Sartorius AG: Solid start of the year confirmed, margin acceleration

研报英文原文证据摘录

Sartorius AG: Solid start of the year confirmed, margin acceleration

23 July 2026

Delphine Le Louet

+33 1 42 13 92 93

European Healthcare, Medtech and Biotech delphine.le-louet@bernsteinsg.com

Specialist SalesSartorius AG

Rating Christian Moore

+1 917 344 8555

christian.moore@bernsteinsg.comOutperform

Price Target

SRT3.GY 284.00 EUR

Sartorius AG: Solid start of the year confirmed, margin

acceleration

Sartorius AG reported its HY results posting sales of EUR 1.811bn and 7.7% OSG + 210bps

Close Date 22 Jul 2026

vs consensus. Adjusted EBITDA margin increased by 50bps at 30.3% vs consensus of

SRT3.GY Close Price (EUR) 221.30

29.8% Exhibit 1. Key drivers were the consumables - as expected- and for the first time

Price Target (EUR) 284.00

since very long CEO commented on equipments which saw not just a stabilization but a slight

Upside/(Downside) 28%

growth increase at both BPS and LPS.

52-Week Range 267.70/175.95

On a divisional basis, BioProcess (HY26 sales of EUR 1.475bn) continues its strong EDME 1,605.29

acceleration supported by new product launches for early stages processing, FYE Dec

chromatography and filtration, increasing strong positioning in downstream processing. BPS Div Yield 0.3%

OGS came in at 8.3% or 6.7% ex tariffs compensation (consensus at 8.2%). Lab Product Market Cap (EUR) (M) 14,965

Services saw also a rebound posting a 5.3% OGS at EUR 335m (consensus was at 3.9%). EV (EUR) (M) 19,854

Margin trajectory is also positive with BPS margin up 70 bps at 32.3% while LPS declined Performance YTD 1M 6M 12M

less than anticipated thanks to services and recurring business mix posting a decline of Absolute (%) (10.5) 3.8 (15.3) 15.6

110bps (consensus anticipated 140bps decline) corresponding to a 21.2% margin. On a EDME (%) 9.2 1.8 6.4 17.9