Sartorius AG/Stedim: 2Q26 first take: Solid operational results, equipment returns to growth - FY26 guidance reiterated as anticipated

研报英文原文证据摘录

Sartorius AG/Stedim: 2Q26 first take: Solid operational results, equipment returns to growth - FY26 guidance reiterated as anticipated

Equity Research

23 July 2026 | 7:46AM BST

Sartorius AG/Stedim: 2Q26 first take: Solid operational results,

equipment returns to growth - FY26 guidance reiterated as anticipated

This morning (23rd July), Sartorius and Sartorius Stedim reported 2Q26 results James Quigley

+44(20)7051-3800 |

broadly in line with expectations - when considered on an operational basis given james.quigley@gs.com

Goldman Sachs International

that in the quarter there was a c.3% headwind from Tariff refunds that Sartorius will

Theodora Rowe Beadle

pass back to customers. Given this 8.4% operational growth in the BPS division, was +44(20)7552-0177 |

slightly above consensus expectations. Additionally, a project delay in Advanced theodora.beadle@gs.comGoldman Sachs International

Modalities (Cell & Gene therapies) also held back growth in the quarter, and so if this Shyam Kotadia

had come through, there could have been a more positive impact on growth. Group +44(20)7051-6153shyam.kotadia@gs.com|

EBITDA was 2% below consensus, but again operational growth was broadly in line. Goldman Sachs International

GanesanFor Stedim, operational growth was 8% vs. consensus of 8.2% and EBITDA was in line Kaaviya | +1(332)245-7519

with consensus, despite the Tariff refund, suggesting solid cost control. FY26 kaaviya.ganesan@gs.com Goldman Sachs India SPL

guidance for both companies was reiterated, and Vara consensus currently sits in line

with the mid-point of the guide. Following Danaher (covered by Evie Koslosky) results

earlier this week, investors had feared a significant slowdown in the BPS business,