Eckert & Ziegler Se · XETR:EUZ
Eckert & Ziegler — 9M 2025 Earnings Presentation
28 slides from Eckert & Ziegler's earnings presentation, Nov 13, 2025
Slide 1: Eckert & Ziegler SE 9M results 2025
Eckert & Ziegler SE Dr. Harald Hasselmann, CEO 9M results 2025 November 13, 2025
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements based on the beliefs of Eckert & Ziegler SE management. Such statements reflect current views of Eckert & Ziegler SE with respect to future events and results and are subject to risks and uncertainties. Actual results may vary material
Slide 3: Group Executive Committee
Group Executive Committee Dr. Harald Hasselmann Dr. Gunnar Mann Frank Yeager CEO Member of the Member of the Executive Board Executive Board Joe Hathcock Ana Ramirez Richard Hunter Michael Schmitz Dr. Dirk Becker Lars Flemmig Julian Schröder Chief Operating Vice President Director Sales & Director S
Slide 4: The Nuclear Medicine Market – Development and its Pillars
The Nuclear Medicine Market – Development and its Pillars Estimated Nuclear Medicine Market Size 2030: 30BN USD * Selected Financing Rounds & Investments 2023 - 2025 4.1BN USD 2.4BN USD 1.7BN USD 1.7BN USD 1.4BN USD 1.35BN USD 1.0BN USD 1,0BN USD UP TO 425M USD 300M EUR 350M USD 250M USD 230M USD 17
Slide 5: The Nuclear Medicine Market – Development and its Pillars
The Nuclear Medicine Market – Development and its Pillars Estimated Nuclear Medicine Market Size 2030: 30BN USD * Source: MedRays Intell 2024 * MedRays Intell 2020 slides only for illustration – the spoken word shall be binding 5
Slide 6: Core Competences – Sustainably Targeting Market Developments
Core Competences – Sustainably Targeting Market Developments Yttrium-90 Gallium-68 “Pushing Medical Devices” “The Companion Diagnostic Isotope” • Global core supplier for Y-90 • Market Leader in Ga-68 generators • APAC expansion ongoing • Approval in EEA, USA and key international markets • Prerequi
Slide 7: Core Competences – Partners
Core Competences – Partners* 177Lu 225Ac Contract Manufacturing *For confidentiality reasons, only a selection of our customers can be mentioned. The list also shows those with reservation agreements only. slides only for illustration – the spoken word shall be binding 7
Slide 8: Core Competences - Radioisotope Supply, Related Services and Equipment
Core Competences - Radioisotope Supply, Related Services and Equipment Radio- Radio- pharmaceutical pharmaceutical Healthcare Development Manufacturing Professionals Patients Raw Material Radioisotopes Imaging Industrial Quality Scientific Sources Measurement Assurance Applications Services and Equi
Slide 9: Highlights (Q3/2025)
Highlights (Q3/2025) September 2025 September 2025 August 2024 July 2025 CDMO Agreement GalliaPharm® Implementation of Berenberg Starts with Archeus Approved in Japan Share Split Coverage of Eckert & Authorization for Ga-68 Ziegler SE Contract manufacturing generator in Japan The tripling of the num
Slide 10: Highlights (Q3/2025)
Highlights (Q3/2025) September 2025 September 2025 August 2024 July 2025 CDMO Agreement GalliaPharm® Implementation of Berenberg Starts with Archeus Approved in Japan Share Split Coverage of Eckert & Authorization for Ga-68 Ziegler SE Contract manufacturing generator in Japan The tripling of the num
Slide 11: Highlights (Q3/2025)
Highlights (Q3/2025) September 2025 September 2025 August 2024 July 2025 CDMO Agreement GalliaPharm® Implementation of Berenberg Starts with Archeus Approved in Japan Share Split Coverage of Eckert & Authorization for Ga-68 Ziegler SE Contract manufacturing generator in Japan The tripling of the num
Slide 12: Segment Data (FY2024)
Segment Data (FY2024) Isotope Products ▪ 591 employees (as of Dec. 2024) ▪ Revenue (ext.): 147,5 million EUR Revenue EBIT adj. ▪ Rev. / Employee: ~ 250.000 EUR ▪ EBIT adj.: 31,0 million EUR 50% 44% Medical 50% 56% ▪ 414 employees (as of Dec. 2024) ▪ Revenue (ext.): 148,4 million EUR ▪ Rev. / Employe
Slide 13: Agenda
Agenda 1. 9M 2025 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 13
Slide 14: Group: Medical on track despite ongoing challenges, IP YTD still impacted by H1 shortfall
