Sartorius (SRT) Q2 2026 earnings summary

Executive summary

• Achieved operational sales growth of 7.7% year-over-year in H1 2026, led by high-margin consumables and services, with equipment and instruments stabilizing and returning to slight growth.

• All regions contributed positively, with Asia/Pacific showing the strongest growth at 12.1% in constant currencies, supported by recovery in China; Americas faced headwinds from tariff-related compensation and project delays.

• Underlying EBITDA increased by 3.9% to €548 million, with margin rising to 30.3% from 29.8% year-over-year.

• Free cash flow improved 70.4% to €208 million, supporting deleveraging efforts.

• Management confirmed full-year 2026 guidance despite technical impacts from U.S. tariff refunds and compensation.

Financial highlights

• Group sales revenue rose 2.5% year-over-year to €1,811 million (6.2% in constant currencies, excluding tariff compensation effects).

• Underlying net profit increased by 2.0% to €172 million; reported net profit surged 50.9% to €122 million.

• Operating cash flow up 25.9% to €364.4 million; free cash flow up 70.4% to €208 million.

• Underlying EPS (ordinary) up 2.0% to €2.49.

• EBIT increased by 18.0% to €317.9 million; EBIT margin rose to 17.6%.

Outlook and guidance

• FY 2026 guidance confirmed: group sales revenue growth of 5–9% in constant currencies, underlying EBITDA margin slightly above 30%.

• Bioprocess Solutions expected to grow 6–10% with margin slightly above 32%; Lab Products & Services to grow 2–6% with margin slightly below 21%.

• Capex ratio expected at prior-year level (~12.5%); net debt/underlying EBITDA slightly above 3.

• Guidance incorporates up to €40 million revenue reduction from U.S. tariff compensation and reflects ongoing industry volatility and potential tariff changes.

• New mid-term targets: organic sales growth of 8–11% per year at Group level from 2027, with margin expansion of 50–75 basis points annually.