Carl Zeiss Meditec : Half Year Report FY 2025/26

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6-Month Report 2025/26 Carl Zeiss Meditec Group ‌Key performance indicators‌ (IFRS) 1 Oct 2025 to 31 Mar 2026 1 Oct 2024 to 31 Mar 2025 1 Oct 2023 to 31 Mar 2024 €m % €m % €m % Revenue 991.0 100.0 1,050.5 100.0 947.2 100.0 Research and development expenses -164.8 16.6 -153.1 14.6 -174.1 18.4 EBITA 1 39.0 3.9 113.6 10.8 113.2 12.0 Consolidated profit 13.3 1.3 60.5 5.8 83.9 8.9 Earnings per share (in €) 0.17 0.70 0.94 Cash flow from operating activities 98.9 8.5 60.2 Cash flow from investing activities -43.7 -15.5 15.0 Cash flow from financing activities -58.3 31 Mar 2026 13.9 30 Sep 2025 -69.4 30 Sep 2024 €m % €m % €m % Total assets 3,338.5 100.0 3,403.4 100.0 3,393.2 100.0 Property, plant and equipment 336.1 10.1 343.0 10.1 353.8 10.4 Equity 2,108.1 63.1 2,127.7 62.5 2,056.5 60.6 Net financial debt -274.4 31 Mar 2026 -276.9 30 Sep 2025 -327.4 30 Sep 2024 % % % Return on equity 1.4 31 Mar 2026 6.6 30 Sep 2025 8.7 30 Sep 2024 Number Number Number Employees 5,798 5,784 5,726 1 Earnings before interest, taxes and amortization of intangible assets from purchase price allocation For more information visit our website at: https://www.zeiss.com/meditec-ag/ir Contents Key performance indicators 2 Consolidated management report 4 Group management report on the interim financial statements 5 Carl Zeiss Meditec Group 5 Underlying conditions and economic development 5 Financial position 9 Net assets 10 Order Backlog 11 Opportunity and risk report 11 Events of particular significance 11 Employees 11 Research and development 12 Outlook 12 Consolidated financial statements 13 Consolidated income statement (IFRS) 14 Consolidated statement of comprehensive income (IFRS) 15 Consolidated statement of financial position (IFRS) 16 Consolidated statement of changes in equity (IFRS) 17 Consolidated statement of cash flows (IFRS) 18 Consolidated notes to the interim report 19 General information 19 Notes to the consolidated income statement 19 Fair value disclosures 20 Responsibility statement 23 Additional information 24 Financial calendar 25 Imprint/Disclaimer 25 ‌Consolidated management report‌ Group management report on the interim financial statements 5 Carl Zeiss Meditec Group 5 Underlying conditions and economic development 5 Financial position 9 Net assets 10 Order Backlog 11 Opportunity and risk report 11 Events of particular significance 11 Employees 11 Research and development 12 Outlook 12 ‌Group management report on the interim financial statements‌‌‌ CARL ZEISS MEDITEC GROUP The Carl Zeiss Meditec Group (hereinafter the Group, the Company) is a global company headquartered in Jena, Germany, with additional subsidiaries in and outside Germany. Carl Zeiss Meditec AG is the parent company of the Carl Zeiss Meditec Group and is listed in the TecDAX and SDAX on the German Stock Exchange. There were no significant changes with respect to the Group's reporting entity or the structure of its consolidated financial statements in the first six months of fiscal year 2025/26. UNDERLYING CONDITIONS AND ECONOMIC DEVELOPMENT Macroeconomic conditions 1,2 Global economic growth was robust overall in 2025, although momentum slowed over the course of the year. According to the OECD Economic Outlook of March 2026, the global economy is increasingly being weighed down by persistently high economic policy uncertainty, intensified trade tensions and geopolitical risks such as the conflicts in the Middle East. In particular, the increasing fragmentation of global trade and new trade barriers are having a dampening effect on investment and economic activity. The World Economic Outlook of April 2026 also confirms this assessment. Moderate global growth of around 3% is expected for 2026, with increased uncertainty and continuing heterogeneous development between the regions. Investments and consumer spending continue to be impacted by elevated interest rates and restrictive financing conditions. Inflation rates are declining compared to prior years, but remain above the central banks' target values in many economies. Against this backdrop, monetary policy in major currency zones is likely to remain restrictive for a longer period. This may lead to ongoing increased volatility on the financial and currency markets. 1 OECD Economic Outlook, Interim Report, Testing Resilience, Summary, March 2026. 2 IMF World Economic Outlook, Global Economy in the Shadow of War, Chapter 1, April 2026. Overall, the macroeconomic environment remains characterized by tension between moderate growth and increased uncertainty. The main negative factors include geopolitical risks, possible further trade restrictions and persistently restrictive financing conditions. However, stabilization of the geopolitical situation and progress in dismantling trade barriers could support a more favorable growth trajectory. Presentation of results of operations Summary of key ratios in the consolidated income statement Figures in €m, unless otherwise stated 6 months 6 months 2025/26 2024/25 Change Revenue 991.0 1,050.5 -5.7% Gross margin 49.5% 52.7% -3.2% pts EBIT 25.0 99.1 -74.8% EBIT margin 2.5% 9.4% -6.9% pts EBITA 39.0 113.6 -65.7% EBITA margin 3.9% 10.8% -6.9% pts Earnings before income taxes 20.3 85.5 -76.2% Tax rate 34.4% 29.2% +5.2% pts Consolidated profit after non-controlling interests 14.7 61.0 -76.0% Earnings per share after non-controlling interests €0.17 €0.70 -76.0% Revenue In the first six months of fiscal year 2025/26, the Carl Zeiss Meditec Group generated revenue of €991.0m (prior year: €1,050.5m), which corresponded to a decline of -5.7% compared to the same period of the prior year. After adjustment for currency effects, growth amounted to -2.8%. Revenue development was impacted by negative currency effects in the amount of -€30m, which were primarily attributable to the performance of