Carl Zeiss Meditec AG

Latest Results (16.05.2026):

Carl Zeiss Meditec AG — first quarter of fiscal year 2025/26 (Q1 FY 2025/26): the company reported a weak start to the year with revenue of €467.0m and materially lower operating results versus the prior year, driven by currency headwinds, an unfavorable product mix and softer investment demand in key markets.

Top-line and growth

Revenue: €467.0m in Q1 FY 2025/26 (prior year: €490.5m), a decline of -4.8% (company-stated -0.7% adjusted for all currency effects). Recurring revenues were 47.5% of total (prior: 47.3%).

Profitability

EBITA: €8.1m (prior: €35.2m). EBITA margin fell to 1.7% from 7.2% a year earlier; adjusted EBITA margin was 2.2% (prior: 6.7%). Reported EPS was -€0.06 (prior: €0.18); adjusted EPS €0.03 (prior: €0.24).

Performance by business unit

Ophthalmology: €356.9m (-5.1%; fx‑adj -2.4%). Microsurgery: €110.1m (-3.7%; fx‑adj -0.9%). Weakness was linked to product-mix shifts (e.g., lower refractive treatment pack sales timing and neurosurgical microscope volumes) and specific China tender effects on IOLs.

Regional performance

EMEA: €173.6m (flat year‑on‑year; fx‑adj +1.2%). Americas: €116.7m (-12.7%; fx‑adj -6.2%) with weak CapEx demand. APAC: €176.7m (-3.3%; fx‑adj -2.2%); China broadly stable but impacted by tender changes and seasonal shifts.

Key drivers of the decline

Company cites geopolitical uncertainty, restrained investment decisions, significant negative currency effects, pull‑forward from a strong prior quarter, unfavorable product mix (notably neurosurgical microscopes and refractive packs), higher amortization of capitalized R&D and negative operating leverage as main factors.

Outlook and guidance

The prior FY 2025/26 guidance (revenue €2.3bn; EBITA margin 12.5% before non‑recurring items) is now considered unlikely and the outlook has been temporarily suspended. An updated outlook and measures will be provided by the half‑year results on 12 May 2026.

Management actions

Planned responses include accelerated product localization, reprioritization of R&D, reorganizations and cost‑reduction/efficiency initiatives to restore margins and adapt to increased local competition (notably the forthcoming China IOL volume‑based procurement tender).