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Strategy and targets

Sustainable profitable growth as an expert in photonics

Photonics is a key technology for the 21st century and makes significant contributions to increasing efficiency, protecting the environment and conserving resources. Within this dynamic environment, Jenoptik, as an expert in photonics, wants to continue its profitable growth and gradually become a globally leading, pure photonics group. We primarily target sectors advancing the trends of digitalization, health, smart manufacturing and mobility.

With the new Agenda 2025 “MORE VALUE” Jenoptik is focusing on sustainable profitable growth in photonic core markets

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With its new growth agenda, Jenoptik will further accelerate its transformation into a globally leading, pure photonics group. The core of the “MORE VALUE” agenda is the group’s focus on the three high-growth future markets of semiconductors/electronics, life science/medical technology and smart mobility.

Jenoptik expects substantial organic revenue growth from this, which is to be supplemented by further acquisitions. Taking into account potential divestments (incl. VINCORION) and acquisitions, Jenoptik expects average annual revenue growth of around 8 percent, or around EUR 1.2 billion by 2025.

An improved product mix with a successive increase in the proportion of higher-margin products is expected to bring an additional boost in profitability to an EBITDA margin of around 20 percent. The ROCE (without goodwill) is expected to reach approx. 20 percent.

Goals 2025

~ 8 %

Average annual revenue growth

~ 1.2 bn euros

Forecasted revenue

~ 20 %

ROCE (without goodwill)

~ 20 %

EBITDA margin

More information on our Agenda 2025 "MORE VALUE" is available in the presentation from the 2021 Capital Markets Day.

Objectives of Agenda 2025 “MORE VALUE”

In order to create added value for all our stakeholders with the agenda 2025 „MORE VALUE,“ we have set the following goals:
  • Transform Jenoptik into a globally leading pure photonics group
  • Focus on three highly attractive growth markets: semiconductors/electronics, life sciences/medical technology and smart mobility
  • Accelerate organic and non-organic growth
  • Further increase profitability
  • Strengthen financial firepower for organic growth and further acquisitions

Our photonic core markets

Fertigung optischer Komponenten, optische Systeme, Mikrooptik

Semiconductors & Electronics

We want to support the next level of digitalization through photonic innovations and be recognized worldwide as a leading provider of application-specific optical testing and measurement solutions for high-end electronic products.

Medizintechnik und Healthcare

Life Science & Medical Technology

As one of the leading photonic OEM partners in the life science/medical technology sector, we want to contribute to improving the lives of millions of people around the world.

Markt Verkehrssicherheit

Smart Mobility

We aim to become a global, full-service provider that provides technology and services for mobility infrastructures with an innovative product portfolio and generates at least 50% recurring revenue.

Video: Enabling the amazing


In implementing our Agenda 2025 “MORE VALUE,” we rely on:

Digitization and innovation

As an innovative, high-tech company, it is essential for Jenoptik to identify future customer needs and trends at an early stage in order to derive corresponding technology and product developments from them. With our know-how and innovative products, Jenoptik, as an enabler, makes an important contribution to overcoming societal challenges and enables our customers to contribute more efficiently and sustainably to more resource conservation and climate protection.

Sustainability strategy

Sustainability is an integral part of our corporate strategy. Our sustainability targets are taken into account in the Executive Board remuneration and are incorporated into our group financing.

Operational excellence

With the introduction of the new Jenoptik Business System, we are supporting the implementation of our Agenda 2025.

Human Resources Management

The commitment and know-how of our employees worldwide is the key to Jenoptik’s success and sustainable growth.

Guidance for the fiscal year 2024

Financial targets

Based on the high order backlog in the fiscal year 2023 and ongoing promising developments in the core photonics businesses, especially in the semiconductor equipment sector, the Executive Board is optimistic that it will achieve further profitable growth in the fiscal year 2024. Jenoptik expects revenue growth in the mid-single-digit percentage range in 2024 (2023: 1,066.0 million euros) and an EBITDA margin of 19.5 to 20.0 percent (2023: 19.7 percent), including an expected impact of approximately 0.5 percentage points for the relocation to the new semiconductor site in Dresden.

Jenoptik will continue to invest in the expansion of its production capacities in the fiscal year 2024 and therefore expects investments to be slightly up on the high prior-year figure of 110.4 million euros. The Executive Board anticipates the cash conversion rate (ratio of free cash flow to EBITDA) to be around 50 percent in 2024 (31/12/2023: 60.8 percent).

The forecast is subject to the proviso that the geopolitical risks and their impact on price trends, energy supplies, and supply chains do not deteriorate further. This forecast does not reflect any portfolio changes.

March 2024