the US dollar. In addition, further currency effects in the amount of -€16m arose in connection with the Chinese renminbi. These result in particular from exports invoiced in foreign currencies to the ZEISS Group's distribution network. Adjusted for all currency effects, revenue was -1% below the previous year's figure. Further adverse factors in the first half of the 2025/26 fiscal year included declines in the intraocular lens business due to the withdrawal of a bifocal intraocular lens (IOL) from the ongoing volume-based procurement (VBP) tender in China, as well as related inventory write-offs. Furthermore, the Americas region experienced an increasingly weaker investment climate against the backdrop of rising geopolitical uncertainties. The strategic business units (SBUs) presented a mixed picture on a reported basis - revenue in the Ophthalmology SBU developed negatively, while the Microsurgery SBU recorded a slight increase in organic revenue. Orders backlog amounted to €435.0m (30 September 2025: €379.6m). Revenue growth in the Europe, Middle East, and Africa (EMEA) region made a positive contribution to business development. However, the Americas and Asia/Pacific (APAC) regions both recorded a decline in revenue. Revenue of the Carl Zeiss Meditec Group in €m/growth in % after 6 months of the respective fiscal year 2025/26 991.0 / -5.7% 2024/25 1,050.5 / +10.9% 2023/24 947.2 / -2.8% Revenue by strategic business unit The revenue contribution of the Ophthalmology SBU amounted to 76.1% in the first six months of fiscal year 2025/26 (prior year: 76.9%). The Microsurgery SBU contributed 23.9% (prior year: 23.1%) of consolidated revenue in the same period. Share of strategic business units in revenue of the Carl Zeiss Meditec Group Microsurgery 23.9% after 6 months 2025/26 Ophthalmology 76.1% The Ophthalmology strategic business unit recorded a revenue decline of -6.7% (adjusted for currency effects: -4.2%) to €753.8m (prior year: €808.2m) in the first half of the 2025/26 fiscal year. The decline was primarily due to negative currency effects and the withdrawal of bifocal intraocular lenses from government tenders in China, as previously disclosed in the first quarter of 2025/26. This also resulted in product returns from the distribution channel. Lower equipment shipments, particularly diagnostic devices, also had a negative impact. Research and development expenses rose slightly above prior-year levels. EBIT and the EBITA margin decreased compared with the same period of the prior fiscal year. Revenue in the Microsurgery strategic business unit decreased in the first six months from €242.3m to €237.2m. This represented a decrease of -2.1% (adjusted for currency effects: +1.8%). The decline is mainly due to negative currency effects. Operating costs were slightly lower than in the prior year. Overall, EBIT and the EBITA margin declined compared to the prior-year period. Revenue by strategic business unit 6 months 2025/26 6 months 2024/25 Change in % €m €m Adjusted for currency effects Ophthalmology 753.8 808.2 -6.7 -4.2 Microsurgery 237.2 242.3 -2.1 +1.8 Carl Zeiss Meditec Group 991.0 1,050.5 -5.7 -2.8 Revenue by region The Carl Zeiss Meditec Group has a globally diversified business, with a predominance in the APAC region. In the first six months 2025/26, the EMEA region accounted for 34.9% (prior year: 31.4%) of consolidated revenue. The Americas region accounted for 24.9% (prior year: 26.5%) of total revenue. Accounting for 40.2%, the APAC region contributed the largest share of total revenue (prior year: 42.1%). Share of the regions in revenue of the Carl Zeiss Meditec Group after 6 months of 2025/26 EMEA 34.9% Revenue of the Carl Zeiss Meditec Group by region 6 months 2025/26 6 months 2024/25 Change in % €m €m Adjusted for currency effects EMEA 345.9 330.2 +4.8 +5.6 Americas 247.1 278.1 -11.1 -3.5 APAC 397.9 442.2 -10.0 -8.6 Carl Zeiss Meditec Group 991.0 1,050.5 -5.7 -2.8 Americas 24.9% APAC 40.2% Gross profit Gross profit decreased to €490.5m after the first six months of fiscal year 2025/26 (prior year: €553.8m). The gross margin reached 49.5% in the reporting period (prior year: 52.7%). Business performance in the EMEA region was positive overall with an increase in sales of +4.8% (adjusted for currency effects: +5.6%) to €345.9m (prior year: €330.2m). Revenue performance benefited from growth in most core European markets, while declines were observed in the Middle East and Spain. Revenue in the Americas region decreased by a significant -11.1% (adjusted for currency effects: -3.5%) compared with the year-ago period. Revenue thus amounted to €247.1m (prior year: €278.1m). The decline was primarily attributable to a weak investment climate, particularly among small and medium-sized medical practices and clinics, as well as in the diagnostic equipment sector. The APAC region recorded a significant year-on-year decline in revenue of -10.0% (adjusted for exchange rate effects: -8.6%) to €397.9m (prior year: €442.2m). The positive growth trend in India was offset by lower revenue across China, Japan, South Korea, and Southeast Asia. Functional costs Function costs for the first six months of the fiscal year amounted to €467.5m (prior year: €455.6m), thus increasing by +2.6%. The increase was mainly due to higher research and development expenses, in particular the write-off of capitalized development costs related to the acquisition of Infinite Vision Optics S.A.S. Functional costs as a proportion of consolidated revenue increased in the first six months of fiscal year 2025/26, to 47.2% (prior year: 43.4%). » Selling and marketing expenses: Selling and marketing expenses amounted to €234.0m in the first six months of fiscal year 2025/26 (prior year: €239.9m). Expenses as a percentage of total Group revenue increased slightly compared to the prior year due to the decline in total revenue. They amounted to 23.6% (prior year: 