Hello and good afternoon. Harald Hasselmann calling, CEO of Eckert & Ziegler.

Together with my colleagues, I welcome you to this annual statement conference. May I ask everybody to put his or her microphone for the time being on mute so that no noise disturbs.

There are still some microphones which are not on mute, please be so kind and make sure that you put your microphone on silent mode. Very much welcome to the year 2025 as well as outlook statement for the year 2026.

For those who are participating in these calls for a longer period already, you are aware that I will give you an overview about the market, about the financial numbers of the last year, and then looking into the future. Overall, be happy and be confident that the story of Eckert & Ziegler, for those who are following us for a longer time, a success story, will also deliver in the future good and promising results.

Now let me start with the usual disclaimer that here we take on the liabilities off. This is our current Executive Board.

Gunnar Mann responsible for operative issues, myself, and then the entire team which has been enlarged to assure that those all product-related topics as well as all regional issues are well covered by our group executive team here in Europe as well as in North and South America as well as in China. The market continues to grow.

It continues both in terms of modalities, but also in terms of numbers who participate in the market. All the big and mid-sized pharma companies are continuing acquiring smaller companies in order to assure that in addition to their current portfolio, they also do have the radioligand therapy within their basket.

This chart is used already for some time, but it stays busier and busier because more companies are added. Eckert & Ziegler, as the radioisotope producing company, is looking forward to supply those companies which you see here.

The year 2025, but then also the outer years, are promising a constant growth on average 15-year 15% per year up to the year 2030. You see here what is predicted as the midterm development for the next 5 years, reaching 26 million, if we look at least to those analysts' reports which are available.

We have picked on this one here. The biggest success, of course, is coming from the ones starting with Bayer in the 2013s, but then later on followed also by other products and more to come.

Eckert & Ziegler is delivering radioisotopes in the medical area for both imaging and therapy. That's why we call it theranostics.

You see here our most important products, Y-90, actinium, lutetium for treatment, and gallium for imaging, as well as our equipment and service businesses with some companies where we have published the cooperation agreements. There are more which are not published or not published yet, but here again also this slide is busy.

Here again, the split of those partners with whom we officially or published-wise working together in the most dominant fields, which is lutetium and actinium, but also the contract manufacturing, the CMO and CDMO business. Eckert & Ziegler is not only active in the medical field, which is the upper part here where we produce radioisotope, where we deliver service, where we produce on behalf of pharma companies, but, of course, also in the industry area and the pure isotope business where we deliver radioisotopes for imaging, for industrial, for calibration and validation services for all kinds of quality assurance, and you know that this is a wide portfolio.

Looking to the year 2025, I have picked here four examples in which areas we have constantly broadening our business. Our most important product, which is the gallium generator called GalliaPharm, has been approved in Japan, an important milestones for our product.

In our CMO activities, we are working together both in Europe as well as in our Boston site, and here are some examples where we have been chosen as the manufacturer or as the partnership for, for instance, Ariceum or Bicycle Therapeutics in last year. Finally, we continue to deliver actinium, still on very small amounts, but as our production now moves into regular production, that is an extremely important cornerstone for Eckert & Ziegler to be established and recognized as the isotope producing company.

Some illustration what we are doing. We are not only producing, but we are also investing here.

I invite everybody to come to Berlin if you have time. We are erecting a new building close to our headquarter here in north of Berlin in order to be able to enlarge and to have a broader production facility for our gallium generator business, but also for other products.

That's why we are erecting a building here. Here another picture, 10,000 km away from here, that is China, Jintan.

In June, we will opening our production facility. On the left side, you see the cyclotron which has been inserted.

On the right side, you see a picture how our building looked like for the production of radioisotopes and more services which will be offered there from the moment when it's opened. For those who are following also the latest development, that is in publication of February 26, where Eckert & Ziegler is also going into closer cooperation with companies for them to develop new potential platforms for treatment of patients.

That goes beyond the pure delivery of radioisotopes. It is both.

It is the value chain which is enlarged and broadening by delivering the isotopes, but also be a partner for new development possibilities in therapeutics. That's why we are extremely proud that Molecular Partners has chosen us here as a partner.

This is already something which happened this year. Now let me go back for a second and let's talk about the year 2025.

This is a picture which I use to present in each of my presentations, but now you see for the first time the 2025 numbers where both revenue, in particular also EBIT adjusted, is by the majority contributed by the medical part. You see here 55% has been generated in terms of revenue by Medical, and in terms of income of EBIT adjusted, it's 64%.

