Eckert & Ziegler SE · XETR:EUZ
Eckert & Ziegler — 9M 2026 Earnings Presentation
33 slides from Eckert & Ziegler's earnings presentation, Nov 12, 2026
Slide 1: Eckert & Ziegler 9M results 2026
Eckert & Ziegler SE Dr. Harald Hasselmann, CEO 9M results 2026 November 12, 2026 The independent supplier of medical isotopes and manufacturing services to the radiopharmaceutical industry Frankfurt Stock Exchange (Prime Standard) · Ticker EUZ · ISIN DE0005659700 · SDAX / TecDAX
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: Why invest in Eckert & Ziegler
Why invest in Eckert & Ziegler: the independent isotope supplier to a market growing about 15% a year A structural growth market with a supply bottleneck 15% p.a. Nuclear medicine is expected to grow from USD 11.bn (2024) to USD 26.bn (2030e), driven by radioligand therapy. About 300 clinical trials
Slide 4: Eckert & Ziegler at a glance: EUR 312m sales, 25% adjusted EBIT margin (2025)
Eckert & Ziegler at a glance: EUR 312m sales, 25% adjusted EBIT margin (2025) Eckert & Ziegler SE produces and distributes radioisotopes and related equipment for medicine, industry and science. The Medical segment (55% of 2025 sales, 30% adjusted EBIT margin) supplies pharmaceutical-grade isotopes,
Slide 5: 2025: EUR 312m sales, 25% adjusted EBIT margin
2025: EUR 312m sales, 25% adjusted EBIT margin Sales 2025 Adj. EBIT 2025 36% 45% 55% 64% Medical Isotope Products ( ) = vs. prior year Sales (ext.) EBIT adj. / -margin Employees (Dec 2025) Group EUR 312,0m (+5%) EUR 77,7m (+18%) / 25% 1.116 (+3%) Medical EUR 171,0m (+15%) EUR 51,1m (+29%) / 30% 428
Slide 6: 9M 2026: EUR 229m sales, 23% adjusted EBIT margin
9M 2026: EUR 229m sales, 23% adjusted EBIT margin Sales 9M 2026 Adj. EBIT 9M 2026 33% 47% 53% 67% Medical Isotope Products ( ) = vs. prior year Sales (ext.) EBIT adj. / -margin Employees (Sep 2026) Group EUR 229,0m (+2%) EUR 52,6m (+4%) / 23% 1.131 (+2%) Medical EUR 121,4m (+1%) EUR 36,2m (+16%) / 3
Slide 7: Q3 2026: EUR 80m sales, 24% adjusted EBIT margin
Q3 2026: EUR 80m sales, 24% adjusted EBIT margin Sales Q3 2026 Adj. EBIT Q3 2026 43% 49% 51% 57% Medical Isotope Products ( ) = vs. prior year Sales (ext.) EBIT adj. / -margin Employees (Sep 2026) Group EUR 79,7m (+6%) EUR 19,3m (+25%) / 24% 1.131 (+2%) Medical EUR 40,6m (+4%) EUR 11,3m (+46%) / 28%
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: 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 9
Slide 10: The Nuclear Medicine Market – Numerous large investments demonstrate huge potential
The Nuclear Medicine Market – Numerous large investments demonstrate huge potential UP TO 8.0BN USD 7.0BN USD 4.1BN USD 2.4BN USD 2.1BN USD 1.7BN USD 1.7BN USD 1.65BN USD 1.4BN USD 1.35BN USD 1.0BN USD 1.0BN USD 945M USD 900M USD UP TO 800M USD UP TO 425M USD 350M USD 315M USD 300M EUR 250M USD 230M
Slide 11: The Nuclear Medicine Market – Numerous large investments demonstrate huge potential
The Nuclear Medicine Market – Numerous large investments demonstrate huge potential UP TO 8.0BN USD 7.0BN USD 4.1BN USD 2.4BN USD 2.1BN USD 1.7BN USD 1.7BN USD 1.65BN USD 1.4BN USD 1.35BN USD 1.0BN USD 1.0BN USD 945M USD 900M USD UP TO 800M USD UP TO 425M USD 350M USD 315M USD 300M EUR 250M USD 230M
Slide 12: Core competences meets market developments
