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Carl Zeiss Meditec Group 9M 2025/26 Results Andreas Pecher , President & CEO Justus Felix Wehmer , CFO 6 August 2026 ZEISS
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Outlook04 Key Topics03 Financial Performance02 9M 2025/26 at a Glance01 Agenda 06 August 2026Carl Zeiss Meditec 2
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1,600 9M 2025/26 9M 2024/25 06 August 2026 Revenue FX-adj. revenue -0.7% mainly from USD FX-adj. revenue +0% if factoring all currency headwinds (mainly CNY), arising from German exports invoiced in foreign currencies to ZEISS Group distribution network Revenue decline driven by weaker Ophthalmology business -2.9% 9M Revenue and EBITA below PY Q3 recovery partly offsets H1 headwinds; FX still weighing on 9M € 1,554m 1,700 9M 2025/26 9M 2024/25 Order entry FX-adj. order entry -3.3% Solid order growth in EMEA, while APAC remained downbeat Order backlog at €432m, largely unchanged from the end of Q2-5.5% € 1,606m 41% Equipment Consumables 175.4 177.0 -38.2% € 108.4m Adj. EBITA and EBITA* Adj. EBITA margin at 8.0% (PY 11.1%) EBITA margin at 7.0% (PY 11.0%) FX headwinds, unfavorable product mix and several one-offs pressured operating results Core OpEx remained stable; extraordinary impairment of capitalized R&D (InfiniteVision Optics), legal expenses and ProfitUp measures weighed on OpEx ratio 9M 2024/25 * Earnings before interest, taxes and amortization of intangible assets from purchase price allocations 49% Service 10% 605 Q3 2025/26 Q3 2024/25 -6.1% € 568m 550 Q3 2025/26 Q3 2024/25 +2.4% € 563m 3Carl Zeiss Meditec 9M 2025/26 9M 2025/26 9M 2024/25 € 124.5m -29.7% 61.7 64.3 +12.5% € 69.4m Q3 2024/25 Q3 2025/26 Q3 2025/26 Q3 2024/25 € 64.0m -0.5% Adj. EBITA EBITA EBITA Adj. EBITA
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Outlook04 Key Topics03 Financial Performance02 9M 2025/26 at a Glance01 Agenda 06 August 2026Carl Zeiss Meditec 4
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06 August 2026 1,251 9M 2025/26 9M 2024/25 Revenue FX-adj. revenue decline of -2.9% Equipment sales -3.0%, consumables sales -5.7% Revenue mainly pressured by FX headwinds, suspension of bifocal IOL sales & scrapping of bifocal IOLs in China and softer refractive treatment packs sales in Asia In China: successor bifocal IOL to be relisted in upcoming VBP -4.8% € 1,191m Revenue Split 76.7% 10.6% 9M 2025/26 9M 2024/25 EBITA margin Gross margin declined -1.5pp reflecting FX headwinds, scrapping of bifocal IOLs, weaker consumables sales and inventory devaluation at Katalyst, partially offset by tariff refunds OpEx ratio +3.9pp higher mainly caused by extraordinary IVO write- off (€13m), legal expenses (€4.9m) and ProfitUp-related effects (€5.4m), while core OpEx remained roughly stable OPT 5.2% Ophthalmology Q3 revenue and margin stabilize; 9M margin remains below PY -5.4 pp Equipment Consumables 51% of total revenue of OPT revenue 40% Service 9% 443 Q3 2025/26 Q3 2024/25 -1.2% € 438m 13.2% Q3 2025/26 Q3 2024/25 11.6% -1.6 pp 5Carl Zeiss Meditec
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06 August 2026 349 9M 2025/26 9M 2024/25 Revenue FX-adj. revenue up by +7.1% Equipment sales +3.4%, consumables sales +11.8% Strong Q3 revenue growth driven by robust delivery of neurosurgical system Revenue Split 23.3% 12.3% 9M 2025/26 9M 2024/25 EBITA margin Gross margin -2.4 pp lower yoy still pressured by FX effects and higher amortization of capitalized R&D Solid operating margin recovery in Q3 due to top line acceleration MCS € 362m +3.8% 12.7% Microsurgery Revenue and EBITA margin above PY +0.4 pp of total revenue Equipment Consumables 8% of MCS revenue 78% Service 14% 107 Q3 2025/26 Q3 2024/25 +17.1% € 125m 3.1% Q3 2025/26 Q3 2024/25 14.9% +11.8 pp 6Carl Zeiss Meditec
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06 August 2026 408 9M 2025/26 9M 2024/25 Americas FX-adj. revenue +3.6% Slight growth in the US on a cc basis; LatAm declined-2.6% € 397m25% 483 9M 2025/26 9M 2024/25 EMEA FX-adj. revenue +5.8% Solid growth across all core European markets+5.4% € 509m33% 710 9M 2025/26 9M 2024/25 APAC FX-adj. revenue -7.6% Growth in India Weaker revenue in China, Japan und South Korea -8.7% € 648m 42% Americas EMEA APAC including Regional development EMEA grows solidly; APAC regions remains below PY 23% China 7Carl Zeiss Meditec
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06 August 2026 in €m in % of sales Income Statement Gross margin at 51.0% remains below PY (52.7%), driven by FX and unfavorable product mix, partly offset by tariff refunds OpEx ratio increased to 45.6% mainly driven by lower sales base and one-off items, including extraordinary impairment of capitalized R&D of InfiniteVision Optics, legal expenses and ProfitUp measures, stripping out one-off items, core OpEx remains flat (Adjusted) EBITA and (adjusted) EPS below PY as well P&L – 9M margin below PY; Core OpEx remains stable 8Carl Zeiss Meditec S&M expenses Gross profit G&A expenses R&D expenses EBIT 9M 2025/26 9M 2024/25 EBITA OpEx 792.7 51.0 843.5 52.7 708.6 45.6 691.3 43.2 359.8 23.2 362.3 22.6 105.0 6.8 94.6 5.9 243.7 15.7 234.5 14.7 87.4 5.6 153.1 9.6 108.4 7.0 175.4 11.0 124.5 8.0 177.0 11.1 0.80 1.02 1.02 1.23 EPS (€) Adj. EPS (€) Adj. EBITA