22.8%). » General administrative expenses: General administrative expenses amounted to €68.7m in the first six months of the current fiscal year 2025/26 (prior year: €62.6m). General administrative expenses thus accounted for 6.9% of total revenue (prior year: 6.0%). Rising IT expenses in particular had a negative impact here. Reconciliation of EBIT to EBITA 3 6 months 6 months 2025/26 2024/25 Change EBIT 25.0 99.1 -74.8% Amortization from purchase price allocations 14.0 14.5 -3.2% EBITA 39.0 113.6 -65.7% EBITA margin 3.9% 10.8% -6.9% pts » Research and development expenses: The expenses for research and development increased to €164.8m at the end of the first six months of fiscal year 2025/26 (prior year: €153.1m). The increase was essentially due to the extraordinary impairment of the capitalized development costs arising from the acquisition of Infinite Vision Optics S.A.S. The R&D ratio increased to 16.6%, which is higher than the prior year (prior year: 14.6%). Development of earnings In the first six months of fiscal year 2025/26, the Carl Zeiss Meditec Group generated earnings before interest and taxes of €25.0m (prior year: €99.1m), a decrease of -74.8% compared to the same period of the prior year. This corresponded to an EBIT margin of 2.5% (prior year: 9.4%). Adjusted for amortization of intangible assets from purchase price allocations, EBITA amounted to €39.0m (prior year: €113.6m). This corresponds to an EBITA margin of 3.9% (prior year: 10.8%). The decline was mainly due to negative currency effects, weaker revenue and a lower gross profit margin compared to the same period of the prior year as a result of negative product mix effects. The OpEx ratio increased to 47.2% (prior year: 43.4%), mainly due to lower revenue in conjunction with increased research and development costs resulting from impairment charges on assets from the acquisition of Infinite Visions Optics S.A.S. in the amount of €13.1m. Net income was further weighed down by special effects, including legal expenses related to the acquisition of Iantech, Inc. in the amount of €4.3m, as well as the return of bifocal intraocular lenses from the distribution channel and associated write-offs totaling €6.1m. In the prior year, the results were offset by a one-off positive contribution of €2.1m from government grants received in China. After taking into account all special effects, adjusted EBITA amounted to €60.5m (prior year: €112.6m). This corresponded to an adjusted EBITA margin of 6.1% (prior year: 10.7%). The EBITA margin in the Ophthalmology strategic business unit was significantly lower in the reporting period. This was primarily attributable to increased operating expenses and the impairment of capitalized development costs from the acquisition of Infinite Vision Optics S.A.S. The EBITA margin in the Microsurgery strategic business unit was below the prior-year level. The decline in EBITA was primarily due to a lower gross profit compared to the same period of the prior year. The financial result in the first six months of fiscal year 2025/26 amounted to -€4.7m (prior year: -€13.7m). The increase was primarily due to higher foreign exchange gains resulting from the period-end valuation of receivables and payables. The tax rate for the reporting period was 34.4% (prior year: 29.2 %). As a general rule, an average annual tax rate of around 30% is assumed. Consolidated profit attributable to the shareholders of the parent company amounted to €14.7m for the first six months of fiscal year 2025/26, decreasing by -76.0% compared with the corresponding prior-year period (prior year: €61.0m). Non-controlling interests accounted for -€1.3m (prior year: -€0.5m). Basic earnings per share of the parent company amounted to €0.17 for the first six months of fiscal year 2025/26 (prior year: €0.70). The weighted average number of shares outstanding was 87,536,079 (31 March 2025: 87,536,079). 3 Amortization of intangible assets from purchase price allocations (PPA) totaled approximately €14.0m after six months (prior year: €14.5m), primarily related to the acquisitions of DORC in fiscal year 2023/24 and Kogent Surgical LLC in fiscal year 2021/22. ‌FINANCIAL POSITION‌ Statement of cash flows The Carl Zeiss Meditec Group's statement of cash flows shows the origins and utilization of the cash flows during the reporting period. A distinction is made between cash flows from operating activities and cash flows from investing and financing activities. from Group Treasury. Lower investments in property, plant and equipment and intangible assets had an offsetting effect compared to the prior year. Cash flows from financing activities in the first six months of fiscal year 2025/26 amounted to -€58.3m (prior year: €13.9m). The change was mainly influenced by a reduction in liabilities to Group Treasury. Changes in individual items in the income statement and the statement of financial position are reflected in the statement of cash flows. In contrast, the consolidated statement of financial position presents the figures as of the end of the reporting period on 31 March 2026. As a result, Key ratios relating to financial position 31 Mar 2026 30 Sep 2025 Change the statements in the analysis of the financial position may differ from the presentation of net Key ratio Definition €m €m in % assets based on the consolidated statement of financial position. Cash and cash equivalents Cash-in-hand and bank balances 23.9 27.3 -12.4 Summary of key ratios in the statement of cash flows in €m 6 months 2025/26 6 months 2024/25 Net cash and cash equivalents Cash-in-hand and bank balances + receivables from treasury of Carl Zeiss AG ./. payables to Group treasury of Carl Zeiss AG 131.9 123.5 +6.8 Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Change in cash and cash equivalents 98.9 8.5 -43.7 -15.5 -58.3 13.9 -3.4 6.3 Net financial debt Cash-in-hand and bank balances + receivables from treasury