Press release from Carl Zeiss Meditec $AFX (-4,39 %) from this morning, 22.01.2026, share falls sharply again.
Jena, January 22, 2026
In the first three months of fiscal year (FY) 2025/26 until December 31, 2025, Carl Zeiss Meditec AG (ISIN: DE0005313704) generated preliminary revenue of € 467 million (previous year: € 490 million). The decline in revenue is mainly due to negative currency effects. The preliminary operating result (earnings before interest, taxes and amortization of intangible assets from purchase price allocations = EBITA) amounted to € 8 million (previous year: € 35 million).
Several factors contributed to the subdued business development in the first three months: the exceptionally strong deliveries of devices in the last month of FY 2024/25, which contributed to a weaker start to the new financial year, significant negative currency effects, loss of sales of a bifocal intraocular lens (IOL) in China due to the withdrawal from the volume-based tender process, as already communicated at the FY 2024/25 analyst conference on December 11, 2025, an increasingly difficult market environment, and the fact that the company was unable to meet its targets. December 2025, an increasingly weaker investment environment in the Americas region due to increased geopolitical uncertainties and the calendar shift of the winter season for refractive treatments in China around the Chinese New Year. In addition, the upcoming new nationwide volume-based tender process for the IOL business in China is expected to lead to significant price pressure due to increased local Chinese competition.
In view of the current high level of uncertainty in connection with geopolitical developments, trade barriers and regulatory risks, the previous forecast for FY 2025/26 is unlikely to be achieved and is currently being reviewed (previous forecast: increase in sales to around € 2.3 billion and an EBITA margin (EBITA/sales) of 12.5%). Among other things, the results of the new approval of a bifocal intraocular lens and the new nationwide volume-based tender procedure in China as well as the winter season for refractive treatments are still pending. The company management will present an update on further reorganization and cost-cutting measures as well as a more precise forecast for FY 2025/26 as soon as possible, at the latest as part of the 6-month results on 12 May 2026.
The quarterly report for the first three months of FY 2025/26 will be published on February 12, 2026.
Why am I reporting on this at all? Thankfully, I have not been directly invested for some time now, although $AFX (-4,39 %) in my long history with capped bonus certificates, the barrier was breached for the first time. My certificate $DE000SX0EEC0 (-19,4 %) has thus been caught. When I bought it at the end of May 2025, the share price was already very low at the time and the barrier was another 40% below the current price. I hadn't expected this, but there's a first time for everything.
