Sartorius AG · XETR:SRT
Sartorius — Investor Presentation (July 2025)
59 slides from Sartorius's investor presentation, July 2025
Slide 1: Simplifying Progress Investor Presentation
Simplifying Progress Investor Presentation July 2025
Slide 2: Agenda
Sartorius Group Agenda Overview | Strategy Bioprocess Solutions Division (BPS) Lab Products & Services Division (LPS) H1 2025 Results | FY 2025 Guidance 2
Slide 3: Partner of life science research and the biopharmaceutical industry
Sartorius Group Partner of life science research and the biopharmaceutical industry Our mission We empower scientists and engineers to simplify and accelerate progress in Good health and well-being at life science and bioprocessing, enabling the focus of Sartorius‘ the development of new and better
Slide 4: Sartorius at a glance
Sartorius Group Sartorius at a glance ~€3.4bn Two divisions focused on attractive biopharma and life science Sales revenue markets ~14% Sales CAGR 2014-2024 28.0% 80% Sales 2024 20% Bioprocess Solutions Lab Products & Services EBITDA margin1 Division ~€3.4bn Division ~75% Recurring revenues ~13,500
Slide 5: Track record of profitable sales growth above market
Sartorius Group Track record of profitable sales growth above market Sales revenue; EBITDA margin1 CAGR 14% Proven growth strategy driving share gains ~€3.4bn ▪ Increase share of wallet by addressing critical steps at customers ▪ Strong focus on recurring revenue ▪ Solution offering capitalizes on c
Slide 6: Simplifying progress: Enabling the discovery and production of biopharmaceuticals
Sartorius Group Simplifying progress: Enabling the discovery and production of biopharmaceuticals Bioprocess Solutions Division Molecule Cell line and Upstream & development process development downstream production Quality | Testing | Validation Lab Products & Services Division 6
Slide 7: Attractive market environment offers strong growth opportunities
Sartorius Group Attractive market environment offers strong growth opportunities Growing and aging population Biologics are gaining importance2 >9.5 billion people by 20501 World population over age 65 in 2050 Sales share of biologics in 2028 ~1.6bn ~45% ~10% CAGR³ biopharma market 2024 – 2028 World
Slide 8: Addressing customer needs across all types of biopharma drugs
Sartorius Group Addressing customer needs across all types of biopharma drugs 1796 1818 1982 1986 2012 / 2017 2020 2023 Blood Recombinant Monoclonal Cell & gene mRNA CRISPR Vaccines products proteins antibodies therapies vaccines gene therapy Established Biopharmaceuticals Next Generation ▪ Largely
Slide 9: Cell and gene therapies (CGT): An increasingly relevant market segment
Sartorius Group Cell and gene therapies (CGT): An increasingly relevant market segment ~30% of biopharma pipeline is focusing on CGT1 Number of commercial processes is expanding rapidly ~70 approved CGT globally1 ~70% ~30% Other CGT biologics 23 CGT approvals 2022-2024 ▪ >8,000 CGT candidates in dev
Slide 10: Extensive technology platform for cell and gene therapy applications
Sartorius Group Extensive technology platform for cell and gene therapy applications Biological Albumedix Polyplus CellGenix Xell Up & downstream solutions Industries Cell culture Growth factors Media and Recombinant Transfection Cell line development, media and cytokines supplements Albumin reagent
Slide 11: Integration of innovative technologies is a Sartorius core competency
Sartorius Group Integration of innovative technologies is a Sartorius core competency Acquisitions Cooperations Own Product Development of complementary technologies with partners leading in their fields in areas of core competencies Process Cell cultivation Media & reagents Chromatography Bioprinti
Slide 12: Proven M&A approach, recent focus on three strategic key areas