of Carl Zeiss AG ./. payables to Group treasury of Carl Zeiss AG ./. Bank liabilities including loans Net working capital Current assets including financial investments ./. cash and cash equivalents ./. receivables from treasury of Carl Zeiss AG ./. current liabilities excl. payables to Group treasury of Carl Zeiss AG Working capital Current assets ./. current liabilities -274.4 -276.9 -0.9 592.7 613.0 -3.3 724.6 736.5 -1.6 Cash flows from operating activities amounted to €98.9m in the reporting period (prior year: 8.5 €m). The significant increase compared to the prior year resulted primarily from a significant reduction in receivables as well as tax refunds and lower tax payments in connection with the earnings performance. Cash flows from investing activities amounted to -€43.7m in the period under review (prior year: -€15.5m). The change primarily resulted from a significant increase in receivables due Key ratio Definition Cash flow per share Cash flows from operating activities €1.13 €0.10 >100% Weighted average of shares outstanding Capex ratio Investment (cash) in tangible- and intangible assets 2.7% 3.9% -1.2% pts Revenue of Carl Zeiss Meditec Group 6 months 2025/26 6 months 2024/25 Change ‌NET ASSETS‌ Presentation of net assets Non-current liabilities amounted to €2,105.7m as of 31 March 2026 (30 September 2025: €2,123.1m). The change resulted, among other factors, from amortization of intangible assets and depreciation of property, plant and equipment. Current assets decreased slightly to €1,232.8m as of 31 March 2026 (30 September 2025: €1,280.3m) due to a reporting date-related decline in trade receivables from both related parties and third parties. This was offset by an increase in inventories and a rise in treasury receivables. The equity recognized in the Carl Zeiss Meditec Group's statement of financial position declined to €2,108.1m as of 31 March 2026 (30 September 2025: €2,127.7m). The decline resulted from the dividend payment. This was offset by currency effects in other components of equity and the net income generated in the period. The equity ratio was 63.1% (30 September 2025: 62.5%) and thus remained high. Non-current liabilities amounted to €722.2m as of 31 March 2026 (30 September 2025: €731.9m). The decrease was attributable, among other factors, to a reduction in the non-current portion of lease liabilities. As of 31 March 2026, current liabilities amounted to €508.2m (30 September 2025: €543.8m). The decrease resulted primarily from a reduction in accrued liabilities as well as trade payables to related parties. This was offset by an increase in current financial liabilities and trade payables. Structure of statement of financial position - assets in €m Total group assets as of 31 Mar 2026 Total group assets as of 30 Sep 2025 3,338.5 3,403.4 975.6 1,130.1 1,232.8 969.7 1,153.3 1,280.3 Goodwill Non-current assets (excluding goodwill) Current assets, including assets held for sale Structure of statement of financial position - Equity and liabilities in €m Total group assets as of 31 Mar 2026 Total group assets as of 30 Sep 2025 3,338.5 3,403.4 2,108.1 722.2 508.2 2,127.7 731.9 543.8 Equity Non-current liabilities Current liabilities ‌Key ratios relating to net assets‌‌‌‌ 31 Mar 2026 30 Sep 2025 Change The statements on the opportunity and risk situation of the Carl Zeiss Meditec Group and the detailed presentation of risk management on pages 39 to 52 of the Annual Report 2024/25 of Key ratio Definition in % in % % pts the Carl Zeiss Meditec Group still apply in principle. Equity ratio Equity (including non-controlling interests) Total assets 63.1 62.5 +0.6 The earnings impact of supplier risks, which continue to have a medium probability of occurrence, has increased slightly from the high single-digit million-euro range to the very low 12-month revenue Rolling revenue Receivables in % of rolling 12-month revenue Trade receivables at the end of the reporting period (including non-current receivables) 21.3 23.8 -2.5 Rolling revenue Inventories in % of rolling Inventories (net) 24.8 22.3 +2.5 double-digit million-euro range. Future tariffs on product imports into the US market have now been fully incorporated into the Group's planning and are therefore no longer included in the risk management system. EVENTS OF PARTICULAR SIGNIFICANCE ORDER BACKLOG The Carl Zeiss Meditec Group's orders on hand amounted to €435.0m as of 31 March 2026 (30 September 2025: €379.6m). OPPORTUNITY AND RISK REPORT The assessment of business opportunities and risks as well as the prudent handling of entrepreneurial uncertainty are an important part of corporate governance at Carl Zeiss Meditec AG. Risk management is an integral part of corporate management within the Carl Zeiss Meditec Group, and is based on the following two key elements: a risk reporting system and an internal control system. No events of material significance for the Carl Zeiss Meditec Group's net assets, financial position and results of operations occurred after the end of the first six months of the current fiscal year. The development of business at the beginning of the third quarter of fiscal year 2025/26 validates the statements made in the "Outlook" below. EMPLOYEES Highly qualified, committed and motivated employees are the foundation of the long-term success of the ZEISS Group. As of 31 March 2026, the Carl Zeiss Meditec Group had 5,798 employees worldwide (30 September 2025: 5,784). ‌RESEARCH AND DEVELOPMENT‌‌ Objectives and focus of research and development Innovations are a key driver of future growth. Research and development has therefore traditionally played a crucial role within the Carl Zeiss Meditec Group. Research and development expenses for the reporting period amounted to €164.8m (prior year: €153.1m). Due to the decline in revenue in the first six months of fiscal year 2025/26 and the simultaneous increase in R&D costs, the R&D ratio