Sartorius Stedim Biotech (DIM) investor relations material

Executive summary

• Group revenue grew 6% in constant currencies in H1 2025, driven by strong consumables demand and margin expansion; all regions contributed to growth.

• Underlying EBITDA increased up to 19.3% year-over-year, with margin approaching or reaching 31%.

• Bioprocessing solutions (BPS) sales rose up to 9.4% year-over-year, led by recurring business; equipment business remained soft.

• Lab Products and Services (LPS) recurring business performed solidly, but overall sales declined due to customer hesitation on capital investments.

• Mattek acquisition closed July 1, contributing positively to LPS from H2 onward.

Financial highlights

• Sales up 6.1% in constant currency to €1.77 billion; underlying EBITDA grew 11.9% to €527 million, margin up to 29.8%.

• Underlying EPS increased by up to 36.8%; reported net profit up as much as 48.2%.

• Free cash flow rose to €122 million; CapEx ratio dropped to 9.1%.

• Operating cash flow at €289 million, down year-over-year due to higher working capital needs.

• Book-to-bill ratio above 1, indicating healthy order intake.

Outlook and guidance

• 2025 guidance confirmed: group expects 6–7% revenue growth in constant currencies; BPS at 7%, LPS at 1%, all with ±2% range.

• Underlying EBITDA margin guidance: 29–31% for group, 31–32% for BPS, 22–23% for LPS.

• Capex-to-sales ratio forecast at ~12.5–13%; net debt/EBITDA expected to decrease to 2.5–3.5 by year-end.

• Mattek acquisition to add ~1% to LPS full-year revenue.

• Guidance excludes potential tariff impacts; management expects limited effect from new US/EU tariffs.