Group Revenue Growth
Group sales increased 7.6% in constant currencies (4.7% reported) to just above EUR 3.5 billion for FY 2025, slightly ahead of upgraded guidance.
Strong Underlying Profitability Expansion
Underlying EBITDA rose 11.2% to EUR 1.052 billion, with the underlying EBITDA margin improving by 170 basis points to 29.7%, exceeding the October EBITDA target.
Bioprocess Solutions (BPS) Outperformance
BPS sales grew 9.5% in constant currencies; underlying EBITDA increased 15.2% to EUR 907 million and margin expanded by 240 basis points to 31.7%, driven by mid‑teens recurring consumable growth.
Recurring Business and Consumables Momentum
Recurring business (consumables) delivered mid‑teens growth across divisions, offsetting soft equipment demand and underpinning resilient revenue and margin performance.
Order Intake and Book-to-Bill Strength
Order intake grew faster than sales and the 12‑month rolling book‑to‑bill remained consistently above 1 through 2025; Q4 order intake was roughly on par with an exceptionally strong Q4 2024, leaving a strong starting order book for 2026.
Cash/Balance Sheet Improvements and Deleveraging Progress
Gross debt was reduced by EUR 277 million, net debt remained largely unchanged, and the group's leverage (net debt/underlying EBITDA) improved from 3.96x to 3.55x, with an equity ratio of 39.8%.
Strategic Innovation, M&A and Capacity Investments
Launched sustainability- and performance-focused products (Sartopore Evo, Sartocon cassettes, Pionic Continuous platform), acquired MATTEK to expand 3D cell-model capabilities, partnered with Nanotein, completed Aubagne expansion and progressed Germany and Songdo (Korea) capacity investments.
Positive 2026 Guidance
Management provided 2026 guidance calling for group sales growth of ~5%–9% (constant currencies) and an underlying EBITDA margin slightly above 30%, with BPS guidance of ~6%–10% growth and margin slightly above 32%.