Financials Carl Zeiss Meditec AG

Equities

Market Closed - Xetra Other stock markets 16:35:12 16/01/2026 GMT			5-day change	1st Jan Change
39.44 ^EUR	-0.55%		-4.41%	-1.40%

01-15	CARL ZEISS MEDITEC AG : Bernstein keeps its Buy rating	ZD
01-13	CARL ZEISS MEDITEC AG : Bernstein keeps its Buy rating	ZD

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,647	1,903	2,089	2,066	2,228	2,286	2,439	2,577
Change	-	15.55%	9.8%	-1.11%	7.82%	2.62%	6.71%	5.64%
EBITDA ¹	435.2	466.6	422.2	327.2	349.7	382.4	439.8	494.9
Change	-	7.23%	-9.52%	-22.5%	6.88%	9.36%	15.01%	12.53%
EBIT ¹	373.6	396.9	348.1	194.5	223.3	262.3	316.4	353.2
Change	-	6.23%	-12.28%	-44.14%	14.85%	17.47%	20.61%	11.62%
Interest Paid ¹	-8.578	-9.099	-15.25	-29.42	-26.6	-20.43	-17.6	-12.6
Earnings before Tax (EBT) ¹	339	403.5	412.6	240.9	193.9	224.1	294	349.7
Change	-	19.01%	2.25%	-41.61%	-19.51%	15.56%	31.2%	18.95%
Net income ¹	236.3	293.9	290.4	178.7	141.2	164	207.4	245.6
Change	-	24.39%	-1.2%	-38.45%	-20.99%	16.13%	26.49%	18.41%
Announcement Date	10/12/21	09/12/22	12/12/23	10/12/24	10/12/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: September	2021 Q1	2021 Q2	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	368.9	398.5	410.2	445.2	477.5	569.9	470.3	504.2	535.1	579.7	475	472.1	539.3	579.6	490.5	560	549.6	627.5	498.8	559.3	575.9	637.5
Change	-	8.01%	2.95%	8.53%	7.25%	19.36%	-17.48%	7.21%	6.13%	8.33%	-18.06%	-0.61%	14.24%	7.47%	-15.38%	14.17%	-1.86%	14.19%	-20.51%	12.13%	2.96%	10.69%
EBITDA	87.8	-	-	-	-	-	-	101.9	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	73.4	89.27	-	102.9	98.58	121	63.1	83.62	101	103.2	46	49	66	31.75	33.1	78.48	66.52	70.22	43.62	73.06	79.36	78.33
Change	-	21.62%	-	-	-4.2%	22.73%	-47.84%	32.52%	20.81%	2.18%	-55.44%	6.52%	34.69%	-51.89%	4.25%	137.1%	-15.24%	5.56%	-37.88%	67.5%	8.63%	-1.31%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-0.00315	-	-8.056	-	-9.424	-6.9	-7.006	-	-6.3	-	-	-	-
Earnings before Tax (EBT) ¹	66.6	-	-	120.1	88.33	141	-	90.71	132.3	116.5	54.7	67.34	49.32	69.49	20.1	65.38	41.22	67.19	34.9	60.8	73.2	85.5
Change	-	-	-	-	-26.45%	59.62%	-	-	45.89%	-12%	-53.03%	23.11%	-26.76%	40.89%	-71.07%	225.27%	-36.95%	63.01%	-48.06%	74.21%	20.39%	16.8%
Net income ¹	46.3	-	-	90.73	62.53	102.7	-	62	92.15	85.2	37.4	46.48	34.13	60.73	15.7	45.31	28.39	51.81	25.1	44	53	61.8
Change	-	-	-	-	-31.08%	64.25%	-	-	48.62%	-7.55%	-56.1%	24.27%	-26.57%	77.93%	-74.15%	188.61%	-37.34%	82.49%	-51.55%	75.3%	20.45%	16.6%
Announcement Date	09/02/21	28/05/21	11/02/22	13/05/22	05/08/22	09/12/22	14/02/23	15/05/23	06/08/23	12/12/23	14/02/24	07/05/24	06/08/24	10/12/24	11/02/25	12/05/25	07/08/25	10/12/25	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: September	2022 S1	2023 S1	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	855.4	974.5	947.2	1,119	1,050	1,177
Change	-	13.92%	-2.8%	18.14%	-6.12%	12.06%
EBITDA ¹	-	-	133.6	180.4	173.1	191.1
Change	-	-	-	35.05%	-4.06%	10.43%
EBIT ¹	177.3	-	95	99.45	113.6	124.2
Change	-	-	-	4.69%	14.27%	9.28%
Charge d'intérêts ¹	-	-	-	-	-13.87	-12.73
Earnings before Tax (EBT)	-	-	-	-	-	-
Change	-	-	-	-	-	-
Net income	-	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	13/05/22	15/05/23	07/05/24	10/12/24	12/05/25	10/12/25

