Carl Zeiss Meditec Ag · XETR:AFX

Carl Zeiss Meditec — FY2024/25 Earnings Presentation

26 slides from Carl Zeiss Meditec's earnings presentation, Dec 11, 2025

  1. Slide 1: Carl Zeiss Meditec Group 12M 2024/25 Annual Results

    Carl Zeiss Meditec Group ZEISS| 12M 2024/25 Annual Results Andreas Pecher, interim CEO Justus Felix Wehmer, CFO 11 December 2025

  2. Slide 2: Agenda

    Agenda les} 02 Financial Performance 03 Outlook 04 Strategic Realignment Carl Zeiss Meditec 11 December 2025

  3. Slide 3: Solid revenue and strong order entry in 12M 2024/25

    Solid revenue and strong order entry in 12M 2024/25 Slight increase in EBITA in line with guidance Order entry 12M 2024/25 €2.288 FX-adj. order entry +19.1% 4 2024/25 €588 a ' m FX- & acquisition adj. order growth +13.9%, robust order trend across a m 12M 2023/24 +18.2% all regions 94 2023/24 +5.7%

  4. Slide 4: Agenda

    Agenda les} 12M 2024/25 at a Glance Financial Performance Outlook 04 Strategic Realignment Carl Zeiss Meditec 11 December 2025 4

  5. Slide 5: Ophthalmology

    Ophthalmology EBITA margin increase driven by DORC consolidation and lower underlying OpEx Revenue 12M 2024/25 12M 2023/24 € 1,724m +8.5% 1,589 = FX-adj. revenue growth of +9.3% = FX- & acquisition-adj. revenue growth by +2.3% = Equipment sales +1.6%, consumables sales +15.0% = DORC full year consol

  6. Slide 6: Microsurgery

    Microsurgery Continued recovery in top line, product mix still presenting a headwind Revenue 12M 2024/25 Q4 2024/25 ME 504m * Mad revenue up by +6.6% a € 155m = Equipment sales +3.5%, consumables sales +20.7% ram 20308 +5.7% “ cu2023r0 +16.1% 477 = Top line acceleration in Q4 by +16.1%, strong order

  7. Slide 7: Regional development

    Regional development les} Top line and order entry growth across all regions Americas 12M 2024/25 . = FX-adj. th of +10.4% 6H €579m Pad revenue growth of 10.4% Americas +8.7% = Growth driven by both consolidation of DORC and 12M 2023/24 aad organic growth 533 = US Tariff related pricing measures imp

  8. Slide 8: P&L — Lower underlying OpEx

    P&L — Lower underlying OpEx les} Income Statement mm 12M 2024/25 12M 2023/24 in€m in % of sales = Gross margin stable despite negative FX and US tariffs Gross profit ee 1,175.2 52.8 1,088.6 52.7 = Excluding DORC, underlying OpEx lower yoy, mainly Opex 952.8 42.8 driven by reduced R&D expenses and DO

  9. Slide 9: Slight improvement in adjusted EBITA margin

    Slight improvement in adjusted EBITA margin EBITA EBIT ./. Amortization of PPA EBITA EBITA margin ./, Other special items Adjusted EBITA Adjusted EBITA margin Carl Zeiss Meditec 12M 2024/25 €m 223.3 -34.4* 12M 2023/24 €m 194.5 54.4" 248.9 12.0% 18.1%" 230.8 11.2% * Regular amortization of intangible

  10. Slide 10: Net financial debt below PY

    Net financial debt below PY les} Cash flow statement m 12M 2024/25 12M 2023/24 in €m Cash flow from operating activities Pt 209.9 247.3 Cash flow from investing 91.0 activities 412.3 Cash flow from financing -108.8 activities 176.2 Net financial debt 276.9 =: «1 30" sep 2025 -327.4 as of 30% Sep 202

  11. Slide 11: Agenda

    Agenda les} O1 12M 2024/25 at a Glance Financial Performance Strategic Realignment Carl Zeiss Meditec 11 December 2025 "

