Eckert & Ziegler Se · XETR:EUZ
Eckert & Ziegler — H1 2026 Earnings Presentation
35 slides from Eckert & Ziegler's earnings presentation, Aug 13, 2026
Slide 1: H1 results 2026
Eckert & Ziegler SE Dr. Harald Hasselmann, CEO H1 results 2026 August 13, 2026
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 – Leading expert teams with extensive experience in key areas
Group Executive Committee – Leading expert teams with extensive experience in key areas Frank Yeager Joe Hathcock Ana Ramirez Richard Hunter Chief Executive Chief Operating Vice President Vice President Officer (IP) Officer (IP) Regulatory & Sales & Quality Marketing Operations (IP) (IP) Dr. Harald
Slide 4: The Nuclear Medicine Market – Numerous large investments demonstrate huge potential
The Nuclear Medicine Market – Numerous large investments demonstrate huge potential Estimated Nuclear Medicine Market Size 2030: 26BN USD * Selected Financing Rounds & Investments 2023 - 2026 UP TO 8.0BN USD 7.0BN USD 4.1BN USD 2.4BN USD 1.7BN USD 1.7BN USD 1.4BN USD 1.35BN USD 1.0BN USD 1.0BN USD U
Slide 5: The Nuclear Medicine Market – Significant increase in demand expected
The Nuclear Medicine Market – Significant increase in demand expected Estimated Nuclear Medicine Market Size 2030: 26BN USD * 25.9 11.2 9.3 * MedRays Intell 2025 slides only for illustration – the spoken word shall be binding 5
Slide 6: Core competences meets market developments
Core competences meets 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 • Prerequisite for therapy p
Slide 7: Core Competences – Enabling partners to develop and supply innovative radiopharmaceuticals
Core Competences – Enabling partners to develop and supply innovative radiopharmaceuticals * 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 –
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 (Q2/2026)
Highlights (Q2/2026) June 2026 May 2026 May 2026 April 2026 Opening of Jintan Partnership with Repeated Receipt of MDR Certification for Facility together with Thor Medical for the Best Managed Ru-106 Eye DC Pharma Lead-212 Companies Award Applicators The facility of our joint Supply of Pb-212 to E&
Slide 10: Segment Data (FY2025)
Segment Data (FY2025) Isotope Products ▪ 608 employees (as of Dec. 2025) ▪ Revenue (ext.): 140,9 million EUR Revenue EBIT adj. ▪ Rev. / Employee: ~ 230.000 EUR ▪ EBIT adj.: 28,3 million EUR 45% 36% Medical ▪ 428 employees (as of Dec. 2025) 64% 55% ▪ Revenue (ext.): 171,0 million EUR ▪ Rev. / Employe
Slide 11: EZ strategy pays off
EZ strategy pays off Group 2025 Sales EBIT adj. FCF Margin (in Mio. EUR) (in Mio. EUR) Eckert & Ziegler 312,0 77,7 10 % Group Isotope Products Medical Isotope Products Medical NET Sales Growth + 5% - 4% + 15% EBIT adj. Growth + 18% - 9% + 29% EBIT Margin 25% 19% 30% slides only for illustration – th
Slide 12: Agenda
Agenda 1. H1 2026 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 12
Slide 13: Group: Moderate H1 performance – challenges persist, outlook positive
Group: Moderate H1 performance – challenges persist, outlook positive (in Mio. EUR) ▪ FX adjusted: +3% ▪ Radiopharmaceuticals continue to grow (+3% vs. H1 2025), +11% Net Sales adjusted for license deal in Q1 2025, no license revenue in 2026 yet 6M 2026 149,3 ▪ Medical reached the 2025 level even th
Slide 14: Agenda
