Carl Zeiss Meditec : Analyst Conference 6m 2025/26

About this update from Carl Zeiss Meditec Ag

‌Carl Zeiss Meditec Group 6M 2025/26 Results Andreas Pecher , President & CEO Justus Felix Wehmer , CFO 12 May 2026 01 02 03 04 6M 2025/26 at a Glance Financial Performance ProfitUp Program Outlook ‌Agenda‌ ‌Revenue and EBITA below PY FX and unfavorable product mix drive significant margin decline Order entry 6M 2025/26 € 1,038m FX-adj. order entry -2.3% Solid order growth in EMEA, while Americas and APAC remained Q2 2025/26 € 567m 6M 2024/25 1,095 -5.2% weak Slight increase in order backlog to €435m (31 Dec 2025: €405m) Q2 2024/25 -1.0% 573 Revenue 6M 2025/26 € 991m FX-adj. revenue -2.8% mainly from USD FX-adj. revenue -1% if factoring all currency headwinds (mainly CNY), Q2 2025/26 € 524m 6M 2024/25 Equipment 50% Service 10% Consumables 40% 1,050 -5.7% arising from German exports invoiced in foreign currencies to ZEISS Group distribution network Revenue decline both in Equipment (diagnostic devices) and consumables (IOLs/China) Adj. EBITA and EBITA * Q2 2024/25 -6.4% 560 Adj. EBITA 6M 2025/26 6M 2024/25 6M 2025/26 EBITA 6M 2024/25 112.6 113.6 € 60.5m -46% € 39.0m -66% Adj. EBITA margin at 6.1% (PY 10.7%) EBITA margin at 3.9% (PY 10.8%) Significant decline in EBITA mainly driven by FX effects, unfavorable product mix and one-offs Core OpEx remained stable, extraordinary impairment of capitalized R&D (IVO/Infinite Vision Optics) increased R&D ratio Q2 2025/26 EBITA Adj. EBITA Q2 2024/25 Q2 2025/26 Q2 2024/25 79.5 78.4 € 50.2m -37% € 30.9m -61% * Earnings before interest, taxes and amortization of intangible assets from purchase price allocations 01 02 03 04 6M 2025/26 at a Glance Financial Performance ProfitUp Program Outlook ‌Agenda‌ ‌Ophthalmology EBITA behind PY driven by FX, bifocal IOL headwind in China and R&D write-off Revenue 6M 2025/26 € 754m FX-adj. revenue decline of -4.2% Equipment sales -5.1%, consumables sales -7.1% Q2 2025/26 € 397m 6M 2024/25 808 -6.7% Revenue mainly pressured by FX effects, the loss of bifocal IOL sales as well as scrapping of bifocal IOLs (€6m one-off) in China In China: solid refractive procedure volume in Q2; successor bifocal IOL received regulatory approval Q2 2024/25 -8.1% 432 EBITA margin 6M 2025/26 6M 2024/25 9.2% 1.5% -7.6 pp Gross margin declined -2.5pp driven by FX effects, scrapping of bifocal IOLs and unfavorable product mix OpEx ratio +5.1pp higher partially caused by extraordinary IVO write-off (€13m), while core OpEx remained roughly stable Q2 2025/26 Q2 2024/25 3.3% -9.7 pp 13.0% Revenue Split of total revenue OPT 76.1% Equipment 41% of OPT revenue Service 9% Consumables 50% ‌Microsurgery Revenue and margin decline, material headwind from FX Revenue 6M 2025/26 6M 2024/25 242 € 237m -2.1% FX-adj. revenue up by +1.8% Equipment sales -3.6%, consumables sales +1.8% Ramp-up in Q2 with FX-adj. revenue growth of +4.2% Q2 2025/26 Q2 2024/25 128 € 127m -0.7% EBITA margin 6M 2025/26 Q2 2025/26 11.5% -4.8 pp ▪ ▪ Gross margin -5.5 pp lower yoy arising from FX effects OpEx remained roughly flat 14.0% -3.4 pp 6M 2024/25 Q2 2024/25 16.3% 17.4% Revenue Split of total revenue MCS 23.9% Equipment 78% of MCS revenue Service 14% Consumables 8% ‌Regional development EMEA solid while softer development in Americas and APAC Americas 25% Americas 6M 2025/26 6M 2024/25 278 € 247m -11.1% FX-adj. revenue decline of -3.5% Weaker investment climate amid heightened geopolitical volatility Revenue decline in all Americas markets incl. US EMEA 6M 2025/26 35% EMEA 6M 2024/25 330 € 346m +4.8% FX-adj. revenue growth of +5.6% Growth in most core European markets Sideways in Middle East and Spain APAC 40% APAC including 21% China 6M 2025/26 6M 2024/25 442 € 398m -10.0% FX-adj. revenue decline of -8.6% Growth in India Weaker revenue in China, South Korea, Japan and SEA ‌P&L - Margin decline continued in Q2 Income Statement 6M 2025/26 6M 2024/25 in €m in % of sales 49.5 ▪ Gross margin down due to FX headwinds, unfavorable Gross profit 553.8 467.5 47.2 455.6 43.4 ▪ Core OpEx remained stable, extraordinary impairment of 234.0 23.6 IVO (€13m) and legal expenses (in G&A) weighed on total 239.9 22.8 OpEx 68.7 6.9 62.6 6.0 ▪ EPS down to €0.17 driven by lower EBIT and negative 164.8 16.6 financial results, primarily arising from higher interest 153.1 14.6 expenses EBIT 25.0 2.5 ▪ Adj. EPS down to €0.48, based on logic of adj. EBITA, 99.1 9.4 