increased from 14.6% in the prior year to 16.6%. On 31 March 2026, 20% (30 September 2025: 20%) of the Carl Zeiss Meditec Group's entire workforce was working in Research and Development. A comprehensive presentation of research and development work can be found on page 34f. of the 2024/25 Annual Report. OUTLOOK For the remainder of the 2025/26 fiscal year, we continue to expect a volatile global macroeconomic environment, due in part to persistently subdued investment activity and volatility in the foreign exchange markets. In the 2025/26 fiscal year, revenue is expected to reach at least €2.15-2.20b (approximately -1% to -3.5% below the prior year). On a currency-adjusted basis, revenue is expected to remain broadly stable. The EBIT margin is expected to be in the mid single-digit percentage range. The EBITA margin is expected to be between 8% and 10%, after accounting for potential non-recurring effects, which are expected to amount to at least the mid double-digit million euro range (fiscal year 2024/25: EBITA €257.7m, EBITA margin 11.6%). Comprehensive restructuring measures under the "ProfitUp" programme will be announced alongside the 2025/26 half-year report to safeguard future growth and innovation potential, and to restore an adequate level of profitability. To this end, sustainable cost, structural and portfolio initiatives are targeted to deliver an annual earnings improvement of >€200m p.a. by fiscal year 2028/29, compared with the current fiscal year 2025/26. The planned measures include, among others: procurement savings driven by supply chain optimisation; the clearing out of less profitable products within the portfolio; savings in research and development achieved by relocating activities to cost-efficient locations to build a competitive cost base; and a reduction in administrative expenses via lower personnel and non-personnel costs. These cost savings will be complemented by targeted initiatives to accelerate revenue growth. Approximately €40m p.a. of the achieved savings will be required to offset rising infrastructure costs through fiscal year 2028/29. These include costs resulting from the implementation of a new ERP and Customer Relationship Management (CRM) system, the lease agreement for the high-tech site in Jena, and increased shared services costs within the Carl Zeiss Group. The net savings volume of >€160m p.a. remaining after offsetting rising infrastructure costs is expected to contribute to a sustainable recovery of the EBITA margin. In connection with the measures listed above, one-time expenses and investments totaling up to €150m are expected through the 2028/29 fiscal year. Up to 1,000 positions across the global organization may be affected by the planned measures. In addition to the aforementioned targets, and as previously announced in December 2025, measures are being taken to optimize the Group's site strategy. This includes a stronger presence in China and the expansion of cost-efficient capacities outside of China. Supported by the planned measures, constant currency revenue growth of at least the mid single-digit percentage range alongside a recovery in the adjusted EBITA margin to around 15% is expected by fiscal year 2028/29. In the longer term, the EBITA margin is targeted to rise back into the previous goal corridor of 16-20%. Should there be any significant changes in the economic environment currently forecast over the course of the second half of fiscal year 2025/26, and should it thus become necessary to amend the statements made here on the development of business from today's perspective, these amendments shall be published promptly and shall specify our expectations in more detail. ‌Consolidated financial statements‌ Consolidated income statement (IFRS) 14 Consolidated statement of comprehensive income (IFRS) 15 Consolidated statement of financial position (IFRS) 16 Consolidated statement of changes in equity (IFRS) 17 Consolidated statement of cash flows (IFRS) 18 Consolidated notes to the interim report 19 General information 19 Notes to the consolidated income statement 19 Fair value disclosures 20 Responsibility statement 23 ‌Consolidated income statement (IFRS)‌ from 1 October 2025 to 31 March 2026 Q2 2025/26 1 Jan 26 to 31 Mar 26 Q2 2024/25 1 Jan 25 to 31 Mar 25 2025/26 1 Oct 25 to 31 Mar 26 2024/25 1 Oct 24 to 31 Mar 25 €k €k €k €k Revenue 524,001 560,016 990,977 1,050,469 Cost of sales -260,625 -258,283 -500,455 -496,666 Gross profit 263,376 301,733 490,522 553,803 Selling and marketing expenses -118,092 -119,421 -234,021 -239,902 Research and development expenses -89,299 -75,588 -164,764 -153,073 General administrative expenses -34,066 -34,444 -68,725 -62,639 Other operating result 1,989 -1,100 1,989 950 Earnings before interest and taxes (EBIT) 23,908 71,180 25,001 99,139 Earnings of investments carried at equity -429 -260 -848 -1,231 Interest income 1,275 3,591 2,508 5,265 Interest expenses -6,155 -7,006 -12,166 -13,872 Net interest from defined benefit pension plans 1,571 3 139 27 Foreign currency gains (+) / losses (-), net 1,352 -2,204 1,591 -3,931 Other financial result 4,272 76 4,120 75 Earnings before income taxes (EBT) 25,794 65,380 20,345 85,472 Income taxes -6,761 -19,752 -7,001 -24,994 Consolidated profit 19,033 45,628 13,344 60,478 » of which profit/loss attributable to shareholders of the parent company 19,569 45,331 14,669 61,025 » of which profit/loss attributable to non-controlling interests -536 297 -1,325 -547 Earnings per share basic/diluted (in €) (EPS) 0.22 0.52 0.17 0.70 ‌Consolidated statement of comprehensive income (IFRS)‌ from 1 October 2025 to 31 March 2026 Q2 2025/26 1 Jan 26 to 31 Mar 26 Q2 2024/25 1 Jan 25 to 31 Mar 25 2025/26 1 Oct 25 to 31 Mar 26 2024/25 1 Oct 24 to 31 Mar 25 €k €k €k €k Consolidated profit 19,033 45,628 13,344 60,478 Other comprehensive income that may be reclassified to the income statement in subsequent periods: