Carl Zeiss Meditec AgXETR: AFX

Analyst Conference 6m 2025/26

· Issued by Carl Zeiss Meditec Ag
Watch Carl Zeiss Meditec explain itCarl Zeiss Meditec Ag (CZMWF) Q2 2026 Earnings Call · Replay · May 12


‌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 aGlance

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 31st Mar 2026 as of 31st 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 Program 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

  1. 6M 2025/26 at a Glance

  2. Financial Performance

    04

    Outlook

  3. 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%.