Hello and good afternoon. This is Harald Hasselmann from Berlin calling, and I welcome everybody for today's 9-month press conference.

It's the last time that, at least in this year, we are coming together to have a look on the numbers on a Teams call. For those who want to have more information on present conferences, you are invited to join them at one of the upcoming conferences.

With me today is Karoline Rieder organizing this conference and also Julian Schröder. As usual, as you know that, I will present you the latest data.

Some of that has been published earlier today, and then we will continue with the Q&A session. Forward-looking statement known to everybody, this is what we are talking about.

Here you see our enlarged Executive Committee consisting out of the Vorstand, the Management Executive Board members, as well as the entire group Executive team, where also Julian Schröder is participating in it. I continue to open the presentation with some introductionary charts.

Some of you who are participating in the conferences are known to these. However, they are becoming more busier every time I presenting this chart.

You see basically all the big pharma companies as well as the ones who have been swallowed or acquired or went into cooperation with big pharma. The message of this slide is unchanged.

It is really a very motivating slide because it demonstrates the urgency to produce drugs in the area of radiopharmaceutical oncology of cancer, and Eckert & Ziegler as the producer of isotope is participating on that development. Now, what is the expectation for the years to come?

Basically, that chart mirrors the previous one, that we do see a strong growth momentum in the years to come. We are currently here on the '25 expectation numbers, but this is still an upcoming, and that is split up into radiotherapeutics on the one side, but then also a technetium generator business in which we are also participating, as well as other PET tracers in our two segments: the IP segment as well as the Medical segment.

Our customers in all of the most dominant isotopes: gallium, lutetium, Y-90, actinium, and hot cells. Basically, whenever we talk about the businesses of Eckert & Ziegler Medical segment, then we see big companies as well as smaller ones as our customers, and that is the main contributor of Eckert & Ziegler's success.

Lutetium, established isotope with quite a lot of companies regularly ordering our isotopes, whereas actinium, equally long that list, however, the numbers in real quantities is, of course, still much lower than for the existing ones. Then we have our CMO/CDMO development in Braunschweig, in Berlin, in Boston, where we are aiming for getting more and more customers on that list as well.

Looking to the highlights of last quarter, of quarter three, basically, very important is GalliaPharm has been approved in Japan. A smaller country in terms of inhabitants compared to other Indian or Chinese countries, however, as price level is high in Japan, the approval which we achieved for GalliaPharm in Japan earlier in September was a very important cornerstone for the future of GalliaPharm.

We are happy that Berenberg Bank has started to take coverage on Eckert & Ziegler, also in September. Earlier in August, we did a share split.

That's why the share price is around €17 and not €51, but basically the aim is the same: to increase the number of flow here and to optimize the liquidity of Eckert & Ziegler shares. We have added one CDMO customer in July this year for the Boston site, and they are also making use of our facility there.

This is a picture taken 2 weeks ago here in Berlin where we are setting up a new production facility for our GalliaPharm business. We were talking a lot about increasing capacity.

Now, the building here on the left side is from the brick-and-mortar part is ready. Now, we will start with the inside equipment, all this in order to be ready in time.

This is how it will look like, and here we are going to produce, then upscaling GalliaPharm for covering and matching the market demand. Equally important is China.

This is how the building in China looks like. For those who have been here in Berlin, you know that this symbol of Eckert & Ziegler is also placed on the roof of our Chinese building in Jintan.

This is how it really looks like. The entrance is here, and then we have the factory and the cyclotron area.

Also here, you see that the cyclotron has been implemented, inserted, built in meanwhile. Here, again, our two important production sites are very much on track with our cost and time plan.

Now, let's have a look to the numbers. These are old figures as of '24.

We are not able to produce full year's number to present them here, this is known to you: split of revenue, split of EBIT adjusted. Always the lighter red part is the Medical, whereas the green is the industry, the Isotope Product part.

How does the first three quarters look like? Here are the numbers.

We have published today morning that overall growth was 4%, whereas EBIT adjusted could grow by almost 10%, precisely 9%. For those who are still interested in the net income, this is a growth, Pentixa-adjusted, of almost 30%, 28% precisely, from 23 up to €29 million.

