Eckert & Ziegler (EUZ) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 7% year-over-year to €72.9M, led by strong Medical segment growth, while Isotope Products declined but regained momentum by March.

• Net income increased 7% to €10.4M (EPS €0.17), supported by positive currency effects and improved Medical margins.

• Adjusted EBIT was €16.0M, down 2% year-over-year, reflecting a weaker product mix in Isotope Products and higher administrative expenses.

• Radiopharmaceuticals revenue grew 23% year-over-year, reflecting strong market demand.

• Cash flow from operating activities declined 26% to €5.2M, mainly due to higher tax payments.

Financial highlights

• Medical segment revenue up 21% year-over-year to €41.5M; EBIT adj. margin improved to 34%.

• Isotope Products revenue declined 7% to €31.5M; EBIT adj. margin dropped to 9%.

• Gross margin for Medical improved to 54%, while Isotope Products gross margin fell to 40%.

• Cash and securities at €123.9M, equity ratio at 57%.

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

Outlook and guidance

• 2026 guidance reaffirmed: Group net sales expected at €320M (+3%), EBIT adj. at €80M (+3%).

• Adjusted for FX and license deals, underlying growth expected at 9% for revenue and 21% for EBIT adj.

• Radiopharmaceuticals expected to continue strong growth, supported by robust clinical pipeline.