Investor presentation February 2026

Investor Presentation

Investor Relations

February 2026

01

At a Glance

02

03

04

Strategy

Facts and Figures

Outlook

05 Appendix

Ametropia (Hyperopia, Myopia, Astigmatism)

Presbyopia

Cataract

Retinopathy

Eye conditions over lifetime

0 18 40 60 65

Structural tailwinds

• Accelerating myopia and high myopia prevalence

• Demand on premium vision quality

• Aging of the population and growing affluence

• Continuously increasing volume of cataract and retinal surgeries

• Growing patient load requires more efficient workflows

• Digitalization to reshape healthcare

ZEISS

Solutions

ZEISS Corneal Refractive Workflow ZEISS Cataract Workflow ZEISS Retina Workflow

2026 2029

2023

35m

32m

39m

Global cataract procedures

2020 2030 2050

34%

23%

50%

Global myopia rate

MCS

23%

of total revenue

OPT

77%

of total revenue

Reporting date September 30, 2025

Total revenue

2024/25

2023/24

2022/23

2021/22

2020/21

€ 2,227.6 million

€ 2,066.1 million

€ 2,089 million

€ 1,903 million

€ 1,647 million

EBIT(A) margin

2024/25¹

2023/24¹

2022/23

2021/22

2020/21

12.0%

16.7%

20.9%

22.7%

11.6%

¹ 2024/25 and 2023/24 EBITA margin, EBITA: Earnings before interest, taxes and amortization of intangible assets from purchase price allocations

2020/21 € 391.1 million

Consumables

6%

€ 433.6 million

2021/22

of OPT

revenue

Service

13%

Equipment

81%

MCS

of total revenue

23%

€ 512.8 million

2022/23

2023/24 € 477.0 million

€ 503.9 million revenue

2024/25

ZEISS

~ 20%

Nikon

TOPCON

NIDEK

Haag-Streit

ZEISS

> 60%

Olympus

LEICA

Haag-Streit

Most advanced in Visualization at Microsurgery Key position in Chronic Disease Management

Top ranking in Refractive Surgery

Growing position in large Surgery Anterior Seg

Leading offering in Surgery Posterior Seg

ZEISS

> 40%

J&JV

Ziemer

Alcon

STAAR

SCHWIND

B&L

ZEISS

~ 8%

J&JV

Alcon

B&L

Hoya

ZEISS

~ 15%

Alcon

B&L

Source: CZM internal estimates, Marketscope

02

Strategy

03

04

Facts and Figures

Outlook

01 At a Glance 05 Appendix

Technological leading - Strong position in key technologies and leading in market shaping innovation

• ZEISS innovates to drive customer value through superior solutions

• High commitment to R&D investment resulting in technology leadership across our portfolio

LEADING INNOVATION AND PUSHING THE BOUNDARIES OF TECHNOLOGY

1

Shaping technological progress by turning state-of-the-art technology into superior applications

History of gold standards in optical technologies

R&D ratio

R&D expenses

in € million

16.7%

16.6%

14.6%

DEVELOPING WITH THE CUSTOMER

2

Involving customers and key opinion leaders from an early stage - integrated into optical R&D network of the ZEISS Group

Application-driven development

326

2022/23 2023/24 2024/25

CONNECTIVITY & DATA MANAGEMENT

3

Specific applications and workplaces to handle data and to support decision-making

Lead the digitization of our business

4

WORKFLOW- AND OUTCOME-DRIVEN SOLUTIONS

Integrated solutions supporting strong treatment outcomes and efficient workflows

We integrate our products into systems

Carl Zeiss Meditec Group's regional split

In % of total revenue 2024/25

Americas

26.0%

EMEA

29.5%

China 25%

APAC

44.5%

Carl Zeiss Meditec Group's top markets in terms of revenue

Ranked by proportion of total revenue

US #2

France #6

Germany #3

Mainland China #1

South Korea #5

Japan #7

South East Asia #4

India #8

Favorable product mix - broad and diversified portfolio with growing share of recurring revenue

