Half-year figures 2024/25 - a mixed picture across the ZEISS Group

• Double-digit growth for the Semiconductor Manufacturing Technology segment
• Direct-to-market segments under greater pressure
• Area-specific resilience measures on-going
• Expenditure on research and development still high
• Employees worldwide: 46,555

The challenging geopolitical and economic environment has greatly impacted the business units within the ZEISS Group in different ways. Despite a mixed performance, the Group recorded a good first half-year overall. The Group's revenue was 5.8 billion euros (ended 31 March 2025). This corresponds with an increase of 9% as compared with the prior year. Earnings before interest and taxes (EBIT) amounted to 923 euros million (up 184 million euros compared to the prior year). Expenditure on research and development remains above the sector average at 14% of revenue. The number of employees increased to 46,555 worldwide.

"ZEISS too is feeling the effects of the weaker global economic situation and increasing uncertainty in the markets," said Andreas Pecher, President and CEO of ZEISS. "The fiscal year got off to a significantly more subdued start than in the last few years. Now, it's all the more important to further strengthen the company's resilience and invest prudently in the future by continuing to invest heavily in research and development, for example."

The overall result of the ZEISS Group is robust however global economic developments are clearly evident in certain markets and therefore also in certain segments. The Semiconductor Manufacturing Technology segment saw double-digit growth in the first half of fiscal year 2024/25. The direct-to-market segments recorded slight single-digit growth or, in some cases, a slight decline in revenue. Fewer and fewer business units could extricate themselves from the poor market climate. After the first six months of the current fiscal year, uncertainty and consumer reticence has become apparent among both end consumers and business customers.

"We are responding to this with prudence and taking targeted action. The results show that the resilience measures are working,“ said Stefan Müller, CFO of the ZEISS Group. "The situation in each of the areas is determined by quite specific market conditions. There is therefore no one solution for all areas at ZEISS."

The measures taken include structural and process improvements as well as making use of optimization potential in infrastructure projects. This may also include capacities being adjusted - temporarily by reducing overtime accounts or introducing short-time working hours or permanently by removing a limited number of jobs.

The company's equity increased to 8,862 million euros (30 September 2024: 8,190 million euros), and the equity ratio was 51%. Investments in property, plant and equipment came to 607 million euros.

At the same time, the focus is on making targeted investments in the innovative strength and future viability of ZEISS. One aspect is the consistently high expenditure on research and development which amounted to 14% of revenue (835 million euros) in the first half of 2024/25. The number of employees also rose again, with ZEISS employing 46,555 people worldwide at the end of the first half of the year (as of 31 March 2025). In the past 12 months, the number of employees increased by 1,997 (up 4%).

Due to the dynamics of geo-economic developments, it is difficult to predict how the fiscal year will unfold. Incoming orders are down, and this will have an impact on Group revenue and EBIT in the second half of this fiscal year. Therefore, the way in which the business will develop will require these resilience measures to be resolutely continued.