There is heavier weight coming out of Medical. That is also shown in the benchmarks and the KPIs.

If you see what the revenue per employee, that is 200,000, 230,000, that is industry standard in the isotope business, but it is 400,000 strong increase in the medical business. That's why also here more than 50 million had been generated from the overall adjusted EBIT out of Medical.

That is the driving engine, but it's good to have both segments under one roof because Medical is moving forward, needs a lot of money for capex, whereas Industry remains our cash-generating engine. Overall, Eckert & Ziegler's strategy pays off.

What does it mean? We are concentrating on the production of radioisotopes and its surrounding activities, and that's why by last year our sales were increasing north of 300 million with a strong EBIT increase, as you can see here, and a free cash flow margin of 10%, strong contribution by Medical, 15% net sales growth, almost 30% in EBIT adjusted, and also a strong increase in the EBIT margin.

Overall, the company's group EBIT margin reaches 25%. I'm always saying everything more than 22% or 23% is the air gets thinner.

Now, last year was extraordinarily high, which is a good result for all our shareholders. Let's go to the real numbers.

From 2024 below 300, 2025 increased by 5% in top line, EBIT adjusted increased by 18%, and if you look for those who are still interested in net income numbers, is even a stronger increase because there is a strong contribution this year that we don't have the exclusion of the IFRS 5, that is the former PentixaPharm business that is not here playing any role and influence in the year 2025 anymore. That's why the overall profits fall through, and that's why we have such strong increase compared to the previous year.

Still, let's not forget that at the beginning of the year 2025, we were heavily impacted by the cyber attack, and that's why if later on we will compare Q1 of last year with Q1 of this year, that might be challenging to compare numbers to numbers because in the first quarter of last year, sales were low due to the cyber attack, which has been fully recovered by now, but that is then make the comparison a little bit more difficult. That was one issue.

Then in 2025, for the first time, also a weak US dollar since many years impacted us negatively. If we look to FX-adjusted numbers, the sales increase would have been higher by 7%.

If you want to go into more depths, Julian, who is also online here, can give you more explanation on the FX effect. As I mentioned, the biggest growth momentum is our GalliaPharm business, our CMO business, and our licensing deals which we have done.

We will also come to the licenses adjustments in '24 and '25 and '26 later on so that we better understand what impacted the licenses which we generated, what in principle they took in the year. Financial performance Medical, I mentioned that already, FX-adjusted, here again, the weak dollar harmed us slightly by 2 percentage points.

Otherwise, generators increased, actinium license deal, and already some small sales last year and more this year, you see here 8 million compared to last year, and our CDMO CMO business continues to grow, and that is important because you'll remember that in the beginning we wanted to use CDMO business as a facilitator for more radioisotopes to be sold, but now it becomes really something where, on a stand-alone business, that is a positive income contributor. Radioisotopes good, but also the other business, engineering, radiation therapy, the big, big business for those who know that business, increased compared to last year.

We are extremely happy with an EBIT adjusted increase from 39 to 51 million, almost 30% increase compared to last year, really a super result if you see here these numbers, and net income also fine. Our gallium generator business is accepted in more and more countries.

All the dark blue dots here what you see, countries, are those countries where we are selling GalliaPharm. Of course, there is still a lot of grey area in there, the African continent, Russia and Russia-associated countries are also still in grey, but the biggest countries, the most important countries are really all now served.

You see China, you see Japan, you see Australia, and you see Brazil. That is more and more really getting close to what we wanted to achieve.

There will be more to come, but that is a development step by step. Next time we present that chart, there should be more blue colours here to be present.

Isotope Products, we talked about that also in the previous quarterly conferences, was weak in last year. We lost 4% on top line and EBIT adjusted 9%.

The biggest reason for that was that our most profitable business in that area, the oil well logging, OWL, as mentioned here, was way below previous years, and that is from a sales perspective, but even more on a contribution side, on the EBIT-adjusted perspective, really something where we miss then income, and that is why the overall result was not as good as we had hoped. Now we come to the explanation.

The year 2024 was extraordinarily high, and in '25, we almost went back to the normal level, and that's why you see here also the EBIT-adjusted margin of 90% is still higher than in the years before, it's still an increase compared previous years, but the year 2024 was extraordinarily high, and now we went back to normal. Julian and his team is always making some adjustments in order to arrive at the EBIT-adjusted numbers, and you see here what has happened, that is hyperinflation, and that is currency effects what you see here.

