Eckert & Ziegler SE

Latest Results (22.01.2026):

Eckert & Ziegler SE — Half‑year (H1) 2025 (reporting period 1 January–30 June 2025, including Q2 2025): the Group reported modest revenue growth with marked profit and cash‑flow improvements. Sales rose to €148.8m (+2% y/y), adjusted EBIT increased to €35.4m (+9%), and net profit reached €21.4m (+19%), while operating cash flow strengthened to €22.1m (+27%).

Key financial headline figures

Sales €148.8m (+2% vs H1 2024), EBITDA €41.0m (+10%), EBIT before special items €35.4m (+9%), reported EBIT €33.1m (+8%), profit before tax €32.5m (+10%), net income €21.4m (+19%), basic EPS €1.03 (+19%).

Segment performance

Medical segment: external sales €80.5m (up from €69.7m) and adjusted EBIT €23.4m (up €6.8m), driven by pharmaceutical radioisotopes, generators and licensing activity. Isotope Products: external sales €68.3m (down ~10%), adjusted EBIT €12.3m (down ~€6.1m) reflecting seasonality, a shift to lower‑margin products and project delays (partly from the February cyberattack).

Margins and profitability

Group gross margin improved to ~51% (from ~46% in H1 2024), reflecting higher‑margin sales in Medical. Adjusted EBIT margin increased, supporting the double‑digit rise in net income despite negative currency effects and one‑off cyberattack restoration costs (~€1.1m recognized).

Cash flow and balance sheet

Operating cash flow €22.1m (+27%), aided by a €9.0m payment from the Chinese JV (after withholding tax). Cash & equivalents €112.3m (down €6.0m vs Dec‑24). Capex (intangible + PPE) €10.3m in H1 (site expansions in Dresden, São Paulo, Wilmington). Equity €226.0m (equity ratio 52%).

Corporate actions & events

Annual General Meeting (18 June 2025) approved a €0.50 dividend per BOSTON RADIONUCLIDE share and a 1:2 free share capital increase/share split (entered in the commercial register 25 July 2025). New contract manufacturing agreement signed for Y‑90 PentixaTher and Illuccix® received German approval; Boston Radionuclide Theranostics Forum hosted again.

Outlook and risks

Management left the 2025 guidance unchanged (sales ~€320m; adjusted EBIT ~€78m). Key near‑term risks noted include international trade/sanctions, currency volatility and remaining project timing effects (including those linked to the earlier cyberattack).

Other operational notes

Employee count 1,098 (end of period, +1% year‑on‑year). Number of shares and EPS reflect slight changes in average shares outstanding; share split implemented in Q3 2025 aims to improve liquidity. No acquisitions in H1 2025; continued investment in production capacity and CDMO organization.