Ladies and gentlemen, this is Harald Hasselmann, CEO of Eckert & Ziegler speaking. Very much welcome.

Good morning and good afternoon. I'm speaking out of Berlin, and together with my colleagues Karolin, Olivier, and Julian, whom you all know pretty well, we are going to lead you through the Q1 results followed by a Q&A session.

My presentation, which will last for the first half of today's meeting, will be recorded. For those who cannot participate, you are able to listen to us thereafter, whereas the Q&A session is a live session only.

In a nutshell, the Q1 result of 2026 confirms that our strategy is in line and that our numbers are on track. By that, we are also confirming our outlook, which has been published earlier this year.

I will lead through the overall—

Harald, sorry for interrupting. I only see the title slide.

I don't know if the others—

That's right.

Fine. Good, sorry.

Yeah. I will lead you now through the presentation and just wanted to keep you alerted that the key message of today's Q1 result is everything, as we say here in Germany, is on green light.

Now, let me go through the slides step by step. The usual disclaimer, which demonstrates here that everything is based on the legal and overall environment.

The group Executive Committee consists of Gunnar Mann and myself running the company together with our group Executive Committee, which is represented by all important functions throughout the organization. We take the full responsibility and ownership of what's happening here within the business.

Looking backwards, looking forward, you see both here: revenue increasing year by year, that is a dark blue line, and the net profit line. We have chosen here the net profit because we used to present net profits for a long, long time.

That's why you see here the numbers over the last year constantly increasing, both in absolute numbers as well as in margin. Now how does this look like in precise numbers for the years to come?

We remain extremely optimistic for the field of nuclear medicine, that is the medical part in which Eckert & Ziegler plays a dominant role, and you see here the key milestones starting with Bayer's Xofigo product more than 10 years ago and then launching Lutathera from Novartis, launching Pluvicto, and others. All in all, there's a strong increase.

We do expect, together with the overall consensus, a 15% CAGR year by year until the next—until the end of this decade, until 2030, assuming up by $26 billion overall market in which Eckert & Ziegler wants to play an important role. Here are those companies who have decided to participate in the game of radio nuclear medicine: big companies, smaller companies.

The M&A trend continues. There are still companies on the market who haven't been acquired, and mostly it's the big companies who do acquire smaller ones in order to also participate in that imaging and therapeutic field of radiodiagnostics and theranostics.

Theranostics as a buzzword. I'm happy that this slide remains part of our investor and analyst deck, because it gets busier and busier every time I'm presenting here that slide to you and the other folks.

Eckert & Ziegler plays in most of the existing isotopes an important, if not the market leader position: Gallium, our generator business, very strong in the market in North and South America, in Europe, but also in Asian countries. Then we have the individual vials which we are selling: Y-90, Actinium, Lutetium, but also then the hot cell business, the overall analytic and quality instruments which we are selling, combined with the CMO and CDMO work.

Here are the customers. Some of you have seen that slide.

Here again, more companies are added, both for Lutetium as well as for Actinium, for the isotope part, but then also for the CMO part where we have our sites here in Germany as well as in North America and in South America. Eckert & Ziegler produces nothing else but radioisotopes for the medical part, that is the upper part here, for hospitals, clinics, healthcare professionals to the benefit of patients; and for the industry, for validation sources, quality assurance, or overall industrial measurements, we are the leading provider.

What are the highlights of last year—of last quarter, I'm sorry? In February, we entered into a development partnership with Molecular Partners.

We are constantly now producing Actinium out of our facility in Czech Republic, and then it's further processed in our Braunschweig facility. We have a new analyst, NuWays initiates the coverage with a Buy rating.

Overall, all good news. I talked already about our partnership with Molecular Partners last time, but here once again, it enables us to also move into different areas.

Now, let's come to the numbers, and let's discuss here what has been achieved in the first year. The medical part, which is shown here in orange, clearly plays a dominant role both in revenues as well as EBIT adjusted.

You see 65% is generated by the medical division. Here we have an revenue of 171 million last year and an EBIT adjusted of 50 million.

For the isotope business, the revenue is comparable, more or less equal, but in terms of EBIT, it is getting smaller because the driving engine is the medical business. That was all last year.

Here again, our strategy pays off, I would say, and hopefully you can confirm that: growth in overall in revenues as well as EBIT adjusted, and also the EBIT margin. Constant increase here, the numbers of last year.

This is all known to you. Here we go to the Q1.

The overall sales grew by 7%, above 73 million almost. If you look to FX-adjusted revenues, it would have been double-digit.

You all know that we are seeing currently a weak US dollar, and that is also headwind for us. FX-adjusted, that would have been better, but okay, sometimes you win, sometimes you lose.

