Carl Zeiss Meditec Ag · XETR:AFX
Carl Zeiss Meditec — 6M 2025/26 Earnings Presentation
17 slides from Carl Zeiss Meditec's earnings presentation, May 12, 2026
Slide 1: Carl Zeiss Meditec Group 6M 2025/26 Results
Carl Zeiss Meditec Group ers 6M 2025/26 Results Andreas Pecher, President & CEO Justus Felix Wehmer, CFO 12 May 2026
Slide 2: Agenda
Agenda =| 02 Financial Performance 03 ProfitUp Program 04 Outlook Carl Zeiss Meditec 12 May 2026
Slide 3: Revenue and EBITA below PY
Adj. EBITA EBITA Revenue and EBITA below PY FX and unfavorable product mix drive significant margin decline Order entry ©M 2025/26 € 1.038 FX-adj. order entry -2.3% 02 2025/26 €567 ' m Solid order growth in EMEA, while Americas and APAC remained m 6M 202425 5.2% weak 2 202425 “1.0% 1,095 Slight incr
Slide 4: 6M 2025/26 at a Glance
Agenda =| 6M 2025/26 at a Glance Financial Performance ProfitUp Program 04 Outlook Carl Zeiss Meditec 12 May 2026 4
Slide 5: Ophthalmology
Ophthalmology EBITA behind PY driven by FX, bifocal IOL headwind in China and R&D write-off Revenue CM 2025/26 FX-adj. revenue decline of -4.2% 2 2025/26 a €754m | € 397m Equipment sales -5.1%, consumables sales -7.1% -6.79 -8.19 6M 2024/25 6.7% Revenue mainly pressured by FX effects, the loss of bi
Slide 6: Microsurgery
Microsurgery =| Revenue and margin decline, material headwind from FX Revenue 6M 2025/26 Q2 2025/26 ME 237m * Md revenue up by +1.8% — €127m = Equipment sales -3.6%, consumables sales +1.8% 6M 2024725 “2.1% we ' ° 2 2024/25 0.7% 242 = Ramp-up in Q2 with FX-adj. revenue growth of +4.2% 128 EBITA marg
Slide 7: Regional development
Regional development EMEA solid while softer development in Americas and APAC 25% Americas 35% EMEA 40% APAC including 21% China ‘ yg ( Carl Zeiss Meditec = FX-adj. revenue decline of -3.5% = Weaker investment climate amid heightened = Revenue decline in all Americas markets incl. US = FX-adj. reven
Slide 8: P&L — Margin decline continued in Q2
P&L — Margin decline continued in Q2 =| Income Statement ™ 6M 2025/26 6M 2024/25 in €m in % of sales Gross profit Es 490.5 49.5 = Gross margin down due to FX headwinds, unfavorable 553.8 52.7 product mix and scrapping of bifocal IOLs Opex P| 467.5 47.2 455.6 43.4 = Core OpEx remained stable, extraor
Slide 9: Several one-off items weighed on EBITA in 6M 2025/26
Several one-off items weighed on EBITA in 6M 2025/26 EBITA EBIT -/. Amortization of PPA EBITA EBITA margin ./, Government grant China ./. Costs from legal expenses’ ./. Scrapping of bifocal |OLs*** ./, Extraordinary impairment R&D**** ./, Other special items Adjusted EBITA Adjusted EBITA margin Carl
Slide 10: Stronger operating cash flow
Stronger operating cash flow =| Cash flow statement m 6M 2025/26 6M 2024/25 in €m Cash flow from operating activities | 98.9 8.5 Cash flow from investing -3.7 activities “15.5 Cash flow from financing 58.3 | activities 13.9 Net financial debt 274.4 i A 1 31M 2026 -441.1 as of 31% Mar 2025 = Operatin
Slide 11: Agenda
Agenda =| QO1 6M 2025/26 at a Glance Financial Performance ProfitUp Program Carl Zeiss Meditec 12 May 2026 "
Slide 12: We must adapt to a changing market environment in order to return to profitable growth targets
We must adapt to a changing market environment in order to return =| to profitable growth targets Until 2023 2024-2027 Scaling for Adapting to the latest market Growth and geopolitical development Implementing new organizational Reshaping existing structures, structures to enable growth beyond portf
Slide 13: ProfitUp — comprehensive measures will be launched to restore adequate earnings power
ProfitUp — comprehensive measures will be launched to restore =| adequate earnings power and safeguard future growth Clear focus on efficiency and profitability = Realigning our global structures and organizational set-up, processes and product portfolio — with a clear focus on efficiency, profitabi
Slide 14: This is the Carl Zeiss Meditec we are building
A global company One that is that grows strong and can above market continuously level. invest in innovations. One that has: Long-term financially healthy structures. This is the Carl Zeiss Meditec we are building. One that is profitable enough and has the financial freedom to act strategically and
Slide 15: Agenda
Agenda =| QO1 6M 2025/26 at a Glance 02 Financial Performance 03 ProfitUp Program Carl Zeiss Meditec 12 May 2026 15
Slide 16: Outlook for FY 2025/26 and Mid- & Long-term
Outlook for FY 2025/26 and Mid- & Long-term Outlook for FY 2025/26 = Revenue is expected to reach a minimum level of approximately €2.15 — 2.20b. = Adjusted EBITA margin is projected to be between 8% —- 10%, after adjusting for special effects in the mid double-digit €m range (e.g., R&D reprioritiza
Slide 17: Seeing beyond
Seeing beyond
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