1) Strategy & Leadership - CEO Michael Grosse emphasized the strong demand for high-performance single-use products and AI-driven solutions in bioprocessing, indicating a robust long-term growth outlook. - The company is well-positioned to leverage its portfolio to capture opportunities in biologics development and manufacturing, including advanced therapies. - Sartorius remains committed to financial discipline and maintaining a strong balance sheet, with a focus on profitable growth and sustainable shareholder value.

2) Financial & Segment Results - Group sales revenue increased by 7.7% operationally in H1 2026, with bioprocessing solutions growing 8.3% and lab products and services increasing 5.3%. - The underlying EBITDA margin improved to 30.3%, driven by higher volumes and operating leverage. - Free cash flow surged by 70% to EUR 208 million, supported by strong cash generation and lower tax payments.

3) Problems / Headwinds - The company faced challenges from U.S. tariff-related impacts, which dampened reported revenue growth by approximately 1.5 percentage points in H1. - Delayed orders from two major customers in advanced therapies affected recurring revenue growth, with expectations of recovery in late 2026 or early 2027. - Tariff surcharges that supported growth in H1 are expected to turn into a headwind in H2, impacting growth rates.

4) Operational or Product Plans - Sartorius is focused on innovation, with successful launches including the Bionic Modules and the Ambr 250 bioreactor platform, enhancing their product offerings in bioprocessing. - The company is investing in future growth areas, particularly in bioanalytics and advanced research solutions, which may temporarily weigh on margins but are expected to drive long-term growth. - The outlook for H2 remains positive, with expectations of continued growth in consumables and stabilization in equipment sales.

5) Guidance & Outlook / Investor Angle - Sartorius confirmed its full-year guidance, expecting group sales revenue growth of 5% to 9% and an underlying EBITDA margin slightly above 30%. - The company anticipates that the strong demand for consumables and the recovery in equipment will support growth, despite the potential headwinds from tariffs. - The management remains confident in achieving operational growth targets, with a focus on maintaining financial discipline and a solid balance sheet.

Bottom line: Sartorius is on a solid growth trajectory, driven by strong demand in bioprocessing and lab products, despite facing some headwinds from tariffs and delayed orders. The company maintains a positive outlook for the remainder of the year, reinforcing its commitment to innovation and financial discipline, making it a compelling investment for shareholders.