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Eckert & Ziegler SE Dr. Harald Hasselmann, CEO J.P. Morgan Healthcare Conference, San Francisco January 14, 2026
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Disclaimer 2slides only for illustration – the spoken word shall be binding This presentation contains forward-looking statements based on the beliefs of Eckert & Ziegler SE management. Such statements reflect current views of Eckert & Ziegler SE with respect to future events and results and are subject to risks and uncertainties. Actual results may vary materially from those projected here, due to factors including changes in general economic and business conditions, the introduction of competing products, lack of market acceptance of new products, services or technologies and changes in business strategy. Eckert & Ziegler SE does not intend or assume any obligation to update these forward-looking statements. The provision of presentations or recordings of webinars is exclusively for internal, business use. Presentations or recordings of webinars may only be passed on to third parties or reproduced with the prior written consent of Eckert & Ziegler SE. The independent production of recordings as well as their subsequent transfer to third parties also requires the prior written consent of Eckert & Ziegler SE. All information contained in this presentation or webinar is provided without guarantee of accuracy, completeness or currency. Any contractual obligation and/or liability in connection with the presentation or webinar, including vis-à-vis third parties, is excluded. Slides only for illustration, the spoken word shall be binding.
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Eckert & Ziegler Group 2024 was the year of worldwide growth ✓ Committed to contributing to saving lives. ✓ Striving for excellence and innovation since 1992 ✓ Providing healthcare professionals with accessible solutions for a positive impact on patients‘ lives worldwide. Berlin, Germany Company Headquarters 17 Locations ~1085 Employees € 295,8 M Revenue slides only for illustration – the spoken word shall be binding 3
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4 Group Executive Committee – Leading expert teams with extensive experience in key areas Dr. Harald Hasselmann CEO slides only for illustration– the spoken word shall be binding Dr. Gunnar Mann Member of the Executive Board Joe Hathcock Chief Operating Officer (IP) Ana Ramirez Vice President Regulatory & Quality Operations (IP) Dr. Dirk Becker Vice President Research & Development (Medical) Julian Schröder Head of Group Controlling Lars Flemmig Vice President Strategy China (Medical) Richard Hunter Director Sales & Marketing (IP) Michael Schmitz Director Sales & Marketing (Medical) Frank Yeager Chief Executive Officer (IP)
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11 Europe € 107,1 million* Size & Scope Around the World – International footprint meets regional / local demand € 40,1 million* Asia, Pacific America € 141,2 million* € 7,5 million* Middle East, Africa *SALES BY REGIONS 2024 slides only for illustration – the spoken word shall be binding 5
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Both Segments contributed to 2024’s (full year) success slides only for illustration – the spoken word shall be binding Medical Isotope Products ▪ 591 employees (as of Dec. 2024) ▪ Revenue (ext.): 147,5 million EUR ▪ Rev. / Employee: ~ 250.000 EUR ▪ EBIT adj.: 31,0 million EUR ▪ 414 employees (as of Dec. 2024) ▪ Revenue (ext.): 148,4 million EUR ▪ Rev. / Employee: ~ 358.000 EUR ▪ EBIT adj.: 39,7 million EUR 56% 44% 50% 50% Revenue EBIT adj. 6
