Germany · Delayed Price · Currency is EUR Carl Zeiss Meditec AG Earnings Call Transcripts
Fiscal Year 2026
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Revenue and profitability declined sharply year-over-year due to currency headwinds, unfavorable product mix, and regulatory challenges in China. Guidance was suspended amid increased competition and market uncertainty, with a significant one-off impact expected in Q2.
Fiscal Year 2025
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Revenue grew 7.8% to EUR 2.23 billion with strong order entry and record recurring revenue. EBITDA margin improved to 11.6% despite FX and tariff headwinds. Guidance for 2025-2026 targets mid-single-digit revenue growth and a 12.5% EBITDA margin, with midterm ambitions of 16%-20% margin.
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Order entry and revenue grew strongly, with recurring revenue at a record high and adjusted EBITDA margin improving. U.S. tariffs and FX headwinds weighed on net income, but product launches and D.O.R.C. integration supported growth. Guidance remains for moderate revenue growth and stable margins.
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Revenue grew 10.9% to EUR 1.051 billion with strong order entry and recurring revenue now at 50%. EBITDA stabilized, but net income and EPS declined. Guidance is unchanged amid macro and tariff risks, with new product launches and CEO transition underway.
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Revenue grew 3.2% year-over-year to EUR 491 million, but organic sales declined 7.3% due to tough comparisons and weak China demand. EBITDA margin fell to 7.2%, while order entry rebounded strongly. Guidance remains for moderate growth, with new product launches and DORC integration expected to support recovery.
Fiscal Year 2024
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Revenue and profit declined in 2023-2024 due to weak investment climate and consumer sentiment, but recurring revenue and order entry improved with the DORC acquisition. Moderate growth and stable margins are expected for 2024-2025, with cost control and new product launches providing potential upside.
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Revenue and profit declined year-over-year due to weak investment climate and consumer sentiment, with EBIT down 34% and net income down 42%. DORC integration contributed to results, and order intake stabilized, but management expects to achieve the lower end of adjusted EBIT guidance.