Stratec (SBS) Investor presentation summary

Business overview and market position

• Leading OEM provider of automation solutions for diagnostics and translational research, with over 1,400 employees and a global installed base of around 50,000 systems.

• Operations span Germany, Switzerland, Hungary, Austria, the US, Romania, India, and China, aligning with major customer locations.

• Focuses on high-growth, complex IVD market segments such as molecular diagnostics, immunoassay, and hematology.

• Maintains strong, long-term relationships with top global IVD companies, including Roche, Abbott, Siemens Healthineers, and others.

• Benefits from industry trend toward outsourcing instrumentation development, leveraging its technology pool and regulatory expertise.

Financial performance and structure

• FY 2025 sales reached €250.9 million, with a sales split of 35% systems, 41% service parts and consumables, and 24% development and services.

• Q1 2026 sales declined 11.5% year-over-year to €53.4 million, mainly due to lower service parts and consumables sales and negative product mix effects.

• Adjusted EBIT margin dropped to 1.3% in Q1 2026, impacted by decreased high-margin sales and negative scale effects.

• Free cash flow improved significantly to €18.6 million in Q1 2026, driven by reduced trade receivables.

• Net debt decreased by 17.1% to €93.2 million, with an equity ratio rising to 57.9%.

Strategic outlook and growth initiatives

• 2026 sales expected to grow mid- to high-single digits (constant currency), with EBIT margin around 2025 levels (10%).

• Targets for 2028/2030: sales CAGR of 6–8% (2025–2028) and 10–12% (2028–2030), with adjusted EBIT margins of at least 13% by 2028 and 15% by 2030.

• Growth driven by new product launches, system sales, and expanding service parts and consumables business.

• Launch pipeline includes next-generation immunoassay and molecular systems, multiplex diagnostics, and high-sensitivity immunoassay platforms.

• Strategic focus on operational and commercial excellence, portfolio optimization, and pricing measures to rebuild profitability.