1SXP: Q2: Inventory write-down may mask strong underlying margins

研报英文原文证据摘录

1SXP: Q2: Inventory write-down may mask strong underlying margins

EQUITY RESEARCH QUICK TAKE

RBC Europe Limited

Charles Weston, CFA (Analyst)

Natalia Webster, CFA (Analyst)

May 13, 2026

SCHOTT Pharma AG & Co. KGaA

Q2: Inventory write-down may mask strong underlying margins

XETRA: 1SXP | EUR 15.64 | Sector Perform | Price Target EUR 18.00

Sentiment: Positive

SCHOTT Pharma's Q2 FY2026 results were essentially in line with consensus, but this included a €hsd million one-off DDS inventory

impairment, without which EBITDA would have beaten consensus by around 10-13% and been more in line with RBC estimates.

FY2026 guidance was reiterated unchanged at 2–5% CER revenue growth and c.27% EBITDA margin. Similarly to recent trends,

DCS outperformed on revenue growth and margin, while DDS underperformed due to polymer syringes.

• While the headline results vs consensus and the reiterated guide would imply limited share price reaction this morning, much

will depend on what the company says about how 'one-off' the write-down was - if it is truly not going to repeat, the underlying

adjusted margin was strong, and the shares could perform well, although the DDS top line miss will temper too much enthusiasm.

DCS revenue of €149.2m grew 7.3% organically and came in 3% above consensus of €144.4m, with sterile solutions (ready-to-use

cartridges and vials) and specialty vials the key drivers. DCS margin was very strong, at 25.7%, which the company reports being

due to both volume and mix).

DDS revenue of €98.8m declined 9.8% organically, missing consensus by 3%, reflecting lower polymer syringe demand offset by

"buoyant demand" for refillable glass syringes, but with a significant margin miss due mainly to one-off inventory impairment