Eckert & Ziegler (EUZ) Investor presentation summary

Market environment and growth drivers

• Nuclear medicine market projected to reach $26B by 2030, growing at 15% CAGR, driven by increased demand for radiopharmaceuticals and major investments from global pharma and biotech firms.

• Key isotopes such as Ga-68, Y-90, Lu-177, and Ac-225 are central to diagnostic and therapeutic applications, with regulatory approvals and new indications expanding market opportunities.

• High entry barriers exist due to regulatory, technical, and supply chain complexities, with long lead times and significant switching costs for customers.

• Recurring, partially reimbursed revenue streams are resilient to economic cycles, as demand is tied to patient volumes rather than capital expenditure.

• China represents a major growth market, with government-backed infrastructure expansion and a high cancer burden creating significant demand for radioligand therapies.

Operational highlights and strategic initiatives

• Expanded production capacity with the opening of the Jintan facility in China, a 50:50 JV with DC Pharma, supporting local isotope production and distribution.

• Strategic partnerships for supply and technology licensing, including collaborations with Thor Medical for Pb-212 and multiple pharma partners for Lu-177 and Ac-225.

• Integrated supply platforms for key isotopes, with GMP-certified facilities in the EU and planned expansion to the US and China.

• Broad customer base across pharma, biotech, and healthcare, with contract manufacturing and development services supporting innovation in radiopharmaceuticals.

• Localized China strategy ensures resilience and margin retention, leveraging a nationwide distribution network and independent sales entity.

Financial performance and outlook

• H1 2026 revenue stable at €149.3M (+0% vs. H1 2025), with EBIT adjusted down 6% to €33.3M; Medical segment outperformed with 7% EBIT growth, while Isotope Products saw a 24% EBIT decline.

• Gross margins improved in Medical (52%) and remained solid in Isotope Products (41%), despite product mix challenges.

• Cash flow from operations decreased 42% to €12.8M; equity ratio strengthened to 57%.

• Regional revenue mix: Europe 39%, Americas 43%, Asia 13%, Middle East & Africa 5%; US remains the largest single market.

• 2026 guidance unchanged: group sales expected at €320M (+3%), EBIT adjusted at €80M (+3%), with Medical driving growth and Isotope Products stabilizing.