SCHOTT Pharma AG & Co. KGaA: Q3 Preview: Sequential improvement

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SCHOTT Pharma AG & Co. KGaA: Q3 Preview: Sequential improvement

Equity Research

European Medical Technology & Services

25 June 2026

SCHOTT Pharma AG & Co. KGaA

Q3 Preview: Sequential

improvement

We expect growth and EBITDA margin to improve 1SXP.DE/1SXP GY EQUAL WEIGHT

sequentially, with slower growth in DCS as comps get Unchanged

European Medical

tougher, and a slight improvement in growth in DDS as Technology & Services POSITIVE

Unchanged

headwinds ease. Settlement with glass PFS customer could Price Target EUR 16.00

Unchangedlead to guidance upside in 2026. We see risk from shift to pen

injectors for GLP-1s. Price (23-Jun-26) EUR 17.06

Potential Upside/Downside -6.2%

Source: Bloomberg, Barclays Research

Schott Pharma will report Q3'26 results on August 12th. We expect growth and the adj EBITDA

margin to improve sequentially at the Group level, with slower growth in DCS as comps get Market Cap (EUR mn) 2569

tougher, and a slight improvement in growth in DDS as headwinds ease. We note that, as per Shares Outstanding (mn) 150.61

IR, Schott is still in discussions with a large glass syringe customer around a settlement from Free Float (%) 23.00

lowered volumes, and that this settlement is not included in guidance and could present upside 52 Wk Avg Daily Volume (mn) 0.1

to guidance and our estimates, but timing and magnitude is uncertain. GLP-1 volumes are Dividend Yield (%) 1.05

supporting growth at Schott Pharma, with a single customer in the space now accounting for Return on Equity TTM (%) 16.11

~10% of Group revenue (Q2 Review: In-line print reassures, 15 May). We have seen that high Current BVPS (EUR) 6.26

customer concentration, e.g. in polymer syringes, can have a significant impact at the Group Source: Bloomberg