Stratec (SBS) investor relations material

Executive summary

• H1 2025 sales grew 5.2% year-over-year to €118.6 million, driven by high development activity and stabilization in analyzer systems, though FX headwinds pressured margins and bottom line.

• Service parts, consumables, and development/services contributed most to H1 growth, with a shift to analyzer systems expected in H2.

• Significant progress in development partnerships and a strong increase in the deal pipeline for system development.

• Full-year outlook and guidance confirmed, with performance in line with intra-year expectations.

• Workforce remained stable at 1,416 employees as of June 30, 2025.

Financial highlights

• H1 2025 sales increased by 5.2% year-over-year to €118.6 million (+5.8% at constant currency), mainly due to strong Q1 and development business.

• Adjusted EBITDA declined 7.8% to €16.1 million; margin fell 190 bps to 13.6%.

• Adjusted EBIT dropped 14.1% to €8.5 million; margin down 160 bps to 7.2%.

• Adjusted consolidated net income declined 11.2% to €5.0 million; adjusted EPS down 10.9% to €0.41.

• Cash flow from operating activities was negative at €-5.8 million, impacted by higher taxes and increased working capital.

Outlook and guidance

• Full-year sales growth expected in the low to mid-high single-digit percentage range at constant currency, with adjusted EBIT margin guidance at 10–12%.

• Significant revenue and margin improvement anticipated in H2, especially Q4, driven by higher system sales and improved economies of scale.

• Investments in tangible and intangible assets forecasted at 8–10% of sales.

• Focus on cost discipline, market expansion, M&A pipeline, and improved cash flow dynamics.

• Forecasts subject to increased uncertainty due to post-pandemic effects, geopolitical risks, and customer order volatility.