Presentation FY 2025 (26/03/2026)

Eckert & Ziegler SE

Dr. Harald Hasselmann, CEO

March 26, 2026

Group Executive Committee - Leading expert teams with extensive experience in key areas

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The Nuclear Medicine Market - Numerous large investments demonstrate huge potential

300M EUR

132M USD

350M USD

250M USD

230M USD

175M USD

175M USD

175M USD

175M USD

152M USD

142M USD

UP TO 425M USD

1,0BN USD

1.0BN USD

1.35BN USD

1.4BN USD

1.7BN USD

1.7BN USD

2.4BN USD

4.1BN USD

7 BN USD

* MedRays Intell 2025

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The Nuclear Medicine Market - Significant increase in demand expected

25.9

11.2

* MedRays Intell 2025

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Core competences meets market developments

Gallium-68

"The Companion Diagnostic Isotope"

• Market Leader in Ga-68 generators

• Approval in EEA, USA and key international markets

  
  
  

• Prerequisite for therapy patient selection

  
  
  

  Lutetium-177

  "The Therapeutic Isotope of the Moment"

• EMA approval Q4/2024

• Broadly used (Pluvicto & Lutathera)

• Further drug products to be approved soon

  Yttrium-90

  "Pushing Medical Devices"

  26BN

  USD

  
  
  

• Global core supplier for Y-90

  
  
  

• APAC expansion ongoing

  Actinium-225

  "The Next Big Therapy Isotope"

  • Pioneer: GMP grade in 2025

  • Various trials ongoing with first commercial drug in 2028

Equipment & Services

"Facilitators & Enablers"

• Global radiopharmaceutical manufacturing

• Provision of infrastructure & equipment incl. hot cells

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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.

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Radio-

pharmaceutical

Development

Radio-

pharmaceutical

Manufacturing

Healthcare

Professionals

Patients

Raw Material

Radioisotopes

Imaging

Sources

Industrial

Measurement

Quality

Assurance

Scientific Applications

Services and Equipment provided by Eckert & Ziegler

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September 2025

GalliaPharm®

Approved in Japan

Authorization for Ga-68 generator in Japan through Novartis K.K. for use with Locametz

July 2025

Selected as US

Manufacturer for

Archeus

Agreement for manufacturing of ART-101 at E&Z's Boston site to support clinical trial in USA

March 2025

Ac-225 Supply

Agreement with Actinium Pharmaceuticals

Further development of lead product Actimab-A as well as additional early and late-stage candidates

February 2025

Strategic Partnership

with Bicycle

Therapeutics

Supply of various radioisotopes and development as well as manufacturing of radiopharmaceutical molecules

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September 2025

GalliaPharm®

Approved in Japan

Authorization for Ga-68 generator in Japan through Novartis K.K. for use with Locametz

July 2025

Selected as US

Manufacturer for

Archeus

Agreement for manufacturing of ART-101 at E&Z's Boston site to support clinical trial in USA

March 2025

Ac-225 Supply

Agreement with Actinium Pharmaceuticals

Further development of lead product Actimab-A as well as additional early and late-stage candidates

February 2025

Strategic Partnership

with Bicycle

Therapeutics

Supply of various radioisotopes and development as well as manufacturing of radiopharmaceutical molecules

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September 2025

GalliaPharm®

Approved in Japan

Authorization for Ga-68 generator in Japan through Novartis K.K. for use with Locametz

July 2025

Selected as US

Manufacturer for

Archeus

Agreement for manufacturing of ART-101 at E&Z's Boston site to support clinical trial in USA

March 2025

Ac-225 Supply

Agreement with Actinium Pharmaceuticals

Further development of lead product Actimab-A as well as additional early and late-stage candidates

February 2025

Strategic Partnership

with Bicycle

Therapeutics

Supply of various radioisotopes and development as well as manufacturing of radiopharmaceutical molecules

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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

Eckert & Ziegler is broadening its role across the radiopharmaceutical value chain, accessing future

upside from differentiated platforms and emerging innovators

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Source: Kepler Cheuvreux, Feb 2026

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Agenda

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Segment Data (FY2025)

Isotope Products

• 608 employees (as of Dec. 2025)

• Revenue (ext.): 140,9 million EUR

• Rev. / Employee: ~ 230.000 EUR

• EBIT adj.: 28,3 million EUR

  Medical

• 428 employees (as of Dec. 2025)

• Revenue (ext.): 171,0 million EUR

• Rev. / Employee: ~ 400.000 EUR

• EBIT adj.: 51,1 million EUR

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EZ strategy pays off

Eckert & Ziegler Group

Group 2025

Isotope Products

Medical

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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 better product mix in H2, but continued to face project delays and weakness in the high-margin business

  12M 2025

  12M 2024

  312,0

  5%

  295,8

• FX adjusted: +7%

• Radiopharmaceuticals continue to grow (+16% vs. PY)

  EBIT adj.

