Eckert & Ziegler SE

Latest Results (20.04.2026):

Eckert & Ziegler SE Q1 2025: The Group reported slightly higher group net sales of EUR 68.2m (Q1 2024: EUR 67.6m; +1% / FX-adjusted +1%) and an improved adjusted EBIT of EUR 16.2m (Q1 2024: EUR 15.0m; +8%), yielding an adjusted EBIT margin of 24% (Q1 2024: 22%). Net income was EUR 9.7m (EPS EUR 0.46 vs EUR 0.41 PY). Management kept the 2025 guidance unchanged (Group net sales guidance EUR 320m; EBIT adjusted guidance EUR 78m) despite operational disruptions (cyberattack and temporary delivery stop) and some one-off IT restoration costs.

Key financials (group)

Net sales: EUR 68.2m (Q1 2024: EUR 67.6m; +1%); Adjusted EBIT: EUR 16.2m (Q1 2024: EUR 15.0m; +8%); Adjusted EBIT margin: 24% (PY 22%); Net income: EUR 9.7m; EPS EUR 0.46.

Medical segment

External sales essentially flat at EUR 34.4m (Q1 2024: EUR 34.5m), adjusted EBIT rose to EUR 10.7m (Q1 2024: EUR 9.7m; +11%); gross profit EUR 18.4m, gross margin 54% (+4pp vs PY) and adjusted EBIT margin ~31% (PY ~28%). Growth supported by Ac‑225 technology and CMO development/licence income.

Isotope Products segment

External sales EUR 33.8m (Q1 2024: EUR 33.1m; FX-adjusted +3%), but adjusted EBIT declined to EUR 5.5m (Q1 2024: EUR 6.8m; -19%) due to a weaker product mix and lower gross margin (44%, -2pp vs PY). SPECT business rose strongly (+51% YoY) but with lower margins.

Operational highlights & deals

Several commercial agreements announced in Q1 2025 including supply agreements and CDMO partnerships (notably with Actinium, AtomVie, Bicycle and a Chinese joint venture). One licence/CDMO arrangement included a one-time payment of EUR 10m plus royalties tied to Ac‑225 activity.

Outlook and product trends

Guidance for 2025 remains unchanged: Group net sales guidance EUR 320m and EBIT adjusted guidance EUR 78m. Company sees continued radiopharmaceutical growth (guidance implies ~+4% vs 2024) driven by Y‑90, Lu‑177, Ga‑68 and emerging Ac‑225 opportunities.

Balance sheet & headwinds

Solid balance sheet as of 31 Mar 2025: equity EUR 231m, equity ratio ~52%, cash/stocks ~EUR 118m, total assets EUR 452m. Q1 also contained one-off IT restoration costs (~EUR 0.5m) and modest negative financial/currency effects (~-0.6m).