Translation differences 12,789 -26,325 11,778 20,526 Other comprehensive income not reclassified to the income statement in subsequent periods: Remeasurement of defined benefit pension plans 1,177 5,447 4,898 7,200 Deferred taxes from remeasurement of defined benefit pension plans -379 -1,646 -1,498 -2,182 Other comprehensive income (after tax) 13,587 -22,524 15,178 25,544 Total comprehensive income 32,620 23,104 28,522 86,022 » of which profit/loss attributable to shareholders of the parent company 33,128 22,687 30,360 86,720 » of which profit/loss attributable to non-controlling interests -508 417 -1,838 -698 ‌Consolidated statement of financial position (IFRS)‌ as of 31 March 2026 Assets 31 Mar 2026 30 Sep 2025 Equity and liabilities 31 Mar 2026 30 Sep 2025 €k €k €k €k Non-current assets Equity Goodwill 975,600 969,740 Share capital 89,441 89,441 Other intangible assets 632,452 662,873 Capital reserve 620,137 620,137 Property, plant and equipment 336,138 342,953 Retained earnings 1,541,635 1,575,111 At-equity investments 27,571 20,321 Treasury shares -150,075 -150,075 Other investments and shares in affiliated non-consolidated companies 8,611 8,611 Other components of equity -2,417 -18,108 Loans 10,396 10,172 Non-controlling interests 9,355 11,193 Deferred taxes 96,144 82,261 2,108,076 2,127,699 Trade receivables 8,955 9,386 Non-current liabilities Other assets 9,871 16,756 Provisions for pensions and similar obligations 8,556 8,704 2,105,738 2,123,073 Other provisions 11,860 10,938 Current assets Financial liabilities 455,242 455,357 Inventories 538,553 497,209 Leasing liabilities 102,492 108,318 Trade receivables 179,973 209,013 Other non-financial liabilities 15,916 16,322 Trade receivables from related parties 273,715 311,811 Deferred taxes 128,173 132,222 Treasury receivables 136,997 128,976 722,239 731,861 Tax refund claims 33,018 41,884 Current liabilities Other financial assets 9,778 24,297 Other provisions 25,708 28,861 Other non-financial assets 36,863 39,841 Accrued liabilities 134,412 165,839 Cash and cash equivalents 23,898 27,267 Financial liabilities 36,602 19,553 1,232,795 1,280,298 Leasing liabilities 23,219 24,138 3,338,533 3,403,371 Trade payables 115,337 108,927 Trade payables to related parties 70,264 85,170 Treasury payables 29,033 32,784 Income tax payables 10,821 10,170 Other non-financial liabilities 62,822 68,369 508,218 543,811 3,338,533 3,403,371 ‌Consolidated statement of changes in equity (IFRS)‌ from 1 October 2025 to 31 March 2026 Share capital Capital reserve Retained earnings Treasury shares Other components of equity Equity before Non-controlling Equity from translation from remeasurement from remeasurement non-controlling interest interests differences of defined benefit of equity instruments pension plans €k €k €k €k €k €k €k €k €k €k As of 1 Oct 2024 89,441 620,137 1,486,423 -150,075 9,123 -6,059 -7,293 2,041,697 14,782 2,056,479 Consolidated profit 0 0 61,025 0 0 0 0 61,025 -547 60,478 Other income 0 0 0 0 20,677 5,018 0 25,695 -151 25,544 Total comprehensive income 0 0 61,025 0 20,677 5,018 0 86,720 -698 86,022 Dividend payment 0 0 -52,522 0 0 0 0 -52,522 0 -52,522 As of 31 Mar 2025 89,441 620,137 1,494,926 -150,075 29,800 -1,041 -7,293 2,075,895 14,084 2,089,979 As of 1 Oct 2025 89,441 620,137 1,575,111 -150,075 -19,479 8,664 -7,293 2,116,506 11,193 2,127,699 Consolidated profit 0 0 14,669 0 0 0 0 14,669 -1,325 13,344 Other income 0 0 0 0 12,291 3,400 0 15,691 -513 15,178 Total comprehensive income 0 0 14,669 0 12,291 3,400 0 30,360 -1,838 28,522 Dividend payment 0 0 -48,145 0 0 0 0 -48,145 0 -48,145 As of 31 Mar 2026 89,441 620,137 1,541,635 -150,075 -7,188 12,064 -7,293 2,098,721 9,355 2,108,076 ‌Consolidated statement of cash flows (IFRS)‌ from 1 October 2025 to 31 March 2026 2025/26 2024/25 2025/26 2024/25 1 Oct 25 to 31 Mar 26 1 Oct 24 to 31 Mar 25 1 Oct 25 to 31 Mar 26 1 Oct 24 to 31 Mar 25 €k €k €k €k Consolidated profit 13,344 60,478 Cash outflow for investments in property, plant and equipment -10,053 -21,687 Income taxes 7,001 24,994 Cash outflow for investments in other intangible assets -17,154 -18,911 Interest income/expenses 9,519 8,580 Proceeds from the disposal of intangible assets and property, plant 68 13,405 Earnings of investments carried at equity 848 1,231 and equipment Cash outflow for investments in financial assets -7,720 -5,255 Result from the change in fair value of contingent purchase price obligations -4,144 0 Change in treasury receivables -7,705 16,960 Depreciation and amortization 76,447 59,443 Acquisition of consolidated subsidiaries less cash received -1,176 0 Proceeds from the disposal of intangible assets and property, plant and equipment 192 230 Cash flow from investing activities -43,740 -15,488 Other non-cash income/expenses -173 1,002 Interest and dividends received 2,252 2,889 Interest paid -2,445 -3,927 Income taxes paid -15,964 -49,241 Change in inventories -40,221 -11,475 Change in trade receivables 68,289 -61,712 Change in other assets 24,748 1,574 Change in trade payables -10,319 6,733 Change in provisions and financial liabilities -23,711 -22,110 Change in other liabilities -6,747 -10,181 Cash flow from operating activities 98,916 8,508 Change in current bank liabilities 1,511 98 Proceeds from loans 4,215 0 Change in treasury liabilities -4,523 78,218 Repayment of leasing liabilities -11,357 -11,930 Dividend payment to shareholders of Carl Zeiss Meditec AG -48,145 -52,522 Cash flow from financing activities -58,299 13,864 Effect of exchange rate fluctuation on cash and cash equivalents -246 -619 Change in cash and cash equivalents -3,369 6,265 Cash and cash equivalents as of 1 October 27,267 20,285 Cash and cash equivalents as of 31 March 23,898 26,550 The following notes are an integral part of the unaudited consolidated financial statements. ‌Consolidated notes to the interim report‌‌‌ GENERAL INFORMATION Accounting under International Financial