SCHOTT Pharma AG & Co. KGaA: Q3 first take: Pre-announcement and FY26 guide raise

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SCHOTT Pharma AG & Co. KGaA: Q3 first take: Pre-announcement and FY26 guide raise

Equity Research

European Medical Technology & Services

8 July 2026

SCHOTT Pharma AG & Co. KGaA

Q3 first take: Pre-announcement

and FY26 guide raise

Updated FY guide implies EBITDA +4% vs consensus. 1SXP.DE/1SXP GY EQUAL WEIGHT

POSITIVESpeaking to co, split between outperformance drivers EuropeanTechnologyMedical& Services

remains unclear. We think it is reasonable to assume that the Price Target EUR 16.00

majority of the raise comes from improved performance/ Price (08-Jul-26) EUR 17.62 Potential Upside/Downside -9.2%

Source: Bloomberg, Barclays Researchoutlook, rather than the settlement. Thus expect to be taken

well.

European Medical Technology &

Services

This evening Schott Pharma pre-announced Q3 constant currency revenue growth of Jonathon Unwin

approximately 8% (cons 3.5%) and an EBITDA margin of 27.5% (cons 27%). In addition, it raised +44 (0)20 7773 0354

FY26 ccy growth guidance to 5-6% (previously 2-5%, cons 3.2%), and 27-28% EBITDA margin jonathon.unwin@barclays.com

(previously around 27%, cons 27.2%). At the midpoint, this implies FY26 EBITDA of ~€285m, +4% Barclays, UK

vs company compiled consensus of €275m. The reason for the guidance raise was given as Hassan Al-Wakeel, CFA

strong business performance and expectations for the fourth quarter of 2026, as well as an +44 (0)20 7773 3898

agreement with a key glass syringe customer which had both a revenue element and a hassan.al-wakeel@barclays.com

settlement element. We noted potential upside to guidance from the settlement element in our Barclays, UK

preview (Q3 Preview: Sequential improvement, 25 Jun) as this was not included in the original Marco Pires-Cox

full year guide. +44 (0)20 3134 3421

marco.pirescox@barclays.com