Sartorius Group Proven M&A approach, recent focus on three strategic key areas Build-up of Unique portfolio for Intensified technologies BioAnalytics portfolio Advanced Therapies for downstream processing Intellicyt Essen BioScience Biological BIA Separations CellGenix WaterSep Danaher chromatograph
Slide 13: Acquisition of MatTek to add innovative advanced cell model technology to the LPS portfolio
Sartorius Group Acquisition of MatTek to add innovative advanced cell model technology to the LPS portfolio Ashland, Mass., US (headquarters); Strategic rationale Bratislava, Slovakia ▪ A leading provider of human cell-based microtissues and 3D models for in vitro testing to accelerate preclinical d
Slide 14: Resilient global setup, well prepared for further growth
Sartorius Group Resilient global setup, well prepared for further growth Capex 560 Capex Major projects ~X% Global 410 in millions of €; composition resilience ratio in % 16.5 Regular expansion ~3% 12.1 Capitalized R&D ~2% Redundant Maintenance ~3% capacities 2023 2024 Freiburg, Germany Aubagne, Fra
Slide 15: Ambitious sustainability agenda in implementation
Sartorius Group Ambitious sustainability agenda in implementation 2030 mid-term ambitions 2045 long-term ambition ~10% Zero 100% Net-zero av. reduction of CO2eq emission intensity p.a. (Scopes 1-3) avoidable1 emissions in Scopes 1 and 2 electricity from renewable sources emissions Decarbonization of
Slide 16: Midterm outlook to 2028: Expect to continue outgrowing the market
Sartorius Group Midterm outlook to 2028: Expect to continue outgrowing the market BPS LPS Sartorius Group Sales revenue CAGR Low to mid- Mid to high Low-teens % to 2028 teens % single-digit % Underlying EBITDA margin ~36% ~28% ~34% in 2028 ▪ ~1/5 of sales revenue growth to come from acquisitions in
Slide 17: Agenda
Sartorius Group Agenda Overview | Strategy Bioprocess Solutions Division (BPS) Lab Products & Services Division (LPS) H1 2025 Results | FY 2025 Guidance 17
Slide 18: BPS: Solution provider for biomanufacturing
Sartorius Group BPS: Solution provider for biomanufacturing ~€2.7bn Sales revenue 29.3% EBITDA margin1 Filtration & Purification Fluid management ~80% Recurring revenues ~90% Sales share biopharma Fermentation Cell culture media FY 2024 figures, 1 ul. EBITDA margin excluding extraordinary items 18
Slide 19: Track record of dynamic growth
Sartorius Group Track record of dynamic growth BPS sales revenue; EBITDA margin1 Pillars of growth CAGRs 2022–20272 CAGR 15% Pharma market ~3-6% ~€2.7bn Biopharma market ~10% ~€1.4bn Biosimilars ~15% CGT ~20% 29.1% 29.3% Single-use ~15% 2019 2020 2021 2022 2023 2024 Sales revenue ul. EBITDA1 margin
Slide 20: Covering most steps of the biopharmaceutical manufacturing process
Sartorius Group Covering most steps of the biopharmaceutical manufacturing process ▪ Differentiated by the range and completeness of the Culture media Seed Scale-up Production portfolio preparation cultivation ▪ Excellent positioning in key single-use technologies UPSTREAM ▪ Internationally recogniz
Slide 21: Generating revenue throughout the lifecycle of a biopharma drug
Sartorius Group Generating revenue throughout the lifecycle of a biopharma drug Products specified into customers’ validated processes; recurring revenues with Attractive business consumables after approval of the drug by health authorities (e.g. FDA, EMA) model Stage Pre-clinical Clinical Commercia
Slide 22: Competitive product offering
Sartorius Group Competitive product offering Sartorius Merck | Danaher Thermo Top 3 Players Millipore Fisher All player with approx. Filtration equal market shares 1. Sartorius Fluid 2. Thermo Fisher Management 3. Merck | Millipore 1. Sartorius Fermentation 2. Thermo Fisher 3. Danaher | Cytiva 1. Da
Slide 23: Biosimilars: Strong growth, big opportunities
Sartorius Group Biosimilars: Strong growth, big opportunities ▪ Major blockbuster biologics are going off-patent ▪ Time-to-market is key as only the first providers are most likely profitable ▪ Several approvals in Asia and Europe; U.S. at the beginning ▪ For now, relatively small market but with st
