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Original-Research: Eckert & Ziegler SE - from NuWays AG

13.05.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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Classification of NuWays AG to Eckert & Ziegler SE

     Company Name:                Eckert & Ziegler SE
     ISIN:                        DE0005659700

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 23
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller

Q1 released: Medical powers ahead

The takeaway from Eckert & Ziegler's Q1 results is positive: Medical
delivered strong underlying growth without licence revenues, while Isotope
Products offers a recovery lever for the rest of the year. At group level,
fx-adj. sales rose 11% yoy to EUR 72.9m, while reported sales rose 7% yoy.
Adj. EBIT came in roughly flat yoy at EUR 16m, with the margin declining 1.8pp
yoy to 21.9% (details on p.2).

Medical was the clear positive driver and looks well ahead of the required
FY run-rate. Segment sales rose 21% yoy to EUR 41.5m, driven by pharmaceutical
radioisotopes, especially generators and CDMO. Adj. EBIT increased 31% yoy
to EUR 14m, supported by positive mix effects. This is particularly relevant
against the FY26 segment guidance, which implies a 4% yoy decline in Medical
adj. EBIT to EUR 49m, mainly due to lower expected Ac-225 licence income. Q1
already delivered 28% of the FY adj. EBIT target despite no licence
revenues, vs EUR 5m in Q1'25. Further EUR 5.6m in licence revenues are expected
during the remainder of the year. The quarter thus underpins Medical as the
core value driver of the group, with higher structural growth and margin
potential than IP. The Ga-68 generator business remains the most tangible
near-term growth driver, with 2025 sales of c. EUR 65m expected to roughly
double by 2030e (eNuW).

Isotope Products, the drag in Q1. Segment sales declined 7% yoy (fx-adj.:
-2% yoy) to EUR 31.5m and adj. EBIT almost halved to EUR 2.9m. The weakness
appears to reflect pull-forward effects into Q4 as well as still sluggish
demand in oil well logging equipment, which weighed on the industrial
product portfolio. Importantly, after a soft January and February, March
regained momentum, supporting the FY26 segment targets, according to the
company. EUZ still expects IP adj. EBIT to rise to EUR 33m in FY26 (+17%)
implying an increase of c. 32% yoy during Q2-4.

Beyond Q1 results and Ga-68 momentum, Lu-177 is likely to become the next
visible growth driver. EUZ expects global sales of Lu-177-based therapies in
the two currently approved indications, prostate cancer and neuroendocrine
tumors, to grow at a 31% CAGR (2025-30) to EUR 600m, with treatment volumes
rising more than 4x. We estimate EUZ's own Lu-177 sales at c. EUR 2m in 2025,
rising to c. EUR 7m in 2026, with Q1 26 already showing a c. EUR 0.7m yoy
improvement. Demand could accelerate further if Lantheus launches PNT2003,
its generic version of Novartis' Lutathera, after the 30-month regulatory
block expires in June 2026. A launch would likely activate EUZ's Lu-177
supply agreement with POINT/Lilly, worth up to EUR 100m (eNuW). On the supply
side, EUZ is investing EUR 10m into a Lu-177 production line near Boston,
scheduled to start operations in 2027.

Further catalysts remain embedded in the balance sheet and isotope
monetisation. With EUR 124m in cash, only EUR 12m in loan liabilities and a 56%
equity ratio, EUZ has the flexibility to pursue selective isotope-related
bolt-ons without stretching the balance sheet. In parallel, further licence
deals could offer a direct way to monetise its strong position in key
radiopharma isotopes and add high-margin upside to an otherwise largely
volume-driven outlook. BUY with a EUR 23 PT, based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=f0f1bfd16ef9b716357ac4c61edb6857
For additional information visit our website:
https://www.nuways-ag.com/research

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2326658 13.05.2026 CET/CEST

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