Agenda 1. H1 2026 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 14
Slide 15: Medical: Top line on prev. year – earnings driven by favorable product mix
Medical 54% Medical: Top line on prev. year – earnings driven by favorable product mix, despite no licenses in 2026 yet (in Mio. EUR) ▪ FX adjusted: +2% Net Sales (external only) ▪ Highlights: strong development in CDMO +3,1 Mio. EUR and Lu-177 sales +2,1 Mio, Y-90 +2,2 Mio. and +2,4 Mio. in generat
Slide 16: Isotope Products: recovered momentum remained through Q2, still weaker product mix
Isotope Prod. 46% Isotope Products: recovered momentum remained through Q2, still weaker product mix - outlook optimistic (in Mio. EUR) ▪ FX adjusted +3% ▪ Strong performance in Medical Imaging Business (+42%) and HARS (+59%) Net Sales (external only) -> completion of a large Co-60 installation proj
Slide 17: EBIT adj. (-6% vs. H1 2025)
EBIT adj. (-6% vs. H1 2025) Medical Isotope Products Others Total in Mio. EUR H1/2026 H1/2025 H1/2026 H1/2025 H1/2026 H1/2025 H1/2026 H1/2025 EBIT reported (from continuing operations) 24,9 22,3 9,4 11,3 -0,7 -0,4 33,6 33,1 financial result 0,1 0,1 -0,4 -0,2 -0,2 -0,1 -0,6 -0,3 currency effects -0,1
Slide 18: Group revenue per region
Group revenue per region (in Mio. EUR) ▪ Largest markets: Germany 17 Mio. EUR Europe (+3%), followed by UK/IRL 8 Mio. EUR (+2%) 6M 2026 Europe and Scandinavia 5 Mio. EUR (+3%) 57,6 8% 39% ▪ Strongest abs. growth in Switzerland/Austria 6M 2025 53,5 +2 Mio. EUR and Spain / Portugal +1 Mio. EUR America
Slide 19: Radiopharmaceuticals to grow by 3%
Radiopharmaceuticals to grow by 3% (H1 2026 vs. H1 2025, in Mio. EUR) / +11% adjusted for licenses +3% +23% -12% 44,7 39,2 38,8 36,2 34,4 32,0 28,4 29,6 29,5 28,6 Q1 Q2 Q3 Q4 2024 2025 2026 slides only for illustration – the spoken word shall be binding 19
Slide 20: Radiopharmaceuticals: extrapolated -3% vs. PY
Radiopharmaceuticals: extrapolated -3% vs. PY (in Mio. EUR), but licenses 0,0 Mio. vs. 14,4 Mio. in 2025 Radiopharmaceuticals: ▪ Pharmaceutical grade bulk radioisotopes (Y-90, Lu-177, Ac-225) ▪ Pharmaceutical grade generators (Ga-68, Tc-99) ▪ Cold Kits ▪ Contract development services ▪ Contract manu
Slide 21: Strong Balance Sheet as of 30 June 2026: Equity ratio 57%
Strong Balance Sheet as of 30 June 2026: Equity ratio 57% Cash/Stocks 110 Equity 269 Receivables 49 Minority Interests 1 Inventory 49 IFRS 16 Leasing 31 IFRS 16 Leasing 28 Accruals/Provisions 99 Intangible Assets 47 Loan liabilities 10 Fixed Assets 112 Other Short Term Payables 54 Assets held for sa
Slide 22: Key Figures
Key Figures 6M 2026 6M 2025 Changes to PY in Mio. EUR in Mio. EUR in % EBIT adjusted 33,3 35,4 - 5,9 Cash flow from operating activities 1 12,8 22,0 - 41,7 Payments for intangible assets and property, plant and equipment1 2 9,8 10,3 - 4,9 FCF-Margin 2% 8% -5,8 pp ROCE 17% 20% -3,0 pp Cash and Cash e
Slide 23: H1 2026 Financial Overview
H1 2026 Financial Overview Revenue H1 2026 € 149,3 M Cash Flow Cash Balance Equity Ratio EBIT adj. H1 2025 from op. Activities and Securities € 148,8 M € 12,8 M € 33,3 M € 110,3 M 57 % -42% -6 % -2 % +6 pp vs. previous year vs. previous year vs. previous year vs. previous year slides only for illust
Slide 24: Agenda
Agenda 1. H1 2026 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 24