Overall, if you go to the very right number here, the EBIT reported was 74 million, EBIT adjusted was 77, it's not a big difference. There is some restructuring, and you see here the effects currency and hyperinflation are the biggest influencing components to arrive at the result as just presented.

The regional split is also which is important because we do focus on Europe, North and South America, and Asia. If you look to here the European numbers, 40% in Europe, 40% in America, and almost 20% in Asia and rest of the world.

That is a good split, and our strategy remains unchanged that we also want to participate in the growth of China. If China grows faster, then it's also good for us.

If they have an economical flattening period, that might have also an influence on the Chinese development, but overall we see here strong increase not only, but also due to the license effect which we have had last year. It's a good split overall here, all these regions.

Radiopharmaceuticals, that is where most of you are keen on having a closer look to the numbers, almost 150 million we sold in the broader field of radiopharmaceuticals, 60% more than last year. Last year means 2024.

Radiopharmaceuticals is Y-90, lutetium, actinium, therapeutic components, as well as our generator business, which is technetium produced in South America, and our gallium generators plus cold kits and services which we are producing worldwide to the benefit of our customers. Now let's have a look to the balance sheet.

Equity strong, cash strong. I come to the benchmarks and KPIs in a minute.

You also see that our loan has been reduced. That is mentioned here.

It's 30 million for the time being. All the rest remains relatively unchanged.

As we are investing money also in our facilities, the balance sum increases on a yearly basis. Let's have a look to the KPIs and key figures.

EBIT adjusted rolled by 18%, and then we see here what else is important. Cash still strong, equity ratio 55%, headcount slight increase up to 1,100 FTEs round the world, and ROCE is also something people are keen on having a look is here 20% compared to 13% in the year before.

Overall, a good perspective. Let me then summarize here the key numbers for the year 2025.

Cash flow, EBIT adjusted, cash balance, and equity ratios, these are the numbers where we have a strong look to and watching that very carefully. How does the outlook look like?

Here it looks perhaps more complicated as at the end of the day it is. We are here giving you a corridor of 320 million in terms of sales and 80 million EBIT adjusted.

Now the question is, and we might discuss this in a second, what is this comparing to the previous years? If we just look to the nominal comparison between '26 and '25, it's an increase of 3% top and 3% bottom line.

Now what we also want to make sure is that we have an adjustment because of the extraordinary license deals which you see here. Last year in 2025, we had a license income of almost 15 million, which in our guidance is reducing down to 5 million, so that is going down by 30%.

Still we are growing. If the license deal and the FX effect, where I'm coming to in a minute, if you exclude by these two effects, then top line is growing by 9% and EBIT adjusted by 21%.

The last year's average was 1.13 for the exchange rate. Currently, we have given a guidance on an exchange rate of 1.20 to the euro.

Here is the financial calendar. For those who are around in Paris on next Monday, they will see me there with the Kepler Cheuvreux roadshow.

Later on, we have in Frankfurt and other events upcoming, and happy to see you on some of those events. General meeting in Berlin here June 24th, and Q1 report, that is also reported, is on May 12th.

I welcome everybody to listen to this event. With this one, I stop here my presentation for the time being, and close sharing the screen, and open here the discussion.

I ask my colleague Karolin Riehle who is participating, Olivier from finance is participating from finance and accounting, as well as Julian who most of you know already. I ask you to raise your electronic hand so that I can take your notes.

Already, I'm seeing here the first question from, I think that's Nicolas.

Thank you, Harald. Good morning.

Maybe just a few quick ones for me. The first one is on your guidance for '26, and mostly looking at the EBIT adjusted line.

You had, let's say, 14 million of one-offs in '26, and so you've guided for 5 million next year. Yet, you expect to have growth on the EBIT level despite, let's say, the gap.

What is the driver that will allow you to get that? Is it that you still expect very strong momentum on the Medical segment, or is it normalization in IP, a bit of both?

That would be my first question. Then,

also very quick one, but on the slide on the Medical revenue, you have something like 8 million that is tied to Actinium-225 technology. Could you just expand on that?

Then just a broader question. What is the next big milestone that we should expect when it comes to the development of lutetium, actinium, or maybe new isotope?

Do you have any new things that we can expect over the next year? A very small one too to finish.

Just on this Molecular Partner collaboration, could you also just come back on that and kind of give us a bit more of an explanation on what this collaboration is going to look like and how should we think about the financials into this one? I think I will stop there.

That's already a lot. Super.

Now

let me combine and the answer to your questions, and if that is satisfying, then it's okay. Otherwise, please ask for the second time.

