Carl Zeiss Meditec (AFX) Investor presentation summary

Market environment and growth drivers

• Structural tailwinds from aging populations, rising myopia, and increasing cataract procedures drive demand for ophthalmic solutions and efficient workflows.

• Global myopia prevalence is projected to reach nearly 50% by 2050, with high myopia also accelerating, especially in high-income regions.

• Premium intraocular lenses (IOLs) are expected to grow at 8% CAGR by unit, with their revenue share rising to 53% by 2029.

• Digitalization and integrated workflow solutions are reshaping healthcare delivery in ophthalmology and microsurgery.

Financial performance and portfolio

• Revenue reached €2,227.6 million in 2024/25, with 77% from ophthalmology and 23% from microsurgery.

• EBITA margin declined to 11.6% in 2024/25 from 16.7% in 2022/23, reflecting margin pressure.

• Recurring revenue now accounts for ~50% of total revenue, up from 9% in 2002/03, supporting more stable growth.

• APAC is the largest regional contributor, generating 44.5% of revenue, followed by EMEA and the Americas.

Technology, innovation, and market position

• Maintains leading positions in microsurgery visualization (>60% market share) and strong rankings in chronic disease management and refractive surgery.

• R&D investment remains high, with a ratio above 16% of revenue, driving innovation in digital workflows and integrated solutions.

• Offers a comprehensive portfolio in eye diagnostics and surgery, with gold standard systems and strong connectivity between devices and data.

• Integrated digital ecosystems and workflow solutions enhance clinical outcomes and operational efficiency.