QUARTERLY STATEMENT Q1|2026
January 1 to March 31, 2026
Significant rise in free cash flow to € 18.6 million in Q1/2026 (Q1/2025: € -8.3 million)
Consolidated sales and key profitability figures decreased as previously communicated, but remain within the intra-year planning corridor; ongoing strong momentum in the Systems business
Well-filled development pipeline and progress in transferring projects to serial production
2026 guidance confirmed: Constant-currency sales expected to show growth in medium to high single-digit percentage range with adjusted EBIT margin at previous year's level (10.0 %)
€ 000s | Q1/2026 | Q1/2025 | Change |
Sales | 53,426 | 60,363 | -11.5 % (CC: -8.8 %) |
Adjusted EBITDA | 4,691 | 9,305 | -49.6 % |
Adjusted EBITDA margin (%) | 8.8 | 15.4 -660 bps | |
Adjusted EBIT | 691 | 5,363 | -87.1 % |
Adjusted EBIT margin (%) | 1.3 | 8.9 -760 bps | |
Adjusted consolidated net income | -1,110 | 3,155 | n/a |
Adjusted earnings per share (€) | -0.09 | 0.26 n/a | |
Free cash flow | 18,597 | -8,329 | n/a |
bps = basis points
cc = constant currency
1 To facilitate comparison, figures 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 reorganization expenses).
BUSINESS PERFORMANCEThe consolidated sales of the STRATEC Group amounted to € 53.4 million in the first quarter of 2026, compared with € 60.4 million in the previous year's quarter. This corresponds to a constant-currency sales decline of 8.8 % (nominal: -11.5 %) and is thus consistent with the expectations underpinning the company's intra-year planning. The notably more dynamic performance recently seen in the Systems business continued, with double-digit growth rates in the first quarter of 2026. By contrast, the Service Parts and Consumables business posted a reduction in sales due to logistics optimization measures at customers. Sales from Development and Services also decreased as, in line with expectations, it was not possible to repeat the high volume achieved in the previous year.
Due to negative scale effects and significant sales and product mix effects, particularly due to the lower share of high-margin Service Parts and Consumables sales, adjusted EBIT fell from € 5.4 million in the previous year's period to € 0.7 million in the first quarter of 2026. The adjusted EBIT margin therefore stood at 1.3 % and, consistent with the company's intra-year planning, fell significantly short of the previous year's figure of 8.9 %.
The reduction in operating profitability also led adjusted consolidated net income to decrease from
€ 3.2 million in the previous year to € -1.1 million. Adjusted earnings per share (diluted) for the first quarter of 2026 therefore stood at € -0.09, as against
€ 0.26 in the previous year.
Free cash flow improved significantly, rising from
€ -8.3 million in the previous year's quarter to € 18.6 million in the first quarter of 2026. This positive cash flow performance was driven by the strong momentum in Systems sales that had already emerged toward the end of the 2025 financial year. Given what remains a highly pronounced degree of seasonality, this led the elevated volume of trade receivables reported at the end of the year to decrease in Q1 2026.
