Sartorius (SRT) Q2 2025 earnings summary

Executive summary

• Group revenue increased by 6.1% in constant currencies to €1,767 million in H1 2025, driven by strong recurring consumables demand and robust Bioprocess Solutions performance, while Lab Products & Services faced headwinds from weak capital investment.

• Underlying EBITDA rose 11.9% to €527 million, with margin expanding to 29.8%.

• Net profit for H1 2025 increased 34.9% to €124.4 million; underlying net profit up 13.7% to €169 million; EPS for ordinary shares reached €2.44.

• Several new products launched to enhance customer efficiency and productivity in molecule development and drug manufacturing.

• Full-year 2025 guidance confirmed, reflecting confidence in continued growth and margin expansion.

Financial highlights

• Sales revenue: €1,767 million, up 6.1% in constant currencies; underlying EBITDA: €527 million, margin 29.8%.

• Underlying EPS increased by ~13.5% to €2.44; net profit up 34.9% to €124.4 million.

• Free cash flow increased 13% to €122 million; CapEx ratio at 9.1%.

• Operating cash flow at €289 million, down from €347 million last year due to higher working capital.

• Equity ratio at 37.8%; net debt/EBITDA improved to 3.8 from 4.0 at year-end 2024.

Outlook and guidance

• 2025 guidance confirmed: organic sales growth of ~6% for Group, ~7% for Bioprocess Solutions, ~1% for Lab Products & Services.

• Underlying EBITDA margin expected at 29–30% for Group, 31–32% for Bioprocess Solutions, 22–23% for Lab Products & Services.

• CapEx ratio projected at ~12.5%; net debt/EBITDA targeted to decrease to ~3.5.

• MatTek acquisition to add ~1% to Lab Products & Services revenue.

• Guidance excludes potential tariff impacts.