Radiopharmaceuticals continues to grow. I will come to that later on on a separate slide, with more than 20%, and most of that is coming out of the medical business here with more than 20% growth compared to last year.

Isotope Products, the third-party sales in the Isotope business is lower than the quarter of last year, -7%. We will talk about that in a minute.

Here are the sales. Looking to EBIT adjusted, there is nothing easier to compare this quarter of 2026 with the first quarter of 2025 because you all know that the comparison of these two quarters is really ambitious.

Last year at the same time, we were suffering from a heavy cyberattack on the negative part. We had delivery and logistics issues with bringing the generator on the street to the customer, so that was really painful in the first quarter.

On the other side, the positive effect of last quarter was that we have a license deal with China, bringing not only cash to the company, but also revenue and income. Now, if you compare these two events, both the cyberattack and the delivery issues for the GalliaPharm on the one side and then the positive effect with the license deal, these are two extraordinary events which makes it very ambitious and difficult to compare this here towards last year.

Now, we see a strong sales increase despite all these challenges. Now, with the license deal, which was heavily also putting money to the bottom line, there we were suffering together with a low performance of IP in the first quarter.

That's why if you look to the EBIT adjusted numbers here, we are more or less on last year's level. Net income is slightly better, but let's focus here on the EBIT adjusted numbers for the time being.

We will for sure in the Q&A session talk about that later on. Medical, I mentioned that already, there was Q1—here it's in bold letters it's mentioned—Q1 2025 was heavily impact of the cyberattack.

Now, still, we are growing more than 20%, FX-adjusted by 24% compared to last year, because Q1 was low last year, this year it's a normal one. Even in terms of pure generators, we are growing, and that's why we are also very optimistic, positive, and confident about the overall performance within Medical.

EBIT adjusted: strong increase against previous year in spite of the license deal of last year, good result here in the EBIT adjusted. Also in the net income, we see a positive trend due to the high and profitable GalliaPharm business, which we performed in the first quarter of 2026.

Sorry. Here we go again.

For those who are following the GalliaPharm business more closely, you see all in dark blue the countries where we are selling GalliaPharm, and we are not covering the entire world map, but we are represented in all the big, important markets. Latest country, small country, is Georgia here in Eastern Europe, but more and more countries are going to be added, and that brings also more sales in addition to the wideness of the indication of it.

Lutetium and other important isotopes: what I'd like to show here is that there are lots of new products on the horizon. These are the potential estimated market entry dates in addition to the already existing products from Novartis against neuroendocrine tumors, small lung cancers, and prostate cancer.

Lots of new products which are already in Phase 3. Happy to supply them.

You all know that Eli Lilly, for instance, is a big customer for us, and that's the reason why we are investing a lot of money in a second production facility here. In the years to come, we do see an overall market increase by factor 5, from 100 million these days until 500 million in the years to come, by 5 years.

The potential of the overall market for Lutetium should be increased by factor 5. Looking to Actinium, the situation is comparable.

Also here, we see a lot of new products coming. The patient which has to be delivered and demonstrated here is a little bit longer.

We see here products only coming by '28, '29, 2030, but it's a huge also playground played by Novartis, Bayer, and other big companies. They want to launch their product.

Here again, we see a market by the year 2034 of close to 200 million in the prostate cancer area. Big momentum these days, and that's the reason why a lot of clinical studies are performed in the area of Lutetium: 200 studies for Lutetium, 30 studies for Actinium.

You see other potential isotopes being launched or further developed for the treatment or imaging of different cancer areas. Let's also talk about isotope products.

I mentioned already that here we are for the first quarter not happy with the results. Revenue lower by 7% compared to last year.

Here, strong impact of the currency, FX-adjusted, the sales would have been flat, but it is as it is. In last year, we had at the same time also those products who were heavily contributing to a strong EBIT adjusted in the first half here that was lower.

You see oil well logging, one of the pillars within the IP segment, is minus a third, IsoTrac minus a third, isotope sales. Overall, we are not really happy with the results of isotope products, but the message is clear that from March onwards, we see a positive momentum, and the outlook for the entire year is that we will achieve the budget for the IP segment in spite of the slow start-up here in the beginning of this year.

The overall adjustments, that is something Julian and his team is always very keen on, but Dupont, the EBIT reported in this year, 14.1 to 14.0, you don't see a big momentum both in isotope as well as Medical. The adjustments being made in this quarter are extremely minor.

We don't need to talk about this. How are the revenues divided in the different regions?

We see here 40% in Europe, 40% in America, and 12% in Asia. Now, the reason why this is lower than last year is exactly the license deal, which happened last year at the same time, and that is not the case of 2026, first three months of this year.

