Sartorius (SRT) investor relations material

Executive summary

• Q1 2026 saw strong sales and recurring business growth in both divisions, with all regions contributing positively and resilient profitability despite external headwinds.

• Strategic focus is on executing new midterm financial targets and driving innovation, highlighted by launches in cell therapy manufacturing and cell line development.

• Underlying EBITDA margin remained resilient at 29.7%, with underlying EBITDA up 1.6% to EUR 267 million.

• Free cash flow and operating cash flow increased significantly, supporting ongoing deleveraging and future investments.

Financial highlights

• Q1 2026 group sales revenue rose 7.5% in constant currencies (1.8% reported) to EUR 899 million.

• Underlying EBITDA increased 1.6% to EUR 267 million; EBITDA margin was 29.7%.

• Reported net profit up 16% year-over-year to EUR 56 million; underlying net profit slightly decreased due to higher depreciation.

• Operating cash flow surged 35.8% to EUR 189 million; free cash flow rose 84.6% to EUR 113 million.

• CapEx ratio at 8.6% for Q1, with full-year CapEx expected at 12.5% of sales.

• Net debt decreased to EUR 3.727 billion; leverage ratio improved to 3.53x.

Outlook and guidance

• Full-year 2026 group sales growth expected at 5%-9% in constant currencies; EBITDA margin slightly above 30%.

• Bioprocess Solutions (BPS) sales growth guided at 6%-10%, margin slightly above 32%.

• Lab Products & Services (LPS) sales growth expected at 2%-6%, margin slightly below 21%.

• CapEx ratio to remain around prior year; net debt/EBITDA targeted to decrease to slightly above 3x by year-end.

• Guidance reflects ongoing industry volatility, geopolitical uncertainty, and excludes potential changes in U.S. tariffs.

• FX headwinds expected: -2.5pp in Q2, -4pp for H1, and -2pp for full year.

• Second half of 2026 expected to be stronger than first half, supported by order book and market trends.