Eckert+Ziegler: Q2 review: underlying business solid, valuation attractive - NuWays AG Research

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

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

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