Carl Zeiss Meditec AG

Latest Results (05.04.2026):

Carl Zeiss Meditec AG — Q1 fiscal year 2025/26: The company reported a weak start to FY 2025/26 with revenue of €467.0m in Q1 (prior year €490.5m), a decline of -4.8% (−0.7% adjusted for all currency effects). EBITA fell to €8.1m (prior year €35.2m) with an EBITA margin of 1.7% (prior year 7.2%). Reported EPS was -€0.06 (prior year €0.18); adjusted EPS was €0.03 (prior year €0.24). Management has suspended the prior full‑year guidance and plans further reorganization and cost measures, with an updated outlook due by the half‑year results on 12 May 2026.

Revenue detail

Q1 revenue totalled €467.0m. Ophthalmology: €356.9m (−5.1%, fx‑adj −2.4%). Microsurgery: €110.1m (−3.7%, fx‑adj −0.9%). Recurring revenues were 47.5% of total (prior year 47.3%).

Profitability and earnings

EBITA declined to €8.1m from €35.2m a year earlier; reported EBITA margin 1.7% (prior year 7.2%), adjusted EBITA margin 2.2% (prior year 6.7%). EPS was negative at −€0.06; adjusted EPS €0.03.

Regional performance

EMEA largely stable at €173.6m (reported −0.2%, fx‑adj +1.2%). Americas weakened to €116.7m (−12.7%, fx‑adj −6.2%). APAC down to €176.7m (−3.3%, fx‑adj −2.2%); China broadly stable but Japan and South Korea softened.

Key drivers of the shortfall

Management cites negative currency effects, unfavorable product mix (notably lower neurosurgical microscope and refractive treatment pack sales), pull‑forward effects from strong FY 2024/25 year‑end deliveries, and calendar shifts in China reducing seasonal sales.

China IOL tender impact

The withdrawal of bifocal lenses from the current nationwide volume‑based procurement (VBP) tender and an anticipated new VBP tender are expected to increase competitive pressure and price erosion in the Chinese IOL market.

Outlook and management actions

The prior FY forecast (≈€2.3bn revenue; 12.5% EBITA margin before non‑recurring items) is now regarded as unlikely. Management will accelerate product localization, reprioritize R&D, and implement additional efficiency and cost‑reduction measures; a revised outlook will be provided by 12 May 2026.

Near‑term milestones

The company will present an updated outlook and further details on reorganization and cost measures with the six‑month results on 12 May 2026, by which time it expects clearer visibility on Chinese winter consumption patterns and the IOL tender outcome.