Eckert & Ziegler (EUZ) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue was €149.3 million, nearly unchanged year-over-year, with Medical segment growth offsetting weaker Isotope Products performance; net profit rose 4.5% to €22.4 million, and EPS increased to €0.36.

• Adjusted EBIT declined 5.9% to €33.3 million, mainly due to margin pressure in Isotope Products, while Medical segment EBIT adjusted grew by 7% to €24.9 million with margins above 30%.

• Cash and cash equivalents stood at €110.2 million, with loan liabilities reduced to €10.4 million, and equity ratio improved to 57%.

• Operating cash flow dropped 41.7% to €12.8 million, reflecting the absence of a prior-year one-off payment from a Chinese joint venture.

• Medical segment continues to drive growth, especially in lutetium, Y-90, and CDMO, while Isotope Products faced a less favorable product mix and weaker industrial demand.

Financial highlights

• Revenue for H1 2026 was €149.3 million (+0.4% year-over-year), with net profit at €22.4 million (+4.5%) and adjusted EBIT at €33.3 million (-5.9%).

• EBIT adjusted margin was 22% (down from 24%); Medical segment EBIT margin reached 31% with gross margin at 52%.

• Isotope Products segment saw flat revenue and a 24% decline in EBIT adjusted to €9.4 million, with gross margin at 41%.

• Regional revenue: Europe +8%, Americas -5%, Asia -17%, Middle East & Africa +113%.

• Equity ratio improved to 57%, and headcount at 1,105 (+0.6%).

Outlook and guidance

• Full-year 2026 guidance reaffirmed: revenue of ~€320 million and adjusted EBIT of ~€80 million, with confidence in achieving targets based on expected license payments and improved product mix in H2.

• Radiopharmaceutical sales are targeted at €160 million for the year, implying strong H2 acceleration.

• Underlying growth projected at 9% for revenue and 21% for EBIT adjusted, adjusted for FX and license deals.

• Management expects a more favorable product mix and higher order intake in the industrial segment in H2.