The Carl Zeiss Meditec AG share

Fiscal year 2024/25

General development of the capital market

International capital markets remained robust overall in 2025 despite geopolitical uncertainties, weaker global industrial production, and persistent inflation risks. This robust development was driven by the expectation of monetary easing in the major economies and a gradual decline in inflation rates. Investors reacted by showing an increasing willingness to take risks, causing share prices to rise significantly worldwide.

Inflation rates continued to fall in most advanced economies, moving ever closer to the central banks’ target values over the course of 2025.¹ The US Federal Reserve initially maintained its restrictive course, but in the fall of 2025 signaled the first interest rate cuts for 2026.² The European Central Bank (ECB) left its key interest rates unchanged in summer 2025, while the Bank of Japan held to its relaxed monetary policy.³ The resulting easing on the bond markets and the fall in risk premiums on corporate bonds supported the positive trend on the international equity markets.

The German benchmark index DAX rose by 24.3% in the 2024/25 fiscal year, closing at 23,881 points on 30 September 2025. In the United States, the S&P 500 climbed to 6,688 points in the same period, corresponding to an increase of 17.2% compared to the prior year. Developments in the second-line stocks and technology markets were more varied: the MDAX rose by 12.8% to 30,267 points, while the TecDAX increased by 7.8% to 3,648 points.

Performance of the Carl Zeiss Meditec AG share

The Carl Zeiss Meditec AG share, which is listed on both the MDAX and the TecDAX, bucked the generally positive market trend in fiscal year 2024/25. The share price fell from €66.30 at the beginning of the fiscal year to €42.16 on 30 September 2025, a decrease of around 36% compared with the previous year. After reaching a 52-week high of around €72 in October 2024, the share price declined over the course of the year and reached its 12-month low of around €42 in September 2025.

Despite the measures implemented in the fiscal year to increase efficiency and strengthen operational resilience, the share price performance lagged behind the relevant benchmark indices MDAX (+12.8%) and TecDAX (+7.8%). In particular, the overall subdued market momentum in the medical technology sector, temporarily weaker demand in individual regions and ongoing uncertainties in the global economic environment had a negative impact.

Relative performance of Carl Zeiss Meditec share compared with the DAX, MDAX, SDAX and TecDAX

in the period from 1 October 2024 to 30 September 2025

Performance of Carl Zeiss Meditec share

in the period from 1 October 2024 to 30 September 2025

Market capitalization and trading volume

The volatility of the share was also reflected in the market capitalization (product of shares issued and closing price). The trading volume (number of shares traded on Xetra multiplied by the respective daily closing price) amounted to €2.81bn in the 2024/25 fiscal year, compared to €3.32bn in the prior year. 202,979 shares were traded on average each trading day (prior year: 155,647 shares).

The German MDAX share index is composed of 50 company stocks that rank below the 40 shares listed on the DAX in terms of market capitalization and trading volume. The composition is reviewed on a quarterly basis. As at 30 September 2025, Carl Zeiss Meditec AG ranked 79^th in the MDAX in terms of market capitalization (prior year ranking: 62^nd).

The TecDAX, which tracks the 30 largest technology stocks on the Frankfurt Stock Exchange, is also adjusted on a quarterly basis. On the TecDAX, Carl Zeiss Meditec AG ranked 14^th in terms of market capitalization on the reporting date (prior year ranking: 10^th).

Market capitalization of Carl Zeiss Meditec AG

as of 30 September 2025, in €m

The Carl Zeiss Meditec AG share from the capital market perspective

A large number of German and international financial analysts monitor the movements of the Carl Zeiss Meditec AG share. At present, the Company is in contact with 20 analyst firms. Based on the assessments of the past six months, the analysts have put the current average price target at €56.56 (as of: 30 September 2025).

A current overview of the individual analysts’ assessments can be found on the following website at www.zeiss.com/meditec-ag/en/investor-relations/carl-zeiss-meditec-ag-share.html.

Dividend policy

Carl Zeiss Meditec AG pursues a steadfast yet earnings-oriented dividend policy. This strategy is to be maintained in the future, thus allowing shareholders to participate to a befitting extent in the Company’s economic success.

The Company’s reference for the regular dividend is a dividend ratio that generally equates to around one third of consolidated profit after non-controlling interests for the fiscal year just ended. For fiscal year 2025/26, the Management Board and Supervisory Board of Carl Zeiss Meditec AG will propose to the Annual General Meeting on 26 March 2026 that a regular dividend of €0.55 per share (prior year: €0.60) be distributed. Overall, this equates to a total distribution of €48.1m (prior year: €52.5m) and a dividend ratio of 34.2% (prior year: 29.4%). The dividend yield, based on the closing share price as at 30 September 2024, was 1.3% (prior year: 0.8%).

Development of the dividend for the Carl Zeiss Meditec AG share

Shareholder structure

Carl Zeiss Meditec AG’s subscribed capital is composed of 89,440,570 ordinary shares, each with a theoretical par value of €1. As of the reporting date, 59.1% of the shares were held by the ZEISS Group. In fiscal year 2023/24, 2.1% of the shares were repurchased and reported as treasury shares. According to Company information, the remaining 38.7% of shares are in free float.

Investor Relations

Carl Zeiss Meditec AG attaches great importance to providing comprehensive, transparent and timely communication to the capital market. Investor relations work in fiscal year 2024/25 focused on ongoing elucidation of the corporate strategy, operational business development and future prospects of Carl Zeiss Meditec AG. The Company regularly informed its shareholders about significant developments, including in its quarterly statements, half-yearly and annual reports as well as ad hoc announcements and press releases.

In addition, the Company was in active and continuous communication with the capital market. In the year under review, roadshows and investor conferences were held both in face-to-face and in virtual form. The Investor Relations department also held regular conferences on the quarterly results, as well as numerous individual and group meetings with institutional and private investors.

The Annual General Meeting gives shareholders the opportunity to put questions directly to the Management Board and to vote on important Company matters. The Annual General Meeting for the 2024/25 fiscal year was once again held virtually, on 26 March 2025. 82.5% of the voting share capital was represented at this meeting.

Listing and trading on the MDAX and TecDAX

1 OECD, Economic Outlook, September 2025.

2 U.S. Federal Reserve, FOMC Statement, September 2025.

3 European Central Bank (ECB), Monetary Policy Decisions, July 2025; Bank of Japan, Statement on Monetary Policy, September 2025.

4 Amount of dividend for 2024/25 proposed by the Supervisory Board and the Management Board of Carl Zeiss Meditec AG