20 Equity
Share capital
As in the prior fiscal year 2023/24, the share capital of Carl Zeiss Meditec AG is composed of 89,440,570 no-par value shares bearing equal rights, each with a theoretical value of 1€, and was fully paid in. Ownership of the shares carries with it the right to vote at the Annual General Meeting and the right to participate in any dividend distributions resolved.
Authorized capital
By way of a resolution of the Annual General Meeting on 30 March 2022 and entry in the commercial register on 6 April 2022, the Management Board is authorized, subject to the consent of the Supervisory Board, to increase the share capital of the Company, on one or several occasions until 29 March 2027, by a total of up to €26,500k (26,500,000 no-par value shares) by issuing new, no-par value bearer shares against cash and/or contributions in kind (Authorized Capital 2022). The Management Board is authorized, with the consent of the Supervisory Board, to exclude shareholders’ statutory subscription rights in certain cases.
Capital reserve
The capital reserve contains the amounts obtained in excess of the theoretical value from the share issue.
Revenue reserves
Under the German Stock Corporation Act (Aktiengesetz), the dividend available for distribution to the shareholders is dependent upon equity as reported in the financial statements of Carl Zeiss Meditec AG in accordance with the German Commercial Code (HGB). Dividends may only be resolved and paid from any retained earnings that exist (after transfer to statutory reserves). As of 30 September 2025, the annual financial statements of Carl Zeiss Meditec AG showed a net profit of €703,740k (prior year: €634,962k). A dividend of 0.60 € per no-par value share was paid out from consolidated net profit for fiscal year 2023/24. The proposed dividend for fiscal year 2024/25 is 0.55 € per no-par share, which, for the current number of shares, corresponds to a distribution volume of €48,145k. The proposed dividend is subject to shareholder approval at the Annual General Meeting and is therefore not recognized as a liability in the consolidated financial statements.
Treasury shares
By resolution of the Annual General Meeting of Carl Zeiss Meditec AG on 21 March 2024, the Management Board of Carl Zeiss Meditec AG is authorized to acquire treasury shares up to a maximum of 10% of the Company’s subscribed capital until 20 March 2029.
By the end of the share buy-back program on 9 August 2024, 1,904,491 shares had been purchased at an average price of 78.76 € per share and reported as an offsetting item in equity under “Treasury shares”.
Other reserves
The other reserves mainly comprise the differences arising from the currency translation of the annual financial statements of foreign subsidiaries recognized in other comprehensive income. This item also contains the measurement effects recognized in equity from the change in actuarial assumptions for the valuation of defined benefit pension plans and financial assets in the category “at fair value through other comprehensive income”.
Non-controlling interests
The item non-controlling interests comprises the holdings of other shareholders in the equity of Carl Zeiss Meditec Co. Ltd., Tokyo, Japan. The change in this item was mainly due to the dividend paid to minority shareholders.