Share of recurring revenue has advanced steadily over two

decades

2002/03

2024/25

~50%

of total revenue

• More recurring revenue has allowed for profitable growth and less cyclicality

• We steadily broaden our service offering to complement our product offering and enhance the share of recurring revenue

• Key components of recurring revenue: Surgical consumables (e.g. intraocular lenses (IOLs), refractive treatment packs, OVDs, viscoelastics, phaco cassettes, drapes etc. ), software and service

of €2,227.6 million

Driving clinical outcome and efficiency improvement

…through workflow solutions built around anchor products

Devices

Reach sufficiently significant and relevant market standing in the core and earn "right to expand"

Workplaces

Strategically enter additional relevant workplaces and develop an integrated value proposition

Workflows

Establish as a full workflow player, capture high-value elements, leverage position

Pre-treatment

Surgical Visualization Instruments / Therapy

Implants

Post-treatment

Example: ZEISS Tumor Workflow

IOL market - Cataract surgeries projected to grow strongly

Accelerating Premium IOL growth

Premium IOL trend until 2029

in million units

40

35

30

25

20

15.3%

15

10

5.0

30%

• Current cataract procedures around 32m annually

• All IOLs to grow at 4% CAGR and premium IOLs at 8%

  CAGR by unit

• Premium IOL unit share (Premium IOL units / all IOL units) reached 15% while its revenue share reached 45% in 2024

• Growth to accelerate further: Premium IOL unit share to

  approach 19% while its revenue share to reach 53% in 2029

• Drivers: new innovations, technological improvement, higher awareness and adoption by patients, favorable health insurance provisions

25%

20%

18.8%

15%

10%

7.4

5%

5

0 0%

2023 2024 2025 2026 2027 2028 2029

All IOLs Premium IOLs Unit share

Premium IOLs include Mono toric, Bifocal, Trifocal, EDoF,

Accomodating, Presbyopia correcting etc.

Source: Marketscope 2024

Refractive market - Myopia prevalence to significantly expand

High myopia to grow at even more accelerated pace

Global myopia prevalence

in million people

5000

34.0%

22.9%

9.8%

5.2%

2.7%

4500

4000

3500

3000

2500

2000

1500

1000

500

0

49.8%

• Myopia: -0.5D or less, high myopia: -5.0D or less

• Myopia and high myopia estimates suggest significant increases in prevalence globally

• Currently 1/3 of world population is myopic, 1/20 high-myopic; in 30 years around 1/2 of world population is myopic, 1/10 high-myopic

• High income regions with more accelerated trend

2000 2010 2020 2030 2040 2050

Myopia High Myopia

Source: Estimates by American Academy of Ophthalmology

ZEISS provides the most comprehensive diagnostic and surgical solution portfolio in eye care

• ZEISS provides gold standard systems and solutions across eye diagnostics and surgery based on deep application know-how in optics and imaging.

• Connectivity of imaging and surgical devices used to support surgeons' quest for premium treatment outcomes and workflow efficiency.

All trademarks are property of the respective owner.

Digital Supported Cataract Workflow

Integrated solutions to provide highest level of care

ZEISS Medical Ecosystem

Connecting devices > Connecting data > Connecting applications

3

ZEISS Medical Ecosystem represents a fully integrated environment where a combination of devices, data platform, software applications and services enables our customers to improve efficiency and accuracy

D I G I T A L

A P P L I C A T I O N S

2

AI & ADVANCED ANALYTICS

CLINICAL PLANNING

PROCEDURE OPTIMIZATION

PATIENT ENGAGEMENT

EDUCATION

SERVICE

& ORDERING

D A T A

1

P L A T F O R M

D E V I C E S

IN THE CLOUD

ZEISS HDP

ZEISS HEALTH DATA PLATFORM

Integrating, storing and managing data in a secure and compliant environment, retrievable from anywhere

