Eckert & Ziegler (EUZ) Q4 2024 earnings summary

Executive summary

• Revenue grew 20% year-over-year to €295.8M, with balanced contributions from medical and isotope segments.

• EBIT adjusted rose 40% to €65.9M, resulting in a margin of 22%, above the 20% benchmark.

• Medical segment led growth with sales up 29% and EBIT adjusted up 67%, driven by gallium generators, engineering, and radiopharma sales.

• Radiopharmaceuticals segment grew 47% year-over-year, supported by strong demand and new product approvals.

• License deals and contract manufacturing contributed significantly, especially in radiopharma.

Financial highlights

• Group revenue: €295.8M (+20% year-over-year); EBIT adjusted: €65.9M (+40%).

• Medical segment revenue increased 29% to €148.4M, with gross margin up to 48%.

• Isotope segment revenue reached €147.5M, with FX-adjusted growth of 30% and gross margin at 45%.

• Cash flow from operating activities increased to €77.2M; cash balance rose to €118.4M.

• Equity ratio stable at 51%; loan liabilities reduced to €20.3M.

Outlook and guidance

• 2024 guidance: revenue to reach €320M, EBIT adjusted €78M.

• Growth expected to continue in 2025, with medical segment as main driver.

• EBIT margin target of 24% is ambitious, supported by license deals and improved product mix.

• Medical segment projected to grow to €51M EBIT adjusted; Isotope Products expected at €30M.