SCHOTT Pharma AG & Co. KGaA: Q2 first take: In line print, FY26 guide confirmed

研报英文原文证据摘录

SCHOTT Pharma AG & Co. KGaA: Q2 first take: In line print, FY26 guide confirmed

Equity Research

European Medical Technology & Services

13 May 2026

SCHOTT Pharma AG & Co. KGaA

Q2 first take: In line print, FY26

guide confirmed

Broadly inline print, with outperformance vs cons in DCS and 1SXP.DE/1SXP GY EQUAL WEIGHT

POSITIVEunderperformance in DDS. Speaking to co, DDS profitability EuropeanTechnologyMedical& Services

impacted by inventory write down which they expect to be Price Target EUR 16.00

contained to Q2. FY26 guide confirmed. Expect some pressure Price (12-May-26) EUR 15.70 Potential Upside/Downside +1.9%

Source: Bloomberg, Barclays Researchon shares given outperformance in past month (+13% vs

-3% SXDP)

European Medical Technology &

Services

Jonathon Unwin

+44 (0)20 7773 0354

This morning Schott Pharma reported Q2 results which were +1% ahead of cons on jonathon.unwin@barclays.com

revenue, and -1% behind on EBITDA. Divisionally, DCS performed better than consensus Barclays, UK

expectations and DDS came in below. Speaking to the company, DDS EBITDA was impacted by

Hassan Al-Wakeel, CFA

an inventory impairment, which is normal course of business but larger than usual in Q2'26, and

+44 (0)20 7773 3898

company expects this headwind to be contained to Q2. Excluding this impairment, company hassan.al-wakeel@barclays.com

notes profitability would have been almost on the prior-year level. HVS represented 55% of Barclays, UK

sales, in line with prior year. FY26 guidance was reconfirmed at 2-5% constant currency revenue

Marco Pires-Cox

growth and ~27% adj EBITDA margin. We expect some pressure on shares given recent

+44 (0)20 3134 3421

outperformance (+13% vs -3% SXDP). marco.pirescox@barclays.com

Barclays, UK

A conference call will be held today at 10am BST.