Eckert & Ziegler Se · XETR:EUZ
Eckert & Ziegler — J.P. Morgan Healthcare Conference 2026
38 slides from Eckert & Ziegler's conference presentation, Jan 14, 2026
Slide 1: Eckert & Ziegler SE – J.P. Morgan Healthcare Conference
Eckert & Ziegler SE Dr. Harald Hasselmann, CEO J.P. Morgan Healthcare Conference, San Francisco January 14, 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: Eckert & Ziegler Group 2024 was the year of worldwide growth
Eckert & Ziegler Group 2024 was the year of worldwide growth ✓ Committed to contributing to saving lives. ✓ Striving for excellence and innovation since 1992 ✓ Providing healthcare professionals with accessible solutions for a positive impact on patients‘ lives worldwide. Berlin, Germany 17 ~1085 €
Slide 4: Group Executive Committee
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 Director Sales & Officer (IP) Officer (IP) Regulatory & Marketing Quality (IP) Operations (IP) Dr. Harald Hassel
Slide 5: Size & Scope Around the World
Size & Scope Around the World – International footprint meets regional / local demand Europe € 107,1 million* 11 Middle East, Africa Asia, Pacific America € 40,1 € 7,5 € 141,2 million* million* million* *SALES BY REGIONS 2024 slides only for illustration – the spoken word shall be binding 5
Slide 6: Both Segments contributed to 2024's full year success
Both Segments contributed to 2024’s (full year) success 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.):
Slide 7: Isotope Products Segment
Products – Wide spread of industrial and medical use cases Measurement and calibration in a wide variety of industries Homeland Defense · Energy sector · Metall and Isotope Steel · Paper · Food and Beverages · Environment · Building Materials and Construction · Products Water and Recycling · Aerospa
Slide 8: High Technology for niche markets
High Technology for niche markets Industrial radiation sources Blood Irradiator Isotope for measurement technology for irradiating blood Products before transfusion Tc-99m Generator & Segment Cesium-137 Cold Kits Krypton-85 for diagnostic imaging density using SPECT measurement Americium-241 / Beryl
Slide 9: Medical Segment
Products – The driving force for imaging and therapy Source: Int. J. Mol. Sci. 2021, 22(9), 4597; https://doi.org/10.3390/ijms22094597 Medical Segment Theranostic · Precision Oncology · Radioligand Therapy slides only for illustration – the spoken word shall be binding 9
Slide 10: Additional products increase the customer basis
Additional products increase the customer basis Radiation Therapy Hot Cells Medical IsoSeed® Segment Loose Iodine-125 Seeds Radionuclide Production Lab Devices Stand-alone modules for radionuclide separation or complete industrial production lines for alpha, beta or gamma emitters Modular-Lab MicroT
Slide 11: Medical Segment positively influenced by external market conditions
Medical Segment positively influenced by external market conditions 1. Demography / ageing society 2. Increasing number of new Nuclear Medicine radiopharmaceuticals with demand for isotopes Diagnosing and treating cancer 3. Additional types of cancer that can be treated with radiopharmaceuticals 11
Slide 12: The Nuclear Medicine Market – Numerous large investments
The Nuclear Medicine Market – Numerous large investments demonstrate huge potential Estimated Nuclear Medicine Market Size 2030: 30BN USD * Selected Financing Rounds & Investments 2023 - 2025 4.1BN USD 2.4BN USD 7 BN USD 1.7BN USD 1.7BN USD 1.4BN USD 1.35BN USD 1.0BN USD 1,0BN USD UP TO 425M USD 300
Slide 13: The Nuclear Medicine Market – Significant increase in demand expected
The Nuclear Medicine Market – Significant increase in demand expected 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 13
Slide 14: 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 15: Lu-177 / Ac-225 – Large number of clinical trials
Lu-177 / Ac-225 – Large number of clinical trials with potential to drive demand Lu-177: 198 Ac-225: 29 Source: Ancora.ai (03.11.2025) slides only for illustration – the spoken word shall be binding 15
Slide 16: Lu-177: Approved Therapies will be enriched by advanced pipeline candidates
Lu-177: Approved Therapies will be enriched by advanced pipeline candidates a) 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
Slide 17: Lu-177: Promising sales potential of market-approved therapies
Lu-177: Promising sales potential of market-approved therapies 2025 2030 Indication* Patients GBq Lu-177 Sales Patients GBq Lu-177 Sales Prostate Cancer ≈ 13.000 > 520.000 > 104 Mio. EUR ≈ 65.000 >2.6 Mio > 520 Mio. EUR Neuroendocrine Tumors ≈ 6.800 > 270.000 > 54 Mio. EUR ≈ 10.000 > 0,4 Mio > 80 Mi
Slide 18: Ac-225: Next potential candidates for market approval
Ac-225: Next potential candidates for market approval will fill the pipeline Company Drug Indication Clinical Phase Estimated Market Entry Fusion Pharma / Astrazeneca FPI-2265 Prostate 2/3 2028 Rayzebio / Bristol Meyer RYZ101 Neuroendocrine Tumors 3 2027 Novartis PSMA-617 Prostate 3 2029 Bayer BAY35
Slide 19: Ac-225: Equally high sales potential
Ac-225: Equivally high sales potential of market-approved therapies 2029 2034 Indication* Patients MBq Ac-225 Sales Patients MBq Ac-225 Sales Prostate Cancer ≈ 5.000 > 200.000 > 90 Mio. EUR ≈ 12.000 > 480.000 > 192 Mio. EUR Neuroendocrine Tumors ≈ 500 > 20.000 > 9 Mio. EUR ≈ 800 > 32.000 > 12,8 Mio.