Reconciliation of adjusted EBITDA, EBIT, and consolidated net incomeTo facilitate comparison, the earnings figures 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 reorganization expenses). A reconciliation of the adjusted results with the unadjusted key earnings figures is presented below:
Reconciliation of adjusted EBITDA (€ 000s)
Q1/2026 | Q1/2025 | |
Adjusted EBITDA | 4,691 | 9,305 |
Adjustments:
Other1 | -239 | -1,369 |
EBITDA | 4,452 | 7,936 |
1 Including one-off advisory expenses, fees, and reorganization expenses
Reconciliation of adjusted EBIT (€ 000s)
Q1/2026 | Q1/2025 | |
Adjusted EBIT | 691 | 5,363 |
Adjustments:
PPA amortization | -556 | -924 |
Other1 | -239 | -1,369 |
EBIT | -104 | 3,070 |
1 Including one-off advisory expenses, fees, and reorganization expenses
Reconciliation of adjusted consolidated net income (€ 000s)
Q1/2026 | Q1/2025 | |
Adjusted consolidated net income | -1,110 | 3,155 |
Adjusted earnings per share in € (basic) | -0.09 | 0.26 |
Adjustments:
PPA amortization | -556 | -924 |
Other1 | -239 | -1,369 |
Taxes | 192 | 584 |
Consolidated net income | -1,713 | 1,446 |
Earnings per share in € (basic) | -0.14 | 0.12 |
1 Including one-off advisory expenses, fees, and reorganization expenses
2026 FINANCIAL GUIDANCEOverall, the first-quarter sales and earnings performance is consistent with the assumptions made in the company's intra-year planning for the 2026 financial guidance. As a result, and based on current orders and order forecasts received from customers, STRATEC's Board of Management can confirm the guidance provided for the 2026 financial year. STRATEC expects to generate year-on-year constant-currency consolidated sales growth in a medium to high single-digit percentage range in the 2026 financial year. The resultant benefits of scale are expected to be partly to fully offset by rising input costs due not least to adverse geopolitical factors. Accordingly, the adjusted EBIT margin for 2026 is expected to be around to the previous year's level (2025: 10.0 %).
Furthermore, investments in property, plant and equipment and in intangible assets corresponding to a total of 6.5 % to 8.5 % of sales are still budgeted for the 2026 financial year (2025: 6.5 %).
PROJECTS AND OTHER DEVELOPMENTSSTRATEC has a well-filled development pipeline and, together with its partners, pressed further ahead with numerous developments and projects once again in the first quarter of 2026. Two system developments, for example, are currently being transferred to serial production and therefore approaching market launch by the respective customers. STRATEC is also holding numerous promising negotiations for additional collaborations with existing and new partners.
DEVELOPMENT IN PERSONNELIncluding personnel hired from employment agencies and trainees, the STRATEC Group had a total of 1,395 employees at the end of the first quarter of 2026, compared with 1,443 in the previous year's period. This reduction by 3.3% is aligned to the business performance and also reflects the consistent implementation of measures in the Operational Excellence program.
CONSOLIDATED BALANCE SHEET
as of March 31, 2026
Assets€ 000s | 03.31.2026 | 12.31.2025 |
Non-current assets | ||
Goodwill | 50,275 | 49,853 |
Other intangible assets | 58,427 | 58,157 |
Right-of-use assets | 11,366 | 12,192 |
Property, plant and equipment | 63,355 | 64,452 |
Non-current financial assets | 4,080 | 4,085 |
Non-current other receivables and assets | 294 | 294 |
Non-current contract assets | 21,794 | 21,390 |
Deferred taxes | 2,430 | 2,162 |
212,021 | 212,585 | |
Current assets | ||
Inventories | 114,474 | 113,185 |
Trade receivables | 43,437 | 56,933 |
Current financial assets | 1,189 | 1,345 |
Current other receivables and assets | 6,091 | 6,247 |
Current contract assets | 5,865 | 8,228 |
Income tax receivables | 2,162 | 4,407 |
Cash | 23,740 | 23,056 |
196,958 | 213,401 | |
Total assets | 408,979 | 425,986 |
€ 000s | 03.31.2026 | 12.31.2025 |
Shareholders' equity | ||
Share capital | 12,158 | 12,158 |
Capital reserve | 37,599 | 37,498 |
Revenue reserves | 188,018 | 189,732 |
Treasury stock | -35 | -35 |
Other equity | -946 | -2,033 |
236,794 | 237,320 | |
Non-current debt | ||
