Sartorius (SRT) Q3 2024 earnings summary

Executive summary

• Nine-month 2024 sales revenue was nearly flat year-over-year, with order intake up 6.6% and robust profitability; recurring business and consumables drove growth, while equipment demand remained soft, especially in China.

• Efficiency program delivered increasing benefits, with the largest impact expected in Q4; free cash flow rose due to reduced working capital and capex.

• Guidance for full-year 2024 is confirmed, reflecting confidence in Q4 performance and stable outlook.

Financial highlights

• Group sales revenue for nine months: €2,474 million, down 2.8% reported or 2.0% FX-adjusted; order intake: €2,326 million, up 6.6%.

• Underlying EBITDA: €686 million, margin at 27.7% (Q3 margin 27.1%); underlying EPS (ord.): €3.01, down 24.6%.

• Free cash flow rose to €280 million for nine months, with Q3 contributing €180 million; operating cash flow up 13% to €613 million.

• Capex as a percentage of sales is down to 12.9% after three quarters.

Outlook and guidance

• Full-year 2024 guidance confirmed: flat sales revenue for group and both divisions, EBITDA margin of 27–29% for group.

• Bioprocess Solutions margin expected at 28–30%; Lab Products & Services at 22–24%; capex ratio around 12%.

• Net debt to underlying EBITDA anticipated around 4 at year-end.