--- title: "Carl Zeiss Meditec AG reports currency-adjusted revenue stability after nine months in fiscal year 2025/26, Jena, Germany; Adjusted EBITA margin at 8.0%" sdDatePublished: "2026-08-06T11:46:00Z" source: "https://www.zeiss.com/meditec-ag/en/media-news/press-releases/2026/statement-q3-fy-2025-26.html" topics: - name: "corporate earnings" identifier: "medtop:20000178" - name: "financial statement" identifier: "medtop:20000180" - name: "medical equipment" identifier: "medtop:20001167" - name: "health care provider" identifier: "medtop:20000278" - name: "legal service" identifier: "medtop:20000282" locations: - "Clayton" - "Shanghai" - "Jena" - "Japan" - "United States" - "South Korea" - "China" - "Germany" - "India" - "Spain" - "France" --- Carl Zeiss Meditec AG reports currency-adjusted revenue stability after nine months in fiscal year 2025/26, Jena, Germany; Adjusted EBITA margin at 8.0% Carl Zeiss Meditec with stable revenue development on a currency-adjusted basis after nine months of 2025/26 Carl Zeiss Meditec with stable revenue development on a currency-adjusted basis after nine months of 2025 Jena, Germany | 6 August 2026 | Carl Zeiss Meditec AG Carl Zeiss Meditec generated revenue of around €1,553.7m in the first nine months of fiscal year 2025 26 (prior year: €1,600.1m), corresponding to a decline of -2.9% (adjusted for currency effects 1 : 0.0%). Adjusted EBITA amounted to €124.5m (prior year: €177.0m). The adjusted EBITA 2 margin was 8.0% (prior year: 11.1%). Justus Felix Wehmer, Chief Financial Officer of Carl Zeiss Meditec AG, comments: “Revenue development stabilized on a currency-adjusted basis after nine months. At the same time, we are seeing solid development in the order backlog. Our focus remains unchanged: sustainably improving profitability and consistently implementing the measures initiated.” Heterogeneous revenue development in both strategic business units In the Ophthalmology strategic business unit (SBU), revenue in the first nine months of fiscal year 2025 26 declined by -4.8% (adjusted for currency effects: -2.9%) to €1,191.4m (prior year: €1,251.1m). In addition to negative currency effects, the decline was mainly attributable to weaker business with intraocular lenses in China due to the withdrawal of a bifocal intraocular lens from the current volume-based procurement (VBP) tender and the related return of corresponding inventories. This was compounded by a decline in the refractive laser business as a result of lower procedure volumes and an increasingly softer investment environment in the equipment business, particularly in APAC 3 . In the Microsurgery strategic business unit, revenue after nine months of 2025 26 increased by +3.8% (adjusted for currency effects: +7.1%) to €362.3m (prior year: €349.0m). The increase was mainly attributable to strong deliveries of neurosurgical operating microscopes. The recurring revenue share stood at 50.9% of revenue, slightly below the prior-year level of 51.9%. Solid development in EMEA, slight currency-adjusted growth in the Americas, APAC significantly lower In the EMEA 4 region, revenue increased by +5.4% (adjusted for currency effects: +5.8%) to €509.0m (prior year: €482.8m). Growth was achieved in all core European markets. Revenue in the Americas region amounted to €397.0m (prior year: €407.5m), down -2.6% year-on-year; adjusted for currency effects, revenue grew by +3.6%. In the United States, revenue developed slightly positively on a currency-adjusted basis, while Latin America declined. The APAC region recorded a significant revenue decline of -8.7% (adjusted for currency effects: -7.6%) to €647.8m (prior year: €709.9m). While India generated growth, revenue declined in China, Japan and South Korea. Earnings impacted by negative currency effects and a lower consumables share Gross margin stood at 51.0%, significantly below the prior-year level of 52.7%. This was mainly due to negative currency effects and the revenue decline, particularly in the consumables business. Operating result (EBITA) amounted to €108.4m in the first nine months of fiscal year 2025 26 (prior year: €175.4m). This corresponds to an EBITA margin of 7.0% (prior year: 11.0%). The OpEx ratio stood at 45.6%, above the prior-year level of 43.2%. This was mainly attributable to lower revenue and higher research and development expenses due to impairment losses on assets from the acquisition of InfiniteVision Optics S.A.S. In addition, general administrative expenses increased as a result of legal disputes in connection with the acquisition of Iantech, Inc. and expenses related to the ProfitUp programme. Earnings were also impacted by further special effects, such as the withdrawal of bifocal intraocular lenses from the distribution channel. This was partially offset by a one-time positive contribution from a US customs refund for the prior year 2024 25. Adjusted for all special effects, adjusted EBITA amounted to €124.5m (prior year: €177.0m); the adjusted EBITA margin stood at 8.0% (prior year: 11.1%). Earnings per share amounted to €0.80 in the first nine months (prior year: €1.02). Adjusted earnings per share amounted to €1.02 (prior year: €1.23). Outlook for fiscal year 2025 26, the first decisions under the ProfitUp program were made and initial workstreams were launched. Discussions with employee representatives