Carl Zeiss Meditec with stable revenue development on a currency-adjusted basis after nine months of 2025/26

Jena, Germany | 6 August 2026 | Carl Zeiss Meditec AG

Carl Zeiss Meditec generated revenue of around €1,553.7m in the first nine months of fiscal year 2025/26 (prior year: €1,600.1m), corresponding to a decline of -2.9% (adjusted for currency effects¹: 0.0%). Adjusted EBITA amounted to €124.5m (prior year: €177.0m). The adjusted EBITA² margin was 8.0% (prior year: 11.1%).

Justus Felix Wehmer, Chief Financial Officer of Carl Zeiss Meditec AG, comments:
“Revenue development stabilized on a currency-adjusted basis after nine months. At the same time, we are seeing solid development in the order backlog. Our focus remains unchanged: sustainably improving profitability and consistently implementing the measures initiated.”

In the Ophthalmology strategic business unit (SBU), revenue in the first nine months of fiscal year 2025/26 declined by -4.8% (adjusted for currency effects: -2.9%) to €1,191.4m (prior year: €1,251.1m). In addition to negative currency effects, the decline was mainly attributable to weaker business with intraocular lenses in China due to the withdrawal of a bifocal intraocular lens from the current volume-based procurement (VBP) tender and the related return of corresponding inventories. This was compounded by a decline in the refractive laser business as a result of lower procedure volumes and an increasingly softer investment environment in the equipment business, particularly in APAC³.

In the Microsurgery strategic business unit, revenue after nine months of 2025/26 increased by +3.8% (adjusted for currency effects: +7.1%) to €362.3m (prior year: €349.0m). The increase was mainly attributable to strong deliveries of neurosurgical operating microscopes.

The recurring revenue share stood at 50.9% of revenue, slightly below the prior-year level of 51.9%.

In the EMEA⁴ region, revenue increased by +5.4% (adjusted for currency effects: +5.8%) to €509.0m (prior year: €482.8m). Growth was achieved in all core European markets.

Revenue in the Americas region amounted to €397.0m (prior year: €407.5m), down -2.6% year-on-year; adjusted for currency effects, revenue grew by +3.6%. In the United States, revenue developed slightly positively on a currency-adjusted basis, while Latin America declined.

The APAC region recorded a significant revenue decline of -8.7% (adjusted for currency effects: -7.6%) to €647.8m (prior year: €709.9m). While India generated growth, revenue declined in China, Japan and South Korea. 

Gross margin stood at 51.0%, significantly below the prior-year level of 52.7%. This was mainly due to negative currency effects and the revenue decline, particularly in the consumables business.

Operating result (EBITA) amounted to €108.4m in the first nine months of fiscal year 2025/26 (prior year: €175.4m). This corresponds to an EBITA margin of 7.0% (prior year: 11.0%).

The OpEx ratio stood at 45.6%, above the prior-year level of 43.2%. This was mainly attributable to lower revenue and higher research and development expenses due to impairment losses on assets from the acquisition of InfiniteVision Optics S.A.S. In addition, general administrative expenses increased as a result of legal disputes in connection with the acquisition of Iantech, Inc. and expenses related to the ProfitUp programme.

Earnings were also impacted by further special effects, such as the withdrawal of bifocal intraocular lenses from the distribution channel. This was partially offset by a one-time positive contribution from a US customs refund for the prior year 2024/25. Adjusted for all special effects, adjusted EBITA amounted to €124.5m (prior year: €177.0m); the adjusted EBITA margin stood at 8.0% (prior year: 11.1%).

Earnings per share amounted to €0.80 in the first nine months (prior year: €1.02). Adjusted earnings per share amounted to €1.02 (prior year: €1.23).

During Q3 2025/26, the first decisions under the ProfitUp program were made and initial workstreams were launched. Discussions with employee representatives have commenced and are progressing constructively and in a spirit of mutual trust. To enhance efficiency, competitiveness, and profitability, the company has decided to further integrate its ophthalmic surgery business by combining the Anterior Surgery and Posterior Surgery business units. In parallel, options to further optimize the global manufacturing footprint are being evaluated, including preparations for a future manufacturing site in India. In the surgical instruments business, the Katalyst LLC portfolio in Chesterfield, Missouri, is being streamlined due to overlaps with the DORC portfolio. Additional portfolio optimization opportunities are currently under evaluation.

For the remainder of fiscal year 2025/26, Carl Zeiss Meditec continues to expect a volatile global macroeconomic environment, due in part to persistently subdued investment activity and volatility in the foreign exchange markets.

For fiscal year 2025/26, revenue is expected to reach around €2.15bn to €2.20bn. After accounting for potential non-recurring effects, which are expected to amount to a mid-double-digit million-euro amount, an adjusted EBITA margin between 8% and 10% is expected (FY 2024/25 EBITA: €257.7m, EBITA margin: 11.6%).

For the Ophthalmology SBU, an impairment of goodwill of around €150m is expected in the fourth quarter of 2025/26.

In the medium term, the Company expects organic revenue growth at least in the mid single digit percentage range, as well as a recovery of the adjusted EBITA margin to around 15%. The long-term sustainable potential of the EBITA margin is seen in the range of 16% to 20%.

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