Carl Zeiss Meditec closes fiscal year 2024/25 with solid growth in revenue and slight increase in EBITA¹

Jena, Germany | December 11, 2025 | Carl Zeiss Meditec AG

Carl Zeiss Meditec achieved revenue of EUR 2,228 million in fiscal year 2024/25 (prior year: EUR 2,066 million). This corresponds to an increase of +7.8% (currency-adjusted: +8.6%; currency- and acquisition-adjusted: +3.3%). EBITA rose to EUR 257.7 million (prior year: EUR 248.9 million), in line with the forecast. Order intake showed an even stronger trend, reaching EUR 2,288 million, an increase of +18.2%, with growth across all regions. The order backlog amounted to EUR 380 million, remaining at an elevated level (+16.1% compared with the previous year).

In the 2024/25 fiscal year, the Ophthalmology Strategic Business Unit (SBU) recorded growth of +8.5% (adjusted for currency effects: +9.3%, adjusted for currency and acquisition effects: +2.3%) with revenue of €1,724m (prior year: €1,589m). The full consolidation of DORC in fiscal year 2024/25 and the positive organic growth both contributed to the development. During the reporting period, equipment sales continued to recover, and volumes for intraocular lenses, particularly premium lenses, kept growing. At the same time, refractive procedure consumption increased slightly, while procedure numbers in China remained stable.

The Microsurgery strategic business unit generated revenue of €504m (prior year: €477m), corresponding to an increase of +5.7% (adjusted for currency effects: +6.6%). After a slow start to fiscal year 2024/25, sales increased sequentially, with a notable acceleration toward year-end driven by the ramp-up in deliveries of the new KINEVO^® 900 S neurosurgical microscope.

Revenue in the EMEA² region increased by +12.5% in the reporting period (adjusted for currency effects: +13.6%) to €658m (prior year: €584m). Positive growth impulses came, among others, from Germany, the United Kingdom, and the Scandinavian markets.

Revenue in the Americas region grew by +8.7% (adjusted for currency effects: +10.4%) from €533m to €579m, with growth recorded in both the US and Latin Americas markets.

The APAC³ region recorded a slight increase in revenue of +4.4% (adjusted for currency effects: +4.6%) to €991m (prior year: €949m). South East Asia, India and South Korea contributed to robust growth, while China developed as expected and remained stable. Japan, however, recorded a decline in revenue.

Gross profit increased from €1,089m in the prior year to €1,175m by +8.0%, the gross margin of 52.8% remained roughly stable compared to the prior year. Positive drivers included the full- year consolidation of DORC, despite higher depreciation and amortization added to cost of goods sold.

The operating result (EBITA) amounted to €257.7m (prior year: €248.9m), representing an increase of +3.5% in fiscal year 2024/25, including the full year consolidation of DORC. This results in an EBITA margin of 11.6% (prior year: 12.0%). The previous year's figure benefited from a one-off payment of €18m related to the settlement of a legal dispute with Topcon Ltd. in the US. Adjusted for special effects, the EBITA margin was 11.6% (prior year: 11.2%).

Earnings per share (EPS) amounted to €1.61 (prior year: €2.01) in the reporting period mainly due to lower financial results. A dividend of €0.55 per share (previous year: €0.60) has been proposed.

For fiscal year 2025/26, Carl Zeiss Meditec expects revenue to increase by a mid-single-digit percentage based on current exchange rates. This corresponds to reported revenue of approximately EUR 2.3 billion (2024/25 revenue: EUR 2,228 million). EBIT and EBITA are anticipated to continue their upward trend. The EBIT and EBITA margins are expected to generally benefit in fiscal year 2025/26 from an improved product mix driven by increasing recurring revenue, particularly from the refractive laser business and the DORC portfolio within ophthalmology, as well as from growth in microsurgery. The EBIT margin is expected to be around 11.0-11.5%, while the EBITA margin is expected to reach around 12.5% (fiscal year 2024/25: EBIT EUR 223.3 million, EBIT margin 10.0%, and EBITA EUR 257.7 million, EBITA margin 11.6%).

At the same time, additional risk factors may arise from geopolitical developments, trade barriers, and regulatory changes. These could result in organizational adjustments in fiscal year 2025/26, as well as measures related to our global presence and value chain, which may lead to additional non-recurring charges in EBITA. Ongoing realignment of R&D priorities may likewise lead to non-recurring effects.

The current best estimate for the magnitude of these non-recurring effects is in the low- to mid-doubt-digit million EUR range for FY 2025/26 and is not yet included in the above-mentioned EBITA forecast. Carl Zeiss Meditec will provide transparency on the nature and scope of organizational measures and potential non-recurring charges as part of its quarterly reporting.

Further information on our publication and the Analyst Conference Call on the annual results for fiscal year 2024/25 can be found at https://www.zeiss.com/meditec-ag/en/investor-relations/financial-calendar/telephone_conferences.html