Euclid Quick Data Release (Q1): V. Photometric redshifts and physical properties of galaxies through the PHZ processing function

The ESA Euclid mission will measure the photometric redshifts of billions of galaxies in order to provide an accurate 3D view of the Universe at optical and near-infrared wavelengths. Photometric redshifts are determined by the PHZ processing function on the basis of the multi-wavelength photometry of Euclid and ground-based observations. In this paper, we describe the PHZ processing used for the Euclid Quick Data Release, the output products, and their validation. The PHZ pipeline is responsible for the following main tasks: source classification into star, galaxy, and QSO classes based on photometric colours; determination of photometric redshifts and of physical properties of galaxies. The classification is able to provide a star sample with a high level of purity, a highly complete galaxy sample, and reliable probabilities of belonging to those classes. The identification of QSOs is more problematic: photometric information seems to be insufficient to accurately separate QSOs from galaxies. The performance of the pipeline in the determination of photometric redshifts has been tested using the COSMOS2020 catalogue and a large sample of spectroscopic redshifts. The results are in line with expectations: the precision of the estimates are compatible with Euclid requirements, while, as expected, a bias correction is needed to achieve the accuracy level required for the cosmological probes. Finally, the pipeline provides reliable estimates of the physical properties of galaxies, in good agreement with findings from the COSMOS2020 catalogue, except for an unrealistically large fraction of very young galaxies with very high specific star-formation rates. The application of appropriate priors is, however, sufficient to obtain reliable physical properties for those problematic objects. We present several areas for improvement for future Euclid data releases.