Sartorius (SRT) Q3 2025 earnings summary

Executive summary

• Sales grew by 7.5% in constant currencies to €2,611 million, driven by strong consumables demand and operational execution across all regions, despite FX headwinds.

• Underlying EBITDA margin expanded by 2 percentage points to 29.7%, with underlying EBITDA up 12.8% to €774 million.

• Growth was led by double-digit increases in high-margin recurring business, while equipment and instruments business stabilized.

• Leverage ratio reduced as planned, with a commitment to maintaining investment-grade rating.

• CEO transition completed smoothly, with continued focus on strategic evolution and customer-centric innovation.

Financial highlights

• Sales revenue reached €2,611 million (+7.5% cc), with underlying EBITDA up 12.8% to €774 million and margin at 29.7%.

• Underlying EPS rose 17% to €3.52; reported net profit up 66% to €125 million.

• Operating cash flow was €511 million; free cash flow €200 million, both lower year-over-year due to higher working capital and capex.

• CapEx ratio increased to 11.7% of sales for the nine-month period.

• Q3 sales revenue up 6.2% year-over-year to €843 million; Q3 underlying EBITDA up 14.8% to €247 million.

Outlook and guidance

• Full-year 2025 group sales growth expected at around 7% in constant currencies, with Group EBITDA margin slightly above 29.5%.

• Bioprocess Solutions sales growth forecast at 9%; Lab Products & Services expected to be flat.

• CapEx ratio for the year anticipated at 12.5% of sales; net debt to underlying EBITDA ratio targeted to decrease to approximately 3.5x by year-end.