Q2‘26: More of the same?

Research evidence excerpt

Q2‘26: More of the same?

Update

June 22, 2026 03:00 AM GMT

Morgan Stanley & Co. International plc+MSartorius AG | Europe Thibault Boutherin

Equity Analyst

Q2'26: More of the same? Thibault.Boutherin@morganstanley.comSarita Kapila +44 20 7425-9688

Sarita.Kapila@morganstanley.com +44 20 7425-1320

We are in-line with consensus on Q2'26, and we expect growth Gizel Askin

and margins for the quarter close to the midpoint of the FY26 Research Associate

Gizel.Askin@morganstanley.com +44 20 7425-3286

guidance range. We expect Sartorius to raise the bottom end of Adithya Venkat

the guide during the year, as we believe the lower end is ResearchAdithya.Venkat@morganstanley.comAssociate +44 20 7425-2216

unlikely, but timing (Q2'26/Q3'26) is hard to predict.

Sartorius AG (SATG_p.DE, SRT3 GY)

Sartorius will report Q2'26 results on 23 July Pharmaceuticals | Germany

Stock Rating Overweight

Q2'26 expectations: We are in-line with consensus on Q2'26, with Group sales of Industry View In-Line

€933m (BPS €762m, LPS €170m) implying +7.0% CER growth for group (+7.8% CER Price target €300.00

Shr price, close (Jun 19, 2026) €213.00

for BPS, +3.5% for LPS). We forecast €280m underlying group EBITDA (€244m for 52-Week Range €267.70-175.95

Mkt cap, curr (mn) €7,292

BPS, €36m for LPS), with underlying EBITDA margin of 30.0% for group (32.0% for

Net debt (12/26e) (mn)* €3,176

BPS, 20.9% for LPS). EV, curr (mn)* €11,957

* = GAAP or approximated based on GAAP

Key elements to consider: Management guided for growth in BPS equipment sales

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

in Q2'26 based on the order book, which should lead to at least flat equipment sales

Sales / Revenue 3,538 3,759 4,118 4,524

in H1'26. The FY guidance also assumes at least stable equipment sales for the year. (€mn)**