Sartorius 2Q’26 Preview: Strength in both consumables and equipment should be supportive of another quarter of 8% CER Sales growth, with 2026 guide reiteration to underpin Consensus

研报英文原文证据摘录

Sartorius 2Q’26 Preview: Strength in both consumables and equipment should be supportive of another quarter of 8% CER Sales growth, with 2026 guide reiteration to underpin Consensus

J P M O R G A N Europe Equity Research

22 June 2026

Sartorius

2Q’26 Preview: Strength in both consumables and

equipment should be supportive of another quarter of

8% CER Sales growth, with 2026 guide reiteration to

underpin Consensus

Sartorius Group (SRT) and Sartorius Stedim Biotech (DIM) will report 2Q 2026 European Pharmaceuticals &

results on Thursday, July 23, 2026 at 6am BST (7am CEST/1am EDT), followed Biotechnology

by a conference call (details TBD). For 2Q 2026 for SRT3 we forecast Sales growth Richard Vosser AC

of 7% at CER to Sales of €932m, in-line with Vara Consensus, and u/l EBITDA of (44-20) 7742-6652

€279m (29.9% margin), c. 1% below Vara Consensus. For DIM we forecast Sales richard.vosser@jpmorgan.com

J.P. Morgan Securities plc

of €791m, c. 1% below Vara Consensus, and u/l EBITDA of €245m, in-line with

Zain Ebrahim

Vara Consensus. Underpinning this expectation, we expect strong equipment Sales (44-20) 3493-1163

growth in 2Q 2026 which should be supportive of flat equipment Sales in 1H 2026, zain.ebrahim@jpmorgan.com

as well as strong consumables growth in 1H 2026. Given our expectation for 8% J.P. Morgan Securities plc

BPS CER growth in 2Q 2026, we expect the 2026 guidance for 6-10% CER BPS/ Sophia Graeff Buhl Nielsen

DIM growth to be reiterated. For SRT, reiteration of the 5-9% CER growth together (44-20) 7742-3918

with a 1.5% FX headwind (prev. 2% FX headwind) implies €3,737m SRT sales at sophia.graeffbuhlnielsen@jpmorgan.com

the midpoint, in-line with Vara Consensus, which with a margin of 30.1% (slightly

Khushi Bihani

above 30%) implies a u/l EBITDA of €1,125m, c.