Order Intake Cycle Just Beginning to Unfold - PT Increased to €45

Research evidence excerpt

Order Intake Cycle Just Beginning to Unfold - PT Increased to €45

Germany | European Midcaps

Jenoptik EquityJulyResearch8, 2026

TARGET | ESTIMATE CHANGEOrder Intake Cycle Just Beginning to Unfold -

RATING BUYPT Increased to €45

PRICE €37.86^

Global semiconductor sales growth accelerated to a record 93.9%

in April 2026, reinforcing our positive outlook for Jenoptik. Following PRICE TARGET | % TO PT €45.00 (€38.00) | +19%

Jenoptik’s strong Q1 order intake (+74% yoy), driven by robust demand in 52W HIGH-LOW €48.42 - €16.04

semiconductor equipment, defence and data centre applications, we raise FLOAT (%) | ADV MM (USD) 89.0% | 8.03

our sales and EBITDA forecasts by 1-11% over the next three years and MARKET CAP €2.2B | $2.5B

increase our mid-term growth assumption to 7.0% (from 6.5%). We raise TICKER JEN GR ^Prior trading day's closing price unless otherwise

our PT to €45 from €38. Buy rated. noted.

Q1 marked the definitive starting point of the semi order intake upcycle: Q1 order intake FY (Dec) CHANGE TO JEFe JEF vs CONS

increased 74% yoy. The outperformance was primarily driven by robust demand in the 2026 2027 2026 2027

Semiconductor & Advanced Manufacturing segment, where Jenoptik received more than twice REV* <1% +3% NM +4%

as many new orders comapred to Q1 2025. Demand strengthened across both the lithography

EBITDA +2% +7% +2% +8%

and inspection segments of the semiconductor equipment market.

We expect that the higher demand from the semi industry will continue: Based on the 2026 (€) Q1A Q2 Q3 Q4 FY

indications provided by Jenoptik, key semiconductor peers, and our sector team (more details EBITDA 44.4 51.3 60.4 76.2 232.2

here), we continue to expect strong demand momentum to persist beyond Q1. However, we PREV 226.7