Business
Stratec : Quarterly Statement 9M|2025
Stratec : Quarterly Statement
About this update from Stratec Se
QUARTERLY STATEMENT 9M|2025 January 1 to September 30, 2025 STRATEC QUARTERLY STATEMENT 9M|2025 STRATEC REPORTS DEFINITIVE RESULTS FOR FIRST NINE MONTHS OF 2025 Despite supply chain-induced interruption to production, consolidated sales at constant currency up 2.5 % (nominal: +1.5 %) to € 175.6 million in 9M/2025 (9M/2024: € 173.0 million) Scale effects and higher earnings contributions from the realization of high-margin development sales are expected to drive significantly more dynamic earnings momentum in the fourth quarter of 2025 Ongoing great momentum and strong demand for system solution development cooperations; new partnerships initiated 2025 guidance: sales at constant currency expected at around previous year's level with adjusted EBIT margin at lower end of forecast corridor of 10.0 % to 12.0 % Key figures 1 € 000s 9M|2025 9M|2024 2 Change Q3|2025 Q3|2024 2 Change Sales 175,588 172,958 +1.5 % (cc: +2.5 %) 56,998 60,267 -5.4 % (cc: -3.4 %) Adjusted EBITDA 24,235 26,623 -9.0 % 8,165 9,197 -11.2 % Adjusted EBITDA margin (%) 13.8 15.4 -160 bps 14.3 15.3 -100 bps Adjusted EBIT 12,824 15,149 -15.3 % 4,337 5,269 -17.7 % Adjusted EBIT margin (%) 7.3 8.8 -150 bps 7.6 8.7 -110 bps Adjusted consolidated net income 7,104 8,434 -15.8 % 2,126 2,831 -24.9 % Adjusted earnings per share (€) 0.58 0.69 -15.9 % 0.17 0.23 -26.1 % Earnings per share (€) 0.34 0.39 -12.8 % 0.13 0.06 +116.7 % bps = basis points cc = constant currency 1 To facilitate comparison, figures for 2025 have been adjusted to exclude amortization resulting from purchase price allocations in the context of acquisitions and other non-recurring items (including one-off advisory expenses, fees, and restructuring expenses).The figures for 2024 have additionally been adjusted to exclude one-off personnel expenses of € 1.7 million in connection with the departure of a member of the Board of Management. 2 Restated pursuant to IAS 8. 2 BUSINESS PERFORMANCE STRATEC increased its consolidated sales year-on-year by 2.5 % on a constant-currency basis (nominal: +1.5 %) to € 175.6 million in the first nine months of 2025 (9M/2024: € 173.0 million). Systems sales at constant currency virtually matched the previous year's level. Alongside start-up curves for new product launches remaining flatter than usual, the third quarter also brought supply chain interruptions in connection with trade policy tensions and thus delivery backlogs with some system lines. By contrast, the stabilization in demand for system lines which had seen disruptions in the wake of the COVID-19 pandemic continued apace. Constant-currency sales with Service Parts and Consumables fell slightly short of the previous year's high figure. In the third quarter of 2025, this division felt the effects of volatile order behavior and logistics optimization measures taken by customers to account for changeable global tariff restrictions. Conversely, sales with Development and Services showed double-digit percentage growth, benefiting from a high volume of development activities and numerous customer projects currently underway. Adjusted EBIT amounted to € 12.8 million in the first nine months of 2025 (9M/2024: € 15.1 million). Compared with the previous year, the adjusted EBIT margin thus fell by 150 basis points from 8.8 % to 7.3 %. This was particularly due to product mix effects within the Systems operating division, as well as to a temporary dip in the share of high-margin Service Parts and Consumables in the third quarter of 2025. The margin performance was additionally held back by negative exchange rate effects. Adjusted consolidated net income stood at € 7.1 million in the first nine months of 2025, compared with € 8.4 million in the previous year. Here, STRATEC witnessed a year-on-year improvement in its net financial expenses and an increase in its adjusted tax rate. Adjusted earnings per share (basic) amounted to € 0.58 (9M/2024: € 0.69). Reconciliation of adjusted EBITDA, EBIT, and consolidated net income The key earnings figures for the first nine months of 2025 have been adjusted to exclude amortization resulting from purchase price allocations in the context of acquisitions and other non-recurring items (including one-off advisory expenses, fees, and restructuring expenses). A reconciliation of the adjusted results with the unadjusted key earnings figures is presented below: Reconciliation of adjusted EBITDA (€ 000s) 9M/2025 9M/2024 1 Adjusted EBITDA 24,235 26,623 Adjustments: Other 2 -1,677 -2,052 EBITDA 22,558 24,571 1 Restated pursuant to IAS 8. Further details can be found in the 2024 Annual Report. 