Eckert & Ziegler (EUZ) Q2 2024 earnings summary

Executive summary

• Revenue rose 23% year-over-year in H1 2024 to €145.4 million, driven by strong growth in Medical (up 32%) and Isotope Products (up 16%), with radiopharmaceuticals sales up 48%.

• Adjusted EBIT increased 44% to €32.5 million, with margin improving to 22% from 19% in H1 2023.

• Net income grew 65% year-over-year to €19.9 million, with EPS from continuing operations at €0.96.

• The Pentixapharm AG spin-off was approved, with clinical assets now reported as discontinued operations.

• Received Best Managed Companies Award in May 2024, highlighting operational excellence.

Financial highlights

• Group revenue reached €145.4 million in H1 2024, up from €118.0 million in H1 2023.

• EBIT adjusted margin improved to 22%, with EBIT adjusted rising from €22.6 million to €32.5 million.

• Net income before minority interests increased 68% to €18.6 million; EPS rose 67% to €0.87.

• Cash and cash equivalents increased to €76.6 million, with net cash position of €50 million after loan liabilities.

• Equity ratio improved to 53% as of June 30, 2024, with headcount up 5% to over 1,000 employees.

Outlook and guidance

• EBIT adjusted guidance for FY2024 raised to €55 million, with revenue forecast maintained at just under €265 million.

• Management does not expect extraordinary growth in oil well logging to continue at the same pace in H2.

• Recent regulatory approval for gallium generators in the European Economic Area expected to drive future sales.