Bruker (BRKR) investor relations material

Quarterly performance and outlook

• Strong order performance in Q1, with book-to-bill above 1.0 for three consecutive quarters, driven by semiconductor metrology and robust academic/government demand outside the U.S.

• Organic revenue declined in Q1 as expected, with challenges in China and U.S. academic/government sectors, but a pivot to organic growth is anticipated starting Q2.

• EPS outperformed expectations, and the company is positioned for renewed growth through 2026.

Academic and government markets

• U.S. academic/government market remains challenged due to funding delays, with most orders tied to high-ticket instruments; funding is expected to impact 2027 more than 2026.

• Europe and Asia saw over 20% order growth in A&G, with healthy and durable trends, though not expected to sustain at that high level every quarter.

• U.S. market recovery is expected to be gradual, with funding delays similar to prior years.

Biopharma and regional trends

• Biopharma performance was mixed, with stronger results in Europe and Asia compared to the U.S.; biotech exposure in the U.S. is limited.

• China is showing positive order trends, with expectations for low to mid double-digit structural growth in coming years, supported by government funding and a strong commercial footprint.

• High-end instruments remain competitive in China, especially in proteomics and multi-omics, despite some local competition in diagnostics and microscopy.