Sartorius (SRT) Q2 2026 earnings summary

Executive summary

• Achieved robust operational sales growth of 7.7% in constant currencies in H1 2026, led by high-margin consumables and stabilization in equipment and instruments, with all regions contributing positively and Asia/Pacific showing the strongest growth.

• Underlying EBITDA margin improved to 30.3%, with underlying EBITDA up 3.9% to €548 million.

• Free cash flow rose 70.4% to €208 million, supporting deleveraging and disciplined capital allocation.

• Net profit increased, with underlying net profit up 2% to €172 million and reported net profit up 51% to €122 million.

• Management confirmed full-year 2026 guidance despite technical impacts from U.S. tariff refunds and compensation.

Financial highlights

• Group sales revenue reached €1,811 million, up 6.2% in constant currencies (reported: 2.5%).

• Underlying EBITDA margin improved to 30.3% (H1 2025: 29.8%).

• Free cash flow increased 70.4% to €207.7 million; operating cash flow up 25.9% to €364.4 million.

• Underlying net profit increased by 2% to €172 million; underlying EPS for ordinary shares was €2.49.

• Equity ratio increased to 41.6% from 39.8% at year-end 2025.

Outlook and guidance

• Full-year 2026 guidance confirmed: group sales revenue growth of 5–9% in constant currencies, with underlying EBITDA margin slightly above 30%.

• Bioprocess Solutions expected to grow 6–10%, Lab Products & Services 2–6%, including MATTEK contributions.

• Net debt to underlying EBITDA expected to decrease to slightly above 3 at year-end.

• Guidance incorporates up to €40 million revenue reduction from U.S. tariff compensation and reflects ongoing industry volatility.

• New mid-term targets: organic sales growth of 8–11% per year at Group level from 2027, with margin expansion of 50–75 basis points annually.