1) Strategy & Leadership - CEO Michael Grosse expressed gratitude for the team's dedication and highlighted a smooth transition into his role. - The company focused on operational management amidst a challenging environment, achieving improved financial performance. - Sartorius aims for sustainable innovation-led growth, emphasizing investments in R&D and production capacity.

2) Financial & Segment Results - Full-year sales revenue increased by 7.6% in constant currencies, reaching slightly over EUR 3.5 billion. - Underlying EBITDA rose by 11.2% to EUR 1.052 billion, with a margin of 29.7%. - Bioprocess Solutions saw 9.5% growth in sales, driven by mid-teens growth in consumables, while Lab Products & Services remained flat at 0.2% growth. - The Americas and APAC regions both grew by 8.9%, with EMEA showing almost 6% growth.

3) Problems / Headwinds - Equipment sales continued to be soft, although stabilizing in H2 2025. - The company faced headwinds from U.S. dollar weakness and tariffs, impacting reported sales growth. - The ongoing cautious investment activities from core customers contributed to a challenging market environment.

4) Operational or Product Plans - Sartorius launched several new products, including a PFAS-free filtration solution and a continuous bioprocessing platform. - The company completed expansions in Aubagne and Germany and is constructing a new site in South Korea to enhance manufacturing capabilities. - The acquisition of MATTEK is expected to contribute positively to growth, particularly in advanced 3D cell models.

5) Guidance & Outlook / Investor Angle - For 2026, Sartorius expects sales growth of 5% to 9% and an underlying EBITDA margin slightly above 30%. - The guidance reflects cautious optimism, with expectations for continued growth in Bioprocess Solutions and stabilization in Lab Products & Services. - The company anticipates that equipment sales will remain stable, with growth in consumables expected to be in the low teens, excluding China.

Bottom line: Sartorius demonstrated strong operational performance in 2025, positioning itself for sustainable growth in 2026 despite ongoing market challenges. The company’s focus on innovation and strategic investments, coupled with a solid order book, supports a positive outlook for shareholders.