Sartorius Stedim Biotech (DIM) Q4 2025 earnings summary

Executive summary

• Achieved and exceeded 2025 guidance with strong revenue and margin growth, led by recurring consumables business and margin expansion despite FX and US tariff headwinds.

• Growth was driven by both divisions, with Bioprocess Solutions showing double-digit recurring revenue growth and Lab Products & Services improving in H2.

• Healthy cash flow and deleveraging progress, with leverage ratios improving and workforce expansion mainly in production roles.

• Continued investment in innovation, sustainability, and global manufacturing capacity, including new product launches, eco-design initiatives, and strategic acquisitions.

• Entered 2026 with a strong order book and confident outlook for continued growth and profitability.

Financial highlights

• Sales revenue increased by 9.6% in constant currencies (7.6% in some reports), reaching over €3.5 billion; Bioprocess Solutions up 9.5%, Lab Products & Services up 0.2%.

• Underlying EBITDA margin rose to 29.7%–30.8%, with underlying EBITDA up to €1.052 billion.

• Underlying net profit grew 18%–26.7%, reported net profit up 51.7%–84%, and underlying EPS increased up to €4.78.

• Operating cash flow was €837 million; free cash flow ranged from €295 million to €390 million.

• CapEx ratio at 12.5%–13.3%, in line with guidance.

Outlook and guidance

• 2026 sales growth expected at 5%–10% in constant currencies, with EBITDA margin slightly above 30%.

• Bioprocess Solutions sales growth forecast at 6%–10%, EBITDA margin slightly above 32%.

• Lab Products & Services sales growth expected at 2%–6%, EBITDA margin slightly below 21%.

• CapEx ratio to remain at prior-year level; leverage ratio to decrease to slightly above 2–3x.

• Guidance reflects ongoing macroeconomic, geopolitical, and industry-specific volatility, with potential additional US tariffs not included.