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

14.08.2026 / 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 21.5
Target price on sight of: 12 months
Last rating change:
Analyst: Simon Keller

Q2 review: underlying business solid, valuation attractive

Eckert & Ziegler reported H1 results: adj. EBIT grew 10% yoy ex license,
with the margin up 1.2pp to 22.3%, while reported adj. EBIT fell 6% yoy to EUR
33.3m against a base carrying EUR 5m of license income at close to full
margin. Sales rose 4% yoy ex license to EUR 149.3m. Quarterly figures are less
comparable, as Q2 25 absorbed most generator shipments displaced by the
February 2025 cyberattack.

Medical grew ex license adj. EBIT by 35% yoy to EUR 24.9m in H1, on ex license
sales up 7% yoy to EUR 80.9m. The ex license margin of 30.8% expanded by 6.4pp
yoy, against a prior-year half in which high-margin generator shipments were
suspended for a part of Q1. Lu-177 sales more than tripled yoy, CDMO revenue
nearly doubled yoy and the generator business kept growing, absorbing a
weaker development in plant engineering.

H1 Isotope Products sales came in flat yoy at EUR 68.5m while adj. EBIT fell
24% yoy to EUR 9.4m, at a margin of 13.7% (-4.3pp yoy). Volume recovered
within H1, from -7% yoy in Q1 to +7% yoy in Q2 on medical radiation sources
and project business, without the mix following: demand stayed skewed toward
lower-margin products.

FY26 guidance of c. EUR 320m sales and c. EUR 80m adj. EBIT confirmed, implying
H2 sales growth of 5% yoy and adj. EBIT growth of 10% yoy. Adjusted for
license income the underlying implied outlook is +7% on sales and +25% on
adj. EBIT. With the mix set to recover in the IP segment this looks
feasible, in our view.

Meanwhile, the stock trades at less than 10x EV/adj. EBIT 2026e (eNuW) and
at an adj. FCFY of c. 7.5%, hence basically priced without growth despite a
solid position in radiopharma, one of the fastest growing verticals in
healthcare.

Supportive cross-read on valuation: US-based BWXT has agreed to sell a
majority of its Medical radioisotope business to the PE Nordic Capital.
Similar to Eckert & Ziegler, this segment is a picks and shovels provider to
the drug innovators and big pharma, being active in isotope production,
precursor supply and radiopharmaceutical manufacturing. The transaction is
valuing the business at roughly 5-8x EV/Sales in 2026 (eNuW), reflecting a
significant premium over Eckert & Ziegler's c. 2.4x. Applying even the low
end of that range to Eckert & Ziegler's Medical segment alone (EUR 168m sales
2026e, eNuW) implies EUR >0.8bn, i.e. more than the group's entire current
enterprise value and essentially leaving Isotope Products unvalued.

BUY, PT EUR 21.50, based on DCF.

You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=f16f7f84614be1af2e1ea137b15f0dfa
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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2382962 14.08.2026 CET/CEST

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