Let's have a closer look to the net sales. Basically, you are all aware that we have had a very challenging half year one with the cyberattack, with the discussions about tariffs, with headwind in currency and things like that.

That's why that was really a very unpleasant start of this year. Still, FX-adjusted, the growth is even stronger.

It's almost 7%, and where is it coming from? The answer.

It's coming from the radiopharmaceutical growth: 17% versus prior year. Looking to the income or the EBIT-adjusted numbers, no surprise that most of the growth is coming from the Medical business, where we have here an EBIT-adjusted growth for the Medical business exceeding the sales growth.

In isotope, it's a mixed picture because we have products which are heavily contributing towards the growth, whereas also we have in the product mix those which have a weaker contribution. All in all, our EBIT-adjusted margin is in the area of last year: 22% last year, slight increase up to 23% of this year.

Looking into the two segments, here we see the double-digit growth of the Medical business: 15% growth, almost €120 million for the first 9 months, and here again due to the weaker US dollar, if it was an FX-adjusted picture, it would be slightly better. Where is it coming from?

Of course, from our gallium generators. They continue to grow: €7 million increase.

Then we has also the income license from the license agreement, €5 million, and €4 million was achieved by our new business unit CDMO, plus €4 million compared to last year. Also in the smaller ones, we had a positive development in our seed business, in our prostate seed business: €1 million better than last year.

The EBIT adjusted: stronger growth here, from €9 million higher than last year. The gross profit has increased by 18%, we have a gross margin of almost 50%, 48% to be precise, 2 percentage point more than last year, whereas the EBIT-adjusted margin also could increase by 10%, from 23% to 26%.

All in all, a good result for the Medical business, and even if we were looking to the net income here, the result is positive. Isotope, a mixed picture.

That the first half year was weak, but if we look to what we also announced earlier on, that the second part of this year or the second half year will be better than the first one, then we have seen here the improvement. The Q3 results in terms of sales were 4% higher than last year, so that is a good development.

Still, we are suffering by a lower income, order income from oil well logging with high margins. That is so far disappointing, but we have in the other isotope business and the SPECT business, there's a stronger growth, and that gives then, as I mentioned earlier, the picture.

To face reality, it's 6% lower than last year. That is not satisfying, although Q3 has been, as announced earlier, demonstrated how the recovery could look like.

Simultaneously, also the EBIT-adjusted numbers due to the lower margin products which were stronger growing contributed to that profit decrease in the EBIT adjusted as well as in net income. That is not where we wanted to land.

However, we should not forget that 2024 was an extraordinary good year, whereas now we are more coming back to the original or to the typical, to the historic values. Still, we have an EBIT-adjusted margin of 18%.

For those of you following the Isotope segment for a longer period and if you look backwards, you would see that we were coming from 12%, 14%, 16%, 18% is still okay, but, of course, sky is the limit. We would have been even more happier if the results would be better, and we are working heavily to come back to these better numbers.

This is a slide which shows you the transfer and transition from the EBIT reported to the EBIT adjusted, and you see the Medical column, the Isotope Product, and Others. Look to the total ones, please.

You see that the EBIT reported is here 48%, and then it's basically €3 million higher. 58 point— €50.8 million is the EBIT adjusted, and where is it coming from?

You see it's a currency effect, it's hyperinflation. These are the two main topics contributing to that effect, and then you know that we have had the cyberattack, which was also then giving some headache for us.

That is why we have then EBIT adjusted a higher number of 15.8 compared to 46.7 in the previous year. A regional split.

Most important is that Asia, that is the third line here, continues to grow. 16% of our overall revenues is coming from Asia meanwhile, and that is here strong growth from 28 to €36 million, and China is the largest contributor to that development.

That proves our decision to establish a site in China for the Chinese market, because we do want to participate in that growth. Looking to the other two and still more important regions, that is Europe and North and South America: Europe slightly below 40%, North and South America above 40%.

The reason, I talked about isotope business, that's the reason here, including also the FX effect, that the growth was negative in this year compared to the previous ones, and that is compensated by the incoming growth for the European areas where we see the largest market is Europe, and then followed by the other ones. They all have now introduced GalliaPharm, and that also contributed to that sales in countries where GalliaPharm was not on the market yet.

