Eckert & Ziegler Se · XETR:EUZ
Eckert & Ziegler — Berenberg and Goldman Sachs German Corp. Conference 2026
40 slides from Eckert & Ziegler's conference presentation, Sep 22, 2026
Slide 1: Eckert & Ziegler SE – Berenberg and Goldman Sachs German Corp. Conference
Eckert & Ziegler SE Dr. Harald Hasselmann, CEO Berenberg and Goldman Sachs German Corp. Conference 22 September 2026, Munich
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
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: 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 10: 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 11: 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 12: Lu-177: broad commercial access built on an integrated supply platform
Lu-177: broad commercial access built on an integrated supply platform Independent supply & manufacturing partner — no own drug pipeline, no competing programs 1 2 3 4 Direct to developers Integrated E&Z CDMO Third-party CDMOs Direct to hospitals Eli Lilly / POINT: 10-yr · > €100m Telix ProstACT · P
Slide 13: 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 Independent supply & manufacturing partner — no own drug pipeline, no competing programs 1 2 3 Direct to developers / pharma Technology licensing CDMO — own & partners Lilly / POINT · SK Biopharmaceuticals Telix — cyclotron A
Slide 14: 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 15: 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 16: 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 17: Agenda: H1 2026 at a Glance
Agenda 1. H1 2026 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 17
Slide 18: 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 19: Agenda: Financial Performance
Agenda 1. H1 2026 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 19
Slide 20: 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 21: Isotope Products: recovered momentum remained through Q2
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 22: 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 23: 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 24: 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 24
Slide 25: 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 26: 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 27: 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 28: 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 29: Agenda: Outlook
Agenda 1. H1 2026 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 29
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: China Strategy & Execution
China Strategy & Execution Status Quo and Outlook
Slide 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: Financial calendar and IR-contact
Financial calendar and IR-contact ▪ September 30, 2026 NuWays MidCap Conference, Paris Eckert & Ziegler SE ▪ November 12, 2026 Quarterly Report III/2026 Karolin Riehle ▪ November 17, 2026 Jefferies Healthcare Conference, London Investor Relations & PR ▪ November 23-25, 2026 German Equity Forum, Fran
Slide 40: Thank you!
Thank you! = Eckert & Ziegler Contributing to saving lives
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