That's why we see a shortfall, but that is very easily explainable due to the missing license deal, which we don't see here in this year, at least not for the first quarter. The rest remains relatively stable.

Strong growth momentum here in Germany, where also the generator business continues to grow in addition to the isotopes Lutetium. Now, overall, the radiopharmaceutical business, that is what is the umbrella for that core business—our isotopes, the hot cell business, both from IP segment as well as the Technetium generator produced in South America—we see a growth from Q1 last year to Q1 this year, increase by 23%, and that is a strong growth by 7 million approximately.

That is why we remain confident that if you look to the guidance of the radiopharmaceutical for this year to achieve 160 million, which is part of the overall guidance, if you just do a simply controlling extrapolation, you would be flat compared to last year, but the reason is what I already mentioned, that the starting of this year was not really mirroring and matching with our overall expectation. That's why we see here a stronger growth, both for the outcoming still pending license business still to come this year for the remaining Telix deal as well as for other isotopes, which just have been started: Lutetium, Actinium.

Actinium is just on the ramp-up scenario, and there will be more sales during the course of the year. Looking to the balance sheet, we have here cash 120 million, quite a lot of money.

I'm pretty sure we might talk about our cash situation later on. The rest remains stable.

Loan has been repaid, it's only 12 million left, and we are also, if necessary, able to change that number upwards or downwards. The key figures, which you see here, normally there is not much to tell about.

Here, once again, the cash position increased from 108 to 112, loans from 18 down to 12 million, cash flow activities due to the license issues I mentioned slightly lower than last year. The rest is stable.

Also our CapEx here, our investment, 5 million last year, 5 million this year. Outlook, and that brings me already to my second last page here.

The outlook remains unchanged, remains as we published earlier this year in March: 320 million in terms of sales and revenue, whereas 80 million EBIT adjusted. That is on the basis that we have here not major deviations out of the currency, which might then change the revenue slightly, but we are confident that we are in a good deal here, and also the license deal still to come.

Here are some dates for upcoming conferences: there is one conference in New York pretty soon next week, there's another one from Quirin in Hamburg, and then we do here our roadshow conference in New York, we have then our boss meeting, some of you are participating in that, annual meeting later on in Berlin here, June 20, and then next time we are reporting numbers is August the 13th with the full half-year report. Happy to see all of you then at the latest again.

Thanks for that. I stop sharing the slides for a moment, switch on my camera, and as the first 15 minutes are over, and I'm now together with my colleagues more than happy to take all your questions and comments.

Please use your electronic hands because that makes it easier for us to see who has a question. I see the first question from Simon Keller.

Here you are. The microphone is yours.

Good afternoon. Thanks for taking my questions.

On the IP segment, starting off with this one, what explains the sales lumpiness that you've seen in Q1? Just fundamentally, what's the core project-type nature that basically explains it?

What gives you confidence that it will grow in the last remaining three quarters? Also, maybe do you have some orders already that indicate the pick-up, for example?

Then also, similarly on the Medical segment, you've performed particularly strongly. Do you see any reason that momentum calms down a bit and basically your segment guidance is a bit out of order, basically, yeah, that IP is growing slightly less and Medical is doing better?

Then a last question also on the cash position that you just highlighted, are you currently considering acquisitions or share buybacks? That would be helpful to know.

Thank you.

Perfect, perfect. The easiest answer would be, sometimes you lose, sometimes you win, at the end is plus-minus zero, and that confirms the guidance.

That would be the easy answer to your two segments-related questions. In coincidence, it might work out, but that is not the case.

The situation is a different one. If I look to the isotope, the industry area, I'd like to explain a little bit more in detail.

We have had comparable strong Q4 of last year, lots of orders were coming in, and that's the reason why then if you have a strong November and December, which we reported last year, then it's quite natural that in January and February you have slower momentum, as they say. That is exactly the case, that January and February was in general in the IP segment lower than last year due to the fact I mentioned of the strong Q4.

In March, we already saw regaining business in all areas, in the IsoTrac business, but also in those areas where you are most interested in, and that is the oil well logging business. Oil well logging is that business which always goes up once more companies are looking for new oil sources.

Now, due to the Iran situation, it might look obvious that there is a higher demand in oil well sources, which in theory is right, and we see also slight increase in the demand. However, I ask you not to exaggerate that assumption, because there are still oil well logging on source, we cannot really see for the time being whether once the inventory, the stock which is still available has been consumed, whether then this boostering effect will continue or not.