39.0 3.9 excluding non-cash valuation effects on contingent EBITA 113.6 10.8 purchase price liabilities in financial result, FX/hedging 60.5 6.1 result not adjusted Adj. EBITA 112.6 10.7 EPS (€) 0.17 0.70 0.48 0.81 490.5 ‌Several one-off items weighed on EBITA in 6M 2025/26 EBITA 6M 2025/26 €m 6M 2024/25 €m yoy % EBIT 25.0 99.1 -74.8 ./. Amortization of PPA -14.0 * -14.5* -3.2 EBITA 39.0 113.6 -65.7 EBITA margin 3.9% 10.8% -6.9 pp ./. Government grant China - +2.1 - ./. Costs from legal expenses** -4.3 - - ./. Scrapping of bifocal IOLs*** -6.1 - - ./. Extraordinary impairment R&D**** -13.1 - - ./. Other special items +2.0 -1.1 - Adjusted EBITA 60.5 112.6 -46.3 Adjusted EBITA margin 6.1% 10.7% -4.6 pp * Regular amortization of intangible assets from purchase price allocations of DORC and Kogent Surgical ** legal expenses in connection with a lawsuit related to CZM CT (former IanTech) *** One-time scrap, completed **** Extraordinary write-off of R&D from Infinite Vision Optics acquisition due to discontinuation of the project ‌Stronger operating cash flow Cash flow statement Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Net financial debt -441.1 -43.7 -58.3 6M 2025/26 6M 2024/25 in €m 8.5 -15.5 13.9 -274.4 as of 31 st Mar 2026 as of 31 st Mar 2025 98.9 Operating cash flow significantly above PY, mainly driven by a sharp reduction in receivables and lower income tax payments resulting from the earnings performance Higher Investing cash outflow mainly driven by an increase in receivables against Group Treasury, CapEx ratio at 2.7% (PY 3.9%) Negative Financing cash flow due to redemption of liabilities to Group Treasury Net financial debt below PY 01 02 03 04 6M 2025/26 at a Glance Financial Performance ProfitUp Progra m Outlook ‌Agenda‌ ‌We must adapt to a changing market environment in order to return to profitable growth targets Until 2023 2024-2027 From 2028 Scaling for Growth Adapting to the latest market and geopolitical development Returning to growth and profitability targets Implementing new organizational structures to enable growth beyond the existing core product portfolio Reshaping existing structures , portfolios, and footprints to respond to recent market developments and increasing regulatory complexity that threaten profitability Harvesting the returns of past investments and re-accelerating profitable growth Current position: Transition phase ‌ProfitUp - comprehensive measures will be launched to restore Growing above the market Continuous innovation Financial strength All business segments are in-scope All functions are in-scope All sites are in-scope 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, profitability and customer value Sharpening strategic prioritization Portfolio decisions, including phasing out or divesting certain products Localization & Supply Chain Optimization Optimize our production and site network and align it with the market requirements, optimize supply chain and procurement negotiations More productive R&D Assess relocation of selected R&D activities to best cost locations, focusing on key competitiveness Strengthening commercial execution Gain market share and accelerate growth Cost-efficiency in G&A Reviewing personnel and material costs, relocation of activities ‌Tomorrow What we are planning is an investment in our future A global company that grows above market level. One that is strong and can continuously invest in innovations. One that has Long-term financially healthy structures. One that is profitable enough and has the financial freedom to act strategically and seize new opportunities. A company that acts fast, proactively and customer centric . And a high-performance environment where people take responsibility, contribute , and develop further. Carl Zeiss Meditec This is the Carl Zeiss Meditec we are building. ‌Agenda‌ 6M 2025/26 at a Glance Financial Performance 04 Outlook ProfitUp Program ‌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 reprioritization, IOL scrapping/write-offs, legal/court costs). Mid-term targets (FY 2028/29 and beyond) Organic revenue growth is expected to recover to at least a mid-single-digit percentage rate over the medium term. Adjusted EBITA margin is targeted to recover to > 15% in medium term. In the long term, the EBITA margin is expected to increase to the previous target range of 16 - 20%.

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