Eckert & Ziegler (EUZ) Q2 2025 earnings summary

Executive summary

• Net sales increased 2% year-over-year to €148.8M in H1 2025, with Medical segment growth offsetting declines in Isotope Products; recovery from cyberattack and project delays was largely achieved.

• EBIT adjusted margin improved to 24% (from 22%), with EBIT adjusted at €35.4M, up 9% year-over-year.

• Net income rose 19% to €21.4M (EPS: €1.03 vs. €0.87 prior year), driven by Medical segment recovery and radiopharmaceuticals growth.

• Full-year 2025 guidance reaffirmed for sales of €320M and EBIT adjusted of €78M, with acceleration expected in H2 from license deals and segment recovery.

• Dividend of €0.50 per share for 2024 and a 1:2 share split were approved at the June 2025 AGM.

Financial highlights

• Group EBIT adjusted margin improved to 24% (PY: 22%); Medical segment EBIT adjusted margin rose to 29% (PY: 24%), with gross margin at 51%.

• Isotope Products EBIT adjusted margin fell to 17% (PY: 23%), with gross margin at 43%.

• Operating cash flow increased 27% to €22.1M, with cash and securities at €112.4M.

• Loan liabilities reduced to €10.3M, and equity ratio stable at ~51%.

• EPS increased to €1.03, and return on revenue before tax rose to 22%.

Outlook and guidance

• 2025 guidance reaffirmed: net sales €320M (+8%), EBIT adjusted €78M (+18%).

• Medical segment EBIT adjusted projected to grow 28%; Isotope Products expected to decline 5%.

• Acceleration in H2 expected from license deals, new product launches, and recovery in Isotope Products.

• Radiopharmaceuticals anticipated to grow by 19% in 2025.

• Management remains optimistic despite ongoing challenges.