Core competences meets market developments Yttrium-90 “Pushing Medical Devices” Gallium-68 • Global core supplier for Y-90 “The Companion Diagnostic Isotope” • APAC expansion ongoing • Market Leader in Ga-68 generators • Approval in EEA, USA and key international markets Actinium-225 • Prerequisite
Slide 13: 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 14: Lu-177: broad commercial access built on an integrated supply platform
Lu-177: broad commercial access built on an integrated supply platform 2025 2030 Indication* Patients Lu-177 Sales Patients Lu-177 Sales Prostate Cancer ≈ 13.000 > 104 Mio. EUR ≈ 65.000 > 520 Mio. EUR Neuroendocrine Tumors ≈ 6.800 > 54 Mio. EUR ≈ 10.000 > 80 Mio. EUR *taking into account the indicat
Slide 15: Ac-225: securing supply and broad partner access to a scarce alpha-emitter
Ac-225: securing supply and broad partner access to a scarce alpha-emitter 2029 2034 Indication* Patients Ac-225 Sales Patients Ac-225 Sales Prostate Cancer ≈ 5.000 > 90 Mio. EUR ≈ 12.000 > 192 Mio. EUR Neuroendocrine Tumors ≈ 500 > 9 Mio. EUR ≈ 800 > 12,8 Mio. EUR *taking into account the indicatio
Slide 16: A partner for the entire industry, not just for a single product
A partner for the entire industry, not just for a single product Product and process Capacity and development redundancy Portfolio broadening Higher activity, better Opening additional Further diagnostic and yields, longer shelf life production lines and sites therapeutic isotopes across the value c
Slide 17: Recurring, Partially Reimbursed, Global – not Medtech Capex
Recurring, Partially Reimbursed, Global – not Medtech Capex Radionuclides are required for all targets. Demand follows patient volumes, not economic cycles. Dose required per procedure Paid/Reimbursed per scan or treatment cycle Recurring and non-deferrable In weak economic cycle: patient volumes ar
Slide 18: Hard to Enter, Harder to Replace
Hard to Enter, Harder to Replace – Eckert & Ziegler is well positioned in Ga-68 / radioisotopes 48+ months* min. 2 6+ months* 50+ countries estimated lead time from announcement qualified upstream sources to qualify an alternative GalliaPharm® to first commercial batch worldwide supplier is supplied
Slide 19: Latest Highlights
Latest Highlights October 2026 October 2026 September 2026 Eckert & Ziegler Supply Agreement Inauguration of new Receives Ac-225 GMP for GMP Tb-161 facility in Brazil Certificate TerThera Opening of a state-of-the Competent German authority The partnership art prodcution site for confirms Actinium-2
Slide 20: Group: Solid 9M performance – strong Q3, outlook positive
Group: Solid 9M performance – strong Q3, outlook positive (in Mio. EUR) ▪ FX adjusted: +3% Net Sales ▪ Radiopharmaceuticals continue to grow (+5% vs. 9M 2025), +11% adjusted for license deal in Q1 2025, no license revenue in 2026 yet ▪ Medical slightly above the 2025 level (+1%), no license revenue
Slide 21: 9M 2026: adjusted EBIT +14% excluding the 9M 2025 income
9M 2026: adjusted EBIT +14% excluding the 9M 2025 income Adjusted EBIT bridge 9M 2025 → 9M 2026 (EUR m) Sales EUR 229,0m, +2% reported (+4% excl. license income). +6,6 52,6 Radiopharmaceuticals +5% reported (+11% excl. license 50,8 −4,8 income). 46,0 Earnings Adj. EBIT EUR 52,6m (+4%; +14% excl. lic
Slide 22: Group revenue by region: USA largest market, Europe grows
