Sartorius AG: 2Q and FY26 underlying remain strong. 2H should be solid and support normal FY27

研报英文原文证据摘录

Sartorius AG: 2Q and FY26 underlying remain strong. 2H should be solid and support normal FY27

iQprofile SM Sartorius AG

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(EUR Millions) Medical Technology

Sales 3,381 3,538 3,708 4,070 4,462

EBITDA Adjusted 945 1,052 1,121 1,262 1,417

Depreciation & Amortization (416) (420) (431) (456) (476) Company Description EBIT Adjusted 688 786 860 980 1,116

Net Interest & Other Income (206) (206) (173) (140) (125) Sartorius primarily offers equipment and consumables for

Tax Expense / Benefit (49.4) (107) (139) (180) (220) the production of biologic drugs, as well as equipment for

Net Income (Adjusted) 280 330 360 441 520 the life science & testing industries. Its main customers are

Average Fully Diluted Shares Outstanding 69.0 69.0 69.0 69.0 69.0 in the life sciences industry, such as Pharmaceutical

Key Cash Flow Statement Data companies and Biotech companies. Sartorius operates

Net Income (Reported) 84.0 155 270 348 426 across two divisions: Bioprocessing (BPS) the majority of

Depreciation & Amortization 416 420 431 456 476 sales, with a focus on single-use technologies, and Lab

Change in Working Capital 284 12.6 (83.2) (55.5) (60.3)

Products & Services (LPS), with early-stage research Deferred Taxation Charge 0 0 0 0 0

Other CFO 192 249 334 297 320 customers.

Cash Flow from Operations 976 837 952 1,045 1,161

Capital Expenditure (410) (442) (445) (407) (357)

(Acquisition) / Disposal of Investments 0 (67.1) (17.6) (17.6) (17.6) Investment Rationale

Other CFI (15.9) (4.70) 0 0 0 Sartorius has peer-leading exposure to the attractive

Cash Flow from Investing (426) (514) (463) (425) (375)

bioprocessing and single-use tech markets and a track

Share Issue / (Repurchase) 0 0 0 0 0