Q2 2026 Sartorius AG and Sartorius Stedim Biotech SA Earnings Call Transcript
Key Points
- Sartorius Stedim Biotech SA (SDMHF) reported a solid top-line growth of 7.7% on an operational basis in H1 2026, driven by strong demand across both divisions.
- The company achieved an improved underlying EBITDA margin of 30.3%, reflecting higher volumes and operating leverage.
- Strong cash flow performance was noted, with free cash flow increasing by 70% in H1 2026.
- The Bioprocess Solutions division saw an 8.3% growth in constant currencies, with consumables being the primary driver.
- The company maintained a strong balance sheet, with an improved leverage ratio and a solid equity ratio of 41.6%.
- Tariff-related customer compensations created a temporary headwind to reported sales growth, impacting the overall revenue figures.
- The equipment business, although stabilized, showed only slight growth, indicating a slower recovery compared to consumables.
- Advanced modalities experienced volatility due to delayed orders from key customers, affecting recurring revenue growth.
- The company faces uncertainties related to U.S. tariffs, with the timing and amount of potential refunds remaining unclear.
- Negative extraordinary effects, although reduced, still impacted the quality of earnings compared to the prior year.
Ladies and gentlemen. Welcome to the Sartorius and Sartorius Stedim Biotech conference call and live webcast on H1 2026. I'm Mauritz, your chorus call operator. (Operator Instructions) and the conference is being recorded. (Operator Instructions) The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Petra Mueller, Head of Investor Relations of Sartorius. Please go ahead.
Thank you, and hello and a warm welcome from my side. So today, I'm joined by our CEO, Michael Gross; by Florian Funck, our CFO; by René Faber, Head of our Bioprocessing Division and CEO of Sartorius Stedim Biotech; and also by Alexandra Gatzemeyer, Head of our Lab Products and Services Division.
As always, we will start with prepared remarks followed by the Q&A session. The call is scheduled to last one hour. As usual, please limit your questions to one so that as many of you as possible can take part. In case we have some time at the end, we are, of
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