Eckert & Ziegler Se · XETR:EUZ
Eckert & Ziegler — FY2025 Earnings Presentation
31 slides from Eckert & Ziegler's earnings presentation, Mar 26, 2026
Slide 1: Annual Financial Statement 2025
Eckert & Ziegler SE Dr. Harald Hasselmann, CEO Annual Financial Statement 2025 March 26, 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
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 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 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: Selected Operational Highlights (2025) – Long-term agreements secure planning stability
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 10: Selected Operational Highlights (2025) with investment in future business opportunities
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 11: Selected Operational Highlights (2025) with investment in future business opportunities
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 12: Isotope supplier AND platform partner in next-generation radiopharmaceuticals
Isotope supplier AND platform partner in next-generation radiopharmaceuticals “Eckert & Ziegler Enters Partnership with Molecular Partners to Support Development of Radio-DARPin Therapeutics” Press Release from Feb 26, 2026 Traditional model Evolving model (new) • Supply to established, clinically a
Slide 13: Agenda
Agenda 1. 2025 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 13
Slide 14: 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 15: 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 16: Group: record year despite obstacles in H1 – first time >300 Mio. in revenues
Group: record year despite obstacles in H1 – first time >300 Mio. in revenues, EBIT adj. 78 Mio. (in Mio. EUR) ▪ Despite all the challenges in H1: surpassed the 300 Mio. EUR mark. Medical was driven by the generator business and licensing. IP saw a Net Sales better product mix in H2, but continued t
Slide 17: Agenda
Agenda 1. 2025 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 17
Slide 18: Medical: Strong growth in revenue and earnings, driven by gallium, CMO and licences
Medical 55% Medical: Strong growth in revenue and earnings, driven by gallium, CMO and licences (in Mio. EUR) ▪ FX adjusted: +17% Net Sales (external only) ▪ Highlights: +7 Mio. EUR in generators, +8 Mio. EUR Ac-225 technology, strong development in CDMO +5 Mio. EUR 12M 2025 171,0 ▪ Ac-225 contains
Slide 19: GalliaPharm Ge-68/Ga-68 Generator - Countries of Availability
GalliaPharm® Ge-68/Ga-68 Generator - Countries of Availability slides only for illustration – the spoken word shall be binding 19
Slide 20: Isotope Products: strong Q4 but 2025 weaker than PY and expectations
Isotope Prod. Isotope Products: strong Q4 but 2025 weaker than PY and expectations (in Mio. EUR) 45% ▪ FX adjusted -2% Net Sales (external only) ▪ Strong Isotope sales (+9% vs. PY) ▪ Industrial sales (incl. OWL) way below PY (-8%) (high margins), SPECT 12M 2025 140,9 (-5%) (lower margins) -4% 12M 20
Slide 21: EBIT adj. (+18% vs. 2024)
EBIT adj. (+18% vs. 2024) Medical Isotope Products Others Total in Mio. EUR 12M/2025 12M/2024 12M/2025 12M/2024 12M/2025 12M/2024 12M/2025 12M/2024 EBIT reported (from continuing operations) 50,0 35,5 25,8 29,4 -2,0 -4,9 73,7 59,9 financial result 0,1 -0,3 -0,3 0,0 0,0 0,1 -0,2 -0,2 currency effects
Slide 22: Group revenue per region: Europe and Americas still in forefront
Group revenue per region (in Mio. EUR): Europe and Americas still in forefront ▪ Largest markets: Germany 33 Mio. EUR (on Europe PY), followed by Benelux 19 Mio. EUR 12M 2025 Europe (+80%) and UK/IRL 16 Mio. EUR (on PY) 121,7 14% 39% ▪ Strongest abs. growth in Benelux +9 Mio. 12M 2024 107,1 EUR, Sca
Slide 23: Radiopharmaceuticals: +16% vs. PY
Radiopharmaceuticals: +16% vs. PY (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 +16% ▪ Contract manufacturing services ▪ Radiopharmaceutical production
Slide 24: Radiopharmaceuticals to grow by 16% (2025 vs. 2024)
Radiopharmaceuticals to grow by 16% (2025 vs. 2024, in Mio. EUR) +16% +4% +33% +12% +15% 44,7 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 24
Slide 25: Strong Balance Sheet as of 31 December 2025: Equity ratio 55%
Strong Balance Sheet as of 31 December 2025: Equity ratio 55% Cash/Stocks 129 Equity 252 Receivables 45 Minority Interests 2 Inventory 46 IFRS 16 Leasing 31 IFRS 16 Leasing 29 Accruals/Provisions 99 Intangible Assets 46 Loan liabilities 13 Fixed Assets 106 Other Short Term Payables 53 Assets held fo
Slide 26: Key Figures
Key Figures 12M 2025 12M 2024 Changes to PY in Mio. EUR in Mio. EUR in % EBIT adjusted 77,7 65,9 + 17,9 Cash flow from operating activities 1 58,4 84,0 - 30,4 Payments for intangible assets and property, plant and equipment1 2 26,0 17,2 + 51,3 FCF-Margin 10% 23% -12,2 pp ROCE 20% 13% +7,5 pp Cash an
Slide 27: 2025 Financial Overview
2025 Financial Overview Revenue 2025 € 312,0 M Cash Flow Cash Balance Equity Ratio EBIT adj. 2024 from op. Activities* and Securities* € 295,8 M € 58,4 M € 77,7 M € 128,8 M 55 % -30% +18 % +9 % +4 pp vs. previous year vs. previous year vs. previous year vs. previous year * from continuing operations
Slide 28: Agenda
Agenda 1. 2025 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 28
Slide 29: Outlook: Guidance 2026
Outlook: Guidance 2026 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 - 8,5 -61% exchange r
Slide 30: Financial calendar and IR-contact
Financial calendar and IR-contact ▪ March 31, 2026 Kepler Cheuvreux Roadshow Paris ▪ April 14, 2026 Metzler Small Cap Days 2026, Frankfurt Eckert & Ziegler SE ▪ April 30, 2026 Barclays, Conversations with the C-Suite, virtual Karolin Riehle ▪ May 12,2026 Quarterly Report I/2026 Investor Relations &
Slide 31: Thank you!
Thank you! = Eckert & Ziegler Contributing to saving lives