Sartorius (SRT3; SRT) reports improving margins as equipment demand recovers
Nine-month results show growth in both divisions, with tariff compensation complicating the revenue comparison.
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Sartorius reported nine-month sales of €2.737 billion and an underlying EBITDA margin of 30.2%, up half a percentage point. Recurring consumables supported growth, while bioprocess equipment and laboratory instruments also contributed.
The company reported operational revenue growth of 8.1% at constant currencies excluding customer tariff compensation. Including that effect, growth was 6.9% at constant currencies and 4.9% as reported. These are different measures of the same period, not competing estimates.
Management confirmed its group guidance and moved expectations for the laboratory division towards the upper end of its existing growth range. Free cash flow rose to €310 million, helped by stronger operating cash generation and lower investment spending.
For the wider sector, the results offer evidence of improving activity among customers buying research and manufacturing tools. They do not prove uniform recovery across every biotechnology company. Sartorius' own investment case rests on sustaining demand, converting higher volumes into margins and continuing to strengthen its balance sheet.