Sartorius

Sustainability
Report 2023
Combined for Sartorius Group and Sartorius Stedim Biotech Subgroup
Based on GRI, UN Global Compact, TCFD and SDG

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Content

Contents
Report Profile
Group Management Report
Structure and Management of the Group
Business Model, Strategy and Goals
Research and Development
Macroeconomic Environment and Conditions in the Sectors
Group Business Development
Net Worth and Financial Position
Business Development of Bioprocess Solutions
Business Development of Lab Products & Services
Assessment of Economic Position
Opportunity and Risk Report
Forecast Report
Description of the Key Features of the Internal Control System
Corporate Governance ReportNon-financial Group Statement
Notes on Reporting
Sustainability Management
Development of the Strategic Sustainability Topics
ClimateMaterials and Circularity
Water and WastewaterSocial Responsibility
Corporate Governance
Sustainability in the Supply Chain
Disclosures Pursuant to the EU Taxonomy Regulation
Notes on the Calculation of GHG Emissions
Remuneration Report
Group Sustainability Indicators
Indicators of the Non-financial Group Statement
GRI Sustainability Indicators
IndicesGRI Index
UN Global Compact Index
TCFD Index
SDG Index
Information on Sartorius Stedim Biotech Subgroup
Indicators of the Non-financial Group Statement
GRI Sustainability Indicators
Imprint

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Report Profile

Report Profile
Reporting framework
Sartorius has been reporting on sustainability topics in various formats for more than ten years. This is the
fourth independent sustainability report of the Sartorius Group. The report covers the 2023 financial year fromJanuary 1 to December 31, 2023. The information relates to the scope of consolidation of the Sartorius Group(see page 192 seq. in the Annual Report), unless otherwise stated in the relevant place. The main topics of thereporting are derived from the strategic sustainability topics defined in the 2022 financial year: Climate protection,
 Materials and circularity, Water and effluents,
 Social responsibility,
 Corporate governance and Sustainability in the supply chains.
Sartorius sustainability reporting conceptThis sustainability report, in particular the “Group Management Report" chapter, is based on the contents of
the Annual report. All specific sustainability indicators are compiled in the “Group Sustainability Indicators”
chapter. In the "Indices" chapter, the reported content is placed in the context of relevant reporting standards,
guidelines and principles. These include the GRI standards, the principles of the UN Global Compact, the disclosure recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and the United
Nations Sustainable Development Goals.
Reporting on the Sartorius Stedim Biotech S.A. subgroup
This sustainability report refers to the Sartorius Group and thus includes the subgroup of Sartorius Stedim Biotech S.A in the descriptions of the group management report. The subgroup's specific sustainability indicators are listed separately in the “Information on Sartorius Stedim Biotech Subgroup” chapter.
Audited content
The content presented in the "Group Management Report" section was audited by KPMG AG
Wirtschaftsprüfungsgesellschaft as part of the audit of the annual statements, with the exception of the subsection "Corporate Governance Report". The respective auditor's reports can be found on pages 142 seq., 174
seq. and 244 seq. of the Annual Report. The pages of unaudited content in this report are highlighted in lightyellow in the following sections.

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Group Management Report

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Group Management Report Structure and Management of the Group

Structure and Management of the Group

Group Legal Structure
Sartorius is a globally operating company with subsidiaries in more than 30 countries. The holding company
Sartorius AG is the parent corporation of the Sartorius Group. The corporation is headquartered in Göttingen,Germany, and is listed on the German Stock Exchange.
Sartorius manages its bioprocess business as a legally independent subgroup, whose parent corporation is
Sartorius Stedim Biotech S.A., which is listed on Euronext Paris. As of December 31, 2023, Sartorius AG heldaround 74% of the shares of Sartorius Stedim Biotech S.A. The Group’s lab business is legally combined in afurther subgroup, whose parent company is Sartorius Lab Holding GmbH, in which Sartorius AG holds a 100%
stake.
The consolidated financial statements include Sartorius AG and all major affiliates in which Sartorius AG has acontrolling interest pursuant to IFRS 10.

Organization and Management of the GroupThe Group’s central management entity is the Executive Board of Sartorius AG. In collaboration with the Supervisory Board, the Executive Board defines the Group's strategy, is responsible for the operational management of the Group, and controls the distribution of resources within the organization.
The Sartorius Group conducts its operating business in two divisions: Bioprocess Solutions and Lab Products & Services. The divisions each combine their respective businesses for the same fields of application andcustomer groups and share part of the infrastructure and central services.
To align the business as closely as possible with customers’ needs, the company’s organizational structure is
tailored based on the two divisions. All operational functions, such as Sales and Marketing and Production,
including production-related functions, as well as Product Development, are organized by division. Administrative functions, support functions, and the Corporate Research unit operate across divisions.

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Group Management Report Structure and Management of the Group

Implementing the Group’s various strategies and projects at the local level is the responsibility of the national
affiliates. The management bodies of the local companies run their organizations in accordance with the applicable statutory provisions, Articles of Association, and rules of procedure, and in keeping with the principles
of corporate governance that apply throughout the Sartorius Group worldwide.

Changes in the Group Portfolio
Sartorius expanded the product portfolio of the Bioprocess Solutions Division in the reporting year by acquiring the French company Polyplus through its Sartorius Stedim Biotech S.A. subgroup, which is listed in France.
The transaction was completed in July 2023 once the required approvals by the authorities had been granted.
Polyplus is a provider of innovative cell and gene therapy technologies. Established in 2001, the company isbased in Strasbourg, France, with sites in France, Belgium, the United States, and China, employing around
270 people. The transfection reagents developed and produced by Polyplus are success-critical components
in the manufacture of viral vectors used in cell and gene therapies as well as other new medical therapy methods. The company has recently enlarged its focus beyond this field and, through acquisitions in adjacent technologies, such as plasmid development and protein and plasmid manufacture, expanded its offering for genetherapies and genetically modified cell therapies.
Moreover, in June 2023, Sartorius – through the Sartorius Stedim Biotech subgroup – acquired Sartonet
Seperasyon Teknolojileri Anonim Şirketi, which is based in Istanbul, Türkiye. The company imports and distributes the products of the Sartorius Group in Türkiye and in addition, offers its pharmaceutical customers a wide
range of services, such as process development, technical support, calibration, and training. Sartonet had
around 40 employees at the acquisition date.

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Group Management Report Structure and Management of the Group

Financial Controlling and Key Performance Indicators
The Sartorius Group is managed using a number of key performance indicators, which are also decisive for thedetermination of the variable remuneration component for the Executive Board and managers.
A key management parameter that Sartorius uses to measure the development of its size is currency-adjusted
growth of sales revenue, i.e., sales in constant currencies. The key indicator for managing profitability is theadjusted EBITDA margin, which is based on EBITDA adjusted for extraordinary items, i.e., underlying EBITDA.
With regard to the Sartorius Group’s debt financing capacity, the ratio of net debt to underlying EBITDA serves
as the key metric. It is calculated as the ratio of net debt to underlying EBITDA for the last twelve months,
including the pro forma amount contributed by acquisitions for this period. Furthermore, the CAPEX ratio, i.e.,
capital expenditures in proportion to sales revenue, represents a key control parameter.
In addition, the following financial and non-financial indicators are reported on a regular basis:
 Order intake
 Relevant net profit | Earnings per share Annual net profit | Earnings per share Equity ratio Net working capital Net cash flow from operating activities
 Number of employees Employee Net Promoter Score (ENPS)
 Reduction of CO2 emission intensity
The annual financial forecast that is published at the beginning of a fiscal year for the Group and the divisions
refers, as a rule, to the development of sales revenue and of the underlying EBITDA margin. The expected
Capex ratio, as well as a forecast for the ratio of net debt to underlying EBITDA, is additionally indicated for theGroup.

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Group Management Report Business Model, Strategy, and Goals

Business Model, Strategy, and Goals
As a leading partner of life science research and the biopharmaceutical industry, Sartorius helps its customers
in the development and manufacture of biotech medications and vaccines – from the initial idea in the lab tocommercial-scale production.
Biopharmaceuticals are integral components of advanced medicine and are used to treat many illnesses,
mostly of a serious nature. However, long development times and complex production make these medications very expensive. This leads to high healthcare costs in industrialized countries and to the situation thatpatients in less developed countries are often excluded from treatment with such drugs. The development ofa biopharmaceutical medication is a long haul: It takes more than ten years on average to bring a new drug out
on the market, costing more than two billion euros. On top of this, biotechnological manufacturing processes
for such high-tech medications are demanding and must be developed individually for each biologic compound. As a pioneer and technology leader in the biopharma sector, Sartorius with its products and services isenabling its customers to make their research, development, and production processes easier and more efficient so that advanced therapeutics can reach the market faster and become accessible for more people
worldwide. Therefore, the United Nations’ sustainability goal “Good Health and Well-Being” is an integral component of Sartorius’ business model.
The maturity and intensity of competition in this comparably young industry are successively increasing. To
support customers in meeting this challenge, Sartorius is constantly developing its portfolio further. A key
competitive advantage is the broad understanding of applications based on its clear focus on the sector. The
company is thoroughly familiar with customers’ value-added chains and understands the interaction of theemployed systems particularly well. A further success factor of the company is that it offers highly differentiating technologies. The innovative power rests on three pillars: the company´s own specialized product development, alliances with partners, and the integration of innovations through acquisitions.
With the biopharma industry, Sartorius is focusing on an attractive market that is characterized by strong
growth momentum in view of long-term trends and significant innovative strength. Medical progress provides
positive impetus, leading to the discovery and approval of new biopharmaceuticals. The biopharmaceuticalindustry is thus increasingly relying on advanced therapies, such as cell and gene therapeutics and biotech
tissue products. Further primary growth drivers are a growing world population and an increase in age-relateddiseases in industrialized countries. In addition, rising incomes in emerging countries are leading to improved
access to healthcare and rising demand for medications. Biosimilars, the generic versions of reference biologics that have lost their patent protection, account for a share of the biopharma market that is currently still
small but especially fast-growing. As a result of these factors, the volumes of biotech medications and the demand for the appropriate production technologies are steadily increasing, with market growth largely independent of business cycles.
In the following, the positioning and strategy of the company’s two divisions, Bioprocess Solutions and Lab
Products & Services, are outlined.

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Group Management Report Business Model, Strategy, and Goals

Strategic Focus on Biopharma Applications from Molecule Development to Production of Biopharmaceuticals

Bioprocess Solutions
In the Bioprocess Solutions Division, Sartorius offers a broad portfolio of products that focuses on all major
steps in the manufacture of a biopharmaceutical, as well as in process development as prerequisite procedures. The product range includes cell lines, cell culture media, and other components for the development
and manufacture of advanced therapies, bioreactors, a wide range of products for the separation, purification,and concentration of biological intermediates and finished products, as well as solutions for their storage andtransportation. Sartorius also offers data analytics software for modeling and optimizing processes of biopharmaceutical development and production. In its core technologies, the company has leading market positions
with high double-digit market shares.
The breadth of the company’s product portfolio is one of the key factors that differentiates it from many of its
competitors. Sartorius can provide customers with complete process solutions from a single source, as well as
assist with preceding project planning, process integration, and subsequent validation. The company’s products are used in the manufacture of all classes of medical drugs, from vaccines and monoclonal antibodies toadvanced viral vector-based gene therapeutics.
Recurring business with sterile single-use products accounts for about three-quarters of the division’s sales
revenue. These offer customers cost advantages, flexibility, and less resource usage, and thus a better ecological footprint compared with conventional processes employing reusable stainless steel components. The
high share of recurring revenues is also bolstered by the strict regulatory requirements on the part of the customers. Because health authorities validate production processes as an integral part of an application for approval of a new medical drug, the components initially validated can be replaced only at considerable expense
once they have been approved. Beyond this, the company’s broad and stable customer base that is primarily
addressed directly through a specialized sales force also contributes to this favorable risk profile.
The division’s strong strategic positioning and the above-average expansion of the sector are a good foundation for profitable growth in the future as well.
Information on the business development of this division is given in the chapter Business Development of Bioprocess Solutions.

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Group Management Report Business Model, Strategy, and Goals

Innovative Technologies for All Phases of Biopharmaceutical Drug Production

Lab Products & Services
Over the past years, the Lab Products & Services Division has increasingly concentrated on the high-growthbiopharmaceutical industry. With its products, the division addresses pharmaceutical and biotech researchlaboratories as well as academic research institutes. Sartorius supplies scientists and laboratory staff with the
instruments and consumables they need to make their research and quality control easier and faster. For example, the company provides life science customers with innovative systems for bioanalytics to enable themto automate key analytical steps in the development of molecules, cell lines, and processes: Steps which earlier
were mostly carried out manually. In this way, considerably larger quantities of samples can be examined andextensive sets of data generated and evaluated within a short time, substantially accelerating the identificationof suitable drug candidates or cell clones. This contributes to the acceleration of the protracted timelines ofdrug development and increases the efficiency of R&D labs in the biopharmaceutical industry.
Beyond this, the division offers a wide range of premium laboratory instruments for sample preparation – suchas laboratory balances, pipettes, and lab water systems – as well as consumables, such as filters and microbiological test kits. In these product categories, Sartorius has leading market positions and significant market
shares. The company’s solutions are designed to boost the efficiency and productivity of routine yet qualitycritical lab processes and industry-specific workflows. Aside from serving the needs of the biopharmaceuticalindustry, this portfolio is also tailored to quality control labs in the chemical and food industries.
With its innovative technology platforms for bioanalytics and its comprehensive portfolio for sample preparation, the Lab Products & Services Division has a strong foundation for further significant organic growth. Due
to economies of scale and product mix effects, growth is projected to be accompanied by a continuous increase in profitability.
Information on the business development of this division in 2023 is provided in the section entitled Business
Development of the Lab Products & Services Division.

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Group Management Report Business Model, Strategy, and Goals

Focus on Solutions to Improve the Protracted, Expensive, and Inefficient Process of Medical
Drug Development

Based on the data of the Tufts Center for the Study of Drug Development and the Association of the British Pharmaceutical Industry.

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Global PresenceGroup Management Report Business Model, Strategy, and Goals

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Group Management Report Business Model, Strategy, and Goals

Medium-term Planning until 2025 and 2028
In 2018, Sartorius presented its medium-term planning up to 2025, according to which sales revenue was projected at €4 billion with an underlying EBITDA margin of 28%. These targets were raised twice in the following
years and most recently envisaged sales revenue of around €5.5 billion with an underlying EBITDA margin ofaround 34%. Against the backdrop of the weaker than expected market situation in the entire life science sector following the pandemic and the resulting temporary decline in sales and earnings, a review of the mediumterm targets was announced in October 2023. The new medium-term ambition until 2028 communicated at
the end of January 2024 replaces the previous planning until 2025.
Sartorius intends to continue its profitable growth path in the long term and expects to grow faster than themarket. According to the new medium-term targets, the Group plans to achieve average annual sales revenue
growth in the low-teens percentage range over the five-year period to 2028 of which acquisitions are anticipated to contribute around a fifth. The underlying EBITDA margin is also expected to increase and reacharound 34% in 2028. The margin targets include expenses of around 1 percent of Group sales revenue formeasures to reduce the company’s CO2 emission intensity.
In terms of its two segments, Sartorius expects the Bioprocess Solutions division to grow on average in thelow- to mid-teens percentage range per year between now and 2028 with an underlying profit margin ofaround 36%. The Lab Products & Services division is projected to expand at an average annual rate by a mid tohigh single-digit percentage with a margin of 28% in 2028.
All forecasts are based on constant currencies, as in the past years. Management points out that the industry
has become increasingly dynamic and volatile in recent years. In addition, uncertainties due to the shifting
geopolitical situation, such as various countries’ nascent decoupling tendencies, are playing an increasing role.
This results in increased uncertainty when forecasting business figures.
These targets are being implemented by various growth initiatives with the following focal points:

Expansion of the Product Portfolio
Sartorius has a broad product portfolio that is aligned with the value chain of the biopharma industry, and thatthe company is continuously expanding. The focus is on products that offer solutions for customers’ needs
and make the company’s offering even more attractive from the customer’s perspective. Aside from its own
research and development activities and strategic partnerships, acquisitions that are complementary to or extend the company’s strengths appropriately will remain part of the portfolio strategy of both divisions. Due tohigh innovation dynamics, the company considers further additions to be possible on an ongoing basis acrossthe entire breadth of the product portfolio. When identifying suitable companies, Sartorius considers the following criteria in particular: complementarity of technologies to its existing portfolio; strong market positioning, for example, through innovative products with unique selling propositions; integration capability; appropriate valuation; and growth and profitability profile.

Regional Growth Initiatives
Sartorius continued to expand its production capacity in the reporting year. Capital expenditures totaled approximately €559.7 million in 2023 and were used to expand sites in Germany, France, Puerto Rico, the USA,and South Korea, among other countries.

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Group Management Report Business Model, Strategy, and Goals

North America and Asia are the key focal areas of the regional growth strategy. The USA is the world's largest
market for bioprocess equipment and laboratory products. Yet because it is home to the company’s maincompetitors for both company divisions, Sartorius formerly had lower market share in this region than in Europe and Asia. By systematically strengthening its sales and service capacities, Sartorius has gained market
share in the USA in recent years.
In Asia, one focus is on the construction of a new production facility in South Korea, which offers excellent
growth prospects with its dynamically expanding biopharma market.

Optimization of Work Processes
Sufficient production capacity and a powerful supply chain are an essential foundation for future growth. In
recent years, Sartorius has substantially expanded its capacities for nearly all product groups at various Groupsites in order to optimize delivery times and reliably maintain delivery capability, even in the event of local
transport restrictions.
Sartorius is driving forward digitalization and automation in many areas to further accelerate and enhance processes and, wherever meaningful, to standardize such processes throughout the Group.
This also includes extending the company’s activities in the areas of e-commerce, digital marketing, and analytics, as well as on the topic of IT security.

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Group Management Report Research and Development

Research and Development
The Sartorius Group conducts its product development in its two divisions; Bioprocess Solutions and
Lab Products & Services. A more detailed explanation of the focal points of product development can be foundin the sections on the divisions.
The Group-wide Corporate Research function conducts cross-divisional research and development with aview to long-term technological topics and works in close cooperation with external partners. Its most important task and objective consists of identifying and developing key technologies and application fields ofthe future. In addition to collaborating closely with customers, research institutes, and start-ups, Corporate
Research pursues its own research activities in selected fields. This includes, for example, innovative technologies and methods for the development and production of new therapeutic approaches, new functionalities,
and improved material properties – including with a view to their sustainability – or the use of artificial intelligence in biopharmaceutical research and production.

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Group Management Report Macroeconomic Environment and Conditions in the Sectors

Macroeconomic Environment andConditions in the Sectors
The Sartorius Group is active in sectors that differ in their dependence on the economy. The Bioprocess Solutions Division, for instance, operates in an environment that is largely independent of economic fluctuations.
The Lab Products & Services Division, in contrast, is partly active in sectors whose development is morestrongly affected by economic factors.

Muted Growth Momentum in the Global Economy
The growth momentum of the global economy continued to slow further in 2023, although there were regional differences in performance. The slowdown was more pronounced in industrialized countries, particularly the eurozone, than in emerging and developing countries. According to estimates by the IMF, global
gross domestic product rose by 3.0% (2022: + 3.5%) in the reporting period, with industrialized nations recording growth of 1.5% (2022: + 2.6%), while the increase in emerging and developing countries was 4.0% (2022:+ 4.1%). Factors with a dampening effect included cyclical drivers, such as tighter monetary policy, a decline ininvestment activity, and fewer fiscal policy measures to support the economy. Structural causes, such as increasing geo-economic fragmentation, also had a negative impact on business sentiment and trading activity.
Despite the deteriorating conditions, the labor markets proved generally resilient in 2023, and inflationarypressures abated in the course of the year.
Global Development GDP (2019 to 2023)
in %
3.0

-3.1

5.9

3.5

Gross Domestic Product by Region
in %
3.0
3.5

3.0

6.0

8.0

3.0

4.0

0

0

-3.0

-4.0

0.7
3.6

2.1
2.1

4.6
3.9

-8.0

-6.0
2019

2020

2021

2022

Global

2023

EU

USA

Asia
| Pacific
Asien|Paz.

2023
2022

Source: International Monetary Fund

According to the IMF, the European Union’s economy contracted by 0.7% (2022: + 3.6%). Germany recorded
a decline of 0.5% (2022: + 1.8%), while France’s economic output was up 1.0% (2022: + 2.5%), and the UK, another core European market, expanded by 0.5% (2022: + 4.1%).
The United States, the world’s largest economy, posted a 2.1% year-on-year increase in GDP in 2023.

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Group Management Report Macroeconomic Environment and Conditions in the Sectors

In the Asia | Pacific economic region, GDP grew by 4.6% (2022: + 3.9%). India again recorded the sharpest increase in this region in the reporting year, with growth of 6.3% (2022: + 7.2%). China’s economy added 5.0%(2022: + 3.0%), although this fell short of original expectations. South Korean economic output rose by 1.4%(2022: + 2.6%), and economic activity in Japan increased by 2.0% (2022: + 1.0%).

Exchange Rate and Interest Rate Trends
In addition to the euro, the currencies relevant to the Sartorius Group include the U.S. dollar in particular, as
well as a number of other currencies, such as the British pound, the Singapore dollar, the South Korean won,
the Japanese yen, the Chinese renminbi, and the Swiss franc.
Exchange Rates against the Euro
Year-End Exchange Rates

Average Exchange Rate

2023

2023

2022

2022

U.S. dollar

1.10650

1.06695

1.08152

1.05351

British pound

0.869100.885840.86989

0.85265

Singapore dollar
South Korean won
Japanese yen

1.46070

1.43060

1.45250

1.45160

1,428.67000

1,344.77000

1,412.18659

1,357.87961

156.81000

140.73000

152.01230

138.04150

Chinese renminbi

7.86730

7.36960

7.662297.08120

Swiss franc

0.92662

0.983700.971781.00486

The European Central Bank raised its key interest rate several times in the reporting year to 4.50% by the endof 2023. The three -month EURIBOR – i.e., the rate of interest on fixed-term deposits denominated in euros ininterbank business – stood at 3.9% as of December 31, 2023 (December 31, 2022: 2.1%).
Sources: International Monetary Fund: World Economic Outlook, October 2023; Bloomberg; www.euribor-rates.eu.

Conditions in the Sectors
Sartorius’ key customer groups include the biopharmaceutical and pharmaceutical industries as well as publicresearch institutions. In addition, the company’s customers include quality control laboratories in the chemicaland food industries. Accordingly, the progress of the Group’s business depends on developments in theseindustries.

Subdued Development of the Biopharmaceutical Market
After continuous – and in some cases significant – expansion in the global pharmaceutical market in prior years,
growth stagnated in 2023 according to EvaluatePharma. Even revenue generated with biopharmaceuticals,
which commonly increases faster than that generated by the pharmaceutical market as a whole, remained
constant at around $436 billion. This was primarily due to lower sales of coronavirus vaccines and therapeutics,
which fell by more than half in the reporting year from the previous level of $100 billion. Biopharma’s share of
the total pharmaceutical market was unchanged at around 39%.

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Group Management Report Macroeconomic Environment and Conditions in the Sectors

The leading manufacturers of bioprocess technology recorded declining sales in 2023 and repeatedly lowered
their growth forecast communicated at the start of the year. The influencing factors were of a temporary nature and included in particular the sharp decline in Covid-19 -related business and the reduction of elevatedinventory levels. In addition, production levels at some biopharma companies were relatively low, and investment activity was generally subdued after several years of intensive capacity expansion. Towards the end of
the third quarter, the order situation recovered for some companies, and a gradual improvement in the business situation is expected for 2024.
The growth of the biopharma market fundamentally depends more on medium- to long-term trends than on
short-term economic developments. Significant impetus here is provided by the globally increasing demandfor drugs and the approval and market launch of innovative biopharmaceuticals. Other growth factors are theextension of the range of indications for already approved medications and their further market penetration.
The number of new biopharmaceutical approvals by the U.S. Food and Drug Administration (FDA) remained
high in the year under review, at 42 (2022: 31).
The growing significance and acceptance of biologics is reflected not only in their increasing share of sales
revenue within the global pharmaceutical market but also in the development activities of the pharmaceuticalindustry. For example, biopharmaceutical compounds account for around 45% of the R&D pipeline. A growing
number of active substances manufactured using biotech production methods is being approved for thetreatment of rare illnesses that have been incurable so far. In this context, the pharmaceutical industry is increasingly focusing on advanced therapies, such as cell and gene therapeutics and biotechnologically processed tissue products. In 2023, more than 1,600 clinical trials with such treatment approaches were conducted, meaning that this area offers significant growth potential over the medium to long term. The risingnumber of approved biopharmaceuticals and an increasing variety of therapy types and substance classes,
coupled with growing demand for medications, are the main drivers for the worldwide increase in production
capacities for biopharmaceuticals.
Biosimilars, the generic versions of reference biologics that have lost their patent protection, are also playing
an increasingly important role in the biotechnology market. According to market studies, their sales volume in2023 remained modest at an estimated $29 billion, but is expanding at faster rates than the biopharma market
as a whole. The market is expected to continue to grow strongly during the years to come, owing to the expiration of several patents for high-selling biopharmaceuticals and an increasing number of new approvals ofbiosimilars and market launches. Particularly in the USA, where development has been comparatively slow due
to regulatory, patent law-related, and marketing hurdles, market penetration is expected to accelerate significantly in the next few years. A compound annual growth rate of around 15% is expected globally through 2028.
Attractive Market Environment with Good Growth Prospects

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Group Management Report Macroeconomic Environment and Conditions in the Sectors

Laboratory Market Continues to Grow
The global laboratory market had a total value of around $84 billion in the reporting year and, according toestimates by various market observers, is growing at an average annual rate of around 5% over the long term.
Market growth is related, among other things, to the levels of research and development spending in the individual end markets, which is partly linked to economic development.
However, this applies to a lesser extent to labs in the pharmaceutical and biopharma industries, the leading
customer groups for laboratory instruments and consumables: In this industry, demand is more strongly influenced by fundamental growth drivers, such as continuous research to find new active pharmaceutical ingredients. According to EvaluatePharma, sector-specific research spending increased by 7% to $262 billion in
2023. The investment focus is on the automation of process workflows and innovative analytical instrumentsthat are equipped with enhanced or novel functionalities. Products from the field of bioanalytics, for example,
have above-average growth rates within the laboratory market, and demand in the life science sector is generally growing faster than in other industries. In view of the above-average growth in previous years, this customer segment trended weaker in the reporting year, and the majority of leading suppliers of laboratory instruments and consumables recorded declines in sales revenue. In addition to the high basis for comparison,
the reasons cited include restrained investment activity in the current interest rate environment, the persistently muted funding environment, especially for small and medium-sized biotech companies, and severemarket weakness in China. Declining demand for Covid-19 test components also had a dampening effect.
Research and quality-assurance labs in the chemical and food industry are another customer group. This segment’s demand for laboratory products depends in part on economic trends. Additional momentum can also
be generated in this sector by regulatory changes, such as stricter requirements for quality control tests in thefood industry. Despite a weaker macroeconomic environment, demand from industrial end markets was generally robust in 2023 according to several leading laboratory product manufacturers.
Academic and public-sector research institutions also use laboratory instruments and consumables manufactured by Sartorius. Growth in demand is related to such factors as government budgets and funding programs,
all of which can vary from one country to another. In the USA, the National Institutes of Health (NIH) is theleading government agency for biomedical research and also the world’s largest research funding agency. The
NIH’s budget has increased steadily over the past ten years, rising again by about 6.5% in the reporting year.
The proposed budget for 2024 includes another slight increase. The European Union has likewise continuously scaled up its research spending in past budget cycles. Around €95.5 billion of research and innovation
funding is to be provided in the period from 2021 to 2027, an increase of 19% compared with the previous
program. Many manufacturers of laboratory products recorded robust demand from academic and public research institutions in the reporting year.

