Carl Zeiss Meditec achieves revenue growth and stable operating profit in the first six months of 2024/25

Jena, Germany | May 13, 2025 | Carl Zeiss Meditec AG

Carl Zeiss Meditec generated revenue of €1,050.5m in the first half of fiscal year 2024/25 (prior year: €947.2m), including the DORC consolidation, corresponding to growth of +10.9% (adjusted for currency effects: +10.6%). Adjusted for currency and acquisition effects, revenue was slightly below the prior year figure at -0.5%. Order entry rose significantly by +33.4%. EBITA increased to around €113.6m (prior year: €113.2m). The EBITA¹ margin was 10.8% (prior year: 12.0%).

Dr. Markus Weber, CEO of Carl Zeiss Meditec AG, comments on the first six months of the year: “Over the course of the second quarter in particular, we saw a clear upturn in demand for refractive surgery consumables in China, as we already reported in our ad hoc announcement on April 15, 2025. Unfortunately, uncertainties surrounding US trade tariffs and currency risks are currently weighing on the outlook. We are therefore maintaining our previous guidance of stable to slightly increasing EBITA for the remainder of the fiscal year until further notice.”

Revenue in the Ophthalmology strategic business unit (SBU) increased by +15.4% in the first six months of fiscal year 2024/25 (adjusted for currency effects: +15.1%) to €808.2m (prior year: €700.6m). The acquisition of DORC was the main contributor to this. Adjusted for acquisitions and currency effects, revenue was roughly at the same level as the prior year, growing by +0.1%. The subdued organic revenue trend is attributable to persistently slow development in the equipment business at the beginning of the period and price pressure on intraocular lenses in China. Strong growth in consumables for refractive surgery in China had a positive impact.

The Microsurgery strategic business unit posted a -1.7% decline in revenue (adjusted for currency effects: -2.2%) to €242.3m (prior year: €246.5m). The slight decline in revenue should be seen in the context of a particularly strong delivery period in the prior year and temporary declines in sales during the launch of the new KINEVO^® 900 S surgical microscope.

The recurring revenue was 50.0% (prior year: 41.2%). The increase was mainly due to the DORC acquisition.

Revenue in the EMEA² region increased by +14.1% (adjusted for currency effects: +14.5%) to €330.2m (prior year: €289.4m). The German, UK and Spanish markets made positive contributions to growth.

Revenue in the Americas region rose by +28.4% (adjusted for currency effects: +26.4%) from €216.6m to €278.1m, in particular due to a recovery in the US compared to a sluggish prior-year period.

The APAC³ region recorded a slight increase in revenue of +0.2% (adjusted for currency effects: +0.2%), to €442.2m (prior fiscal year: €441.1m). Positive contributions came from the markets of South East Asia, India and China. The Japanese market, on the other hand, recorded a decline in revenue.

The gross margin declined to 52.7% (prior year: 53.3%) due to negative product mix effects – mainly resulting from price declines for intraocular lenses in China and a temporary decline in revenue from the predecessor systems in the context of new product launches of VISUMAX^® 800 in China and the launch of KINEVO^® 900 S.

The operating result (EBITA) amounted to €113.6m in the first six months of fiscal year 2024/25 (prior year: €113.2m). This corresponds to an EBITA margin of 10.8% (prior year: 12.0%) – the previous year's figure had benefited from a one-off payment from the settlement of a legal dispute with Topcon Ltd. in the US. Adjusted for special effects, this figure was 10.7% (prior year: 10.0%).

Earnings per share amounted to €0.70 (prior year: €0.94) in the first six months. Adjusted earnings per share amounted to €0.81 (prior year: €0.92).

Carl Zeiss Meditec expects the global macroeconomic environment to remain volatile in 2024/25, partly due to the increased risks from US trade tariffs and volatility on the currency markets. Assuming that the aforementioned uncertainties do not intensify further, moderate revenue growth is still expected for the remainder of the fiscal year. The EBITA and EBITA margin are expected to be stable or slightly higher in the 2024/25 fiscal year. It is not yet possible to issue a more precise forecast at this time in view of the current macroeconomic and geopolitical uncertainties surrounding the imposition of trade tariffs by the US and the increased currency risks.

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