Slide 25: Outlook: Guidance 2026 remains unchanged
Outlook: Guidance 2026 remains unchanged Change to PY in Mio. EUR 2025 2026 Guidance abs. in % Net Sales (Group) 312 320 +8 +3% EBIT adjusted 78 80 +2 +3% Medical 51 49 -2 -4% Isotope Products 28 33 +5 +17% Others -2 -2 -0 +23% thereof Ac-225 License Deals Sales 14,4 5,6 - 8,8 -61% EBIT 14,0 5,5 - 8
Slide 26: China Strategy & Execution
China Strategy & Execution Status Quo and Outlook
Slide 27: The China Landscape: Cancer Burden, Late-Stage Diagnosis & Infrastructure
The China Landscape: Cancer Burden, Late-Stage Diagnosis & Infrastructure Cancer burden per year Late-stage at diagnosis Government build-out 2021-2035 Compared to USA, China has in total ~2x China’s “Medium- and Long-Term Development Percentage of cases diagnosed at Plan for Medical Isotopes (2021–
Slide 28: RLT Clinical Trials: Global Pipeline, China Share & Sponsors
RLT Clinical Trials: Global Pipeline, China Share & Sponsors Nuclide Global Trials China share Phase focus Top indications in China Lu-177 > 200 ~ 15–20 % I–III (mature) 1. Lung 2. Colorectal Ac-225 ~30–50 (rising) ~ 10–15% I/I–II 3. Thyroid Tb-161 <10 (pilots) minimal I 4. Liver Pb-212 ~10–15 minim
Slide 29: Status Quo Isotopes in China
Status Quo Isotopes in China Price level Availability Main suppliers DIAGNOSTIC low high low high Local: DC Pharma, CIRC F-18 Global: none China is trending low high low high Local: CNRT, CIRC (ITM) Ga-68 Global: EZAG, IRE toward a low- price market. To be reimbursed, low high low high Local: CNRT (
Slide 30: Eckert & Ziegler in China
EZAG‘s Presence and Strategy in the Chinese Market Eckert & Ziegler in China EZAG’s Distribution Network Qi Kang Medical (QKM) Eckert & Ziegler China – an established infrastructure – the JV as local producer – an independent safety net • Safeguard independence • 50:50 Joint venture from JV and dist
Slide 31: Strategically Located Facility in China
Strategically Located Facility in China • Strategic location in the geographic center of the Yangtze River Delta; close to Shanghai and Nanjing. • Short distribution routes into one of China's densest, most affluent hospital markets. • Mature location advantage: strong transport links, comprehensive
Slide 32: Key-Highlights Qi Kang Medical
Key-Highlights Qi Kang Medical June 2026 July 2026 November 2023 Opening ceremony of the facility in August 2026 30 MeV Cyclotron successfully Signing Ceremony of the 50:50 Joint Changzhou. Hot cell train successfully installed to installed to produce cyclotron-based Venture with DC-Pharma. It compr
Slide 33: China Strategy – Key Takeaways
China Strategy – Key Takeaways A large, fast-growing Among the fastest-growing radiopharmaceutical markets, driven by cancer burden and a strong government market build-out. Networked – globally & EZAG links China to its worldwide network of existing partners and clients; and reaches customers direc
Slide 34: Financial calendar and IR-contact
Financial calendar and IR-contact ▪ August 26, 2026 Montega HIT Conference, Hamburg Eckert & Ziegler SE ▪ Aug 31 – Sept 2, 2026 Roadshow USA Karolin Riehle ▪ September 21-22, 2026 Berenberg & Goldman Sachs Germ. Corp.Conf., Munich Investor Relations & PR ▪ September 30, 2026 NuWays MidCap Conference
Slide 35: Thank you!
Thank you! = Eckert & Ziegler Contributing to saving lives