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EarningsQ3 2026 Earnings Report
DE:SRT Q3 2026 EPS Results
Actual EPS€1.27
Consensus EPS€1.25
Beat/MissBeat by +€0.02
One Year Ago EPS€1.08
DE:SRT Q3 2026 Revenue Results
Actual Revenue€926.30M
Expected Revenue€895.95M
Beat/MissBeat by +€30.35M
YoY Revenue Growth+9.86%
Earnings Announcement Details
QuarterQ3 2026
Date10/22/2026
TimeBefore Open
Conference CallThursday, October 22, 2026
DE:SRT Upcoming Earnings
Sartorius's next earnings date is estimated for February 23, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Management reported broad-based sales growth, continued recovery in equipment and non-recurring business, expanding margins, substantially higher free cash flow, lower leverage, and upgraded LPS guidance. The main challenges were tariff-related growth headwinds, pull-forward and timing effects in LPS, ATS project delays, difficult Q4 comparisons, FX pressure, and continued cyclicality in equipment demand. These lowlights were acknowledged but did not outweigh the operational, financial, and balance-sheet improvements.Company Guidance
Solid Group Growth and Improved Profitability
Sartorius reported solid first-nine-month 2026 results, with both divisions contributing to growth. Underlying EBITDA increased 6.9% to EUR 828 million, and the underlying EBITDA margin expanded by 50 basis points to 30.2%, driven mainly by higher volumes and operating leverage.
Strong Operational Sales Growth
Group operational sales grew 8.1% in constant currencies excluding tariff-related customer compensation, compared with 6.9% including the compensation effect. Growth was broad-based across regions and supported by sustained consumables strength and continued recovery in non-recurring business.
Bioprocess Solutions Recovery Continued
Bioprocess Solutions operational sales increased 8.1% in constant currencies, or 6.8% including tariff-related customer compensation. The recurring business benefited from clinical trial activity, new drug approvals, and growing commercial manufacturing volumes, while the non-recurring business continued its year-on-year recovery.
Consumables and Equipment Momentum
BPS recurring business grew at a healthy high single-digit rate, while consumables grew at a double-digit rate. The equipment business also continued to recover, supported by customer investments in process development, productivity, faster timelines, and increasing utilization rates.
Lab Products & Services Outperformed Expectations
LPS operational sales grew 8.3% in constant currencies in the first nine months, or 7.5% including tariff-related customer compensation. The division exceeded expectations, with growth across the portfolio and particular strength in bioanalytics, analytical solutions, recurring consumables, services, and instruments.
AI-Driven Drug Discovery Opportunity
Management identified AI-driven drug discovery workflows as an increasingly relevant growth driver, particularly for the Octet and Incucyte platforms. Customers in biopharma and academia are using these instruments to run more experiments, generate real-time data, and test additional targets in wet-lab workflows.
Broad Regional Growth
Sales increased 6.4% in constant currencies in EMEA, while Americas operational sales increased 8.4% and reported growth including tariff-related customer compensation was 4.9%. Asia Pacific was the strongest region, with sales up 11% in constant currencies and double-digit growth from both divisions, supported by continued recovery in China.
BPS Profitability Expanded
BPS underlying EBITDA increased to EUR 714 million, with the margin improving 80 basis points year-over-year to 32.3%, primarily due to higher volumes and operating leverage.
LPS Sequential Profitability Improved
LPS underlying EBITDA was EUR 114 million. Its margin was broadly stable year-over-year despite continued investments in future growth initiatives, while sequential profitability improved significantly due to the strong Q3 top-line performance.
Net Profit and Earnings Per Share Increased
Group underlying net profit increased approximately 7% to EUR 260 million. Underlying EPS rose to EUR 3.76 per ordinary share and EUR 3.77 per preference share, while reported net profit attributable to shareholders increased 51% to EUR 188 million, supported by improved operating profit and significantly lower extraordinary expenses.
Strong Cash Flow Generation
Operating cash flow increased approximately 10% year-over-year to EUR 562 million. Free cash flow increased 55% to EUR 310 million, driven by higher operating cash flow and lower CapEx. The CapEx ratio was 9.6%.
Balance Sheet Strengthened
The group equity ratio increased to 42.8% from 39.8% at year-end 2025. Net debt decreased to EUR 3.68 billion, almost EUR 200 million below the level 12 months earlier and more than EUR 60 million below year-end 2025. Net debt to underlying EBITDA improved to 3.3x.
Sartorius Stedim Biotech Delivered Strong Results
SSB operational sales grew 7.8% in constant currencies, or 6.5% including customer compensation, reaching EUR 2.29 billion. Underlying EBITDA increased 4.8% to EUR 716 million, with the margin improving 20 basis points to 31.3%. Underlying net profit rose 9.4% to EUR 350 million, operating cash flow increased 11.6% to EUR 498 million, and free cash flow grew 58.5% to EUR 264 million.
SSB Balance Sheet and Leverage Improved
SSB's equity ratio increased to 54.6% from 51.7% at year-end 2025. Net debt decreased to EUR 2.14 billion, and net debt to underlying EBITDA improved to 2.26x from 2.38x at year-end 2025.
Full-Year Guidance Confirmed and LPS Guidance Raised
The company confirmed full-year group operational sales growth around the midpoint of the 5%-9% range and an underlying EBITDA margin slightly above 30%. BPS expectations were unchanged, while LPS expectations were raised to growth around the upper end of the 2%-6% range and an underlying EBITDA margin slightly above 21%, compared with the previous expectation of slightly below 21%.
CapEx Outlook Reduced While Growth Investment Continues
The group's full-year CapEx ratio expectation was modestly lowered from around 12.5% to around 12%. SSB's expectation was lowered from around 13.3% to around 13%, reflecting more focused prioritization of investment projects, while the company continues investing in strategic projects, research, production infrastructure, and growth initiatives.
Portfolio Innovation Expanded
BPS added technologies improving oxygen transfer, ready-to-use cytokines in closed sterile bags, and a new animal-component-free cell culture medium. LPS added an AI-powered Incucyte module for faster label-free stem cell analysis and a new Octet biosensor for faster antibody measurement with less sample preparation.
Positioning in Process Intensification and Single-Use Manufacturing
Sartorius hosted a Process Intensification Forum with 130 participants from 54 biopharma companies and 30 external speakers. Management said customers are increasingly moving from discussing process intensification to implementing it, and highlighted intensified bioreactor bags, the Pionic intensified downstream platform, and technologies spanning early process development through next-generation bioprocessing.
Organizational Simplification Announced
The company is moving away from separate divisional silos toward a One Sartorius operating model. Commercial activities will be combined under a global commercial organization, product groups will be brought together under a Chief Product Officer, and a global operations function will be established. The company stated that the changes are intended to improve customer coordination, portfolio integration, and operational excellence.
Planned Reporting Structure Simplification
From 2027, the former BPS division will become the Bioprocessing Solutions segment and LPS will become the Research Solutions segment. Management stated that the changes will not affect Sartorius Group revenues or underlying EBITDA, and that SSB reporting will remain separate and unchanged. Pro forma figures for 2025 and 2026 are planned alongside the 2026 full-year results.
Positive Customer Reception to Tariff Refunds
Management said customers responded very positively to the company's approach of refunding tariff surcharges and that the refunds were being distributed to customers.
DE:SRT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed