#1Carl Zeiss Meditec Group Investor Presentation Investor Relations ZEISS 30 670 IG May 2023 ZEISS#2Agenda 01 At a Glance 02 Strategy 03 Facts and Figures 04 Outlook 05 Appendix ZEISS ZEISS Page 2#3Leading market position in Ophthalmology and Microsurgery Solid revenue development over last 5 years ZEISS Total revenue 2021/22 € 1,902.8 million 2020/21 € 1,647 million 2019/20 € 1,335 million 2018/19 € 1,459 million 2017/18 € 1,281 million 2021/22 2020/21 2019/20 13.3% 2018/19 2017/18 15.4% 18.1% MCS 23% of total revenue 0 OPT 77% Reporting date September 30, 2022 of total revenue ◉ Headquarters in Jena, Germany EBIT margin 22.7% 20.9% ■ Around 4,224 employees worldwide Listed on the MDAX and TecDAX ■ 59% of shares held by Carl Zeiss AG Leading market positions: #2 in Ophthalmology - #1 in Microsurgery ZEISS Page 3#4Our markets benefit from structural tailwinds Attractive outlook for Medical Technology 1 2 3 4 5 Aging of the population and growing affluence Continuously increasing volume of cataract surgeries Accelerating myopia and high myopia prevalence Demand on premium vision quality Growing patient load requires more efficient workflows Digitalization to re-shape healthcare Increasing information access and awareness Need to improve surgical treatment outcomes Rising access to health care in RDES ZEISS ZEISS Page 4#5Ophthalmology Advancing eye care - Every step of the way 2021/22 2020/21 2019/20 2018/19 2017/18 € 1,469.3 million revenue € 1,255.7 million € 990.6 million €1,068.6 million € 933.2 million Refractive Laser Surgery Market size¹: € 1.2 to 1.4bn 0 OPT 77% of total revenue Reporting date September 30, 2022 Surgical Ophthalmology ZEISS Market size1: € 7.5 to 8.0bn Ophthalmic Diagnostics Market size¹: € 2.2 to 2.4bn Diagnosis and chronic disease management Corneal surgery for visual correction Cataract and retinal treatment Customers: ophthalmologists, optometrists, ambulatory surgery centers, hospitals / eye clinics 1 CZM internal estimates ZEISS Page 5#6Microsurgery Redefining surgical visualization 2021/22 2020/21 2019/20 2018/19 2017/18 € 433.6 million revenue € 391.1 million € 344.8 million € 390.7 million € 347.6 million 0 MCS 23% of total revenue Reporting date September 30, 2022 1 CZM internal estimates ZEISS Visualization Neuro, ENT, Spine, Plastic & Reconstructive, Dentistry Market size1: > € 0.7bn In-Vivo Pathology Real-time feedback on tissue microstructure Customers: clinics and hospitals, dental offices/clinics Surgical Oncology ZEISS Intraoperative radiation. Page 6#7ZEISS has leading positions in most markets Leading position in Microsurgery ZEISS > 60% Olympus Leading position in fragmented Ophthalmic Diagnosis Market Haag- Streit ZEISS ~ 20% LEICA Leading position in Refractive Laser Surgery ZEISS > 30% Alcon B&L Source: CZM internal estimates, Marketscope ZEISS TOPCON Nikon NIDEK Haag- Streit Challenger position in large Surgical Ophthalmology market Ziemer ZEISS ~7% J&JV STAAR SCHWIND Alcon Hoya J&JV B&L ZEISS Page 7#8Agenda 01 At a Glance 02 Strategy 03 Facts and Figures 04 Outlook 05 Appendix ZEISS CLARUS 500 ZEISS Page 8#9Strong position in key technologies and leading in market shaping innovation ZEISS ZEISS innovates to drive customer value through superior solutions. 