Eckert & Ziegler (EUZ) Q2 2025 earnings summary

Executive summary

• H1 2025 revenue reached €148.8 million, up 2% year-over-year, with strong Medical segment growth offsetting declines in Isotope Products.

• Net income rose 19% to €21.4 million (EPS: €1.03), driven by Medical segment recovery and radiopharmaceuticals growth.

• Operational recovery from a February cyberattack and project-related delays was largely achieved.

• Dividend of €0.50 per share for 2024 and a 1:2 share split were approved at the June 2025 AGM.

• No company acquisitions or disposals occurred in H1 2025.

Financial highlights

• Adjusted EBIT grew 9% to €35.4 million, with margin improving to 24% (from 22%); Medical segment EBIT margin rose to 29%.

• Medical segment gross margin increased to 51%; Isotope Products margin fell to 43%.

• Operating cash flow increased 27% to €22.1 million; cash and securities rose to €112.4 million.

• Loan liabilities decreased to €16.6 million (-29% YoY); equity ratio stable at 51.5%.

• Return on revenue before tax increased to 22% (from 20%).

Outlook and guidance

• Full-year 2025 guidance reaffirmed: sales of around €320 million and adjusted EBIT of €78 million.

• Medical segment expected to accelerate in H2, driven by license deals and CDMO/CMO activities; Isotope Products projected to decline 5%.

• Radiopharmaceuticals anticipated to grow by 19% in 2025 vs. 2024.

• Management remains optimistic despite ongoing challenges.