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7 Products – Wide spread of industrial and medical use cases Isotope Products Segment Homeland Defense · Energy sector · Metall and Steel · Paper · Food and Beverages · Environment · Building Materials and Construction · Water and Recycling · Aerospace Technology· Medical Diagnostic Cameras · And many more Measurement and calibration in a wide variety of industries slides only for illustration – the spoken word shall be binding
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8 Isotope Products Segment High Technology for niche markets Industrial radiation sources for measurement technology Blood Irradiator for irradiating blood before transfusion Cesium-137 Krypton-85 density measurement Cesium-137 level measurement Americium-241 / Beryllium oil well logging Tc-99m Generator & Cold Kits for diagnostic imaging using SPECT Recycling of low radioactive waste slides only for illustration – the spoken word shall be binding
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Products – The driving force for imaging and therapy Medical Segment Theranostic · Precision Oncology · RadioligandTherapy 9slides only for illustration – the spoken word shall be binding Source: Int. J. Mol. Sci.2021, 22(9), 4597; https://doi.org/10.3390/ijms22094597
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10 IsoSeed® Loose Iodine-125 Seeds Radiation Therapy Lab Devices Modular-Lab eazy MicroTrace TLC Radionuclide Production Stand-alone modules for radionuclide separation or complete industrial production lines for alpha, beta or gamma emitters and radionuclide generators Hot Cells Medical Segment slides only for illustration – the spoken word shall be binding Additional products increase the customer basis
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11 Medical Segment positively influenced by external market conditions Nuclear Medicine Diagnosing and treating cancer 1. Demography / ageing society 2. Increasing number of new radiopharmaceuticals with demand for isotopes 3. Additional types of cancer that can be treated with radiopharmaceuticals
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12 The Nuclear Medicine Market – Numerous large investments demonstrate huge potential Selected Financing Rounds & Investments 2023 - 2025 Estimated Nuclear Medicine Market Size 2030: 30BN USD * * MedRays Intell 2020 1.4BN USD 175M USD 152M USD UP TO 425M USD 142M USD 4.1BN USD 2.4BN USD 1.7BN USD 1.0BN USD 1.7BN USD 175M USD 300M EUR 175M USD 230M USD 350M USD 250M USD 1.35BN USD 1,0BN USD 132M USD 132M USD 7 BN USD slides only for illustration – the spoken word shall be binding
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13 The Nuclear Medicine Market – Significant increase in demand expected Estimated Nuclear Medicine Market Size 2030: 30BN USD * * MedRays Intell 2020 Source: MedRays Intell 2024 slides only for illustration – the spoken word shall be binding
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14 Core competences meets market developments Yttrium-90 “Pushing Medical Devices” • Global core supplier for Y-90 • APAC expansion ongoing Actinium-225 “The Next Big Therapy Isotope” • Pioneer: GMP grade in 2025 • Various trials ongoing with first commercial drug in 2028 Equipment & Services “Facilitators & Enablers” • Global radiopharmaceuticalmanufacturing • Provision of infrastructure & equipment incl. hot cells Gallium-68 “The Companion Diagnostic Isotope” • Market Leader in Ga-68 generators • Approval in EEA, USA and key international markets • Prerequisite for therapy patient selection Lutetium-177 “The Therapeutic Isotope of the Moment” • EMA approval Q4/2024 • Broadly used (Pluvicto & Lutathera) • Further drug products to be approved soon 30BN USD slides only for illustration – the spoken word shall be binding
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15 Lu-177 / Ac-225 – Large number of clinical trials with potential to drive demand Source: Ancora.ai (03.11.2025) Lu-177: 198 Ac-225: 29 slides only for illustration – the spoken word shall be binding