2 Including one-off advisory expenses, fees, and restructuring expenses Reconciliation of adjusted EBIT (€ 000s) 9M/2025 9M/2024 1 Adjusted EBIT 12,824 15,149 Adjustments: PPA amortization -2,309 -2,772 Other 2 -1,677 -2,052 EBIT 8,838 10,325 1 Restated pursuant to IAS 8. Further details can be found in the 2024 Annual Report. 2 Including one-off advisory expenses, fees, and restructuring expenses Reconciliation of adjusted consolidated net income (€ 000s) 9M/2025 9M/2024 1 Adjusted consolidated net income 7,104 8,434 Adjusted earnings per share in € (basic) 0.58 0.69 Adjustments: PPA amortization -2,309 -2,772 Other 2 -1,677 -2,052 Taxes 985 1,156 Consolidated net income 4,103 4,766 Earnings per share in € (basic) 0.34 0.39 1 Restated pursuant to IAS 8. Further details can be found in the 2024 Annual Report. 2 Including one-off advisory expenses, fees, and restructuring expenses STRATEC QUARTERLY STATEMENT 9M|2025 FINANCIAL GUIDANCE As already communicated in the announcement published on October 30, 2025, STRATEC expects to witness temporary interruptions to the supply of input materials for some system lines in the fourth quarter of 2025. In particular, in connection with trade policy tensions supply chain interruptions have arisen for a specific type of magnet with impurities relating to export-restricted rare earths (share of rare earths in affected production batch: 0.1 %). Against this backdrop, delivery backlogs already arose for system deliveries in the third quarter of 2025. STRATEC does not expect to receive sufficient quantities of input materials to make up for these delivery backlogs or for the production volumes originally planned for the fourth quarter of 2025. Furthermore, global tariff conflicts are leading to higher fluctuations in customers' order behavior and to associated logistics optimization measures.These particularly affect the Service Parts and Consumables division. In view of these factors, on October 30, 2025 the Board of Management decided to adjust its sales guidance for the 2025 financial year. STRATEC now expects its consolidated sales at constant currency to approximately match the previous year's figure. Despite the lower sales base hereby forecast and negative currency items, STRATEC confirmed the lower end of the forecast corridor of around 10.0 % to 12.0 % for its adjusted EBIT margin. The expected intra-year rise in profitability in the fourth quarter of 2025 is attributable to benefits of scale, efficiency measures, and higher earnings contributions from the realization of high-margin development sales. Based on updated planning, STRATEC assumes that its investments in property, plant and equipment and intangible assets in the 2025 financial year will fall slightly short of the originally forecast range of a total of 8.0 % to 10.0 % of sales (2024: 7.1 %). PROJECTS AND OTHER DEVELOPMENTS Together with its partners, in the third quarter of 2025 STRATEC once again made further scheduled progress with numerous development projects and paved the way for additional cooperation agreements. The increasing willingness shown by customers in recent months to reach decisions concerning cooperations in the Systems Development business continued. Among other aspects, STRATEC has observed growing demand for lifecycle transfers. Furthermore, customers are increasingly looking for partners who are able to assume full responsibility for design, production, and delivery for the entire product lifecycle. The background to this development involves reorganization measures and M&A activities at customers, as well as their strategic focus on products already established in the market. These factors are supplemented by changed market conditions and growing requirements in terms of materials procurement. Against this backdrop, STRATEC recently initiated a partnership for a well-established high-throughput product in the field of molecular diagnostics. The third quarter of 2025 also saw the market launch of the P780, a next-generation analyzer system offered under the Diatron brand in the field of clinical chemistry. To address a wide range of target customers, the P780 was developed for medium to large laboratories, offering an innovative and scalable solution characterized by great reliability. DEVELOPMENT IN PERSONNEL