17.9 million euros (prior year: minus 18.9 million euros), primarily due to lower capital expenditure for property, plant, and equipment, as well as disposals of fixed assets.

As a result of lower cash flows from operating activities before taxes, the free cash flow came to 19.5 million euros (prior year: 28.5 million euros). The free cash flow is calculated on the basis of the cash flow from operating activities before income tax payments less the inflows and outflows of funds for intangible assets and property, plant, and equip- ment. In the first three months of 2024, the cash conversion rate came to 43.8 percent, significantly down on the prior- year figure of 78.0 percent.

Cash flows from financing activities increased slightly to minus 25.3 million euros in the period covered by the report (prior year: minus 24.2 million euros) and were primarily influenced by the change in liabilities to banks and the interest paid.

At 1,660.4 million euros as of March 31, 2024, the total assets of the Jenoptik Group were virtually unchanged on the 2023 year-end figure of 1,666.9 million euros.

Non-currentassets fell compared with the year-end figure for 2023, to 1,083.9 million euros (31/12/2023: 1,099.8 million euros). This was mainly due to currency effects, particularly in the intangible assets item.

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Jenoptik Group

Current assets increased from 567.1 million euros at the end of 2023 to 576.5 million euros as of the end of March 2024, in particular due to the rise in inventories, which increased to 294.7 million euros (31/12/2023: 269.3 million euros). By contrast, trade receivables fell, primarily due to a seasonally high level of receivables in the fourth quarter of 2023.

Primarily driven by the increase in inventories, the working capital as of March 31, 2024 rose to 312.9 million euros (31/12/2023: 304.4 million euros / 31/3/2023: 283.2 million euros). The working capital ratio, that of working capital to revenue based on the last twelve months, was 28.8 percent and thus slightly above the value at year-end 2023 (31/12/2023: 28.6 percent / 31/3/2023: 28.1 percent).

At 901.9 million euros, equity as of March 31, 2024 was approximately at the same level as at year-end 2023 (31/12/2023: 903.3 million euros). Currency effects, in particular, had a negative impact on this item, and were not fully compensated by the improved net profit for the period. The equity ratio remained almost unchanged, at 54.3 percent compared with 54.2 percent at the end of December 2023.

Non-currentliabilities fell to 477.4 million euros (31/12/2023: 496.0 million euros), and in the first three months of 2024

were mainly influenced by the decrease in non-current financial debt to 455.3 million euros (31/12/2023: 472.3 million euros) as a result of the early repayment of a debenture bond and repayment of other liabilities to banks.

Current liabilities rose to 281.0 million euros (31/12/2023: 267.6 million euros). Contract liabilities increased due to consideration paid by or due from customers arising from project business. The increase in the other current non-financial liabilities item is chiefly due to the accrual of leave entitlements throughout the year and other obligations toward employees.

The Group continues to ensure healthy balance sheet ratios and a comfortable liquidity position.

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Quarterly Statement January to March 2024

Segment Report

The two divisions, Advanced Photonic Solutions and Smart Mobility Solutions, together with the Non-Photonic Portfolio Companies, represent the segments as defined in IFRS 8.

The revenue, order intake, and order backlog figures provided in the Segment Report relates exclusively to transactions with external parties.

Advanced Photonic Solutions

From January through March 2024, the Advanced Photonic Solutions division generated revenue of 200.5 million euros, a significant 10.3 percent above the prior-year figure of 181.8 million euros. In particular in the business with the semiconductor equipment industry revenue increased in the first three months of 2024.

Revenue in Europe (including Germany) grew from 103.4 million euros to 131.6 million euros but was below prior-year figures in the other regions. In the first three months of 2024, the Advanced Photonic Solutions division contributed a total of 78.3 percent of Jenoptik's revenue (prior year: 77.7 percent).

On the basis of good revenue growth, EBITDA of 40.1 million euros was a sharp 9.2 percent up on the prior-year figure of 36.7 million euros. The division's EBITDA margin was 19.7 percent (prior year: 20.0 percent).

Compared to the prior-year period, EBIT also improved to 27.1 million euros (prior year: 25.1 million euros).

The order intake in the Advanced Photonic Solutions division, worth 197.9 million euros, did not reach the value of the prior-year quarter (prior year: 212.1 million euros). While demand from the semiconductor equipment industry remained nearly constant, Optical Test & Measurement and Medical Technology/Life Science posted significantly fewer new orders than in the prior year. Set against revenue, this resulted in a book-to-bill ratio of 0.99 for the reporting period, compared with 1.17 in the prior year.

Advanced Photonic Solutions at a glance (in million euros)

• Based on the sum of external and internal revenue ² Prior-year figures refer to December 31, 2023

At a value of 575.2 million euros, the order backlog as at March 31, 2024 was slightly below the figure at year-end 2023 (31/12/2023: 579.8 million euros) but still at a good level. It remained virtually unchanged in the Semiconductor Equipment field.

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Jenoptik Group

From January through March 2024, capital expenditure in the Advanced Photonic Solutions division amounted to

13.2 million euros (prior year: 13.6 million euros). Investments were made in the new fab in Dresden in particular. As a result of rising demand for optics and sensors for the semiconductor industry, Jenoptik is expanding its manufacturing capacities at its Dresden site and will invest 90 to 100 million euros in a state-of-the-art production building for micro- optics and sensors and a new office complex. Production is scheduled to start at the new factory in early 2025.

Primarily due to the increase in working capital, the free cash flow (before interest and income tax payments) decreased to 13.4 million euros, down from 21.6 million euros in the prior year. The cash conversion rate consequently fell to 33.4 percent (prior year: 58.7 percent).

Smart Mobility Solutions

In the first six months of 2024, the Smart Mobility Solutions division posted revenue of 24.0 million euros, an increase of 4.6 percent on the prior-year period (prior year: 22.9 million euros). The increase in revenue was particularly notable in Europe (including Germany). From January through March 2024, the division's share of Jenoptik's revenue came to 9.4 percent (prior year: 9.8 percent).

EBITDA increased slightly to 0.1 million euros in the period covered by the report (prior year: minus 0.1 million euros). The EBITDA margin was 0.4 percent, compared with minus 0.4 percent in the first three months of the prior year.

The division's order intake is subject to typical fluctuations in project business, and at 29.4 million euros in the first quarter of 2024 was significantly down on the prior-year figure of 38.9 million euros. Over the reporting period, the book-to-bill ratio came to 1.23 (prior year: 1.70).

Compared to the end of 2023, the division's order backlog grew by 9.8 percent to 66.1 million euros (31/12/2023: 60.2 million euros).

Primarily due to a significantly lower reduction in working capital in the first quarter compared to the prior-year period, the division's free cash flow (before interest and income tax payments) for the first three months of 2024 came to minus 0.9 million euros (prior year: 4.0 million euros).

Smart Mobility Solutions at a glance (in million euros)

• Based on the sum of external and internal revenue ² Prior-year figures refer to December 31, 2023

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