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16 Lu-177: Approved Therapies will be enriched by advanced pipeline candidates Company Drug Indication Clinical Phase Estimated Market Entry Curium PSMA I&T Prostate 3 2026 Sinotau Pharma DOTATE Neuroendocrine Tumors 2/3 2028 Telix Rosopatamab Prostate 3 2027 ITM DOTATOC Neuroendocrine Tumors 3 2028 Telix Girentuximab Kidney 3 2028 a) Next Potential Candidates for Market Approval b) Market Approved Products Company Drug Indication Market Entry Clinical Trials for Indication Expansion Novartis Lutathera Neuroendocrine Tumors 2017 6 Novartis Pluvicto Prostate 2022 18 slides only for illustration – the spoken word shall be binding
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17slides only for illustration – the spoken word shall be binding Lu-177: Promising sales potential of market-approved therapies Indication* 2025 2030 Patients GBq Lu-177 Sales Patients GBq Lu-177 Sales Prostate Cancer ≈ 13.000 > 520.000 > 104 Mio. EUR ≈ 65.000 >2.6 Mio > 520 Mio. EUR Neuroendocrine Tumors ≈ 6.800 > 270.000 > 54 Mio. EUR ≈ 10.000 > 0,4 Mio > 80 Mio. EUR *taking into account the indications for which market-approved products are currently available
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18 Ac-225: Next potential candidates for market approval will fill the pipeline slides only for illustration – the spoken word shall be binding Company Drug Indication Clinical Phase Estimated Market Entry Fusion Pharma / Astrazeneca FPI-2265 Prostate 2/3 2028 Rayzebio / Bristol Meyer RYZ101 Neuroendocrine Tumors 3 2027 Novartis PSMA-617 Prostate 3 2029 Bayer BAY3546828 Prostate 1 2030 Convergent Rosopatamab Prostate 2 2032
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19 Ac-225: Equivally high sales potential of market-approved therapies slides only for illustration – the spoken word shall be binding Indication* 2029 2034 Patients MBq Ac-225 Sales Patients MBq Ac-225 Sales Prostate Cancer ≈ 5.000 > 200.000 > 90 Mio. EUR ≈ 12.000 > 480.000 > 192 Mio. EUR Neuroendocrine Tumors ≈ 500 > 20.000 > 9 Mio. EUR ≈ 800 > 32.000 > 12,8 Mio. EUR *taking into account the indications for which clinical trials are most advanced
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20 Core Competences – Enabling partners to develop and supply innovative radiopharmaceuticals * 225Ac 177Lu Contract Manufacturing *For confidentialityreasons, only a selection of our customers can be mentioned. The list also shows those with reservation agreements only. slides only for illustration – the spoken word shall be binding
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21 Selected Operational Highlights (2025) – Long-term agreements secure planning stability September 2025 GalliaPharm® Approved in Japan Authorization for Ga-68 generator in Japan through Novartis K.K. for use with Locametz February 2025 Strategic Partnership with Bicycle Therapeutics Supply of various radioisotopes and development as well as manufacturing of radio- pharmaceutical molecules slides only for illustration – the spoken word shall be binding March 2025 Ac-225 Supply Agreement with Actinium Pharmaceuticals Further development of lead product Actimab-A as well as additional early and late-stage candidates July 2025 Selected as US Manufacturer for Archeus Agreement for manufacturing of ART-101 at E&Z’s Boston site to support clinical trial in USA