Competitive Position
The competitive environment of the Bioprocess Solutions Division is characterized by relatively high entry barriers arising in part from the biopharmaceutical industry’s strong degree of regulation and its technologicalcomplexity. In this environment, the Bioprocess Solutions Division operates as a total solutions provider, covering the core process steps in biopharmaceutical production and preceding process development. It hasleading market positions in key technologies, especially in the areas of bioreactors, filtration, and the transportation and storage of liquids. The Bioprocess Solutions Division’s principal competitors are certain business
units of Danaher Corporation, Merck KGaA, and Thermo Fisher Scientific Inc.

22

Sartorius

Group Management Report Macroeconomic Environment and Conditions in the Sectors

The Lab Products & Services Division is positioned as a premium provider of laboratory instruments. It serves
both R&D laboratories and quality control laboratories with a focus on the biopharmaceutical industry. The
division’s product range includes laboratory balances, pipettes, and instruments for bioanalytics, as well as awide range of lab consumables. The division ranks among the leading providers worldwide in most of theseareas. Major competitors include certain divisions of Danaher Corporation, Merck KGaA, and Thermo Fisher
Inc. Among these competitors are also Mettler-Toledo Intl. Inc. for laboratory balances in particular; Eppendorf
AG for pipettes; and companies such as Agilent Technologies Inc., Becton Dickinson Co., and PerkinElmer Inc.
for cell analytics.
Sources: BioPlan: 20th Annual Report and Survey of Biopharmaceutical Manufacturing Capacity and Production, April 2023; Evaluate Pharma: World Preview 2023, August 2023; Alliance for Regenerative Medicine: Sector Snapshot, August 2023; citeline: Pharma
R&D Annual Review 2023, May 2023; Markets and Markets: Biosimilars Market – Forecast to 2028, 2023; SDi: Global Assessment
Report 2023, June 2023; www.fda.gov

23

Sartorius

Group Management Report Group Business Development

Group Business Development
Sales Revenue and Order Intake
Following the strong additional growth momentum in the years 2020 to 2022 due to the pandemic-related
extraordinary business and inventory buildup by customers, particularly in the Bioprocess Solutions divisionand to a lesser extent in the laboratory business, the temporary normalization of demand expected by thecompany management set in during the reporting year. This was more pronounced than anticipated at the
beginning of the year, and the reduction in customer inventories also lasted longer than expected, which led
to numerous forecast revisions across the entire life science sector. Business development was also impacted
by a pronounced market weakness in China and the discontinuation of business with Russian customers.
Against this backdrop, Group sales revenue fell by 16.6% in constant currencies1 to €3,395.7 million; reportedby -18.7%. This includes a growth contribution from acquisitions of around 1.5 percentage points2. Excluding
the pandemic-related business, the decline in constant currencies was around 12%.
The temporarily weaker market environment was also reflected in order intake3, which decreased by 21.5% in
constant currencies to €3,066.9 million (reported: -23.5%). In line with progress made by customers in reducing their inventories, business began to recover at the end of the third quarter, resulting in order intake beingslightly higher than sales revenue in both divisions and the Group in the fourth quarter.

Sales Revenue 2019 to 2023
€ in millions

Order Intake 2019 to 2023
€ in millions

1,827.0 2,335.7 3,449.2 4,174.7

3,395.7

5,000

5,000

3,750

3,750

2,500

2,500

1,250

1,250

0

1,939.5

2,836.3 4,267.9 4,007.3 3,066.9

2019

2020

0
2019

2020

2021

2022

2023

2021

2022

2023

Sales Revenue and Order Intake€ in millions

2023

2022

in %
reportedin %cc2

Sales revenue

3,395.7

4,174.7– 18.7– 16.6

Order intake

3,066.9

4,007.3– 23.5– 21.5

1 Figures given in constant currencies eliminate the impact of changes in exchange rates by applying the same exchange rate for thecurrent and the previous period.
2 Organic: Organic growth figures exclude the impact from changes in exchange rates and changes in the scope of consolidation.
3 Order intake: All customer orders contractually concluded and booked during the respective reporting period.

24Sartorius

Group Management Report Group Business Development

Temporarily Muted Development in Both Divisions
Both divisions recorded a decline in sales revenue in fiscal 2023 due to the temporarily weaker market environment. In the Bioprocess Solutions division, which offers a wide array of innovative technologies for the manufacture of biopharmaceuticals and vaccines, sales revenue decreased by 17.6% in constant currencies to€2,678.2 million (reported: -19.5%). This includes about 2 percentage points of non-organic growth from acquisitions. Excluding the pandemic-related business, the decline was slightly above 12% in constant currencies.
Sales revenue in the Lab Products & Services division, which specializes in life science research and pharmaceutical laboratories, stood at €717.5 million, a decline of 12.7% in constant currencies (reported:-15.4%) compared to the high level of the prior-year period. Excluding the Covid-19 -related business, sales
revenue would have declined by slightly below 11% in constant currencies.
Sales by Division
2023

2022

in %
reportedin %cc

Bioprocess Solutions

2,678.2

3,326.5– 19.5– 17.6

Lab Products & Services

717.5

848.2

– 15.4– 12.7€ in millions

General Market Weakness Affects All Business Regions
Sales Revenue and Growth1 by Region2€ in millions, unless otherwise specified

EMEA

1,315.9 | -14.4%

Americas 1,280.4 | -14.9%

Asia | Pacific799.4 | -22.1%

1 Constant currencies: Figures given in constant currencies eliminate the impact of changes in exchange rates by applying the same
exchange rate for the current and the previous period.
2 Acc. to customer location.

25

Sartorius

Group Management Report Group Business Development

In terms of regional development, sales revenue declined in all regions due to the normalization of demand
and the pandemic-related high prior-year base. The EMEA region recorded a decline of 14.4% to€1,315.9 million, to which the discontinuation of business with Russian customers contributed around 3
percentage points. This region accounted for 39% of total Group sales at the end of the year. From a divisional
perspective, sales in the Bioprocess Solutions division fell more sharply (-16.8%) than in the Lab
Products & Services division (-4.1%) due to the extraordinary situation following the pandemic describedabove.
In the Americas region, sales amounted to €1,280.4 million (-14.9%), which corresponds to around 38% of total
Group revenue. While the bioprocess division recorded a decline of 13.3%, primarily due to the reduction ininventories and lower investment activity by customers in the USA, the business volume in the laboratory
division fell by 21.1% impacted by the reluctance to invest, particularly among pharmaceutical customers in the
bioanalytical instruments product area.
The reduction in inventories by customers and the reluctance to invest and purchase were even more
noticeable in China and led to a significant decline in sales. This development also had a significant impact on
business in the Asia | Pacific region as a whole, which amounted to €799.4 million (-22.1%) and thus accounted
for a good 23% of total Group revenue. Sales in the Bioprocess Solutions division fell by 25.1% and in the Lab
Products & Services division by 12.4%.
All growth rates for the regional development are in constant currencies unless otherwise stated.
Sales by Region€ in millions

2023

2022

in %
reported

in %
cc2

EMEA

1,315.9

1,550.6– 15.1– 14.4

Americas1,280.4

1,543.8– 17.1– 14.9Asia | Pacific799.4

1,080.3– 26.0– 22.1

Costs and Earnings
The cost of sales fell by 8.4% to €1,828.6 million in the reporting year. The respective cost of sales ratio was
53.8%, compared to 47.8% in the previous year. The decline was mainly due to the lower business volume andnegative product mix effects.
At €634.4 million, selling and distribution costs were slightly higher than in the previous year (€632.5 million),while the ratio of these costs to sales revenue increased year on year to 18.7% (previous year: 15.1%) in connection with the decline in sales. Research and development expenses fell by 4.7% to €170.8 million in the reporting year; the corresponding R&D ratio was 5.0% (previous year: 4.3%). Administrative expenses amounted to€214.3 million (previous year: €213.6 million), and the administrative expense ratio was 6.3% in 2023 (previous
year: 5.1%). Extraordinary items explicitly attributable to the functional areas are reported in the respectivefunctional area since the 2023 reporting year. The previous year's figures were restated accordingly.
Expenses and income that could not be allocated to a functional area were recognized in the balance of otheroperating income and expenses which amounted to - €43.7 million in 2023 after - €88.1 million in the previous
year and included net expenses of - €16.4 million (previous year: - €51.0 million) from valuation effects and therealization of currency hedges, in particular due to the development of the U.S. dollar exchange rate.

26

Sartorius

Group Management Report Group Business Development

EBIT fell by 52.7% year on year to €503.9 million; the corresponding margin was 14.8% (previous year: 25.5%).
This development was mainly due to the decline in gross profit, which was only partially offset by a reduction
in operating costs.
The financial result amounted to - €118.0 million in 2023, compared to €116.9 million in the previous year. This
includes non-cash-effective income of €71.5 million, predominantly from the reporting date valuation of theshare-based earn-out liability in connection with the acquisition of BIA Separations (previous year: €148.9 million). After adjustment for this effect, the increase in remaining net financing expenses resulted, among otherthings, from the increased debt in connection with the most recent acquisitions.
In the reporting year, tax expenses amounted to €95.9 million (previous year: €268.6 million). In relation to thereported earnings before taxes, the tax rate was 24.8% (previous year: 22.7%).
Net profit for the period fell by 68.2% to €290.0 million (previous year: €913.1 million).
Net profit attributable to shareholders of Sartorius AG was €205.2 million (-69.7%; previous year: €678.1 million). Non-controlling interest stood at €84.9 million (previous year: €235.0 million), which essentially reflectedshares in Sartorius Stedim Biotech S.A. not held by the Sartorius Group.
Statement of Profit or Loss
€ in millions

2023

2022

∆ in %

Sales revenue

3,395.7

4,174.7– 18.7

Cost of sales– 1,828.6– 1,996.6

8.4

Gross profit on sales

1,567.1

2,178.1– 28.1

Selling and distribution costs– 634.4– 632.5– 0.3

Research and development costs– 170.8– 179.2

4.7

General administrative expenses– 214.3– 213.6– 0.4

Other operating income and expenses– 43.7– 88.1

50.4

Earnings before interest and taxes (EBIT)

503.9

1,064.8– 52.7

Financial income

103.9

198.2

– 47.6

Financial expenses– 221.8– 81.3– 172.8

Financial result– 118.0

116.9– 200.9

Profit before tax

385.9

1,181.7– 67.3

Income taxes– 95.9– 268.6

64.3

Net profit for the period

290.0

913.1

– 68.2Attributable to:Equity holders of Sartorius AG

205.2

678.1

– 69.7

Non-controlling interest

84.9

235.0

– 63.9Extraordinary items are reported within functional expenses as of fiscal 2023. Prior-year figures were restated accordingly.

27

Sartorius

Group Management Report Group Business Development

Underlying EBITDA
The Sartorius Group uses underlying EBITDA – earnings before interest, taxes, depreciation, and amortization
and adjusted for extraordinary items – as its key profitability indicator to provide a better picture of its operating
development, also in an international comparison.
Reconciliation from EBIT to Underlying EBITDA€ in millions

2023

2022

EBIT

503.9

1,064.8

Extraordinary items

116.5

60.4

Amortization | depreciation

342.3

285.3

Underlying EBITDA

962.7

1,410.4

In millions of €

2023

2022

M&A projects | integration costs– 22.9– 16.1

Structuring measures– 80.5– 29.6Other– 13.1– 14.7

Total– 116.5– 60.4Extraordinary Items

Mainly as a result of the lower volume development, underlying EBITDA decreased by 31.7% to €962.7 million;
the resulting margin was 28.3% (previous year: 33.8%). Negative product mix effects also had a dampening effect, as the reduction in inventories on the customer side particularly affected demand for higher-margin consumables and led to a lower share of such products in total sales. Price effects on the procurement and customer sides largely offset each other.
Underlying EBITDA1 and Margin
495.8
27.1

692.2
29.6

1,175.0 1,410.4 962.7
34.1
33.8
28.3

1,600

40
40.00

1,200

35
35.00

800

30
30.00

400

25
25.00

0
2019

2020

2021

2022

2023

20
20.00

underlying EBITDA in millions of €underlying EBITDA margin in %1 Underlying EBITDA: Earnings before interest, taxes, depreciation, and amortization and adjusted for extraordinary items.

28

Sartorius

Group Management Report Group Business Development

Underlying EBITDA by Division
Underlying EBITDA€ in millions

Underlying EBITDA margin
in %

Group

962.7

28.3

Bioprocess Solutions

782.3

29.2

Lab Products & Services

180.3

25.1

Underlying EBITDA of the Bioprocess Solutions division amounted to €782.3 million (-34.2%) as a result of thevolume development and product mix effects, resulting in a margin of 29.2% (previous year: 35.7%).
Underlying EBITDA of the Lab Products & Services division fell by 18.8% to €180.3 million. At 25.1%, the corresponding margin was moderately below the previous year's figure of 26.2%.

Relevant Net Profit
The relevant net profit attributable to the shareholders of Sartorius AG fell by 48.3% to €338.5 million compared to the previous year. This figure is the basis for determining the profit to be appropriated, is calculated
by adjusting for extraordinary items and eliminating amortization, and is based on the normalized financial result and the normalized tax rate. Underlying earnings per ordinary share decreased by 48.4% to €4.94 (previous year: €9.57) and per preference share by 48.3% to €4.95 (previous year: €9.58).
€ in millions

2023

2022

EBIT

503.9

1,064.8

Extraordinary items

116.5

60.4

Amortization

133.5

104.5

Normalized financial result1– 146.3– 38.7

Normalized income tax (27%)2– 164.0– 321.6

Underlying earnings

443.5

869.4

Non-controlling interest– 105.0– 214.0

Underlying earnings after taxes and non-controlling interest

338.5

655.4

Underlying earnings per shareper ordinary share (in €)

4.94

9.57

per preference share (in €)

4.95

9.58

1 Financial result adjusted for valuation effects from the subsequent measurement of contingent purchase price liabilities as well as
for effects of foreign currency translation and hedging.
2 Income tax considering the average expected Group tax rate, based on the underlying profit before tax.

29

Sartorius

Group Management Report Group Business Development

Underlying Earnings per Share1
in €
3.07
3.06

4.38
4.37

8.09
8.08

9.58
9.57

4.95
4.94

2019

2020

2021

2022

2023

10.00
7.50
5.00
2.50
0.00

Preference Share
Ordinary Share

1 After non-controlling interest, adjusted for extraordinary items and amortization, as well as based on the normalized financial result
and the normalized tax rate.

30

Sartorius

Group Management Report Group Business Development

Research and Development
Sartorius continuously expands its product portfolio by investing in both the new and further development of
its products, as well as in the integration of new technologies through alliances. In 2023, the company
recognized €170.8 million for research and development (R&D) as a direct expense compared to €179.2 million
in the previous year (-4.7%). The R&D ratio of expenses to sales revenue was 5.0% (previous year: 4.3%).
The International Financial Reporting Standards (IFRS) require certain development costs to be capitalized on
the statement of financial position and then to be amortized over subsequent years. In the reporting year,
capitalized R&D increased to €100.3 million compared with €81.7 million the year before. This equates to ashare of 37.0% (previous year: 31.3%) of the Group’s total R&D expenses. Scheduled amortization related tocapitalized development costs totaled €30.0 million in 2023 (previous year: €23.9 million). Total research anddevelopment costs, including capitalized development costs, amounted to €271.1 million (previous year:€260.9 million). At 8.0%, the resulting gross R&D ratio1, which includes all innovation-related expenses, washigher than the previous year's figure of 6.2%.
Sartorius pursues a strategic intellectual and industrial property rights policy across its divisions to protect its
expertise. The Group systematically monitors compliance with these rights on a cost | benefit basis todetermine which specific individual rights are to be maintained.
In 2023, Sartorius filed a total of 301 applications for intellectual and industrial property rights (previous year:261). As a result of these applications, including those of prior years, 435 patents and trademarks during thereporting year (previous year: 353) were issued. As of the reporting date, the company had a total of 7,260
patents and trademarks in its portfolio (previous year: 6,421).

1 Gross R&D ratio: Sum of research and development expenses recognized in profit or loss and development costs recognized in thebalance sheet in relation to sales revenue.

31

Sartorius

Group Management Report Group Business Development

Investments
In the reporting year, Sartorius continued to invest considerably in the expansion of new capacities in all regions. In addition to significantly expanding production capacities, the investment program aims to further
diversify the production network and make it more flexible. In line with the company’s expansion plans, some
expansion projects were completed in 2023. Further projects will be completed in the current year or in subsequent years.
At €559.7 million, capital expenditures in 2023 were slightly higher than the previous year's figure of€522.6 million, as planned. The corresponding Capex ratio1 rose to 16.5% (previous year: 12.5%) due to the decline in Group sales revenue.
The company’s largest investment projects in the reporting year included the expansion of membrane manufacturing capacities and new laboratory space for product development in Göttingen, Germany.
At its site in Yauco, Puerto Rico, a production line for cell culture media was set up and put into operation in2023.
Sartorius made further substantial investments in additional clean room space for the manufacture of sterile
disposables at its site in Aubagne, France, in the reporting year.
In Ann Arbor, Michigan, USA, Sartorius invested in the construction of a new center of excellence in the fieldof bioanalytics, including research laboratories and production capacity.
In the Asia | Pacific region, the company invested considerably in Songdo, South Korea, where construction
work began on a plant for cell culture media production and sterile consumables processing. In addition,
Sartorius plans to build a technology center for customer consulting and product demonstrations as well aslaboratory space at the new site, which is located in the middle of a biopharma park.
Production capacities were also expanded at other locations. For example, the company carried out expansion
projects at other sites in Germany as well as in the USA, the UK, and Slovenia.

1 Capital expenditures in relation to sales revenue.

32

Sartorius

Group Management Report Group Business Development

Employees
The following employee figures include all employees of the Sartorius Group, except for vocational trainees,interns, permanent absent employees, and employees in partial retirement. Employee figures are shown asheadcount.
As of December 31, 2023, Sartorius had a total of 14,614 employees in 37 countries worldwide. This was 1,328
employees or 8.3% less than on December 31, 2022. Sartorius had increased headcount in previous years inconnection with the significant growth in sales revenue. However, it adjusted the size of the workforce during
the reporting period in response to the changing demand levels and reduced capacity requirement. A considerable portion of the peak headcount involved temporary employment contracts. In the reporting year, 264
employees joined the Group as a result of acquisitions.
Employees
2023

2022

Change in %Group

14,614

15,942-8.3

Bioprocess Solutions

11,293

12,560-10.1

Lab Products & Services

3,321

3,382

-1.8

The Bioprocess Solutions division had 11,293 employees at the end of the reporting year (previous year:
12,560). The Lab Products & Services division had 3,321 employees (previous year: 3,382).
The employees of the central administrative functions were allocated to the divisions on the basis of their activities.
Employees by Region
9,690
10,341

Employees by Function
2,801
3,301

2,123
2,300

11,00011,000

8,250

8,250

5,500

5,500

2,750

2,750

8,136
9,299

3,432
3,610

1,440
1,418

Production

Sales &
Marketing

R&D

1,607
1,616

0

0
EMEA
2023
2022

Americas

Asia | Pacific

Admin.

2023
2022

The number of employees in the EMEA region fell by around 6.3% in 2023 versus December 2022, taking thefigure to 9,690. In Germany, Sartorius had 5,004 employees at the end of the reporting year, which corresponds to 34.2% of the total workforce.

33

Sartorius

Group Management Report Group Business Development

In the Americas, Sartorius had 2,801 employees as of December 31, 2023, representing a drop of 15.1%. The
number of employees in the Asia | Pacific region fell by 7.7% to 2,123.
At the end of 2023, approximately 56% of all Sartorius employees worked in production. At 8,136, the numberof employees in this area decreased by 12.5% year over year.
At the end of the year, 3,432 people were employed in marketing and sales, representing a decrease of 4.9%
and a share of around 23% of the total workforce.
Almost 10% of all employees worked in R&D. This corresponded to a year-on-year increase of 22 individuals or
1.6%, bringing the total number of employees to 1,440.
As of the reporting date, 1,607 people worked in administrative positions. This corresponds to a decrease of
0.6% compared with the same date of the previous year and to 11% of all Sartorius employees.
Further information on employees can be found in the Group’s Non-Financial Statement.

34

Sartorius

Group Management Report Net Worth and Financial Position

Net Worth and Financial Position
Cash Flow
Cash flow from operating activities rose by 16.3% to €853.6 million (previous year: €734.2 million) despite thedecline in earnings. The increase resulted primarily from the reduction of working capital. While Sartorius had
increased inventories as planned in 2022 and previous years to secure supply ability in view of the temporary
tensions in supply chains, these were significantly reduced in 2023. In addition, lower tax payments also had apositive effect.
Based on fundamentally intact growth drivers in the end markets and its medium-term growth targets,
Sartorius continued its investment program to expand and diversify its production capacities, although thepace of implementation of individual measures was slowed down in view of the temporarily weaker demand.
Cash outflows from investing activities decreased slightly by 1.9% to €582.4 million (previous year:- €593.8 million). Due to acquisition-related expenses of €2,240.9 million (previous year: €536.1 million),primarily in connection with the acquisition of Polyplus, a provider of innovative technologies for cell and genetherapies, cash flow from investing activities and acquisitions rose to - €2,823.3 million (previous year:- €1,129.9 million).
Primarily driven by the placement of bonds with a volume of €3 billion, cash flow from financing activities
amounted to €2,165.7 million (previous year: €209.9 million). This also included dividend payments for the2022 financial year in the amount of €134.4 million (previous year: €118.1 million).
Cash Flow Statement€ in millions

2023

Cash flow from operating activities

853.6

734.2

171.6

– 300.1– 2,823.3– 1,129.9

Cash flow from financing activities

2,165.7

209.9

Cash and cash equivalents

379.2

165.9

thereof change in net working capital
Cash flow from investing activities and acquisitions

2022

Gross debt

5,311.4

2,541.2

Net debt

4,932.1

2,375.3

Consolidated Statement of Financial Position
The balance sheet total of the Sartorius Group was €9,755.3 million as of the end of fiscal 2023 and thus
€2.777.6 million higher than the prior-year level. This increase is largely due to the rise in non-current assets by€2,843.9 million to €7,798.5 million, mainly due to the increase in goodwill, other intangible assets, and property, plant, and equipment as a result of the acquisition of Polyplus and by the continuation of the investment
program. At €1,956.9 million, current assets were slightly below the previous year's figure of €2,023.2 million,
mainly driven by the reduction in trade receivables and a reduction in inventories, which were offset by anincrease in cash and cash equivalents. Working capital amounted to €1,387.3 million as of December 31, 2023
(previous year: €1,663.5 million).

35

Sartorius

Group Management Report Net Worth and Financial Position

Key Figures for Working Capital
In days

2023

2022

x 360

109

101

x 360

37

41

x 360

52

47

x 360

93

95

Days inventory outstanding
Inventories | Sales revenue1
Days sales outstanding
Trade receivables | Sales revenue1
Days payables outstanding
Trade payables | Sales revenue1
Net working capital days
Net working capital2 | Sales revenue1
1 Including pro forma sales of recent acquisitions.
2 Sum of inventories and trade receivables less the trade payables.

Equity grew by €98.5 million to €2,757.4 million. The equity ratio1 was 28.3% (previous year: 38.1%).
The Group's non-current liabilities increased from €2,515.5 million to €5,667.9 million in the reporting year due
to the issue of bonds with a volume of €3 billion. In addition to financing the Polyplus acquisition, a smaller
portion of the funds was used to repay current financial liabilities or was held in cash. As a result, current liabilities fell by €473.3 million to €1,330.0 million. The decrease in trade payables also had a positive effect.
Balance Sheet Structurein %Assets71.0
29.0

Equity & Liabilities
79.9
20.1

100

38.1
36.0
25.8

28.3
58.1
13.6

Ratio of Net Debt to Underlying EBITDA²

2.0

2.6

1.5

1.7

5.0

2019

2020

2021

2022

2023

6.0
4.5
3.0

50

1.5
0.0

0
2022

2023

Non-current assets
Current assets

2022

2023

EquityNon-current liabilities
Current liabilities

1 Equity in relation to the balance sheet total.
2 Quotient of net debt and underlying EBITDA over the past 12 months, including the pro forma amount contributed by acquisitions
for this period.

Gross debt rose to €5,311.4 million at the end of the 2023 reporting year relative to €2,541.2 million in fiscal
2022 and is comprised of liabilities to banks, including bonds, promissory note loans (“Schuldscheindarlehen”),
as well as lease liabilities. The increase is essentially due to the aforementioned bond placements. Net debt,

36

Sartorius

Group Management Report Net Worth and Financial Position

defined as gross debt less cash and cash equivalents, increased from €2,375.3 million in the previous year to€4,932.1 million.
In relation to the debt financing capacity of the Sartorius Group, the ratio of net debt to underlying EBITDA isa key metric. It is defined as the quotient of net debt and underlying EBITDA over the past 12 months, including
the pro forma amount contributed by acquisitions for this period. Following the completion of the Polyplus
acquisition and the investments made in the reporting year, the ratio of net debt to underlying EBITDA as at
December 31, 2023, was, as expected, at a higher level of 5.0 (previous year: 1.7). This figure is expected to besignificantly reduced in 2024, to which a strong expected cash flow as well as the further reduction of inventories and lower investments in capacity expansions should contribute.
Reconciliation€ in millions

2023

2022

Gross debt

5,311.4

2,541.2- Cash & cash equivalents

379.2

165.9

Net debt

4,932.1

2,375.3

Underlying EBITDA (12 months)

962.7

1,410.4

14.7

11.7

977.4

1,422.1

5.0

1.7+ Pro forma EBITDA from acquisitions (12 months)
Pro forma underlying EBITDA
Ratio of net debt to underlying EBITDA

37

Sartorius

Group Management Report Net Worth and Financial Position

Financing | Treasury
Sartorius covers its operational and strategic financing needs through a combination of operating cash flows
and the assumption of short-, medium- and long-term financial liabilities. The major debt financing
instruments are shown in the graphic below.
Main Financing Instruments€ in millions

Bonds ~ 3,000
Promissory note loans ~ 1,505
Syndicated credit line ~ 800
Long-term loans ~ 635
Short-term credit-lines ~ 470

A major pillar in the financing mix is a syndicated credit line of €800 million with a remaining term until May
2028 and an extension option. In addition, Sartorius has various short-term credit lines totaling around€470 million. As of December 31, 2023, the total volume of all available and unused credit lines amounted to€1,270 million.
Corporate financing was supplemented in the reporting year by the placement of bonds with a volume of€3 billion. The issue comprised four tranches with terms of 3 to 12 years and coupons of between 4.25% and4.875%. The net proceeds from the bond issue were used to repay the bridge financing for the acquisition of
Polyplus and for general corporate purposes. In this context, Sartorius received a credit rating from a rating
agency for the first time in the reporting year. The S&P Global Rating gave Sartorius an investment grade rating(BBB).
In addition, Sartorius has issued several promissory note loans ("Schuldscheindarlehen") with a total outstanding volume of €1,505 million. There are also several short- and long-term loans in place that total around€635 million and are being used in part for the expansion of production capacities.
At around 85%, the majority of the aforementioned financing instruments was concluded at fixed interest
rates. The maturity profile of the Group’s financing instruments is broadly diversified.

38

Sartorius

Group Management Report Net Worth and Financial Position

Maturity Profile of the Financing Facilities1€ in millions
204.0 547.0 939.0 546.0 35.0

2,868.0

3,500
2,800
2,100
1,400
700
0
2024

2025

2026

2027

2028 >2029

1 As of December 31, 2023, major financing instruments.

Due to its global business activities, Sartorius is exposed to the usual fluctuations in foreign exchange rates,
which it hedges by forward contracts. At the end of 2023, foreign exchange contracts amounted to a volume
of approximately €625 million, with a market value of €4.9 million.