Including personnel hired from temporary employment agencies and trainees, the STRATEC Group had a total of 1,420 employees as of September 30, 2025 (previous year: 1,462 employees). This corresponds to a reduction of 2.9 % compared with the previous year's reporting date and is to be viewed in connection with the continuation in 2025 of the measures taken to enhance efficiency and improve earnings. STRATEC QUARTERLY STATEMENT 9M|2025 CONSOLIDATED BALANCE SHEET as of September 30, 2025 Assets € 000s 09.30.2025 12.31.2024 Non-current assets Goodwill 49,597 50,975 Other intangible assets 64,447 62,889 Right-of-use assets 12,914 15,180 Property, plant and equipment 64,771 65,065 Non-current financial assets 4,086 3,472 Non-current other receivables and assets 343 0 Non-current contract assets 23,170 20,859 Deferred taxes 3,922 3,116 223,250 221,556 Current assets Inventories 126,389 121,818 Trade receivables 41,947 41,578 Current financial assets 1,617 1,563 Current other receivables and assets 6,898 7,951 Current contract assets 7,545 1,209 Income tax receivables 1,194 2,219 Cash 22,396 47,164 207,986 223,502 Total assets 431,236 445,058 Shareholders' equity and debt € 000s 09.30.2025 12.31.2024 Shareholders' equity Share capital 12,158 12,158 Capital reserve 37,723 37,131 Revenue reserves 194,076 197,267 Treasury stock -35 -35 Other equity -3,844 -3,988 240,078 242,533 Non-current debt Non-current financial liabilities 116,952 88,695 Current other liabilities 1,330 1,201 Non-current contract liabilities 2,112 343 Provisions for pensions 5,117 5,338 Provisions 156 190 Deferred taxes 15,908 16,412 141,575 112,179 Current debt Current financial liabilities 15,290 45,565 Trade payables 14,418 18,447 Current other liabilities 9,351 10,369 Current contract liabilities 7,216 7,235 Provisions 622 760 Income tax liabilities 2,686 7,970 49,583 90,346 Total shareholders' equity and debt 431,236 445,058 STRATEC QUARTERLY STATEMENT 9M|2025 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the period from January 1 to September 30, 2025 € 000s 01.01. - 09.30.2025 01.01. - 09.30.2024 Retrospectively adjusted 1 Sales 175,588 172,958 Cost of sales -130,331 -125,672 Gross profit 45,257 47,286 Research and development expenses -7,012 -8,123 Sales-related expenses -8,973 -9,992 General administration expenses -18,992 -18,597 Income / Expenses from impairment of financial assets and contract assets -614 -11 Other operating expenses -4,752 -4,038 Other operating income 3,924 3,800 Earnings before interest and taxes (EBIT) 8,838 10,325 Financial income 154 275 Financial expenses -3,140 -4,486 Other financial result -179 88 Net financial result -3,165 -4,123 Earnings before taxes (EBT) 5,673 6,202 Taxes on income -1,570 -1,436 Consolidated net income 4,103 4,766 Items that may be subsequently reclassified to profit or loss: Currency translation differences from translation of foreign operations 142 -4,104 Other comprehensive income (OCI) 142 -4,104 Comprehensive income 4,245 662 Basic earnings per share in € 0.34 0.39 No. of shares used as basis (undiluted) 12,155,942 12,155,942 Diluted earnings per share in € 0.34 0.39 No. of shares used as basis (diluted) 12,155,942 12,157,875 1 Restated pursuant to IAS 8. Further details can be found in the 2024 Annual Report. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the period from July 1 to September 30, 2025 € 000s 01.01. - 09.30.2025 01.01. - 09.30.2024 Retrospectively adjusted 1 Sales 56,998 60,267 Cost of sales -43,696 -43,527 Gross profit 13,302 16,740 Research and development expenses -1,587 -2,563 Sales-related expenses -2,466 -3,140 General administration expenses -6,004 -7,337 Income / Expenses from impairment of financial assets and contract assets -196 -20 Other operating expenses -622 -1,461 Other operating income 1,092 217 Earnings before interest and taxes (EBIT) 3,519 2,436 Financial income 33 5 Financial expenses -1,056 -1,483 Other financial result -117 89 Net financial result -1,140 -1,389 Earnings before taxes (EBT) 2,379 1,047 Taxes on income -878 -327 Consolidated net income 1,501 720 Items that may be subsequently reclassified to profit or loss: Currency translation differences from translation of foreign operations 1,690 -434 Other comprehensive income (OCI) 1,690 -434 Comprehensive income 3,191 286 Basic earnings per share in € 0.13 0.06 No. of shares used as basis (undiluted) 12,155,942 12,155,942 Diluted earnings per share in € 0.13 0.06 No. of shares used as basis (diluted) 