Carl Zeiss Meditec AG Q3’26 preview: China continues to weigh on the top line

Research evidence excerpt

Carl Zeiss Meditec AG Q3’26 preview: China continues to weigh on the top line

J P M O R G A N Europe Equity Research

17 July 2026

Carl Zeiss Meditec AG Underweight

AFXG.DE, AFX GR

Q3’26 preview: China continues to weigh on the top line Price (16 Jul 26):€29.82

Price Target (Dec-27):€21.70

Following a catch-up with the Company, and ahead of Q3 results (6 August), we European Medical Technologies &

set out our thoughts into the print. Commentary on China refractive treatments Services

remains downbeat with the company highlighting seeing significant declines in David Adlington AC

May and June. Re-entry of the Company’s newly approved IOL in VBP tenders (44-20) 7134-5828

appears slightly delayed, with the latest commentary suggesting it may not enter david.adlington@jpmorgan.com

the Channel until September at the earliest, therefore remaining a topline headwind Anchal Verma

for longer (although potentially offset at the EBITA level given delayed price cuts). (44-20) 3493-6144

The Company also notes sluggish China Cataract trends weighing on growth. On anchal.verma@jpmorgan.com

the flip side, it notes strong growth in Q3 MCS, helped by KINEVO deliveries, Philip S Omnou

(44-20) 3493-5648

despite the tough comp (+12% in Q3’25). For the quarter, we slightly lower group philip.omnou@jpmorgan.com

organic growth (to -2.3% from -1.6%), reflecting the refractive weakness / China J.P. Morgan Securities plc

IOL headwinds, although slightly offset by lowered FX headwinds. For adj

EBITA, we increase our margin to 10.5% given we were previously too low (from Specialist Sales contact details:

8.3%, although still reflecting margins down 140bps y/y). This places us 2% and Marjan Daeipour - Specialist Sales -

1% below consensus on revenue and adj EBITA, respectively, for Q3.