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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Stratec
Stratec (SBS) investor relations material
Stratec Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
9M sales fell 6.1% reported and 5.0% at constant currency to €164.9m; adjusted EBIT rose 6.5% to €13.7m, with adjusted margin up 100 bps to 8.3%.
Operating cash flow improved to €39.4m from -€1.4m, supported by working-capital management and lower receivables.
Diatron sale shifts FY2026 guidance to continuing operations; the exit is expected to strengthen the structural margin profile.
Financial highlights
Q3 revenue was €52.4m, down 8.1% reported; adjusted EBIT grew 36.7% to €5.9m and adjusted net income rose 59.8% to €3.4m.
9M adjusted EBITDA rose 4.4% to €25.3m; margin increased 150 bps to 15.3%. Q3 adjusted EBITDA rose 17.7% to €9.6m; margin increased 410 bps to 18.4%.
9M adjusted net income rose 5.7% to €7.5m and adjusted EPS increased 6.9% to €0.62; Q3 adjusted EPS was €0.28, up 64.7%.
Reported 9M net loss was €38.1m versus net income of €4.1m; basic EPS was -€3.13 versus €0.34.
9M free cash flow was €30.6m versus -€14.8m; operating cash flow was €39.4m versus -€1.4m.
Outlook and guidance
FY2026 continuing-operations sales are expected stable to slightly higher at constant currency, against FY2025 pro forma sales of €223.5m excluding Diatron.
FY2026 continuing-operations adjusted EBIT margin guidance is 13.0%–15.0%; tangible and intangible investment is forecast at 5.0%–7.0% of sales, expected at the lower end.
Recast 9M continuing-operations sales were €151.8m versus €157.4m; adjusted EBIT was €20.3m versus €17.2m, with margin at 13.4% versus 10.9%.
~€76m of Q4 sales is required to reach the FY sales-guidance midpoint; guidance assumes no service-parts recovery from the 9M run rate.
Strong Q4 systems and Development and Services activity is supported by binding orders and contracted work, though timing for some volumes remains uncertain.
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Latest events from Stratec
- Q2 momentum and systems growth support unchanged guidance and ambitious margin targets.SBS
Investor presentation - HI 2026 saw robust system sales and improved cash flow, with growth and profitability targets reaffirmed.SBSInvestor presentation
- H1 2026 sales reached €112.5 million, with strong system growth and a robust outlook for 2026.SBSInvestor presentation
- Strong recurring revenues, robust growth targets, and ambitious ESG goals drive future outlook.SBSInvestor presentation
- Q2 2026 rebound and strong system sales drove improved cash flow and confirmed growth guidance.SBSQ2 2026
- Q1 2026 sales and margins fell, but cash flow improved; growth targets and ESG goals remain strong.SBSCorporate presentation
- Sales declined in Q1 2026, but strong cash flow and a robust growth pipeline support future targets.SBSInvestor presentation
- Sales and margins fell, but free cash flow surged and 2026 guidance was reaffirmed.SBSQ1 2026
- Recurring revenue dominates as growth resumes in 2025, driven by innovation and M&A focus.SBSHealth Care Conference
Next Stratec earnings date
Q4 202625 Mar, 2027
Stratec
Next Stratec earnings date
Q4 202625 Mar, 2027
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Frequently asked questions
Stratec SE, headquartered in Birkenfeld, Germany, specializes in designing and manufacturing automation and instrumentation solutions primarily for the in-vitro diagnostics and life sciences sectors. The company operates through three main segments: Instrumentation, Diatron, and Smart Consumables. The Instrumentation segment focuses on automated analyzer systems for clinical diagnostics and biotechnology customers. Diatron provides systems, components, consumables, and tests tailored to low throughput hematology and clinical chemistry applications. The Smart Consumables segment develops and manufactures products used in diagnostics, life sciences, and medical technologies, including items like smart laboratory consumables. The company is headquartered in Birkenfeld, Germany, and its shares are listed on the XETRA.