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

19.10.2026 / 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 21.50 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller

Q3 preview: earnings to regain momentum

Q3 should show firmer earnings momentum at EUZ. Recovering Isotope Products profitability is set to drive Q3 earnings growth, with rising Lu-177 sales and licence income adding momentum into year-end. Following recent share price weakness, the stock trades at c. 7x FY26e EV/EBITDA, effectively pricing in no growth despite EUZ's position as an independent supplier to the expanding radiopharma market (eNuW).

Therapeutic isotope demand supports the growth outlook. Market forecasts from Telix imply c. 23% CAGR for Lu-177 and c. 45% for Ac-225 through 2035, reaching risk-adjusted market values of $ 2.1bn and $ 1.4bn. These market potential figures reinforce the therapeutic isotope upside embedded in EUZ. From a low base (eNuW: low single-digit EURm in 2025e for Lu-177 plus Ac-225 combined, excl. licence fees), EUZ stands to benefit as volumes industrialise, given its proven supplier positioning. We model EUR 25m sales each for Lu-177 and Ac-225 by 2030e, supporting the long-term growth angle.

Telix's planned acquisition of ITM has also put the future role of independent isotope suppliers in focus. We do not expect every big pharma group to take isotope production in-house. Consistent purity, GMP validation and reliable output at scale create high barriers to entry. Some will accept the capital and execution risk to secure supply and capture manufacturing margins. Yet vertical integration has not stopped CATL, HENSOLDT or TSMC from becoming leaders in their respective markets. Acquisitions can also bring established suppliers straight into big pharma's supply chains: Lilly acquired POINT with a ten-year EUZ Lu-177 supply agreement already in place (eNuW).

Medical's growth drivers to remain intact in H2. Lilly is likely to drive EUZ's near-term Lu-177 ramp-up: we expect FY26 sales of EUR 7-8m (vs. c. EUR 2m in FY25), weighted towards H2, with c. EUR 15m realistic in FY27 (eNuW). We see generator growth holding at c. 10% CAGR over the coming years despite Curium's entry, as expanding use of Ga-68 diagnostics supports demand. New order wins should also point to a recovery in plant engineering after a weaker H1 (eNuW).

Q3 should mark a return to adjusted EBIT growth. Group sales look set to increase 4.6% yoy to EUR 78.8m (eCons: EUR 79.3m). Adj. EBIT should outpace sales growth, rising 18.2% yoy to EUR 18.2m (eCons: EUR 18.8m), implying a 23.1% margin (+2.6pp yoy). Medical is projected to generate sales of c. EUR 40m (+2% yoy) and adj. EBIT of c. EUR 11m (+43% yoy; eNuW). IP sales are expected to reach c. EUR 39m (+7.5% yoy), with adj. EBIT recovering 23% qoq to c. EUR 8m (+1% yoy; eNuW).

Importantly, our Q3 estimates contain no licence revenues, leaving an additional earnings driver for Q4. We expect at least EUR 3m at close to full margin, with up to EUR 5.6m possible and any remainder moving into 2027e (eNuW).

BUY, PT EUR 21.50, based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=ba6b32c3036af855aa1afd1e3c5d399a For additional information visit our website: https://www.nuways-ag.com/research

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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2417640 19.10.2026 CET/CEST

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Quelle: dpa-Afx