It's a little bit too early here to celebrate, apart from the overall political situation, of course. We are by that quite confident that the gross momentum which we have seen in March will continue also in the remaining part of the year, and that's why we are confident that IP remains at the budget level.

Now, in terms of the Medical, yes, right you are, we have seen good momentum, and if I look to the GalliaPharm order book, which gives us a lead time of approximately three to four months, I know pretty well what is happening in the next months to come and weeks to come, so that Q1 and also Q2 are basically safe. Now, what is happening in Q3, you never know exactly, and if I speak to people they are saying, "Yeah, but it might be that there is more F-18 coming up" or whatever, and that a product launch from a different country will be delayed.

That's why I remain a little bit cautious what's happening here, and I don't want to change here the numbers which we have published beforehand, but right you are, GalliaPharm is the driving engine of the overall medical success here. All in all, we are not changing the numbers here upwards or downwards.

In terms of the cash position, yes, it's obvious now Olivier, our chief accountant, is here participating in this call, and he always reminds me that some funds which we have assumed under cash are reserved for certain positions where we cannot just spend the money or throw the money out of the window. Still, it's a lot of money which we have, and also the potential debt we could raise gives us some flexibility in case we need the money.

When would we need the money? If a super target flows by and if we then say, "Okay, that fits ideally to our company's strategy."

That can happen, and we are very carefully looking to the market, but there is nothing to be announced as of today, but I can promise you that we will take each and every possibility to enhance or enlarge our business in addition to the organic growth once it fits and once it is affordable. We will not pay money which is out of our scope of possibilities or where we don't see a fair value for a target.

It's not the case that Eckert & Ziegler desperately needs to buy something. Our organic growth remains very stable, and that's why if it pops up, it's okay; if not, then the organic growth is more than confirming our strategy.

Thank you very much. May I have one short follow-up question?

That is share buyback, is that something you've taken into consideration? Maybe on the M&A side, what would be the ideal bolt-on acquisition for you?

Yeah. I can do to the first question, share buyback is always attractive once you don't have any other option to maximize shareholder value, and our strategy is to maximize shareholder to the benefit of the shareholders, and that's why better to invest the money for CapEx or for M&A activities than to give it back to our investors.

That's why for the time being we are not taking this as an alternative. Regarding M&A targets, I can be very precisely answering you that we are only looking to those companies who are within our scope of activity, and that is isotopes, isotopes, isotopes.

That's why we are not deviating from our strategy. There are lots of conferences, the next one is in Los Angeles, where a lot of startup companies are floating around, and if they are knocking at our door and it fits, that's it.

Great. Understood.

Good. Ladies and gentlemen, who is next?

I think that's me. Just very quick one on the competitive environment.

You just sort of following up from Simon's question, have you seen any change in the competitive environment generally, particularly on the isotope segment? Is there any sort of lower conversion rate or anything additional you can tell us about that?

Yeah.

If I look to the Lutetium business, for instance, we know the competitors pretty well, and there is no new player coming into the market. Same applies to Actinium.

Also, the existing competitors are well-known to us, and I don't see any change in the competitive landscape there neither. If I look beyond isotopes, for instance in the CMO business, that is a broader field because sometimes companies are entering into that field, they stay there for some time, and then they disappear.

There the overall market remains more flexible, and also for Eckert & Ziegler, the CMO market and business is an important one because it enables us to participate in the growth momentum and to foster the relationship, but we take always the CMO business as an enabler. We look what the others are doing and whether we remain competitive towards the others, but it's not so much in our day-to-day focus whether a new company pops up and disappears at the same time.

Overall, the landscape remains unchanged, I would say. Great.

Thank you.

Good afternoon. May I ask you a question, yes, on competition?

Do you see more competition coming from China, first question?

Second?

The second question are related to the roadmap of product 2027. What for you are the most credible products that we will see in 2027?

It seems that there is a big roadmap coming. It should be interesting.

Third question would be on the capacity availability. Which isotope is the most ready to answer this you will ensure I would say to this roadmap of product in terms of capacities?

Okay. China, we have three cooperations with Chinese, to speak.

We have had one cooperation for our brachytherapy business, then we have a tech transfer with a Chinese company in Chengdu, and then we have our joint venture close to Shanghai, and that is as of today the most important one. There will be the big inauguration event in beginning of June with the facility which is now ready for the last mile.

For us, it remains of utmost importance to stay in China to produce there, because the mandate for China is really "China first". Product being produced in China likely will have a strong advantage against products coming from external, from outside.

Now, the companies which we are talking are either state-owned companies or semi-private companies, and the mandate is pretty clear: they do not want to lose the track momentum comparing to Western countries, European or North American countries. The competitive landscape here also remains stable with the remark that these companies are really pushing their pipeline.

