Sartorius Aktiengesellschaft (ETR:SRT) used its 2026 Annual General Meeting to review financial performance for 2025, outline governance changes, and reiterate updated strategic and medium-term financial targets presented recently at its Capital Markets Day.
AGM format, attendance, and governance updates
Supervisory Board Chairman Lothar Kappich opened the meeting and said Sartorius again opted to hold the AGM in a virtual format, citing positive experiences in prior years and improved access for international shareholders. The company provided streams in both German and English.
Kappich reported meeting attendance figures as of 12:03 p.m., stating that shareholders and proxies represented a total of 90,058,941 ordinary and preference shares, or 25.45% of share capital. He also disclosed that 19,347,555 ordinary shares were represented by proxies and that electronic votes had been cast for 13,270,458 ordinary shares. The company held 3,201,301 ordinary shares and 2,626,379 preference shares in treasury, which carry no voting rights under German law. Kappich also noted that preference shareholders are not eligible to vote at the AGM.
Financial statements and audit
Agenda item one covered presentation of the 2025 annual financial statements, consolidated financial statements, the combined management report and group management report, and the Supervisory Board’s report. Kappich said PricewaterhouseCoopers GmbH, Frankfurt am Main, audited the 2025 financial statements and issued an unqualified auditor’s opinion. Following its review on February 6, 2026, the Supervisory Board approved the financial statements and management reports prepared by the Executive Board, following the Audit Committee’s examination on February 5, 2026.
Kappich also summarized topics addressed by the Supervisory Board over six meetings during the 2025 financial year, including business performance and strategy, risk profile and controls, compliance, the reappointment and contract extension of Dr. Alexandra Gatzemeier, the election of Dietmar Müller as Deputy Chairman of the Supervisory Board, the acquisition of MatTek, and work related to digitalization and artificial intelligence within the group.
CEO introduction and 2025 results
In his first AGM as CEO, Dr. Große briefly outlined his background, including prior roles as CEO of Syntegon and leadership positions at Tetra Pak, as well as earlier experience at BMW and Ford. He said that in his first nine months he focused on listening and learning, and that the company had conducted a thorough analysis of markets, customer needs, and strategy, refining its direction and defining new medium-term growth targets that were presented at a Capital Markets Day about two weeks prior.
Große described 2025 as a successful year in which Sartorius met its business forecast. He reported:
- Revenue growth: 7.6% in constant currencies, with full-year revenue of around EUR 3.5 billion
- Operating profit: up 11.2% to just over EUR 1 billion
- Operating EBITDA margin: up 1.7 percentage points to 29.7%
He said both divisions contributed to the positive revenue trend, with the larger Bioprocess division—about 80% of consolidated revenue—posting nearly double-digit growth. He added that the Laboratory division returned to growth in the second half of 2025 and finished the year with revenue nearly at the prior-year level.
Große identified consumables as the biggest driver of revenue and profitability, describing it as recurring and high-margin. He said customers remained cautious on major investments, weighing on equipment and instruments, which were still declining but gradually stabilizing.
Investments, innovation, and sustainability initiatives
Große pointed to product launches in 2025, including filtration solutions designed for faster processes and, in some cases, made from PFAS-free materials. He also highlighted the Pionic system developed with Sanofi, and “Biobrain Operate,” a cloud-based AI-enabled app intended to help automate bioprocesses and reduce errors. In lab and bioanalytics, he referenced developments such as Incucyte, which he described as the only incubator with confocal imaging, used for analyzing 3D cell models.
On external growth and partnerships, Große said Sartorius completed the acquisition of MatTek in early July, describing it as a developer and manufacturer of human cell-based microtissues and 3D models used in drug research and potentially reducing animal testing. He also said Sartorius entered into a partnership with U.S. startup Nanotein Technologies, under which Sartorius will distribute Nanotein’s reagents worldwide and collaborate on further development for use in cell therapy applications.
Große reported capital expenditures of EUR 442 million in 2025 to expand global research and production capacity, citing projects such as the expansion in Aubagne, France, and ongoing construction of a new consumables production facility in Songdo, South Korea, intended to serve the South Asian market starting in 2027. He also mentioned investments in Göttingen and Freiburg.
On sustainability, he said Sartorius took steps to enable production of more sustainable products via ISCC PLUS certification, allowing traceable use of renewable and recycled raw materials at four sites—Göttingen, Aubagne, Hamdeur, and Stonehouse—with more sites expected to follow.
Dividend proposal, 2026 outlook, and medium-term targets
Based on basic earnings per share of EUR 4.78 for ordinary shares and EUR 4.79 for preferred shares, Große said the company is proposing a dividend of EUR 0.73 per ordinary share and EUR 0.74 per preferred share.
For 2026, he reiterated guidance previously published in early February. Sartorius expects group revenue growth of 5% to 9% in constant currencies and underlying EBITDA margin slightly over 30%. He said the guidance range was intentionally broad due to early-year conditions and continued macroeconomic and industry volatility, while noting the quarter had been positive so far and in line with expectations.
By division, he said Sartorius expects:
- Bioprocess Solutions: revenue growth of 6% to 10% and underlying EBITDA margin slightly above 32%
- Lab Products & Services: revenue growth of 2% to 6%, including a 1.5 percentage point contribution from MatTek, and underlying EBITDA margin slightly below 21%, which he linked to investments in advanced cell models, mix effects, foreign exchange, and existing tariffs
Große characterized 2026 as a transition year, saying the industry was “back on track” but not yet fully at its long-term growth pace. He cited stabilization in the equipment segment, slight improvement in China versus 2024 and 2025, and improving sentiment and activity in biotech after a challenging 2025, particularly in the first half.
Looking beyond 2026, he laid out medium-term targets centered on growing above the market and expanding margins. For the group, he said Sartorius is targeting organic revenue growth of 8% to 11% and a margin increase of about 0.5 to 0.75 percentage points, supported by scale effects, portfolio and product mix, and efficiency and productivity improvements.
Following the speeches, the company ended the publicly accessible webcast portion of the AGM and continued into the general debate for shareholders and proxies connected via the AGM portal.
About Sartorius Aktiengesellschaft (ETR:SRT)
Sartorius Aktiengesellschaft provides bioprocess solutions and lab products and services in the United States and internationally. The company offers multi-parallel, benchtop, single-use, stainless steel, cell culture, rocking motion, and microbial bioreactors, and software apps for bioreactors and cell culture shake flask; fermenters; cell culture media products; cellcelector flex, incubator flowbox, nanowell arrays, and capillaries and tips; fluid management products; microbiology products; and Ultrafiltration membrane filters, glass and quartz microfiber filters, clarification, syringeless and in-line filters, lab chromatography, and filters and blotting papers.