have commenced and are progressing constructively and in a spirit of mutual trust. To enhance efficiency, competitiveness, and profitability, the company has decided to further integrate its ophthalmic surgery business by combining the Anterior Surgery and Posterior Surgery business units. In parallel, options to further optimize the global manufacturing footprint are being evaluated, including preparations for a future manufacturing site in India. In the surgical instruments business, the Katalyst LLC portfolio in Chesterfield, Missouri, is being streamlined due to overlaps with the DORC portfolio. Additional portfolio optimization opportunities are currently under evaluation. For the remainder of fiscal year 2025 26, Carl Zeiss Meditec continues to expect a volatile global macroeconomic environment, due in part to persistently subdued investment activity and volatility in the foreign exchange markets. For fiscal year 2025 26, revenue is expected to reach around €2.15bn to €2.20bn. After accounting for potential non-recurring effects, which are expected to amount to a mid-double-digit million-euro amount, an adjusted EBITA margin between 8% and 10% is expected (FY 2024 25 EBITA: €257.7m, EBITA margin: 11.6%). For the Ophthalmology SBU, an impairment of goodwill of around €150m is expected in the fourth quarter of 2025 26. In the medium term, the Company expects organic revenue growth at least in the mid single digit percentage range, as well as a recovery of the adjusted EBITA margin to around 15%. The long-term sustainable potential of the EBITA margin is seen in the range of 16% to 20%. Revenue by strategic business unit All figures in €m Q3 2025 25 Change from prior year % Change from prior year % (currency-adjusted) Ophthalmology 437.6 442.9 -1.2 +0.7 Microsurgery 125.1 106.8 +17.1 +21.0 Total Group 562.7 549.6 +2.4 +4.6 Show more Change from prior year % Change from prior year % (currency-adjusted) All figures in €m Q3 2025 25 Change from prior year % Change from prior year (currency-adjusted) EMEA 163.0 152.6 +6.8 +7.1 Americas 149.8 129.4 +15.8 +23.2 APAC 249.9 267.7 -6.7 -5.8 Consolidated 562.7 549.6 +2.4 +4.6 Show more Change from prior year (currency-adjusted) All figures in €m 9 months 2025 25 Change from prior year % Change from prior year % (currency-adjusted) Ophthalmology 1,191.4 1,251.1 -4.8 -2.9 Microsurgery 362.3 349.0 +3.8 +7.1 Consolidated 1,553.7 1,600.1 -2.9 -0.7 Show more All figures in €m 9 months 2025 25 Change from prior year % Change from prior year % (currency-adjusted) EMEA 509.0 482.8 +5.4 +5.8 Americas 397.0 407.5 -2.6 +3.6 APAC 647.8 709.9 -8.7 -7.6 Consolidated 1,553.7 1,600.1 -2.9 -0.7 Show more Further information on this publication and on the Analyst Conference Call regarding the results for the first nine months of fiscal year 2025 26 can be found at https: Head of Group Finance & Investor Relations Carl Zeiss Meditec AG Carl Zeiss Meditec AG (ISIN: DE0005313704), which is listed on the TecDAX and SDAX of the German stock exchange, is one of the world's leading medical technology companies. The Company supplies innovative technologies and application-oriented solutions designed to help doctors improve the quality of life of their patients. It provides complete packages of solutions for the diagnosis and treatment of eye diseases, including implants and consumables. The Company creates innovative visualization solutions in the field of microsurgery. With 5,784 employees worldwide, the Group generated revenue of €2,227.6m in fiscal year 2024 The Group’s head office is located in Jena, Germany, and it has subsidiaries in Germany and abroad; more than 50 percent of its employees are based in the USA, Japan, Spain and France. The Center for Application and Research (CARIn) in Bangalore, India and the Carl Zeiss Innovations Center for Research and Development in Shanghai, China, strengthen the Company's presence in these rapidly developing economies. Around 39 percent of Carl Zeiss Meditec AG’s shares are in free float, 2 percent are held as treasury shares, the remaining approx. 59 percent are held by Carl Zeiss AG, one of the world’s leading groups in the optical and optoelectronic industries. For more information visit our website at www.zeiss.com ZEISS announces strategic collaboration with Envision Health Technologies to advance glaucoma care with virtual reality-based function testing ZEISS Medical Technology and Aier Eye Hospital Group Sign Strategic Agreement for 25 VISUMAX 800 Units Get all press releases of the Carl Zeiss Meditec AG here: 1 Primarily related to USD and CNY, including foreign exchange effects arising from the ZEISS distribution network Primarily related to USD and CNY, including foreign exchange effects arising from the ZEISS distribution network 2 Earnings before interest, taxes, and amortization of intangible assets from purchase price allocation Earnings before interest, taxes, and amortization of intangible assets from purchase price allocation 4 Europe, Middle East and Africa Europe, Middle East and Africa Order backlog slightly higher than at the end of fiscal year 2024 Press & Investor Relations Contact Not all products, services or offers are approved or offered in every market and approved labelling and instructions may vary from one country to another. 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