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22 Selected Operational Highlights (2025) with investment in future business opportunities September 2025 GalliaPharm® Approved in Japan Authorization for Ga-68 generator in Japan through Novartis K.K. for use with Locametz February 2025 Strategic Partnership with Bicycle Therapeutics Supply of various radioisotopes and development as well as manufacturing of radio- pharmaceutical molecules slides only for illustration – the spoken word shall be binding March 2025 Ac-225 Supply Agreement with Actinium Pharmaceuticals Further development of lead product Actimab-A as well as additional early and late-stage candidates July 2025 Selected as US Manufacturer for Archeus Agreement for manufacturing of ART-101 at E&Z’s Boston site to support clinical trial in USA
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23 Selected Operational Highlights (2025) with investment in future business opportunities September 2025 GalliaPharm® Approved in Japan Authorization for Ga-68 generator in Japan through Novartis K.K. for use with Locametz February 2025 Strategic Partnership with Bicycle Therapeutics Supply of various radioisotopes and development as well as manufacturing of radio- pharmaceutical molecules slides only for illustration – the spoken word shall be binding March 2025 Ac-225 Supply Agreement with Actinium Pharmaceuticals Further development of lead product Actimab-A as well as additional early and late-stage candidates July 2025 Selected as US Manufacturer for Archeus Agreement for manufacturing of ART-101 at E&Z’s Boston site to support clinical trial in USA
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Medical EZ strategy pays off 24slides only for illustration – the spoken word shall be binding Group 9M 2025 Sales (in Mio EUR) 224,1 EBIT adj. (in Mio EUR) 50,8 FCF Margin 10 % NET Sales Growth + 4% - 6% + 15% EBIT adj. Growth + 9% - 21% + 27% EBIT Margin 23% 18% 26% Isotope Products Eckert & Ziegler Group Isotope Products Medical
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Group: Medical on track despite ongoing challenges, IP YTD still impacted by H1 shorfall (in Mio. EUR) EBIT adj. Net Sales Net Income (EPS: 0,48 EUR; PY 0,37 EUR) ▪ After challenging H1, Medical strong especially due to the generator business and Ac-225 license deal, IP started to recover in Q3 but still behind prev. year especially with high margin products, still some project related delays ▪ FX adjusted: +7% ▪ Radiopharmaceuticals continue to grow (+17% vs. PY) 4% 9% 28% 25slides only for illustration – the spoken word shall be binding incl. IFRS 5 / excl. IFRS 5 ▪ Medical: EBIT adj. growth exceeds sales growth ▪ Isotope Products: decreased gross margin & weaker product mix vs. PY ▪ Others: improvement vs. PY (+2,8 Mio. EUR), PY: reduction of scope „Wäscherei“ project -0,6 Mio. EUR ▪ EBIT adj. margin: 23%; PY: 22% ▪ Extraordinary: P&L effect restoration of IT infrastructure -1,5 Mio. EUR, PY: preparation of spin-off clinical assets -1,4 Mio. EUR ▪ Financial result & currency effects: -1,0 Mio. EUR (PY: -0,2 Mio. EUR) ▪ Hyperinflation -0,7 (PY: -1,5 Mio. EUR) 215,5 224,1 9M 2024 9M 2025 46,7 50,8 9M 2024 9M 2025 23,4 29,9 29,3 29,9 9M 2024 9M 2025
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Medical: Strong performance in core business, still some challenges to overcome (in Mio. EUR) EBIT adj. Net Sales (external only) Net Income ▪ FX adjusted: +16% ▪ Highlights: +7 Mio. in Generators, +5 Mio. Ac-225 technology, strong development in CDMO +4 Mio. ▪ Radiation Therapy +1 Mio. EUR, Lab. Equipment and Engineering on PY ▪ Gross profit: 57,6 Mio. EUR +9,0 Mio. EUR vs. PY (+18%) ▪ Gross margin: 48%, +2pp vs. PY, positively affected by license deal in Q1 ▪ EBIT adj. margin: 26%; PY: 23% (considering segment sales incl. IC) ▪ P&L effect restoration of IT infrastructure -0,2 Mio. EUR ▪ Financial result and currency effects: -1,1 Mio EUR (PY: -0,4 Mio. EUR ) ▪ Interest -0,6 Mio EUR (PY: -0,6 Mio. EUR ) 15% 27% 19% 26slides only for illustration – the spoken word shall be binding Medical 53% 104,5 119,7 9M 2024 9M 2025 24,6 31,1 9M 2024 9M 2025 15,4 18,3 9M 2024 9M 2025