Now, looking out of the license deals, where is the growth coming from? Here it's split between the two segments.

Medical will grow, and IP will grow. Now, Medical, we will continue with our generator business.

That is if you are going more into the details, you would not only see that more countries are covered by the GalliaPharm and more centers, but also that the acceptance of the GalliaPharm 100 is increasing. It's not only a pure increase in quantities.

It's also, if you take the potential elutions, if you divide a generator by the potential elutions which are possible, we would see a strong increase. Why is demand so strong?

Because more customers need a generator. It's Telix, it's Novartis, it's more studies in particular, for instance, in Japan.

We are selling more generators for study purposes. In China, studies are ongoing.

It remains a combination of study generators as well as for normal business. In the other areas like CMO, contract manufacturing, more companies are knocking on our doors and saying, small numbers, but can we make use of your service in Berlin, in Braunschweig, in Boston because as long as they are only moving into the clinical studies, they are not investing in huge capacity by themselves, and that's why they need of us.

Here again, we are happy to see a growth momentum. In IP, I expect that the oil well logging will go to normal business again, and that's good because I mentioned earlier that this is also profitable.

The 8 million for actinium is mainly driven by the license business, and that's also why in last year the pure actinium sales were relatively low, whereas from this year, we are really selling actinium to customers for their studies, small amounts, but that is so important for Eckert & Ziegler because if we are selling from the very beginning, then that gives us the possibility to be included in their study protocols, in their SMPCs, in all their documents they needed for later on for commercial treatment. It remains unchanged that the big commercial sales will not start before 2028 for actinium.

That is no change, but still for us as partner of big pharma, it is important to be there from the very early beginning onwards. New isotopes and also partners, we are taking everything what we get.

If a partner like Molecular Partner comes in and we need your radioisotopes and we want to make sure of your development facilities where we want to see whether that molecule is more specifically can be targeted to cancer therapy, then our research team is cooperating very closely together with companies like Molecular. They might use with established isotopes as well as with newer ones.

If you ask me what are those which are most interested one, then probably it's lead. I'm spending a lot of time these days to see to what extent we will look closer to exploring here business opportunities.

Others like copper is also interesting, but that is not something where I am now investing a lot of my time. At least colleagues are doing that, but lead is the one which is of most interest for the time being.

Super. Then I take here the next question, and that is S-K...

Simon Keller.

Wunderbar.

Hi, everyone. Thanks for taking the questions.

Looking at the growth in Medical, I think it's 2% year-over-year guided for '26 when adjusting for the license deals, and that is despite gallium, CDMO, etc., all seemingly doing well. The question is what explains this cautious sales growth outlook in Medical?

Is there something that we should know about that hinders the growth in gallium, etc., to shine through more visibly? Also on Medical, can we expect you to share some larger announcements for supply agreements for actinium and lutetium in '26?

Is there anything in the pipeline that you can already provide any hints at?

Julian will give you probably a better explanation as I try to do it regarding the top line license-adjusted and non-license-adjusted for Medical as I did in before, but Julian will do that in a second. The overall perspective is whenever we can publish a supply agreement, we will do so, but sometimes pharma companies are a little bit cautious because they don't want to demonstrate or show their dependences on supplying companies.

That's why it is not so much on Eckert & Ziegler's side that we are not publishing, it's rather on the customer's side. The big companies like Bayer and Novartis and Eli Lilly and RayzeBio, they all need or will need actinium, and they all will look to two or three suppliers.

It's unlikely that only one company will be chosen to be the supplier. It is two or three companies who will be nominated.

Our market assumption is that if we are beyond and coming to one of these three suppliers, we are more than happy. That would then derive in an average market share of a third or 30%, and that's why that covers it.

Julian, can you give some insight once again about the Simon's numbers he mentioned?

Sure. Hi, Simon.

You summarized quite well, actually. We are expecting the growth in GalliaPharm and other fields, especially related to the radiopharmaceutical products.

This is something we haven't talked about yet, for the lower-margin product lines, as our engineering business, laboratory equipment, therapy, we also see some downsides. We had some good projects going on, especially in the engineering field, this is compensating the growth we're expecting from the higher-margin products.

It's mostly, if you want to bring it down to one word, it's probably product mix.

Understood. Thank you.

So. Is Simon Keller again?

Yes, if there's no one else in the queue, I'm happy to ask my another question that I have on my mind, and that's China. How relevant is the expansion there for you?

I'm thinking of GalliaPharm, where there is an approval pending. How much of GalliaPharm revenues from China have you baked into your guidance for '26?