Slide 24: Pioneer and leader in the growing single-use technology market
Sartorius Group Pioneer and leader in the growing single-use technology market Single-use market penetration expected to increase from ~35% to ~75% Single-use products offer advantages over conventional stainless-steel devices ▪ Capex|Opex reduction over entire lifecycle ▪ Reduced risk of cross-cont
Slide 25: Single-use allows manufacturers to mitigate investment risks
Sartorius Group Single-use allows manufacturers to mitigate investment risks ▪ Construction of stainless-steel based facilities takes longer and is more complex compared to single-use ▪ Therefore, investment in stainless-steel facilities has to start in early clinical phase II ▪ The construction of
Slide 26: Leveraging digital tools for faster process development and cost-efficient bioprocessing
Sartorius Group Leveraging digital tools for faster process development and cost- efficient bioprocessing Combination of bioprocess sensors, analyzers and software to… Expected high …collect, monitor and control quality- Faster results New insights impact of AI, in- critical parameters silico simula
Slide 27: Limited dependence on individual accounts
Sartorius Group Limited dependence on individual accounts Long-term business relationships with leading Limited dependence on individual accounts global (bio-) pharma companies Sales to Top 50 customers in 2024, € in millions 800.0 ~54% ~58% 600.0 ~49% ~41% 400.0 ~27% 200.0 0.0 Top 10 11 to 20 21 to
Slide 28: High innovation dynamics in biopharma
Sartorius Group High innovation dynamics in biopharma Development of new Increased efficiency New tools and Future drug drugs and vaccines possible in the methods required manufacturing is must be accelerated, production of 'classic' e.g. for novel cell and more automated, e.g. through more biopharm
Slide 29: Agenda
Sartorius Group Agenda Overview | Strategy Bioprocess Solutions Division (BPS) Lab Products & Services Division (LPS) H1 2025 Results | FY 2025 Guidance 29
Slide 30: LPS: Premium supplier for life science research and quality control labs
Sartorius Group LPS: Premium supplier for life science research and quality control labs ~€691mn Portfolio includes lab instruments, consumables, software and services Sales revenue 22.9% EBITDA margin1 Bioanalytics Lab instruments 50% Recurring revenue ~60% Sales share Life Sciences Lab consumables
Slide 31: Continuous transition to a higher growth and profitability profile
Sartorius Group Continuous transition to a higher growth and profitability profile LPS sales revenue; EBITDA margin1 Growth drivers CAGR 8% 900.0 49 Sales & Marketing pivot to attractive 800.0 segments and regions ~€691m 44 700.0 39 600.0 Attractive portfolio mix coupled with M&A ~€477m 34 500.0 29
Slide 32: Focus on attractive life science market; regional profile increasingly balanced
Sartorius Group Focus on attractive life science market; regional profile increasingly balanced Sales revenue share by segment, 2024 vs. 2018 Sales revenue share by geography, 2024 vs. 2018 2024 2024 Life Science Applied research research Americas EMEA ~60% (~43%) ~40% (~57%) ~33% (~26%) ~40% (~46%)
Slide 33: R&D efficiency key value lever for biopharma customers
Sartorius Group R&D efficiency key value lever for biopharma customers Biopharma R&D needs to Costly trial and error: innovate Only one out of 10,000 new drug candidates reaches the market R&D expenditure of large Research Commercial production $161bn pharma customers in 20231 increase in R&D expend
Slide 34: Enabling scientists in the lab to accelerate and improve workflows
Sartorius Group Enabling scientists in the lab to accelerate and improve workflows; contributes to reducing time and cost of drug development Solutions are used to BioAnalytics Lab Essentials ▪ Conduct experiments Instruments, consumables, and reagents Instruments and consumables for quality- for dr
