3Q'26 Preview: Expected delivery of another quarter of 8% BPS CER Sales growth together with 2026 guidance underpinning Consensus should be reassuring

Sartorius Group (SRT) and Sartorius Stedim Biotech (DIM) will report 3Q 2026 results on October 22, 2026. For SRT3 we forecast Sales growth of 7% at CER to €907m, c. 1% ahead of Vara Consensus (€898m), and u/l EBITDA of €273m (30.1% margin), c. 1% ahead of Consensus, with our sales forecast reflecting a c. 1pp tariff refund headwind. For DIM we forecast 8% CER Sales growth to €765m, c. 1% ahead of Consensus, with u/l EBITDA of €239m (31.2% margin), in line with Consensus. Within BPS we forecast 8% CER Sales growth to €738m (consumables +7%, equipment +15%) and for LPS 4% CER growth to €169m. For 2026, we expect Sartorius to narrow the ex-tariff refund guidance to around 8% CER BPS Sales growth and around 5% CER LPS Sales growth, with u/l EBITDA margin guidance unchanged (BPS: slightly >32%; LPS: slightly <21%;