Eckert & Ziegler Se · XETR:EUZ
Eckert & Ziegler — Deutsches Eigenkapitalforum 2025
35 slides from Eckert & Ziegler's conference presentation, Nov 25, 2025
Slide 1: Eckert & Ziegler SE
Eckert & Ziegler SE Dr. Harald Hasselmann, CEO Deutsches Eigenkapitalforum, Frankfurt am Main November 25, 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: Products – what are they used for? Isotope Products Segment
Products – what are they used for? Measurement and calibration in a wide variety of industries Homeland Defense · Energy sector · Metall and Steel · Paper · Food and Beverages · Environment · Isotope Products Building Materials and Construction · Water and Segment Recycling · Aerospace Technology ·
Slide 4: Isotope Products: most important products and applications
Isotope Products: most important products and applications Industrial radiation sources Blood Irradiator Isotope for measurement for irradiating blood Products technology Tc-99m Generator & before transfusion Segment Cold Kits Krypton-85 Cäsium-137 for diagnostic imaging density measurement using SP
Slide 5: Products - what are they used for? Medical Segment
Products - what are they used for? Medical Segment Theranostic · Precision Oncology · Radioligand Therapy slides only for illustration – the spoken word shall be binding 5
Slide 6: Main drivers in the Medical Segment
Main drivers in the Medical Segment 1. Demography / ageing society 2. Increasing number of new radiopharmaceuticals with Nuclear Medicine demand for isotopes Diagnosing and 3. Additional types of cancer that treating cancer can be treated with radiopharmaceuticals slides only for illustration – the
Slide 7: 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 8: 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 9: 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 9
Slide 10: 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 11: Lu-177 / Ac-225 – Number of clinical trials
Lu-177 / Ac-225 – Number of clinical trials Lu-177: 198 Ac-225: 29 Source: Ancora.ai (03.11.2025) slides only for illustration – the spoken word shall be binding 11
Slide 12: Lu-177: Next Potential Candidates for Market Approval
Lu-177: Next Potential Candidates for Market Approval Company Drug Indication Clinical Phase Estimated Market Entry Curium PSMA I&T Prostate 3 2026 Sinotau Pharma DOTATE Neuroendocrine Tumors 2/3 2028 Telix Rosopatamab Prostate 3 2027 ITM DOTATOC Neuroendocrine Tumors 3 2028 Telix Girentuximab Kidne
Slide 13: Ac-225: Next Potential Candidates for Market Approval
Ac-225: Next Potential Candidates for Market Approval Clinical Estimated Market Company Drug Indication Phase Entry Fusion Pharma / FPI-2265 Prostate 2/3 2028 Astrazeneca Neuroendocrine Rayzebio / Bristol Meyer RYZ101 3 2027 Tumors Novartis PSMA-617 Prostate 3 2029 Bayer BAY3546828 Prostate 1 2030 C
Slide 14: 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 14
Slide 15: 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 16: 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 17: 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 18: 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 19: 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 20: Agenda
Agenda 1. 9M 2025 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 20
Slide 21: 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 22: Agenda
Agenda 1. 9M 2025 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 22
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 28
Slide 29: 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 30: 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 31: 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 32: Agenda
Agenda 1. 9M 2025 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 32
Slide 33: 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 34: Financial Calendar and IR-Contact
Financial Calendar and IR-Contact Eckert & Ziegler SE ▪ December 2, 2025 ICF Small-/MidCap-Konferenz, Düsseldorf Karolin Riehle ▪ January 14, 2026 J.P. Morgan Healthcare Conference, San Francisco Investor Relations & PR ▪ January 19, 2026 Kepler Cheuvreux gcc, Frankfurt Robert-Rössle-Str. 10 ▪ March
Slide 35: Thank you!
Thank you! = Eckert & Ziegler Contributing to saving lives