39

Sartorius

Group Management Report Business Development of Bioprocess Solutions

Business Development of Bioprocess
Solutions
Sonderseite BPS

40

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Group Management Report Business Development of Bioprocess Solutions

Sales Revenue and Order Intake
Following the exceptionally high growth in 2020 to 2022 due to the pandemic, the Bioprocess Solutions division recorded softer customer demand in the reporting year, as anticipated. In particular, the longer and more
pronounced than originally expected reduction in customer inventories following the end of the pandemic
impacted business development and led to lower demand for consumables, such as sterile single-use bags
and filters. Other industry-wide factors also had a dampening effect, such as relatively low production levels,the largely discontinued business with Russian customers, and an overall muted investment activity on thepart of customers, primarily in China and the USA. Sales revenue fell by 17.6% to €2,678.2 million (reported: 19.5%). This includes around 2 percentage points of non-organic growth from acquisitions. Excluding theCovid-19 -related business, the decline stood slightly above 12% in constant currencies.
Sales Revenue 2019 to 2023
€ in millions
1,350.5

1,782.6

Order Intake 2019 to 2023
€ in millions
2,727.0

3,326.5 2,678.2

4,000

4,000

3,000

3,000

2,000

2,000

1,000

1,000

0

1,457.6

2,238.1

3,483.5 3,122.7

2,404.1

2019

2020

2021

2023

0
2019

2020

2021

2022

2023

2022

Sales Revenue and Order Intake
in %reported

in %cc1

3,326.5– 19.5– 17.6

3,122.7– 23.0– 21.1€ in millions

2023

2022

Sales revenue

2,678.2

Order intake

2,404.1

1 In constant currencies.

In view of the normalization of demand and a high prior-year base due to the pandemic, sales revenue declined
in all regions. In the EMEA region, which accounted for around 39% of the division's sales, revenues fell by
16.8% to €1,042.2 million compared to the previous year, which was significantly influenced by business withvaccine manufacturers. In the Americas region, sales amounted to €1,047.8 million (-13.3%) against the backdrop of low investment activity by customers in the USA. The region's share of divisional sales was 39%. The
Asia-Pacific region, which accounted for 22% of the division's sales, performed significantly weaker due to amarked reluctance to invest on the part of pharmaceutical customers, mainly in China. At €588.2 million, sales
were down 25.1% on the previous year. (All growth rates for the regional development are in constant currencies unless otherwise stated.)41

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Group Management Report Business Development of Bioprocess Solutions

The temporarily weaker market environment was even more clearly reflected in order intake, which decreased
by 21.1% to €2,404.1 million (reported: -23.0%). In line with progress made by customers in reducing their inventories, business began to recover at the end of the third quarter, so that order intake was slightly above
sales revenue in the fourth quarter.
Sales by Region€ in millionsin %reported

in %cc2

1,260.5– 17.3– 16.81,240.8– 15.6– 13.3825.2– 28.7– 25.1

2023

2022

EMEA

1,042.2

Americas1,047.8

Asia | Pacific588.2

Earnings
Mainly as a result of the lower volume development, underlying EBITDA decreased by 34.2% to €782.3 million,
resulting in a margin of 29.2% (previous year: 35.7%). Negative product mix effects also had a dampening effect, as the reduction in inventories on the customer side particularly affected demand for higher-margin consumables and led to a lower share of such products in total sales. Price effects on the procurement and customer sides largely offset each other.
Underlying EBITDA and EBITDA Margin
2023

2022

Underlying EBITDA in millions of €782.3

1,188.4

Underlying EBITDA margin in %

29.2

35.7

In the year under review, the Bioprocess Solutions division recorded extraordinary items of - €103.5 million
compared to - €46.5 million in the previous year. These items predominantly consisted of expenses in connection with the most recent acquisitions as well as expenses for various corporate projects and structuring
measures.

42

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Group Management Report Business Development of Bioprocess Solutions

Products and Sales
The Bioprocess Solutions Division markets products and services for the entire value chain in biopharmaceutical production and preceding process development. The division’s portfolio includes cell lines, cell culture
media, bioreactors, a wide range of products for separation, purification, and concentration, and products andsystems for storage and transportation of intermediate and finished biological products.

As a result of the acquisition of the French company Polyplus, Sartorius has significantly expanded the productportfolio of its Bioprocess Solutions Division in the area of cell and gene therapies. Polyplus develops and produces high-quality, GMP-compliant transfection as well as DNA and RNA delivery reagents and plasmid DNA.
These components are success-critical in the manufacture of viral vectors used in cell and gene therapies aswell as other new medical therapy methods. The solutions from Polyplus are highly complementary to theportfolio created by Sartorius in recent years, which now comprises various cell culture media, other criticalraw materials, and purification technologies for the development and manufacture of advanced therapies.
In the area of filtration, the Bioprocess Solutions Division introduced a new platform for the large-scale manufacture of biopharmaceuticals, which can be preconfigured with a wide range of filter types. The platform issuitable for a large number of separation steps, from cell culture media to virus depletion to subsequent sterile
filtration; it is particularly user-friendly in its handling and achieves significant cuts in production times. In addition, a high-throughput tool for clarifying and purifying monoclonal antibodies was launched; it helps customers speed up the preparation of small cell culture samples for downstream analysis in cell line development. Moreover, a system was introduced that allows single-use bags to be filled evenly at the same time, forexample, with cell culture media for the manufacture of cell therapies, thus accelerating the filling process significantly.

Sales Activities
The Bioprocess Solutions Division markets most of its product portfolio directly. Sales activities for key accounts are coordinated and supported by global key account management.
Communication with customers via on-site visits is now supplemented by digital channels: Many contacts withcustomers are made through digital communication tools. Videoconferencing and augmented reality areused for such direct interactions, for example, when demonstrating products, conducting training sessions,43Sartorius

Group Management Report Business Development of Bioprocess Solutions

and bringing systems into service. Another focus aimed at strengthening the sales force is on expanding thecompany’s international presence and on continually enhancing sales efficiency, for example, with productand application training or further specialized training for employees.

Product Development
Development activities at Sartorius essentially focus on technology areas such as membranes, which are thecore component of the filter products; diverse technology platforms, such as sterile containers for fluid management in biopharmaceutical processes and sensors; and control technologies for processes such as fermentation. Additional focal areas comprise developments in materials and components that include plastics, elastomers, and intelligent polymers; expanded data analysis; cell line development; and critical media components for protein-based, viral, and so-called advanced therapies.
Product development is aimed at expanding the existing portfolio on a complementary basis and further enhancing the range of integrated complete solutions for the manufacture of biopharmaceuticals – from theearly phase of development to commercial production.
The largest product development site is located in Göttingen, Germany, where a new product developmentbuilding began its operations in the reporting year. Further important activities take place in France, India, theUnited States, and the UK, as well as in Sweden, Israel, Slovenia, and other locations in Germany.

Production and Supply Chain Management
The Bioprocess Solutions Division has a very well developed global production network that was expanded atseveral sites in the reporting year. The largest production facilities are located in Germany, France, and PuertoRico. Beyond these locations, this division also manufactures in the UK., Switzerland, Tunisia, India, the UnitedStates, China, Israel, and Slovenia. The most recent acquisition has added sites in France, Belgium, the UnitedStates, and China.
In the reporting year, Sartorius expanded its plant in Puerto Rico by adding a production facility for cell culture
media. The new facility allows the company to supply, from its plant in Yauco, high-quality cell culture media
in powder form, which are used in the manufacture of therapeutic proteins and other modalities. Production
in Yauco is focused on customers in the Americas region.
Moreover, construction started in Freiburg im Breisgau, Germany, on a center of excellence for the development and production of quality-critical reagents for the cell and gene therapy market. The new building will
increase the existing production of cytokines and growth factors and significantly expand research and development. The building is scheduled for completion in 2025, and production is expected to start in 2026.
The supply chain situation continued to ease in 2023 compared with previous years. Delivery times for mostproducts have normalized, and the availability of electronic components and some chemical raw materials also
improved over the course of the year.
Click or tap here to enter text.

44

Sartorius

Group Management Report Business Development of Lab Products & Services

Business Development of Lab Products &Services
Sonderseite LPS

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Group Management Report Business Development of Lab Products & Services

Sales Revenue and Order Intake
The Lab Products & Services division recorded sales revenue of €717.5 million, a decline of 12.7% in constantcurrencies (reported: -15.4%) compared to the high level of the prior year. Excluding the pandemic-related
business, which in the laboratory division primarily comprised membranes for Covid-19 test kits and pipetteconsumables, sales revenue would have declined by slightly below 11% in constant currencies. After businesswith bioanalytical instruments for pharmaceutical applications in particular had expanded significantly in previous years, a marked reluctance to invest on the part of this customer group led to a drop in sales in the reporting year. This affected both larger customers and smaller biotech companies, for whom the funding environment had deteriorated significantly compared to the pandemic years.
Sales Revenue 2019 to 2023
€ in millions
476.5

553.0

Order Intake 2019 to 2023
€ in millions
722.2

848.2

717.5

1,000

1,000

750

750

500

500

250

250

0

481.9

598.2

784.4

884.6

662.8

2019

2020

2021

2022

2023

0
2019

2020

2021

2022

2023

Sales Revenue and Order Intake€ in millions

2023

2022

in %
reportedin %cc1

Sales revenue

717.5

848.2

– 15.4– 12.7

Order intake

662.8

884.6

– 25.1– 22.7

1 In constant currencies.

Following the strong development in the previous year, sales in the Americas region fell by 21.1% to €232.6 million, so that this region accounted for 32% of the division’s sales. In particular, demand for bioanalytical instruments was weaker following the high growth rates of previous years. Sales in the EMEA region, which accounted for around 38% of the division’s sales, declined moderately by 4.1% to €273.7 million. The Asia | Pacificregion, which contributed 30% to the Lab Products & Services division's business, decreased by 12.4% to€211.2 million, primarily due to a significant drop in sales in China. (All growth rates for the regional development are in constant currencies unless otherwise stated.)
The dampening impact of these factors was even more pronounced on order intake, which stood at€662.8 million (in constant currencies: -22.7%; reported: -25.1%), while business picked up slightly over thecourse of the fourth quarter, resulting in order intake being moderately higher than sales revenue.

46

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Group Management Report Business Development of Lab Products & Services

Sales by Region€ in millions

2023

2022

in %
reported

in %
cc2

EMEA

273.7

290.1

– 5.7

– 4.1

Americas

232.6

303.0

– 23.2– 21.1

Asia | Pacific

211.2

255.1

– 17.2– 12.4

Earnings
The underlying EBITDA of the Lab Products & Services Division declined by 18.8% to €180.3 million. At 25.1%,
the corresponding margin stood only slightly below the level of the prior-year period (26.2%). Price effects on
the procurement and customer sides largely offset each other.
Underlying EBITDA and EBITDA Margin
2023

2022

Underlying EBITDA in millions of €

180.3

222.0

Underlying EBITDA margin in %

25.1

26.2

The Lab Products & Services Division recorded extraordinary items of –€13.0 million in the reporting year relative to –€13.9 million a year ago. These items resulted primarily from expenses for various corporate projects
and structuring measures.

47

Sartorius

Group Management Report Business Development of Lab Products & Services

Products and Sales
The Lab Products & Services Division focuses with its products on research laboratories in the pharmaceuticaland biopharmaceutical industries as well as on academic research institutes.
In the area of bioanalytics, the division offers life science customers innovative systems for cell analysis. These
greatly accelerate the otherwise time-intensive discovery of medical drug candidates by automating and digitalizing core steps in analysis. Automated analysis, selection, and isolation of cells enable customers, moreover, to significantly reduce time to result as well as cost in cell line development and antibody discovery.
In addition, the product range of the Lab Products & Services Division includes a broad array of premium laboratory instruments for sample preparation, such as laboratory balances and lab water systems, as well as lab
consumables, such as filters and microbiological test kits. This Sartorius portfolio is tailored to the biopharmaceutical industry and additionally focuses on research and quality control labs in areas such as the chemicaland food industries.

In the area of bioanalytics, the division launched a new software module for a live cell imaging system in thereporting year, which allows customers to process data in accordance with the FDA’s rules for electronic records and signatures. By cooperating with an industry partner in the area of proteins, the division in July expanded its fast-growing portfolio for stem cell and organoid research by adding animal-free growth factors
and cytokines, with the aim of enabling rapid progress in the discovery of new cell models.
Another product brought to market was a new version of an electronic pipette, which allows data to be recorded in real time and enables integration with other equipment, thereby improving productivity and data
quality. A new premium laboratory balance was also introduced, which offers customers improved adaptability
to ambient factors, such as temperature, humidity, and atmospheric pressure; intuitive cleaning processes;
and flexible hardware upgrades.
The services offered by the Lab Products & Services Division cover the entire life cycle of laboratory instruments, from device installation and commissioning to validation, calibration, verification, and regular maintenance to repair. These services are not limited to Sartorius instruments alone; they are offered to a partial extent for devices from other manufacturers as well. This extensive range enables customers to minimize thenumber of service providers they use and to reduce complexity and costs.

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Group Management Report Business Development of Lab Products & Services

Beyond this, Sartorius application laboratories in all regions offer customers the opportunity to test Sartorius
products, even using their own samples, and to take training courses.

Sales Activities
The division mostly distributes its bioanalytics offering directly, while standard instruments and consumables
are also offered through laboratory distributors. The focus is on further expanding the direct channels, including online business with customers in the life science industry. In aligning its activities, the division is increasingly using digital channels.
Aside from extending sales structures, the company also concentrates on the ongoing enhancement of sales
efficiency, in part through the creation of synergies between the two divisions. This gives the Lab Products & Services Division access to customers of the Bioprocess Solutions Division, which in turn can also open
up new sales opportunities.

Product Development
The division has extensive technological expertise in the areas of bioanalytics, laboratory instruments, and laboratory consumables. Software and hardware advancements in the company’s cell analysis products create
many new evaluation opportunities for our customers. They are the foundation for the development of new
tools capable of processing and visualizing vast quantities of data appropriately based on specific applications.
Compliance with regulatory requirements is critical for the company’s customers. Product development priorities for Sartorius therefore include data management, connectivity, and process automation.
Most of the research and development for the Lab Products & Services Division is conducted at Group headquarters in Göttingen, Germany, where a new product development building opened in the reporting year.
Sartorius also carries out R&D activities at its sites in the USA, Finland, the UK, India, and China.

Production and Supply Chain Management
The Lab Products & Services Division operates plants in Germany, China, Finland, the UK, and the USA. These
plants serve as centers of competence and tend to focus on one product group or a small set of productgroups. In 2023, for example, laboratory balances were manufactured in Germany and China, pipettes in Finland, and bioanalytical systems in the USA and China. Microbiological test kits are produced in the UK, andmost membrane-based products in Germany.
Capacity expansions at the site in Ann Arbor, Michigan, USA, progressed as scheduled in 2023. Measuring12,000 square meters, this ultra-modern facility is intended to meet growing demand for the division’s products and services and combine different functions, such as the operational area for bioanalytical devices, customer and repair service, and product development. Completion is scheduled for 2024.
The supply chain situation continued to ease in 2023 compared with previous years. The availability of electronic components continued to pose a challenge, but improved over the course of the year.

49

Sartorius

Group Management Report Assessment of Economic Position

Assessment of Economic Position
After the pandemic-related extraordinary business and inventory buildup by customers led to strong additional growth momentum in the years 2020 to 2022, particularly in the Bioprocess Solutions division and to alesser extent in the laboratory business, the temporary normalization of demand expected by the company
management set in during the reporting year. This was more pronounced than anticipated at the beginning of
the year, and the reduction in customer inventories also lasted longer than expected, which led to numerous
forecast revisions across the entire life science sector. Business development was also impacted by a pronounced market weakness in China and the discontinuation of business with Russian customers. Against thisbackdrop, the company management lowered its growth and earnings forecast for both divisions and theGroup in June and October 2023. In line with progress made by customers in reducing their inventories, business began to recover at the end of the third quarter, so that order intake was slightly above sales revenue inthe fourth quarter. The company management therefore expects profitable growth for 2024.
Group sales revenue decreased by 16.6% in constant currencies to €3,395.7 million in 2023. The Group’s earnings margin, measured on the basis of underlying EBITDA, stood at 28.3%. The forecast given in October for a
decline in sales revenue of around 17% with profitability of just over 28% was therefore achieved.
In the Bioprocess Solutions division, sales revenue fell by 17.6% in constant currencies to €2,678.2 million andachieved an underlying EBITDA margin of 29.2%. The results were therefore in line with the October guidance,
which forecasted a decline in sales of around 18% with an earnings margin of just over 29%.
With a decline in sales revenue of 12.7% in constant currencies to €717.5 million and an earnings margin of
25.1%, business development in the laboratory division was also in line with the latest forecast. Accordingly, adrop in sales of around 13% and an underlying EBITDA margin of just over 25% had been expected.
The ratio of net debt to underlying EBITDA rose to 5.0 in the reporting year, mainly due to the financing of the
Polyplus acquisition, and corresponded to the forecast value of slightly above 5.
In line with its ambitious medium-term growth targets, Sartorius further expanded its production capacities in
the reporting year, with the ratio of capital expenditures (Capex) to sales revenue reaching 16.5%; the forecast
was for a figure of slightly above 17%.

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Sartorius

Group Management Report Assessment of Economic Position

Projected | Actual Comparison for the Year 2023
ActualGuidance

Guidance

Guidance

Actual

2022

January 2023

June 2023

October 2023

2023

Sales growth1

Decline in the low
Low single-digit
to mid-teens
15.0% percentage range percentage range~-17%- 16.6%

Underlying EBITDA margin in %33.8%

Around prior-year
level~30% Slightly above 28%

28.3%

1.7

~1.52

12.5%

~12.5%

Sartorius GroupNet debt to underlying EBITDA
Capex ratio

Slightly above 4²

Slightly above 5²

5.0~15% Slightly above 17%

16.5%

Sartorius Divisions
Bioprocess Solutions

Sales growth1

Decline in the low
Low single-digit
to mid-teens
15.9% percentage range percentage range

Underlying EBITDA margin in %Around prior-year
level
35.7%

~-18%

- 17.6%~31% Slightly above 29%

29.2%

Lab Products & Services

Sales growth1

Decline in the low
single-digit perMid single-digit centage range tostable11.5% percentage range

Underlying EBITDA margin in %Around prior-year
level
26.2%

1 In constant currencies.
2 Possible acquisitions are not considered.

~-13%- 12.7%~26% Slightly above 25%

25.1%

51

Sartorius

Group Management Report Opportunity and Risk Report

Opportunity and Risk Report
Principles
Every business activity entails opportunities and risks that have to be managed.
The skill with which this is done is a decisive success factor in determining the future development of a company's shareholder value.
The point of risk management is not to always eliminate every risk possible; rather, Sartorius’ approach is tointentionally take a certain measure of risk in its business activities in order to be successful in unlocking opportunities. In this endeavor, it is important to keep risks contained within acceptable limits and to control
them carefully. Through appropriate guidelines, the company ensures that risk assessments are taken into account in the decision-making processes from the very beginning.
At Sartorius, identification and management of opportunities and risks is a cross-functional component ofGroup management. To this extent, the risk management organization reflects a global functional organizationin the two divisions of Bioprocess Solutions; and Lab Products & Services, and in the supporting functions as
well. Individuals heading a functional area of the Group companies are each responsible for their own management of opportunities and risks. In addition, the Finance department assumes responsibility for central risk
management and is responsible for regular reporting and the further development of the risk management
system as a whole.

Managing Opportunities
Opportunity management centers on the analysis of target markets and sector environments, as well as theassessment of trends, both of which give strong indications as to future business opportunities. One of the key
roles of the relevant managers is to identify potential for development, which initially takes place at the local
rather than the central level. Particularly the market-facing functions, such as strategic marketing and productmanagement in each of the two divisions, play a leading role in this respect. These areas are supported by thecentral Business Development unit, which is responsible for market monitoring, data analysis, and the implementation of strategic projects.
As a partner to the biopharmaceutical and laboratory industries, Sartorius operates in future-oriented andhigh-growth sectors. The significant opportunities generated by the various market and technology trends aredescribed in detail in the sections entitled “Conditions in the Sectors” and “Outlook for the Sectors”.
The company´s own assessments rank Sartorius as one of the global market leaders in many subsegments andproduct areas. Based on its quality products, high degree of brand awareness, and established customer relationships, the company has excellent opportunities to stabilize and further expand its leading market position.
The corresponding divisional strategies, as well as growth opportunities and initiatives based on these strategies, are outlined in the sections “Strategy of the Bioprocess Solutions Division” and “Strategy of the Lab Products & Services Division”.

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Group Management Report Opportunity and Risk Report

Risk Management
Organization
Overall responsibility for an effective risk management system lies with the Executive Board. Coordinating anddeveloping this system and combined risk reporting are the responsibilities of the Finance department, while
the particular functional areas are responsible for identifying and reporting individual risks, as well as for assessing their potential impact and for taking the appropriate countermeasures.
The Supervisory Board of Sartorius AG monitors the effectiveness of the risk management system, with the
preparatory work being performed by the Audit Committee of this board. While carrying out their statutory
audit mandate for the annual financial statements and consolidated financial statements, the independent
auditors assess whether the early warning system in place is capable of prompt identification of risks that could
jeopardize the future of the company. Finally, the Internal Audit department regularly reviews the effectiveness of the risk management system. The key results of these audits are discussed by the Executive Board,Supervisory Board, and Audit Committee. Any adjustments to the risk management system are then implemented by the central risk management team.

Insurance
To the extent possible and financially reasonable, Sartorius has taken out insurance policies to cover a large
number of risks. Among other risks, these insurance policies include coverage against risks relating to productliability, property damage, business interruption, cybersecurity, transport, and material and pecuniary damages, and provide comprehensive coverage for legal costs. An independent department working in conjunction with an external insurance broker regularly reviews the nature and extent of the insurance protection andmakes any adjustments as necessary.
When choosing insurers, the company particularly considers the credit rating of these entities as potential
contractual partners and aims to achieve a high degree of diversity in order to mitigate the related risks.

Risk Management System and Risk Reporting
The risk management system of the Sartorius Group is documented in a Risk Management Handbook thatapplies throughout the entire Group and includes definitions of the framework, the structural organization,
processes, risk reporting and monitoring, and controls of the effectiveness of the risk management system.
This Handbook is based on the ISO 31000 "Risk management – Guidelines" standard and the COSO standard(COSO = Committee of Sponsoring Organizations of the Treadway Commission). There are also a number ofother sources that contain stipulations for handling risks, including the Articles of Association and rules of procedure of the Group companies and other guidelines. The Group’s dynamic performance over the past few
years as well as increasing regulatory and customer requirements necessitate the ongoing refinement of theseguidelines and specifications.
The reporting process in the risk categories described below establishes the rules for the ongoing review andreporting of information regarding risk situations. If any specific risks are discernible, these are documented
with respect to their assessment, probability of occurrence, and measures to be taken to eliminate such risks
or to mitigate their impact. In addition, as soon as these risks reach defined size criteria, they are reported tothe central risk management system. As a matter of policy, assessment of risks is governed by the remaining

53

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Group Management Report Opportunity and Risk Report

net risk, i.e., taking any risk-mitigating measures into account. The central risk management system aggregates
the risk reports and provides regular reports to the Executive Board and the Supervisory Board on the risk
situation of the Group. This reporting also includes a comparison of the risk portfolio with the Group’s riskbearing capacity as determined on the basis of rolling liquidity planning. An urgent reporting procedure is inplace to ensure that the Executive Board of Sartorius AG receives all of the necessary details without delay
when a new or emerging significant risk to the Group’s net worth, financial position, and/or profitability is identified.
In order to provide a logical structure for the individual risks, Sartorius has defined four main risk categories:
external risks, operating risks, financial risks, and compliance risks. Each main category is divided into several
subcategories that are described in the following sections.
Sartorius has created a risk matrix that categorizes the probability of occurrence and potential impact on net
profit into specific classes as follows:
Probability of Occurrence
Remote< 10%

Possible

10% - 50%

Probable

50% – 75%

Very likely> 75%

SignificanceIn millions of €Impact on Earnings

Insignificant< 10Moderate

10 – 50

Significant

50 – 100

Critical> 100

These two elements are combined to form the following matrix that indicates the importance of the individual
risks for the Group:
> 75%

Low

MediumHigh

High

50% – 75%

Low

MediumMediumHigh

10% – 50%

Low

MediumMediumMedium

< 10%

Low

Low

MediumMedium< €10 million€10 – €50 million€50 – €100 million> €100 million

Probability of occurrence | impact

External Risks
The effects of the coronavirus pandemic temporarily had a significant impact on Sartorius’ business performance. As one of the leading bioprocess technology providers, the Group was able to help manage the pandemic by supplying products used in the manufacture of coronavirus vaccines and test components andachieved significant growth in sales revenue in 2021 and 2022. In 2023, the running down of stocks by manycustomers combined with the significant reduction in coronavirus-related business led to a double-digit decline in orders and sales revenue.

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Group Management Report Opportunity and Risk Report

Since the beginning of Russia's attack on Ukraine, Sartorius has suspended all business activities in Russia thatare not related to humanitarian medical products. Sales generated in Russia have subsequently fallen significantly with moderate impacts on the Group. The Group has taken a wide range of measures to tackle the war’s
indirect effects, such as inflation, disrupted supply chains, and potential gas and energy shortages. Price increases were agreed on the customer side to compensate for the rise in procurement costs. The Group's German sites have largely succeeded in making themselves independent of Russian gas supplies, for instance by
creating the technical conditions necessary in order to switch to oil. Safety stocks from suppliers with energyintensive production processes were increased.
Overall, the direct and indirect effects of the war in Ukraine on the Group’s future business performance are
not considered material. As the war is ongoing and it is impossible to reliably assess the further developmentof the conflict as well as its indirect effects, this situation remains subject to a high degree of uncertainty.
Sartorius operates a production facility for cell culture media in Beit Haemek in northern Israel. While most of
the hostilities since the attack by Hamas have been concentrated on the Gaza Strip, southern Israel, and theTel Aviv area, the situation in the northern border region also remains tense. Production at the site, transport,
and logistics have so far been maintained. A further escalation of the conflict in Israel or the wider region
could lead to temporary production stoppages. To strengthen resilience and safeguard the reliability of deliveries, the Group is working to build backup capacity for products that are currently only manufactured at
this location. The overall business volume of products manufactured in Israel is noncritical for the Group (<1%of the Group’s total sales revenue).
Alongside the conflicts mentioned above, other events such as natural disasters may impact the Group’s business activities. The largest sites in Germany and France do not face any major risks in this regard, while theproduction plants in Puerto Rico and in Fremont, California, are exposed to the risks of severe hurricanes or
earthquakes and could be impacted accordingly. A wide range of products for the U.S. market are produced
particularly at the Puerto Rico production plant, meaning that large-scale damage here could have considerable impact on consolidated earnings. To mitigate the associated risks, Sartorius applies the highest possible
safety standards when constructing buildings and explicitly takes potential risk scenarios into account whendefining strategies with regard to warehousing and the international production network.
Since the Group companies operate globally and have international interdependencies, punitive tariffs andtrade conflicts can have negative effects on the Group’s business activities. To reduce any possible impacts,
various measures are currently being reviewed, such as an extension of our supplier network. The political developments in some countries, such as China, could in future lead to decoupling tendencies or restrictions on
the business activities of foreign enterprises.
Owing to the concentration of its business activities in the life science sector, the effect of general economic
developments on Sartorius is lower than average. The Lab Products & Services Division is susceptible to business cycles in certain areas that can pose a risk to its growth. This division’s increasing focus on the biopharma
sector, however, significantly reduces these risks.
Overall, the relevance of geopolitical risks to the Group’s business activities has increased significantly in recent years and resulted in greater volatility of the Group’s business results. The Group monitors developmentsin this regard and, where possible, initiates risk mitigation measures at an early stage.

Operating Risks and Opportunities
At Sartorius, value creation extends from procurement through production to distribution. Problems within
this workflow can have consequential effects, including canceled or delayed deliveries. The Group’s supply
chain management system ensures that all of the processes along the entire value chain are analyzed and55

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Group Management Report Opportunity and Risk Reportmanaged in order to largely minimize the risks in this context. On the other hand, the Group’s high level ofinternationalization, for example, unlocks a number of opportunities. The individual risks and opportunities
within the value chain are presented in detail below.