LOCAL ONSITE

ZEISS FORUM

3rdPARTY DEVICES

ZEISS Medical Ecosystem

Digital Applications

Adding value beyond the devices - enabling customers to benefit from a streamlined workflow, improved clinical planning and algorithms designed to monitor performance and contribute to patient outcome quality

ZEISS Surgery Optimizer

• Utilizes surgical videos to enable self-training & standardization of surgical techniques

ZEISS VERACITY Surgery Planner / ZEISS EQ Workplace

• Reduces transcription errors by eliminating multiple data entry points

  ZEISS VERACITY Surgery Planner / ZEISS EQ Workplace

  + ZEISS CALLISTO eye

• Reduces time in toric IOL workflow with markerless toric alignment in the surgical microscope

ZEISS EYEGUIDE

• Facilitates patient education

• Aids in patient compliance

• Captures patient preferences

STANDARDIZATION OF PRACTICE

EFFICIENCY

PATIENT SATISFACTION

Tumor Workflow

Integrated solutions to provide highest level of care

ZEISS

Tumor Workflow

See. Check. Treat.

Reconsidered brain tumor treatment standard, striving for the best possible treatment of patients.

Visualize of small and fluorescence-stained structures during tumor treatment.

Enable real-time feedback on tissue microstructure through digital pathology consultation.

Precisely target and intraoperatively irradiate the tumor cavity.

ZEISS KINEVO 900 S ZEISS CONVIVO ZEISS INTRABEAM 600

Leading digital solutions beyond optical capabilities

Visual Certainty

Seamless Performance

Integrated Connectivity

ZEISS Surgical Cloud

and ZEISS Livestream

• Contemporary connections

• Simplify data management

• Facilitate collaboration and education

Strong position with a durable competitive advantage

Lab

ZEISS

Site Control Unit

Hospital Network

01 At a Glance

03

Facts and Figures

02

Strategy

04

Outlook

05 Appendix

3M 2025/26

Revenue

• FX-adj. revenue -2.1% mainly from USD

3M 2025/26

3M 2024/25

3M 2025/26

3M 2024/25

35.2

522.1

€ 471.2m

-9.7%

€ 8.1m

-77.0%

Order entry

• FX- adj. orders declined by -6.9%

• Slight increase in order backlog to €404.7m (30 Sep 2025: €379.6m )

  Service

  Equipment

  52%

  Revenue

  breakdown

  11%

  Consumables

  37%

  EBITA1

• EBITA margin at 1.7% (PY 7.2%)

• Significant decline in EBITA mainly driven by FX effects and unfavorable product mix

• OpEx ratio weighed on margins, as expenses remained stable

  1. Earnings before interest, taxes and amortization of intangible assets from purchase price allocation

Revenue

3M 2025/26

3M 2024/25

376.2

€ 356.9m

-5.1%

• FX-adj. revenue declined by -2.4%

• Revenue pressured by FX effects, strong prior-year-end equipment sales, later phasing of refractive treatment pack sales and the loss of bifocal IOL sales in China

• Potential bifocal IOL scrap risk estimated at ~€8m in Q2 (treated as non-recurring impact), successor model registration progressing well

  EBITA margin

  3M 2025/26

  3M 2024/25

  4.8%

  -0.4%

  -5.2 pp

• Gross margin declined -1.9pp driven by FX effects and unfavorable product mix

• OpEx ratio weighed -2.8pp on margin while expenses remained stable

  
  
  

  Revenue Split

  of total revenue

  OPT

  76%

  Equipment

  45%

  of OPT revenue

  Service

  9%

  Consumables

  46%

  Revenue

  3M 2025/26

  3M 2024/25

  3M 2025/26

  3M 2024/25

  114.3

  15.1%

  € 110.1

  -3.7%

  8.7%

  -6.5 pp

• FX-adj. revenue declined -0.9%

• Soft revenue despite a modest base mainly reflects exceptionally strong deliveries towards prior fiscal year end;

