More to FY26 than meets the eye, chg.

Both segments should support underlying EBIT growth in 2026. In Medical (60% of adj. group EBIT), momentum in high-margin isotope sales and CDMO should continue, with Ga-68 benefiting from a broader regional footprint and therapeutic isotope demand increasing with pipeline activity. In Isotope Products (40% of adj. group EBIT), earnings should recover from a weak 2025 base as delayed project business normalises and demand from energy customers improves. Excluding licence revenues, the group guidance implies a strong 65% incremental adj. EBIT margin, driven by an improving product mix.

Positive Lu-177 and Ac-225 newsflow reinforces our confidence in EUZ’s radiopharma positioning. On the Lu-177 side, Telix reported that Part 1 of ProstACT Global met its primary objectives. This is directly relevant for EUZ, as the company acts as European CMO for the Phase III study and supplies the full European patient base with Lu-177. On the Ac-225 side, Bayer reported encouraging first-in-human PAnTHa data for 225Ac-PSMA-Trillium, with no dose-limiting toxicities and 83% of patients at the selected dose seeing their PSA, a key prostate cancer blood marker, fall by at least 50%. For EUZ, this is a positive read-across for the broader Ac-225 case.

While oil well logging remains a smaller earnings lever, the current oil backdrop adds upside optionality that is not reflected in our estimates. Baker Hughes data already showed international rig count up slightly in February, and the recent Iran-driven supply shock has pushed crude prices higher. If elevated oil prices persist, additional drilling activity could follow, supporting incremental isotope demand for EUZ.

In sum, we continue to see EUZ as an attractive way to gain exposure to the structural growth of radiopharma. The FY26 guidance confirms a stronger underlying growth profile, with an improving product mix supporting margins. Beyond this, Ac-225 offers meaningful medium-term upside. With € 115m net cash, the balance sheet remains a source of strategic flexibility. The shares trade at only 18x 2026e earnings (eNuW), a 45% discount to the 5-year median.

Maintain BUY, unchanged PT € 23, based on DCF.