Sartorius (SRT) Q1 2025 earnings summary

Executive summary

• Q1 2025 sales revenue grew 6.5% in constant currencies to €883 million, driven by strong consumables demand in Bioprocess Solutions, while equipment and Lab Products & Services remained muted.

• Underlying EBITDA rose 12.2% to €263 million, with margin improving to 29.8% from 28.6% in Q1 2024, supported by scale, product mix, and efficiency programs.

• Robust order intake and book-to-bill ratio well above 1 for both divisions indicate strong future demand.

• The acquisition of MatTek, a provider of advanced 3D cell models, for approximately $80 million, is expected to close in Q2 2025 and aligns with innovation strategy and regulatory shifts reducing animal testing.

• Underlying net profit increased 21.4% to €85 million; underlying EPS for ordinary shares was €1.22.

Financial highlights

• Group sales revenue reached €883 million, up 7.7% in reporting currencies; underlying EBITDA grew 12.2% to €263 million.

• Operating cash flow surged to €139 million, tripling year-over-year; free cash flow turned positive at €61 million.

• Capex ratio decreased to 8.6% from 15.7% year-over-year; group CapEx ratio expected at 12.5% for the year.

• Equity ratio stood at 38%; net debt to underlying EBITDA improved to 3.9 from 4.0 at year-end.

• Underlying EPS (ord.) rose 21.5% to €1.22; underlying earnings per preference share: €1.23.

Outlook and guidance

• 2025 group sales revenue growth expected at approximately 6% (±2%), with EBITDA margin guidance of 29%-30%.

• Bioprocess Solutions projected at ~7% sales growth, Lab Products & Services at ~1%, with respective EBITDA margins of 31%-32% and 22%-23%.

• CapEx ratio around 12.5%; net debt to underlying EBITDA targeted to decrease to 3.5% by year-end.

• Guidance excludes potential tariff impacts; volatility and geopolitical risks are noted as uncertainties.