Carl Zeiss Meditec with weak start to FY 2025/26

Jena, Germany | February 12, 2026 | Carl Zeiss Meditec AG

Carl Zeiss Meditec generated revenue of €467.0m in the first quarter of fiscal year 2025/26 (prior year: €490.5m), representing a decline of -4.8% (-0.7% adjusted for all currency effects¹). EBITA²  amounted to €8.1m (prior year: €35.2m). EBITA margin was 1.7% (prior year: 7.2%).

Justus Felix Wehmer, Chief Financial Officer of Carl Zeiss Meditec AG, commented: “The weak start to the fiscal year in the first quarter highlights the challenges of a market environment increasingly shaped by geopolitical uncertainties, noticeable restraint in investment decisions, and changes in regulatory framework. Against this backdrop, it is now particularly important to accelerate product localization, consistently redefine priorities in R&D, and further strengthen operational efficiency.”

Revenue development in both strategic business units remained below the prior-year level in the first quarter of fiscal year 2025/26. In addition to significant negative currency effects, revenues were particularly impacted by pull-forward effects from the strong end of fiscal year 2024/25, as well as regional market- and seasonal factors.

Revenue in the Ophthalmology unit declined -5.1% to €356.9m (fx-adj. -2.4%). Besides currency headwinds, drivers of weak performance were mainly found in product mix based on market dynamics in the APAC region: the IOL segment was subject to the impact of the bifocal lens withdrawal from the current VBP tender in China as announced in December 2025, while a calendar shift for the Chinese New Year delayed the seasonal peak for refractive treatment packs sales.

In the SBU Microsurgery, revenue also declined by -3.7% year on year to €110.1m (prior year: €114.3m; -0.9% adjusted for currency effects). This decrease was primarily attributable to high equipment deliveries at the end of the previous fiscal year, which resulted in a correspondingly slower start to fiscal year 2025/26.

In the first quarter of fiscal year 2025/26, recurring revenues accounted for 47.5% of total revenue (prior year: 47.3%).

The EMEA region demonstrated a resilient trend with revenue at €173.6m (prior year: €114.3m; reported -0.2%; fx-adj. +1.2%). Growth was recorded e.g. in the Middle East, downturns were seen in core European markets, particularly Germany, Spain, and the Nordic countries.

Revenue in the Americas region fell by -12.7% to €116.7m (prior year: €133.7m; fx-adj. -6.2%). This decline reflects a weak investment environment and heightened geopolitical volatility, leading to a general reluctance toward capital expenditure in the US and other key markets.

Revenue in the APAC region declined -3.3% to €176.7m (prior year: €182.7m; fx-adj. -2.2%). While China remained stable and India/Australia showed positive trend, these results were dampened by downturns in Japan and South Korea.

Operating profit (EBITA) amounted to €8.1m in the first quarter of fiscal year 2025/26 (prior year: €35.2m). The decline was primarily driven by a significantly weaker operating result, resulting from negative currency effects and unfavorable product mix, particularly due to lower revenues from neurosurgical microscopes and refractive treatment packs, as well as higher amortization of capitalized research and development expenses. In addition, negative operating leverage impacted on results, as structural costs remained largely stable while revenues fell below the prior-year level.

EBITA margin amounted to 1.7% (prior year: 7.2%). Adjusted for special items, the EBITA margin stood at 2.2% (prior year: 6.7%). Earnings per share (EPS) for the reporting period amounted to -€0.06 (prior year: €0.18), while adjusted earnings per share totaled €0.03 (prior year: €0.24).

As announced through the ad-hoc news on 22 January 2026, the previous forecast of €2.3bn in revenue and an EBITA margin of 12.5% before non-recurring items is expected unlikely to be achieved due to a weak start to the year and a subdued sales outlook in the key markets of the US and China amid geopolitical volatility and weak CapEx spending. In addition, the upcoming new nation-wide volume-based procurement tender for the IOL business in China is expected to cause significant price erosion due to an increased level of Chinese local competition.

The updated outlook for FY 2025/26, together with news on further reorganization and cost-reduction measures, focusing on accelerating product localization, reprioritizing R&D activities, and implementing additional efficiency initiatives, will be presented as soon as possible, at the latest with the six-month results on 12 May 2026. By then, more detailed assessments are also expected regarding consumption patterns during the Chinese winter season in the refractive market, as well as the outcome of the nationwide volume-based tender for IOLs in China.

Further information on our publication and the Analyst Conference Call on the results for the first three months of fiscal year 2025/26 can be found at https://www.zeiss.com/meditec-ag/en/investor-relations/financial-calendar/telephone_conferences.html