Slide 35: BioAnalytics digitizes and automizes key research steps in biopharma labs
Sartorius Group BioAnalytics digitizes and automizes key research steps in biopharma labs Real-time, live-cell imaging & analysis Rapid picking and screening of clones ▪ Highly automated to reduce manual efforts Boosting productivity via Integrating clone selection parallel experiments with workflow
Slide 36: BioAnalytics portfolio increasingly synergetic with BPS products
Sartorius Group BioAnalytics portfolio increasingly synergetic with BPS products Application example: Gene cloning, Clone Cultivation, Evaluation, selection, media characterization Cell banking cell line development initial selection analytics optimization LPS (BioA) instruments BPS instruments Reag
Slide 37: Lab Essentials for quality-critical steps and applications in the lab
Sartorius Group Lab Essentials for quality-critical steps and applications in the lab Main product groups Lab market expected to grow low- to mid-single digit ▪ Pharma and biopharma the largest customer group; rising number and complexity of drugs in development as main demand driver Lab Lab Liquid
Slide 38: Substantial share of recurring business
Sartorius Group Substantial share of recurring business Instrument sales followed by recurring revenue stream Further increasing recurring share ~50% Recurring revenue Software Consumables Reagents Service 38
Slide 39: Innovation strategy is focused on key workflows addressing unmet needs of customers
Sartorius Group Innovation strategy is focused on key workflows addressing unmet needs of customers Expand portfolio Complementary solutions, focus on innovation in key areas Focus areas Advanced cell models New modalities Data management & analytics Provide tools for generation and Reliable, real-t
Slide 40: Agenda
Sartorius Group Agenda Overview | Strategy Bioprocess Solutions Division (BPS) Lab Products & Services Division (LPS) H1 2025 Results | FY 2025 Guidance 40
Slide 41: Robust sales revenue growth and substantial increase in profitability
Sartorius Group Robust sales revenue growth and substantial increase in profitability Sartorius Group H1 2024 H1 2025 in % in % cc 1 in millions of € unless otherwise specified Sales revenue 1,680 1,767 +5.2 +6.1 Underlying EBITDA2 471 527 +11.9 Underlying EBITDA2 margin in % 28.1 29.8 +1.7pp Underl
Slide 42: Solid growth momentum across all regions
Sartorius Group Solid growth momentum across all regions EMEA Americas Asia | Pacific Sales by region Sales | € in millions Sales | € in millions Sales | € in millions in % +5.9% +7.1% +5.0% EMEA Americas 691 732 603 638 ~41% ~36% 387 397 €1,767m Asia | Pacific H1 2024 H1 2025 H1 2024 H1 2025 H1 202
Slide 43: Bioprocess Solutions: Significant growth and margin expansion
Sartorius Group Bioprocess Solutions: Significant growth and margin expansion Sales revenue +8.8% cc Ul EBITDA & margin € in millions +7.8% € in millions +16.5% 1,435 1,331 500 453 55 450 389 50 400 45 350 300 40 250 29.2 31.6 35 200 30 150 25 100 50 20 0 15 H1 2024 H1 2025 H1 2024 H1 2025 ▪ Strong
Slide 44: Lab Products & Services: Soft end markets weigh on performance
Sartorius Group Lab Products & Services: Soft end markets weigh on performance Sales revenue Ul EBITDA & margin -4.0% cc € in millions € in millions -4.8% -10.1% 349 82 332 74 23.6 22.3 H1 2024 H1 2025 H1 2024 H1 2025 ▪ Instruments business impacted by muted investment activity of customers, particu
Slide 45: Substantial increase in net profit and solid free cash flow generation
Sartorius Group Substantial increase in net profit and solid free cash flow generation Sartorius Group H1 2024 H1 2025 in % in millions of € unless otherwise specified Underlying net profit1,2 148 169 +13.7 ▪ Operating cash flow on solid level; growth-driven Reported net profit2 61 81 +33.0 increase
Slide 46: Deleveraging on track; commitment to investment-grade rating
