Sartorius Ag · XETR:SRT
Sartorius — Investor Presentation (July 2026)
61 slides from Sartorius's investor presentation, July 2026
Slide 1: Investor Presentation H1 2026
Investor Presentation H1 2026
Slide 2: Agenda
Sartorius Group Agenda Overview Market and mid-term ambition Portfolio deep dive H1 2026 Results | FY 2026 Guidance 2
Slide 3: Anchored in purpose – Ambitious to shape the future
Sartorius Group Anchored in purpose – Ambitious to shape the future Our Better health for more people. Purpose We empower biopharma customers to accelerate drug Our development and enhance manufacturing efficiency Mission for better therapies and more affordable medicine. Our Simplifying Progress Pr
Slide 4: Biologics focus play with compelling financial profile
Sartorius Group Biologics focus play with compelling financial profile Increasingly focused on attractive customer segments ~€3.5bn Sales revenue 2025 ~12% Sales CAGR 2015-25 ~85% Revenue share with biopharma and life science customers 29.7% EBITDA margin1 2015 ~80% Recurring revenues ~€560mn Invest
Slide 5: Unique capabilities make us a leading partner to the biopharma industry
Sartorius Group Unique capabilities make us a leading partner to the biopharma industry Strong focus Highly differentiated portfolio; leading market positions in key technologies on biopharma Unique Deep scientific, application and regulatory expertise know-how Trusted Superior and consistent qualit
Slide 6: Addressing the complex and regulated biopharma value chain
Sartorius Group Addressing the complex and regulated biopharma value chain 1 Molecule development 2 Cell line & process development Identification and design of a therapeutic molecule Creation of a stable cell line; definition of a robust manufacturing process 3 Upstream & downstream production Sart
Slide 7: Our solutions for biopharma research and analytical characterization & quality control
Sartorius Group Our solutions for biopharma research and analytical characterization & quality control Our ambition Differentiated BioA and cell model solutions with strong market Accelerate drug development positions; premium supplier and innovator for lab essentials Bioanalytical instruments & 3D
Slide 8: Our solutions for biopharma manufacturing
Sartorius Group Our solutions for biopharma manufacturing Our ambition Scalable end-to-end solutions for all biopharmaceutical modalities; More efficient bioprocessing Market leader in single-use technologies Design safe and flexible Media & reagents Bioreactors processes Reduce investments Chromato
Slide 9: AI will transform biopharma and accelerate Sartorius' core business
Sartorius Group AI will transform biopharma and accelerate Sartorius’ core business AI is increasing demand for Sartorius solutions… …and will make them more powerful and scalable Sartorius has the instruments, the data and capabilities to unlock value for customers & partners Smart, autonomous inst
Slide 10: Advancing our portfolio through a proven three-pillar innovation strategy
Sartorius Group Advancing our portfolio through a proven three-pillar innovation strategy Own product development Cooperations Acquisitions in areas of core competencies with customers, research institutes, start- of complementary and ups, and industry-leading experts differentiating technologies (S
Slide 11: Benefitting from growth across all modalities
Sartorius Group Benefitting from growth across all modalities Sartorius offers exposure …with the risk profile of a solutions provider to all biopharma modalities… Picks-and-shovels model: Monoclonal Mission-critical tools across development and manufacturing Biosimilars antibodies Modality-agnostic
Slide 12: Clear focus and strong positioning drive profitable growth above market
Sartorius Group Clear focus and strong positioning drive profitable growth above market Sales revenue; EBITDA margin1 Sartorius playbook CAGR ~12%2 ▪ Win customers in early R&D and follow molecules through development to become ~€3.5bn embedded in final production processes ▪ Continuously expand the
Slide 13: Regulatory validation as a foundation for a resilient business model
Sartorius Group Regulatory validation as a foundation for a resilient business model Customer Molecule Cell line & process Clinical trials Commercial workflow development development production % of Sartorius ~10% ~10% ~25% ~55% revenue Business stickiness ▪ Biologic manufacturing processes must be
Slide 14: High share of recurring revenue
Sartorius Group High share of recurring revenue Equipment sales as a key enabler for recurring revenue stream ~80% Consumables & reagents Software Service Recurring revenue Large and growing installed base Lock-in within validated manufacturing processes FY 2025 figures 14
Slide 15: Revenues diversified across customers