Radiopharmaceuticals run rate and also where is it coming from. We have slightly changed that slide here.

The dark part is the pure Medical contribution, whereas the lighter blue is the revenue deriving out of isotope products, and that is mainly the South American, Argentinian, and Brazilian business with our technetium generators and some cold kits. Here in '22, we acquired that company, and they are contributing.

We are well aware of the hyperinflation effect, but it is now out of basically up to 10% is deriving out of that isotope South American business, and we continue to grow last year to this year, and we expect to land compared to also to our guidance of €150 million to be achieved by the year-end. That is slightly more than extrapolated because we are still awaiting license income here for actinium.

It is the entire mixture of Y-90, lutetium, actinium, the generator business, and then the other business as mentioned here. I skip the quarter business and rather would like to bring your attention to our balance sheet.

You see left part and right part or active and passive part of the balance sheet. €450 million is the overall balance sheet number.

That is quite an amount. Cash is €120 million or cash equivalents, but then the other remaining part is also equity, strong equity number, and we have once again reduced our liabilities.

It's by now €50 million. Here we have some KPIs I want to present.

A is the EBIT adjusted, that is what was presented earlier on. Above €50 million is still the number compared to 46 of last year.

Then cash flow from activities, slightly below last year, but that is a temporary effect as receivables have increased and things like that, so that will be flattened and come back to the number we are used by the end of the year. That is just because of fixed date of end of September.

The rest is pretty much in line with the previous year. I mentioned loan liabilities have been decreased by €5 million.

Cash is higher than last year. Equity ratio remains above 50%, and the overall headcount, 1,100 people are working for the company.

Financial overview: cash flow, €40 million; equity, 50%. Here again you see the number, and that is the revenue balloon getting bigger with the dark blue as just presented.

Outlook: that is a slide I used to present also during the previous presentations. There is still a lot to do for the remaining part of the year, but despite all the challenges which we have had at the beginning of the year, we remain confident to deliver of the numbers which we have presented: 320 in net sales and approximately €78 million in EBIT adjusted.

These are the financial numbers, and now I mentioned it earlier on, this is the last time that we have here a Teams call for this year. Then only by Q1 you will see me again here on screen.

For those who want to talk to Julian and myself in presence, here is the calendar. There is Jefferies next week, then Eigenkapitalforum, Equity Forum in Frankfurt, then a small one in Düsseldorf, and then the big one is J.P.

Morgan Healthcare Conference in San Francisco at the beginning of the year. Having said so, I close the presentation and stop here sharing my screen, and I'm more than happy to open the discussion with all of you.

I see here 35 participants, and I would ask you to raise your hands electronically. No surprise, Tim Wunderlich is, I think, the first one and then the others are to follow.

Tim, please go ahead.

Thank you so much. Good afternoon.

My first question is on the gallium generator. Could you talk about the current capacity utilization and how soon are you going to benefit from the increased capacity that you're currently working on?

Give me all your questions and then—

Okay. I have a few.

The other one is on the implicit guidance for Q4. Evidently, the EBIT in Q4 needs to be significantly stronger than what you've seen so far in the Q1 to Q3.

I think the expectation is that you're going to receive a license payment. Is that still your expectation that this is going to come?

I think it was supposed to come in December, what is the risk that this first off doesn't happen or that it gets shifted into 2026? That's my second question.

Then the other question is on Asia, China. What is driving growth here?

Performance was nice. Is that also the gallium generator, and that once again brings me to the question of capacity utilization and how quickly you are going to benefit from the higher capacity to capitalize on the growth in that region?

Then a last one in Q3, you did have very strong catch-up effects in Q2 from the cyberattack that hurt your business in Q1. Did you still experience catch-up effects from this in the third quarter?

That's it for the moment, and I'm going to jump back in the queue. Thank you.

Wonderful. Question number one is the GalliaPharm capacity.

I do expect that our new plant, our new site will be ready end of '27 or somewhere first half year of '28. We have enough capacity to produce on our current site until the end of '28.

We will be ready with the new site before we will make use of the second site. Still, once we have opened the second site, we can still continue to produce on the first one.

If you ask me about our current utilization, it's still below 100%, and we will be perfectly matching the overlap reaching capacity while the new site is open by then. Second question was the guidance.

