Q2 2026 Eckert & Ziegler SE Earnings Call Transcript
Key Points
- Radiopharmaceuticals business grew double-digit (license-adjusted) in H1 2026, with strong momentum in lutetium, Y90, and generators.
- Medical segment delivered a strong EBIT-adjusted margin above 30%, driven by high-margin products like Y90 and lutetium.
- CDMO business continues to grow, adding €3 million in revenue versus last year.
- Company remains debt-free with €100 million cash and a stable equity ratio, providing financial flexibility.
- China expansion on track with new cyclotron and hot cell installation, positioning for long-term growth in a high-demand market.
- New GalliaPharm 200 generator launch planned for early 2027, targeting high-volume radiopharmacies and expanding market reach.
- Q2 2026 EBIT-adjusted improved to +5% versus last year, showing a positive trend after a weak Q1.
- Strong order intake for industrial products in Q3, signaling a potential recovery in the isotope segment.
- M&A activity in the sector (e.g., BWXT, Lantheus) validates market growth and Eckert & Ziegler's strategic position.
- Partnership with TOR Medical for Pb-212 evaluation opens new opportunities in emerging isotopes.
- Overall H1 2026 revenue flat due to absence of a €5 million license deal from prior year, making comparisons difficult.
- Isotope segment EBIT-adjusted declined 24% due to unfavorable product mix, with weaker industrial and oil well logging sales.
- Engineering (ITD) business in Dresden remains weak with lower demand and order intake, dragging medical segment performance.
- Full-year guidance of €80 million EBIT requires significant H2 improvement, with only €33 million achieved in H1.
- Competition in gallium generators is intensifying with new entrants like Curium/Monrol, potentially pressuring market share.
- Actinium sales growth is limited by slower-than-expected customer demand, despite production capacity readiness.
- China sales were lower in H1 due to missing license deal, and geopolitical risks remain a concern.
- Medical segment margin may normalize as engineering business recovers, potentially reducing the current high margin.
- No major M&A plans due to financial constraints, limiting ability to consolidate in a rapidly consolidating market.
- Guidance for radiopharmaceutical sales of €160 million implies a strong H2 acceleration, which may be ambitious given current trends.
Good afternoon. This is Harald Hasselmann, CEO of Eckert & Ziegler. Very much welcome to today's earnest conference, August the 13th, and I'm going to present you the first half year results of the year 2026. With me is Caroline Riehle and Julian Schroeder, and I'm pretty sure that you will have questions later on, finance related. And Julian, as always, is well prepared to step in, correct me, or add what I have tried to present beforehand.
I will give you an update for the first six months, for the first 15 to 20 minutes, and then I open the floor for discussions.
You know that what I am talking is more important than what I have written beforehand, so this is the usual disclaimer. And all what we have achieved is accomplished by a thousand employees around the world out of which you see here the executive committee with Gunnar Mann and myself representing the Forschtand but the entire executive team is mentioned here representing both segments as well as the holding.
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