Carl Zeiss Meditec (AFX) Investor presentation summary

Market trends and growth drivers

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

• Four secular demand drivers: myopia, presbyopia, cataract, and retina, each mapped to a core franchise.

• Digitalization and workflow efficiency are critical as patient loads grow.

Business performance and financials

• Revenue reached €2,228 million in 2023/24, with mid-term guidance of €2.15–2.2 billion for 2025/26.

• EBITA margin declined to 7.0% in 9M 2025/26, impacted by FX headwinds, product mix, and one-off items.

• Ophthalmology revenue fell 4.8% in 9M 2025/26, while microsurgery grew 3.8% with strong Q3 performance.

• Operating cash flow improved significantly, and net financial debt decreased to €234.8m.

Market position and product leadership

• Holds #2 global position in ophthalmology and #1 in microsurgery, with >60% share in surgical visualization.

• SMILE® leads refractive laser surgery with >40% global share and a recurring license model.

• Premium IOL adoption and local manufacturing in China underpin cataract franchise growth.

• Retina business benefits from high recurring revenue and integrated workflow post-DORC acquisition.