Net assets and financial position

Pursuant to German commercial law (HGB), the total assets of Carl Zeiss Meditec AG amounted to €2,551.1m as of 30 September 2025. This corresponds to an increase of 2.6% compared with the prior year (€2,487.5m).

At €271.2m, inventories are slightly down compared to the prior year (€316.7m), which is mainly due to the slight increase in revenue and the resulting increase in receivables.

Cash and cash equivalents consist exclusively of bank balances. Monies are deposited or taken out with the treasury of Carl Zeiss AG and are recognized under “Receivables from affiliated companies”.

Net retained profits increased by the net income for the fiscal year of €121.3m, less the dividend paid of €52.5m.

Provisions increased mainly due to a rise in pension provisions and similar obligations to €97.7m (prior year: €79.0m).

The debt ratio (ratio of borrowed capital to equity) decreased slightly to 46.1% as of 30 September 2025 (prior year: 48.3%).

Cash inflows generated from operating activities provide important sources of financing for Carl Zeiss Meditec AG. The Company can also create additional liquidity by issuing new shares on the capital market. Furthermore, the Company has the option to assume loans, either from the treasury of Carl Zeiss AG or from banks. Carl Zeiss Meditec AG addresses the general interest rate risk as part of its overall financial risk management . It currently considers this risk to be negligible.

The Company’s management considers Carl Zeiss Meditec AG’s net assets and financial position to be solid. This is also contributing toward the achievement of the Company’s objectives, which are focused on sustainable growth.