Sartorius (SRT) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue reached EUR 2,737.2m, with 8.1% operational growth excluding tariff compensation; both divisions contributed.

• Underlying EBITDA rose 6.9% to EUR 827.8m and margin expanded to 30.2%; free cash flow increased 55.2% to EUR 310m as leverage declined.

• Recurring consumables remained the main growth driver, while equipment sales continued recovering.

• FY guidance was maintained for the Group and BPS; LPS margin guidance and the capex ratio outlook were refined.

Financial highlights

• 9M revenue was EUR 2,737.2m, up 4.9% reported, 6.9% in constant currencies including tariff compensation, and 8.1% operationally excluding it.

• Underlying EBITDA increased 6.9% to EUR 827.8m; margin rose 0.5 percentage points to 30.2%.

• Underlying net profit rose 6.7% to EUR 259.8m; underlying EPS was EUR 3.76 per ordinary share and EUR 3.77 per preference share.

• Operating cash flow increased 9.9% to EUR 561.6m; free cash flow rose 55.2% to EUR 310.0m, supported by lower capex.

• Q3 sales rose 9.9% reported to EUR 926.3m; underlying EBITDA increased 13.4% to EUR 279.9m, with a 30.2% margin.

Outlook and guidance

• FY operational sales growth guidance remains 5%–9% for the Group and 6%–10% for BPS; expected performance is around the midpoint.

• LPS sales growth is expected near the upper end of its guidance range; margin guidance rose to slightly above 21% from slightly below 21%.

• Underlying EBITDA margin guidance remains slightly above 30% for the Group and 32% for BPS.

• Group capex ratio guidance was refined to ~12% from ~12.5%; net debt to underlying EBITDA is expected slightly above 3x at year-end.

• Forecasts reflect elevated industry volatility; potential additional U.S. tariff changes are excluded, and intended compensation could reduce Group revenue by up to EUR 40m.