Also beyond GalliaPharm, do you see lutetium and actinium to offer opportunities in China particularly?

Good question. For this year, generators in the lower to mid double-digit numbers have been forecasted, and that is a mixture of generators for clinical studies on the one side, and already commercialized generators sometimes for clinical use, and for non-clinical use.

Basically, the aim is, and that is why we did it together with Novartis, that we are selling the generator in particular for the usage together with Locametz, which is a Novartis product. That then only the GMP generator of Eckert & Ziegler who will be then sold.

Independent from that Locametz, once that has been all stamps on their paper, we are already selling it now for non-clinical use, or for non-human use as well as for studies, and that is in the number I mentioned. The midterm perspective for China is good, but the price level is much lower than, for instance, in Japan.

That's why if I have to choose one generator in Japan or one in China, then the high-price country gets a higher priority. As we are investing into China, that's why that has a dominant role also.

In terms of other radioisotopes, lutetium and actinium, yes, we are and will supply also those isotopes to China, but here again for low numbers. Same answer than before.

It's important to be there from the very beginning onwards. That's why already by now we are supplying lutetium into the Chinese market and later on also actinium to follow.

Then I see Berenberg. That is Tim probably, or No?

BB, Berenberg.

The next question is from Ben.

Ben, eh? Yeah.

Yes, Benjamin Thielmann from Berenberg.

Hi everyone. I hope that you can hear me.

My internet is a bit unstable, I keep the video off just to be on the safe side. First question would be on the oil well logging services, which is a higher-margin product in the IP division.

Seems like higher oil prices is usually something that could lead to a faster normalization of that business. I was just wondering, do you have a normalization of the OWL business factored into your guidance, or is that something that would positively come on top, maybe?

We have included the normal business. The latest political situation has not been mirrored because we see if oil price the tendency on a midterm perspective goes up, then this will also have a consequence on oil well logging, but it would be probably not serious if we now, due to a specific situation in Iran with high oil prices where nobody knows how long they will last, and then that is not a trend, that is ad hoc situation which has been not reflected in the guidance because that would be probably not really serious.

Overall, we see a normalization of oil well logging in this year happening.

Perfect. Then maybe a follow-up on that or on a different topic, maybe, first of all, is the licenses.

There is a 9 million delta between '25 and '26, an example 14.5 and then 5.5 in 2026. What is the chance that the 5.5 million in 2026 turns into an 8 or a 9 million?

What visibility do you have that your licenses could actually be higher in 2026? Then the question would be if we spin the wheel 1 year further and we say 2027, what would you say is an average run rate that we could see in the years beyond 2026 to get a little bit of the feeling how is the comp changing basically next year?

Julian, please jump in if you want to add, but basically, if you look to the generator business, up to 80% or so we can plan the business because we know the existing database. We know where our customers are.

We can predict how many new customers most likely will be added, and then we have an order book of 6 months in advance. It's pretty clear to know what will happen during this year with some 10% to 20% deviation.

In terms of license, it depends on new customers to be identified who are then saying, 'Okay, I want to make use of that production license or that technique,' and so on and so forth. Very hard to predict.

That's why in our guidance, we stick to these numbers. If something else pops up, that could come in, but as of today, in terms of the guidance, I would not be a fan on favoring in putting that into the numbers because that is too unlikely to predict with a probability north of 50%.

Julian?

Actually nothing to add, but in very easy words, this is a remainder of the Telix license deal, and nothing new that we do not know anything about yet.

Prima. Makes sense.

Maybe one follow-up, if I may, would be on capex, if you could guide us a little bit what we could expect in 2026 because there is a certain element of expansionary capex going on. Anything 2026 guidance would be fantastic.

Julian?

Over the last 2, 3 years, we really increased the overall level of our capex. We have initiated a couple of capex initiatives.

You're aware of this is lutetium in Boston, Boston for example, the pictures that Harald just showed, especially the GalliaPharm expansion there, the Beschleuniger project. This will remain on a higher level.

I'm not 100% sure about the exact level because we're still juggling around with some bigger topics in terms of actinium, when to invest and where to invest and how. It will remain on a higher level, and can maybe even be higher.

Super.

Perfect.

Probably if you want to follow up, I have given you two examples. One is China where we are putting money in with our joint venture partner.

It's here the Berlin site where we're erecting a new building. It's South America for the production of cold kits where we're investing money.

It's Boston for the expansion of our lutetium line. These are the biggest points where we put money in order to have a broader and double line capacity production hubs both sides of the Atlantic.