Yes, right you are. There is license income still to be generated, and we expect this to come in in the Q4 accounting procedure.

That will happen in that one. Now, can I promise you that everything will be incorporated before December 31st or will be something handed over to the beginning of next year?

We are striving to get most of that into this year, and that is the composition of the guidance to be confirmed here that we will have enough license income to be in that guidance corridor. Asia and China, yes, it's also GalliaPharm-related.

Not so much the GalliaPharm in China yet, but in Japan. We are selling already the GalliaPharm to Japan on a higher price level than average, and that contributes to also the strong improvement of profitability, and then there are neighborhood countries.

If you ask me what are the biggest countries for the time being, that is Japan starting in this year and then China next year. The last question was the cyberattack.

Most of the recovery process has taken place in Q2 because that was the production lack of GalliaPharm. Now, we still have some issues which are still pending, but they are all together in terms of revenue in a single million digit amount, so as a nutshell, I can say the cyberattack has been fully recovered.

Super. Then I take the next question.

That is Alexander.

Good afternoon. Thank you for the question.

I have a couple. Maybe the first one on your CDMO business unit, maybe you can talk a little bit more about it.

My understanding was that the activities are rather negligible for the time being in the short term, but yet you record €4 million more revenues alone in this quarter. Just maybe you can put it in the context: what are those revenues, is there any continuity to those or is it a one-time payment, and whether it's related to the cooperation with the Ariceum, I believe it's called, for PSMA therapeutic?

Thank you.

Give me Is this—

Sure. I'll throw in a few more I have.

Would be interesting to hear an update or refresher on CapEx outlook for the coming years, given that already you have made quite a bit of progress on the erection of new buildings, etc. That's the second.

The third is around IP part of radiopharma revenues. There was a jump in 2024.

Can you also elaborate what was that driven by? Is that acquisition or it was organic?

Then maybe generally, more broadly, what's the outlook for the technetium generators in this vertical and also the related kits? That would be it.

Thank you.

Super. The Q4 question regarding IP, I'm happy that Julian will jump in once we have approached at that stage.

Let me start with the CDMO part. The increase by €4 million is not Q3, it's 1 to 9 compared to 1 to 9 of the previous year.

It's a 9-month comparison, not only Q3. Right, Ariceum is a big customer or supposed to be becoming a big customer for our Boston site.

The original idea of the CDMO business was to start with that business in order to attract customers to buy our isotopes. Now, what we do see is that for clinical studies, not necessarily we have to provide them with the isotope, but they are making use of our facility.

In particular, in the well-established site in Braunschweig, Brunswick, and there the customers, for those who are visiting us, you would see who the customers are. I'm not allowed to give names here on that conference here, but the number of kits which we are there producing, the number of labeled products is heavily increasing, and that's why we have really good development of these customers making use of that services.

I'm pretty sure that also in the next year that will continue, and without giving too much details here on the CDMO activity, the original idea was saying, okay, if it's plus/minus, we will be happy with a not-negative gross margin as long as they contribute to an increase of isotope orders. Now, that business is also positively contributing to the overall gross margin, and that's why we have given an extra business.

Will it be as big as the other, as GalliaPharm and things like that? Probably not, but we will take that with us in order to demonstrate that Eckert & Ziegler is a fully fledged service provider.

CapEx, there is one big issue which is still pending, that is scaling up the facility of actinium production because what we currently see is that the clinical studies are ongoing, but if you then speak to big pharma, we see here and there slight time delays, and that's why we are putting still a foot on the brake by saying, let's not for the time being spend here €50 million. That is a number which I originally mentioned: €10 million for property, €10 million for the building, €10 million for the cyclotron, €10 million for hot cells and other.

€50 million you can easily spend, and that kickoff has not taken place yet. All the other investments, CapEx, and that you have seen on the KPI chart, is increasing for our business in South America, in Brazil, where we are investing in a new site; for our lutetium site in Boston; and also here Berlin, where we put money in order to foster our CDMO activity.

Overall, I expect that the number this and next year will be around €20 million. Technetium kits, that is a business which is increasing for South America, though.

