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.

Ants & Funyun – Tucson, AZ – Fujifilm X-E5 & 23mm f/2.8 – Kodachrome 64

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.

Neighborhood Fireworks – Buckeye, AZ – Fujifilm X-E5 & 23mm f/2.8 – Kodak Vericolor VPS

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.

Mission San Xavier del Bac – Tucson, AZ – Fujifilm X-E5 & 23mm f/2.8 – Kodak Vericolor VPS

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, MomentNuzira
Fujifilm X-E5 in silver:
B&H, MomentNuzira

Example photographs, all camera-made JPEGs (with various Recipes) captured using a Fujifilm X-E5 & Fujinon 23mm f/2.8 lens:

28 comments

  1. Keith Aitken · July 30

    Thanks for this hands-on review.
    One of the Xe5 attractions for me is the digital zoom, which, with a 40mp sensor could mean that one or two lenses stay home 🙂

    • Ritchie Roesch · July 30

      You are welcome! One advantage of the 40mp sensor is that you can crop more deeply, which can definitely extend the reach of your lenses.

      • cosinaphile · August 6

        i agree the many insights about the xe4 to the xe5 and lens considerations were a good read ….. really good articles abound here … lots to catch up

        paul in nyc

      • Ritchie Roesch · August 11

        I appreciate your kind feedback!

  2. Andreas Neumann · July 30

    The functionality to customize C1-C7 as film recipes should come via a firmware update to the X-H2. This means I can choose between the current option saving nearly all settings or the recipe option saving only the IQ settings.

    • Ritchie Roesch · July 30

      I think this is more or less the solution that Fujifilm should consider:

      https://fujixweekly.com/2024/12/15/fujifilm-please-read-a-firmware-update-idea-for-fujifilm-fixing-c1-c7-on-newer-cameras/

      • Andreas Neumann · July 31

        I’m on board with your idea for a firmware update in the other article. I can confirm that it would work on a PASM model. On my X-H2, I have to choose whether a custom setting is for photos or videos, so I thought of an alternative approach: if you select „photo“ in a second step, you can choose „recipe“ or „all settings.“ But if I were Fuji, I’d create a single software solution for all, so I’d go ahead and implement your proposal.

      • Ritchie Roesch · July 31

        I hope they do. Fujifilm does sometimes read this blog.

  3. Barry Edward Studd · July 30

    Overpriced, it doesn’t need 40mp or ibis, just a sales gimmick.Don’t think I’ll be getting one. I’ll stick with my X100v.

    • Ritchie Roesch · July 30

      I wouldn’t call it a sales gimmick. Nor do I think it’s overpriced for what it is. It’s also not an X100-series replacement (apples and oranges). It’s not an entry-level camera, either.

      With that said, I literally have written for years now that Fujifilm should change very little with the X-E4 successor (26mp, no IBIS, keep it small, lightweight, and inexpensive); however, my opinion was very much a minority opinion. Fujifilm listened to what the majority of their customers desired, and that’s what the X-E5 is. That doesn’t make everyone happy, but it probably makes more people happy than if they had listened to me. If Fujifilm had not included 40mp and IBIS, a lot of the comments would be “No 40mp, no buy” and “No IBIS, no buy”….

    • gunther geeraerts · August 15

      I have the camera in use now for 3 days quite intensively and must say I had so much fun with al these recipes to be dialed in!

      • Ritchie Roesch · August 15

        Awesome! Glad to hear the report.

  4. Ryan · July 30

    Hi Ritchie, very useful review. One question – when you say there are simulations omitted from the simulation dial, are they completely omitted from the camera or just that dial?

    • Ritchie Roesch · July 30

      Those film sims just don’t have a dedicated spot on the dial. They are still in the camera, and can even be set to FS1/FS2/FS3 on the dial.

  5. theBitterFig · July 30

    I dunno on the lens. The 27 pancake isn’t that much tighter. The 23/2 wasn’t a pancake, but it wasn’t a huge lens. But the 23/2 WR and the 18/2 are both some the longer-in-the-tooth lenses from Fuji, and maybe could have used refreshes. Going for a new similar Pancake that doesn’t really gain much over the 23/2 except size… IQ not meaningfully better than the old 23 and a stop darker. I dunno that it was the best allocation of lens design resources. If the X-E5 kit was an updated 18/2 with WR and better autofocus, that’d be a huge selling point.

    Or if it was, like, a 20 or 21mm f/2.8 pancake, that might have been really sweet. That halfway between “28” and “35” field of view, matching the Fuji Quicksnap’s look (or the Pentax FA 31 Limited). That’s part of what’s neat about the Fuji 30mm macro–it’s not a 33mm or 35mm.

    A not particularly impressive 23 pancake feels like a monkey’s paw wish. Folks demanded it and got it, but perhaps something that could have been better was lost.

    //

    Anyhow, X-E5 seems reasonable. The controls look fun. Not sure whether the upgrade to more premium build on the X-E line is my favorite idea, tho. On the one hand, it eats into X-Pro space, but also still doesn’t provide WR (and I’m not upgrading my X-Pro3 into anything that doesn’t have WR). On the other, the X-M line has popped back up, and that does compact very well, at the cost of an EVF and going back to PASM dials. So there’s something awkward in that middle space. Again, the controls look great. The multifunction switches, the film sim dial (partly covered? Genius!), it all looks like a lot of fun. Without the fancy controls, with a 26mp sensor, it could have stayed cheaper. Is an X-M5 with a shutter speed dial and an EVF something that would have been more appealing? Maybe. But maybe premium is the way to go.