Slide 20: Core Competences – Enabling partners to develop 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 21: Selected Operational Highlights (2025)
Selected Operational Highlights (2025) – Long-term agreements secure planning stability September 2025 July 2025 March 2025 February 2025 Selected as US Ac-225 Supply Strategic Partnership GalliaPharm® Manufacturer for Agreement with with Bicycle Approved in Japan Archeus Actinium Therapeutics Autho
Slide 22: Selected Operational Highlights (2025) with investment in future business
Selected Operational Highlights (2025) with investment in future business opportunities September 2025 July 2025 March 2025 February 2025 Selected as US Ac-225 Supply Strategic Partnership GalliaPharm® Manufacturer for Agreement with with Bicycle Approved in Japan Archeus Actinium Therapeutics Autho
Slide 23: Selected Operational Highlights (2025) with investment in future business
Selected Operational Highlights (2025) with investment in future business opportunities September 2025 July 2025 March 2025 February 2025 Selected as US Ac-225 Supply Strategic Partnership GalliaPharm® Manufacturer for Agreement with with Bicycle Approved in Japan Archeus Actinium Therapeutics Autho
Slide 24: EZ strategy pays off
EZ strategy pays off Group 9M 2025 Sales EBIT adj. FCF Margin (in Mio EUR) (in Mio EUR) Eckert & Ziegler 224,1 50,8 10 % Group Isotope Products Medical Isotope Products Medical NET Sales Growth + 4% - 6% + 15% EBIT adj. Growth + 9% - 21% + 27% EBIT Margin 23% 18% 26% slides only for illustration – t
Slide 25: Group: Medical on track despite ongoing challenges
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 26: Medical: Strong performance in core business
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 27: 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 28: 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 29: Group revenue per region
Group revenue per region (in Mio. EUR): Europe and Americas still in forefront 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. Americ
Slide 30: Radiopharmaceuticals: Runrate +7% vs. PY
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 31: 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 31
Slide 32: Strong Balance Sheet as of September 30, 2025
Strong Balance Sheet as of September 30, 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 33: Key Figures demonstrate the basis for future success
Key Figures demonstrate the basis for future success 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%
Slide 34: 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 35: Guidance 2025 remains unchanged
Guidance 2025 remains unchanged (FY2025 and Guidance 2026 to be published March 26, 2026) 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
Slide 36: Historical guidance track record
Historical guidance track record | Management exceeding market expectations Source: Berenberg Initiation 2025 slides only for illustration – the spoken word shall be binding 36
Slide 37: Financial calendar and IR-contact
Financial calendar and IR-contact ▪ January 19, 2026 Kepler Cheuvreux gcc, Frankfurt Eckert & Ziegler SE ▪ March 26, 2026 Annual Financial Statements 2025 Karolin Riehle ▪ April, 14-16., 2026 Metzler Small Cap Days 2026, Frankfurt Investor Relations & PR ▪ May 12,2026 Quarterly Report I/2026 Robert-
Slide 38: Thank you!
Thank you! = Eckert & Ziegler Contributing to saving lives
Eckert & Ziegler — J.P. Morgan Healthcare Conference 2026 on 6ix