Stratec (SBS) Investor presentation summary

Business model and market position

• Diagnostics OEM platform spanning analyzer systems, software, consumables, automation, development and manufacturing; 2025 sales were €250.9m.

• Analyzer projects typically involve 2–4 years of development, 12–15 years of system marketing and recurring service-parts and consumables sales for a further 5 years.

• 2025 sales mix: systems 35%, service parts and consumables 41%, and development and services 24%; sales CAGR since the 1998 IPO was ~12%.

• Focus on complex, above-average-growth IVD areas, including molecular diagnostics, immunoassay, immunohematology, complex sample processing and translational research.

• Outsourcing tailwinds include specialized technology pools, shorter development timelines, budget certainty and support for regulatory requirements.

Recurring revenue and customer base

• Service parts and consumables represented 41% of 2025 sales, supported by a growing installed base and rising system complexity.

• Service parts and consumables share of sales rose to 42.9% in 2024 before reaching 41.3% in 2025.

• 15 of the global top 20 IVD companies were customers; other technology-pioneer customers included Cytovale and Quanterix.

• Global operations span sites in Germany, Hungary, Austria, Switzerland, Romania, the US, India and China.

H1 2026 performance

• H1 sales were €112.5m, down 5.1% reported and 3.3% at constant currency; Q2 sales rose 1.5% reported and 2.4% at constant currency.

• H1 systems sales grew 15.4% at constant currency; service parts and consumables declined amid temporary customer logistics optimization, while development and services faced a tough comparison.

• H1 adjusted EBIT was €7.7m, down 8.9%, with a 6.9% margin, down 30 bps; Q2 adjusted EBIT margin was 11.9%, up 650 bps YoY.

• H1 adjusted EBITDA was €15.7m, down 2.4%; adjusted net income was €4.1m, down 17.4%, and adjusted EPS was €0.34 versus €0.41.

• H1 free cash flow was €23.5m versus negative €14.7m; net debt was €96.7m, down 14.0%, and net debt/LTM EBITDA was 2.9x versus 3.3x at FY 2025.