• Unfavorable mix with slower than planned deliveries of neurosurgical microscopes weighing on profit

  EBITA margin

• Gross margin -5.5 pp lower yoy arising from FX effects, unfavorable product mix and

  amortization of capitalized R&D for KINEVO®

  
  
  

• OpEx ratio weighed -1pp on margin while expenses remained stable

  Revenue Split

  of total revenue

  MCS

  24%

  Equipment

  79%

  of MCS

  Service

  
  
  

  15%

  revenue Consumables

  6%

  
  
  

  Americas

  25.0%

  Americas

  3M 2025/26

  3M 2024/25

  133.7

  € 116.7m

  -12.7%

  • FX-adj. revenue decreased -6.2%

  • Weaker investment climate amid heightened geopolitical volatility

  • Revenue decline in key markets incl. US

    
    
    

    EMEA

    3M 2025/26

    37.2%

    EMEA

    3M 2024/25

    174.0

    € 173.6m

    -0.2%

  • FX-adj. revenue growth of +1.2%

  • Resilient development supported by growth in selected markets, incl. the Middle East

  • Sideways in core European markets, incl. Germany, Spain and the Nordics

    
    
    

    APAC

    37.8%

    APAC

    Incl.

    17.7%

    China

    3M 2025/26

    3M 2024/25

    182.7

    € 176.7m

    -3.3%

  • FX-adj. revenue decline of -2.2%

  • China remained stable; India and Australia showed positive trends; weaker revenue in Japan and South Korea

    Gross profit

    OpEx

    R&D expenses

    0.03

    Adj. EPS (€)

    0.18

    EPS (€)

    3M 2025/26 3M 2024/25
    
    

    in €m in % of sales

    252.1

    51.4

    227.1 48.6

    46.1

    24.8

    226.2

    115.9

    G&A expenses

    24.6

    7.4

    120.5

    34.7

    S&M expenses

    5.7

    16.2

    28.2

    75.5

    226.1 48.4

    1.1

    0.2

    EBIT

    28.0

    5.7

    77.5 15.8

    EBITA

    35.2

    7.2

    8.1 1.7

    Adj. EBITA

    33.1

    10.3 2.2

    6.7

    -0.06

    Income Statement

    • Gross margin decline due to FX, lower contribution from neurosurgical microscopes, IOLs and refractive treatment packs, and higher amortization of capitalized R&D expenses for KINEVO®

    • OpEx flat y/y while ratio increased due to negative operating leverage

    • EPS down to -€0.06 driven by sharp EBIT decline and negative financial results, primarily arising from higher interest expenses

    • Adj. EPS down to €0.03, based on logic of adj. EBITA, excluding non-cash valuation effects on contingent purchase price liabilities in financial result, FX/hedging result not adjusted

0.24

EBITA

* Regular amortizations on purchase price allocations (PPA) of DORC (€6.5m) and former acquisitions (€0.5m)

** legal expenses in connection with a lawsuit related to CZM CT (former IanTech)

Cash flow statement

3M 2025/26 3M 2024/25 in €m

Cash flow from operating activities

-26.3

16.7

Cash flow from investing activities

-17.6

0.7

Cash flow from financing

activities

Net financial debt

-365.6

-16.9

-281.7

as of 31stDec 2025 as of 31stDec 2024

50.1

• Operating cash flow increased, mainly driven by a strong reduction in receivables, in particular from third parties, and income tax refunds reflecting weaker operating results

• Investing cash flow improved, primarily due to lower investments in property, plant and equipment compared to the prior year

• Financing cash flow declined, mainly impacted by the reduction of liabilities to the ZEISS Group Treasury

• Net financial debt at a lower level compared to a year ago

01 At a Glance

04

Outlook

02

03

Strategy

Facts and Figures

05 Appendix