Carl Zeiss Meditec in the Red: China Business Pushes Jena-based Group into Losses

Jena, 15.02.2026 – This is news that is causing a stir in the Thüringen economy: the medical technology giant Carl Zeiss Meditec, one of the flagships of the Jena “Lichtstadt,” has slipped into the red. For the first time in a long period, the TecDAX-listed company has had to report a loss. The reasons lie thousands of kilometers away but could have direct implications for the location on the Saale.

Slump After Years of Success

The figures presented by CFO Justus Felix Wehmer paint a serious picture of the current fiscal year, which traditionally begins in October for Zeiss Meditec. While a substantial profit of 15.7 million euros was recorded in the same period last year, the bottom line now shows a loss of 4.9 million euros (after taxes). Revenue also fell noticeably in the first quarter, dropping by 4.8 percent to 467 million euros.

For Jena, where Carl Zeiss represents not only a historical legacy but also one of the most important current economic engines, these are unfamiliar tones. The group was long considered a guarantor of stable growth, even in times of crisis. However, the global interconnectedness that fueled its rise is now showing its downside.

China Changes the Rules of the Game

The primary reason for the dent in the balance sheet, alongside unfavorable currency effects in the US dollar zone, is the situation in China. The ophthalmology specialist generates about a quarter of its total revenue in the Middle Kingdom. However, the market there is changing drastically.

The Chinese government is increasingly relying on centralized procurement procedures in the healthcare sector, particularly for intraocular lenses used to treat cataracts – one of Zeiss Meditec’s core products. In these so-called “volume-based procurements,” domestic suppliers are often preferred, or drastic price reductions are forced. The era when Western medical technology almost automatically guaranteed high margins seems to be over. Chinese competitors currently hold significant competitive advantages, putting the Thüringen-based group under pressure.

What Does This Mean for the Jena Location?

The management’s reaction to these protectionist measures in Asia could have structural consequences. To avoid losing access to the massive Chinese ophthalmology market, Zeiss Meditec plans to shift production and development more directly to China. “Local for Local” – producing on-site for the local market – is becoming the survival strategy in Asian competition.

The company already operates two production facilities in China. According to the board, it has not yet been finally decided which parts of the value chain might be additionally relocated. Thus, it remains unclear for now whether and to what extent jobs in Germany, and specifically at the headquarters in Jena, could be affected. Globally, the group has 17 production sites. Further strategic decisions on how to react to market weakness are expected by May.

Outlook Remains Cautious

Due to the sluggish start, the company already corrected its expectations for the current fiscal year in January. The originally targeted group revenue of around 2.3 billion euros is unlikely to be achieved. In addition to the China issues, general market uncertainties and a noticeable reluctance to invest among clinics and practices worldwide are providing headwinds.

A realignment of research and development work is planned to respond more efficiently to the new market realities. An updated, detailed forecast for the fiscal year ending in September has been announced by the board for May 12. Until then, the Jena economy looks anxiously toward its most traditional player.

We will stay on top of this topic for you and report as soon as there is news regarding the impact on the Jena location.

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