They also do want to play a role in Actinium in the years to come, in Lutetium in the years to come, or in CMO business and things like that. That's why it is good that we are already with a presence in China, they can also approach us for potential cooperations.

That's why colleagues of mine had been in China earlier this month, coming back with a lot of potential activities. Now, we know that out of 10 activities only one will survive, but I'm pretty sure that that will be to the benefit of Eckert & Ziegler.

Competition will be not more challenging than in other countries. Do

you know the the market share the market share that you have in the different isotopes today?

Good question, but I think that's ambitious and difficult to answer because there's only the GalliaPharm, which is GMP-produced generator, but there are also localized produced ones. So—

Okay. Thank you.

2027, for the most important product is Lutetium-based product from Eli Lilly, because we are setting up the production facility in North America for the production of Lutetium. That's why we are very closely what Eli Lilly is doing together with POINT and the combined relationships there, and that will be of utmost important that this product portfolio of Eli Lilly will perform as planned.

That is also relating to—

What is the risk attached to Eli Lilly? What happens if Eli Lilly doesn't succeed in their approval?

Yeah. If I think they have three, four compounds which they are currently testing, and if one is delayed, then the others go faster; if two are delayed, then one will still survive.

It's good to have a portfolio, and Eli Lilly has a strong, as far as we know, a strong commitment towards radiopharmaceuticals, and we are demonstrating our capacity and capability. There will be a constant product flow coming out of that value chain.

That brings me also to the capacity topic you were mentioning. I think everybody was looking for Actinium, and Actinium, Actinium, Actinium.

Now, we have three, whatever, companies producing Actinium. Eckert & Ziegler is one of those, and that is still in low numbers because the product launches will be later this decade, only by the end of this decade.

I think it pays off that we did not invest 100 or 200 or 300 million like others did in a single isotope, but that we are rather remain open. We spend a double-digit amount in the development and production of Actinium, we are doing the same for Lutetium, and we will do the same also for other isotopes rather than to put all the bet on one single isotope.

That's why I'm happy that we are participating in the Actinium play, but I'm also extremely relaxed if there's delay, because then we have other isotopes who are refilling that revenue stream. Okay?

Thank you. Thank you.

Then I see here from MR. Sorry for not knowing who is behind MR.

Michael Heider. The floor is yours.

Super. Sorry, I can't see the name, yeah.

Yeah. Hallo, Michael Heider, Quirin Privatbank.

Oh, sorry, in English. Maybe you can remind me of the license deal which are coming.

You mentioned that one is in your guidance, it's from Telix, and maybe you can remind me how big that is. I think I heard in one sentence in your presentation that there are some others, yeah, for other isotopes which could be close.

Did I get that right?

Super. As I don't want to talk all the time by my own, I know that Julian is such a fan of license deal.

Julian, you get the chance now for your 30-seconds pitch here.

Actually quite easy to answer. If you look for the numbers, see the presentation in the outlook guidance slide, but it is planned for this year that is 5.6 million, that's the remainder of the Telix deal.

Yeah? Compared to last year where all together Telix as well as the joint venture license was 14.4.

Yeah? Going forwards, I missed the point where Harald mentioned something what you heard, but I don't know anything about other licenses that are planned for this year, I'm pretty sure that there's nothing in the pipeline.

So, 5.6 for the guidance.

Maybe Harald should take over the question.

Yeah.

There's

some secrets,

yeah. Understood.

Good. Thank you for your answers.

Okay. Super.

Then looking around. I don't see any more questions for the time being.

So, 45 minutes is normal. Here, once again, is that— Sam Barker.

Sam Barker.

Hello, yes. Hi, just quick one in terms of the revenue split.

In the report, you break down the revenue also by sale of goods and sale of services. The services revenue is down sort of, what is it, 20%, 25% or so on last year.

Is that associated with the Telix deal? Is that a kind of one-off?

Juergen,

go.

It's not just Telix deal for sure not, because there was nothing happening even now or back last year, but related to the license deal with the joint venture as well as other service areas we are in. Not in the medical field, there are service product lines, mainly CDMO is developing quite good, but we have also some service parts in the IP segment, and they are also performing a little bit worse compared to last year.

Going forward, as a proportion of revenues, would we expect it to be about where it is here, whatever that is, 12% or so, or is that—

Honestly, this is something I haven't looked at the proportion between the different goods and services, I might look it up and next time we see I have an answer for you.

Thank you.

Julian, Karolin, do you see any other? Ladies and gentlemen, has been a pleasure as always, and very much looking forward to seeing you soon again.

Thanks very much and have a great—