Carl Zeiss Meditec AG 9M 2024/25: Key Takeaways

Carl Zeiss Meditec: 9M 2024/25 Financial Performance Update

Presented by Sebastian Frericks, Head of Investor Relations

Sebastian Frericks, Head of Investor Relations at Carl Zeiss Meditec, presents a strong nine-month performance for the fiscal year 2024/25, underscoring strategic progress, rising order momentum, and margin stabilisation across key markets. Despite ongoing macroeconomic challenges, the group maintains its outlook and continues to invest in innovation and growth initiatives.

📊 Key Financial Highlights (9M 2024/25 vs. PY):

- Revenue: €1,699.5 million (+7.6%)

- Order Entry: €1,600.1 million (+23.3%)

- EBITA: €175.4 million (+3.1%)

- EBITA Margin: 11.0% (PY: 11.4%; adjusted: 11.1%)

- Operating cash flow: Increased YoY

- Net Financial Debt: -€384.1 million (due to shareholder loan)

Revenue was boosted by solid Q3 growth, and order entry surged due to a strong performance in both equipment and recurring business across all regions. However, the company faced challenges from U.S. tariffs and FX risks, which affected the revenue and margin. Despite these headwinds, the underlying operating performance remained robust.

🔬 Segment Performance:

👁️ Ophthalmology (OPT)

- Revenue: €1,251.1m (+9.5%)

- EBITA Margin: 10.6% (up +1.6pp)

- Margin uplift was driven by growth in refractive consumables and the successful integration of DORC

- Strong IOL (intraocular lens) volume growth in China despite pricing pressure from volume-based procurement (VBP)

🧠 Microsurgery (MCS)

- Revenue: €349.0m (+1.6%)

- EBITA Margin: 12.3% (down -7.3pp)

- Performance impacted by product transition to the new KINEVO® 900 S, lower neurosurgical volumes, and FX tariffs

🌍 Regional Highlights:

- Americas: €407.5m (+14.2%) – Driven by DORC consolidation and organic growth

- EMEA: €482.8m (+11.7%) – Strong in Germany, UK, Nordics

- APAC: €709.9m (+1.8%) – Southeast Asia and India positive; Japan down; China stable

🚀 Strategic Growth Drivers:

🔹 VISUMAX® 800 and SMILE® pro

- Now >20% of the global installed base

- Over 50 systems installed in China, with SMILE® pro surpassing 10,000 procedures

- ZEISS holds ~50% share of the Chinese refractive market, positioning itself as the #1 total solution provider

🔹 DORC Integration

- Strong YTD contribution with order funnel expansion

- ILM-Blue® approved in China

- Integration of sales forces progressing, especially in APAC

- Targeting EVA Nexus expansion in dual accounts and vitrectomy procedures

🔹 Digital & Surgical Milestones

- VERACITY Surgery Planner used in >2 million planned cataract surgeries in the U.S.

- PENTERO® 800 S and ILM-Blue® approved by Chinese NMPA

- VISUMAX® / SMILE® recognised with the Berthold Leibinger Innovation Prize

💡 Operational Efficiency & Cost Management:

- OpEx reduction through lower R&D and integration costs

- Investments in IT and marketing increased slightly

- Admin costs up due to DORC consolidation

- EBITA margin recovery achieved even with external headwinds

▶️ Other videos: 

Elevator Pitch: https://seat11a.com/investor-relations-elevator-pitch/ 

Company Presentation: https://seat11a.com/investor-relations-company-presentation/ 

Deep Dive Presentation: https://seat11a.com/investor-relations-deep-dive/ 

Financial Results Presentation: https://seat11a.com/investor-relations-financial-results/ 

ESG Presentation: https://seat11a.com/investor-relations-esg/ 

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