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Investor Conference Call Preliminary FY 2025 Results | 2026 Outlook Michael Grosse, Florian Funck, René Fáber Sartorius | Sartorius Stedim Biotech | February 3, 2026
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2 Agenda Sartorius Group FY2025 results | FY 2026 outlook Sartorius Stedim Biotech Group FY 2025 results | FY 2026 outlook Questions & Answers
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3 1 Constant currencies Delivered on 2025 guidance Sartorius Group Sales revenue growth (in %, cc)1 Ul EBITDA margin (in %) Capex (in %) Net debt | ul EBITDA(x) 2025 Guidance Initial (quant.) guidance Updated guidance FY 2025 (prelim.) +~6 (+/- approx. 2 pp) ~29 to ~30 ~12.5 approx. 3.5 +~7 Slightly above 29.5 ~12.5 approx. 3.5 +7.6 29.7 12.5 3.55
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4 Sartorius Group 1 Constant currencies 2025 characterized by strong performance; confident 2026 outlook FY 2025 performance 2026 guidance Bioprocess Solutions: ▪ Significant growth in recurring business ▪ Equipment business soft but increasingly stabilizing Lab Products & Services: ▪ Product launches well-received ▪ Gradual performance improvement as year progressed Group: ▪ Clear profitable revenue growth driven by strong consumables business in both divisions ▪ Substantial margin expansion driven by scale effects, favorable product mix; FX/US-tariffs dilutive ▪ Healthy cashflow; leverage ratio in-line with our 2025 planning ▪ Group sales revenue growth1 of ~5% to ~9% ▪ Ul. EBITDA slightly above 30%
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5 Progress on key steps to enable our future growth Sartorius Group Major capex projects Songdo GöttingenAubagne Freiburg Select product launches Sartopore Evo® Pionic® Spin & Dual iQUE® 5 VYBR Incucyte® CX3 Octet® R8e Acquisitions & Partnerships Sartocon® Cassette
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Bioprocess Solutions Sales revenue | € in millions 2,690 2,865 FY 2024 FY 2025 6 Sartorius Group Robust growth fueled by consumables demand ▪ LTM BtB ratio consistently >1 for Group and both divisions ▪ BPS: Double-digit sales growth in high-margin recurring business more than compensates for soft but stabilizing equipment business ▪ LPS: Strong recurring business with lab consumables and services; MATTEK acquisition and improving instruments business in H2, supporting flat FY 2025 performance Sartorius Group Sales revenue | € in millions Lab Products & Services Sales revenue | € in millions 3,381 3,538 FY 2024 FY 2025 +7.6% cc | +4.7% +9.5% cc | +6.5% 691 673 FY 2024 FY 2025 +0.2% cc | -2.5%
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1,200 1,251 FY 2024 FY 2025 Americas Sales revenue | € in millions 7 Sartorius Group All regions contributed to positive business development ▪ BPS: Growth led by Americas and APAC; EMEA robust against tougher PY comparable ▪ LPS: Slight growth in the Americas and APAC region; EMEA still soft ▪ China stabilizing; early signs of improvement EMEA Sales revenue | € in millions Asia | Pacific Sales revenue | € in millions 1,389 1,467 FY 2024 FY 2025 +5.8% cc +8.9% cc 792 820 FY 2024 FY 2025 +8.9% cc
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8 Sartorius Group Improving profitability driven by volume, mix and scale effects ▪ BPS: Overproportionate margin expansion driven by volume, product mix and economies of scale, despite negative FX and tariff effects ▪ LPS: Underlying EBITDA margin affected by product mix, tariff and FX headwinds 945 1,052 FY 2024 FY 2025 Sartorius Group Ul. EBITDA & margin | € in millions +11.2% 28.0% 29.7% Bioprocess Solutions Ul. EBITDA & margin | € in millions 787 907 FY 2024 FY 2025 +15.2% 29.3% 31.7% Lab Products & Services Ul. EBITDA & margin | € in millions 158 145 FY 2024 FY 2025 -8.6% 22.9% 21.5%
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1 Underlying net profit = net profit adjusted for extraordinary items, amortization and based on a normalized financial result and a normalized tax rate 2 After non-controlling interest Strong profit performance; good cash generation; capex in line with plan Sartorius Group ▪ Overproportionate increase in net result and underlying EPS ▪ Operating cash flow remained on a solid level; PY benefitted from a one-time effect resulting from the reduction of pandemic-related elevated inventory levels; improving business volume in 2025 with no major impact on WC ▪ Free cash reflects operating cash flow development and slightly increased capex; investments in line with plan, as we progressed on key steps to enable future growth 9 Sartorius Group in millions of € FY 2024 FY 2025 in % Underlying net profit1,2 280 331 +18.2 Underlying EPS (ord.) 4.05 4.78 +18.1 Underlying EPS (pref.) 4.06 4.79 +18.0 Reported net profit2 84 155 +84.3 Operating cash flow 976 837 -14.3 Free cash flow 550 390 -29.1 Capex ratio (in %) 12.1 12.5 +0.4pp
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Deleveraging progressing well; reiterating commitment to investment- grade rating Sartorius Group 10 Net debt in millions of € (lhs) Net debt to underlying EBITDA (rhs) Net debt and net debt to underlying EBITDAKey financial indicators Sartorius Group in millions of € unless otherwise specified Dec. 31, 2024 Dec. 31, 2025 Equity ratio in % 38.6 39.8 Net debt 3,746 3,741 Net debt | underlying EBITDA 3.96 3.551 0.0 1.0 2.0 3.0 4.0 5.0 6.0 0 1,000 2,000 3,000 4,000 5,000 1 Includes underlying pro forma EBITDA of acquisitions completed during the last 12 months Q1 -Q4 2023 Q1 -Q4 2024 Q1 -Q4 2025