Group: Medical on track despite ongoing challenges, IP YTD still impacted by H1 shorfall (in Mio. EUR) ▪ After challenging H1, Medical strong especially due to the generator business and Ac-225 license deal, IP started to recover in Q3 but still Net Sales behind prev. year especially with high margi
Slide 15: Agenda
Agenda 1. 9M 2025 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 15
Slide 16: Medical: strong performance in core business, still some challenges to overcome
Medical Medical: strong performance in core business, still some challenges to overcome (in Mio. EUR) 53% Net Sales (external only) ▪ FX adjusted: +16% 9M 2025 ▪ Highlights: +7 Mio. in Generators, +5 Mio. Ac-225 technology, strong 119,7 15% development in CDMO +4 Mio. 9M 2024 104,5 ▪ Radiation Thera
Slide 17: Isotope Products: starting to recover in Q3
Isotope Products: starting to recover in Q3 (in Mio. EUR) Isotope Prod. 47% ▪ FX adjusted -1% / Q3 sales +4% vs. PY Net Sales (external only) ▪ Industrial sales (incl. OWL) way below PY (-13%) (high margins) 9M 2025 104,4 ▪ Strong Isotope (+16% vs. PY) and SPECT (+4%) sales (lower margins) -6% ▪ Lif
Slide 18: EBIT adj. (+9% vs. 2024)
EBIT adj. (+9% vs. 2024) Medical Isotope Products Others Total in Mio. EUR 9M/2025 9M/2024 9M/2025 9M/2024 9M/2025 9M/2024 9M/2025 9M/2024 EBIT reported (from continuing operations) 29,8 24,2 18,8 24,2 -0,9 -3,4 47,6 45,0 financial result 0,3 0,5 -0,4 0,0 0,1 0,0 0,0 0,5 currency effects 0,8 -0,1 0,
Slide 19: Group revenue per region
Group revenue per region (in Mio. EUR) Europe ▪ Largest markets: Germany 24 Mio. EUR (on 9M 2025 81,7 Europe PY), followed by UK/IRL 12 Mio. EUR (on PY) 8% 37% ▪ Strongest abs. growth in BeNeLux +2 Mio, 9M 2024 75,3 Scandinavia +2 Mio. and Italy +2 Mio. Americas 9M 2025 99,1 ▪ USA largest market wor
Slide 20: Radiopharmaceuticals: Runrate +7% vs. PY, expected to keep growing
Radiopharmaceuticals: Runrate +7% vs. PY, expected to keep growing (in Mio. EUR) Radiopharmaceuticals: ▪ Pharmaceutical grade bulk radioisotopes (Y-90, Lu-177, Ac-225) ▪ Pharmaceutical grade generators (Ga-68, Tc-99) ▪ Cold Kits ▪ Contract development services +7% ▪ Contract manufacturing services ▪
Slide 21: Radiopharmaceuticals to grow by 17%
Radiopharmaceuticals to grow by 17% (2025 vs. 2024, in Mio. EUR) +17% +4% +33% +12% 39,2 38,8 32,0 28,4 29,6 29,5 28,6 23,9 21,1 22,1 17,9 Q1 Q2 Q3 Q4 2023 2024 2025 slides only for illustration – the spoken word shall be binding 21
Slide 22: Strong Balance Sheet as of 30 September 2025: Equity ratio 52%
Strong Balance Sheet as of 30 September 2025: Equity ratio 52% Cash/Stocks 121 Equity 232 Receivables 50 Minority Interests 2 Inventory 47 IFRS 16 Leasing 31 IFRS 16 Leasing 29 Accruals/Provisions 100 Intangible Assets 45 Loan liabilities 15 Fixed Assets 101 Other Short Term Payables 68 Assets held
Slide 23: Key Figures
Key Figures 9M 2025 9M 2024 Changes to PY in Mio. EUR in Mio. EUR in % EBIT adjusted 50,8 46,7 + 8,6 Cash flow from operating activities 1 39,7 45,1 - 12,0 Payments for intangible assets and property, plant and equipment1 2 17,3 12,3 + 40,9 FCF-Margin 10% 15% -5,2 pp ROCE 18% 16% +2,0 pp Cash and Ca
Slide 24: 9M 2025 Financial Overview
9M 2025 Financial Overview Revenue 9M 2025 € 224,1 M Cash Flow Cash Balance Equity Ratio EBIT adj. 9M 2024 from op. Activities* and Securities* € 215,5 M € 39,7 M € 50,8 M € 121,0 M 51,6 % -12% +9 % +24 % -0,4 pp vs. previous year vs. previous year vs. previous year vs. previous year * from continui
Slide 25: Agenda
Agenda 1. 9M 2025 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 25
Slide 26: Outlook: Guidance 2025 remains unchanged
Outlook: Guidance 2025 remains unchanged Change to PY in Mio. EUR 2023 2024 2025 Guidance abs. in % Net Sales (Group) 246 296 320 +24 +8% EBIT adjusted 47 66 78 +12 +18% Medical 25 40 51 +11 +28% Isotope Products 24 31 30 -2 -5% Others -3 -5 -3 +2 -48% slides only for illustration – the spoken word
Slide 27: Financial Calendar and IR-Contact
Financial Calendar and IR-Contact ▪ November 18, 2025 Jefferies Global Healthcare Conference, London Eckert & Ziegler SE ▪ November 24-25, 2025 German Equity Forum, Frankfurt Karolin Riehle ▪ December 2, 2025 ICF Small-/MidCap-Konferenz, Düsseldorf Investor Relations & PR ▪ January 14, 2026 J.P. Mor
Slide 28: Thank you!
Thank you! = Eckert & Ziegler Contributing to saving lives