Procurement Risks and Opportunities
Sartorius purchases a wide range of raw materials, components, parts, and services from suppliers and is consequently exposed to the risks of unexpected delivery bottlenecks and/or price increases. The global economic environment resulted in price increases in virtually every area in 2022 and 2023. Price effects on the
procurement and customer sides largely offset each other, meaning that inflation had no material negative
impact on profitability.
In the field of supplier management, powerful tools and robust processes have been implemented in recent
years to manage risks and ensure supply continuity. Important measures to reduce potential supply bottlenecks include maintaining safety stock levels and identifying alternative materials or suppliers. From the Group
perspective, there is no material dependency on individual suppliers. In addition, the Group regularly conducts
supplier audits and carefully monitors the delivery status and inventory levels of critical raw materials.
Sartorius actively manages procurement risks due to a possible shortage of raw materials or components on
the market. By concluding binding purchase agreements with suppliers and/or seeking alternatives within the
supplier network, Sartorius can reduce their impact and largely secure continuous supply. In 2023, the Groupsaw a normalization of global supply chains in many areas following the supply shortages for raw materials andcomponents that had resulted from the coronavirus pandemic and the war in Ukraine.
In addition, Sartorius evaluates its supplier base in accordance with legal requirements – for example under
Germany’s Supply Chain Due Diligence Act – and with regard to compliance with internal and external sustainability standards. In the event of deviations, the process provides for a variety of measures that are coordinated with the suppliers in question.

Production Risks and Opportunities
Sartorius manufactures a significant share of its products in-house with a high degree of vertical integration,for example filters and laboratory balances. For other products, such as bioreactors, the Group works with suppliers, which means that some of the production risks can be shifted to external third parties. Where Sartorius
manufactures products itself, the Group also bears the associated risks of capacity bottlenecks or overcapacity, production downtimes, excessive reject rates, and high levels of tied-up working capital, as well as dependency on individual manufacturing sites.
Careful planning of production capacities using versatile machines and semi-automated individual workstations, in conjunction with flextime work schedules and continuous monitoring of production processes, canlimit these risks. Moreover, Sartorius’ global manufacturing network enables the Group to compensate for any
capacity bottlenecks by shifting production to other regional plants as well as to limit the Group’s dependency
on individual local manufacturing sites. High volatility in demand, such as that seen since the beginning of thecoronavirus pandemic, may nevertheless lead to over- or underuse of production capacity with corresponding
positive or negative impacts on productivity.
Highly flammable or explosive substances are used in some production areas. The improper handling of suchmaterials can result in significant damage to property and business interruptions. The Group has taken all necessary organizational and structural measures at the affected locations to mitigate this risk as much as possible.

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Sartorius considers it an opportunity that investments in global infrastructure and production resources haveafforded the Group a high degree of flexibility in manufacturing operations and that the Group is capable ofmeeting customer requirements and regulatory standards with respect to business continuity concepts. In
addition, this approach ensures that international production sites can concentrate on specific manufacturing
technologies, leveraging regional cost advantages as a result. Continuous improvements in manufacturing,such as the simplification of processes, as well as increased automation and digitalization, also help to further
increase efficiency.

Sales and Distribution Risks and Opportunities
The Group uses a variety of channels to sell and distribute products around the world. Possible risks include
unexpected changes in the demand structure, for example, due to consolidations in the markets served by
Sartorius, increasing price pressure, or failure to comply with supply agreements entered into with customers.
The funding environment for small biotech companies has deteriorated since the end of the pandemic, resulting in lower demand from this customer group in both divisions. Should this trend continue, it could affect theGroup’s growth forecasts. The fall in demand with the decline in Covid-19 -related additional business and the
reductions in inventory levels previously raised by customers are likely to affect the industry’s performance
only temporarily. The Group regards the fundamental growth drivers as intact and expects profitable growthagain in the coming years (see the sections entitled “Conditions in the Sectors” and “Outlook for the Sectors”
and the Forecast Report in the next section).
Sartorius uses targeted market analyses to try to identify trends in demand in individual submarkets at an earlystage so that it can react accordingly. Technical innovations and the fact that a large number of our products
are used in validated production processes in the biopharmaceutical industry reduce the Group’s exposure to
the risk of growing price pressure. Distribution logistics have been optimized in recent years through the establishment and use of central warehouses, thus limiting the corresponding risks.
Geopolitical crises often lead to trade restrictions or sanctions for certain products in individual countries orregions. A tightening of sanctions in the current conflicts or the adoption of further restrictions, for example
due to new crises, may therefore more extensively limit the Group’s sales opportunities.
Opportunities arise in the area of sales and distribution when the increasing breadth of the product range – inboth the bioprocess and lab segments – puts the Group in a position to sell new products to existing customers. Furthermore, opportunities arise for Sartorius from its generally long-term business relationships and its
global presence. Finally, the product range is being continuously expanded through acquisitions, which has
recently resulted in an increased portfolio for customers particularly in the cell and gene therapeutics segment, which is seeing above-average growth. The market for new modalities such as cell and gene therapeutics, which is being addressed by many of the recently acquired technologies (cell culture media, growth factors, albumin, transfection reagents), is expected to see growth rates well into double digits in percentage
terms, offering opportunities for the future development of the Group.
Sartorius sources its key customers from the pharmaceutical, chemical, and food industries and from researchand educational institutions in the public sector. These customers are usually relatively large organizations thathave been in existence for some time and have strong credit ratings and correspondingly low credit risks. Mostof the Group’s business areas have a highly diversified customer base, so the Group as a whole is not dependent on individual key accounts to any significant degree.

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Competitive Risks and Opportunities
Sartorius has a leading competitive position in its core technologies and competes with mainly larger rivals
sharing its status as a globally operating company. As the Group serves a large number of customers fromhighly regulated sectors, such as the pharmaceutical and food industries, and the technology barriers to market entry are fairly high, Sartorius regards the probability of new competitors emerging in the short term as
relatively low.
The fact that many of the Group’s products are used in validated processes, especially those in the biopharmaceutical industry, reduces the risk of losing significant market share within a short time frame. Conversely,
the hurdles faced by Sartorius in winning clients from competitors in this industry are also higher.
Further risks could arise from a change in the competitive environment, such as further consolidation in themarkets or new competitors, for example in China. Sartorius has been continuously making acquisitions in recent years, thus further strengthening its market position and opening up new potential synergies.

Quality Risks and Opportunities
Customers use Sartorius products in a wide range of critical production processes, including the manufactureof vaccines, medications, foods, and chemicals, and in research and development laboratories. Risks in thiscontext primarily involve the failure to meet defined quality criteria, affecting the performance of the supplied
products and leading to losses on the part of customers, for which Sartorius may be held liable in the form ofdamages. Particularly where the manufacture of vaccines or medications is concerned, the resulting damageon the customer side can be significant even where the loss of production volumes is small.
Through extensive quality controls and the use of modern manufacturing techniques, including in classified
clean room environments where required, Sartorius ensures that all of its products meet the highest standardsof quality and the stringent regulatory requirements. These manufacturing methods and processes are subject
to constant review as part of improvement processes and are constantly optimized as requirements evolve.
Quality controls are carried out both within the manufacturing processes and as part of test procedures on theend products. This ensures that critical or essential product specifications are continuously achieved. A rigorous product release process also ensures that only products that meet agreed upon specifications are actuallyshipped.
The effectiveness of the existing quality systems has been confirmed by the successful completion of regularcustomer audits, as well as by certifications to ISO 9001 and, where applicable, to ISO 13485. Irrespective
thereof, product liability risks are insured to a significant extent.
Sartorius is continuously expanding its product portfolio with new technologies and applications, not only
through its own developments but also through alliances with partners. To ensure that the partners meet thehigh quality standards, a strict qualification process has been put in place. Where necessary, the Group also
helps its partners improve their quality systems.
In addition, Sartorius has established a traceability system that enables the Group to efficiently identify and, if
required, recall an entire production batch immediately. This minimizes the consequences if a defect or nonconforming component is discovered in a product. A complaint management system is used to process andsystematically document customer feedback in a timely manner, ensuring that Sartorius efficiently analyzes
reported cases and initiates the necessary measures.

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In the sectors in which the Group is active, quality requirements are growing more and more stringent all thetime, not least as a result of increasing requirements regarding protection of medical patients and on productsafety by regulatory authorities. There is a risk that new regulations may be overlooked or be difficult to implement. For Sartorius, this also unlocks opportunities by putting up further barriers to entry for potential market
players. The reason is that challenging quality demands represent a considerable barrier to entry for potential
new competitors and provide stimulus for further technical innovation. Moreover, through the Group’s workon professional committees and membership in industry associations and standards committees, Sartorius
actively takes part in drafting new standards and guidelines and is able to identify these emerging requirements at an early stage and prepare accordingly.

Research and Development Risks and Opportunities
Sartorius devotes a considerable share of its resources to research and development. Potential risks in this area
may arise from development results that diverge from market needs or application requirements and fromexceeding planned development deadlines and budgets. The Group mitigates these risks by continuously
monitoring trends and extensive proof-of-concept activities on the one hand, and through project management, intensive development controlling, and the early involvement of customers in the development process
on the other. In particular, Sartorius ensures that proofs-of-concept and product designs are always reviewed
promptly with regard to how well they meet customers’ needs so products can be adapted accordingly as required. Continuously tracking technology trends and competitive activities, as well as filing patents at an earlystage, ensures that the Group has an appropriate technology and marketing position.
Intensive collaboration with partners who are among the global market and opinion leaders in their fields enables Sartorius to develop particularly innovative products. In areas such as membrane technology and plastics
technology, sensors and biopharmaceutical process engineering, and analytic technologies for laboratory applications, the expertise of Sartorius specialists puts the Group at the very forefront of global research anddevelopment worldwide, presenting Sartorius with an opportunity to turn this technical knowledge into potential sales and an even stronger market position. The combination of different innovative activities in a separate Corporate Research Department enables the Group to identify promising developments at universities,
startups and at customers’ plants and ensure that all relevant IP positions are secured in advance.

Acquisition Risks and Opportunities
By nature, acquisitions provide many opportunities, such as sales growth, extension of the product portfolio,
and development of new markets. At the same time, the purchase and sale of companies or parts of companies
entail a number of typical risks, such as incorrect valuation assumptions, insufficient usage of anticipated synergy effects, or unsuccessful integration.
The Group takes a number of measures to mitigate these risks. These include performing a thorough due diligence review of important areas and carrying out comprehensive analysis of the market concerned. Furthermore, external consultants and experts are integrated into the purchase or sales processes as required.
Sartorius especially focuses on drafting transaction contracts so that they adequately counter such risks, especially by incorporating clauses assuring specific characteristics or by including contractual warranty or guarantee provisions as well as agreements regarding mechanisms for adjustment of the purchase price or liability
clauses. Appropriate insurance policies are taken out when necessary.
Immediately after an acquisition has taken place, an integration phase is initiated in which any potential risks
can likewise be detected as early as possible and prevented or minimized by taking the appropriate counteractions. A Post Merger Integration (PMI) Office was established as an independent function in the Business

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Process Management Department to ensure the efficiency of the integration process and minimization of theassociated risks.
Sartorius has made major acquisitions in recent years, particularly in cell and gene therapy. In 2023, the Groupacquired Polyplus, a leading developer and producer of high-quality transfection and other DNA/RNA vector
reagents and plasmid DNA. The purchase price of this transaction was around €2.4 billion (including liabilities
assumed). This, combined with further acquisitions of companies working on crucial components for the development and production of advanced therapies (e.g., Biological Industries Israel, CellGenix, Xell, Albumedix)
and downstream solutions for the manufacture of gene therapeutics (BIA Separations), means that the Groupsees itself as well positioned in the dynamically growing field of cell and gene therapies.
At the same time, net debt and interest expenses have risen significantly. If the business areas addressed by
the acquisitions (e.g., cell and gene therapeutics) do not develop as expected or the acquisitions cannot beadequately integrated, this may significantly affect the Group’s credit rating and therefore its development.

Personnel Risks and Opportunities
As an innovative technology group, Sartorius employs a large percentage of highly qualified people. This entails the risk that Sartorius may not be able to hire appropriate employees in the future or may lose high performers currently working for the company. The increasing volatility of the business in recent years poses big
challenges for the integration and familiarization of new employees (growth scenario). It also demands major
flexibility and the ability to efficiently and effectively implement organizational changes.
Sartorius strives to retain employees in key positions and talented individuals over the long term by offering
performance-based compensation models, targeted training opportunities, attractive fringe benefits, and by
highlighting interesting development prospects. In this context, the Group particularly continued to enhance
staff development initiatives and management programs. The success of these measures is reflected in the
low attrition rates seen in recent years. In certain cases, employment contracts contain a clause prohibiting any
move to a direct competitor.
Sartorius is countering demographic change primarily by training junior employees and promoting continuous
learning for every employee, accompanied by appropriate performance development processes. This, in turn,creates opportunities for the Group, as training its own employees ensures that Sartorius can meet its own
demand for qualified personnel.
In order to smoothly onboard new employees and ensure an appropriate transfer of knowledge, the Group has
developed and implemented specific onboarding processes for employees and managers. In addition,
Sartorius uses a digital HR platform that supports secure and stable processes and enables decisions to bemade on the basis of high-quality data.

IT Risks and Opportunities
The Sartorius Group’s business processes are supported by a wide array of specific IT systems and software
applications. The technical IT infrastructure and global integration of Sartorius sites play a decisive role in theoperation and optimization of business processes.
However, the growing dependency on these systems also entails risks. Among other threats, cyberattacks
pose a major hazard that can lead to considerable disruption and interruption to business processes. In the60

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Group Management Report Opportunity and Risk Reportworst case, such attacks could result in uncontrolled loss of data, data manipulation, and downtime or failureof applications, systems, and equipment.
To minimize these risks, the Group invests continuously in new and reliable technologies and ensures the secure operation of applications, systems, and equipment. In the past fiscal year, certification to ISO 27001 andthe associated creation of a management system for information security marked another important step inensuring the secure operation of the global IT infrastructure and application landscape.
Sartorius works with certified IT security partners to develop strategic solutions for IT security and efficiency
and regularly tests the security of systems and equipment.
In response to dynamic risks and threats, additions and amendments to the security strategy are constantly
integrated and implemented in the system and application landscape. These measures offer reliable protection and enable us to identify potential threats at an early stage and respond quickly and appropriately.
Sartorius involves employees in the security strategy both by offering basic training and by regularly providing
easy-to-implement but effective strategies for staying safe when using information technology. Employees
are encouraged to report suspicious activities directly to the IT Department for further investigation.

Financial Risks and Opportunities
The global nature of the Sartorius Group’s operations entails that its business activities are inevitably exposed
to financial risks. The most significant of these are exchange rate risks, interest rate risks, liquidity risks, and tax
risks. Conversely, financial risks, most notably exchange rate risks and interest rate risks, are balanced by opportunities of approximately equal magnitude.

Exchange Rate Risks and Opportunities
As a consequence of its global business activities, Sartorius is exposed to risks arising from fluctuations in foreign exchange rates. Since around two-thirds of the Group’s consolidated sales revenue is generated in foreign currencies and, in turn, approximately two-thirds of this total revenue in foreign currencies is in U.S. dollars
or in currencies pegged to the U.S. dollar, Sartorius is positively or negatively impacted by currency effects
when converting the currencies of balance sheet items and profit or loss items, respectively. Other currencies
relevant to the Sartorius Group are the British pound, the Singapore dollar, the South Korean won, the Japanese yen, the Chinese renminbi, and the Swiss franc.
The Group’s global production network enables Sartorius to offset the majority of sales revenues generated inforeign currencies within the Group against costs likewise incurred in foreign currency. For example, Sartorius
manufactures many products for the North American market locally, and is not disadvantaged on the cost sidein competing with U.S. rivals, insofar as this risk is concerned.
Sartorius continuously calculates its risk exposure with a cash flow at-risk model in order to evaluate and steer
the remaining risk based on the expected net exposure for the next 12 months and to take into consideration
hedging transactions already executed. This is the basis used to decide whether to employ additional derivative financial instruments, especially spot, forward, and swap transactions, to adjust for maximum loss. Further
details on currency hedging can be found in the notes to the consolidated financial statements in section 37.

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Interest Rate Risks and Opportunities
Sartorius has concluded fixed interest agreements for almost 85% of its loans outstanding so that any changes
in the interest rate will have only a limited effect on consolidated earnings. The remaining portion of the financing instruments outstanding as of the reporting date is subject to variable interest rates on the basis of a shortterm money market rate. Sartorius constantly monitors interest rate trends and the Group’s interest rate exposure and arranges for hedging transactions where it is considered necessary and financially advisable to doso for individual loans. The Group did not hold any interest rate derivatives as of December 31, 2023 (see also
section 38 in the notes to the consolidated financial statements).

Liquidity Risks and Opportunities
Sartorius operates an active central liquidity management system in order to minimize the liquidity risks in theindividual Group companies on the one hand and to optimize the Group’s net interest income on the other. A
variety of long-term and short-term financing instruments are used for this purpose. With regard to the maturities of loans, Sartorius generally adopts a risk-averse approach.
In September 2023, the Sartorius Group issued long-term, unsecured fixed-interest bonds with a total volumeof €3 billion. The bonds had maturities of between three and 12 years and interest rates ranging from 4.375%
to 4.875%. The proceeds were used particularly to repay the bridge financing for the Polyplus acquisition andadditionally for general corporate purposes.
A syndicated credit line of €800 million, which can be drawn down and repaid at short notice, and several
smaller bilateral credit lines at individual Group companies are used to secure short-term liquidity. Furthermore, cash pooling agreements between selected Group companies are primarily used to manage liquidity
across the Group, ensuring that available liquidity is used efficiently.
There are currently no financing agreements that require the Group to comply with financial key ratios, socalled financial covenants.

Tax risks
Sartorius and its subsidiaries do business across the globe and are therefore subject to the tax laws and regimes of various countries. Changes in tax laws, rulings by the courts, and interpretation of the law by the fiscal
authorities or courts in these countries can result in additional tax expenses and payments and thus also affectthe corresponding tax items in the statements of financial position and profit or loss.
The central Group Tax Department, which is supported by external consultants in the respective countries,
continuously monitors and analyzes the tax environment in order to manage the resulting risks.
In 2021, the OECD published detailed rules on implementing the reform of the international tax system, which
is designed to ensure that multinationals are subject to a minimum tax rate of 15%. The minimum tax rate will
apply to multinational enterprises with revenues of over €750 million and will therefore have implications for
the Group. Based on the information currently available about the implementation of these rules in the principal countries where the Group operates, the impacts are expected to be small. . According to current analyses, the Group companies in Ireland (nominal tax rate 12.5%) could be affected.

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Group Management Report Opportunity and Risk ReportCompliance Risks
Regulatory Risks
As a partner to the biopharmaceutical and healthcare industries, Sartorius is also affected by regulatorychanges in these sectors. The primary risk in this context is the possibility of regulatory authorities, such as the
U.S. Food & Drug Administration (FDA), the European Medicines Agency (EMA), or other national or international bodies, taking a more restrictive approach to the approval of new drugs or medical devices of our customers. Given the breadth of the Group’s product portfolio, there are a growing number of relevant regulations to comply with. These include official requirements, such as from the Environmental Protection Agency
or Department of Agriculture in the USA or the equivalents of these authorities in other countries. Global initiatives to reduce or even ban the use of certain chemicals (e.g., PFAS) can have considerable impacts on numerous of the Group’s products, their applications, and the availability of crucial raw materials.
Failure on the part of Sartorius’ customers to adequately comply with the regulations in force at any given time
could delay approval processes or even reduce the number of newly approved drugs and thus also worsen theGroup’s future prospects in the medium term. With regard to its own products, the Group is also subject toextensive approval, registration, and reporting obligations in numerous countries. Failure to comply with theoften complex requirements could result in sales or import bans as well as penalties. The functions responsible
for regulatory affairs at Sartorius monitor the affected markets and assess whether the Group needs to makeany changes to its processes.
In recent years, regulations on environmental, social, and governance aspects have been stepped up. These
areas play an important role in companies’ reputation. As the manufacturer of numerous plastic products withproduction sites around the globe, Sartorius faces a variety of challenges. Environmental and sustainability
aspects are therefore playing an increasingly important role in many business processes at Sartorius. For more
information on these topics, please see the non-financial Group statement.

Environmental Risks from the Production Process
Sartorius uses a wide range of raw materials and supplies in its manufacturing process, including chemicals,
plastics, metals, electronic components, and packaging. Some production processes create solvent waste,
which must be recycled and disposed of in line with certain rules and regulations. In this context, there is a riskof the Group not complying with the legal requirements in this area. Environmental damage may harm
Sartorius’ reputation and have legal or financial repercussions. To further increase the Group’s agility in fulfilling the legal regulations and industry expectations, platforms for managing environmental, health, andsafety data need continuous improvement.
Responsibility for compliance with all applicable regulations lies with the sites and business units. The Environment, Health, and Safety Department offers them support and conducts audits. In order to manage environmental issues and mitigate risks, Sartorius has established environmental management systems (according to
ISO 14001:2015) for both divisions. Most of the Group’s large production sites, including several in Germany,
France, India, Puerto Rico, and China, are certified to ISO 14001:2015. These locations have suitable measuresin place to ensure compliance with legal and internal requirements and to implement sustainable technicalinnovations so as to improve environmental aspects in production processes.

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Risks from Legal Disputes
Litigation risks for Sartorius can arise from pending or forthcoming legal disputes or from administrative proceedings. All judicial or extrajudicial disputes are attended to by the company’s own attorneys and legal experts, who engage external lawyers as needed.
At present, there are no pending or discernible legal disputes or proceedings whose occurrence is deemed atleast possible that lack any cost coverage allowances in the statement of financial position and that could havea substantial negative impact on the Group.

Assessment of the Overall Risk Situation and Risk Outlook
Where feasible, the Group adopted countermeasures and/or made risk provisions in the balance sheet during
the reporting year to cover all discernible risks within the Sartorius Group, specifically those risks that had adefined probability of occurrence and the potential to materially affect the Group’s net assets, financial position, and/or results of operations.
For the purposes of this report, Sartorius has assessed the probability of occurrence of risks as shown below
and, in the adjacent columns, classified their particular significance for the entire Group.
Risk Category

Probability of Occurrence

SignificanceTotal Impact

Total Impact(Previous Year)

External risks

ProbableSignificant

MediumMediumProcurement risks

PossibleSignificant

MediumMediumProduction risks
Sales and distributionrisks

PossibleSignificant

MediumMediumPossibleSignificant

MediumMediumCompetitive risks

Possible

Moderate

MediumMediumQuality risks
Research and development risks

RemoteSignificant

MediumMediumPossibleSignificant

MediumMediumAcquisition risks

PossibleSignificant

MediumMediumPersonnel risks

PossibleSignificant

MediumMediumIT risks

PossibleSignificant

MediumMediumExchange rate risks

Probable

Moderate

MediumMediumInterest rate risks

Probable

Moderate

MediumMediumLiquidity risks

RemoteModerate

Low

Low

Tax risksPossible

Moderate

MediumMediumRegulatory risks
Environmental risks
from the production
process

PossibleSignificant

MediumMediumRemoteModerate

Low

Low

Litigation risks

Possible

Moderate

MediumMediumOperating risks

Financial risks

Compliance risks

Following a detailed analysis of the overall risk situation, there are no risks discernible or foreseeable in the
future from today’s perspective that could jeopardize the Group’s continued existence as a going concern.
The overall risk situation remained largely stable in the past fiscal year. However, the direct and indirect risks
from ongoing or potentially newly emerging geopolitical crises have increased further.

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Forecast Report
Future Macroeconomic Environment
The International Monetary Fund (IMF) expects the global economy to expand by 2.9% in the current year andtherefore at a rate below the historical average (2023: + 3.0%). Growth in industrialized countries is expected
at 1.4% (2023: + 1.5%), while the forecast for emerging and developing countries is unchanged at 4.0%. The
economic environment continues to be characterized by numerous risk factors, including a possible increasein raw material and food prices as a result of geopolitical tensions, persistently high inflation rates, which could
necessitate central banks to further tighten monetary policy, as well as limited options for economic stimulus
measures given high sovereign debt levels. The potential spread of China’s real estate crisis also poses risks toglobal economic growth.
The IMF expects growth of 1.5% for the EU in 2024, compared with 0.7% in 2023. In Germany, Europe’s largest
economy, economic output is expected to increase by 0.9% (2023: -0.5%), while other European economies
that are important for Sartorius, such as France and the United Kingdom, are also likely to expand, with growth
rates of 1.3% (2023: + 1.0%) and 0.6% (2023: + 0.5%), respectively.
Global Development GDP
in %
-3.1

5.9

Gross Domestic Product by Region
in %
3.5

3.0

2.9
3.0

2.9

6.0

6.0

3.0

3.0

0

0

-3.0

-3.0
-6.0

-6.0
2020

2021

2022

2023

2024

Global

1.5
0.7

EU

1.5
2.1

4.2
4.6

USA

Asia |
Pacific

2024
2023

Source: International Monetary Fund

Based on current estimates, the U.S. economy is expected to expand by 1.5% in 2024 (2023: + 2.1%).
The Asia | Pacific economic region is forecast to grow by around 4.2% (2023: + 4.6%), with GDP in China expected to increase by 4.2% (2023: + 5.0%) and in India by 6.3% (2023: + 6.3%). Other countries in this region
that are important for Sartorius are also expected to grow. South Korea’s GDP is forecast to go up by 2.2%(2023: + 1.4%) and Japan’s by 1.0% (2023: + 2.0%).

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Exchange and Interest Rate Trends
The sharp rise in inflation has led to a more restrictive monetary policy and central banks raising key interest
rates almost everywhere in the world since 2022. Based on expert estimates, key interest rates are not expected to rise further in 2024 and are likely to be cut moderately in the second half of the year. Key interest
rates in the European Monetary Union are expected to decrease from 4.50% at the end of 2023 to up to 3.8%
in 2024. The U.S. Federal Reserve is forecast to cut the key interest rate to an estimated 4.45% by the end of2024.
Inflation expectations for both the eurozone and the United States are 2.7% for 2024.
The market consensus on the exchange rate of the euro to the U.S. dollar for the course of 2024 is that it will
range between 1.07 euros to the U.S. dollar and 1.11 euros to the U.S. dollar.
Sources: International Monetary Fund, World Economic Outlook, October 2023; Bloomberg, 2023.