Sartorius Group Revenues diversified across customers Long-term business relationships with leading Limited dependence on individual accounts global (bio-) pharma companies Sales to Top 50 customers in 2025, € in millions 1,000.0 ~52% ~44% ~48% 800.0 ~37% 600.0 ~24% 400.0 200.0 0.0 Top 10 11 to 20 2
Slide 16: Strong presence in all biopharma regions
Sartorius Group Strong presence in all biopharma regions Helsinki Kajaani Havant Glasgow Umeå Sales revenue by region Stonehouse Royston Malmø Nottingham Göttingen Ann Arbor Cergy Liège Bielefeld Jena Beijing EMEA Americas Illkirch Ulm Guxhagen Marlborough Lourdes Loos Freiburg Bratislava Songdo~42%
Slide 17: Infrastructure prepared for the next growth phase
Sartorius Group Infrastructure prepared for the next growth phase Recent capex cycle strengthened the global production Capex ratio set to decline network across multiple areas in % of revenue ~12.5% Global resilience ~€2.6bn Redundant capacities Major capex projects 2026 Capex in 2020-2025 Customer
Slide 18: Ambitious mid-term climate agenda in line with Paris Climate Agreement
Sartorius Group Ambitious mid-term climate agenda in line with Paris Climate Agreement 2030 mid-term ambitions 2045 long-term ambition Net-zero Scope 1 & 2 Scope 3 emissions 42% 51.6% Reduction of GHG emissions Reduction of GHG emissions relative compared to 2022 to value added1 compared to 2022 Use
Slide 19: Attractive end market supports our mid-term financial ambition
Market and mid-term ambition Attractive end market supports our mid-term financial ambition 19
Slide 20: Sustained strong market fundamentals
Sartorius Group Sustained strong market fundamentals Growing and aging Growing pharma Shift in medicine Increasing number of population1 market2 to biologics2 drug approvals2,3 >1.6bn ~5% p.a. ~57% 2x Estimated number of growth of global share of biologics in number of approvals4 in people aged 65+
Slide 21: Broad growth of biologics; rising relevance of new modalities
Sartorius Group Broad growth of biologics; rising relevance of new modalities mAbs remain dominant; biosimilars, AT and next gen antibodies Large number of molecules in pipeline: with strong growth from small base New modalities account for ~50% today Revenue by modality (€ bn)1 Number of molecules
Slide 22: Advanced therapies gaining traction, offering above-average growth potential
Sartorius Group Advanced therapies gaining traction, offering above-average growth potential Well-filled and growing pipeline >9,600 candidates in development 2,989 14% New in 2025 2,514 2,283 14% 21% >120 AT approved globally, 13 in 2025 Existing 86% 1,905 21% 12% 79% 79% 88% ~15% CAGR anticipated
Slide 23: R&D and production volumes as structural market growth drivers
Sartorius Group R&D and production volumes as structural market growth drivers Addressable market CAGR mid-term1 Opportunities ▪ Biopharma R&D and production volumes continue to grow, driven Group 7-9% by expanding pipelines, drug approvals, and rising patient demand ▪ Increasing complexity and dive
Slide 24: Mid-term ambition: targeting continued profitable growth above market
Sartorius Group Mid-term ambition: targeting continued profitable growth above market Sartorius mid-term ambition2 Addressable market Sartorius key drivers Above-market Organic sales revenue ul EBITDA margin CAGR mid-term1 of outperformance growth p.a. growth p.a. in cc expansion p.a. Sartorius ▪ Fo
Slide 25: Strategic initiatives launched to strengthen Sartorius' competitive edge
Sartorius Group Strategic initiatives launched to strengthen Sartorius’ competitive edge Simplifying progress Financial ambition Profitable growth above market, enhanced cash generation, reduced leverage Strategic Portfolio Customer experience Excellence & efficiency initiatives How to add value to
Slide 26: At a glance: Reasons to invest
Sartorius Group At a glance: Reasons to invest Exposure to high-growth Strong market position Sticky business model with biopharma markets with with differentiated end- high share of recurring strong barriers to entry to-end portfolio and revenue innovation leadership Mid-term ambition for CapEx nor
Slide 27: Strong portfolio enabling faster drug development and efficient production
Portfolio deep dive Strong portfolio enabling faster drug development and efficient production 27
Slide 28: Addressing customers' need for improved R&D efficiency
Sartorius Group Addressing customers' need for improved R&D efficiency Biopharma R&D needs to innovate Biopharma needs trusted tools to increase productivity & predictivity and prevent expensive late-stage failure €2bn Cost per approved drug Research Clinical trials 10+ yrs Time from R&D to approval
Slide 29: Bioanalytic solutions digitizes and automizes key research steps in biopharma labs
Sartorius Group Sartorius Bioanalytic solutions digitizes and automizes key research steps in biopharma labs ▪ Differentiated, integrated Real-time, live-cell Rapid picking and Label-free High content, high portfolio of instruments, screening of clones throughput imaging & analysis characterization
