Sartorius (SRT) Q2 2025 earnings summary

Executive summary

• Group revenue grew 6–6.1% in constant currencies to €1,767–1,767.3 million in H1 2025, led by strong recurring consumables, while equipment sales remained soft.

• Underlying EBITDA increased 11.9–12% to €527–527.3 million, with margin expansion to 29.8%.

• Bioprocess Solutions (BPS) sales rose 7.8–9% in constant currencies, driven by consumables; Lab Products & Services (LPS) declined 4–4.8% due to weak capital investment.

• Net profit for H1 2025 increased 33–34.9% to €124.4 million; underlying net profit up 13.5–13.7% to €168.7–169 million.

• Full-year 2025 guidance confirmed, reflecting confidence in order book and customer dialogue.

Financial highlights

• Group sales reached €1,767–1,767.3 million, up 6.1% in constant currencies and 5.2% in reported currency.

• Underlying EBITDA grew 11.9% to €527–527.3 million; margin up 1.7pp to 29.8%.

• Underlying EPS increased by 13.5% to €2.44; net result after non-controlling interest up 33% to €81 million.

• Operating cash flow was €289–289.4 million, down from prior year due to higher working capital; free cash flow rose 13% to €122 million.

• CapEx ratio at 9.1%, with investments in research and production infrastructure totaling €161 million.

Outlook and guidance

• Group revenue expected to grow ~6% in constant currencies for 2025; BPS by ~7%, LPS by ~1%, all with ±2pp range.

• MatTek acquisition to add ~1pp to LPS revenue in H2.

• EBITDA margin guidance: 29–30% for group, 31–32% for BPS, 22–23% for LPS.

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

• Guidance excludes potential tariff impacts.