Sartorius Group: 2Q26 First Take: Guidance reiteration and 2Q BPS growth ex tariff impact of 8.4% reassuring, expect shares to outperform by 3-5pp

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Sartorius Group: 2Q26 First Take: Guidance reiteration and 2Q BPS growth ex tariff impact of 8.4% reassuring, expect shares to outperform by 3-5pp

J P M O R G A N Europe Equity Research

23 July 2026

Sartorius Group

2Q’26 First Take: Guidance reiteration and 2Q BPS Overweight

growth ex tariff impact of 8.4% reassuring, expect SATG.DE, SRT GR

shares to outperform by 3-5pp Price (22 Jul 26):€178.40

European Pharmaceuticals &

Our Take: This morning, Sartorius Group (SRT) and Sartorius Stedim Biotech Biotechnology

(DIM) reported 2Q'26 results. BPS Sales grew 8.4% CER on an operational basis Richard Vosser AC

but on a reported basis were impacted by a 3.4pp headwind from tariff refund (44-20) 7742-6652

effects as a result of Sartorius electing to compensate customers for previous tariff richard.vosser@jpmorgan.com

J.P. Morgan Securities plc

surcharges due to the US Supreme Court’s decision to invalidate tariffs. Sartorius

Zain Ebrahim

Group sales of €912m were 2% below Vara Consensus, with a 2.9pp impact from

(44-20) 3493-1163

tariff compensation effects, while DIM sales were €766m, c. 3% below Vara zain.ebrahim@jpmorgan.com

Consensus, due to a 3.1pp impact from tariff compensation effects. EBITDA J.P. Morgan Securities plc

(underlying) was c. 1% ahead for Sartorius Group and for DIM. Consumables grew Sophia Graeff Buhl Nielsen

>9% LC in 1H 2026 and equipment saw slight growth of c. 1% LC in 1H 2026. For (44-20) 7742-3918

2026, while Sartorius reiterated the guidance ranges on Sales and the EBITDA sophia.graeffbuhlnielsen@jpmorgan.com

margin guide, SRT Group and BPS Sales is expected to be at the lower end of the J.P. Morgan Securities plc

guided range due to the impact of tariff refunds, a c. 1pp headwind to both Sartorius Khushi Bihani

Group and BPS Sales.