Sartorius AG 2Q26 Results Preview

研报英文原文证据摘录

Sartorius AG 2Q26 Results Preview

Global Research

13 July 2026ab

Sartorius AG Equities

Germany2Q26 Results Preview

Healthcare Providers

12-month rating Neutral *

UBS expectation: Neutral

Sartorius will report 2Q results on Thursday 23 July. In Figure 1 we set out detailed UBS 12m price target €240.00

expectations for 2Q results, compared with VisibleAlpha consensus. UBS estimates are in

line with consensus on sales and 1% ahead on Core EBITDA. Investor debate into 2Q has

Price (09 Jul 2026) €233.30

been very focussed on the potential for an inflection in equipment orders and also the

potential for stronger bioprocess consumables growth off a lower base in 2Q25. We RIC: SATG_p.DE BBG: SRT3 GY

note management's comments at 1Q that absolute 2Q25 sales were still strong, so

Trading data and key metrics

investors should not expect outperformance. This is in line with UBS estimates where we

52-wk range €265.30-177.50

have consistently assumed a gradual recovery in demand in 2H with equipment orders

starting to be more visible in 2027E. Market cap. €14.6b/US$16.7b

Shares o/s 34.8m (PREF)

What to watch Free float 40%

We see a number of key focus topics for 2Q results: Avg. daily volume ('000) 96.3

Avg. daily value (m) €21.7

Bioprocess consumables growth. UBS estimates reflect an assumption of a Common s/h equity (12/26E) €2.91b

continuation of 1Q consumable trends into 2Q. We note the CFO's messages from P/BV (12/26E) 5.5x

1Q26 results, that 2Q25 should not be considered an 'easy comp' because of its Net debt to EBITDA (12/26E) 3.2x

lower CER growth. When discussing the base effect on the 1Q26 call, the

CFO encouraged investors to look at absolute sales in 2Q25 which were ahead of EPS (UBS, diluted) (EUR)

1Q25 and 3Q25, despite the lower CER growth. UBS Cons.

12/26E 5.26 5.43