¹EUR in Million

Estimates

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-835	-787	-725	14.4	-	429	291	206
Change	-	5.75%	7.88%	101.99%	-	-	-32.17%	-29.21%
Announcement Date	10/12/21	09/12/22	12/12/23	10/12/24	10/12/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	30.12	81.97	113.9	152.2	76.59	85.91	97.34	95.65
Change	-	172.13%	38.9%	33.68%	-49.68%	12.17%	13.3%	-1.74%
Free Cash Flow (FCF) ¹	332.5	145.4	137	95.12	133.3	157.5	195.7	253.7
Change	-	-56.28%	-5.77%	-30.57%	40.11%	18.17%	24.24%	29.65%
Announcement Date	10/12/21	09/12/22	12/12/23	10/12/24	10/12/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	26.43%	24.52%	20.21%	15.84%	15.7%	16.73%	18.03%	19.21%
EBIT Margin (%)	22.69%	20.86%	16.66%	9.41%	10.02%	11.48%	12.97%	13.71%
EBT Margin (%)	20.59%	21.2%	19.75%	11.66%	8.7%	9.8%	12.05%	13.57%
Net margin (%)	14.35%	15.45%	13.9%	8.65%	6.34%	7.17%	8.5%	9.53%
FCF margin (%)	20.19%	7.64%	6.56%	4.6%	5.98%	6.89%	8.02%	9.84%
FCF / Net Income (%)	140.74%	49.47%	47.18%	53.22%	94.37%	96.03%	94.32%	103.27%
Profitability
ROA	10.71%	11.26%	9.92%	5.56%	-	4.27%	5.38%	7.21%
ROE	15.29%	16%	13.4%	8.7%	-	7.28%	8.73%	9.57%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	0.04x	-	1.12x	0.66x	0.42x
Debt / Free cash flow	-	-	-	0.15x	-	2.73x	1.49x	0.81x
Capital Intensity
CAPEX / Current Assets (%)	1.83%	4.31%	5.45%	7.37%	3.44%	3.76%	3.99%	3.71%
CAPEX / EBITDA (%)	6.92%	17.57%	26.97%	46.52%	21.9%	22.47%	22.13%	19.32%
CAPEX / FCF (%)	9.06%	56.38%	83.11%	160.02%	57.47%	54.56%	49.75%	37.71%
Items per share
Cash flow per share ¹	4.052	2.1	2.8	2.784	2.397	3.002	3.469	4.162
Change	-	-48.18%	33.33%	-0.59%	-13.87%	25.22%	15.57%	19.97%
Dividend per Share ¹	0.9	1.1	1.1	0.6	0.55	0.7315	0.8662	0.9886
Change	-	22.22%	0%	-45.45%	-8.33%	33%	18.42%	14.13%
Book Value Per Share ¹	18.55	22.53	24.14	22.98	24.18	25.07	26.59	28.77
Change	-	21.44%	7.16%	-4.83%	5.22%	3.68%	6.06%	8.22%
EPS ¹	2.64	3.29	3.25	2.01	1.61	1.815	2.39	2.776
Change	-	24.62%	-1.22%	-38.15%	-19.9%	12.74%	31.67%	16.15%
Nbr of stocks (in thousands)	89,441	89,441	89,441	89,441	87,536	87,536	87,536	87,536
Announcement Date	10/12/21	09/12/22	12/12/23	10/12/24	10/12/25	-	-	-