Sartorius Stedim Biotech S.A.

Strong 9M 2026 performance; profitable growth + deleveraging - Group reported solid top-line growth with both divisions contributing; consumables remain strong and equipment recovery continues (nonrecurring business also recovering year-on-year). - Underlying EBITDA: EUR 828m (+6.9% YoY) with margin up to 30.2% (+50 bps), driven by higher volumes/operating leverage. - Free cash flow: EUR 310m (+55% YoY); operating cash flow EUR 562m (+10% YoY), supporting continued deleveraging. - Balance sheet improved: net debt EUR 3.68bn (~EUR -200m vs. 12 months ago); net debt/underlying EBITDA ~3.3x.

Guidance confirmed/updated for full-year 2026 (growth and margins) - Group outlook maintained: operational growth expected around the midpoint of ~5%–9% and underlying EBITDA margin slightly above 30%. - LPS guidance raised after strong 9M: now growth around the upper end of 2%–6%, and margin expectation raised to slightly above 21% (previously slightly below 21%). - BPS unchanged: full-year expects operational growth around the midpoint of 6%–10% and EBITDA margin slightly above 32%. - CapEx ratio guidance modestly lowered: to ~12% (from ~12.5%). Net debt/EBITDA slightly above 3x remains unchanged.

Tariffs and MATTEK: headwinds in Q3, uncertainty on timing of refunds (negative/surprising) - Tariff refunds: received EUR 31m in 9M out of ~EUR 40m claimed; remaining ~EUR 9m expected by year-end but timing is uncertain (investor risk). - Customer compensation reduced growth by ~120 bps in 9M (and ~60 bps in Q3). - Q3 tariff effect: tariffs shifted from tailwind (H1) to headwind (Q3); management emphasizes underlying growth accelerated when stripping tariff effects. - MATTEK is now fully reflected in organic baseline; MATTEK contribution guidance unchanged: ~+30 bps group, ~+1.5 pp LPS. - Q4 caution: comparisons are “not too easy”; Q3 pull-forward/timing in LPS shouldn’t be extrapolated; tariffs still a headwind in Q4.