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Carl Zeiss Meditec (AFX) investor relations material

Carl Zeiss Meditec Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary7 Aug, 2025

Executive summary

  • Order entry rose 23% year-over-year to €1.7bn, with revenue up 7.6% to €1.6bn and recurring revenue at a record 51% of total, driven by DORC acquisition and product launches.

  • EBITDA/EBITA increased to €175m, with adjusted margin at 11.1%, despite FX headwinds and U.S. tariffs; net income declined 24% to €89m due to lower EBIT, FX losses, and higher amortization.

  • Product launches (VisuMax 800, SMILE Pro 2, KINEVO 900 S) and DORC integration contributed to growth and innovation.

  • Significant growth opportunities identified in ophthalmology and refractive markets, with strong brand positioning in China and global expansion initiatives.

  • Order backlog reached €431m, further elevated from Q2.

Financial highlights

  • Adjusted EBITA up 17% to €178m; adjusted EPS at €1.24, down 8% year-over-year.

  • Gross margin at 52.7%, down from 53.7%, due to product mix and price pressures, especially in IOLs and China.

  • Operating cash flow increased to €66m, mainly from lower tax payments; investing cash flow improved to €8m.

  • Net financial debt at €-384m, slightly down, mainly refinanced via shareholder loan.

  • CapEx at 3.6% of revenue.

Outlook and guidance

  • FY24/25 guidance unchanged: moderate revenue growth expected, driven by order intake and DORC consolidation.

  • EBITDA/EBITA and margin expected stable to slightly higher; long-term margin target 16–20% through recurring revenue growth.

  • U.S. tariffs and FX volatility remain key risks; pricing actions to offset tariff impact.

  • Further cost discipline and OpEx reduction planned; focus on recurring revenue growth.

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Frequently asked questions

The Carl Zeiss Meditec AG is a microelectronics and medical technology company that operates on a global level. An international array of locations for the production and development of products enables the company to cater to customers from various parts of the world. The company's reputation for research and development capabilities has made it a leader in the technology, design, and manufacturing of instruments and systems for ophthalmic surgery. The company was founded in 1846 and is headquartered in Jena, Germany.

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