Sartorius (SRT) Q4 2025 earnings summary

Executive summary

• Achieved and exceeded 2025 guidance with 7.6% constant currency sales revenue growth to over €3.5 billion, driven by strong recurring consumables demand and margin expansion in both divisions.

• Underlying EBITDA margin rose to 29.7%, reflecting robust profitability and operational improvements.

• All regions contributed positively, with Americas and APAC leading growth; EMEA remained resilient despite tougher comparables.

• Strategic focus included innovation, sustainability, global capacity expansion, new product launches, and the acquisition of MatTek.

• Healthy cash flow and deleveraging progress support a confident outlook for 2026.

Financial highlights

• Group sales revenue grew 7.6% in constant currencies to over €3.5 billion, with Bioprocess Solutions up 9.5% and Lab Products & Services up 0.2%.

• Underlying EBITDA increased 11.2% to €1.052 billion, margin up 1.7 points to 29.7%.

• Underlying net profit rose 18.2% to €331 million; reported net profit up 84.3% to €155 million; underlying EPS up to €4.78.

• Operating cash flow was €837 million, down from the prior year due to one-off inventory effects; free cash flow was €390 million.

• CapEx rose to €441 million (12.5% of sales), in line with guidance.

Outlook and guidance

• 2026 group sales growth expected at 5%-9% in constant currencies, with EBITDA margin slightly above 30%.

• Bioprocess Solutions sales growth forecast at 6%-10%, margin slightly above 32%; Lab Products & Services sales growth at 2%-6%, margin slightly below 21%.

• CapEx ratio to remain at prior year level (~12.5%); net debt/EBITDA to decrease to slightly above 3x.

• Guidance reflects continued macroeconomic and industry volatility, with a broad range to account for uncertainty and excludes potential additional US tariffs.

• MATTEK and US tariffs expected to contribute ~1 percentage point to 2026 growth.