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

08.01.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

Classification of NuWays AG to Eckert & Ziegler SE

Company Name: Eckert & Ziegler SE ISIN: DE0005659700

Reason for the research: Initiation Recommendation: BUY Target price: EUR 23 Target price on sight of: 12 month Last rating change: Analyst: Simon Keller

Atoms to decay, profits to stay; INITIATE WITH BUY

EUZ shares have declined 28% over the past six months, despite no structural business deterioration. The recent underperformance appears like a valuation dislocation, not reflecting EUZ's unique positioning at the heart of one of the most attractive growth segments in modern medicine: targeted radiopharmaceuticals.

Targeted radiopharmaceuticals are the next phase of cancer therapy, delivering radiation directly to tumour cells with higher precision and fewer side effects than conventional methods. As a result, the market for nuclear medicine is expected to grow with a 17% CAGR into 2029e (source: MedRays). Growth is driven by expansion into earlier treatment lines, a broadening patient population, more indications and a global penetration.

Every radiopharmaceutical therapy ultimately depends on the reliable supply of radioisotopes, the core of EUZ's business model. This "picks-and-shovels" positioning delivers structural growth with balanced risks, especially as EUZ has an isotope-agnostic offering, helping to diversify across drugs and customers. Moreover, EUZ sits at the knowledge and quality bottleneck of the supply chain, explaining EBIT margins in the high 20% for the radiopharmaceutical business.

Deep competitive moat built over decades: EUZ combines early-mover advantages, radiation-specific know-how and an integrated global footprint that is difficult to replicate. Long-standing customer relationships, regulatory approvals, qualified production sites and regulatory lock-in effects create high switching costs and tangible entry barriers. These advantages translate into consistently high ROCEs (16% on avg. 2021-27e), even as the company continues to invest in future growth capacity.

While EUZ's radiopharma business (half of group sales) is set to grow in line with the market, legacy radiation-based activities are expected to remain stable. Combined with an increasingly favourable mix, this underpins an EPS CAGR of 17% over 2024-28e (eNuW).

All comes at a compelling valuation: 66% upside to peers on PER'26e and a 42% discount to its own historic 5-year PER (median: 34x, eNuW). This upside is underpinned by our DCF-derived PT of EUR 23.

While near-term results are unlikely to be a major catalyst, H1 26e should see several relevant study read-outs, providing meaningful support for the radiopharmaceutical investment case.

INITIATE with BUY, viewing EUZ as a rare high-quality, infrastructure-like compounder, benefiting from the rapid radiopharmaceutical market growth. - continued -

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=22a8f6fddbaff841c7b923c530599429 For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: https://eqs-news.com/?origin_id=54579a82-ec62-11f0-be29-0694d9af22cf&lang=en

---------------------------------------------------------------------------

2256608 08.01.2026 CET/CEST

°

Quelle: dpa-Afx