Talking about the Atlantic, I go to the small town in Hamburg with the river Elbe where Tim Wunderlich is today. Thank you.

Thank you so much. Good afternoon.

I have a follow-up question to the oil well logging. I want to make sure that it's not only oil, but it's also being used when it comes to natural gas.

Is that correct, which is a big topic now with the Strait of Hormuz?

Yes. Yeah.

It's also natural gas. What can we take as a leading indicator to get an idea of whether the oil well logging business may perform ahead of your expectations?

Should we look at the international rig count?

Exactly. Exactly.

These are publicly available web pages where you can see how the rig count delivers. There you see, and that is to be seen.

The question is where, for instance, North America will now invest more money into oil well logging activities in order to be more independent. That is speculations.

That's up for others to decide on that. That is the topic where everybody now very closely we have a look what happens in the midterm to whether countries want to become more independent.

Certainly interesting. Then on actinium, which should become quite big, I guess, in 2028, 2029, I was wondering about your competitive position.

There's this small Belgian company, which is called PanTera. They are owned by IBA and by EQT, I think, and they have very ambitious plans.

I think they said they will have capacity to treat up to 100,000 patients once the facility is live in 2028. They have a specific technology.

I think it's called Rhodotron, and you guys are using cyclotron. Whatever you can tell me about how this technology compares, how you think you are positioned in this emerging, very large market, and whether you believe that the market size, the market growth for actinium is going to be big enough to accommodate several players, such as yourself and PanTera.

Thank you.

It's a very good question, Tim. On the one side, it's a good question.

On the other side, it's useless question because it is predicting the future, which is cloud science or whatever. The truth will tell.

My view to the actinium case is the following. There is the existing established methodology of cyclotrons.

We know how a cyclotron works. We know exactly how much energy a cyclotron needs, when the maintenance takes place, how to run a cyclotron can be done and is used by a lot of people for many, many years.

Rhodotron is also very interesting, and PanTera is following that new approach how to run Rhodotron. I wish and hope all the best for them, for sure.

The question is, do we have already enough visibility in terms of maintenance, energy consumption, and things like that? That is to be seen and to be proven.

I believe that out of the six or seven potential suppliers of actinium, not all of them will be included in the list of big pharma supplier lists. Our approach is to participate in that selection process from the very beginning onwards.

That is why we're putting so much speed on that, that they already in small numbers of clinical studies, they include Eckert & Ziegler as their suppliers. That's why it's important to start from the very beginning onwards.

In terms of market size, as a lot of companies are entering into the field, it is not completely unlikely that in the first years there will be overcapacity. That can happen.

That's why Eckert & Ziegler's strategy is always not to focus on one radioisotope at its own, but have a broader portfolio of lutetium, of Y-90, perhaps of lead and others to be able to shift capacity also from one site to the other. You produce a radioisotope, but then you have to clean it up.

You have to prepare a radioisotope before it can be sold. In order to do that, we have our facilities where all these radioisotopes are polished, if you want to say so.

That's why, for instance, in Braunschweig, we do lutetium, we do Y-90. We have a lot of economy of sales, and that makes us more competitive in terms of speed, in terms of flexibility, and hopefully also in terms of price.

Because if we have overcapacity, it's not unlikely that also some kind of price competition will take place, and there I don't want to participate in that game only to sell my very last actinium. I want to be a supplier of choice in good quality and high flexibility.

Understood. Thank you so much.

Okay. Good.

Karoline, here, there is again. Who is this?

Simon. Simon gets one, two, three.

He gets another question. Here you go.

Yes, one last one, and it's I think also slightly tricky, and it goes into the direction of what Tim just asked about actinium and the production method. Maybe because you also mentioned that there might be two suppliers to one big pharma company.

I've looked at NuView and their cooperation with Novartis on actinium, and I was wondering whether you could basically comment on this. Is it you win some, you lose some?

Is there technological meaning to it? Do you still have a chance to also cooperate with Novartis on actinium?

Any comments would be interesting.

Yeah. As mentioned before, there will be two to three supplier.

That is what I would recommend to big pharma, and that is what we also see in the market. Your assumption is completely right.

Very positive.

Good to hear. Thanks.

Good. Then before the number of 42 participants declines, I look around.

No more questions. Ladies and gentlemen, it has been a pleasure, as always.

We close the recording. We close the meeting, and the entire team of Eckert & Ziegler wishes you a nice day.

Thanks very much for participating. All the best.

Bye-bye.