  12. Slide 12: Outlook for FY 2025/26 and Mid-term

    Outlook for FY 2025/26 and Mid-term les} FY 2025/26 = Organic revenue is expected to grow by a mid-single-digit % range, corresponding to reported revenue of approx. €2.3bn. = EBITA margin is expected to increase to around 12.5%, supported by an improved product mix driven by higher recurring revenu

  13. Slide 13: Agenda

    Agenda les} O1 12M 2024/25 at a Glance 02 Financial Performance 03 Outlook 04 Strategic Realignment Carl Zeiss Meditec 11 December 2025 1B

  14. Slide 14: Carl Zeiss Meditec is a core pillar of ZEISS Portfolio

    Carl Zeiss Meditec is a core pillar of ZEISS Portfolio les} Semiconductor Industrial Medical Consumer Manufacturing Quality & Research Technology Markets Technology - ZEISS Group will continue to invest in Meditec business - Stock listing can help Meditec grow and is also beneficial ~2 4% of ZEISS r

  15. Slide 15: — oO _ © — ©. "Yn 14) hen =) (o)

    — oO _ © — ©. "Yn 14) hen =) (o)

  16. Slide 16: Our Aspiration: Mid- to high-single-digit % organic growth and improved EBITA margin

    Our Aspiration: Mid- to high-single-digit % organic growth and les} improved EBITA margin Carl Zeiss Meditec Group Financials (in €m) Mid-term (3-5y) Hil Revenue [i EBIT(A)* = Mid- to high-single-digit % 2.300 organic revenue CAGR 2.228 — To increase revenue generated outside of China — Revenue grow

  17. Slide 17: Reflecting on the status quo

    Reflecting on the status quo

  18. Slide 18: Overall, we are acting in attractive markets offering significant growth potential

    Overall, we are acting in attractive markets offering significant les} growth potential Strategic positioning* high Market attractiveness medium low Carl Zeiss Meditec low medium high Competitive Strength bic portfolio Key messages Strong product innovations made us the market shaper & in many areas

  19. Slide 19: Strong positioning and integrated workflow strategy enable us to leverage huge market potential

    Strong positioning and integrated workflow strategy enable us les} to leverage huge market potential Strong presence in profitable & growing markets Market leading workflow strategy Strengths & bet Digital first mover in Ophthalmology Opportunities Strong product portfolio & brand recognition Highly

  20. Slide 20: However, focus and consistent strategy execution need to be improved

    However, focus and consistent strategy execution need to be les} improved to safeguard our financial situation Our improvement potentials Carl Zeiss Meditec (@) i Sa ha. 7 I Ie 1 Some long-term strategic investments did not pay off 2 Declining innovation efficiency 3 Weakened commercialization focus

  21. Slide 21: At the same time, we see promising megatrends but also restraining forces

    At the same time, we see promising megatrends but also les} restraining forces Promoting megatrends Restraining forces Ageing & growing global population cep meal conflicts and local content wer WV ASN aw a Rise of digital technologies (4) Regulatory challenges for Cybersecurity er SA Industrializat

  22. Slide 22: Outlook on the way forward

    Outlook on the way forward

  23. Slide 23: The road to growth and profitability will rest on main vectors

    The road to growth and profitability will rest on 3 main vectors: Customer Centricity, Focus and increased Speed & Efficiency Carl Zeiss Meditec By bundling all commercial activities and putting the customer in the center of our activities Set clear priority on market requirement focused innovations

  24. Slide 24: A transition phase is needed to readjust our organization

    A transition phase is needed to readjust our organization to a changing market environment Up to 2023 Scaling for Growth Implementing new organizational structures to enable growth beyond existing anchor products Carl Zeiss Meditec 2024 - 2027 Adjusting to latest market developments and regulatory c

  25. Slide 25: Our journey has started...

    Our journey has started... les} Chief Commercial @ Effective from 1st of December 2025, we will . + have a dedicated commercial unit responsible Officer introduced to boost our global revenue R&D review and new @ We reallocated our digital business unit to SBUs to increase efficiency and ensure digi

  26. Slide 26: Seeing beyond

    Seeing beyond

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