JENA, 12. May 2026

Business Performance in the First Half of Fiscal Year 2025/26

In the first half of the 2025/26 fiscal year, Carl Zeiss Meditec generated revenue of €991.0 million, compared with €1,050.5 million in the prior-year period, representing a decrease of -5.7% (or a -1.0% decline when adjusted for currency effects). Adjusted EBITA (earnings before interest, taxes and amortization of intangible assets from purchase price allocations before special effects) amounted to €60.5 million, down from €112.6 million in the previous year. The adjusted EBITA margin (EBITA/revenue) fell to 6.1%, versus 10.7% a year earlier. Results were pressured by substantial negative currency headwinds and, in particular, declining performance in the intraocular lens (IOL) business. Additionally, the Americas region faced an increasingly weak capital spending environment amid heightened geopolitical uncertainties.

Targeted Measures Planned for Sustained Profitability and Growth

The Executive Board today announced a comprehensive package of measures to secure the future positioning of Carl Zeiss Meditec AG. Restoring an adequate level of earnings power is intended to establish the foundation for future investments in growth and innovation.

To this end, Carl Zeiss Meditec will implement sustainable cost, structural and portfolio measures. The Company targets an annual earnings improvement of > €200 million by fiscal year 2028/29, compared with the current 2025/26 fiscal year. To achieve this goal, a range of initiatives are planned: procurement supply chain optimization, clearing out less profitable products within the portfolio, R&D savings by relocating activities to cost-efficient countries to build a competitive cost structure, and reducing administrative expenses through cuts to personnel and material costs. As part of these measures, up to 1,000 positions across the global organization may be affected over the next three years.

Approximately €40 million per year will be required by fiscal year 2028/29 to offset rising infrastructure costs. These include the rollout of a new ERP and customer relationship management system, the conclusion of a lease agreement for the high-tech site in Jena, and higher shared services expenses within the Carl Zeiss Group. After offsetting increased infrastructure costs, the remaining savings volume of > €160 million per year is expected to drive a sustainable recovery in the EBITA margin.

Cost savings will be complemented by targeted initiatives to accelerate revenue growth.

As already announced in December 2025, measures are being taken to optimize the Company’s manufacturing site strategy. This includes strengthening presence in China and expanding cost-efficient production capacities outside China.

In connection with the aforementioned measures, one-off expenses and investments of up to €150 million in total are expected through fiscal year 2028/29.

Fiscal year 2025/26 Forecast and Medium-to-Long-Term Outlook

For the 2025/26 fiscal year, revenue is expected to reach at least approximately €2.15–2.20 billion, representing a year-on-year decline of around -1% to -3.5%. On a currency-adjusted basis, revenue is expected to remain broadly stable. The adjusted EBITA margin (after excluding special items of at least a mid-double-digit million-euro range) is expected to be between 8% and 10%. The previous guidance, which targeted revenue of around €2.3 billion and an adjusted EBITA margin of approximately 12.5%, had been withdrawn on 22 January 2026.

Supported by the initiated measures, annual currency-adjusted revenue growth of at least the mid-single-digit percentage range and a recovery in the adjusted EBITA margin to at least around 15% are expected by fiscal year 2028/29. In the long term, the EBITA margin is expected to recover to the previous target range of 16-20%.

Contact for investors and press

Sebastian Frericks

Head of Group Finance & Investor Relations

Carl Zeiss Meditec AG

Phone: 03641 220-116

Email: investors.med@zeiss.com
 

www.zeiss.de/presse

2325686  12-May-2026 CET/CEST