1 LEADING INNOVATION AND PUSHING THE BOUNDARIES OF TECHNOLOGY Shaping technological progress by turning state-of-the-art technology into superior applications History of gold standards in optical technologies R&D ratio R&D expenses in € million 16.4% 14.1% 15.3% 2 DEVELOPING WITH THE CUSTOMER Involving customers and key opinion leaders from an early stage - integrated into optical R&D network of the ZEISS Group Application-driven development 291 232 219 3 CONNECTIVITY & DATA MANAGEMENT Specific applications and workplaces to handle data and to support decision-making Lead the digitization of our business WORKFLOW- AND OUTCOME-DRIVEN SOLUTIONS 2019/20 2020/21 2021/22 4 Integrated solutions supporting strong treatment outcomes and efficient workflows We integrate our products into systems High commitment to R&D investment resulting in technology leadership across our portfolio. ZEISS Page 9#10APAC has become the largest region for Carl Zeiss Meditec AG Carl Zeiss Meditec Group's largest markets in terms of revenue Ranked by proportion of total revenue US #2 France #6 ZEISS Germany #3 China #1 South Korea #5 Japan #4 Carl Zeiss Meditec Group's regional split In % of total revenue 2021/22 Americas 25.6% EMEA 24.1% APAC 50.3% ZEISS Page 10#11Broad and diversified portfolio with growing share of recurring revenue Share of recurring revenue has advanced steadily over two decades 2021/22 ~46% of total revenue 2002/03 9% of €1,902.8 million ☐ More recurring revenue has allowed for profitable growth and less cyclicality ☐ ☐ ZEISS ZEISS ZEISS Smart Services 150/IEC 27001 We steadily broaden our service offering to complement our product offering and enhance the share of recurring revenue Recurring revenue has reached a new record level of around 46% in 2021/22 (+5 pps yoy) Key components of recurring revenue: Surgical consumables (e.g. intraocular lenses (IOLs), refractive treatment packs, OVDs, viscoelastics, phaco cassettes, drapes etc.) and service Page 11#12Global IOL surgeries projected to grow strongly over next five years Myopia prevalence to significantly expand in next decades Premium IOL trend until 20271 in million units 40 35 30 25 20 15 12.0% 10 3.3 5 0 2021 Global myopia prevalence² in million people 30% 5000 49.8% 25% 4000 20% 3000 34.0% 15% 14.9% 2000 22.9% 10% 9.8% 5.7 1000 5% 5.2% 2.7% 0% 0 2000 2010 2020 2030 2040 2050 Myopia High Myopia 2022 2023 2024 2025 2026 2027 All IOLs Premium IOLS -Unit share ■Premium IOLs include Bifocal, Trifocal, EDOF, Accomodating, Presbyopia correcting etc. ■ Premium IOL unit share (Premium IOL units/ all IOL units) reached 12% while its revenue share reached 40% in 2021 ■ Growth to accelerate further: Premium IOL unit share to approach 15% while its revenue share to reach 48% in 2027 1 Marketscope 2022 2 Estimates by American Academy of Ophthalmology ZEISS " Myopia: -0.5D or less, high myopia: -5.0D or less Myopia and high myopia estimates suggest significant increases in prevalence globally Currently 1/3 of world population is myopic, 1/20 high- myopic; in 30 years around 1/2 of world population is myopic, 1/10 high-myopic ZEISS Page 12#13ZEISS Solutions ZEISS OPT - ZEISS ophthalmic surgical solutions cover a patient's entire ocular lifecycle Age 0 Condition 18+ Ametropia (Myopia, Hyperopia, Astigmatism) 40 45 65 85 Presbyopia Cataract LVC Lenticule Extraction SMILE® LASIK PRESBYONDⓇ PRK IOLS Monofocal & Monofocal toric до EDOF Multifocal (trifocal/bifocal) CT LUCIA Ⓡ / CT ASPHINA ® / CT SPHERIS ®/ AT TORBI AT LARA ® family AT LISA® & AT LISA Ⓡ tri family Page 13 ZEISS#14Surgical Diagnostics OPT - ZEISS provides the most comprehensive diagnostic and surgical solution portfolio in eye care ZEISS Routine Diagnostics Retinal Imaging Perimetry Biometry Therapeutic Laser Refr. Laser Surgery Surgical Microscopy Phaco & IOLs + + + ++ ++ + ZEISS Alcon Johnson Johnson B+L HS TOPCON HAAG-STREIT +++ + + + + + + + + ZEISS provides gold standard systems and solutions across eye diagnostics and surgery based on deep application know-how in optics and imaging. Connectivity of imaging and surgical devices used to support