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Isotope Products: Starting to recover in Q3 (in Mio. EUR) EBIT adj. Net Sales (external only) Net Income ▪ FX adjusted -1% / Q3 sales +4% vs. PY ▪ Industrial sales (incl. OWL) way below PY (-13%) (high margins) ▪ Strong Isotope (+16% vs. PY) and SPECT (+4%) sales (lower margins) ▪ Life Cycle Services and HARS behind PY due to the scheduling of various projects and cyberattack, orders partially pushed into 2026 (-13% vs. PY) ▪ Still project-related delays due to the cyberattack ▪ Gross profit: 49,2 Mio. EUR -6,1 Mio. EUR vs. PY (-11%) – Improved compared to H1 (-18% vs. PY) ▪ Gross margin: 44%, -3pp vs. PY – weaker product mix ▪ EBIT adj. margin: 18%; PY: 22% (considering segment sales incl. IC) ▪ P&L effect restoration of IT infrastructure -0,9 Mio. EUR ▪ Financial result and currency effects: 0,2 Mio. EUR (PY: 0,2 Mio. EUR ) ▪ -0,7 Mio. EUR Hyperinflation (IAS 29) (PY: -1,5 Mio. EUR ) ▪ -0,3 Mio. EUR interest (PY: -0,4 Mio. EUR ) -6% -21% -27% 27slides only for illustration – the spoken word shall be binding Isotope Prod. 47% 111,0 104,4 9M 2024 9M 2025 25,5 20,2 9M 2024 9M 2025 17,1 12,5 9M 2024 9M 2025
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28slides only for illustration – the spoken word shall be binding EBIT adj. (+9% vs. 2024) “EBIT before special items from continuing operations“ (short: EBIT adjusted) will be used as a second performance indicator in addition to sales, instead of net profit for the year. The focus on these two parameters provides a better assessment of the operating performance of the core business excluding special items, i.e. without effects that are special in terms of their nature and amount for the management of the Group. These include financial and currency results, losses in accordance with IAS 29 (hyperinflation), acquisition costs, divestments, impairment losses or restructuring. When calculating this key figure, the EBIT is increased by extraordinary expenses and reduced by extraordinary income. 9M/2025 9M/2024 9M/2025 9M/2024 9M/2025 9M/2024 9M/2025 9M/2024 EBIT reported (from continuing operations) 29,8 24,2 18,8 24,2 -0,9 -3,4 47,6 45,0 financial result 0,3 0,5 -0,4 0,0 0,1 0,0 0,0 0,5 currency effects 0,8 -0,1 0,2 -0,2 0,0 0,0 1,0 -0,4 IAS29 (hyperinflation) 0,0 0,0 0,7 1,5 0,0 0,0 0,7 1,5 acquisition 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 divestment 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 impairment losses 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 restructuring 0,2 0,0 0,9 0,0 0,3 0,0 1,5 0,0 EBIT adjusted 31,1 24,6 20,2 25,5 -0,5 -3,3 50,8 46,7 in Mio. EUR Medical Isotope Products Others Total
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Group revenue per region (in Mio. EUR): Europe and Americas still in forefront Americas Europe Asia Middle East & Africa ▪ Largest markets: Germany 24 Mio. EUR (on PY), followed by UK/IRL 12 Mio. EUR (on PY) ▪ Strongest abs. growth in BeNeLux +2 Mio, Scandinavia +2 Mio. and Italy +2 Mio. -7% 28% ▪ USA largest market worldwide, 79 Mio. EUR, (-8 Mio. vs. PY) ▪ South America 18 Mio. EUR (on. PY) ▪ China largest growth (+7 Mio., >100%) ▪ Rest of Asia +8% vs. PY ▪ +28% vs. PY ▪ good growth, but at a low level 29slides only for illustration – the spoken word shall be binding 8% 30% 75,3 81,7 9M 2024 9M 2025 106,6 99,1 9M 2024 9M 2025 28,4 36,8 9M 2024 9M 2025 5,1 6,6 9M 2024 9M 2025 Europe 37% Americas 44% Asia 16% Middle East & Africa 3%
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Radiopharmaceuticals: Runrate +7% vs. PY, expected to keep growing (in Mio. EUR) +7% 30slides only for illustration – the spoken word shall be binding Radiopharmaceuticals: ▪ Pharmaceutical grade bulk radioisotopes (Y-90, Lu-177, Ac-225) ▪ Pharmaceutical grade generators (Ga-68, Tc-99) ▪ Cold Kits ▪ Contract development services ▪ Contract manufacturing services ▪ Radiopharmaceutical production equipment 55,3 78,1 108,2 118,511,1 6,9 17,2 15,9 18,5 23,1 37,5 44,7 47,8 66,4 85,0 125,3 134,4 ~150,0 2017 2018 2019 2020 2021 2022 2023 2024 2025 extrapol. 2025 Guidance