We do not have a North American approval yet, it's sold in the South American countries, and these numbers are increasing. It is very price-sensitive, but to produce in South America is an advantage to other production hubs, but we are not at the end of our task list yet because, of course, we want to also have a presence for Europe and North America.

That is pending on approvals yet. That's why there we have still more growth momentum to come.

Julian, can you please help me in the IP question for Q4 of last year?

Hi Alexander. Good to see you.

Now first, I learned that wording can be very confusing with us because we have IP and Medical, and we have IP sales within Medical and we have Medical sales within our IP Isotope Products segment. Let me know what exactly your question was aiming at.

It was referring to the chart that you now adjusted where you show radiopharma revenue, and then there is a different color showcasing what part comes from the IP-related.

Okay.

Right, my question was what was that jump in 2024 related to? Yeah.

Okay. Basically, the radiopharmaceutical revenues coming from the IP segment is the Latin American business.

It's all about the technetium generators and the SPECT tracers. It's mostly Tecnonuclear and parts in Brazil.

Looking at this, the nominal numbers it's half a million more this year compared to last year. Last year, this field has quite an impact in Q4.

That's basically it.

Thank you.

Then Nicolas. I hope we don't have to change to French, but here we go.

Nicolas, allez-y.

I will speak in English. Just two questions on my side.

Would be interesting just to come back on Japan and your comments about the pricing there. What is the reason why it's so high there, and would you say it's even higher than what you have in the US?

This would be the first question. Then if you could kind of quantify what's the opportunity in Japan that you see either on the top line and also on profitability, as you say it was having a good impact on margins?

Then the second question, which is maybe a bit broader, but would be nice to kind of have a view of how things are evolving on the lutetium part and on the actinium part. Do you still have negotiation ongoing, things that we can expect in the future?

From the answer you gave on the CapEx investment, it sounds like you are maybe a bit, let's say, more cautious on the actinium side. Is this us overinterpreting things, or maybe you, as you said, you see the pharma not willing to move as fast as they used to be a year ago?

Okay. Japan has always been a higher-priced country with pharma prices.

You see this everywhere. The overall price level is comparable to North America, to the US, and also our prices are in that range what we are generating in the US market.

That's why the overall number of generators will for sure be less than in the US, but overall in terms of price and margin, it's very much comparable. We are together with Novartis, we have filed our approval for the Japanese market together, and as they have now received all the approvals they need, it was good for us as we have achieved it, it's good for them, and that's why we can do that together.

I expect one of the first wave of generators which we have sold to Japan will be seen or is seen this year, and the next wave is then coming next year. Regarding the lutetium and actinium business, we have still one prominent product in the market, that is Pluvicto with lutetium, but if you speak to big pharma, they want to achieve both.

They want to enter into a generic market, or let me call it generic or me-too market, in the prostate cancer area, but also endeavor new possibilities for other cancer areas. Our biggest customer for the time being is Eli Lilly, and for them we are producing already by now this is the composition because they acquired the daughter company in which we had supply contract with, but now it belongs to the Eli Lilly group, and for them we are producing already out of Braunschweig, but we are very optimistic that also then once Boston is ready, lutetium will be also shipped out of Boston.

Actinium, I'm not saying I'm cautious, I would rather say I'm realistic, and the product development takes time, and then for good reason. At the end of the day, it's treatment of human bodies, and we all of us want to have a product which is safe, and that's why it takes time until all the clinical studies are successfully performed, accomplished, and brought to an reasonable end.

That takes as it takes, and I don't want to invest now €50 million. Then if you speak to scientific people, some of them are very supportive for actinium, but then if you speak to others, they are saying, yeah, the next wave is lead or copper-67.

I don't want to bore you with all these isotope names, but the development could be relatively fast, and then I want to stay flexible. If we now press the CapEx button, we would be still in time to match '28, '29's commercial starting point of big pharma entering into the commercial field.

That's why I'm saying let's be reasonable with shareholders' money in order not to overinvest here at the very beginning.

Super clear. Maybe just a quick follow-up on the Point Biopharma agreement, if I remember rightly, it was €100 million of total sales of lutetium that you are kind of eligible to get.

Did you already collect some of that or it's mainly tied to approval of the drugs?

No, there's small numbers, but out of that contract, money is already generated.

Super clear. Thanks.

