Carl Zeiss Meditec grows revenue and earnings in the first nine months of 2024/25

Jena, Germany | August 7, 2025 | Carl Zeiss Meditec AG

Carl Zeiss Meditec generated revenue of €1,600.1m in the first nine months of fiscal year 2024/25 (prior year: €1,486.5m), including the DORC consolidation, corresponding to growth of +7.6% (adjusted for currency effects: +8.0%). Adjusted for currency and acquisition effects, revenue, at +1.1%, was slightly above the prior year's figure. Order intake rose significantly by +23.3%. EBITA¹  increased to €175.4m (prior year: €170.2m). The EBITA margin was 11.0% (prior year: 11.4%).

Maximilian Foerst, new President and Chief Executive Officer of Carl Zeiss Meditec AG since 1 June 2025, comments on business performance: "Overall, we are satisfied with the level of growth. We had to contend with headwinds in the third quarter, in particular in the form of negative currency effects and the introduction of US trade tariffs, were nevertheless able to achieve both organic growth and earnings growth. In the fourth quarter, it is particularly important to continue accelerating device deliveries in order to secure our targets for the fiscal year."

Revenue in the Ophthalmology strategic business unit (SBU) increased by +9.5% in the first nine months of fiscal year 2024/25 (adjusted for currency effects: +9.8%) to €1,251.1m (prior year: €1,143.0m). This was mainly due to the full consolidation of DORC in fiscal year 2024/25 as well as organic growth. Adjusted for acquisitions and currency effects, revenue, at +0.9%, was slightly above the previous year's level after nine months in 2024/25. Despite a somewhat slower development of consumables for refractive surgery in China in the third quarter following the strong winter season, we were still able to achieve further volume increases in intraocular lenses as well as growth in surgical microscopes.

The Microsurgery strategic business unit posted a 1.6% increase in revenue (adjusted for currency effects: +1.8%) to €349.0m (prior year: €343.5m) after nine months in 2024/25. Deliveries of neurosurgical microscopes, in particular the new KINEVO^® 900 S, increased in the third quarter of 2024/25 and are expected to continue growing by the end of the fiscal year.

Recurring revenue was at a new all-time high of 51.4% (prior year: 46.7%). The increase was mainly due to the DORC acquisition.

Revenue in the EMEA region increased by +11.7% (adjusted for currency effects: +12.5%) to €482.8m (prior year: €432.2m). The German, UK and Scandinavian markets made strong contributions to growth.

Revenue in the Americas region increased by +14.2% (adjusted for currency effects: +14.6%) from €356.9m to €407.5m, in particular due to double-digit percentage growth in North America and a recovery in the US compared to the weak prior-year period.

The APAC³ region recorded a slight increase in revenue of +1.8% (adjusted for currency effects: +1.8%), to €709.9m (prior fiscal year: €697.5m). Positive contributions were also made by the Southeast Asia and India markets. The Chinese and South Korean markets remained stable, while the Japanese market recorded a decline in revenue.

At 52.7% (prior year: 53.7%), the gross margin declined slightly, mainly due to negative product mix effects – resulting, among other things, from price declines for intraocular lenses in China, temporarily declining revenue from precursor systems in the run-up to the new product launches of VISUMAX^® 800 in China, the launch of the KINEVO^® 900 S, and higher depreciation and amortization in the production costs.

The operating result (EBITA) amounted to €175.4m in the first nine months of fiscal year 2024/25 (prior year: €170.2m). This corresponds to an EBITA margin of 11.0% (prior year: 11.4%). The previous year's figure had benefited from a one-off payment in the amount of €18m as settlement of a legal dispute with Topcon Ltd. in the US. Adjusted for special effects. This figure was 11.1% (prior year: 10.2%).

Earnings per share amounted to €1.02 (prior year: €1.32) in the first nine months. Adjusted earnings per share amounted to €1.24 (prior year: €1.35).

Carl Zeiss Meditec continues to expect moderate growth in revenue for the 2024/25 fiscal year. The EBITA and EBITA margin are expected to be stable or slightly higher in the 2024/25 fiscal year. The introduction of 15% trade tariffs by the US on imports from Europe will have a negative impact on earnings in the current fiscal year. The effects will, to a large extent, be passed on to the market through a targeted pricing policy. Further devaluation of the US and Asian (CNY, KRW, JPY) currencies, in particular, has not been included in the forecast and represents an additional risk.

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