Slide 30: Offering a unique advanced cell model portfolio positioned for above-market growth
Sartorius Group Offering a unique advanced cell model portfolio positioned for above-market growth Opportunity Sartorius strongly positioned to lead NAM workflows Sartorius enables scalable Leading advanced cell models, reagents, instruments, biological insights analytics and partnerships for deep i
Slide 31: Making our instruments ready for the lab of the future
Sartorius Group Making our instruments ready for the lab of the future and integrating them into bioprocessing workflows Making our instruments automation- and AI-ready Creating an integrated PAT & in/at-line AC&QC offer Smart Bioprocessing In-line continuous Auto-sampling, at-line instruments syste
Slide 32: AI acts as an additional differentiator, increasing customer value
Sartorius Group AI acts as an additional differentiator, increasing customer value AI-enabled instruments generating more valuable data Co-pilots and AI agents unlock decision- 83%providing faster, deeper and novel insights making, intervention, and automation Multiplexing AI “Wells B4–D4 show model
Slide 33: From research to commercial manufacturing – one continuous journey
Sartorius Group From research to commercial manufacturing – one continuous journey Customers` drug development workflow Early EarlyResearch Research Development Clinical Commercial Production Sartorius research solutions Sartorius bioprocessing solutions Seamless transition Early engagement Deepenin
Slide 34: Covering most steps of the biopharmaceutical manufacturing process
Sartorius Group Covering most steps of the biopharmaceutical manufacturing process ▪ Scalable end-to-end portfolio for all unit operations Culture media Inoculation Seed train Production ▪ Seamless integration of preparation instruments, consumables, and critical raw materials Upstream: Production o
Slide 35: Complete portfolio with differentiated solutions across key technologies
Sartorius Group Complete portfolio with differentiated solutions across key technologies Key technologies Sartorius Peer 1 Peer 2 Peer 3 Filtration ▪ Highly concentrated market with four major players holding most of Fluid the share, plus Tier-2/3 players Management across specific segments ▪ Sartor
Slide 36: Focusing on single-use (SU) solutions, which continue to gain share
Sartorius Group Focusing on single-use (SU) solutions, which continue to gain share Economic advantages of SU vs stainless steel1 SU has become a standard in clinical production; penetration is set to rise at commercial-scale Stainless steel Single-use Future Today -70% +25% -40% -50% Clinic >85% Co
Slide 37: Sartorius is driving the adoption of process intensification
Sartorius Group Sartorius is driving the adoption of process intensification Bioprocessing is undergoing Sartorius drives this trend with innovative solutions for process improvement a transformation COGS Integrated Past continuous -50% processing Batch production platform Productivity x3 Perfusion-
Slide 38: Innovation example: Pionic – First modular end-to-end platform
Sartorius Group Innovation example: Pionic – First modular end-to-end platform for intensified downstream processing Covers all key downstream unit operations ▪ Designed to transition customers from batch to continuous processing, stepwise or end-to-end ▪ Enables higher throughput, lower footprint,
Slide 39: Offering a unique portfolio to capture above-average growth in advanced therapies
Sartorius Group Offering a unique portfolio to capture above-average growth in the emerging advanced therapies market Critical Raw Analytics & QC Materials Plasmids Cell Culture Activation Transfection/ Growth Factors & Recombinant Cryopreservation & Media Reagents Delivery Reagents Cytokines Human
Slide 40: Innovation example: revolutionizing cell therapy manufacturing
Sartorius Group Innovation example: Sartorius is bringing together its strengths to revolutionize cell therapy manufacturing EVEO: The only closed, multi-parallel platform — centralized and decentralized ready >50% Reduction in labor costs Instruments and systems Smart automation >80% Reduction faci
Slide 41: Combining hardware, analytics, and AI to turn data into insight
Sartorius Group Sartorius combines hardware, analytics, and AI to turn data into insight and process advantage Intelligent bioprocessing solutions to… …collect, monitor and control quality- Faster results New insights critical parameters …analyze data to obtain a better process understanding High im
Slide 42: Agenda
Sartorius Group Agenda Overview Market and mid-term ambition Portfolio deep dive H1 2026 Results | FY 2026 Guidance 42
Slide 43: H1 confirms robust market fundamentals