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Radiopharmaceuticals to grow by 17% (2025 vs. 2024, in Mio. EUR) +4% 31slides only for illustration – the spoken word shall be binding +33% +17% 17,9 21,1 22,1 23,9 28,4 29,5 28,6 38,8 29,6 39,2 32,0 Q1 Q2 Q3 Q4 2023 2024 2025 +12%
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Strong Balance Sheet as of September 30, 2025: Equity ratio 52% 32slides only for illustration – the spoken word shall be binding Cash/Stocks 121 Equity 232 Receivables 50 Minority Interests 2 Inventory 47 IFRS 16 Leasing 31 IFRS 16 Leasing 29 Accruals/Provisions 100 Intangible Assets 45 Loan liabilities 15 Fixed Assets 101 Other Short Term Payables 68 Assets held for sale 0 Other Long Term Payables 5 Others 58 Liabilities related to assets held for sale 0 Total Assets 452 Total Liabilities 452
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Key Figures demonstrate the basis for future success 33slides only for illustration – the spoken word shall be binding 9M 2025 9M 2024 Changes to PY in Mio. EUR in Mio. EUR in % EBIT adjusted 50,8 46,7 + 8,6 Cash flow from operating activities1 39,7 45,1 - 12,0 Payments for intangible assets and property, plant and equipment1 2 17,3 12,3 + 40,9 FCF-Margin 10% 15% -5,2 pp ROCE 18% 16% +2,0 pp Cash and Cash equivalents and securities1 121,0 97,6 + 24,0 Loan Liabilities 15,0 21,6 - 30,6 Equity ratio 52% 52% -0,4 pp Headcount 1.112 1.143 - 2,7 1 from continuing operations only 2 change to previous publications: w as "Cash flow from investing activities" in the Cash Flow Statement referred to as "Investments" now "payments for intangible assets and property, plant and equipment"
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9M 2025 Financial Overview 34 9M 2024 € 215,5 M 9M 2025 € 224,1 M Revenue Cash Flow from op. Activities* EBIT adj. Cash Balance and Securities* Equity Ratio € 39,7 M € 50,8 M € 121,0 M 51,6 % -12% vs. previous year +9 % vs. previous year +24 % vs. previous year -0,4 pp vs. previous year * from continuing operations only slides only for illustration – the spoken word shall be binding
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Guidance 2025 remains unchanged (FY2025 and Guidance 2026 to be published March 26, 2026) 35slides only for illustration – the spoken word shall be binding in Mio. EUR 2023 2024 2025 Guidance Change to PY abs. in % Net Sales (Group) 246 296 320 +24 +8% EBIT adjusted 47 66 78 +12 +18% Medical 25 40 51 +11 +28% Isotope Products 24 31 30 -2 -5% Others -3 -5 -3 +2 -48%
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Historical guidance track record | Management exceeding market expectations 36slides only for illustration – the spoken word shall be binding Source: Berenberg Initiation 2025
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37 Financial calendar and IR-contact ▪ January 19, 2026 Kepler Cheuvreux gcc, Frankfurt ▪ March 26, 2026 Annual Financial Statements 2025 ▪ April, 14-16., 2026 Metzler Small Cap Days 2026, Frankfurt ▪ May 12,2026 Quarterly Report I/2026 ▪ May 19, 2026 Berenberg European Conference 2026, New York ▪ May 21-22, 2026 Cantor European Summit, Hamburg ▪ June 24, 2026 Annual General Meeting, Berlin ▪ August 13, 2026 Half Year Report 2026 ▪ November 12, 2026 Quarterly Report III/2026 (subject to changes) Eckert & Ziegler SE Karolin Riehle Investor Relations & PR Robert-Rössle-Str. 10 D-13125 Berlin Tel. +49 30 94 10 84-138 karolin.riehle@ezag.de www.ezag.de ISIN DE0005659700 slides only for illustration – the spoken word shall be binding
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Thank you!