Group revenue: USA remains largest market, Europe grows steadily, Asia distorted by 2025 license deal Europe ▪ Largest markets: Germany 27 Mio. EUR (+12%), followed by UK/IRL 13 Mio. EUR (+6%) 9M 2026 87,7 and Scandinavia 8 Mio. EUR (-7%) Europe ▪ Strongest abs. growth in Switzerland/Austria +7% 38%
Slide 23: Medical: top line on prior year, earnings driven by favorable product mix
Medical: top line on prior year, earnings driven by favorable product mix, despite no licenses in 2026 yet (in Mio. EUR) ▪ FX adjusted: +3% Medical 53% Net Sales (external only) ▪ Highlights: strong development in CDMO +57% and Lu-177 sales +280%, Y-90 +33% and +5% in generators 9M 2026 121,4 ▪ Ac-2
Slide 24: Isotope Products: momentum continued in Q3, outlook optimistic
Isotope Products: momentum continued in Q3, product mix improved - outlook optimistic (in Mio. EUR) Isotope Prod. 47% ▪ FX adjusted +4% Net Sales (external only) ▪ Strong performance in Medical Imaging Business (+44%) and HARS (+59%) -> completion of a large Co-60 installation project (catch-up effe
Slide 25: Radiopharmaceuticals to grow by 5%
Radiopharmaceuticals to grow by 5% (9M 2026 vs. 9M 2025, in Mio. EUR) / +11% adjusted for licenses Radiopharmaceuticals: ▪ Pharmaceutical grade bulk radioisotopes (Y-90, Lu-177, Ac-225) ▪ Pharmaceutical grade generators (Ga-68, Tc-99) ▪ Cold Kits ▪ Contract development services ▪ Contract manufactur
Slide 26: Radiopharmaceuticals quarterly sales 2024–2026
Radiopharmaceuticals to grow by 5% (9M 2026 vs. 9M 2025, in Mio. EUR) / +11% adjusted for licenses +5% +23% -12% +10% 44,7 39,2 38,8 36,2 35,3 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 26
Slide 27: EBIT adj. (+4% vs. 9M 2025)
EBIT adj. (+4% vs. 9M 2025) Medical Isotope Products Others Total in Mio. EUR 9M/2026 9M/2025 9M/2026 9M/2025 9M/2026 9M/2025 9M/2026 9M/2025 EBIT reported (from continuing operations) 36,1 29,8 17,9 18,8 -1,4 -0,9 52,6 47,6 financial result 0,2 0,3 -0,6 -0,4 -0,1 0,1 -0,5 0,0 currency effects 0,0 0
Slide 28: Strong Balance Sheet as of 30 September 2026
Strong Balance Sheet as of 30 September 2026: Equity ratio 57% Cash/Stocks 121 Equity 284 Receivables 51 Minority Interests 1 Inventory 50 IFRS 16 Leasing 30 IFRS 16 Leasing 27 Accruals/Provisions 101 Intangible Assets 49 Loan liabilities 9 Fixed Assets 113 Other Short Term Payables 62 Assets held f
Slide 29: Key Figures
Key Figures 9M 2026 9M 2025 Changes to PY in Mio. EUR in Mio. EUR in % EBIT adjusted 52,6 50,8 + 3,6 Cash flow from operating activities 1 30,8 39,7 - 22,3 Payments for intangible assets and property, plant and equipment1 2 14,1 17,3 - 18,4 FCF-Margin 7% 10% -2,7 pp ROCE 17% 18% -1,6 pp Cash and Cas
Slide 30: 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 31: Financial calendar and IR-contact
Financial calendar and IR-contact 2026 2027 ▪ Nov 17 Jefferies Healthcare Conference, London ▪ Jan 18 German Corporate Conference (gcc), Frankfurt ▪ Nov 23-25 German Equity Forum, Frankfurt ▪ Mar 24 Annual Financial Statements ▪ Dec 1 mwb German Select (virtual) ▪ Apr 13 Capital Market Day, London ▪
Slide 32: Group Executive Committee
Group Executive Committee – Leading expert teams with extensive experience in key areas Dr. Harald Hasselmann Dr. Gunnar Mann Frank Yeager CEO Member of the Executive Board Chief Executive Officer (Isotope Products) Joe Hathcock Richard Hunter Ana Ramirez Chief Operating Officer Vice President Sales
Slide 33: Thank you!
Thank you! = Eckert & Ziegler Contributing to saving lives