SARTORIUS AG/STEDIM 2Q26 likely to be uneventful; we expect a conservative reiteration of FY26 guidance

研报英文原文证据摘录

SARTORIUS AG/STEDIM 2Q26 likely to be uneventful; we expect a conservative reiteration of FY26 guidance

Equity Research

22 June 2026 | 5:47AM BST

SARTORIUS AG/STEDIM

2Q26 likely to be uneventful; we expect a conservative reiteration of

FY26 guidance

Sartorius Group and Sartorius Stedim report 2Q26 results on 23 July 2026. We are James Quigley

+44(20)7051-3800 |

slightly ahead of consensus on revenues (+1%) for both companies, and 3%/2% james.quigley@gs.com

Goldman Sachs International

ahead on Core EBITDA, respectively. While for FY26 our forecasts sit towards the top

Theodora Rowe Beadleend of the respective guidance ranges, suggesting scope for a guidance upgrade, we +44(20)7552-0177 |

believe that uncertainties over the outlook in the equipment/ non-recurring business theodora.beadle@gs.comGoldman Sachs International

will likely hold management back from upgrading with 2Q’26 and, therefore, we Shyam Kotadia

expect guidance to be reiterated. We expect investor focus to be on: (1) the ongoing +44(20)7051-6153shyam.kotadia@gs.com|

recovery in the Bioprocessing market, which we continue to believe is well underway Goldman Sachs International

Ganesanin the consumables business, while we expect equipment sales to remain broadly flat Kaaviya | +1(332)245-7519

on a year-on-year basis, (2) developments in the China Bioprocessing market and the kaaviya.ganesan@gs.com Goldman Sachs India SPL

extent to which the region remains a mid- to long-term growth driver, and (3) market

share development across key product lines, given the faster growth noted by peers

in 1Q’26.

We remain positive on the Bioprocessing recovery, reflected in our Buy rating on

Sartorius Stedim, which we continue to prefer over Neutral-rated Sartorius

Group.