Eckert & Ziegler (EUZ) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 increased by 4% year-over-year to €224.1 million, with the Medical segment driving growth and Isotope Products recovering in Q3 after a weak H1.

• Adjusted EBIT rose 9% to €50.8 million, with Medical segment outperforming and Isotope Products lagging due to project delays and weaker product mix.

• Net income improved 28% year-over-year to €29.9 million, with EPS up to €0.48.

• Major milestones included Japanese approval for GalliaPharm®, a new US manufacturing agreement, and a capital increase with a 1:2 stock split.

• Radiopharmaceuticals continued strong growth, up 17% year-over-year.

Financial highlights

• Group revenue: €224.1 million (up 4% year-over-year); Medical segment up, Isotope Products down.

• Adjusted EBIT: €50.8 million (up 9%); EBIT margin 23% (vs. 22% prior year).

• Net income: €29.9 million (up 28%); EPS: €0.48 (up 28%).

• Cash and cash equivalents: €121.0 million; equity ratio: 52%.

• Free cash flow margin: 10% (down from 15% prior year); operating cash flow: €39.7 million.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: revenue of ~€320 million and adjusted EBIT of ~€78 million.

• License income expected in Q4 is critical to meeting guidance; some risk of timing into next year.

• Radiopharmaceuticals expected to continue double-digit growth, with new approvals in Japan and expected approval in China.