• Medical: Strong growth driven by GalliaPharm, CMO, and licensing

• Isotope Products: Weaker than PY (cyber incident and strong project

  12M 2025

  12M 2024

  65,9

  77,7

  18%

  business in 2024), but with a strong Q4 and stable gross margin.

• Others: improvement vs. PY (+3,9 Mio. EUR), PY: reduction of scope

  "Wäscherei" project -0,6 Mio. EUR

  Net Income (EPS: 0,78 EUR; PY 0,53 EUR)

  incl. IFRS 5 / excl. IFRS 5

• EBIT adj. margin: 25%; PY: 22%

  12M 2025

  12M 2024

  48,8

  33,3

  48,8

  40,0

  47%

• Extraordinary: P&L effect restoration of IT infrastructure -1,7 Mio. EUR,

  Financial result & currency effects: -1,3 Mio. EUR (PY: 1,0 Mio. EUR)

• Hyperinflation -1,0 (PY: -2,1 Mio. EUR)

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  Agenda

  1. 2025 at a Glance

  2. Financial Performance

  3. Outlook

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  Medical: Strong growth in revenue and earnings, driven by gallium, CMO and licences (in Mio. EUR)

  Medical 55%

  Net Sales (external only)

• FX adjusted: +17%

• Highlights: +7 Mio. EUR in generators, +8 Mio. EUR Ac-225 technology,

  strong development in CDMO +5 Mio. EUR

  12M 2025

  12M 2024

  171,0

  148,4

  15%

• Ac-225 contains license deals (5 Mio. EUR JV China & 9,4 Mio. EUR Telix)

• Radiation Therapy +1,5 Mio. EUR, Engineering +1,6 Mio. EUR, Lab. Equipment on PY

  EBIT adj.

• Gross profit: 84,6 Mio. EUR, +13,5 Mio. EUR vs. PY (+19%) - surpassing revenue growth

  12M 2025

  12M 2024

  39,7

  51,1

  29%

• Gross margin: 49%, +1pp vs. PY, positively affected by license deals (high margins)

• EBIT adj. margin: 30%; PY: 27% (considering segment sales incl. IC)

  Net Income

  12M 2025

  12M 2024

  23,8

  33,0

  39%

• P&L effect restoration of IT infrastructure -0,3 Mio. EUR

• Financial result and currency effects: -0,9 Mio EUR (PY: 0,6 Mio. EUR )

• Interest -0,8 Mio EUR (PY: -0,8 Mio. EUR )

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  GalliaPharm® Ge-68/Ga-68 Generator - Countries of Availability

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  Isotope Products: strong Q4 but 2025 weaker than PY and expectations (in Mio. EUR)

  Isotope Prod. 45%

  Net Sales (external only)

• FX adjusted -2%

• Strong Isotope sales (+9% vs. PY)

• Industrial sales (incl. OWL) way below PY (-8%) (high margins), SPECT

  12M 2025

  12M 2024

  140,9

  147,5

  -4%

  (-5%) (lower margins)

• Life Cycle Services and HARS behind PY due to the scheduling of various projects and cyberattack, orders partially pushed into 2026 (-5% vs. PY)

  EBIT adj.

• Gross profit: 67,2 Mio. EUR -4,4 Mio. EUR vs. PY (-6%); stronger year-end

  12M 2025

  12M 2024

  28,3

  31,0

  -9%

  H2: 35,4 Mio. vs. H1: 31,8 Mio

• Gross margin: 45%, PY: 45%

• EBIT adj. margin: 19%; PY: 20% (considering segment sales incl. IC)

  Net Income

• P&L effect restoration of IT infrastructure -1,1 Mio. EUR

  12M 2025

  12M 2024

  18,0

  21,3

  -15%

• Financial result and currency effects: -0,4 Mio. EUR (PY: 0,4 Mio. EUR )

• -1,0 Mio. EUR Hyperinflation (IAS 29) (PY: -2,1 Mio. EUR )

• 0,1 Mio. EUR interest (PY: -0,1 Mio. EUR )

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