Sartorius Group H1 confirms robust market fundamentals ▪ Operational sales growth1 of 7.7%, with slightly >9% consumables and around 2% equipment growth ▪ Robust topline drives ul. EBITDA margin up to 30.3% ▪ Refunds for US tariffs received at the end of Q2; intended customer compensation for tariff
Slide 44: Enabling innovative therapies through advanced manufacturing and AI-driven, digital workflows
Sartorius Group Enabling innovative therapies through advanced manufacturing and AI-driven, digital workflows Pionic Modules Ambr 250 HT Cubis III Incucyte Quad & Cross Cell Therapies Vessel Premium Balance Live cell analysis Bioreactor for culturing Next-generation weighing Continuous expansion of
Slide 45: Robust underlying sales performance; non-operational headwind from tariff-related effects
Sartorius Group Robust underlying sales performance; non-operational headwind from tariff-related effects Sartorius Group Bioprocess Solutions Lab Products & Services Sales revenue | € in millions Sales revenue | € in millions Sales revenue | € in millions +7.7%1 | +6.2% cc | +2.5% +8.3%1 | +6.7% cc
Slide 46: All regions contribute positively to business development
Sartorius Group All regions contribute positively to business development EMEA Americas Asia | Pacific Sales revenue | € in millions Sales revenue | € in millions Sales revenue | € in millions 7.2% cc | +7.2% +5.6%1 | +1.2% cc | -4.8% +12.1% cc | +5.4% 732 784 638 608 397 419 H1 2025 H1 2026 H1 2025
Slide 47: Robust topline drives earnings and margins up
Sartorius Group Robust topline drives earnings and margins up Sartorius Group Bioprocess Solutions Lab Products & Services Ul. EBITDA & margin | Ul. EBITDA & margin | Ul. EBITDA & margin | € in millions € in millions € in millions +3.9% +5.2% -4.0% 29.8% 30.3% 31.6% 32.3% 527 548 453 477 22.3% 21.2%
Slide 48: Continued sound cash flow development
Sartorius Group Continued sound cash flow development Sartorius Group H1 2025 H1 2026 in % € in millions Underlying net profit1,2 169 172 +2.0 ▪ Underlying net profit mainly reflects improved operating profit Underlying EPS (ord.) 2.44 2.49 +2.0 ▪ Strong increase in net profit driven by lower extrao
Slide 49: Deleveraging progresses as expected; unchanged commitment to investment-grade rating
Sartorius Group Deleveraging progresses as expected; unchanged 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 € in millions unless otherwise specified 2025 2026 5.0 4,000 4.0 Equity ratio in % 39.8
Slide 50: 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 € in millions rating 1,000 892 910 • Focus on cash generation and continued 900 42 60 deleveraging 800 739 700 89 Strong l
Slide 51: FY 2026 guidance confirmed
Sartorius Group FY 2026 guidance confirmed FY 2026 guidance Sales revenue growth1 Ul. EBITDA margin Operational performance excl. effects from tariff-related customer compensation ~5% to ~9% Sartorius Group Slightly > 30% (thereof ~0.3pp MATTEK) ▪ Remains robust and in line with initial expectations
Slide 52: Appendix
Sartorius Group Appendix 52
Slide 53: 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 54: 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 55: Share price performance
Sartorius Group Share price performance 250% 200% 150% 100% 50% 0% Sartorius (pref.) Sartorius (ord.) Sartorius Stedim Biotech DAX TecDAX MSCI Europe MDAX ISIN DE0007165631 (preference share) Indices DAX 50 ESG | MDAX | TecDAX | MSCI Europe DE0007165607 (ordinary share) CDAX | Prime All Share Index
Slide 56: 2026 as a transition year towards mid-term growth ambition
Sartorius Group 2026 as a transition year towards mid-term growth ambition Sales revenue growth, ul. EBITDA margin Market view at the beginning 12 31.5 of the year 10 +5-9% 31 +7.6% 8 ▪ Market is showing signs of gradual improvement 30.5 ▪ Equipment business stabilizing, becoming less dilutive 6 30
Slide 57: Long-term margin upside embedded in the business model
Sartorius Group Long-term margin upside embedded in the business model Expected contribution to Mid-term key assumptions Share of cost positions margin development ▪ Increasing capacity utilization; growing 2019 2025 2026e Mid-term consumables contribution Sales 100% 100% ▪ Cost improvements driven
Slide 58: Executive Board of Sartorius AG
Sartorius Group Executive Board of Sartorius AG 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 2025 Member of the Board since 2019 Member of the Board
Slide 59: Contacts and Financial calendar
Sartorius Group Contacts and Financial calendar Sven Köpsel September 1, 2026 September 21, 2026 Head of Corporate Communications & IR Commerzbank and ODDO BHF RBC Life Science Conf., virtual Corporate Conf., Frankfurt September 22, 2026 +49.551.308.9429 September 2, 2026 Berenberg and Goldman Sachs
Slide 60: 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 61: Simplifying Progress
Simplifying Progress Scan or click here to view this presentation. Scan or click here to view this presentation.