Good. Then I have Benny from Berenberg.

Yes, hey. Hi Harald, hi Julian, hi Karoline.

I have three questions if I may. First one is on GalliaPharm.

You mentioned already Japan. Let's talk about China.

I'm still somewhat expecting an approval in China somewhere between today and, well, the end of the year. First question is: is this still realistic to expect a potentially positive news flow on this topic in the next couple of weeks, or if that is something for H1 2026?

The second question is then, basically, on radiopharma revenues. First 9 months look pretty good, up 17% roughly year-over-year, but Q4 last year was pretty strong, nearly €39 million radiopharma revenues, and I was wondering if you could give us some color what we could expect in Q4.

I remember you were guiding for approximately 20% growth for the full year, and now we're at 17%. Is it fair to say that Q4 could be a little bit of a similar development as we have seen in Q4 last year?

Then the follow-up question would be: is that radiopharma guidance that you gave back then, is any GalliaPharm revenues from Japan and China baked into that? That's it for now.

Thank you.

Lots of GalliaPharm questions. Yes, the first answer is yes.

Between 3:30 and end of the year, we are expecting the approval. Here again, we are doing it together with Novartis, and for Pluvicto, the signal is already basically positive on the table.

Now we are waiting for the combined diagnostic kit from Novartis together with our GalliaPharm. Basically, we're expecting it any day to come.

Whether that will generate sales in this year already for the Chinese territory, it's unlikely, because even once we have the approval, then you have to have 5,000 stamps on different papers translated back in Chinese and then back to German and then whatever. That takes some additional weeks before the first GalliaPharm out of that approval is going to be shipped.

What currently is happening, we are already shipping some generators into the Chinese market basically on a patient-named basis. On an individual basis, we can already ship, or we can also ship study generators.

Study generators are used to perform clinical studies, and we do this together with a Chinese company or also with Novartis. We are selling these generators in order to perform studies in China for a higher price that later on will be generated once the product is commercial.

Is some of these sales for Japan, it's in, yes; for China for Q4, out of that approval, there are no sales in the guidance for this year already. Now, the radiopharma business, and here again Julian is happy to join, it is always the question what to compare: apple to apple or apple to pear?

If you look to last year, we had in Q4 some license income which were inducing a strong result of radio business in Q4. We are aiming to get also that additional license income in Q4 of this year, and then you can compare apple to apple.

If one of the two was to taken out, then the picture looks differently. That's why if you really want to have a clean, clean, clean version, then you compare license-free versus license-free development.

Julian, perhaps you give some more light on that?

Couldn't have said that better than you.

Okay. Good.

I think these were your questions, and then Alexander has follow-up question. I'm used to that because he has another five questions in the second round.

Alexander, please go ahead.

Just a few ones. Mostly follow-ups.

On Japan, are you aware if IRE ELiT doing any inroads in this market with Galli Eo? That's the first one, and the second one related to China: how will your distribution look like for gallium generators in China, and when do you think you will be able to start producing locally?

Oh, there are three questions. You asked for two.

Okay. As I'm aware, we have a strong position in Japan.

I'm not supposed to talk about competitors, but let me pronounce in that way: I think we have a very strong position in Japan for the time being because it's only Novartis and GalliaPharm linked together and bring the product into the market, for the time being, strong position in Japan. In China, the situation is different one because there is also local production or other deals which are possible for generators with a different level of quality, let me put it in that way.

The important question for conquering the Chinese market will be how the customers will adapt to high-quality generators or lower standards. That depends also on the Chinese systems of hospitals, that you have Class 3 hospitals, most likely they will all stick to high-quality ones like the GalliaPharm, which has GMP status.

There are also other hospitals with lower degree, Class 1, Class 2 hospitals, they might also look for different level of quality. That is quite difficult to predict how the overall development in terms of numbers and prices is going to be.

We will work together with a distributor, and that brings the advantage that the distributor knows the market. Currently, we are selling via a specific distributor with whom we are working together for many, many years in order to make sure that all these so-called study generators are arriving in time at the right place, and that is the chosen model also later on for the commercialized products.

Now, you ask me, when are we going to produce in China, setting up a production site in China will take something about 2 years. What we are currently doing is aiming for producing the isotope, the germanium isotope in China, which is then used to produce the gallium generator.

