Carl Zeiss Meditec Ag · XETR:AFX

Carl Zeiss Meditec — Investor Presentation (September 2026)

15 slides from Carl Zeiss Meditec's investor presentation, September 2026

1. Slide 1: Carl Zeiss Meditec Group Investor Presentation

   Carl Zeiss Meditec Group Investor Presentation Investor Relations September 2026

2. Slide 2: Our markets benefit from structural tailwinds

   Our markets benefit from structural tailwinds Ametropia (Hyperopia, Myopia, Astigmatism) Presbyopia Cataract Retinopathy Eye conditions 0 18 40 60 65 over lifetime 50% 2.6bn 39m 2.8m 2.3bn 35m 2.4m 32m 2.2m 34% Structural 23% tailwinds Global myopia rate Global presbyopia Global cataract procedures

3. Slide 3: Leading market position in Ophthalmology and Microsurgery

   Leading market position in Ophthalmology and Microsurgery Revenue €m R&D ratio Employee Market position MSD%e 2,150- organic 2,228 2,200e CAGR 2,089 2,066 #2 in Ophthalmology 2022/23 2023/24 2024/25 2025/26e Mid-term target 15% 5,784 #1 in Microsurgery EBIT(A)1 margin Split of Strategic business Uni

4. Slide 4: Ophthalmology: Advancing eye care - Every step of the way

   Ophthalmology Advancing eye care - Every step of the way Revenue €m 1,724 1,469 1,577 1,589 Recurring 59% 77% revenue 2021/22 2022/23 2023/24 2024/25 OPT Chronic Disease Mgmt Refractive Surgery Surgery Anterior Seg Surgery Posterior Seg ~ € 2.5bn1 ~ € 1.7bn1 ~ € 7.5bn1 ~ € 2.0bn1 Ophthalmic diagnosi

5. Slide 5: Microsurgery: Redefining surgical visualization

   Microsurgery Redefining surgical visualization Revenue €m 513 504 MCS Recurring 434 477 revenue 23% 19% 2021/22 2022/23 2023/24 2024/25 Neuro / Spine ENT / P&R Dentistry Visualization and Visualization and Visualization of Dentistry treatment of Neuro / treatment of ENT/ Spine Plastic & Reconstructi

6. Slide 6: ZEISS has leading positions in its key markets

   ZEISS has leading positions in its key markets Most advanced in Visualization at Microsurgery Key position in Chronic Disease Management Haag- Streit ZEISS Haag- ZEISS LEICA ~ 15% Nikon Streit > 60% NIDEK Olympus TOPCON Top ranking in Refractive Surgery Growing position in large Surgery Anterior Seg

7. Slide 7: Geographical distribution – Strongest revenue generation from APAC

   Geographical distribution – Strongest revenue generation from APAC Top markets by revenue Regional split In % of total revenue 2024/25 Americas 26.0% Mainland China #1 Germany #3 US #2 South Korea #5 France #6 Japan #7 EMEA 29.5% South East Asia #4 India #8 China 25% APAC 44.5% Carl Zeiss Meditec Gr

8. Slide 8: Digital Supported Cataract Workflow

   Digital Supported Cataract Workflow Integrated solutions to provide highest level of care Carl Zeiss Meditec Group 8

9. Slide 9: Technological leading - Strong position in key technologies and market shaping innovation

   Technological leading - Strong position in key technologies and leading in market shaping innovation ZEISS innovates to drive customer value through superior solutions Innovation pipeline (selected areas) R&D ratio 16.7% 16.6% 14.6% 8-10% R&D €m Digital Additional Electro- Applications IOL myopia &

10. Slide 10: Favorable product mix - broad and diversified portfolio with growing share of recurring revenue

    Favorable product mix - broad and diversified portfolio with growing share of recurring revenue Share of recurring revenue has advanced steadily over two decades ~50% 2002/03 of total revenue 9% in 2024/25 Carl Zeiss Meditec Group 10

11. Slide 11: ProfitUp – restructuring for profitable growth

    ProfitUp – restructuring for profitable growth Announced May 2026, targeting €160m in net savings to restore earnings power €160m up to €150m >15% net annual savings targeted by FY 2028/29 one-offs and investments through FY 2028/29 adjusted EBITA margin targeted mid-term Workstream Organization & a

12. Slide 12: Revenue and EBITA below PY

    Revenue and EBITA below PY Q3 recovery partly offsets H1 headwinds; FX still weighing on 9M Order entry 9M 2025/26 Q3 2025/26  FX-adj. order entry -3.3% € 1,606m € 568m  Solid order growth in EMEA, while APAC remained downbeat 9M 2024/25 -5.5%  Order backlog at €432m, largely unchanged from the e

13. Slide 13: 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 reprioritizati

14. Slide 14: Seeing beyond

    Seeing beyond

15. Slide 15: Medical Technology is a deeply integrated core business for the ZEISS Group

    Medical Technology is a deeply integrated core business for the ZEISS Group Shared Services across the Zeiss Group Carl Zeiss Foundation Heidenheim/Jena, Germany Corporate Services 100% (e.g. Treasury, Legal) Carl Zeiss AG Basic R&D Carl Zeiss Carl Zeiss Oberkochen, Germany Manufacturing Meditec 202

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