Outlook for the Sectors
Biopharmaceutical Industry Expected to Grow
Strong, long-term trends drive growth in the pharmaceutical industry, which is almost entirely independent ofbusiness cycles. A number of different studies estimate that the global pharmaceutical market will grow by
between 3% and 6% annually in the period up to 2027. Within the pharmaceutical market, the biopharma segment has been enjoying particularly strong performance for years and will continue to outperform the market
according to various forecasts. Average annual growth is expected to be around 10% in the coming years. The
market is anticipated to have a total value of around $695 billion in 2028, which means that the share of biological medications and vaccines as a percentage of total revenue in the global pharmaceutical market could
rise from the current 39% to 44%.
Growth is driven in particular by the increasing demand for medications from the growing and aging global
population as well as the great catch-up potential and improved access to biopharmaceuticals in emerging
markets. In addition, the number of approved biopharmaceutical medications is steadily increasing. Of the estimated 20,000+ medications in R&D pipelines, almost 45% are based on biological manufacturing processes.
For example, biopharmaceuticals are increasingly being used in yet-to-be fully explored therapeutic areas andin the treatment of rare diseases that have so far been incurable. The pharma industry is increasingly concentrating on advanced therapies such as cell and gene therapeutics or biotechnologically processed tissue products. In 2023, more than 1,600 clinical trials with such treatment approaches were conducted, meaning that
this area offers significant growth potential over the medium to long term. Innovative types of therapy for regenerative medicine and new substance classes, such as antibody-drug conjugates (ADCs) or mRNA-based
drugs, are increasing the number and range of approved biopharmaceuticals in the long term and necessitating investments in innovative production technologies. As a result, they are key growth drivers.
Biosimilars, i.e., generic versions of reference biologics with comparable or better efficacy or fewer side effects
than the original compounds, are also playing an increasingly important role in the growth of the biotechnology market. Current estimates indicate that by 2028, the market could grow by an annual average of around
15% and reach a total value of approximately $67 billion. The significantly lower prices of biosimilars, particularlyin emerging and developing countries, are creating new, affordable therapy options and are projected to resultin increased demand and rising production volume. The development of national production capacities to66

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Group Management Report Forecast Reportmeet the growing demand for medications is receiving political support in these countries and is fueling theestablishment of local biotech companies. The biosimilars market in industrialized countries is also likely to
expand considerably in the coming years due to the expiration of patents for high-selling biopharmaceuticals
and an increasing number of approved biosimilars. While such generic medications have been widely used inEurope for many years and have been able to gain significant market share in some areas, progress in the USA
has been rather slow until now due to regulatory, patent law-related, and marketing hurdles. In the next few
years, however, the trend toward increased usage of biosimilars is likely to accelerate.
Biopharmaceuticals Are Gaining Importance – Growing Share of Sales in the Global Pharmaceutical Market

The biopharmaceutical industry must meet growing demand for medications while producing an increasing
number of approved medications and ensuring new types of therapy. Therefore, industry observers expectthat worldwide bioreactor capacities will continue to expand in the years to come. At the same time, the industry faces rising cost pressure. This increases the significance of innovations for boosting flexibility and efficiency in biopharmaceutical research and production. In the future, the biopharmaceutical market will shift
away from a low number of especially high-selling medications that account for a majority of total production
volume toward an expanding range of products for smaller groups of patients. Technological progress leads
to ongoing improvements in the productivity of biopharmaceutical production processes. Therefore, according to the research and consulting institute BioPlan, many manufacturers will likely rely increasingly on flexibly
usable single-use technologies for the commercial production of many new medications. Particularly in thecase of relatively small batches, single-use technologies already ensure more cost-effective production thanconventional stainless steel units and have a better environmental footprint. To master these challenges, more
and more pharmaceutical companies are relying on digitalization and automation as well as innovative software solutions for controlling and optimizing their processes. A further trend is process intensification, in which
several process steps, called unit operations, are interconnected, which, among other things, enables greater
product quantities to be manufactured faster while achieving higher quality.

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Further Growth Expected in the Laboratory Market
Various market observers expect the market for laboratory instruments and consumables to grow by around
5% annually in the next few years and to reach a total value of around $103 billion in 2027.
Regarding end markets, the greatest dynamics will probably continue to be generated by the pharmaceuticaland biopharma industries, in particular, as a result of continuous research into and approval of new medications, the high momentum of scientific and technological innovations, and strong growth in China. For instance, EvaluatePharma expects sector-specific research spending to increase annually by 3.6% during theperiod from 2023 to 2028. According to market studies, the product area of bioanalytical instruments should
particularly benefit from this and further grow at an above-average rate within the laboratory market. According to leading providers of laboratory instruments, demand for laboratory products in the pharmaceutical andbiopharmaceutical industries is expected to expand moderately in 2024, despite the encouraging mediumterm outlook. The reasons cited include restrained investment activity in the current interest rate environment,
the persistently muted funding environment, especially for small and medium-sized biotech companies, andsevere market weakness in China.
Budget increases for academic and public-sector research institutions should continue to act as a growth
driver in some countries, while the projected slowdown in global economic growth poses risks to demand fromindustrial end markets. Market observers continue to expect China and India to generate the highest growth
rates in the medium term. Stricter regulatory requirements in a range of industries are also stimulating increased demand for instruments used in sample analysis and quality control. In addition, investments in laboratory infrastructure are becoming more attractive, especially in China, as a result of government-supported
efforts to promote innovativeness in several key industries. In previous years, this had entailed a rise in theshare of global R&D spending attributable to China.
Sources: BioPlan: 20th Annual Report and Survey of Biopharmaceutical Manufacturing Capacity and Production, April 2023; Evaluate Pharma: World Preview 2023, August 2023; Alliance for Regenerative Medicine: Sector Snapshot, August 2023; citeline: Pharma
R&D Annual Review 2023, May 2023; Markets and Markets: Biosimilars Market – Forecast to 2028, 2023; SDi: Global Assessment
Report 2023, April 2023; www.fda.gov

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Outlook for 2024
Based on the slight recovery in demand since the end of the third quarter of 2023 and the market outlook
forecast by industry observers, Sartorius expects to grow profitably in 2024 and beyond. Due to inventory optimization measures at customers that have not yet been fully completed, the company projects business momentum to increase gradually in the course of the year, resulting in a rather moderate first half of 2024. In
addition, business performance could also be affected by increasing geopolitical tensions and economic slowdowns in some regions.
Against this backdrop of still somewhat unstable market trends and therefore limited visibility, management
forecasts an increase in Group sales revenue in the mid to high single-digit percentage range, with a non-organic contribution accounting for around 1.5 percentage points. In terms of profitability, management anticipates the underlying EBITDA margin to rise to slightly more than 30%, compared with the prior-year figure of
28.3%. At around 13%, the ratio of capital expenditures to sales revenue is expected to be below the 2023 figureof 16.5%. Excluding possible capital measures and/or acquisitions, the ratio of net debt to underlying EBITDA
is projected to be at around 4.
For the Bioprocess Solutions division, management expects a gradual continuation of the demand recovery
and an increase in sales revenue in the mid to high single-digit percentage range, including a contribution of
acquired businesses of around 2 percentage points. The underlying EBITDA margin is projected to be over
31%, compared with the prior-year figure of 29.2%. The above-average profitability of the Polyplus business will
have a slightly positive effect on the margin development.
Business in the Lab Products & Services division depends to an extent on economic conditions and a series ofindicators currently pointing to a subdued development in key economic regions. Against this backdrop anddespite the observed recovery trends, management predicts a subdued sales revenue increase in the low single-digit percentage range and an underlying EBITDA margin at around the previous year’s level of 25.1%.
All forecasts are based on constant currencies, as in the past years. Management points out that the industry
has become increasingly dynamic and volatile in recent years. In addition, uncertainties due to the shifting
geopolitical situation, such as various countries’ nascent decoupling tendencies, are playing an increasing role.
This results in increased uncertainty when forecasting business figures.

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Group Management Report Description of the Key Features of the Internal Control System

Description of the Key Features of theInternal Control System
In relation to the Group Accounting Process (Section 289(4) and Section 315(4) of the German Commercial
Code [HGB])

Definitions and Elements of the Internal Control
System at the Sartorius GroupThe internal control system (ICS) of Sartorius AG and the Sartorius Group encompasses all of the principles,
procedures, and measures adopted to ensure the organizational implementation of management decisions.
The main priority of the system as it relates to Sartorius AG’s and the Group’s accounting process is to verify
that accounting is cost-efficient and formally correct and that it complies with the applicable legal provisions.
The internal control system of Sartorius AG and of the Sartorius Group consists of a combination of processintegrated and non-process-integrated monitoring measures. The process-integrated safeguarding
measures are organizational measures on the one hand, and control measures on the other. The Supervisory
Board, specifically in this case the Audit Committee of Sartorius AG, and the Group Auditing Department are
involved in the Sartorius Group’s internal control system through their non-process-integrated audit activities.
The Audit Committee regularly reviews quarterly reports in addition to the annual financial statements of theparent corporation and the consolidated annual financial statements.
Moreover, to ensure systematic, early identification of risks across the entire Group, a “monitoring system forearly group-wide detection of risks with the potential to jeopardize the company’s continued existence” asdefined in Section 91(2) of the German Stock Corporation Law (AktG) is in place at the Sartorius Group. The
efficacy of the early risk detection system, which the Sartorius Group adapts promptly in response to any relevant changes in circumstances, is assessed by the independent auditors of Sartorius AG in accordance with
Section 317(4) of the German Commercial Code (HGB). An integral component of this system is also operational risk management, which involves activities such as the transfer of risk to insurance companies throughcoverage for damage and liability risks, and the arrangement of suitable hedges to limit currency risks and interest rate risks.

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Organizational Measures
Accounting processes are strictly organized according to the principle of segregation of functions and comply
with the "four-eyes" principle – i.e., review by at least two individuals, also referred to as the dual-review or multiple-review principle. Duties and responsibilities are clearly assigned to different specialized departments andcompanies. The separation of administrative, executive, settlement, and approval functions reduces the possibility of fraud. It also continues to play a significant role in ensuring that any possible errors are discovered
early and any potential misconduct is prevented.
The IT applications used in the company’s accounting processes have access restrictions, which allow only
authorized persons to have controlled access to the accounting system and data. Each access right is assigned
specifically according to the tasks to be performed and is subject to annual review. Furthermore, the dualreview principle is also applied in IT process design and the assignment of access rights.
In addition, defined written local and global operating procedures exist that are regularly updated and communicated throughout the Group. The scope of regulation of the Group accounting guidelines extends to thecentral definition of valuation rules and parameters, among other aspects. Additional data for the presentationof external information in the notes to the financial statements and in the Group management report is also
prepared and aggregated at Group level.
Continuous coordination of internal accounting during the year for planning and control with external accounting contributes significantly to the quality of Group financial reporting. Reporting itself is done througha standardized reporting system implemented throughout the Group. This system visualizes all consolidation
processes. Internal controls on the one hand, and the Group auditors of Sartorius AG on the other, ensure thatGroup financial reports are accurately generated from the consolidated Group companies’ financial statements.
The employees involved in the accounting process meet qualitative standards and receive regular training.
The Group Financial Reporting Department assists the local units in resolving complex accounting issues,
such as measuring fair value, to ensure consistent and accurate reporting in the consolidated financial statements. Complex evaluations, such as actuarial calculations and company valuations or purchase price allocations, are assigned to specialized service providers who involve the respectively qualified in-house staff.

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Control Measures
Comprehensive control activities are performed by managers and staff to ensure effective and reliable accounting. As a result, this ensures compliance with legal requirements and internal guidelines as well as
properly conducted business transactions. Examples of such control activities include the analysis of situations
and developments with reference to specific key indicators. Moreover, every month individual reporting units
comment on and explain special characteristics or variances using Group-wide standardized analytical tools
as the basis. Further specific control activities performed to ensure effective and reliable Group accounting
encompass the analysis and, where applicable, correction of the individual financial statements submitted by
the Sartorius Group companies. A large number of automated control mechanisms already incorporated into
the consolidated reporting system enable erroneous information to be identified and corrected at Group level.
Impairment tests are conducted centrally for assets and/or cash-generating units considered material fromthe Group's perspective in order to ensure that consistent, standardized evaluation criteria are applied.
The Group Auditing Department draws up a risk-based audit plan annually and reviews in spot checks whether
basic legal requirements and internal group guidelines are complied with for the entire control and risk management system of the Group. This monitoring function covers, in particular, audits of the functional efficiency
and effectiveness of defined control measures. The results of these audits are reported directly to the audited
departments and units, making it possible to efficiently remedy any identified deficiencies and to further enhance the company’s internal control system (ICS). The Executive Board and the Supervisory Board regularly
receive reports on audit activities.
The main rules governing the organization of the internal control system are defined in a manual based on
business processes. This manual combines all ICS-relevant requirements that Group management considersof material importance into one standardized document and will be supplemented by further appropriate rules
as necessary.

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Qualifying Statements
The internal control and risk management system enables the complete recording, processing, and evaluationof company-related matters on the basis of the organizational, control, and monitoring structures defined in
the Sartorius Group, as well as their accurate presentation in Group accounting. Yet it must be considered thatan internal control system, regardless of its design, cannot guarantee absolute certainty with regard to thecorrect and complete recording of facts in the consolidated financial statements.
The statements made relate solely to the subsidiaries included in the consolidated financial statements ofSartorius AG, provided that this parent company has direct or indirect control over such subsidiaries within themeaning of the international accounting standards.

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Corporate Governance Report
The following content was not included in the audit of the Group Management Report and the Non-financial
Group Statement.
Corporate governance aligned with the interests of stakeholders, lawful and responsible conduct, and constructive cooperation between the managerial bodies and within the company in a spirit of mutual trust constitute the essential cornerstones of Sartorius’ corporate culture.
The Executive Board and the Supervisory Board report in the following declaration on the company’s corporate governance pursuant to Section 289f of the German Commercial Code (“HGB”).

Declaration of Compliance with Corporate GovernanceDeclaration of the Executive Board and of the Supervisory Board of Sartorius AG Concerning the Recommendations of the Government Commission on the German Corporate Governance Code Pursuant to Section 161of the German Stock Corporation Law (“Aktiengesetz”):
The Executive Board and the Supervisory Board declare that Sartorius AG complied in the period since lastyear’s Declaration of Compliance was issued on December 8, 2022, and will continue to comply in the future,with the recommendations made by the Government Commission on the German Corporate Governance
Code (GCGC) as of April 28, 2022, as published by the Federal Ministry of Justice in the official section of theFederal Gazette on June 27, 2022, with the following exception:
In divergence from the Recommendation pursuant to G.10, sentence 1 of the GCGC, the variable remuneration of the members of the Executive Board – except for that of the Executive Board Chairman – consists only
to a non-predominant extent of share-based remuneration components. The Supervisory Board believes thatthe existing structure of the variable remuneration, which corresponds to the remuneration system approvedby the Annual General Meeting, also achieves an incentive structure geared to the sustainable and long-term
development of the Company.
Göttingen, December 7, 2023
For the Supervisory Board

For the Executive Board

Dr. Lothar Kappich

Dr. Joachim Kreuzburg

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Further Remarks Concerning Corporate GovernanceSartorius AG is a joint stock corporation founded under German law and headquartered in Göttingen, Germany. With the Annual General Meeting, Supervisory Board; and Executive Board, it has three corporate managerial bodies whose tasks and powers are essentially derived from the German Stock Corporation Law (“Aktiengesetz”, abbreviated in German as “AktG”) and the company’s Articles of Association.
As owners of the company, the shareholders exercise their rights at its Annual General Meeting, where theydecide, in particular, on the appropriation of profits, measures concerning share capital, amendments to the
Articles of Association, formal approval of the actions taken by the Supervisory Board and the Executive Board,and the appointment of statutory auditors, as well as electing shareholder representatives to the Supervisory
Board. The Annual General Meeting is held at least once a year within the first eight months of the respective
fiscal year.
In managing the company, the Supervisory Board and the Executive Board perform their tasks in a dual management system, each with separate duties and powers.
The Supervisory Board appoints members to the Executive Board, determines their compensation and monitors and advises the Executive Board in its management of the company. The Supervisory Board is not authorized to take any operational management measures for the business. The Supervisory Board’s rules of procedure are published on the company’s website.
The Executive Board is responsible for independently managing the company. In particular, it defines corporate strategy, coordinates and agrees on this approach with the Supervisory Board, and implements such corporate strategy. In line with established reporting obligations, the Executive Board regularly informs the Supervisory Board promptly and comprehensively, and requests the latter's approval for certain key business
transactions.

Composition and Operating Mode of the Supervisory
Board and Its Committees
The Supervisory Board has an equal number of shareholder representatives and employee representatives: six
shareholder representatives elected by the Annual General Meeting and six employee representatives
elected according to the German Codetermination Law (“Mitbestimmungsgesetz”). The members serve a
regular term of office of five years. Members can be reelected.
The Supervisory Board Chairman coordinates the work of the Supervisory Board, convenes the meetings, andchairs them. Furthermore, he is the first individual for the Executive Board to contact and externally represents
the matters of the Supervisory Board.
The Supervisory Board holds at least two meetings every six months. This board has established four committees: the Executive Task Committee, the Audit Committee, the Conciliation Committee, and the Nomination
Committee. The Executive Task Committee, Audit Committee, and Conciliation Committee each have four
members, consisting of an equal number of shareholder representatives and employee representatives. The
Executive Task Committee and Audit Committee hold regular meetings; the Conciliation Committee and theNomination Committee meet only as necessary.

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Audit Committee
Chair:
Prof. Dr. Klaus Rüdiger Trützschler
Other members:
Dr. Lothar Kappich
Dietmar Müller
Manfred Zaffke
Duties:The Audit Committee supports the Supervisory Board in performing its supervisory function.
It must include at least one member of the Supervisory Board with expertise in the field of accounting and at
least one other member with expertise in the field of auditing.
The Chairman of the Audit Committee, Prof. Dr. Klaus Trützschler, is independent and has expertise in thefields of accounting, auditing, and risk management thanks to his many years of service as Chief Financial Officer, Audit Committee member, and professor of business administration. In addition, Professor Trützschler
actively follows current developments in the field of sustainability regulation and reporting and contributes
this expertise to the Audit Committee and the Supervisory Board of Sartorius AG.
As a further member of the Audit Committee, Dr. Lothar Kappich has particular knowledge and experience inthe application of accounting principles and internal control procedures from his professional practice as acontroller, general manager, and management consultant. Dr. Kappich also possesses expertise in the fields ofsustainability reporting and auditing.
Executive Task Committee
Chair:
Dr. Lothar Kappich
Other members:
Annette Becker
Prof. Dr. Klaus Rüdiger Trützschler
Manfred Zaffke
Duties:The Executive Task Committee carries out preparatory work for resolutions and issues to be addressed in themeetings of the Supervisory Board. It also oversees the preparations for appointments, including the compensation and employment contract conditions of members of the Executive Board. The Executive Task Committee regularly discusses long-term succession planning for the Executive Board.
Nomination Committee
Members:
Dr. Lothar Kappich
Dr. Daniela Favoccia
Prof. Dr. Klaus Rüdiger Trützschler76

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Duties:The Nomination Committee consists of three members representing the shareholders. Its task is to suggest
suitable candidates to the Supervisory Board for its election proposals to the Annual General Meeting for theshareholder representatives on the Supervisory Board. In doing so, it takes into account the goals regarding
the Board’s composition.
Conciliation Committee
Chairman:
Dr. Lothar Kappich
Other members:
Annette Becker
Prof. Dr. Klaus Rüdiger Trützschler
Manfred Zaffke
Duties:The Conciliation Committee meets if the majority required in connection with the appointment of members
to the bodies authorized to represent the company for legal purposes is not reached.
Further information on the number and agenda of the individual meetings of the Supervisory Board and its
committees as well as individual meeting attendance in the reporting year can be found in the Supervisory
Board's report. The Supervisory Board carries out an assessment annually to determine how effectively theboard as a whole and its committees fulfill their tasks. In the reporting year, this self-assessment (efficiency
audit) was completed with external support on the basis of an extensive questionnaire. In addition to answering the questions, the respondents had options to give further comments and suggestions regarding Supervisory Board work. The results of this survey were presented in anonymized form in December 2023 and discussed within the Supervisory Board. Further information on the results of the self-assessment in 2023 arecontained in the Report of the Supervisory Board.

Appointment Objectives for the Supervisory Board in terms of Areas ofExpertise and Diversity
Members of the Supervisory Board of Sartorius AG are to be appointed such that they, on the whole, have theknowledge, skills, and experience that are necessary to perform the Board’s duties properly.
For this purpose and based on the recommendations of the German Corporate Governance Code, the Supervisory Board decided on the following appointment objectives: Diversity: The members of the Supervisory Board should have complementary professional profiles and international experience. In view of achieving an appropriate gender balance, the legal
quotas of at least 30% women and at least 30% men apply to the Sartorius Supervisory Board. The
shareholder representatives and the employee representatives decided to fulfill these legal targets separately. Further details can be found in the Supervisory Board’s competence profile.
 Age limit: A fundamental age limit of 70 applies to members of the Supervisory Board at the timethey are elected. The age limit may be waived in individual cases, provided there are no reservations about the suitability of the persons proposed and their election is expedient to the interestsof the company in spite of the age limit being exceeded.
 Maximum number of mandates / time resources: A Supervisory Board member who is not a member of the management board of a listed company is not to hold more than five Supervisory Board

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positions at external listed companies or perform comparable functions; in this regard, the chairmanship of a Supervisory Board counts twice. A Supervisory Board member who is a member ofthe management board of a listed company must not hold more than two Supervisory Board positions at external listed companies or perform comparable functions, and must not chair the Supervisory Board at an external listed company. Regardless of other mandates held, care must be
taken that every member has enough time to fulfill his or her mandate in the Supervisory Board of
Sartorius AG.
 Independence: According to the GCGC, the Supervisory Board should include an appropriate
number of shareholder representatives, but no less than four independent members. The ownership structure is to be taken into account. In the opinion of the shareholder representatives on the
Supervisory Board, Prof. Dr. David Ebsworth, Dr. Daniela Favoccia, Ilke Hildegard Panzer, Frank
Riemensperger, and Prof. Dr. Klaus Rüdiger Trützschler are independent members of the Supervisory Board. As the executor for the community of heirs of Horst Sartorius, Dr. Lothar Kappich is
to be regarded as dependent upon the controlling shareholder. However, his mandate as executor and as the representative of the majority of the voting rights does not imply a lack of independence from the company or its Executive Board, The shareholder representatives on the Supervisory Board regard Dr. Kappich as independent despite the fact that he has been a Supervisory
Board member since April 2007 and therefore more than 12 years. In their view, his long-standing
membership in itself does not give rise to any substantial and not merely temporary conflict ofinterests. In his duties, Mr. Kappich has demonstrated the necessary critical distance in order toproperly advise and monitor the company and its Executive Board in every respect. The Supervisory Board also considers Prof. Dr. Klaus Rüdiger Trützschler, who has been a Supervisory Board
member for more than 12 years, to be independent within the meaning of C. 6 and C. 7 of the
GCGC. Prof. Dr. Trützschler has no personal or business relationship with Sartorius AG or its Executive Board that could give rise to substantial and not merely temporary conflicts of interest.
For the purpose of assessing the independence of board members, the Supervisory Board is of
the view that all relevant circumstances should be examined as a whole. In the case of Prof. Dr.
Trützschler, the sole factor of his long tenure is weighed up against his long-standing experienceand expertise in the fields of accounting, auditing, risk management and sustainability. His record
shows that he exercises his office as a member of the Supervisory Board and as Chairman of the
Audit Committee in an exemplary manner, at all times fulfilling his role as a critical observer andexperienced counsel for the Executive Board.
 Former members of the Executive Board: No more than two former members of the Sartorius Executive Board are to serve simultaneously on the Supervisory Board.
 Function at competitor companies: Members of the Supervisory Board should not hold any board
function or consulting mandate at companies that are important competitors of Sartorius AG, andshould not be in a personal relationship with an important competitor.
 In addition, the Supervisory Board has defined a competence profile. The members of the Supervisory Board should have experience in the life science sector as well as knowledge of key competitors and a basic understanding of marketing and sales strategies.
 Members of the Supervisory Board should have knowledge of technologies and products relevant to the Group as well as experience in the fields of innovation processes and research & product development, especially in the biopharmaceutical sector.
 Members of the Supervisory Board should have expertise in the international markets relevant to
the Sartorius Group.

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Group Management Report Corporate Governance Report Members of the Supervisory Board need to have in-depth knowledge of financial business processes and competences in financial controlling and risk management; at least one member of
the Supervisory Board must have expert knowledge of accounting and at least one further member of the Supervisory Board expert knowledge of auditing (Section 100, Subsection 5 of AktG).
Accounting and auditing activities also include sustainability reporting and its audit.
 Members of the Supervisory Board should have in-depth knowledge of law and compliance, inparticular expertise in the areas of capital markets and corporate law. In addition, members shouldhave knowledge and experience in the field of corporate governance.
 The Board should have in-depth knowledge of and experience in human resources issues, in particular in the fields of international human resources planning as well as executive recruitment andsuccession planning.
 The Supervisory Board should have in-depth knowledge of the Sartorius organizational structure
and processes in order to be able to take the employees’ perspective into account.
 Members of the Supervisory Board should have experience in the areas of digitalization and databased business models.
 Furthermore, there should be sufficient sustainability/ESG and CSR expertise on the Board.
 The Supervisory Board should also always include members with international experience or backgrounds.
According to the Supervisory Board’s self-assessment, the members on its board meet the diversity andcompetency requirements. In addition, the board meets the appointment objectives described above.

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Competency profile
With a view to achieving an equal gender balance, the Supervisory Board meets the quota of 30% set for theunderrepresented gender. The Supervisory Board includes a total of seven men (around 58%), of whom fourare shareholder representatives and three are employee representatives. In addition, five women (around42%) are members of this board, among them two representatives of the shareholders and three representatives of the employees. As a result, the gender quota requirements are met on both sides of Supervisory Board
representation and on the full Supervisory Board itself.
To facilitate comparison of the appointment objectives, brief resumés of the Supervisory Board members areavailable on the Sartorius website.

Provision of Information to the Supervisory Board
The Executive Board provides the Supervisory Board with all the information needed for the Supervisory Bord
to effectively monitor the Executive Board’s management of the company. To ensure appropriate information
provision, the Supervisory Board receives monthly reports that show the course of business at the level of theGroup, divisions and regions along with developments in the key performance indicators for Sartorius. In addition, an overview of the past quarter is shown before every meeting, and any deviations from the previous
year and from the planning are explained. The reporting package also regularly includes a capital market report, which sets out the performance of Sartorius shares including prices and company valuations relative tocompetitors as well as an overview of analyst assessment and recommendations. Once a year as a rule, theExecutive Board reports verbally and in writing on the budget for the next fiscal year, including operational
planning, financial planning, investment planning and HR planning, and on the medium-term planning for thecompany’s development. Also at least once a year, the Executive Board explains the status and developmentof any legal risks and comments on the risk situation, on risk management, on significant compliance cases andon compliance management. The relevant Supervisory Board committees also discuss these risk management- and compliance-related topics on a quarterly basis and are provided for this purpose with relevant written and verbal information. Furthermore, the Executive Board reports to the Supervisory Board on all transactions requiring the latter’s approval under the rules of procedure. These particularly include acquisition anddivestment projects, capital measures, major investments and restructuring projects. The reports and proposed resolutions are prepared such that the Supervisory Board has the opportunity, before the relevanttransactions are carried out, to thoroughly consider the proposed measure and its implications, give its viewand take an informed decision. The Supervisory Board is also promptly informed as necessary of other important events and developments that could have a noticeable effect on Sartorius’ position. If it is not possible
to report directly in a Supervisory Board meeting, corresponding special reports are provided to the Chairmanof the Supervisory Board. The Chairman then decides on how to involve the Supervisory Board in this matter.
The committee chairpersons also independently set further reporting requirements for the Executive Board
within their areas of responsibility. The Executive Board decides on the form and presentation of the reports
to the Supervisory Board.
Details on the content of these reports in the relevant fiscal year and their discussion in the Supervisory Board
can be found in the Report of the Supervisory Board Chairman.

Composition and Operating Mode of the Executive
Board
The Executive Board of Sartorius AG manages the company under its own responsibility, with the goal of increasing the company’s value over the long term. It develops the company’s strategy, coordinates it with theSupervisory Board, and ensures that this strategy is implemented effectively. Beyond that, the rules of procedure for the Executive Board define the legal transactions requiring approval by the Supervisory Board in order80Sartorius

Group Management Report Corporate Governance Reportfor such transactions to be effected. The Executive Board is responsible for compliance with all provisions of
the law and the company’s internal policies, as well as for appropriate risk management.
Decision-making by the Executive Board is done at its regular meetings, which are convoked and conductedby the Chairman. Other specialists and managers are invited as necessary to provide advice.
The Executive Board members are jointly responsible as a collegiate body for matters of special significance.
In all other respects, each member independently manages the area of the company to which he or she has
been assigned in accordance with the distribution-of-business plan, and the Chairman must be informed of
all material transactions and events.