surgeons' quest for premium treatment outcomes and workflow efficiency. All trademarks are property of the respective owner. ZEISS + + + Page 14 + + + +#15ZEISS Medical Ecosystem - Roll-out underscores lead in digital solutions ZEISS Medical Ecosystem represents a fully integrated environment where a combination of devices, data management, software applications and services enable our customers to stay connected to each other and to their patients. Connected Devices Cloud-based data management Software & Al applications ZEISS 90 ZEISS Our devices generate vast amounts of data. Cloud based digital platform to store the customer data in a secure and compliant environment accessible or retrievable from anywhere. Applications enable customers to benefit from a streamlined workflow, improved clinical planning and algorithms designed to monitor performance and contribute to patient outcome quality. Page 15#16ZEISS Medical Ecosystem - Cataract Workflow Integrated solutions to provide highest level of care PART OF THE ZEISS MEDICAL ECOSYSTEM ZEISS Cataract Workflow Efficiency without compromise + Assess & educate Obtaining deeper insights and engaging patients early on ZEISS ZEISS EYEGUIDE Plan Streamlining pre-operative planning ZEISS EQ Workplace コー Treat Check ZEISS Bringing surgical efficiency to the next level Enabling learning for future cases ZEISS OPMI LUMERA ZEISS Digital Ordering Platform ZEISS IOLMaster 700 ZEISS QUATERA 700 ZEISS CIRRUS 6000 ZEISS OPTIKIT ZEISS CT LUCIA ZEISS OVDs ZEISS SL 800 & ZEISS SL Imaging Solution ZEISS Surgery Optimizer Page 16#17ZEISS Medical Ecosystem - Tumor Workflow Integrated solutions to provide highest level of care ZEISS ZEISS Tumor Workflow See. Check. Treat. Reconsidered brain tumor treatment standard, striving for the best possible treatment of patients. Visualize of small and fluorescence-stained structures during tumor treatment. Enable real-time feedback on tissue microstructure through digital pathology consultation. Precisely target and intraoperatively irradiate the tumor cavity. ZEISS KINEVO 900 ZEISS CONVIVO ZEISS INTRABEAM 600 ZEISS Page 17#18MCS - At the forefront of innovation for decades, applying our specialized know-how ☐ ZEISS 00:00 Pro Hingol 100 628 15. We have grown the market by replacing the installed base with next generation technology and driving system value (intraoperative diagnostics) - Kinematics & Robotics – providing a maximum of flexibility, movement and ergonomics for the surgeon - Intra-Operative Diagnostics seeing beyond - additional diagnostic information live during surgery Digital Imaging - improving image quality in ocular and attached screens and facilitating video transmission on local and remote screens ZEISS Page 18#19MCS - Strong position with a durable competitive advantage ZEISS Largest R&D team for surgical visualization. Leading in bringing robotic and advanced video technology to microsurgery Close collaboration with our customers Technology leadership Strong brand High customer loyalty High market share Long product lifecycles ZEISS Page 19#20MCS - Continue to benefit from several growth drivers + Innovation - We remain at the cutting edge - our products provide added clinical value and/or efficiency gains for our customers + Shortening of Replacement Cycles - Technological progress and new applications lead to shorter replacement cycles, driving unit growth + Demand in RDES - Rapidly Developing Economies are becoming an ever more important source of our growth, already accounting for 25% of revenue > + Pricing Power - We have been able to slightly raise ASPS over time ZEISS ZEISS Page 20#21Agenda 01 At a Glance 02 Strategy 03 Facts and