Carl Zeiss Meditec : Investor presentation February 2026

About this update from Carl Zeiss Meditec Ag

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 Headquarters in Jena, Germany Around 5,784 employees worldwide Listed on the MDAX and TecDAX 59% of shares held by Carl Zeiss AG Leading market positions: #2 in Ophthalmology - #1 in Microsurgery 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 2024/25 € 1,723.7 million revenue Equipment Service 2023/24 2022/23 2021/22 € 1,589.2 million € 1,576.5 million € 1,469.3 million OPT of total revenue 77% 41% of OPT revenue 8% Consumables 51% 2020/21 € 1,255.7 million Chronic Disease Mgmt Market size 1 : ~ € 2.5bn Ophthalmic diagnosis Refractive Surgery Market size 1 : ~ € 1.7bn Corneal surgery for visual correction Surgery Anterior Seg Market size 1 : ~ € 7.5bn Cataract treatment Surgery Posterior Seg Market size 1 : ~ € 2.0bn Retinal treatment Customers : ophthalmologists, optometrists, ambulatory surgery centers, hospitals / eye clinics ENT / P&R Visualization and treatment of ENT/ Plastic & Reconstructive Dentistry Visualization of Dentistry Market size of surgical visualization 1 : ~ € 0.8bn; potential business field in treatment Customers: clinics and hospitals, dental offices/clinics 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 Neuro / Spine Visualization and treatment of Neuro / Spine 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 326 343 349 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 9% 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 Myopia rate 2020 2050 Asia Pacific, 53.4% 66.4% high income North America, 42.1% 58.4% high income Western Europe 36.7% 56.2% 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 Diagnostics Routine Diagnostics + + + Retinal Imaging + + Perimetry + + Biometry + + (+) + + Surgical Therapeutic Laser + + Refractive Laser + + + + Surgical Microscopy + + (+) + + Phaco & IOLs + + + + Vitrectomy + + + 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 3 rd PARTY 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 Largest R&D team for surgical visualization Leading in bringing robotic and advanced video technology to microsurgery Close collaboration with customers Lab ZEISS Site Control Unit Hospital Network OR Technology leadership Strong brand High customer loyalty High market share Long product lifecycles 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 € 467.0m FX-adj. revenue -0.7% when factoring all currency headwinds of -€20m, mainly incl. USD and CNY, 3M 2024/25 -4.8% arising from German exports invoiced in foreign currencies to the ZEISS Group's distribution network 490.5 Revenue decline both in Equipment and consumables Softer start to the FY following the exceptionally strong equipment delivery baseline in Sep 2025 Revenue loss from bifocal IOL in China following its withdrawal from current VBP tender; delayed refractive treatment pack sales due to the late timing of the Chinese New Year holidays 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% EBITA 1 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 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 3M 2025/26 €m 3M 2024/25 €m yoy % EBIT 1.1 28.0 -96.1 + Amortization of PPA* 7.0 7.2 -2.8 EBITA 8.1 35.2 -77.0 EBITA margin 1.7% 7.2% -5.5 pp ./. Other special items** -2.2 +2.1 - Adjusted EBITA 10.3 33.1 -68.9 Adjusted EBITA margin 2.2% 6.7% -4.5 pp * 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 31 st Dec 2025 as of 31 st Dec 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

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