Composition of the Executive Board, Diversity and Competency
Requirements
In the opinion of the Supervisory Board, the basic qualification criteria for appointments to positions on the
Executive Board are professional qualifications for heading each particular area of responsibility, a proventrack record along the individual’s career path, and impressive managerial skills. In addition, the Supervisory
Board also considers the aspect of diversity in its appointment decisions. Therefore, the Supervisory Board
strives to appoint people with complementary profiles, professional and personal life experiences and in different age brackets to the Executive Board. Moreover, the latter board is required to have broad international
experience.
The Supervisory Board deals regularly with succession planning for the Executive Board in its Executive Task
Committee and in its plenary sessions. To identify special talent within the company, promising junior staff areinvited to make presentations to the Supervisory Board on specific topics.
An Executive Board member must not be older than 65 years of age at the time of his or her appointment. This age
limit can be waived in individual cases, provided there are no reservations about the suitability of the person proposed
and his or her appointment is expedient to the interests of the company in spite of the age limit being exceeded.
As of the editorial deadline for this report, the Executive Board of Sartorius AG consisted of two men and one
woman. Before the Chief Financial Officer Rainer Lehmann left the Board at the end of October 2023, it consisted of three men and one woman.
Name

Position

Year of birthFirst appointed

End of current
appointment period

1965

2002

November 10, 2025

1975

2019

December 31, 2026

1979

2023

April 30, 2026

Chairman of the Board
Chief Financial Officer (interim basis
until
Dr. Joachim Kreuzburg (Chairman)

March 31, 2024)
Full member,Dr. René Fáber

responsible for the
Bioprocess Solutions division
Full member,responsible for the

Dr. Alexandra Gatzemeyer

Lab Products & Services division81

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At its meeting on August 3, 2023, the Supervisory Board elected Dr. Florian Funck as an Executive Board
member effective April 1, 2024. In the period from November 2023 to the end of March 2024, the Financeboard division is being managed on an interim basis by the Chairman of the Executive Board.
The statutory participation requirement pursuant to Section 76(3a) AktG, which came into force in August 2022, applies to the number of women on the Executive Board. With the appointment of Dr. Alexandra
Gatzemeyer to the Executive Board, the statutory participation requirement has been implemented.
Regarding the future appointment of women to the Executive Board of Sartorius AG as well, the Supervisory
Board supports the activities of the Executive Board to further increase the percentage of female executives
at the management levels subordinate to the Executive Board in the company. The Executive Task Committee
and the full Supervisory Board regularly receive reports on the development of the proportions of women insenior-level management positions.

First and Second Management Levels Below the Executive BoardIn March 2022, the Executive Board set a target of one-third women to be achieved at both the first and second management levels by the deadline of December 31, 2025. As of the December 31, 2023 reporting date,
the proportion of women at both levels was around 31% (first management level: 5 women | 11 men; second
management level: 30 women | 66 men), putting it within range of the targets set by the Executive Board.
It should be noted that owing to the relatively small number of managers at the first level, even individual personnel changes can lead to sizable swings in this percentage. The integration of acquired companies has frequently led to fluctuations in the past, and this effect cannot be ruled out for the future.

Remuneration Report | Remuneration Policy
The remuneration report for fiscal 2023 and the auditor’s notice in accordance with Section 162 AktG, thecompensation policy currently in place as approved by the Annual General Meeting on March 29, 2023, pursuant to Section 87a, Subsections 1 and 2, sentence 1, AktG, and the resolution approved by the Annual General Meeting on March 29, 2023, on the remuneration pursuant to Section 113, Subsection 3, AktG are publicly
accessible at www.sartorius.de/Compliance.

Further Corporate Governance Practices
Risk Management, Internal Monitoring System and ComplianceManagement System
Conscientious management of commercial risks is a key principle of good corporate governance. Sartorius AG
and the Group have at their disposal enterprise-wide and company-specific reporting and control systems
designed to facilitate the recording, assessment and management of commercial risks. These systems are developed and adapted continuously as conditions evolve. The Executive Board informs the Supervisory Board
regularly of existing risks and their development. The Audit Committee is concerned, in particular, with monitoring of the following: the accounting process including reporting; the efficacy of the internal control system;risk management and the internal auditing system; compliance; and the independent statutory audit. Details
on risk management are presented in the Opportunity and Risk Report.

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The internal control system (ICS) is based on the principles, guidelines, and measures introduced by the Executive Board that are aimed at the organizational implementation of the Executive Board’s decisions. They include the management of risks and opportunities relating to the achievement of business objectives, ensuringthat internal and external accounting is accurate and reliable, and compliance with the legal rules and regulations relevant to Sartorius. This also includes sustainability aspects, which are continuously refined and updated on the basis of regulatory requirements.
All of the Sartorius Group’s functions are integrated into a global matrix organization and are part of the ICS.
The scope of activities each function is responsible for performing varies and depends, among other aspects,
on the specific risks associated with the function. Each function’s management is required to implement anappropriate and effective ICS in its area of responsibility, based on the methodology that is mandatory
throughout the Group.
Overall responsibility for the ICS lies with the Executive Board. The Sartorius Group’s individual functions support the Executive Board in creating and maintaining appropriate and effective processes for implementing,monitoring, and reporting on internal control activities.
Extensive control activities are carried out by managers and employees within each function’s individually defined processes to ensure that the processes are reliable and effective. As a result, this ensures compliancewith legal requirements and internal guidelines as well as properly conducted business transactions. Examples
of such control activities include the analysis of situations and developments with reference to specific key
indicators. Based on the defined control mechanisms, errors can be identified and corrected at the Grouplevel. In addition, the Group Auditing Department draws up a risk-based audit plan each year and reviews inspot checks whether basic legal requirements and internal group guidelines are complied with for the Group’s
entire control and risk management system. This monitoring function covers, in particular, audits of the functional efficiency and effectiveness of defined control measures. The results of these audits are reported directly to the audited functions, making it possible to efficiently remedy any identified deficiencies and to further enhance the company’s internal control system (ICS). The Executive Board and the Supervisory Board
regularly receive reports on audit activities. The main rules governing the organization of the ICS are definedin a manual based on business processes. This manual combines all ICS-relevant requirements that Groupmanagement considers of material importance into one standardized document and will be supplemented byfurther appropriate rules as necessary.
Part of the ICS is also a compliance management system that is valid worldwide. The Sartorius Group’s compliance management system is designed to ensure the adherence to statutory and regulatory requirements inorder to protect the company from sanctions, financial losses and reputational damage. It also contributes tothe quality of Sartorius products and the long-term success of the company. To ensure compliance at theSartorius Group, Sartorius has implemented a Group-wide standard, which is documented in a ComplianceManagement Manual. This manual summarizes the responsibilities and authority of the individual functions
and defines processes for efficient cooperation between these functions.
In this context, Sartorius has introduced various preventive guidelines. The Sartorius Code of Conduct defines
the responsible conduct expected from all employees of the Sartorius Group and provides guidance for employees, for example in relation to human rights, international social and environmental standards, conflicts ofinterest and other general standards, and helps them act law-abidingly and ethically in their day-to-day work.
Sartorius has also implemented an Anti-Corruption Code. This is intended to serve as a basis for raising awareness among all employees of the dangers posed by corruption and also to act as an aid and guide to combating
corruption. It includes rules on the handling of gifts, for example. The company ensures that employees arefamiliar with the content of both codes by offering them mandatory online training every year.

83Sartorius

Group Management Report Corporate Governance Report

Sartorius also expects its business partners to comply with internationally recognized social and environmental
standards, to follow the law, adhere to the principles of fair competition and respect human rights. These requirements are set out in the Code of Conduct for Business Partners.
A complaint system ensures that everyone, whether inside or outside Sartorius, can report identified or reasonably suspected breaches of applicable laws, standards, regulations and internal guidelines. For this purpose, Sartorius provides various reporting channels, which are available around the clock in various languages
and can also be used anonymously if preferred. The compliance team can be contacted in person, via the hotline, by e-mail or via the whistleblower system. The reporting channels can be found on Daily (intranet) and on
the public website.
The Executive Board is not aware of any circumstances that would speak against the suitability and effectiveness of the risk management system and the ICS.
Further information can be found in the “Description of the Key Features of the Internal Control System” section and on the company’s website at www.sartorius.com.

Transparency
Sartorius AG places great importance on disclosing consistent and complete information promptly. Information about the economic position of the Group and new developments is consequently released regularly,
without delay, as it becomes known in order to inform capital market participants and interested members of
the public at large. The annual report, first-half financial report, and quarterly reports are published within thetime frames specified for this purpose. Current developments and material events are publicized as press releases and, where appropriate, ad hoc announcements. This information is usually made available in German
and English simultaneously and published via suitable media and on the internet. Capital market participantsremain in close contact with the company’s investor relations team. Investors and analysts are provided information on current and future business performance in conference calls held in conjunction with the respective
quarterly reporting. Sartorius regularly participates in roadshows and investor conferences and holds its own
capital market events.
The chief recurring events and publications, such as the Annual General Meeting, the annual report and theinterim reports, are listed on a financial calendar that may be viewed at any time on the Group website.

Share Trading Activities of Supervisory and Executive Board Members
A statement of transactions conducted in 2023 by Executive and Supervisory Board members on their own
account in accordance with Article 19 of Regulation (EU) 596/2014 (Market Abuse Regulation) is published on
the Sartorius website.
As executor of the estate of Horst Sartorius, the Supervisory Board Chairman, Dr. Lothar Kappich, holds
around 50.1% of the ordinary shares issued by the company. Beyond this, there is no notifiable possession ofshares or financial instruments by members of the Executive Board or Supervisory Board consisting directly or
indirectly of more than 1% of the shares issued by the company.

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Accounting and Independent Statutory Audit
The consolidated financial statements and the Group Management Report, as well as the consolidated interim
financial statements and reports, are prepared in accordance with the International Financial Reporting Standards (IFRS) as they are to be applied within the EU, and according to the commercial law regulations to be
applied under Section 315e, Subsection 1, of the German Commercial Code, HGB. The annual financial statements of Sartorius AG are prepared in accordance with German commercial law, HGB. The consolidated financial statements and the annual financial statements are prepared by the Executive Board, audited by the
independent auditors elected by the Annual General Meeting, and approved by theSupervisory Board.
It has been agreed with the independent auditors that they will notify the Supervisory Board directly of any
potential disqualification or bias issues and any material findings and incidents identified during the audit. This
also encompasses the corporate governance reporting duties pursuant to Section 161 of the German Stock
Corporation Law (Aktiengesetz).

The Supervisory Board | The Executive Board

85

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Group Management Report Non-financial Group Statement

Non-financial Group Statement
The following section is the Non-financial Group Statement prepared for the Sartorius Group by Sartorius AG
for fiscal year 2023 and hereinafter referred to as the “Non-financial Statement.” The submission of this statement exempts the Sartorius Stedim Biotech S.A. subgroup from the obligation to prepare its own non-financial
statement.
The information presented in the Non-financial Statement did not form part of the audit of the Group Management Report and was subject to a separate limited assurance engagement performed by KPMG AG
Wirtschaftsprüfungsgesellschaft.

Notes on Reporting
This statement was prepared in accordance with sections 315b and 315c in conjunction with 289c to 289e of
the German Commercial Code (HGB). The indicators were calculated based on international frameworks suchas the GRI and Greenhouse Gas Protocol.
The material topics subject to reporting requirements are derived from the results of a materiality analysis,
which the Executive Board has verified for fiscal year 2023. This analysis is based on the strategic sustainability
topics defined in fiscal 2022, which have been assessed with regard to their relevance for the sustainability
matters addressed in the German Commercial Code (HGB).
The policies requiring presentation under Section 289c(3) of the German Commercial Code (HGB) for thematerial topics, including due diligence processes and the outcomes of the policies, relate to the Group as
defined by the scope of consolidation for financial reporting, except where otherwise indicated.
The data provided serve to quantify the Group’s performance and do not constitute performance indicators
relevant to company management within the meaning of Section 289c(3) of the German Commercial Code
(HGB).
Prior-year data was taken from the 2022 Non-financial Statement where available. Adjustments to prior-year
data were made on the basis of materiality assessment and are indicated where applicable. These relate to the
proportion of water from water stress areas (see the “Water and Wastewater” section).
Sustainability reporting in this Non-financial Statement is supplemented by the Sustainability Report of theSartorius Group, which is prepared based on the GRI Standards. The Sustainability Report for the past fiscal
year will be published in the first quarter of 2024.

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Group Management Report Non-financial Group Statement

Sustainability Management
Business Model
Information on the Group’s business model can be found in the section “Business Model, Strategy and Goals”.
Sartorius operates in the life science sector – more precisely, in the field of medical biotechnology. As a partner
to the biopharmaceutical industry, the Group manufactures products and process technologies that are usedin the development and production of biological medicines and vaccines to prevent and treat diseases, someof which were previously incurable. In this context, the Group places a particular focus on innovations thatmake it possible to increase the safety, speed, and efficiency of the development and production process forsuch active ingredients. This allows new therapies to be made available earlier, at lower prices and to a larger
number of patients. The company’s purpose therefore involves contributing to people’s health and well-being
and thus to the achievement of global sustainability goals.

Sustainability Ambition and Strategy
As a signatory to the United Nations Global Compact, Sartorius is committed to complying with certain socialand environmental standards when conducting its business activities. The aim is to identify and assess adverse
impacts that are arising or may arise throughout the upstream and downstream value chain as a result of business operations and, based on this, to prevent or mitigate significant adverse impacts and provide remediation
where they occur. The addition of sustainability aspects as a new element of corporate management is a longterm transformation and requires ongoing dialogue, coordination and close collaboration with relevant stakeholders along the value chain.
The company’s key stakeholders principally include customers and business partners, employees, investors
and local residents near Sartorius sites. Particularly in the case of customers, Sartorius uses a range of formats
to remain in constant dialogue regarding sustainability aspects of products, decarbonization and climate neutrality, and other environmental and social standards. Employees, investors and suppliers are regularly informed about relevant sustainability targets, measures and results. Sartorius was in constant discussion withanalysts and investors in the reporting year as part of its regular capital market communication and SRI conferences. A virtual capital market tutorial also took place, focused on the company’s decarbonization strategies
and measures. The sustainability strategy was discussed with selected suppliers at a supplier day. In addition,
Sartorius is involved in industry associations such as BioPhorum, NIMBL and PSCI on sustainability-related
topics and actively shapes industry initiatives.
Sartorius defined the following strategic sustainability topics for the Group back in fiscal 2022, taking its key
stakeholders’ concerns into account: Climate Materials and circularity
 Water and wastewater Social responsibility
 Corporate governance87Sartorius

Group Management Report Non-financial Group Statement

 Sustainability in the supply chains

Organization, Management and Reporting
Sustainability at Sartorius is a topic in the responsibility of the Executive Board Chairman. The Executive Board
adopts the sustainability strategy and, together with the Supervisory Board, monitors its implementation, theachievement of targets, and the effectiveness of the company’s sustainability-related due diligence system.
The Group function Corporate Sustainability, whose management reports directly to the Executive Board
Chairman, is responsible for developing the sustainability strategy and for operational implementation of
measures to fulfill sustainability guidelines and standards in the Group. Other tasks include monitoring regulation, overseeing adherence to corporate due diligence requirements and sustainability reporting.
Responsibility for implementing the strategy and the measures it contains lies with the divisions. Committees
to coordinate and implement sustainability measures were established in both divisions during the reportingyear.
Sustainability organization

1 Performed by the “BPS Sustainability” function
2 Performed by various individual sustainability roles88Sartorius

Group Management Report Non-financial Group Statement

In fiscal 2023, Sartorius began building a global reporting system, through which the required sustainability
data of the Group companies will be collected, monitored and reported via a centralized IT application. In viewof the introduction of European sustainability reporting standards, Sartorius is enhancing its reporting and internal control system to further increase data quality.
Risks are identified through the central risk management system. Information on risks can be found in the Opportunity and Risk Report. No risks within the meaning of Section 289c(3) were identified in fiscal year 2023.

External Sustainability Performance Ratings and Capital Market Indices
Sartorius AG and the subgroup Sartorius Stedim Biotech S.A. are regularly analyzed and evaluated with regard
to their sustainability performance. The results of these analyses feed into the development of policies for
managing material sustainability topics.
Latest Company Ratings
Company

RatingPublication

Results

Sartorius AG

CDP

14.12.2022

B

Sartorius AG

EcoVadis

31.05.2023

60/100 (77th percentile) – silver

Sartorius AG

ISS ESG

01.09.2023

C

Sartorius Stedim Biotech S.A.

ISS ESG

01.09.2023

C+ (Prime)

Sartorius AG

Morningstar | Sustainalytics

07.03.2023

17,7 (Low risk)

Sartorius Stedim Biotech S.A.

14,9 (Low risk)

Morningstar | Sustainalytics

14.07.2023

Sartorius AG

MSCI ESG

17.08.2023

AA

Sartorius Stedim Biotech S.A.

MSCI ESG

25.08.2023

BBB

89

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Group Management Report Non-financial Group Statement

Concepts and Results for the Strategic Sustainability
TopicsClimateAmbition
Sartorius’ business activities do not belong to the greenhouse gas-intensive economic sectors. However,Sartorius regards climate change mitigation as a task for the whole of society and therefore as a material topic
for sustainability management. This also involves reducing or avoiding the potential risks of climate change forthe company itself. The company is aiming to make its business activities net climate neutral by 2045. This is
to be achieved through continuous decarbonization along the value chain and the removing of unavoidable
residual emissions in line with the Paris Agreement.
Concept and Due Diligence Processes
In fiscal 2021, the Group set itself the target of reducing CO2eq emission intensity by an average of 10% peryear by 2030 in comparison with the base year 2019. Sartorius defines this indicator as adjusted greenhousegas (GHG) emissions by market-based calculation per net turnover in g CO2eq/€ based on the Accounting
and Reporting Standards of the GHG Protocol. It includes Scope 1, 2 and 3 under the GHG Protocol. The adjustment means that in the “Purchased goods and services” GHG category it accounts only for the goods andservices actually consumed for the manufacture of Sartorius’ products and services sold during the fiscal year.
This indicator forms part of the long-term variable remuneration components for the Executive Board andmanagement.
The Group has also set a target of cutting its avoidable, energy consumption-related gross Scope 1 and 2
emissions to zero by 2030. Process emissions generated during membrane production are currently
deemed unavoidable based on the technology available at present
Overview of climate targets at Sartorius

In the reporting year, the company also committed to preparing medium-term, science-based climate targets,
which will be validated by the independent Science Based Targets Initiative (SBTi). The targets are due to besubmitted to the SBTi by October 2025.

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Group Management Report Non-financial Group Statement

Sartorius already identified a range of decarbonization levers along the value chain back in 2021. These particularly include product design, the associated energy efficiency and selection of materials, and the Group’stransport activities. The company is currently working on a concrete transition plan. As a first step, it was decided in the reporting year to switch all electricity consumption to renewable sources by 2030.
Results of the Concept
GHG balance sheet
Total gross GHG emissions (Scope 1, 2 and 3) according to a market-based calculation amounted to 898,898
t CO2eq in fiscal 2023 (previous year: 1,137,703 t CO2eq; base year: 573,539 t CO2eq). This represents a reduction of 21.2% compared with the prior year and an increase of 56.4% compared with the 2019 base year. The
bulk of the emissions (currently around 96%) result from activities associated with the upstream and downstream value chain (Scope 3). Approximately 68% are attributable to the upstream value chain and approximately 27% to the downstream value chain. The year-on-year reduction in gross GHG emissions was due inparticular to purchasing- and transport-related GHG emissions (purchased goods and services, upstream
transportation and distribution and downstream transportation and distribution), which fell by 38.9% and42.8% respectively. This is explained by a decline in operating expenditures for production-related goods andservices as well as a more precise reporting system in fiscal year 2023.
Capital goods are one of the largest drivers of total GHG emissions. The GHG emissions resulting from investment in capital goods increased sharply in comparison with the prior year (approximately 76.4%) and base year
(approximately 356.7%). This was related particularly to the Group's increased construction activities. The increase versus the prior year is also attributable to a more precise reporting system. Emissions from investment
in capital goods have therefore developed since 2019 from the fourth-largest into the third-largest contributor
to total emissions.
Gross Scope 1 GHG emissions amounted to 13,103 t CO2eq (previous year: 17,939 t CO2eq, base year: 13,529 t
CO2eq), equal to a fall of 27.0% compared with the previous year and 3.1% compared with the base year. Gross
Scope 2 GHG emissions by market-based calculation amounted to 26,823 t CO2eq (previous year: 28,714 t
CO2eq, base year: 25,777 t CO2eq), equal to a decrease of 6.6% compared with the previous year and an increase of 4.1% compared with the base year. The year-on-year changes were attributable in particular to theslightly reduced total energy consumption and the associated reduction in fossil fuels (see the “Energy Consumption” section).
Total gross GHG emissions were equal to total net GHG emissions in the 2023 reporting year, as no negative
GHG emissions (carbon removal) could be offset. Carbon removal is an important GHG neutralization measure under the Paris Agreement. It involves permanently removing GHG emissions from the atmosphere using
biological, chemical and physical methods.
GHG intensity by market-based calculation, defined as gross GHG emissions per net turnover, amounted to
0.000264 t CO2eq/€ (previous year: 0.000273 t CO2eq/€, base year: 0.000314 t CO2eq/€). This represents
a reduction of 3.3% compared with the prior year and 15.7% compared with the 2019 base year. Various factors
affected the change in intensity. Both GHG emissions and turnover were lower than in the previous year.

91Sartorius

Group Management Report Non-financial Group Statement

GHG Balance Sheet 1,2

Gross GHG emissions - scope 1 in t CO2eq5, 6
Share of Scope 1 GHG emissions under regulated emission trading
schemes in %

2023

2022

Base year:2019

13,103 3

17,939 4

13,529 4000Gross GHG emissions - scope 2 - location-based calculationin t CO2eq

48,388 3

53,886 4

30,689 4Gross GHG emissions - scope 2 - market-based calculationin t CO2eq726,823 328,714 425,777 4Gross GHG emissions - scope 3 in t CO2eq

856,972

1,091,050

534,233

318,901

521,912238,446

168,488 8

95,49236,892Category 3: Fuel- and energy-related activities (not included in scope
1 and 2) in t CO2eq

7,297 3

11,323 4

6,553 4

Category 4: Upstream transportation and distribution in t CO2eq

73,625

128,734

57,426

Category 5: Waste generated in operations in t CO2eq

5,699 39,235 44,021 4

Category 6: Business travel in t CO2eq

21,06521,06726,093Category 7: Employee commuting in t CO2eq 918,02722,05315,019Category 8: Upstream leased assets in t CO2eq

0

0

0

6,258

10,942

4,881

Category 1: Purchased goods and services in t CO2eq
Category 2: Capital goods in t CO2eq

Category 9: Downstream transportation and distribution in t CO2eq
Category 10: Processing of sold products in t CO2eq 10

0

0

0

Category 11: Use of sold products in t CO2eq 11

185,564

222,138

108,626

Category 12: End-of-life treatment of sold products in t CO2eq

52,04948,15336,276

Category 13: Downstream leased assets in t CO2eq

0

0

0

Category 14: Franchises in t CO2eq

0

0

0

Category 15: Investments in t CO2eq 12

0

0

0

Total gross GHG emissions (scope 1, 2 and 3) - location-based
calculation in t CO2eq

918,463

1,162,875

578,451

Total gross GHG emissions (scope 1, 2 and 3) - market-based
calculation in t CO2eq7896,898

1,137,703

573,539000

Total net GHG emissions (scope 1, 2 and 3) - location-based
calculation in t CO2eq

918,463

1,162,875

578,451

Total net GHG emissions (scope 1, 2 and 3) - market-based
calculation in t CO2eq7896,898

1,137,703

573,539

Gross GHG intensity - location-based calculation per net turnoverin t CO2eq / €0.000270

0.000279

0.000317

Gross GHG intensity - market-based calculation per net turnoverin t CO2eq / €70.000264

0.000273

0.000314

Total GHG removals in t CO2eq

1 The data presented contain uncertainties. The data, and particularly the figures for individual categories, should currently be seen
merely as an indication with respect to Scope 3 emissions. Explanations on greenhouse gas accounting, including the data concepts
and calculation methods applied, can be found on page 148 et seq. of the Non-financial Statement.
2 Preparation based on GHG Protocol (Corporate Accounting and Reporting Standard 2004 and Corporate Value Chain (Scope 3)
Accounting and Reporting Standard 2011).
3 Excluding the Polyplus companies newly acquired in the reporting year.
4 Based on data reported by production sites and some administrative sites; excluding companies newly acquired in the reportingyear.
5 Excluding GHG emissions from fleet fuel consumption.
6 Fugitive emissions data currently only collected in Göttingen and Yauco.
7 If a contract-specific emission factor was not available for the market-based calculation method, the location-based emission factor
was used in accordance with the GHG Protocol.

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Group Management Report Non-financial Group Statement

8 The figure for 2023 is not fully comparable with the prior-year figures, since the basis for calculation was expanded for 2023 andnow extends to total capital expenditures. As a result of materiality analyses for total GHG emissions, the prior-year figures have notbeen adjusted.
9 Excluding GHG emissions from commuting by trainees, interns and contingent workers.
10 In accordance with the GHG Protocol, this category is reported with 0 t CO2eq because Sartorius cannot currently account for it
appropriately given the wide range of potential options available for further processing the Group’s products, each of which has its
own specific GHG profile, and because, according to an estimate, it is also not material to the Group’s overall GHG accounting.
11 GHG accounting currently covers only products that require electricity to use.
12 This category is reported with 0 t CO2eq, as the most relevant shareholding from a GHG perspective has been classified as not material in the financial reporting for fiscal 2023, and the GHG emissions related to this shareholding have also been assessed as notmaterial to the Group’s overall GHG accounting, according to an estimate.

CO2 Emission Intensity
In fiscal year 2023, CO2 emission intensity, defined as adjusted GHG intensity (i.e. gross GHG emissions per
net turnover – market-based calculation), amounted to 272 g CO2eq/€ (previous year: 256 g CO2eq/€; baseyear: 308 g CO2eq/€). This represents a 6.3% increase over the prior year and an 11.4% reduction from the baseyear. The changes were due to stock movements. The average annual reduction in CO2eq emission intensityfrom the base year therefore amounted to 3.1% in the reporting year.
CO2 -Emission Intensity
2023

2022

Base year:
2019

Adjusted gross GHG intensity - market-based calculation per net turnover in g CO2eq / €1

272

256

308

Average annual reduction compared to the base year 2019 in %(strategic consideration)

3.1

6.0

n. r.

1 For “adjusted GHG intensity: gross GHG emissions per net turnover – market-based calculation,” the GHG category “Purchased
goods and services” accounts only for the goods and services actually consumed for the manufacture of Sartorius’ products and services sold during the fiscal year. The data are therefore adjusted for inventories.

Energy Consumption
Total energy consumption fell by 2.2% to 196,403 MWh in fiscal 2023 (previous year: 200,715 MWh) and wastherefore on a level with the prior year. The share of renewable energy increased by just under four percentage
points to 35.5% (previous year: 31.7%). This is explained particularly by the lower total energy consumption andassociated reduction in fossil fuels. Two locations switched to renewable energy. The Bangalore site now draws
electricity from renewable sources, and the Göttingen site uses geothermal heating. The Group-wide degreeof coverage with certified energy management systems in accordance with ISO 50001 as of December 31,
measured against the number of employees, stood at 27.0% (previous year: 27.1%), putting it on a level with theprior year. Within the scope of the site-specific energy management systems in accordance with ISO 50001,
energy flows such as the energy sources used and energy consumers as well as the energy efficiency status of
the largest energy-consuming systems/facilities and processes/activities are systematically identified andevaluated. The data collected can then be used to develop measures that support the reduction of Scope 1
and Scope 2 GHG emissions and to measure their success.