Figures 04 Outlook 05 Appendix ZEISS ZEISS Page 21#22Solid revenue growth in 6M 2022/23 Weaker product mix amid ongoing strategic investment leads to reduced EBIT ZEISS 6M 2022/23 6M 2021/22 855.4 6M 2022/23 € 974.5 million +13.9% ◉ € 143.9 million 6M 2021/22 177.3 6M 2022/23 6M 2021/22 Carl Zeiss Meditec Group 1.44 -18.9% € 1.26 -12.1% Revenue " FX-adj. revenue growth of +12.4% Positive revenue trend in both SBUS and all regions despite continuing supply chain constraints and macroeconomic challenges Open orders of € 573m remain at elevated levels EBIT ◉ ◉ EBIT margin at 14.8% (PY 20.7%) Gross margin improvement from Q1 to Q2 mainly due to sequential recovery in consumables business, though still under PY's level Higher OpEx mainly arising from strategic investments in S&M and R&D growth and innovation initiatives Adj. EBIT margin at 15.3% (PY 21.2%) EPS Lower earnings per share due to reduced EBIT despite positive impact from FX hedging Page 22#23Ophthalmology Topline growth primarily driven by accelerating deliveries of devices 6M 2022/23 6M 2021/22 651.9 6M 2022/23 6M 2021/22 MCS 0 Carl Zeiss Meditec Group € 742.6 million +13.9% Revenue " FX-adj. revenue growth of +12.3% Delivery of devices accelerated towards end of reporting period, slight supply chain improvements, growth in devices outpaced consumables Weaker product mix mainly caused by COVID-19 infection wave in China, strong recovery towards the end of the period, positive outlook for main season for refractive procedures EBIT margin EBIT margin decline affected by: 12.3% -7.1 pps Weaker product mix due to slower consumables growth 19.4% Continued high level of strategic investment in research & development and sales & marketing 76.2% OPT of total revenue Revenue Split I ZEISS Page 23#24Microsurgery Robust growth despite continued supply chain strains 6M 2022/23 6M 2021/22 6M 2022/23 6M 2021/22 OPT Carl Zeiss Meditec Group 203.5 € 231.9 million +13.9% ☐ Revenue FX-adj. revenue growth of +12.7% Large order backlog amid slowly improving supply chain situation EBIT margin 22.6% " Gross margin improvement yoy despite rising procurement costs -2.3 pps " 24.9% EBIT margin reduced through continued high strategic investments in research & development MCS 23.8% of total revenue Revenue Split ZEISS Page 24#25Revenue growth across all regions in 6M 2022/23 Strongest growth momentum in Americas Carl Zeiss Meditec Group 27.8% Americas 6M 2022/23 6M 2021/22 212.2 25.4% EMEA 6M 2022/23 6M 2021/22 229.2 46.8% APAC 6M 2022/23 6M 2021/22 414.1 € 270.7 million +27.6% Americas ☐ FX-adj. revenue increase of +19.4% Strong growth across almost all countries, in US particularly driven by conversion of order backlog EMEA ZEISS € 247.2 million +7.9% FX-adj. revenue trend of +8.4% Good contribution from Southern European countries, core markets such as DE, FR, UK with stable growth APAC FX-adj. revenue growth of +11.0% € 456.7 million " +10.3% Strong performance in India and Southeast Asia Good recovery of the consumables business in China towards the end of the period, further acceleration expected in H2 Page 25#26P&L analysis - High level of investment continues to weigh on margins Opex ratios trending higher yoy Gross profit Selling & marketing expenses General admin. expenses R&D expenses EBIT Adj. EBIT Carl Zeiss Meditec Group in € million 549.5 in % of sales 56.4 501.4 58.6 199.6 20.5 160.6 18.8 40.9 33.1 4.2 3.9 165.2 17.0 130.2 15.2 143.9 14.8 177.3 20.7 149.3 15.3 181.3 21.2 6M 2022/23 6M 2021/22 Income Statement ■ Gross margin down yoy based on lower share of recurring revenue - product mix expected to improve sequentially ■Rise in sales & marketing expenses due to growth