Sartorius (SRT) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong sales revenue growth of 7.5% in constant currencies to EUR 899 million, driven by robust recurring consumables and services business in both divisions, with all regions contributing positively.

• Underlying EBITDA margin remained resilient at 29.7%, with underlying EBITDA up 1.6% to EUR 267 million, despite tariff headwinds and ongoing investments.

• Net profit for the period rose 16% year-over-year to EUR 56 million, aided by lower extraordinary items, while total comprehensive income reached EUR 96.8 million.

• Innovations launched in cell therapy manufacturing and cell line development, including the Eveo platform and next-gen CellCelector, aimed at improving efficiency and yields across the biologics value chain.

• Free cash flow and operating cash flow increased significantly, supporting continued deleveraging and investment-grade credit profile.

Financial highlights

• Group sales revenue rose 7.5% in constant currencies (1.8% reported) to EUR 899 million in Q1 2026; Bioprocess Solutions up 8.1% to EUR 735 million; Lab Products & Services up 4.9% to EUR 164 million.

• Underlying EBITDA increased 1.6% to EUR 267 million (margin 29.7%); Bioprocess Solutions EBITDA up 3.4% to EUR 233 million (margin 31.8%); Lab Products & Services EBITDA down 9% to EUR 34 million (margin 20.7%).

• Reported net profit grew 16% year-over-year to EUR 56 million; underlying net profit slightly decreased due to higher depreciation.

• Operating cash flow surged 35.8% to EUR 189 million; free cash flow rose 84.6% to EUR 113 million.

• CapEx ratio was 8.6%; equity ratio at 39.4%; net debt decreased to EUR 3.727 billion; net debt/EBITDA improved to 3.53x.

Outlook and guidance

• Full-year 2026 group sales revenue growth expected at 5%-9% in constant currencies, including ~1 percentage point from MATTEK and US tariffs; underlying EBITDA margin slightly above 30%.

• Bioprocess Solutions sales growth guided at 6%-10%, margin slightly above 32%; Lab Products & Services sales growth expected at 2%-6%, margin slightly below 21%.

• CapEx ratio to remain around prior year; net debt/EBITDA to decrease to slightly above 3x by year-end.

• Guidance reflects ongoing industry volatility, geopolitical uncertainty, and excludes potential changes in U.S. tariffs.

• FX headwinds anticipated at -2.5 percentage points in Q2 and -2 percentage points for the full year.