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Group Management Report Non-financial Group Statement

Indicators Energy 1,2
20233

20224

196,403

200,715

69,71263,546

Purchased certified renewable electricity in MWh

65,59462,256

Self-generated solar energy in MWh

2,089

697

Total energy consumption in MWh
Renewable energy consumption in MWh

Purchased geothermal energy in MWh
Self-generated geothermal energy in MWh
Other renewable energy in MWh
Non-renewable energy consumption in MWh

441

594

1,589

n. a.

0

0

126,691

137,169

Purchased natural gas in MWh

53,88460,774Purchased non-renewable electricity in MWh

57,59953,422

Purchased district heating in MWh

8,925

10,653Purchased diesel in MWh

4,459

8,797

Purchased heating oil in MWh

1,199

2,490

Purchased district cooling in MWh

625

815

Purchased LPG in MWh0218

Total share of renewable energy in %

35.5

31.7

Certified management systems according to ISO 50001 Employee coverage as of 31.12. in %

27.0

27.1

1 Preparation of the indicators was based on the GRI Standards.
2 Excluding fleet fuel consumption
3 Excluding the Polyplus companies newly acquired in the reporting year.
4 The data for fiscal 2022 were taken from the 2022 Non-financial Statement.

Materials and Circularity
Ambition
Sartorius sources a wide range of raw materials, consumables and supplies in order to manufacture its products
and product packaging. This includes, in particular, plastic, metal and electronic components as well as chemicals. The aim of a circular economy is to decouple economic growth from environmental impacts by recycling
materials, i.e. not only reducing the consumption of resources but also simultaneously reducing the generation of waste, pollution and greenhouse gas emissions. The company’s aspiration formulated in 2023 is to minimize the disposal of recyclable waste and optimize resource use along the value chain.
Concept and Due Diligence Processes
Given their advantages for efficiency, flexibility and patient safety, single-use products made from plastic
based primarily on fossil resources have become established in the biopharmaceutical industry. Examples include sterile filters, bags and tubes. Single-use products currently contribute around 60 -70% of Group sales
revenue and are the focus of the current business strategy. By law, these products normally have to be incinerated as contaminated waste at the end of their life. For this reason, and given the high quality standards for
medical products, closed-loop operations pose significant challenges to the industry and to Sartorius.
To achieve the best-possible market acceptance for a circular portfolio, Sartorius is in dialogue with its customers and is involved in industry associations such as BioPhorum and BPSA. Compared with other industries,
the plastic waste generated by biopharmaceutical products has a lower volume, meaning that the economicand environmental aspects of a disposal infrastructure need to be balanced.
Despite the challenges that exist, Sartorius sees potential to improve resource use along the value chain. In
the reporting year, the Executive Board therefore set the Group target for 2030 of generating at least 75% of94Sartorius

Group Management Report Non-financial Group Statement

the Group’s sales revenue with products designed according to principles of circularity. This includes productand transport packaging. The principles of circular design include promoting longer durability, reusability, repairability, disassembly, (re)processing, recycling, the return of materials to the biological cycle, and other waysof improving the use of the product or material based on the circular economy.
A detailed implementation plan is currently being worked out. The company will start by driving the creationof Group-wide data transparency around resource flows. A multi-year master data program was launched in
the reporting year to initiate the first steps toward accounting for the inflow and outflow of resources at thecompany.
Creating Data Transparency – Accounting for the Inflow and Outflow of Resources in the Group

Conducting life cycle assessments is another key measure for quantifying the environmental impacts ofproducts, packaging and processes and identifying potential for improvement. Sustainability experts in theoperating divisions began these analyses in the reporting year, focusing on particularly relevant products andproduct groups.
Operational waste is to be avoided right from the production process by reducing or reusing scraps. This primarily applies to bag, membrane and filter cartridge production. The relevant sites have established an operational waste management system for this purpose. The Executive Board adopted a target in the reporting
year of sending zero operational waste to landfill by 2030.

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Overview of Circularity Targets at Sartorius

Results of the Concept
The total volume of waste generated fell by 46.2% to 10,003 t (previous year: 18,581 t). This was due to a particular effect at the Yauco site in Puerto Rico. In the previous year, the site arranged for the disposal of large volumes of stored wastewater, which therefore no longer counted toward the reporting year figure. The volume
of waste classified as hazardous under local legislation fell by 40.9% to 2,121 t (previous year: 3,593 t). Hazardous
waste is primarily generated in membrane production due to the use of solvents. The change in this figure wasprimarily attributable to a production-related decrease in Yauco and in Göttingen, Germany. In Yauco, hazardous waste was also reduced by expanding the operation of the distillation plant. The proportion of nonrecycled waste was 53.8% (previous year: n.a.). The total waste recycling rate therefore came to 46.2% (previous year: 28.8%), representing a year-on-year increase. This development was also related to the particulareffect in Yauco mentioned above, which resulted in an increased total waste volume and therefore a lower
recycling rate in the previous year.
Plastic waste represents 12% of the total waste volume. It declined by 43.8% to 1,188 t (previous year: 2,113 t).
The plastic recycling rate fell by 6.5 percentage points to 68.9% (previous year: 75.4%). This trend resulted fromlower production and therefore a reduced volume of plastic waste. The Aubagne site in France accounted forthe largest share of the reduction.

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Indicators Waste Generated 1
Total waste generated in t
Waste diverted from disposal
Hazardous waste

20232

20223

10,003

18,581

4,625

n. a.

409

3,593

0

n. a.

409

456

0

n. a.

4,216

14,988Preparation for reuse
Recycling4
Other recovery processes
Non-hazardous waste
Preparation for reuse
Recycling4

0

n. a.

4,216

4,894

Other recovery processes

0

n. a.

5,377

n. a.

Hazardous waste 5

1,712

n. a.

Incineration

1,363

n. a.

0

n. a.

Waste for disposal

Landfill
Other recovery processes
Non-hazardous waste

350

n. a.

3,665

n. a.

Incineration

741

n. a.

Landfill

1,465

n. a.

Other recovery processes

1,459

n. a.

53.8%

n. a.

2023

2022

n. a.

n. a.

Proportion of non-recycled waste in %1 Preparation of the indicators was based on the GRI Standards.
2 Excluding the Polyplus companies newly acquired in the reporting year.
3 The data for fiscal 2022 were taken from the 2022 Non-financial Statement.
4 Recycling is defined as the processing of products, components and materials for reuse.
5 Waste is classified as hazardous in accordance with the respective local legislation.
Group Sales Revenue from Circular ProductsGroup Sales Revenue from Circular ProductsGroup sales with products designed for circularity, € in millions

A data concept to determine Group sales revenue from products whose design is based on circularity is currently being worked on. Sartorius introduced this new indicator in fiscal year 2023 to measure the achievementof the 2030 Group targets described above. Therefore, no figure is yet available for the reporting year.
Landfill Rate
Landfill Rate1
Operational waste for landfill in %

2023

2022

14.6

n. a.

1 Excluding the Polyplus companies newly acquired in the reporting year.

The landfill rate in fiscal year 2023 was 14.6% (previous year: n.a.). Sartorius introduced this indicator in fiscal
year 2023 to measure the achievement of the 2030 Group targets described above.

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Group Management Report Non-financial Group Statement

Water and Wastewater
Ambition
At Sartorius, water is primarily used in the Bioprocess Solutions Division for membrane production and modification. The manufacturing processes for membranes and membrane products are optimized to minimize theuse of rinsing water. Organic solvents are processed and for the most part, recycled. The goal is to ensure compliance with applicable regulations during the use and handling of hazardous materials and to continuously
improve recycling rates and the management of solvent residues in wastewater. The company aims to avoid
the use of critical substances when developing new products.
Concept and Due Diligence Processes
At the membrane-production sites in Göttingen, Germany, and Yauco, Puerto Rico, distillation plants are operated that enable almost full recycling of solvents from the production process for own reuse. For solvents
not recycled in this process, the disposal by external service providers is arranged. Production wastewater is
pre-treated in line with legal thresholds and discharged into the sewage system or processed further by external service providers.
EHS managers at the sites are responsible for local environmental management. Within the framework of thelocal environmental management systems, the company regularly identifies and analyzes environmental aspects in order to draw up improvement measures.
Results of the Concept
Water withdrawals for fiscal 2023 totaled 699,562 m3 (previous year: 701,568 m3) and therefore remained
steady with the prior year. There were multiple contributory effects, resulting for example from new acquisitions, declines in production and increased reporting, which canceled each other out. The bulk of total water
withdrawal (96.0%) came from public water supplies (previous year: 95.9%). A steady share of 12.9% of total
water withdrawal came from water stress areas (previous year: 12.7%). The prior-year figure has been adjusted
from 67.6% down to 12.7% due to new classifications by the World Resources Institute.
As of December 31, the degree of coverage with certified environmental management systems in accordancewith ISO 14001, measured against the number of employees, stood at 50.6% (previous year: 53.6%). The reduction was due to the lower total number of employees.
Indicators Water 1
20232

20223

Total water withdrawal in m3

699,562

701,568

Third-party water in m3

671,825

672,630Ground water in m3

15,973

19,119Surface water in m3

11,764

9,820

Total water withdrawal from water stress areas in %4

12.9

12.75

Certified management systems according to ISO 14001 Employee coverage as of 31.12. in %

50.6

53.6

1 Preparation of the indicators was based on the GRI Standards.
2 Excluding the Polyplus companies newly acquired in the reporting year.
3 The data for fiscal 2022 were taken from the 2022 Non-financial Statement.
4 Water withdrawals from areas under water stress are defined as those from areas where the level of water stress has been classified
as “high” (40 – 80%) or “very high” (> 80%) according to the Aqueduct Water Risk Atlas published by the World Resources Institute(WRI).
5 The prior-year figure was adjusted from 67.7% to 12.7% due to the use of the updated World Resources Institute (WRI) “Aqueduct
Water Risk Atlas” (Version 4.0).

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Group Management Report Non-financial Group Statement

Social Responsibility
Ambition
In light of the Group's intended development and in the context of demographic change, Sartorius needs torecruit and retain talented employees. To this end, creating an attractive, fair and safe working environment iskey. As a signatory to the UN Global Compact, the Group is committed to respecting fundamental humanrights within its own sphere of influence.
Concept and Due Diligence Processes
Human Rights and Labor Standards
The Group has made a policy statement on respect for human rights and a position statement on labor andsocial standards and occupational health and safety available to all employees worldwide on the intranet.
Sartorius is committed to upholding human rights and labor standards that include the UN Guiding Principles
on Business and Human Rights, the International Bill of Human Rights, in particular the Universal Declarationof Human Rights, the UN International Covenant on Civil and Political Rights and the UN International Covenant on Economic, Social and Cultural Rights, the International Labor Organization (ILO) Declaration on Fundamental Principles and Rights at Work, and the OECD Guidelines for Multinational Enterprises. The Sartorius
Code of Conduct sets binding minimum standards for law-abiding and ethical conduct throughout the Group,
which also include Group-wide labor standards.
Implementation of these labor standards is overseen by various functions at different levels at Sartorius. For
example, the Environment, Health, and Safety (EHS) Department coordinates the global concepts in the fieldof occupational health and safety. Individual sites have also introduced specific management systems in accordance with ISO 45001.
The company monitors compliance with the provisions of the Code as part of its compliance management
system, for example through regular internal audits by the Group Auditing Department. Once a year, a report
is submitted to the responsible Supervisory Board committee. Further information on the compliance management system can be found in the corporate governance statement.
Compliance with the human rights requirements set out in the Sartorius Code of Conduct is also verified byexternal audits performed by an accredited organization in accordance with the standards of the Pharmaceutical Supply Chain Initiative (PSCI). The PSCI has established itself as an initiative in the pharmaceutical industry to promote sustainability throughout the value chain. In a rolling process, five sites selected on the basis ofrisk are chosen for audit each year.
Employees also have the ability to report human rights and labor standards violations at any time to the appropriate manager, employee representatives, compliance officer, or via the compliance or whistleblower hotline as well as anonymously via the whistleblower portal.
Diversity
As a signatory to the Diversity Charter, Sartorius is committed to promoting workforce diversity beyond thesebasic labor standards. Company-wide networks have been established in this context, such as an LGBTQ Alliance and the Sartorius Business Women Association (SBWA) to achieve gender parity in management positions.

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Group Management Report Non-financial Group Statement

Employability
Sartorius is committed to promoting its employees’ ongoing personal and professional development and has
also enshrined this in its management guidelines.
Annual performance reviews between employees and their managers provide a forum for discussing performance, targets and individual development opportunities. The company offers a wide range of training opportunities across the Group, such as management development and mentoring programs, self-learning opportunities, and also opportunities to work abroad.
Satisfaction
Within the framework of a global employee survey conducted twice a year, the Group regularly determines its
employees’ overall opinion of the company and its leadership culture, the workplace, and job satisfaction in
general, for example.
The employee net promoter score, which measures the extent to which employees would recommend
Sartorius as an employer, forms part of the short-term variable remuneration components for the Executive
Board and management. Sartorius has set itself the goal of achieving an average annual score of 35.
Results of the Concept
In fiscal 2023, Sartorius had a total of 14,614 employees, 8.3% fewer than in the previous year (15,942). Sartorius
had increased headcount in previous years in connection with the significant growth in sales revenue. However, it adjusted the size of the workforce during the reporting period in response to the changing demandlevels and reduced capacity requirement. Similarly to the prior year, 38.7% of the workforce were women (previous year: 38.9%) and the majority of employees were between the ages of 30 and 49, accounting for 61.7% of
the workforce (previous year: 58.8%). The average age and length of employment were almost unchanged
from the previous year, at 40.2 years (previous year: 39.2) and 7.5 years (previous year: 6.6), respectively. A totalof 4.7% of employees worked part-time, a similar figure to the previous year (5.6%).
In fiscal 2023, five external sustainability-related site audits were carried out in accordance with PSCI standards. The percentage of employees covered by these site audits stood at 17.1% (previous year: 38.5%). Four of
the audits assessed compliance with human rights aspects. This corresponded to a coverage of 10.4%. In bothcases, the lower percentage of total employees covered was due to the fact that three sites belonging to asingle company were audited. In the previous year, the audits took place at different companies.
Certified occupational safety management systems covered 6.6% of employees (previous year: 6.9%). Acrossthe Group, 4.5 work-related injuries occurred per million hours worked (previous year: 5.8). This means that 1.3
fewer injuries occurred per million hours worked than in the previous year. The number of work-related injuries
is subject to normal variation and partly outside of Sartorius’ control. Three work-related injuries with serious
consequences were documented in fiscal 2023 (previous year: 3). These are defined as work-related injuries
that cause, or are likely to cause, more than six months of lost time. As in the prior year, none of the work-related
injuries were fatal (previous year: 0).
Training hours totaled 276,758 hours (previous year: 232,699), an increase of 18.9%. This equated to an averageof 19.4 training hours per employee, which was also higher than the previous year’s figure (14.8 hours). Increased use of digital training opportunities contributed to this.
The fluctuation rate increased to 14.0% (previous year: 9.2%), and the new hires rate decreased to 5.9% (previous year: 22.9%). The higher fluctuation rate was due to targeted programs to adjust the personnel requirements to changing demand. The reduced capacity requirement resulted in a lower rate of new hires.

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Group Management Report Non-financial Group Statement

The employee net promoter score for the year stood at 3.1 on average, a significant drop from the previous
year (29.2). The annual target of 35, which is relevant for remuneration purposes, was therefore not achieved.
Various human resources measures had to be taken in 2023 (see also the explanations below regarding thefluctuation rate and rate of new hires) in response to the changed market dynamics. Designed to ensure thecompany’s long-term profitability, these measures are having a short-term impact on the main drivers of theemployee net promoter score.
Indicators Social Responsibility
Total employees as of 31.12.2

2023

20221

14,614

15,942

Women in %

38.7

38.9

Age group ≤ 29 years in %

16.4

20.8

Age group 30 -49 years in %

61.7

58.8

Age group ≥ 50 years in %

21.9

20.4

Part-time in %

4.7

5.6

Average age

40.2

39.2

Women in management positions in %

32.3

32.9

7.5

6.6

7.1

6.1

Average years of tenure as of 31.12.2
Women
Men

7.8

6.8

< 5 years in %

55.1

61.1

5 -15 years in %

30.3

25.5

> 15 years in %

14.7

13.4

External sustainability-related site audits (PSCI audits)

5

5

17.1

38.5

- Employee coverage as of 31.12. in %

6.6

6.9

Work-related injuries 3, 4, 5

122

159

Work-related injuries per million hours worked 3, 4, 5, 6

4.5

5.8

Employee coverage in %Certified management systems according to ISO 45001

Work-related injuries with a serious outcome 3, 4, 5, 7

3

3

Fatal work-related injuries 3, 4, 5

00

27,758

232,699

19.4

14.8

18.8

15.2

Total training hours 8
Total average training hours per employee 8
Women
Men

19.7

14.5

14.0

9.2

Women

15.3

10.1

Men

13.2

8.5

Age group ≤ 29 years in %

23.9

13.3

Total fluctuation rate in %9

Age group 30 -49 years in %

11.9

7.8

Age group ≥ 50 years in %

12.4

8.9

Total new hires rate in %10

5.9

22.9

Women

6.4

24.2

Men

5.6

22.1

Age group ≤ 29 years in %

14.1

44.2

Age group 30 - 49 years in %

4.7

20.1

Age group ≥ 50 years in %

3.0

9.4

Employee Net Promoter Score

3.1

29.2

101

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Group Management Report Non-financial Group Statement

1 The data for fiscal 2022 were taken from the 2022 Non-financial Statement.
2 Refers to all active employees excluding vocational trainees, interns, contingent workers and inactive employees.
3 Preparation of the indicators was based on the GRI Standards.
4 This figure includes all work-related injuries that go beyond requiring basic first aid, i.e., requiring a visit to the doctor. It does notinclude commuting injuries. The figure relates to all employees who have an employment contract with Sartorius.
5 Excluding the Polyplus companies newly acquired in the reporting year
6 Hours worked relate to all active employees excluding vocational trainees, interns and contingent workers
7 Serious work-related injuries are those that have caused or will cause more than 6 months of lost time.
8 Relates only to companies that were fully consolidated for the full year.
9 The fluctuation includes voluntary, neutral and involuntary departures from the Group. It does not include exits due to temporary
contracts or moves to other parts of the Group.
10 The figures for new hires solely include the hiring of employees who did not previously have a contract with a Sartorius company aswell as the conversion of contracts of trainees and contingent workers to permanent employment.

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Group Management Report Non-financial Group Statement

Corporate Governance
Ambition
Corporate governance aligned with the interests of stakeholders, lawful and responsible conduct, and constructive collaboration between the managerial bodies and within the company in a spirit of mutual trust constitute the essential cornerstones of Sartorius’ corporate culture.
Concept and Due Diligence Processes
Corporate governance is based on the requirements defined in the German Stock Corporation Act (“Aktiengesetz”) and the recommendations of the Corporate Governance Code.
Through its Group-wide compliance management system, Sartorius aims to ensure that board members, executives and employees comply with all legal regulations and codes and perform their activities in accordancewith the company’s internal guidelines. A Compliance Management Manual was introduced in the reporting
year, summarizing the responsibilities and authority of individual functions and setting out the processes for
efficient collaboration between them. The basic principles of the compliance management system are explained in the corporate governance statement.
The issue of anti-corruption is also a central component of the compliance management system. The related
requirements employees must comply with are laid out in a dedicated Anti-Corruption Code, and employees
regularly receive training focused specifically on the Code’s contents.
Results of the Concept
In fiscal 2023, 11,570 employees (previous year: 11,883 employees) completed the Code of Conduct training
and 11,490 employees (previous year: 12,154 employees) completed the Anti-Corruption Code training. This
represents 81.1% and 80.5% of the total employees, respectively (previous year: 75.6% and 77.4%). The higher
percentage is due to the lower total number of employees.
Indicators corporate governance
Employees who completed training on Code of Conduct
Employee coverage in %Employees who completed training on anti-corruption code
Employee coverage in %

20231

20222

11,57011,883

81.1

75.6

11,49012,15480.5

77.4

1 Excluding the companies newly acquired or founded in the reporting year.
2 The data for fiscal 2022 were taken from the 2022 Non-financial Statement.

Sustainability in the Supply Chain
Ambition
Sartorius expects its suppliers to follow and promote sustainability standards and to require the same of theirown suppliers.
Concept and Due Diligence Processes
Our fundamental sustainability requirements were laid out in our Code of Conduct for Business Partners,
which was updated in September 2022 with respect to some human rights issues in the context of the implementation of Germany’s Supply Chain Due Diligence Act (LkSG) and published in a new version.

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Group Management Report Non-financial Group Statement

This Code of Conduct has been binding for new suppliers since 2022 and should also be signed by existing
suppliers.
A standardized, multi-stage process is in place to assess supplier sustainability. This is based on internal andexternal information and requires corrective measures to be taken in the event of non-compliance. In the Bioprocess Solutions Division, a risk committee has been set up, which receives regular reports on the results
and decides on the action to be taken.
The supplier evaluation process involves reviewing compliance with sustainability requirements using self-assessments based on standardized questionnaires via recognized providers. For selected suppliers, Sartorius
engages external, independent on-site sustainability audits by external third parties. Furthermore, sustainability aspects form part of the on-site quality audits conducted by Sartorius itself.
The purchasing departments are responsible for ensuring that the Code of Conduct for Suppliers is binding
and for verifying compliance with the requirements. The quality departments are responsible for carrying out
the quality audits.
In addition, Sartorius maintains a continuous dialogue with suppliers to promote their commitment to sustainability issues.
Results of the Concept
In November 2023, the Bioprocess Solutions Division held a workshop with almost 20 selected international
suppliers at its main site in Göttingen. Among other issues, the participants discussed the topics of climatechange mitigation and the implementation of Germany’s Supply Chain Due Diligence Act (LkSG) so as tomake further progress in these areas.
As of December 31, 2023, 2,675 suppliers had signed the Sartorius Code of Conduct (previous year: 441). This
number includes all documents newly signed since October 1, 2022, which largely relate to the updated Codeof Conduct from 2022 and in some cases to the previous Code of Conduct from 2019 and mutual recognitionof equivalent codes of conduct. This equated to a 45% coverage of the purchasing volume (previous year: 12%).
Signing of the Code of Conduct was accelerated in the reporting year. In addition, the company has received
a total of 1,779 valid sustainability-related supplier self-assessments (previous year: 654). This equated to 51%
coverage of the purchasing volume, a similar figure to the previous year (49%).
Furthermore, the company carried out 62 of its own quality-related supplier audits, which included sustainability aspects (previous year: 125). This was 50% fewer than in the previous year, since the suppliers undergoingan audit were selected for the first time via a risk-based method using the results of the sustainability assessment process described above. In the reporting year, as in the previous year, no external sustainability audits
were yet carried out at any suppliers’ sites. The initial focus was instead on other aspects of the due diligencesystem described above.

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Group Management Report Non-financial Group Statement

Indicators Supply Chain
Suppliers having signed the Code of Conduct for Business Partners 20232
Coverage purchasing volume in %Sustainability-related supplier self-assessments as of 31.12.2,3Coverage purchasing volume as of 31.12. in %3
External sustainability-related supplier audits
Coverage purchasing volume in %Own quality-related supplier audits, which include sustainability aspects

2023

20221

2,675

441

45

12

1,779

654

51

49

0

0

0

0

62

125

1 The data for fiscal 2022 were taken from the 2022 Non-financial Statement.
2 Figures take account of all suppliers entered in the ERP system on the purchasing side. Subsidiaries are covered by the parent company. This number includes all documents newly signed since October 1, 2022, which largely relate to the updated Code of Conductfrom 2022 and in some cases to the previous Code of Conduct from 2019 and mutual recognition of equivalent codes of conduct.
3 Includes available sustainability-related self-assessments via recognized providers that, according to the platform, are valid as of thereporting date or whose validity date is not older than two years, provided a defined minimum score was achieved across all topics

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Group Management Report Non-financial Group Statement

Disclosures Pursuant to the EU Taxonomy Regulation
The following disclosures constitute the disclosures required of the Sartorius Group in accordance with Article
8 of Regulation (EU) 2020/852 (“EU Taxonomy Regulation”) for fiscal 2023.
The EU taxonomy is a classification system for determining environmentally sustainable economic activities in
the real economy, combined with specific disclosure requirements for companies. These relate to taxonomyaligned turnover, capital expenditures and operating expenditures with respect to the EU’s six environmental
objectives: climate change mitigation, climate change adaptation, the sustainable use and protection of waterand marine resources, the transition to a circular economy, pollution prevention and control, and the protection and restoration of biodiversity and ecosystems.
For the first time, companies are required for fiscal year 2023 to disclose taxonomy-eligible turnover, capital
expenditures and operating expenditures for all environmental objectives. In this context, the economic activities described in the Delegated Acts are considered to be taxonomy-eligible, as they make a substantial contribution to the achievement of the EU’s environmental objectives. In accordance with the simplified procedure, taxonomy alignment continues to be disclosed only for the environmental objectives of climate change
mitigation and climate change adaptation. Economic activities that meet the technical screening criteria andthe minimum safeguards criteria are considered to be taxonomy-aligned.

Special Notes on Reporting
Legal Framework
Preparation of the required disclosures was associated with uncertainties for Sartorius, in particular because anumber of unanswered questions currently still exist regarding the definition of taxonomy-eligible economic
activities and the interpretation of the technical screening criteria and minimum safeguard criteria, which have
not yet been conclusively answered by the European Commission. The company has taken information into
account that was available through January 31, 2024.
Materiality approach
Capital expenditures and operating expenditures in category c were reported on the basis of materiality
thresholds. Economic activities comprising less than 1% of the total taxonomy-eligible capital and operating
expenditures were reported as non-taxonomy-eligible and therefore not assessed for taxonomy alignment.
Since Sartorius did not recognize any capital expenditures and only immaterial operating expenditures for theactivities in the nuclear energy and fossil gas sectors described in Delegated Regulation (EU) 2022/1214, thereporting pursuant to Annex II of Commission Delegated Regulation (EU) 2021/2178 does not apply. The corresponding template can be found in the “Annex to the Key Performance Indicators under the EU Taxonomy
Regulation” section.
Procedure for Determining Taxonomy Alignment (“Compliance Assessment”)
Sartorius used a three-step process to determine which turnover, capital expenditures, and operating expenditures were taxonomy-aligned:
 Determination of Generally Taxonomy-Eligible Economic Activities: The process of determining the Group’s economic activities that are generally taxonomy-eligible was carried out separately for the breakdown of turnover as well as capital expenditures and operating expenditures.
The results are each described in the following sections on taxonomy-aligned turnover, capital
expenditures, and operating expenditures, respectively.

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Group Management Report Non-financial Group Statement

 Assessment of Compliance with the Technical Screening Criteria: Compliance with the technical screening criteria, which include assessing whether the contribution to an EU environmental
objective is substantial (“Substantial contribution” – SC) and whether the other EU environmental
objectives are not significantly harmed (“Do no significant harm” – DNSH), was determined bymeans of a survey of the relevant Group companies. The results are described in each of the following sections.
 Assessment of Compliance with the Minimum Safeguards: Sartorius assessed and determined
compliance with the minimum safeguards criteria based on the recommendations contained in
the Final Report on Minimum Safeguards published by the European Platform on Sustainable Finance in October 2022 for the following four topics as follows: Taxes: In this regard, the Group refers in particular to the existing Group-wide risk management
system, which is described in the “Opportunity and Risk Report” section. Responsibility for tax
compliance generally lies with the local management of the individual Group companies. These
are supported by both local tax consulting firms and the central Group Tax Department. A systemof various measures, such as monitoring local regulations (filing deadlines, tax rates, etc.) and tax
risks, ensures that information is collected within the Group and reported to the Executive Board
accordingly.
 Corruption and Bribery: The Group refers to the existing Group-wide compliance management
system, which is described in the “Corporate Governance Report”.
 Fair Competition: The Group refers to the existing Group-wide compliance management system,
which is described in the “Corporate Governance Report” section.
 Human Rights: With respect to the required human rights due diligence system in accordancewith the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises, the Group refers to the existing measures for its own sites and direct andindirect suppliers described in this Non-financial Statement, which can be found in the “Social
Responsibility” and “Sustainability in the Supply Chain” sections, respectively. Sartorius’ humanrights due diligence system does not extend to customer relationships, as the Group has not identified any relevant areas of risk stemming from its products and services. Since the taxonomyaligned capital expenditures and operating expenditures reported below for fiscal 2023 relate toGermany, Sartorius has assessed and determined the effectiveness of the system exclusively
within this framework.
Avoiding Double Counting
With legislation having expanded the list of taxonomy-eligible economic activities, Sartorius is required to report on taxonomy-eligible turnover for the first time in fiscal year 2023. Since this relates exclusively to a single
environmental objective – transition to a circular economy – rather than to multiple environmental objectives,
the possibility of double counting in turnover reporting is ruled out.
In the reporting year, capital and operating expenditures included, for the first time, expenditures related totaxonomy-aligned economic activities (category a capital and operating expenditures). These expenditures at
Sartorius are contributing to the transition to a circular economy. Capital and operating expenditures in thereporting year also included spending related to the acquisition of products from taxonomy-eligible economic
activities (category c). Data collection was therefore designed to distinguish between the two types of expenditure and avoid double counting in expenditure reporting.

