Sartorius Adjusted Earnings Per Share Rise 17.2% to 1.27 Euros in Third Quarter
Key Facts
Sartorius' adjusted earnings per ordinary share rose to 1.27 euros in the third quarter of 2026, according to the company's earnings release, alongside an increase in quarterly sales. Earnings per share grew 17.2% from 1.08 euros in the third quarter of the previous year. Quarterly revenue reached 926.3 million euros, compared with 843.2 million euros a year earlier, a reported increase of 9.9%. In the first nine months of the year, adjusted earnings per ordinary share stood at 3.76 euros, compared with 3.52 euros in the same period of 2025. The improvement came as the recurring consumables business continued to drive sales growth. Sartorius said in its statement that "the recurring consumables business remained the main growth driver."
For the nine-month period, the company's financial tables showed revenue rising to 2,737.2 million euros from 2,610.5 million euros in the corresponding period. Reported sales growth was 4.9% during the period, which also saw improvements in adjusted profitability measures. Adjusted earnings before interest, taxes, depreciation and amortization rose to 827.8 million euros from 774.2 million euros a year earlier, an increase of 6.9%, according to the investor fact sheet. The adjusted EBITDA margin improved to 30.2%, compared with 29.7% in the first nine months of 2025. The margin increased by 0.5 percentage points as adjusted operating earnings grew faster than reported revenue. Adjusted net profit for the nine months rose to 259.8 million euros from 243.6 million euros in the corresponding period. That represented year-on-year growth of 6.7%, according to figures reported by the company.
Alongside consumables, Sartorius said bioprocessing equipment and laboratory instruments contributed to sales growth during the period. Developments affecting the accounts included the company receiving additional tariff refunds and reimbursing customers for charges previously passed on to them. Total customer reimbursements amounted to 31 million euros in the first nine months of 2026, according to the investor presentation. That included reimbursements of 5 million euros in the third quarter alone. The company said in its earnings statement that these reimbursements were accounted for as "reductions in cost of sales and sales revenue." This tariff impact was also reflected in the wording of its annual revenue growth outlook, which distinguished between operating performance excluding the reimbursements and growth including them.
On liquidity and the balance sheet, Sartorius' presentation showed operating cash flow for the nine months rising to 562 million euros from 511 million euros in the same period a year earlier. The year-on-year increase was 9.9%, supported by improved earnings and U.S. tariff refunds, according to the company. Free cash flow rose to 310 million euros during the period, compared with 200 million euros a year earlier. It grew 55.2%, with the company attributing the improvement to higher operating cash flow and lower capital expenditure. By the end of September 2026, the ratio of net debt to adjusted earnings before interest, taxes, depreciation and amortization had fallen to 3.33 times. That compared with 3.55 times at the end of the previous year, alongside improved cash generation over the nine months.
For the full year 2026, Sartorius reaffirmed its constant-currency revenue growth forecast of about 5% to 9%, according to the investor fact sheet. The company expects operating performance, excluding the impact of tariff reimbursements, to be near the midpoint of that range. Growth including those reimbursements is expected to fall in the lower half of the range. The company also lowered its forecast for capital expenditure as a proportion of annual sales to about 12%. Its previous estimate for the ratio was about 12.5%, before the update accompanying the nine-month results. Sartorius plans to publish its 2026 results and annual report on 23 February 2027, according to the financial calendar accompanying the earnings release.