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Guidance 2026 Sartorius Group Bioprocess Solutions Lab Products & Services Sales revenue growth1 ~5% to ~9% ~6% to ~10% ~2% to ~6% Underlying EBITDA margin Slightly above 30% Slightly above 32% Slightly below 21% 11 Due to the continued high dynamics and volatility across the life science industry, the forecast remains subject to greater u ncertainty, which is reflected in the current guidance range. Potential additional U.S. tariffs are likewise not included. Confident outlook 2026 Sartorius Group 1 In constant currencies ▪ Group sales growth includes ~1pp contribution from MATTEK acquisition and US tariff-related surcharges; LPS revenue growth includes ~1.5pp contribution from MATTEK ▪ Capex ratio at ~PY level ▪ Net debt/underlying EBITDA to decrease to slightly above 3x For financial modelling on Group level Depreciation Normalized financial result FX effect on reported vs. cc growth ∅ EUR/USD 1.20 260mn to 270mn € -170mn to -180mn € ~ -2pp
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12 Agenda Sartorius Group FY2025 results | FY 2026 outlook Sartorius Stedim Biotech Group FY 2025 results | FY 2026 outlook Questions & Answers
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13 1 Constant currencies Delivered on 2025 guidance Sartorius Stedim Biotech Group Sales revenue growth (in %, cc)1 Ul EBITDA margin (in %) Capex (in %) Net debt | ul EBITDA(x) 2025 Guidance Initial (quant.) guidance Updated guidance FY 2025 (prelim.) +9.6 30.8 13.3 2.38 + ~7 (+/- approx. 2 pp) ~30 to ~31 ~13.0 approx. 2.5 approx. 2.5 ~13.0 ~31 +~9
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14 Sartorius Stedim Biotech Group Strong profitable growth driven by consumables demand ▪ LTM BtB ratio consistently >1 ▪ Double-digit sales growth in high-margin recurring business more than compensates for soft but stabilizing equipment business ▪ Overproportionate margin expansion driven by volume, product mix and economies of scale, despite negative FX and tariff effect Sales revenue | € in millions Ul. EBITDA & margin | € in millions 2,780 2,967 FY 2024 FY 2025 +9.6% cc | +6.7% 779 914 FY 2024 FY 2025 28.0% 30.8% +17.3%
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982 1,053 FY 2024 FY 2025 15 Sartorius Stedim Biotech Group All regions contributed to positive business development ▪ Growth led by Americas and APAC, with China stabilizing and early signs of recovery ▪ EMEA robust against tougher PY comparable EMEA Sales revenue | € in millions Americas Sales revenue | € in millions Asia | Pacific Sales revenue | € in millions 1,159 1,241 FY 2024 FY 2025 +7.3% cc +11.8% cc 639 673 FY 2024 FY 2025 +10.7% cc
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16 Strong profit performance; good cash generation; capex in line with plan 1 Underlying net profit = net profit adjusted for extraordinary items, amortization and based on a normalized financial result and a normalized tax rate 2 After non-controlling interest 3 Average number of shares are higher in 2025 than in 2024 due to capital measures in February 2024 Sartorius Stedim Biotech Group Sartorius Stedim Biotech in millions of € FY 2024 FY 2025 in % Underlying net profit1,2 338 428 +26.7 Underlying EPS3 3.49 4.40 +26.0 Reported net profit2 175 266 +51.7 Operating cash flow 815 692 -15.1 Free cash flow 475 295 -38.0 Capex ratio (in %) 12.2 13.3 +1.1pp ▪ Overproportionate increase in net result and underlying EPS ▪ Operating cash flow remained on a solid level; PY benefitted from a one-time effect resulting from the reduction of pandemic-related elevated inventory levels; improving business volume in 2025 with no major impact on WC ▪ Free cash reflects operating cash flow development and increased capex; investments in line with plan, as we progressed on key steps to enable future growth
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17 Strong balance sheet; deleveraging well on track Net debt in millions of € (lhs) Net debt to underlying EBITDA (rhs) Sartorius Stedim Biotech Group Sartorius Stedim Biotech in millions of € unless otherwise specified Dec. 31, 2024 Dec. 31, 2025 Equity ratio in % 48.7 51.7 Net debt 2,191 2,173 Net debt | underlying EBITDA 2.81 2.38 0.0 1.0 2.0 3.0 4.0 5.0 6.0 0 1,000 2,000 3,000 4,000 Q1 -Q4 2023 Q1 -Q4 2024 Q1 -Q4 2025 Key financial indicators Net debt and net debt to underlying EBITDA
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18 Confident outlook 2026 ▪ Sales growth includes ~1pp contribution from US tariff-related surcharges ▪ Capex ratio at ~PY level ▪ Net debt/ul. EBITDA to decrease to slightly above 2x Sartorius Stedim Biotech Group 1 In constant currencies Guidance 2026 Sales revenue growth1 Underlying EBITDA margin Sartorius Stedim Biotech Group ~6% to ~10% Slightly above 31% Due to the continued high dynamics and volatility across the life science industry, the forecast remains subject to greater uncertainty, which is reflected in the current guidance range. Potential additional U.S. tariffs are likewise not included. For financial modelling on SSB level Depreciation Normalized financial result FX effect on reported vs. cc growth ∅ EUR/USD 1.20 200mn to 210mn € -105mn to -115mn € ~ -2pp
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19 Questions & Answers