Sartorius AG

Strong 9M 2026 performance; profitable growth + cash generation - Group reported solid top-line momentum in the first nine months, driven by both divisions and especially consumables recurring demand plus recovery in non-recurring equipment. - Underlying EBITDA: EUR 828m (+6.9% YoY) with margin 30.2% (+50 bps YoY), helped by higher volumes/operating leverage; investments and mix headwinds partially offset. - Free cash flow: EUR 310m (+55% YoY) (driven by operating cash flow and lower CapEx); operating cash flow EUR 562m (+10% YoY). - Deleveraging/balance sheet: net debt EUR 3.68bn (~-EUR 200m vs 12 months ago), net debt/underlying EBITDA 3.3x; equity ratio 42.8%.

Growth outlook largely intact; tariffs create optics/headwinds but “underlying” is improving - Operational group sales growth (excluding tariff refunds & customer compensation): +8.1% constant currency; including effects: +6.9%. - Tariff refunds received: EUR 31m in 9M 2026 (claimed ~EUR 40m total). Remaining ~EUR 9m expected by year-end with timing uncertainty. - Tariff surcharge rates fell (approx. 15% last year → ~10% this year), turning a tailwind in H1 into a headwind in Q3 (noted as ~40 bps at group/BPS and ~50 bps at LPS). - Management stated: if stripping out tariff effects, underlying growth accelerated vs previous quarter.

Division trends: BPS equipment recovery continues; LPS momentum strong but with pull-forward risk - Bioprocess Solutions (BPS): - Operational sales +8.1% (incl. tariff compensation +6.8%) in constant currencies. - Consumables delivered healthy growth (ATS advanced therapies portfolio had Q2 volatility, expected orders into late 2026 or 2027). - Non-recurring equipment business showed continued recovery, confirming management’s expected trajectory. - Lab Products & Services (LPS): - Operational sales +8.3% (incl. tariff compensation +7.5%) in constant currencies. - Q3 exceeded expectations, but management explicitly cautioned it reflects demand pull-forward/timing after a period of subdued customer investment—not necessarily a new run-rate. - MatTek contribution ~2 percentage points to LPS growth; now reflected in organic comparison base.