Sartorius Group Deleveraging on track; commitment to investment-grade rating Key financial indicators Net debt and net debt to underlying EBITDA 6.0 Sartorius Group Dec. 31, Jun. 30, 5,000 5.0 in millions of € unless otherwise specified 2024 2025 4,000 4.0 Equity ratio in % 38.6 37.8 3,000 3.0 2,000
Slide 47: Strong credit metrics and liquidity
Sartorius Group Strong credit metrics and liquidity Investment grade credit rating BBB- (stable) Balanced debt maturity profile • Commitment to maintain a solid investment grade rating • Focus on cash generation and continued deleveraging 650 Strong liquidity & resilient financing 850 850 650 • Cash
Slide 48: 2025 guidance confirmed
Sartorius Group 2025 guidance confirmed Guidance 2025 Sartorius Group Bioprocess Solutions Lab Products & Services Sales revenue growth1 + ~6% (+/- 2pp) + ~7% (+/- 2pp) + ~1% (+/- 2pp) Underlying EBITDA margin ~29% to ~30% ~31% to ~32% ~22% to ~23% ▪ Capex ratio of around 12.5% For financial modelli
Slide 49: Appendix
Sartorius Group Appendix 49
Slide 50: Corporate responsibility & further financial information
Sartorius Group Corporate responsibility & further financial information To Sartorius, sustainability means operating Please click below for further information: responsibly over the long term – with respect to business partners, employees and society as well as to natural resources. Learn more abou
Slide 51: Reasons to invest
Sartorius Group Reasons to invest Clear strategy, Strong fundamental Competitive, consistent growth drivers differentiated implementation product portfolio High-performance, High share of Ambitious team, resilient production recurring revenues strong customer focus and R&D infrastructure 51
Slide 52: Sartorius legal & operational structure
Sartorius Group Sartorius legal & operational structure Sartorius Group legal setup Sartorius AG (~69.0m shares) Ordinary shares (~34.2m shares) Preference shares (~34.8m shares) Stock market listed in Germany1 ~55% Administered by executor ~72% Free float ~38% Bio-Rad Laboratories ~28% Bio-Rad Labo
Slide 53: Share price performance
Sartorius Group Share price performance 500% 400% 300% 200% 100% 0% Feb. 22 Dez. 22 Okt. 23 Aug. 24 Apr. 21 Jan. 20 Sep. 21 Jul. 22 Jan. 25 Nov. 20 Mai. 23 Mrz. 24 Jun. 20 Jun. 25 Sartorius Preference share Sartorius Ord. Share Sartorius Stedim Biotech DAX TecDAX MSCI Europe ISIN DE0007165631 (prefe
Slide 54: A sampling of the Bioprocess Solutions' product portfolio
Sartorius Group A sampling of the Bioprocess Solutions’ product portfolio Filtration Purification Fermentation Fluid management 54
Slide 55: A sampling of the Lab Products and Services' product portfolio
Sartorius Group A sampling of the Lab Products and Services’ product portfolio Lab balances | Lab water systems Bioanalytics Lab filtration | Microb. analysis Pipettes 55
Slide 56: Executive Board of Sartorius AG as of July 1, 2025
Sartorius Group Executive Board of Sartorius AG as of July 1, 2025 Michael Grosse, CEO René Fáber Florian Funck, CFO Alexandra Gatzemeyer Joined Sartorius in 2025 Joined Sartorius in 2002 Joined Sartorius in 2024 Joined Sartorius in 2005 Member of the Board since Member of the Board since 2019 Membe
Slide 57: Contacts and Financial calendar
Sartorius Group Contacts and Financial calendar Petra Müller ▪ September 3, 2025 Head of Investor Relations Oddo & Commerzbank Corporate Conference 2025, Frankfurt +49.551.308.6035 ▪ September 3, 2025 petra.mueller2@sartorius.com Jefferies Swiss Healthcare Summit 2025, Zürich Mirko Koch ▪ September
Slide 58: Disclaimer
Sartorius Group Disclaimer This presentation contains statements concerning the future performance of the Sartorius Group. These statements are based on assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we cannot guarantee that they will actual
Slide 59: Simplifying Progress
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