Eckert & Ziegler (EUZ) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue increased by 7% year-over-year to €72.9 million, with the Medical segment driving growth and Isotope Products starting slow but regaining momentum by March.

• Net profit rose 7% to €10.4 million (EPS €0.17), supported by improved Medical margins and positive currency effects.

• Adjusted EBIT was €16.0 million, down 2% year-over-year, with a margin of 22%.

• Radiopharmaceuticals revenue grew 23% year-over-year, reflecting strong market demand and new product launches.

• The company expanded partnerships, including with Molecular Partners, and ramped up actinium and lutetium production.

Financial highlights

• Medical segment revenue rose 21% year-over-year to €41.5 million, with adjusted EBIT up €3.3 million to €14.0 million and gross margin at 54%.

• Isotope Products revenue declined 7% to €31.5 million, with adjusted EBIT down €2.6 million to €2.9 million and gross margin at 40%.

• Cash and securities at quarter-end were €123.8 million, down from €128.7 million at year-end 2025.

• Equity ratio improved to 57% from 52% year-over-year.

• Free cash flow margin at -1%, down from 3% in Q1 2025.

Outlook and guidance

• 2026 guidance reaffirmed: revenue expected at €320 million and adjusted EBIT at €80 million.

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

• Radiopharmaceutical segment expected to achieve €160 million in revenue for the year.

• Remaining Telix license deal of €5.6 million included in guidance; no other major license deals expected.

• Management remains focused on organic growth, supported by a robust clinical pipeline.