Review: Fujifilm X-E5 — Pancakes & Recipes

Fujifilm recently loaned me an X-E5 to try out for a week or so. I also got to play with one at the B&H BILD Expo last month, so I was already a bit familiar with the camera before it arrived in the mail. Included with the X-E5 was the brand-new Fujinon 23mm f/2.8 pancake lens, so I’ll also be discussing that in this review, too. Let’s dive right in!
The Fujifilm X-E5 is actually the sixth X-E camera. The X-E1, released in 2012, was the very first, and the third X-series model overall, with only the X100 and X-Pro1 predating it. The X-E2 came out only one year later, followed by the nearly identical X-E2s in 2016. A year after that, Fujifilm released the X-E3, which saw the first significant design change (although it was still pretty similar). The X-E4 came out in 2021, which was the most different, with an emphasis on minimalism, compactness, and affordability; however, it was still similar overall. We have another significant design change with the X-E5, yet it still retains the distinctive look of an X-E series model.
With the X-E5, Fujifilm quite noticeably improved the construction quality—for example, the top plate is a single piece of machined aluminum, and the camera seems less plasticky overall. It just feels more sturdy, more premium, more refined than the X-E4. With a pancake lens attached—like the new 23mm f/2.8—the camera closely resembles an X100VI, which was clearly intentional. The X-E5 is essentially an interchangeable-lens X100VI; for those who have asked for such a camera: here it is! The two models aren’t exactly the same, and they each have their advantages and disadvantages, but they’re certainly similar enough to justify the comparison.








I don’t want to dive too deeply into the specs, but some important notes are that the X-E5 has the same 40-megapixel X-Trans V sensor and processor as the X100VI, X-T50, and X-T5. Like those models, the X-E5 also has IBIS. This is a camera capable of capturing high quality photos and videos. Not surprising, the X-E5 is also much more expensive—plus a tad larger and heavier—than its predecessor.
Like the X-T50 and X-M5, the X-E5 has a Film Dial, although it’s implemented a bit differently. Instead of a knob, it’s a wheel on the back, with a little window on the top plate. This is a really cool design; however, there is a downside: it has fewer Film Simulations. The X-T50 and X-M5 have only eight of the 20 Film Sims on the knob, with three customizable slots for your favorites that were left out; the X-E5 has only six Film Simulations, with three customizable slots. The six Film Sims on the dial are Provia, Velvia, Astia, Classic Chrome, Reala Ace, and Acros. Somehow—shockingly and inexplicably—Classic Negative was left out, as was Nostalgic Negative. I know that not all of them could make the cut, but I definitely question why Classic Negative was not included—seems like a sin.

The three customizable slots—called FS1, FS2, and FS3—can be set to any Film Simulation. In addition to that, they can also be customized into Film Simulation Recipes (functionality that should be—and hopefully will be—brought to the X-T50 and X-M5 via a firmware update). This is the very first time that Fujifilm has used the term “Recipe” in a camera—amazing! You can have 11 different Recipes programmed into the X-E5: seven within the C1-C7 Custom Settings presets, one in the IQ Menu set, and three on the Film Dial. The Film Dial also works well with my Universal Negative and Film Dial Recipes, providing extra aesthetic versatility. Only the C1-C7 Recipes can be custom named, so you have to remember what the other four are.
While this is certainly a welcome evolution of this feature, it could be made even better. For example, all of the Film Simulations should have the option for Recipes, and not just FS1/FS2/FS3. One issue with this UI, though, is that Recipes are scattered: some in Custom Settings presets, some on the Film Dial, and one in the IQ Menu. I think, more ideally, you’d find them all in one place. A lot of Fujifilm users would appreciate a Custom Settings Dial instead of a Film Dial, with maybe C1-C9 or C1-C12 (more is better). There are a lot of different ways that this could be addressed, and it’s something that should be addressed for future models. Still, the opportunity to have three extra Recipes programmed into the camera at any one time is quite nice, and I’m thankful for it. This is the main reason why I preordered this camera, even though I own an X-E4 that I really like.