Reporting Standards (IFRS) Carl Zeiss Meditec AG prepared its consolidated financial statements as of 30 September 2025 in accordance with the International Financial Reporting Standards (IFRSs) of the International Accounting Standards Board (IASB), London, as applicable in the EU as of that date. Accordingly, this interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. Accounting and valuation policies The accounting and valuation policies applied to the interim financial statements as of 31 March 2026 correspond to those applied to the consolidated financial statements for fiscal year 2024/25 as detailed on page 70 ff. of the Annual Financial Report 2024/25, with the exception of the application of new accounting pronouncements in the current fiscal year. Recently issued accounting standards Carl Zeiss Meditec has implemented all accounting standards adopted by the EU and mandatory from 1 October 2025. For all standards and interpretations applied for the first time (including Agenda Decisions) there were no significant changes to the accounting and valuation methods, nor are such changes expected. The following accounting principles were applied for the first time in the fiscal year under review: NOTES TO THE CONSOLIDATED INCOME STATEMENT Operating segments Pursuant to IFRS 8 Operating Segments , the Group defines its operating segments based on the information that is reported internally to the Management Board, which is also Chief Operating Decision Maker according to IFRS 8. The Carl Zeiss Meditec Group has two operating segments, which are simultaneously the Company's Strategic Business Units ("SBUs"). All activities relating to ophthalmology, such as intraocular lenses, surgical visualization solutions and medical laser and diagnostic systems are allocated to the "Ophthalmology" SBU. The "Microsurgery" segment encompasses the activities of neuro, ear, nose and throat surgery, as well as the activities in the field of intraoperative radiotherapy. For more information on the business activities of the SBUs please refer to the management report. Internal management reports are evaluated by the Management Board on a regular basis for each of the strategic business units. As a general rule there were no intersegment sales. The revenue mainly resulted from the sale of goods and is distributed across the individual revenue types in a similar ratio to fiscal year 2024/25. The operating segments for the reporting period are as follows: Date of issue Standard/interpretation Amendment / new standard or interpretation 15 Aug 2023 Amendment to IAS 21 The Eflects of Changes in Foreign Exchange Rates Amendments to the mandatory application of a consistent approach in assessing whether one currency can be translated into another ‌Ophthalmology‌ Microsurgery Total 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 €k €k €k €k €k €k External revenue 753,771 808,205 237,206 242,264 990,977 1,050,469 Earnings before interest and taxes (EBIT) -1,615 60,375 26,616 38,764 25,001 99,139 plus amortization from purchase price allocations 13,224 13,664 734 809 13,958 14,473 Earnings before interest, taxes and amortization from purchase price allocations (EBITA) 11,609 74,039 27,350 39,573 38,959 113,612 Reconciliation of segments' comprehensive income to the Group's period-end result Comprehensive income of the segments 25,001 99,139 Earnings before interest and taxes (EBIT) 25,001 99,139 Financial result -4,656 -13,667 Earnings before income taxes (EBT) 20,345 85,472 Income taxes -7,001 -24,994 Consolidated profit 13,344 60,478 Related party disclosures In the reporting period 2025/26, transactions with related parties result in revenue of €509,512k (prior year: €535,657k). "Related parties" include the Carl Zeiss Foundation, Heidenheim an der Brenz and Jena, Carl Zeiss AG, Oberkochen, and its subsidiaries excluding the Carl Zeiss Meditec Group (the "ZEISS Group"), Schott AG, Mainz, including its subsidiaries (the "Schott Group"), associates and joint ventures as well as the members of the Management Board and Supervisory Board (key management personnel) of Carl Zeiss Meditec AG and their immediate family members. FAIR VALUE DISCLOSURES The principles and methods for measuring at fair value are essentially the same as in the prior year. Detailed notes on the evaluation principles and methods can be found in the Annual Report as of 30 September 2025. The allocation of the fair values to the three levels of the fair value hierarchy is based on the availability of observable market prices on an active market. The valuation levels are defined as follows: Level 1: Financial instruments traded on active markets, for which the listed prices were assumed unchanged for valuation. Level 2: Valuation is based on valuation methods where input factors are derived directly or indirectly from observable market data. Level 3: Valuation is based on valuation methods where input factors are not based exclusively on observable market data. The table below provides an overview of the items in the statement of financial position measured at fair value: The table below presents the changes in the fair value of the financial instruments allocated to level 3: 31 Mar 2026 Contingent Level 1 Level 2 Level 3 Total Loans Options purchase price obligations €k €k €k €k €k €k €k Loans 0 0 3,551 3,551 As of 1 Oct 2025 3,516 0 58,584 Currency hedging contracts 0 3,153 0 3,153 Changes in fair value recognized through profit or loss 35 0 -1,885 Financial assets 0 3,153 3,551 6,704 Payment of contingent purchase price obligations 0 0 -1,176 Translation differences 0 0 779 Currency hedging contracts 0 8,686 0 8,686 As of 31 Mar 2026 3,551 0 56,302 Contingent purchase price obligations 0 0 56,302 56,302 Financial liabilities 0 8,686 56,302 64,988 As of 1 Oct 2024 0 1,695 64,272 Changes in fair value recognized through profit or loss 0 1,157 473 31 Mar 2025 Translation differences 