Sartorius AG

Strong topline + profitability improvement (9M 2026): Group delivered solid growth with both divisions contributing; underlying EBITDA +6.9% to EUR 828m, margin +50 bps to 30.2%. Drivers: higher volumes + operating leverage offset mix and continued investment. Free cash flow +55% to EUR 310m; operating cash flow EUR 562m (+~10%). Net debt down to EUR 3.68bn; equity ratio 42.8% (up from 39.8% at FY25); net debt/underlying EBITDA ~3.3x (improved vs FY25).

Operational growth held up despite tariffs—core momentum remains solid: Tariff surcharges shifted from benefit (H1) to headwind (Q3). By end of Sep, EUR 31m of ~EUR 40m expected U.S. tariff refunds had been received; timing of the remaining ~EUR 9m is uncertain. Customer compensation reduced growth (about 120 bps in 9M; ~60 bps in Q3). Excluding tariff effects: Group operational sales +8.1% constant currencies in 9M (vs +6.9% including compensation). Bioprocess Solutions (BPS): operational sales +8.1%; consumables are the main engine (single-digit growth; consumables double-digit). LPS: operational sales +8.3% (still including MatTek ~2pp contribution to LPS growth); Q3 had pull-forward/timing effects, so management cautions not to extrapolate.

9M by division + specific “good surprises”: - BPS (equipment recovery + recurring strength): Recurring business supported by clinical activity, approvals, and commercial manufacturing volumes; non-recurring recovery YoY continues, confirming management’s equipment recovery thesis. New technology traction: oxygen transfer improvements, ready-to-use cytokines in closed sterile bags, animal-component-free medium; intensified downstream/upstream innovations. - LPS (outperformance): Management said LPS even exceeded expectations; strong momentum in bioanalytics with some pull-forward in Q3. Opportunities tied to AI-driven drug discovery (Octet platform highlighted) and new instrument modules/biosensors.