    But if it had WR and 65:24 in camera, damn would that have been a tempting upgrade for me.

    //

    And now I’m just thinking about what an X-Pro successor is going to have to cost. X-Pro 3 was $1700/$2000 in 2020 depending on finish. With inflation and the asinine tariffs, there’s basically no way it’ll be coming in under $2300, $2600 for the fancy titanium finishing. Maybe it’ll seem normal by then, but it just stings a bit to think about it.

    IT HAD BETTER FXXXING HAVE TX-1/XPAN RATIO AT THAT PRICE!!!

    • Ritchie Roesch · July 30

      I’m guessing the “regular” X-Pro4 (there probably won’t be a “fancy titanium finish” version…) will be $2,500-$2,600 for the body-only. At least in America. I hope it has XPan, but I’ve been hoping for that for awhile now and it hasn’t happened. All 40mp X-series cameras should have it.

      As far as the 23mm lens… I used both it and the 27mm. I carried both with me. The 27mm gives just a bit more reach (is less wide angle), but it’s not that much different. I like the character of the 27mm, especially when you get a little hazy flare. So (when my camera and lens arrives) I will likely use the 27mm more than the 23mm. But, sometimes being just a little wider is nice, and it has better close-focus capabilities, which can come in handy for sure. So I see the 27mm more or less living on the camera, with the 23mm in my pocket ready when needed. A couple other pancakes (probably from 3rd parties) could round it out.

      If I already owned the 23mm f/2, I would probably pass on the 23mm f/2.8. If I owned neither but wanted one, it just depends on how small you want to go, or how important the maximum aperture is. That’s a tough choice, and neither is wrong. I like pancakes, so I’m getting the f/2.8, but that’s just me personally.

      I would still like to see Fujifilm release another one or two pancakes, plus update the 18mm f/2.

  6. Horus · July 30

    Thanks a lot for this interesting review Ritchie. Very useful as purposely oriented recipies 👌

    Like you, I’ll upgrade mainly to the X-E5 for its film sim dial recipe new functionality + IBIS (I’m not getting younger!).

    My loved X-E4 will then go to Full Spectrum conversion. So there too I’ll upgrade and thus be able with that to use at last fully your nice Aerochrome recipes 😉

    • Ritchie Roesch · July 30

      I think full-spectrum is an awesome option for your X-E4.

  7. Ed in Philly · July 31

    Great review Ritchie which is NOT helping my patience! LOL

    Like you, I also pre-ordered the X-E5 and 23mm pancake. I like to shoot wide and just received the TTArtisan 14mm pancake. Took it out yesterday and find it “good” on my X-T5. I’d be interested in your thoughts if you get a chance to shot it.

    • Ritchie Roesch · July 31

      What are your thoughts on the TTArtisan 14mm? I was thinking of buying it.

      • Ed in Philly · August 1

        It is good, not great. I was shooting yesterday in a woody area at f/8 and really didn’t see any vignette. It isn’t as sharp as the Fuji 27mm pancake. So far, I’d say acceptable after first time out.

      • Ritchie Roesch · August 2

        Thanks for the info, much appreciated!

  8. Ryan Long · August 1

    As an armchair Fujifilm designer, I would have made the window for the film simulation dial a tiny digital display, then the dial could have had (theoretically) unlimited number of customizable simulations and recipes.

    I’m going to offer a likely unpopular opinion – I love that Fujifilm leaned into minimalism for the X-E4, and I feel like the X-E5 was designed by focus group. It has neither the simplicity of the X-E4 nor all the features of the X100. Maybe the X-E4 was the outlier for the X-E line, and the X-E5 is the proper successor to the X-E3 and the X-E4 should have become a different product line that would continue to evolve toward smaller and lighter, I guess an X-M5 with a viewfinder?

    • Ritchie Roesch · August 2

      I don’t disagree with any of this. The X-E4 was the outlier, and I would like to see the concept of it continued. Maybe an X-E50? I think that’s unlikely, but it has my vote. Thanks for the input!

  9. Debora rosell · August 25

    Hola, recién adquirí la cámara X100VI y quedo sorprendida con la cantidad de videos y referencias que veo, sin embargo aun no la sé usar, tampoco soy experta en fotografía como para realizar una configuración como los recipes que tiene y como incluirlos o tenerlos como determinados. Veía recipes y quería configurarlo solo que no se me activaba ciertas opciones como el flash o el DR

  10. Bob · September 22

    I owned an X100V which I stupidly sold when used prices went through the roof. I have also owned an X100T. I am dying to get another X100 series camera as I miss it a lot. I have a Canon R6 but as we know, it’s simply not the same. I took both my R6 and X100V to Vegas in 2023 and even though the auto focus and high ISO are better on the R6, it stayed in my hotel room most of the time! Anyway, now I am unsure if I should go for the X-E5 or the X100VI. There is an appeal in not having the option to change lenses (no anxiety about what to bring on a trip) but I also would dig an X-E5 with the 23mm and a longer telephoto lens as my travel kit. Ugh, unsure how to proceed.

    • Ritchie Roesch · September 22

      I always feel that the X100-series is a great companion to an interchangeable-lens model. Perhaps that’s your R6, and the X100VI is the camera to get. Or, perhaps, you want more flexibility, and the X-E5 with a couple of lenses will offer that. If you really enjoyed and miss the X100V, and lean towards the X100VI.

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