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Mon, February 16, 2026 astatine 5:03 AM CST 6 min read
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Q1 results: Revenue fell 4.8% y/y to EUR 467 cardinal (‑2.1% cc) with an estimated EUR 20m FX headwind, portion EBITDA plunged to EUR 68.8 cardinal and the EBITDA borderline collapsed to 1.7% from 7.2% owed to adverse merchandise mix, FX impacts and antagonistic operating leverage.
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Guidance suspended amid China uncertainty: Management halted full‑year guidance citing the China bifocal IOL VBP interaction and inventory uncertainty (an estimated EUR 8m scrap risk), greater contention up of a VBP tender, and weaker U.S. instrumentality demand; a successor IOL registration is expected astir March with the tender owed successful April/May.
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Regional and conception unit — credibility focus: Americas gross fell ~13% y/y connected a softer concern clime and tariff-related terms increases, Ophthalmology gross declined ~5% with mislaid China bifocal IOL income and timing effects, and CEO Andreas Pecher apologized and committed to rebuilding spot with an update by the half‑year.
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Carl Zeiss Meditec (ETR:AFX) reported a weaker-than-expected commencement to fiscal 2025/26, arsenic absorption cited currency headwinds, an unfavorable merchandise mix, and challenges successful China and the U.S. arsenic cardinal drivers of little gross and sharply reduced profitability successful the archetypal quarter.
Chief Executive Officer Andreas Pecher opened the telephone with an apology to investors pursuing the company’s determination to suspend full-year guidance connected Jan. 22, calling the diminution successful marketplace worth and the “level of trust” a “new debased point.” Pecher said the absorption is present connected execution and rebuilding credibility, with an update planned “latest, with the fractional twelvemonth reporting.”
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For the quarter, gross totaled EUR 467 million, down 4.8% twelvemonth implicit year. On a changeless currency basis, gross fell 2.1%, with absorption attributing the largest currency interaction to the U.S. dollar and Chinese yuan. Management quantified full FX headwinds astatine astir EUR 20 million for the period.
Revenue declines were seen successful some instrumentality and consumables, pursuing what absorption described arsenic an “exceptionally strong” instrumentality transportation baseline successful September of the anterior fiscal year. The quarterly gross premix was 52% equipment, 37% consumables, and 11% services.
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Order intake was EUR 471 million, down 9.7% twelvemonth implicit twelvemonth (down 6.9% currency-adjusted), which absorption again linked to a beardown year-end adjacent successful September 2025. The bid backlog accrued to EUR 405 million, somewhat supra the level astatine the extremity of the anterior fiscal year.

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