Carl Zeiss: Key themes from our recent conversation with IR

Research evidence excerpt

Carl Zeiss: Key themes from our recent conversation with IR

6 July 2026

Susannah Ludwig +41 582 723 127 susannah.ludwig@bernsteinsg.com

Richard Hombach +44 20 7762 1858 richard.hombach@bernsteinsg.com

Estelle Pang, CFA +44 20 7676 7646 estelle.pang@bernsteinsg.com

Specialist Sales

Christian Moore +1 917 344 8555 christian.moore@bernsteinsg.com

We regularly hold calls with companies towards the end of each quarter, making sure we are up-to-date with their latest communications. We

comment on these discussions soon after holding these calls, even if they are simply a re-iteration of previous messages. We held one of these

calls this morning with Carl Zeiss Meditec ahead of their Q3 2025/26E results on August 6th. We rate Carl Zeiss Meditec Market-Perform with

a target price of EUR 26.10.

Below please find key themes from our discussion.

MICROSURGERY

In Microsurgery, Carl Zeiss Meditec highlighted strong order deliveries in Q3, particularly in neurosurgery, a high profitability category. On the

revenue side the business has stronger comps given a solid Q3 2025, but on the margin side, the comps are easy as the mix last year was

weak given lingering IT and quality-related issues with Kinevo 900 S held back neurosurgery.

As a result, a meaningful improvement in divisional margins can be expected in Q3, driven by the strong revenue development and favorable

mix, with a high proportion of neurosurgery devices. They also indicated that margins should improve sequentially, reflecting both the

stronger delivery profile and operating leverage from higher volumes.

OPHTHALMOLOGY

Refractive

In refractive surgery, Carl Zeiss Meditec noted that the China market was weak in Q3, with procedure volumes likely declining in the high-

single-digit to low-double-digit range.