0 0 768 Level 1 Level 2 Level 3 Total As of 31 Mar 2025 0 2,852 65,513 €k €k €k €k Options 0 0 2,852 2,852 Currency hedging contracts 0 5,215 0 5,215 Financial assets 0 5,215 2,852 8,067 Currency hedging contracts 0 2,078 0 2,078 Contingent purchase price obligations 0 0 65,513 65,513 Financial liabilities 0 2,078 65,513 67,591 The financial assets allocated to level 3 include loans to a supplier whose repayment is linked to certain sales targets and whose interest rate is variably linked to Euribor. Both the planned revenue figures and the probability of default used in the valuation represent unobservable input factors. An upward or downward fluctuation in the interest rate by 1 percentage point would reduce or increase the contingent considerations by an amount under €1m. A 15% reduction in the planned revenue would lead to an increase in the probability of default in the lower single-digit million range. Carl Zeiss Meditec shall review at the end of each reporting period whether there are grounds for reclassification to or from a valuation category. There were no reclassifications between the valuation categories during the reporting period. The contingent purchase price obligations allocated to level 3 result from the acquisitions of Preceyes B.V., Kogent Surgical LLC, Katalyst Surgical LLC and Audioptics Medical Inc. as well as InfiniteVision Optics S.A.S., which was acquired as part of an asset deal. The change in fair value recognized through profit or loss includes, on the one hand, the annual compounding of these liabilities, and, on the other hand, the adjustment of the capital costs for the measurement of the liabilities. Both effects are recognized in the interest expense. In addition, income from the remeasurement of contingent purchase price obligations, which is also part of the change in fair value through profit or loss presented here, was recognized in the other financial result. This also includes the complete release of the liability from the acquisition of InfiniteVision Optics S.A.S. as part of an asset deal. The fair value of the contingent considerations was determined on the basis of the criteria agreed in the purchase agreement and the probable achievement of the target expected according to the current status and discounted at a standard market interest rate. An upward or downward fluctuation in the interest rate by 1 percentage point would reduce or increase the contingent considerations, respectively, in the low single-digit million range. A delay in the achievement of targets linked to milestones, accompanied by a simultaneous reduction in the planned revenue targets by 15%, would reduce the obligations by approximately €21m. Reconciliation of balance sheet items to the classes of financial instruments The fair value of financial instruments measured at amortized cost, such as receivables and liabilities, is determined by discounting using a market interest rate that is appropriate to the risk and has a matching maturity. In comparison with 30 September 2025 there are no significant changes in the ratios between carrying amount and fair value with respect to non-current assets and liabilities. For reasons of materiality the fair value shall be equated to the carrying amount for current items in the statement of financial position. ‌Responsibility statement‌ To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated interim financial statements of Carl Zeiss Meditec provide a true and fair view of the net assets, financial position and results of operations of the Group, and the consolidated management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Carl Zeiss Meditec Group. Andreas Pecher Justus Felix Wehmer President and CEO Member of the Management Board ‌Additional information‌ Financial calendar 25 Imprint/Disclaimer 25 ‌Financial calendar Imprint/Disclaimer‌‌ Publication of 9-Month Statement 2025/26 Conference Call 6 August 2026 Publication of Annual Financial Statements 2025/26 Analyst Conference 10 December 2026 Carl Zeiss Meditec AG Investor Relations Sebastian Frericks Phone: +49 3641 220 116 Fax: +49 3641 220 117 [email protected] Editor Ashley Steinbach, Thu Anh Engel, Yao Sun (Investor Relations) Design Carl Zeiss AG Corporate Brand, Communications and Public Affairs This report was published on May 12, 2026. The 6-Month Report 2025/26 of Carl Zeiss Meditec AG was published in German and English. Both versions and the key figures contained in this report can be downloaded from the following address: https://www.zeiss.com/meditec-ag/en/inves-tor-relations/financial-publications.html Disclaimer This report contains certain forward-looking statements concerning the development of the Carl Zeiss Meditec Group. At the present time, the Carl Zeiss Meditec Group assumes that these forward-looking statements are realistic. However, such forward-looking statements are based both on assumptions and estimates that are subject to risks and uncertainties, which may lead to the actual results differing significantly from the expected results. The Carl Zeiss Meditec Group can therefore assume no liability for such a deviation. There are no plans to update the forward-looking statements for events that occur after the end of the reporting period. Not all products are approved in all markets, and approval markings and instructions may vary from country to country. Please refer to the respective country website for further product-specific information. We reserve the right to make changes to the design and scope of delivery of the products and to carry out further technical development. Apparent addition discrepancies may arise throughout this annual report due to mathematical rounding. Carl Zeiss Meditec AG Phone: +49 3641 220 115 Göschwitzer Straße 51- 52 Fax: +49 3641 220 117 07745 Jena [email protected] Germany https://www.zeiss.com/meditec-ag/ir

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