Sartorius Stedim Biotech S.A.

Strong 9M 2026 performance; profitable growth + deleveraging - Group delivered solid growth across both divisions, with profitability and cash generation improving. - Underlying EBITDA: EUR 828m (+6.9% YoY); margin +50 bps to 30.2% (higher volumes + operating leverage offset mix and ongoing growth investments). - Free cash flow: EUR 310m (+55% YoY), supporting continued deleveraging: net debt EUR 3.68bn; net debt / underlying EBITDA 3.3x (improved vs year-end 2025). - Net profit (underlying): EUR 260m (~+7%); reported net profit attributable to shareholders: EUR 188m (+51%).

Revenue growth strong, but tariff effects distorted the headline; underlying momentum remains intact - Management defined “operational sales” excluding tariff refunds and customer compensation as non-underlying. - Tariff refunds received (US Treasury): EUR 31m in 9M out of ~EUR 40m total claimed; remaining ~EUR 9m expected by year-end (timing uncertain). - Impact of customer compensation: reduced reported group growth by ~120 bps in 9M (~60 bps in Q3). - Group growth (constant currencies): - Operational sales growth: +8.1% YoY (8.1% excluding tariff effects) - Including customer compensation/refunds: +6.9% YoY - Surprise/important: Management states that if tariff effects are stripped out, underlying growth accelerated vs the previous quarter—i.e., the business is improving even as tariffs became a Q3 headwind.

Bioprocessing Solutions (BPS): recurring consumables strong; equipment recovery continues - BPS operational sales growth: +8.1% YoY (constant currencies); including tariff compensation: +6.8%. - Growth drivers: consumables (single-digit % overall; “core consumables” double-digit) + healthy recurring activity (clinical trials, approvals, commercial manufacturing). - Nonrecurring: recovery is positive and growing YoY, supporting the equipment recovery trajectory. - BPS underlying EBITDA: EUR 714m; margin 32.3% (+80 bps YoY). - Equipment outlook: prior expectation of flat-to-slight growth was effectively reinforced by strengthening recovery and good visibility for full-year.