Stratec (SBS) Investor presentation summary

Business overview and market position

• Leading OEM provider of automation solutions for diagnostics and translational research, with over 1,400 employees and a global installed base of around 50,000 systems.

• Production and R&D sites in Germany, Switzerland, Hungary, Austria, the US, and other locations, supporting a global customer base.

• Focuses on high-complexity, fast-growing IVD market segments such as molecular diagnostics, immunoassay, and immunohematology.

• Benefits from the ongoing trend of outsourcing instrumentation development by diagnostics companies.

• Maintains strong, long-term relationships with top global IVD companies, including Roche, Danaher, Abbott, and others.

Financial performance and key metrics

• Sales for HI 2026 were €112.5 million, down 3.3% year-over-year at constant currency, with strong system sales but a decline in service parts and consumables.

• Adjusted EBIT for HI 2026 was €7.7 million, with a margin of 6.9%, nearly matching the prior year despite a lower share of high-margin consumables.

• Free cash flow improved significantly to €23.5 million in HI 2026, driven by reduced trade receivables.

• Service parts and consumables accounted for 41% of 2025 sales, with recurring revenue supported by a growing installed base.

• Equity ratio increased to 58.1%, and net debt/EBITDA improved to 2.9x.

Strategic initiatives and outlook

• 2026 sales are expected to grow in the mid to high single-digit percentage range, with adjusted EBIT margin targeted at the previous year's level (10%).

• Focus areas include cost discipline, efficient transfer of new systems to production, and mitigating profitability dilution from certain business units.

• Sales CAGR of 6–8% targeted for 2025–2028, with adjusted EBIT margin goals of at least 13% by 2028 and 15% by 2030.

• Pipeline includes next-generation immunoassay, molecular, and immunohematology systems, with several products in advanced ramp-up phases.

• Plans to rebuild profitability through commercial and operational excellence, portfolio optimization, and scale benefits.