Non-current financial liabilities | 102,107 | 110,653 |
Other liabilities | 1,133 | 1,105 |
Non-current contract liabilities | 2,350 | 2,039 |
Provisions for pensions | 4,132 | 4,158 |
Provisions | 116 | 116 |
Deferred taxes | 16,885 | 16,854 |
126,723 | 134,925 | |
Current debt | ||
Current financial liabilities | 14,868 | 24,862 |
Trade payables | 13,523 | 12,635 |
Current other liabilities | 10,823 | 9,757 |
Current contract liabilities | 3,285 | 4,305 |
Provisions | 463 | 461 |
Income tax liabilities | 2,500 | 1,721 |
45,462 | 53,741 | |
Total shareholders' equity and debt | 408,979 | 425,986 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the period from January 1 to March 31, 2026
€ 000s | 01.01. - 03.31.2026 | 01.01. - 03.31.2025 |
Sales | 53,426 | 60,363 |
Cost of sales | -43,225 | -44,325 |
Gross profit | 10,201 | 16,038 |
Research and development expenses | -1,718 | -2,242 |
Sales-related expenses | -3,261 | -3,355 |
General administration expenses | -5,561 | -6,891 |
Income / Expenses from impairment of financial assets and contract assets | -103 | -230 |
Other operating expenses | -1,212 | -1,374 |
Other operating income | 1,550 | 1,124 |
Earnings before interest and taxes (EBIT) | -104 | 3,070 |
Financial income | 34 | 65 |
Financial expenses | -1,021 | -1,118 |
Other financial result | -65 | -61 |
Net financial result | -1,052 | -1,114 |
Earnings before taxes (EBT) | -1,156 | 1,956 |
Taxes on income | -557 | -510 |
Consolidated net income | -1,713 | 1,446 |
Items that may be subsequently reclassified to profit or loss: | ||
Currency translation differences from translation of foreign operations | 1,087 | 930 |
Other comprehensive income (OCI) | 1,087 | 930 |
Comprehensive income | -626 | 2,376 |
Basic earnings per share in € | -0.14 | 0.12 |
No. of shares used as basis (undiluted) | 12,155,942 | 12,155,942 |
Diluted earnings per share in € | -0.14 | 0.12 |
No. of shares used as basis (diluted) | 12,155,942 | 12,155,942 |
CONSOLIDATED STATEMENT OF CASH FLOWS
for the period from January 1 to March 31, 2026
€ 000s | 01.01. - 03.31.2026 | 01.01. - 03.31.2025 |
I. Operations | ||
Consolidated net income (after taxes) | -1,713 | 1,446 |
Depreciation | 4,556 | 4,866 |
Current income tax expenses | 787 | 581 |
Income taxes paid less income taxes received | 2,233 | -4,873 |
Financial income | -34 | -65 |
Financial expenses | 1,021 | 1,118 |
Interest paid | -1,683 | -1,085 |
Interest received | 33 | 88 |
Other non-cash expenses | 824 | 1,797 |
Other non-cash income | -826 | -1,082 |
Change in net pension provisions through profit or loss | -49 | -50 |
Change in deferred taxes through profit or loss | -230 | -71 |
Profit (-) / loss (+) on disposals of non-current assets | -94 | 0 |
Increase (-) / decrease (+) in inventories, trade receivables and other assets | 15,298 | -839 |
Increase (+) / decrease (-) in trade payables and other liabilities | 1,370 | -4,984 |
Cash flow from operating activities | 21,493 | -3,153 |
II. Investments | ||
Outgoing payments for investments in non-current assets
| -1,344 -1,551 | -2,341 -2,835 |
Cash flow from investing activities | -2,896 | -5,176 |
III. Financing | ||
Incoming funds from taking up of financial liabilities | 0 | 1,000 |
Outgoing payments for repayment of financial liabilities | -17,177 | -22,584 |
Outgoing payments for repayment of lease liabilities | -894 | -824 |
Cash flow from financing activities | -18,071 | -22,408 |
IV. Cash-effective change in cash (net balance of I - III) | 526 | -30,737 |
Cash at start of period | 23,056 | 47,164 |
Impact of exchange rate movements | 158 | -313 |
Cash at end of period | 23,740 | 16,114 |
11
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FINANCIAL CALENDAR
Subject to amendment.
Quarterly statements and half-year financial reports are neither audited nor subject to an audit review by the group auditor.
ABOUT STRATECSTRATEC 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 bySTRATEC SE
Gewerbestr. 37
75217 Birkenfeld Germany
Phone: +49 7082 7916-0
info@stratec.com https://www.stratec.com
Head of Investor Relations, Sustainability & Corporate CommunicationsJan Keppeler
Phone: +49 7082 7916 - 6515
j.keppeler@stratec.com
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.