We have to differentiate between production of the isotope, germanium, and potentially opening up a production site for the produced generators in China for the Chinese market. Answering the first question, that should be ready by '27; answering the second question, that should be ready by '27 or '28.

Thank you.

Good. Benny, your hand is still visible.

I don't know whether you want to raise your voice again.

Yes, I want to. Thank you, Harald.

Maybe a few questions for Julian, actually. Or maybe let's start on not a GalliaPharm question, for China.

You mentioned you have a higher price point in Japan. Is this likely to be the case as well in China?

Maybe any color on the price point there, that's the first question. Then question for Julian: if I look at your Others division, we had roughly €0.5 million negative impact in the first 9 months of '25.

Last year, it was roughly €3.4 million, there is a year-over-year delta of roughly €2.9 million in the first two 9 months, respectively. I was wondering if you could give us some color, where's that coming from?

I answer the first question with pleasure. You can say in general, the price level in China is around 50% or 60% of the Japanese prices.

It's really tangibly lower than the Japanese one. If you then go to the lower-quality ones, then you can cut it once again by two.

Julian?

It's a mix of a lot of different topics. First is a very openly showing one, it's that we wrote off last year €600,000 for the investment that we took for the winery where we've just seen the picture that looked completely different beginning of last year because they really had a change in scope and, yeah, tore down the old building and started to build a new one.

We had to do a write-off investment that we made earlier. Second is that there has been some preparation cost for the spin-off of PentixaPharm.

Third, due to the cyberattack, there has been some shifts here internally of spending costs, but we didn't touch the budgeted management fees to the company. It's more an intercompany topic that we have slightly higher earnings than expected from this intercompany transactions, but on a group level, that doesn't matter.

This is basically it.

Perfect. Then maybe one follow-up if I may, regarding adjusted EBIT in Q3 in your Medical division.

Over the last or last 9 months this year compared to last 9 months last year looks pretty strong, but if I compare Q3 in particular, it seems like last year Q3, we're at an adjusted EBIT for the Medical business around €8 million. This year, we're going to be at around €7 million or we are at around €7 million.

Was there any change in the revenue mix that was driving that? Was that actually mostly FX that was driving the year-over-year impact, or any color on that topic?

Within 2025, it's just shifts between the quarters. The Q1 looks better than it actually was due to the license deal, yeah, and Q2 really catched up everything that we missed in Q1 due to the cyberattack.

That's why those two are quite high, and Q3 is lower. Looking into the numbers, you're correct, last year was €8 million, this year €7.7 million, more or less the same.

It is sort of a product mix, yeah. There have been slightly also higher revenues in lower-margin products, but nothing really particular to give some more light to.

Okay. Perfect, that's it from my side.

Thank you, guys.

Nicolas.

Yes, just a last one, a quick one, I hope. Just to dig back on the Stelic milestone that you are expecting by the end of the year, could you help us understand how much is there left to do for the year to make sure that you get to the milestone and be able to recognize the revenue?

Is there any case in which you could, I don't know, recognize only half of it this year and half next year because you are not fully on track with what you were expecting to do by the end of the year? Just trying to get how sensitive is it to completion, and if that could be a risk on the guidance in the end?

It's a fair question, Nicolas. Basically, the project work all parties being involved are working on is continuously ongoing, and that does not know the end of the year.

That could be as a mixture of the entire license package is a composition of this work stream and that work stream, da da da da da. It could be that some of the remaining finishing work will be handed over in the beginning.

That could then if not all homeworks are carefully carried out until Christmas, that some of that has to be postponed, and that would then also trigger some of the payments into the remaining. We have to differentiate between payment and accounting.

That is then, again, a different statement. Your question is a very fair one, but for the time being, everybody has to work like hell and then we see what we can cashed in and also booked in this year, and if there's something which has to be carried over.

For sure, it will be not lost, and that remains main story.

Thanks.

Good. I look around, and before everybody is disappearing, 35 participants, thanks very much for joining in.

Has been a pleasure. Good questions, and looking forward to seeing you all soon again here on screen or at one of the upcoming conferences around the globe.

Thanks very much, and goodbye.

Bye.

Thank you very much. Goodbye.