Included with the X-E5 was the new Fujinon XF 23mm f/2.8 R WR pancake. This lens is very similar to the Fujinon 27mm f/2.8 R WR, which happens to be one of my absolute favorite lenses. I’ve been saying for years that Fujifilm should have more pancake lenses in their lineup, since a major selling point of Fujifilm cameras are their compact size and minimal weight. A camera like the X-E5 paired with a handful of tiny pancakes is ideal for traveling. This particular camera and lens combo is especially great for everyday walk-around photography.
The lens is sharp with minimal flaws. It has great close-focus capabilities; it’s not a macro-lens by any means, but with 40mp to crop from, it’s possible to use it for near-macro photography. From a technical point-of-view (and mind you, I didn’t do any serious testing), it’s pretty darn good for what it is, a marvel of engineering; from an artistic point-of-view, it seems to lack a little of the magic (a.k.a. character) that the 27mm f/2.8 and 23mm f/2 lenses are known for. Like the 27mm, it isn’t the quietest Fujinon lens. If you are trying to decide between the 23mm f/2.8 and the 27mm f/2.8, that’s going to be a tough call—personally, I like the 27mm just a bit more; however, the close-focus capabilities of the 23mm is certainly a significant plus. If you are trying to decide between the 23mm f/2.8 and 23mm f/2, that’s also going to be difficult, and your decision might come down to just how small is small enough for you. If you are buying the Fujifilm X-E5, it seems like an easy choice to get it bundled with the 23mm f/2.8, since it’s only $200 more when the lens itself is $500—if you have no intentions of keeping it, just turn around and sell it for $450, which makes the camera more affordable.

Getting back to the X-E5, the camera has a couple of really cool features, but you can only use one of them, and not both. The first, which is borrowed from the GFX100RF, is called Surround View Mode. It allows you to see outside of the frame when using an aspect ratio other than 3:2, giving a faux optical viewfinder experience (sort of). This is particularly nice when using the 1:1 aspect ratio. The XPan ratio would have been a great addition, but (sadly) it’s still missing on X-series models. The second feature is called Classic Display Mode, which turns the EVF into a really cool retro 1980’s-inspired display. I like both, but I couldn’t figure out how to activate the Classic Display Mode for some time—eventually I asked a Fujifilm tech rep for help. As it turns out, if Surround View Mode is activated, even when using the 3:2 aspect ratio, Classic Display Mode is disabled (and vice versa). Fujifilm: I suggest that Surround View Mode be automatically disabled when in the 3:2 aspect ratio, so that Classic Display Mode can be used; when changing aspect ratios to anything other than 3:2, if Surround View is activated, it would automatically disable Classic Display. This way, you don’t have to jump through hoops to use both of these cool new features.
While the X-E4 saw a lot of buttons removed in the name of minimalism, Fujifilm gave them to the X-E5 in spades. Just the new front control lever alone allows for five customizable functions. The inclusion of the rear command wheel and M/C/S switch means that you shouldn’t be short of camera controls, no matter how many functions you need quick access to. Those who disliked the direction of the X-E4 should especially appreciate its successor.

What else can I tell you about the Fujifilm X-E5? It isn’t weather-sealed (although it seems to have some level of weather resistance—I wouldn’t put it under a faucet, though). It uses the “old” NP-W126S battery. I expected that, as those things would have increased the size, weight, and cost even more. The X-E5 is definitely more premium than previous X-E cameras. I had suggested that Fujifilm prioritize size, weight, and cost by keeping it nearly the same as the X-E4; however, my opinion was clearly in the minority. Most people asked for an interchangeable-lens X100VI, and the X-E5 is as close to that as you’re likely ever going to get. It’s a very nice camera.
It comes with a “nice” price tag, too. In America, it’s $1,700 for the body-only, and $1,900 when bundled with the new 23mm pancake lens. That’s pretty shocking, especially when it’s double the price of the X-E4; however, keep in mind that inflation and tariffs have impacted the price in addition to the more expensive components that Fujifilm used in the camera. Interestingly enough, the X-E1 was $999 in 2012, which is about $1,400 in today’s dollars; add to that tariffs, and you’ve pretty much got the X-E5 price tag, never mind the 40mp sensor, IBIS, and better build quality. While it seems expensive, it is not an entry-level model. And with Fujifilm raising the price (in America) of the X100VI to $1,800, the X-T50 to $1,600, the X-T5 to $1,900, the MSRP of the X-E5 makes a little more sense. I do think it’s worthwhile to buy at $1,700, which is why I have it preordered bundled with the 23mm f/2.8 lens.

This post contains affiliate links, and if you make a purchase using my links I’ll be compensated a small amount for it.
Fujifilm X-E5 in black:
B&H, Moment, Nuzira
Fujifilm X-E5 in silver:
B&H, Moment, Nuzira
Example photographs, all camera-made JPEGs (with various Recipes) captured using a Fujifilm X-E5 & Fujinon 23mm f/2.8 lens:























































































































