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06 August 2026 One-off items weighed on EBITA in 9M 2025/26 9M 2025/26 €m 9M 2024/25 €m yoy % EBIT 87.4 153.1 -42.9 ./. Amortization of PPA -20.9* -22.3* -6.3 EBITA 108.4 175.4 -38.2 EBITA margin 7.0% 11.0% -4.0 pp ./. US tariff refunds +11.5** - - ./. China grant - +2.1 ./. Costs from legal disputes -4.9 - - ./. Scrapping of bifocal IOLs -7.4 - - ./. Extraordinary impairment R&D -13.1 - - ./. ProfitUp expenses -5.4*** - - ./. Other +3.2**** -3.7 - Adjusted EBITA 124.5 177.0 -29.7 Adjusted EBITA margin 8.0% 11.1% -3.1 pp EBITA * Regular amortization of intangible assets from purchase price allocations of DORC and Kogent Surgical **US tariff refunds for FY 2024/25 *** ProfitUp expenses included consulting fees and inventory devaluation of Katalyst ****Other one-offs mainly gains from sale of DORC distribution entities in Benelux & France into ZEISS network 9Carl Zeiss Meditec
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Cash flow statement -384.1 -58.0 7.9 65.7 -234.8 -56.8 -83.5 145.8 06 August 2026 Strong 9M operating cash flow; net financial debt improved Operating cash flow significantly above PY, driven by improved working capital - mainly from lower trade receivables (vs. significant build-up in PY) and lower income tax payments reflecting the earnings development Investing cash flow turned negative, primarily reflecting higher receivables against treasury of Carl Zeiss AG; CapExratio at 2.6% vs. 3.6% in PY Net financial debt improved to - €234.8m Cash flow from investing activities Cash flow from operating activities Cash flow from financing activities Net financial debt 9M 2025/26 9M 2024/25 in €m as of 30 Jun 2026 10Carl Zeiss Meditec as of 30 Jun 2025
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Outlook04 Key Topics03 Financial Performance02 9M 2025/26 at a Glance01 Agenda 06 August 2026Carl Zeiss Meditec 11
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New Head of Ophthalmology appointed - Andreas Völker 1206 August 2026 Aug 2026 Head of Ophthalmology, Carl Zeiss Meditec 2022 Senior Vice President Value Stream Machines / Business Unit In-Center, Fresenius Medical Care 2018 Senior Vice President Schweinfurt Plant / Active Medical Devices EMEA, Fresenius Medical Care 2015 Managing Director, Vivonic GmbH 2010 Vice President Operations & Business Development, Vivonic GmbH 2007 Director Operations, Vivonic GmbH 2004 Technical Area Manager Middle East & Africa, Fresenius Medical Care Educational Background: Industrial Engineering at Aschaffenburg University of Applied Sciences; Executive MBA at INSEAD Carl Zeiss Meditec
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ZEISS TORUS Ultrasonic Aspirator presented at AANS 2026 US FDA 510(k) pending product Designed for tissue removal throughout cranial and spinal procedures, combining three tissue removal modes in one single device: − Ultrasonic ablation of soft and fibrous tissue − Ultrasonic bone cutting − Ultrasonic bone dissection using torsional motion technology Designed to integrate with ZEISS KINEVO 900 S visualization system, enabling the display of system parameters during the procedure directly in the microscope’s field-of-view 06 August 2026Carl Zeiss Meditec 13
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Strategic partnership supports continued growth in refractive workflow Strategic partnership with Aier Eye Hospital Group, 25 ZEISS VISUMAX 800 systems to be deployed; Rollout from H2 2026 across domestic & international sites, strengthens ZEISS' position in the global refractive market; Collaboration extends to digital workflows, AI-assisted diagnosis & international expansion, supports higher surgical efficiency and patient outcomes Reinforces long-term partnership with a leading global eye hospital network Carl Zeiss Meditec 1406 August 2026
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First ProfitUp initiatives launched Talks with labor representatives have been initiated Production site in India planned To improve flexibility and cost competitiveness To diversify footprint and achieve more balanced exposure to geopolitical risks Sunset QUATERA® Focus on EVA NEXUS® as the primary anterior / posterior device Consolidate handpiece production Closure of DORC site in Westerburg Shift all handpiece production to Chesterfield for better scaling and efficiency Wind-down Katalyst portfolio Overlap with DORC instruments Mid-single-digit €m annual sales affected Kogent portfolio remains in Chesterfield Merger Surgery Anterior Segment / Surgery Posterior Segment Customer oriented integration of workflows To generate strong synergies in recurring revenue Labor talks about transformation in Germany started 06 August 2026Carl Zeiss Meditec 15
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Outlook04 Key Topics03 Financial Performance02 9M 2025/26 at a Glance01 Agenda 06 August 2026Carl Zeiss Meditec 16
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06 August 2026 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, ProfitUp costs). Goodwill impairment of approx. €150m expected for SBU Ophthalmology in Q4 2025/26 based on current evaluation with auditors. 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%. 17Carl Zeiss Meditec