Equity Snap: Sartorius (SRT3 GY): Q2 miss; FY26 guidance reaffirmed

研报英文原文证据摘录

Equity Snap: Sartorius (SRT3 GY): Q2 miss; FY26 guidance reaffirmed

23 July 2026

Equity Snap: Sartorius (SRT3 GY) Equities Health Care Equipment &

Supplies

Q2 miss; FY26 guidance reaffirmed Germany

◆ Q2 miss on BPS; FY26 guidance reaffirmed Shubhangi Gupta*, PhD

Global Life Sciences & Healthcare Analyst

◆ Consumables driving growth; equipment recovering HSBC Securities and Capital Markets (India) Private

Limited

shubhangi.gupta@hsbc.co.in

+91 80 4555 2143

Sartorius (SRT3 GY, EUR221.30, Buy, TP EUR300.00)

(Priced as of 22 Jul 2026) Rajesh Kumar*

Senior Global Life Sciences & Healthcare Analyst

HSBC Bank plc

Consumables driving growth; equipment recovering: Bioprocess Solutions (BPS) rajesh4kumar@hsbcib.com

was weaker in Q2 with strong consumables growth and slight equipment growth. Lab +44 20 7991 1629

Products & Services (LPS) was in-line with consensus expectations with strong

consumables and improving bioanalytics business. Sartorius group saw over 9% * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

consumables growth and c2% equipment growth in H1 26.

FY26 outlook reaffirmed: Sartorius has reaffirmed FY26 guidance; the company feels

comfortable around the midpoint of guidance for group and BPS while upper-half

expected for LPS. Including customer compensation for tariffs, sales revenue growth in

constant currencies for the Group and the BPS are expected to be in the lower half of the

respective guidance ranges, while growth in the LPS to be around the midpoint of its

guidance range. For FY26, Sartorius has guided for 5-9% cc sales growth and slightly

above 30% underlying EBITDA margin (Visible Alpha cons at 7.7% cc revenue growth

and 30.1% underlying EBITDA margin).