33 Additional disclosures on capital management

The Group manages its capital with the aim of minimizing the Group’s capital costs and, at the same time, maintaining the balance between cash flow volatility and financial flexibility. In order to achieve this goal, the ratio of equity to borrowed capital, among other things, must be optimized accordingly. Currently the Company is moving within the specified target corridor. The main decisions relating to the financing structure are made by the Management Board. The equity ratio and net debt are used as control parameters for the relationship between equity and borrowings. Carl Zeiss Meditec AG calculates these key performance indicators regularly and reports them to the Management Board, thereby allowing it to take any necessary action. The key performance indicator equity ratio is defined as the percentage ratio of equity, including non-controlling interests, to total capital. In the past fiscal year, the equity ratio was 62.5% (prior year: 60.6%). Net financial debt is the sum of cash and cash equivalents and treasury receivables less treasury payables and current and non-current loans and liabilities to banks. Net financial debt as at 30 September 2025 was €-276,870k (prior year: €-327,372k). The Company is not subject to any external minimum capital requirements. The Company’s overall strategy with regard to capital management remained the same as the prior year.

The table below presents the above key performance indicators in the reporting period: