Sartorius (SRT) Q4 2025 earnings summary

Executive summary

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

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

• Recurring business in both divisions fueled growth, with Bioprocess Solutions (BPS) showing double-digit recurring revenue growth and Lab Products & Services (LPS) improving in H2.

• Strategic focus included innovation, sustainability, global capacity expansion, new product launches, and partnerships.

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

Financial highlights

• Sales revenue increased by 7.6% in constant currencies and 4.7% in reported currencies, reaching over €3.5 billion.

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

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

• Operating cash flow was €837 million, free cash flow €390 million, CapEx ratio 12.5%.

• Equity ratio improved to 39.8%; net debt/EBITDA reduced to 3.55.

Outlook and guidance

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

• BPS sales growth guided at 6%-10%, margin slightly above 32%; LPS sales growth at 2%-6%, margin slightly below 21%.

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

• Guidance reflects continued market normalization, high macroeconomic and industry volatility, and excludes potential additional US tariffs.

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