initiatives, in particular Refractive and Surgical Ophthalmology, higher travel and advertising expenses ☐ ☐ Research & development expenses continue on a high level driven by strategic investments such as digitalization Delayed effectiveness of price adjustments due to large order backlog ZEISS Page 26#27Adjusted EBIT margin amounted to 15.3% EBIT ./. Acquisition-related special items Adjusted EBIT Adjusted EBIT in % of revenue ◉ Adjusted EBIT margin 6M 2022/23 € million 6M 2021/22 Change to PY € million % 143.9 177.3 -18.9 -5.4 -4.0 +35.0 149.3 181.3 -17.7 15.3% 21.2% -5.9 pps. Acquisition related special items are amortizations on intangible assets arising from the purchase price allocations (PPA) of around €5.4m (PY: €4.0m), mainly in connection with the acquisitions of Aaren Scientific, Inc. in 2013/14, lanTECH, Inc. in 2018/19 as well as Katalyst Surgical LLC and Kogent Surgical LLC in 2021/22. Carl Zeiss Meditec Group ZEISS Page 27#28Agenda 01 At a Glance 02 Strategy 03 Facts and Figures 04 Outlook 05 Appendix ZEISS ZEISS Page 28#29Forecast refined for FY 2022/23 ZEISS Further growth at least in line with market expected despite geopolitical risks and difficult macroeconomic environment. Revenue expected to reach around €2.1b in FY 2022/23. Favorable long-term trends remain in place, such as aging population, growing volume of cataract surgeries, accelerating myopia prevalence and the need to improve both treatment efficiency as well as outcomes Ongoing high level of strategic investments in sales and marketing and research & development required to seize growth opportunities in our markets Sequentially stronger product mix expected in the second half of 2022/23, leading to recovery in EBIT margin from H1 levels Expected EBIT margin between 17% - 20% ZEISS Page 29#30Agenda 01 At a Glance 02 Strategy 03 Facts and Figures 04 Outlook 05 Appendix ZEISS OD ZEISS Page 30#31Medical Technology is a deeply integrated core business for the ZEISS Group Medical Technology Shareholder structure of Carl Zeiss Meditec AG 41% ZEISS 59% Free float ZEISS Group Carl Zeiss Foundation Heidenheim/Jena, Germany 100% Carl Zeiss AG Oberkochen, Germany 2021/22: € 8.8bn revenue Industrial Quality & Research Semiconductor Manufacturing Technology Consumer Markets ZEISS Shared Services across the Zeiss Group Corporate Services (e.g. Treasury, Legal) Basic R&D Manufacturing Sales & Service Companies ■ Carl Zeiss Foundation created in 1889 as sole stakeholder of Carl Zeiss AG. Statutory goal to promote natural science, engineering. Envisioned close partnership of industry and science. Areas of business for foundation company Carl Zeiss AG defined as optics, fine mechanics and optoelectronics. Commitment to sustainability: safeguarding the future by responsible management, fulfilling special responsibility toward employees and society. Carl Zeiss Meditec AG formally created in 2002 through merger of ZEISS Ophthalmic business with listed laser technology maker Asclepion Meditec AG (AFX) and strengthened by acquisition of Carl Zeiss' Surgical business in 2006. Page 31#32Upcoming Events 2022/23 ZEISS 10 Feb. 2023 Publication of 3M Report and Analyst Conference 9 May 2023 Publication of 6M Report and Analyst Conference 12 Dec. 2023 Publication of FY 2022/23 Annual Report and Analyst Conference Annual General Meeting, virtual 22 Mar. 2023 Publication of 9M Report and Analyst Conference 4 Aug. 2023 ZEISS Page 32#33Contact ZEISS E Sebastian Frericks Head of Group Finance & Investor Relations Phone: +49 (0) 36 41 / 2 20 -1 16 Fax: +49 (0) 36 41/2 20-1 17 Email: Web: [email protected] www.zeiss.com/meditec-ag/investor-relations ZEISS Page 33#34ZEISS Seeing beyond