12,155,942 12,157,686 1 Restated pursuant to IAS 8. Further details can be found in the 2024 Annual Report. STRATEC QUARTERLY STATEMENT 9M|2025 CONSOLIDATED CASH FLOW STATEMENT for the period from January 1 to September 30, 2025 € 000s 01.01. - 09.30.2025 01.01. - 09.30.2024 Retrospectively adjusted 1 I. Operations Consolidated net income (after taxes) 4,103 4,766 Depreciation and amortization 13,720 14,246 Current income tax expenses 3,023 1,513 Income taxes paid less income taxes received -7,253 -171 Financial income -154 -275 Financial expenses 3,140 4,486 Interest paid -3,420 -4,542 Interest received 224 275 Other non-cash expenses 4,227 1,732 Other non-cash income -2,046 -1,195 Change in net pension provisions through profit or loss -252 -23 Change in deferred taxes through profit or loss -1,453 -77 Profit (-) / loss (+) on disposals of non-current assets 13 74 Increase (-) / decrease (+) in inventories, trade receivables and other assets -11,685 4,418 Increase (+) / decrease (-) in trade payables and other liabilities -3,622 203 Cash flow from operating activities -1,435 25,430 II. Investments Incoming payments from disposals of non-current assets Property, plant and equipment 0 9 Outgoing payments for investments in non-current assets Intangible assets Property, plant and equipment Financial assets -5,671 -7,124 -580 -6,344 -5,997 -100 Cash flow from investing activities -13,375 -12,432 III. Financing Incoming funds from taking up of financial liabilities 42,000 12,000 Outgoing payments for repayment of financial liabilities -41,109 -16,388 Outgoing payments for repayment of lease liabilities -2,568 -2,407 Dividend payments -7,294 -6,687 Cash flow from financing activities -8,971 -13,482 IV. Cash-effective change in cash (net balance I - III) -23,781 -484 Cash at start of period 47,164 33,532 Impact of exchange rate movements -987 60 Cash at end of period 22,396 33,108 1 Restated pursuant to IAS 8. Further details can be found in the 2024 Annual Report. FINANCIAL CALENDAR 11 11.25.2025 German Equity Forum (Analyst Conference) 11 11.07.2025 Quarterly Statement 9M|2025 Subject to amendment. Quarterly statements and half-year financial reports are neither audited nor subject to an audit review by the group auditor. ABOUT STRATEC STRATEC SE ( https://www.stratec.com ) designs and manufactures fully automated analyzer systems for its partners in the fields of clinical diagnostics and life siences. Furthermore, the company offers complex consumables for diagnostic and medical applications. For its analyzer systems and consumables, STRATEC covers the entire value chain - from development to design and production through to quality assurance. The partners market the systems, software and consumables, in general together with their own reagents, as system solutions to laboratories, blood banks and research institutes around the world. STRATEC develops its products on the basis of patented technologies. Shares in the company (ISIN: DE000STRA555) are traded in the Prime Standard segment of the Frankfurt Stock Exchange. IMPRINT AND CONTACT Published by STRATEC SE Gewerbestr. 37 75217 Birkenfeld Germany Phone: +49 7082 7916-0 [email protected] https://www.stratec.com Head of Investor Relations, Sustainability & Corporate Communications Jan Keppeler Phone: +49 7082 7916 - 6515 [email protected] Notice Forward-looking statements involve risks:This quarterly statement contains various statements concerning the future performance of STRATEC. These statements are based on both assumptions and estimates. Although we are convinced that these forward-looking statements are realistic, we can provide no guarantee of this.This is because our assumptions involve risks and uncertainties which could result in a substantial divergence between actual results and those expected. It is not planned to update these forward-looking statements. This quarterly statement contains various disclosures that from an economic point of view are not required by the relevant accounting standards. These disclosures should be regarded as a supplement, rather than a substitute for the IFRS disclosures. Apparent discrepancies may arise throughout this quarterly statement on account of mathematical rounding up or down in the course of addition. This quarterly statement is available in both German and English. Both versions can be downloaded from the company's website at www. stratec.com. In the event of any discrepancies between the two, the German report is the definitive version.