Eckert & Ziegler (EUZ) Q4 2025 earnings summary

Executive summary

• Achieved record revenue exceeding €300 million in 2025, with strong growth in the Medical segment and stable gross margins despite challenges in H1 and a cyber incident affecting Isotope Products.

• EBIT adjusted rose 18% year-over-year to €77.7 million, with net income up 47% to €48.8 million (EPS: €0.78).

• Radiopharmaceuticals grew 16% year-over-year, driven by GalliaPharm, contract manufacturing, and licensing deals.

• Long-term agreements and strategic partnerships, including with Novartis, Actinium Pharmaceuticals, and Bicycle Therapeutics, secured future business opportunities.

Financial highlights

• Revenue: €312.0 million (+5% year-over-year, FX adjusted +7%).

• EBIT adjusted: €77.7 million (+18% year-over-year).

• Net income: €48.8 million (+47% year-over-year).

• Free cash flow margin: 10% (down from 23% in 2024).

• Equity ratio: 55% (up from 51% in 2024).

• ROCE: 20% (up from 13% in 2024).

Outlook and guidance

• 2026 guidance: Revenue €320 million (+3%), EBIT adjusted €80 million (+3%).

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

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