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

20.04.2026 / 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.

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Classification of NuWays AG to Eckert & Ziegler SE

Company Name: Eckert & Ziegler SE ISIN: DE0005659700

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

Q1 preview: Medical to continue growth trajectory

EUZ Q1 26 results are due on May 12. We expect sales of EUR 72.5m (+6% yoy) and adj. EBIT of EUR 16.0m (-1% yoy), implying a 22.1% margin (-1.7 pp yoy). This should mark a solid start to FY 26, with radiopharma continuing to drive the business.

The Medical segment (55% of sales) should again be the key contributor. Q1 26 segment sales look set to grow 13% yoy to EUR 39.0m (eNuW). The prior-year comp is mixed: Q1 25 was affected by the cyber attack, which in our view reduced GalliaPharm sales by c. EUR 4m versus the normal run-rate, while the quarter also included EUR 5m of Ac-225 licence revenues. These two effects should broadly offset each other, leaving GalliaPharm's international expansion, including into Japan, as the main driver of yoy growth in Q1 26. This remains central to the equity story, as Ga-68 is still the most immediate and tangible growth driver within EUZ's radiopharma business.

The IP segment (45% of sales) is not yet expected to contribute much to growth. Q1 26 sales are seen to decline 1% yoy to EUR 33.5m (eNuW). Recent oil price strength linked to the Iran conflict has not yet been reflected in indicators suggesting better demand for EUZ's IP products, with rig count data still not pointing to a sustained recovery (source: Baker Hughes). The investment case does not hinge on an IP recovery in Q1. The relevant growth and margin driver remains radiopharma. In addition, management has already pointed to several IP projects that should support the segment later in the year.

The timing of licence income remains relevant for the 2026 earnings phasing. We do not expect licence income in Q1 26, while the remaining Telix-related licence revenues of EUR 5.6m should arrive later in 2026e, depending on milestone timing (likely by Q4 at the latest). These would come with a 98% incremental EBIT margin (eNuW).

On our Q1 assumptions, EUZ would need 1.5% sales growth and 4.1% adj. EBIT growth across the remaining three quarters to meet its FY 26 guidance. However, the 4.1% headline understates the true operating momentum, as it is measured against a prior-year base that benefited from high-margin licence income. On an underlying basis, excluding licence effects, the implied adj. EBIT growth picks up to c. 12% yoy. This looks achievable, given the supportive radiopharma backdrop. The nuclear medicine market is projected to grow at c. 15% p.a. into 2030e (source: MedRays), and peer BWXT's guidance for high-teens medical growth in 2026 points in the same direction.

EUZ remains a rare picks-and-shovels radiopharma asset, with limited product-specific binary risk and additional upside from Lu-177 and Ac-225 beyond the core Ga-68 growth leg.

Reiterate BUY, PT EUR 23, based on DCF.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=6e5f9aecf999ad7926fb61c97f2b6b6d 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 Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++

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2310826 20.04.2026 CET/CEST

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Quelle: dpa-Afx