Eckert & Ziegler (EUZ) Q4 2025 earnings summary

Executive summary

• Achieved record revenue exceeding €312.0 million in 2025, with a 5% increase over 2024 and significant EBIT adjusted growth of 18%, driven by the Medical segment and radiopharmaceuticals sales up 16% year-over-year.

• Medical segment contributed 55% of revenue and 64% of adjusted EBIT, with GalliaPharm and contract manufacturing as key growth drivers.

• Expansion in key markets included new production facilities in China and Berlin, and GalliaPharm approval in Japan.

• Strategic partnerships and long-term agreements with Novartis, Actinium Pharmaceuticals, Bicycle Therapeutics, and Molecular Partners secured future business opportunities.

• Strategic focus on radioisotope production, contract manufacturing, and broadening the product portfolio.

Financial highlights

• Revenue reached €312.0 million (+5% year-over-year, FX adjusted +7%), with EBIT adjusted rising to €77.7 million (+18%) and net income up 47% to €48.8 million.

• EBIT margin reached 25%; Medical segment EBIT margin 30%, Isotope Products 19%.

• Free cash flow margin at 10%; equity ratio at 55%; ROCE improved to 20% from 13% the previous year.

• Loan liabilities reduced to €13.5 million, with strong cash and equity positions maintained.

• Headcount increased to 1,116 (+2.9%).

Outlook and guidance

• 2026 guidance: sales corridor of €320 million and €80 million EBIT adjusted, representing 3% nominal growth in both top and bottom line.

• Excluding license and FX effects, top line expected to grow 9% and EBIT adjusted by 21%.

• Medical EBIT expected to decrease by 4%, Isotope Products EBIT to increase by 17%.

• License income expected to decrease from €15 million in 2025 to €5 million in 2026.

• Continued high CapEx planned for facility expansions in China, Berlin, South America, and Boston.