Sartorius AG

9M 2026 performance: solid growth + improving profitability/cash generation - Management reports a solid group result for the first nine months of 2026, with both divisions contributing to growth. - Underlying EBITDA: +6.9% to EUR 828m, margin +50 bps to 30.2% (driven by higher volumes + operating leverage; offset by mix and ongoing investments). - Free cash flow: +55% to EUR 310m, supported by higher operating cash flow and lower CapEx. - Deleveraging continues: net debt EUR 3.68bn (down ~EUR 200m vs 12 months ago), net debt/underlying EBITDA 3.3x.

Sales & demand: recurring consumables strong; equipment recovery progressing (Q3 strength partly timing-driven) - Tariffs effect is a key moving part: operational sales growth excludes tariff refunds/compensation. - Operational sales growth (group, constant currency): +8.1% for 9M; reported operational growth reduced by customer compensation (~-120 bps in 9M, ~-60 bps in Q3). - Bioprocess Solutions (BPS): operational sales +8.1% cc, recurring strong; non-recurring (equipment) still recovering year-on-year. - Lab Products & Services (LPS): operational sales +8.3% cc; Q3 exceeded expectations but management flags pull-forward / timing effects and warns not to extrapolate as a new run rate. - Regional strength: APAC +11% cc (double-digit in both divisions, supported by China recovery).

Guidance (full-year 2026 confirmed): profitable growth with specific margin and segment outlooks - Group: expects operational sales growth around midpoint of 5–9% range; underlying EBITDA margin slightly above 30%. - BPS: guidance unchanged; expects operational growth around midpoint of 6–10%. - LPS: expectations refined upward after strong 9M; now expects growth towards upper end of 2–6%. - Profitability: group margin slightly above 30%; BPS slightly above 32%; LPS now slightly above 21%. - CapEx ratio guidance modestly lowered: ~12% (from ~12.5%). - Net debt/underlying EBITDA: slightly above 3.0x at year-end unchanged (group). - FX: full-year model ~>1% headwind to reported revenue growth; Q4 FX turns to tailwind (~<2% tailwind).