107

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Group Management Report Non-financial Group Statement

Key Performance Indicators under the EU Taxonomy Regulation
In the following tables, Sartorius summarizes the proportion of its turnover, capital expenditures and operating
expenditures attributable to taxonomy-eligible and taxonomy-aligned economic activities in fiscal year 2023.
Turnover, capital expenditures and operating expenditures attributable to EU Taxonomy Regulation in FY 2023
Indicator/
Environmental
targetTaxonomy-eligible and -aligned

Taxonomy-eligible, but
not -aligned

Taxonomy
non-eligible

Turnovern. a. 1

39%

61%

Circular economy

Manufacture of electronic equipment

n. a. 129%

Circular economy

Repair services

n. a. 1

7%

Circular economy

Spare parts sales

n. a. 1

1%

Provision of IT data-driven solutions

n. a. 1

1%

5%

22%

5%

12%

Circular economy

Activity

Capitalexpenditures
Climate protection

Acquisition and ownership of buildings

Climate protection

Vehicle leasing

0%

1%

Circular economy

Manufacture of electronic equipment

n. a. 1

8%

Circular economy

Repair services

n. a. 1

1%

Provision of IT data-driven solutions

n. a. 1

1%

2%

40%

Circular economy

73%

Operatingexpenditures
Climate protection

Acquisition and ownership of buildings

2%

17%

Climate protection

Vehicle leasing

0%

2%
11%
11%

Circular economy

Manufacture of electronic equipment

n. a. 1

Circular economy

Provision of IT data-driven solutions

n. a. 158%

1 As it was not yet mandatory to assess the taxonomy alignment of these activities for fiscal year 2023, no data are yet available.

Detailed information on the individual key performance indicators including the relevant economic activities
can be found in the section “Notes of the Key Performance Indicators under the EU Taxonomy Regulation”
and the official templates in the section “Annex to the Key Performance Indicators under the EU Taxonomy
Regulation.”108

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Group Management Report Non-financial Group Statement

Notes of the Key Performance Indicators under the EU Taxonomy
Regulation
Turnover from Taxonomy-Eligible and Taxonomy-Aligned Economic Activities
The turnover pursuant to the EU Taxonomy Regulation corresponds to the figure reported in the Statementof Profit or Loss for the fiscal year in question, which was determined on the basis of the International Financial
Reporting Standards (IFRS) applicable to the consolidated financial statements.
The legislation expanded the list of taxonomy-eligible economic activities in the reporting year. Based on thislist, the Sartorius Group generates turnover from the following taxonomy-eligible economic activities set out
in the Delegated Act on the transition to a circular economy:
 Activity 1.2: Manufacture of electrical and electronic equipment
 Activity 5.1: Repair, refurbishment and remanufacturing
 Activity 5.2: Sale of spare parts
 Activity 4.1: Provision of IT/OT data-driven solutions and software
In accordance with the applicable simplified procedure, the presentation of taxonomy-aligned turnover infiscal year 2023 continues to relate only to the environmental objectives of climate change mitigation andclimate change adaptation. Accordingly, taxonomy-aligned turnover accounted for 0% of total consolidated
turnover in fiscal 2023 (previous year: 0%). The Delegated Acts on climate change mitigation and climatechange adaptation applicable to these objectives currently address only particularly climate-relevant economic activities, with which the Group does not generate any sales revenue.
Capital Expenditures for Taxonomy-Eligible and Taxonomy-Aligned Economic Activities
Capital expenditures in accordance with the EU Taxonomy Regulation consisted of gross additions to tangible
and intangible fixed assets in the reporting year, including additions from business acquisitions. In this context,
goodwill is not taken into account. Capital expenditures were measured on the basis of the International Financial Reporting Standards (IFRS) applicable to the consolidated financial statements. Capital expenditures
correspond to the sum of the amounts recognized in the notes to the consolidated financial statements frominvestment and additions from acquisitions which are presented in the sections “15. Other intangible assets”,“16. Property, plant and equipment”, and “17. Leases.
In relation to taxonomy-eligible turnover, Sartorius calculated category a capital expenditures in the reporting year for the first time. There are currently no category b capital expenditures – i.e. that are part of a plan toexpand taxonomy-aligned economic activities or to transform taxonomy-eligible into taxonomy-aligned economic activities (“CapEx plan”). As in the previous year, the company has also recognized category c capital
expenditures for the acquisition of products and services relating to taxonomy-eligible economic activities
from the Delegated Act on climate change mitigation and climate change adaptation:
 Activity 6.5: Transport by motorbikes, passenger cars and light commercial vehicles
 Activity 7.7: Acquisition and ownership of buildings
In accordance with the applicable simplified procedure, the presentation of taxonomy-aligned capital expenditures in fiscal year 2023 continues to relate only to the environmental objectives of climate change mitigationand climate change adaptation. Accordingly, there was no assessment of compliance with the technicalscreening criteria for category a capital expenditures in fiscal 2023.

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Group Management Report Non-financial Group Statement

Sartorius’ assessment of compliance with the technical screening criteria for acquired taxonomy-eligible economic activities (category c) resulted in the conclusion that the taxonomy-eligible amounts for Activity 6.5
cannot be designated as taxonomy-aligned due to a lack of information supporting compliance with the
DNSH criteria for the EU environmental objective “pollution prevention and control.” Capital expenditures on
vehicles already include numerous electric cars. This means that the company has met key EU taxonomy criteria, for example with regard to CO2 emissions. Sartorius could not, however, provide full evidence that otherrequirements, including the mandatory EU tire labels, had been met.
With respect to Activity 7.7, compliance with the technical screening criteria could only be determined for thecompany’s buildings in Germany. This assessment was carried out on the basis of existing and planned certifications by the German Sustainable Building Council (DGNB) and energy performance certificates, among
other data. Sartorius was able to successfully evaluate the SC and DNSH criteria for most of the buildings inGermany.
As such, taxonomy-aligned capital expenditures accounted for 5% of all capital expenditures in fiscal 2023
(previous year: 13%) and have therefore fallen year on year. This was attributable in particular to the acquisitionof Polyplus (see the Business Combinations section), which significantly increased total capital expenditures
as the denominator and therefore reduced the relative share of the taxonomy-aligned expenditure. Lower investment in buildings compared with the previous year also played a role.
Operating expenditures for Taxonomy-Eligible and Taxonomy-Aligned Economic Activities
Operating expenditures as defined in the EU Taxonomy Regulation include all direct, non-capitalized costs
associated with research and development, renovation measures, short-term leases, and maintenance andrepair.
In relation to taxonomy-eligible turnover, Sartorius calculated category a operating expenditures in the reporting year for the first time. There are currently no category b operating expenditures. As in the previous year,
the company has also recognized category c operating expenditures for the acquisition of products and services relating to taxonomy-eligible economic activities from the Delegated Act on climate change mitigationand climate change adaptation:
 Activity 6.5: Transport by motorbikes, passenger cars and light commercial vehicles
 Activity 7.7: Acquisition and ownership of buildings
The associated operating expenditures were allocated based on the capital expenditures determined to betaxonomy-aligned. At Sartorius, these only include the costs associated with renovating and maintaining
buildings.
As such, taxonomy-aligned operating expenditures accounted for 2% of all operating expenditures in fiscal
2023 (previous year: 1%).

110

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Group Management Report Non-financial Group Statement

Annex to the Key Performance Indicators under the EU Taxonomy
Regulation
Templates in accordance with Annex I to Delegated Regulation (EU) 2021/2178
Proportion of turnover from products or services associated with taxonomy-aligned economic activities
FY 2023

Substantial contribution criteria
Climate change
mitigation (5)Climate change
adaption (6)Water (7)Pollution (8)Circular
Economy (9)Biodiversity (10)Proportion of turnover (4)A.1. Environmentally sustainable activities (taxonomy-aligned)

3

Turnover of environmentally
sustainable activities(taxonomy-aligned) (A.1)

0 € in mill.

0%

n.r.

n.r.

n.r.

n.r.

n.r.

n.r.

4

of which enabling0 € in mill.

0%

n.r.

n.r.

n.r.

n.r.

n.r.

n.r.

5

of which transitional0 € in mill.

0%

6

A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities)

7

Manufacture of electrical and electronicequipment

CE 1.2994,0€ in mill.

29%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

8

Provision of IT/OT
data-driven solutions

CE 4.1

44,4€ in mill.

1%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

9

Repair, refurbishment
and remanufacturing CE 5.1

229,4€ in mill.

7%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

50,1
€ in mill.

1%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

Turnover of taxonomy-eligible
but not environmentally sustainable activities(not taxonomy-aligned activi11 ties) (A.2)

1.318€ in mill.

39%

0%

39%

0%

0%

0%

0%

A. Turnover of taxonomy12 eligible activities (A.1 + A.2)

1.318
€ in mill.

39%

0%

39%

0%

0%

0%

0%

CE 5.2

Turnover (3)Economic activities (1)A. TAXONOMY-ELIGIBLE ACTIVITIES

2

10 Sale of spare parts

Code (2)Row number

1

13 B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy14 non-eligible activities

2.078€ in mill.

61%

15 Total

3.396€ in mill.

100%

111

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Group Management Report Non-financial Group Statement

DNSH-criteria ("Does Not Significantly Harm")
Water (13)Pollution (14)Circulareconomy (15)Biodiversity (16)Minimum safeguards (17)Proportion of taxonomy-aligned (A.1) or eligible (A.2) turnover,year 2022 (18)

n.r.

n.r.

n.r.

n.r.

n.r.

n.r.

0%

n.r.

n.r.

n.r.

n.r.

n.r.

n.r.

n.r.

0%

Category transitional activity (20)

Climate change adaption (12)

n.r.

4

Category enabling activity (19)

Climate change mitigation (11)Row number

3

1
2

5

0%

6

7

n.r.

8

n.r.

9

n.r.

10

n.r.

11

n.r.

12

n.r.

Y – Yes, taxonomy-eligible activity and taxonomy-aligned with the relevant environmental objective
N – No, taxonomy-eligible activity but not taxonomy-aligned with the relevant environmental objective
N/EL – ‘Not eligible’, activity not taxonomy-eligible for the relevant environmental objective
CE – Circular economy

E
T

112

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Group Management Report Non-financial Group Statement

Proportion of CapEx from products or services associated with taxonomy-aligned economic activities

FY 2023

Substantial contribution criteria
Climate change
mitigation (5)Climate change
adaption (6)Water (7)Pollution (8)Circular
Economy (9)Biodiversity (10)Proportion of
CapEx (4)CapEx (3)Economic activities (1)A. TAXONOMY-ELIGIBLE ACTIVITIES

2

A.1. Environmentally sustainable activities (taxonomy-aligned)

3

Acquisition and ownership of buildings
CCM 7.7

77.9€ in mill.

5%

Y

N

N/EL

N/EL

N/EL

N/EL

4

CapEx of environmentally
sustainable activities(taxonomy-aligned) (A.1)

77.9€ in mill.

5%

5%

0%

0%

0%

0%

0%

of which enabling

77.9€ in mill.

5%

5%

0%

0%

0%

0%

0%

6

of which transitional0€ in mill.

0%

7

A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities)

8

Transport by motorbikes, passenger cars
and light commercial
vehicles9

Acquisition and ownership of buildings

5

Code (2)Row number

1

CCM 6.5

12.4€ in mill.

1%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

CCM 7.7

194.5€ in mill.

12%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

CE 1.2119.0€ in mill.

8%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

CE 4.1

16.4€ in mill.

1%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

Repair, refurbishment
12 and remanufacturing CE 5.1

9.4€ in mill.

1%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

CapEx of taxonomy-eligible but
not environmentally sustainable
activities (not taxonomy-aligned
13 activities) (A.2)

351.6€ in mill.

22%

13%

0%

0%

0%

10%

0%

A. CapEx of taxonomy14 eligible activities (A.1 + A.2)

429.6
€ in mill.

27%

18%

0%

0%

0%

10%

0%

Manufacture of electrical and electronic
10 equipment
Provision of IT/OT
11 data-driven solutions

15 B. TAXONOMY-NON-ELIGIBLE ACTIVITIESCapEx of Taxonomy16 non-eligible activities

1,133.6€ in mill.

73%

17 Total

1,563.1€ in mill.

100%

113

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Group Management Report Non-financial Group Statement

DNSH-criteria ("Does Not Significantly Harm")
Climate change adaption (12)Water (13)Pollution (14)Circulareconomy (15)Biodiversity (16)Minimum safeguards (17)Proportion of taxonomy-aligned (A.1) or eligible (A.2) CapEx,
year 2022 (18)Category enabling activity (19)

Y

Y

Y

Y

Y

Y

Y

13%

E

4

Y

Y

Y

Y

Y

Y

Y

13%

5

Y

Y

Y

Y

Y

Y

Y

13%

Category transitional activity (20)

Climate change mitigation (11)Row number

3

1
2

6

0%

7

8

1%

9

21%

10

0%

11

0%

12

0%

13

22%

14

35%

Y – Yes, taxonomy-eligible activity and taxonomy-aligned with the relevant environmental objective
N – No, taxonomy-eligible activity but not taxonomy-aligned with the relevant environmental objective
N/EL – ‘Not eligible’, activity not taxonomy-eligible for the relevant environmental objective
CE – Circular economy

E
T

114

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Group Management Report Non-financial Group Statement

Proportion of OpEx from products or services associated with taxonomy-aligned economic activities
FY 2023

Substantial contribution criteria
Climate change
mitigation (5)Climate change
adaption (6)Water (7)Pollution (8)Circular
Economy (9)Biodiversity (10)Proportion of
OpEx (4)OpEx (3)Economic activities (1)Code (2)Row number

1

A. TAXONOMY-ELIGIBLE ACTIVITIES

2

A.1. Environmentally sustainable activities (taxonomy-aligned)

3

Acquisition and ownership of buildings
CCM 7.7

2.9€ in mill.

2%

Y

N

N/EL

N/EL

N/EL

N/EL

4

CapEx of environmentally
sustainable activities(taxonomy-aligned) (A.1)

2.9€ in mill.

2%

2%

0%

0%

0%

0%

0%

5

of which enabling

2.9€ in mill.

2%

2%

0%

0%

0%

0%

0%

6

of which transitional0€ in mill.

0%

7

A.2 Taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities)

8

Transport by motorbikes, passenger cars
and light commercial
vehicles9

Acquisition and ownership of buildings

CCM 6.5

3.7€ in mill.

2%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

17%

EL

N/EL

N/EL

N/EL

N/EL

N/EL

CCM 7.7

26.5€ in mill.

Manufacture of electrical and electronic
10 equipment

CE 1.2

17.3€ in mill.

11%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

Provision of IT/OT
11 data-driven solutions

CE 4.1

17.0€ in mill.

11%

N/EL

N/EL

N/EL

N/EL

EL

N/EL

OpEx of taxonomy-eligible but
not environmentally sustainable
activities (not taxonomy-aligned
12 activities) (A.2)

64.5€ in mill.

40%

19%

0%

0%

0%

22%

0%

A. OpEx of taxonomy13 eligible activities (A.1 + A.2)

67.4
€ in mill.

42%

21%

0%

0%

0%

22%

0%

14 B. TAXONOMY-NON-ELIGIBLE ACTIVITIESOpEx of Taxonomy15 non-eligible activities

92.5€ in mill.

58%

16 Total

159.9€ in mill.

100%

115

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Group Management Report Non-financial Group Statement

DNSH-criteria ("Does Not Significantly Harm")
Climate change adaption (12)Water (13)Pollution (14)Circulareconomy (15)Biodiversity (16)Minimum safeguards (17)Proportion of taxonomy-aligned (A.1) or eligible (A.2) OpEx,
year 2022 (18)Category enabling activity (19)

Y

Y

Y

Y

Y

Y

Y

1%

E

4

Y

Y

Y

Y

Y

Y

Y

1%

5

Y

Y

Y

Y

Y

Y

Y

1%

Category transitional activity (20)

Climate change mitigation (11)Row number

3

1
2

6

0%

7

8

2%

9

16%

10

0%

11

0%

12

18%

13

19%

Y – Yes, taxonomy-eligible activity and taxonomy-aligned with the relevant environmental objective
N – No, taxonomy-eligible activity but not taxonomy-aligned with the relevant environmental objective
N/EL – ‘Not eligible’, activity not taxonomy-eligible for the relevant environmental objective
CE – Circular economy

E
T

116

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Group Management Report Non-financial Group Statement

Templates in accordance with Annex XII to Delegated Regulation (EU) 2021/2178
Template 1: Activities in the nuclear energy and fossil gas sectors
Nuclear energy related activities
1.

The undertaking carries out, funds or has exposures to research, development, demonstrationand deployment of innovative electricity generation facilities that produce energy from nuclear
processes with minimal waste from the fuel cycle.

no2.

The undertaking carries out, funds or has exposures to construction and safe operation of new
nuclear installations to produce electricity or process heat, including for the purposes of district
heating or industrial processes such as hydrogen production, as well as their safety upgrades,
using best available technologies.

no3.

The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or
industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.

noFossil gas related activities
4.

The undertaking carries out, funds or has exposures to construction or operation of electricity
generation facilities that produce electricity using fossil gaseous fuels.

no5.

The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.

no6.

The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.

noTemplates 2 -5:
not relevant

117Sartorius

Group Management Report Non-financial Group Statement

Notes on the Calculation of GHG Emissions
Applied Standards
Accounting for GHG emissions is based on the GHG Protocol’s 2004 Corporate Accounting and ReportingStandard and 2011 Corporate Value Chain (Scope 3) Accounting and Reporting Standard. Reporting is basedon the mandatory disclosures set out therein. Operational control was selected as the consolidation approach.

Data Concepts
The data concepts used in fiscal 2023 are described in more detail below for each GHG category. These concepts were unchanged from the previous year.
Scope 1
Fuel consumption and fugitive emissions for solvents and refrigerants were multiplied by a specific emission
factor.
Scope 2The consumption of electricity, heating, and cooling was multiplied by a specific emission factor.
Scope 3
 Category 1: “Purchased goods and services”
 The weight or grouped operating expenditures for purchased goods and services was multiplied
by a specific emission factor.
 The “Adjusted gross GHG intensity per net turnover – market-based calculation” (also referred toas “CO2 emission intensity,” see “Climate” section) accounts in the “Purchased goods and services” GHG category only for the goods and services actually consumed for the manufacture of
Sartorius’ products and services sold during the fiscal year. This means that the data have beenadjusted for warehouse inventories.
 Category 2: “Capital goods”
The grouped capital expenditures for goods and services were multiplied by a specific emission
factor.
 Category 3: “Fuel- and energy-related activities (not included in Scope 1 and 2)”
The fuel and energy consumption used to calculate Scope 1 and 2 GHG emissions was each
multiplied by specific emission factors.
 Category 4: “Upstream transportation and distribution”
GHG emissions reported by the largest carriers were accounted for and logistics expenditures
not covered by this method were multiplied by an average spend-based emission factor.

118

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Group Management Report Non-financial Group Statement

 Category 5: “Waste generated in operations”
The amount of waste generated was multiplied by emission factors specific to each material andmethod of disposal.
 Category 6: “Business travel”
The recorded train, airplane, and rental car routes as well as the number of nights spent in hotels
were each multiplied by specific emission factors. Routes and nights spent in hotels that were
not recorded were estimated in each case and also multiplied by a specific emission factor.
 Category 7: “Employee commuting”
The average distance employees commuted per day was extrapolated based on the number of
employees and scaled using on-site attendance days and estimated work weeks, and the result
was multiplied by emission factors specific to each method of transportation.
 Category 8: “Upstream leased assets”
No GHG emissions (0 t CO2eq) are reported in the category “Upstream leased assets” because
energy consumption is fully controlled by Sartorius and the corresponding emissions are therefore already presented in Scope 1 and 2.
 Category 9: “Downstream transportation and distribution”
GHG emissions accounted for in the “Upstream transportation and distribution” category were
multiplied by an estimated factor for the ratio of paid to unpaid transportation activities to customers in a warehouse selected based on data availability.
 Category 10: “Processing of sold products”
In accordance with the GHG Protocol, no GHG emissions (0 t CO2eq) are reported in the “Processing of sold products” category because Sartorius cannot currently account for these emissions appropriately given the wide range of potential options available for further processing theGroup’s products, each of which has its own specific GHG profile, and because, according to an
estimate, they are also not material to the Group’s overall GHG accounting.
 Category 11: “Use of sold products”
Turnover generated with energy-consuming product groups was multiplied by specific energy
factors determined on the basis of representative products. The resulting total energy consumption of the products sold was multiplied by a global emission factor for electricity.
 Category 12: “End-of-life treatment of sold products”
Sartorius applied the global disposal method mix to the estimated weight of products sold (seethe “What a waste 2.0” study, 2018 World Bank Report) and multiplied each by emission factors
specific to the material and the disposal method.

119

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Group Management Report Non-financial Group Statement

 Category 13: “Downstream leased assets”
No GHG emissions (0 t CO2eq) are reported in the category “Downstream leased assets” because energy consumption is fully controlled by Sartorius and the corresponding emissions are
therefore already presented in Scope 1 and 2.
 Category 14: “Franchises”
No GHG emissions (0 t CO2eq) are reported in the “Franchises” category because Sartorius
does not currently distribute its products through franchises.
 Category 15: “Investments”
No GHG emissions (0 t CO2eq) are reported in the “Investments” category, as the relevant
shareholdings from a GHG perspective have been classified as not material in the financial reporting for fiscal 2023, and the GHG emissions related to this shareholdings have also been assessed as not material to the Group’s overall GHG accounting, according to an estimate.

Emission Factors
Emission factors from various external providers and databases were used for GHG accounting, as were selfcalculated average factors. The providers, databases and self-calculated average factors were unchanged
from the previous year.
Emission factors applied in FY 2023
Scope 1
Defra (version 12, 07/2023)

X

MLC (version 16.0, 10/2023)

X

VfU (version 03/2022)

X

Scope 2

Scope 3
X

X

X

Ecoinvent (version 3,9, 2022)X

EPA (version 5.0, 05/2023)

X

EPA – spend based (2020)

X

GHG Protocol (version 19.0, 04/2023)

X

IEA (version 6, 2024)

X

Ecometrica (Version 2022)

X

Self-calculated average factors

X

Inflation was not taken into account in calculating expenditure- and turnover-based GHG emissions. This affects
the categories “Purchased goods and services,” “Capital goods,” “Upstream transportation and distribution,”“Downstream transportation and distribution,” “Use of sold products” and “End-of-life treatment of sold products.” The aim here is to avoid distorting the reported turnover figure used to calculate GHG intensity.

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Group Management Report Non-financial Group Statement

Additional Remarks
Sartorius currently treats the GHG emissions calculated using the data concepts described above as merely anindication, since they are largely based on modeling that involves various assumptions and estimates. The accuracy of GHG accounting will be gradually improved further in the coming years so as to enable better management of emissions. This will involve switching from the expenditure-based calculation method to a more specific, driver-based calculation method, particularly affecting the largest GHG categories in the upstream value
chain: “Purchased goods and services” and “Upstream transportation and distribution.”

121

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Group Management Report Remuneration Report

Remuneration Report
1. Main Features of the Remuneration Policy for the
Executive Board
A. Main Features of the Remuneration Policy and Contribution Toward
Promoting the Corporate Strategy and Long-Term Development of theCompany
The remuneration policy for the Executive Board was revised by the Supervisory Board and approved by the
Annual General Meeting on March 29, 2023. It aims to remunerate the members of the Executive Board appropriately in line with their tasks and responsibilities and to directly consider the performance of each member of the Executive Board and the success of the company. For this reason, the remuneration policy includes
both short-term and long-term variable remuneration components in addition to fixed remuneration components.
The company strategy seeks to achieve profitable growth and a sustained, long-term increase in the value ofthe company. This strategy is the basis from which the structure of the remuneration policy is derived for the
Executive Board of Sartorius AG: The short-term variable remuneration depends on annual corporate targets
that are aligned with key performance indicators for profitable growth of the company. Long-term remuneration is based on corporate objectives that reflect the sustainable long-term growth of the Group and the longterm performance of the share price, which directly mirrors the development of the company’s value. As a result, the company’s remuneration policy creates incentives to promote the long-term and positive sustainable
development of the company.
The policy for remuneration of the Executive Board members is designed to be simple, clear and understandable. It meets the requirements of the German Stock Corporation Law (“Aktiengesetz” abbreviated as “AktG”)
as well as the recommendations of the German Corporate Governance Code (“GCGC”) with the exception ofany divergences explained in the Declaration of Compliance with the Recommendations of the GCGC as
amended from time to time. The existing divergences in the reporting year from the recommendations of theapplicable GCGC in the area of remuneration are given below.

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B. Details of the Remuneration Policy

I. Remuneration Components
1. Overview of the Individual Remuneration Components
Remuneration consists of fixed and variable components. The fixed components are the fixed annual salaryand fringe benefits. The variable performance-based components are comprised of short-term components
with a one-year assessment basis and of long-term components with a multi-year assessment basis. In addition, there are pension commitments, which depend, among other things, on the amount of the own contribution made by the respective Executive Board member in the form of deferred compensation for variable
remuneration components, and which are therefore also variable.
2. Fixed Remuneration Componentsa) Fixed Annual Remuneration
Fixed annual remuneration is cash compensation related to a specific fiscal year, and is based in particular on
the area of duties and responsibilities of the respective Executive Board member. This fixed annual remuneration is paid in twelve monthly installments.
b) Fringe benefits
Beyond the remuneration components stated above, the members of the Executive Board receive the following fringe benefits: each member is entitled to use a company car that can also be utilized for private purposes
and to be covered by accident insurance taken out in the respective Executive Board member’s name as abeneficiary. Moreover, for Executive Board members residing outside Germany – namely Rainer Lehmann andJohn Gerard Mackay in the 2023 reporting year – the costs for taking flights home and running two households
as well as the costs associated with said activities were also paid by the company as fringe benefits until therespective member left the Executive Board.
In addition, the company maintains a D&O insurance policy concluded for Executive Board members as beneficiaries. The respective insurance premiums are not of a remunerative nature and are therefore not recognized as salary expenses.

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3. Variable Performance-Based Remuneration Componentsa) Short-Term Variable Remuneration with a One-Year Assessment Basis
In addition to the fixed remuneration components, all Executive Board members are entitled to receive shortterm variable remuneration with a one-year assessment basis.
Target Parameters
The short-term variable remuneration with a one-year assessment basis consists of four individual components that relate to the subordinate financial targets: average of sales revenue and order intake, underlying
EBITDA, ratio of net debt to underlying EBITDA, and the employee net promoter score (ENPS), a measure of
how likely employees would be to recommend Sartorius to others as an employer.
These subordinate targets are key control elements for profitable growth as well as for a sustainable and longterm increase in the value of the company and serve to implement the overarching strategic goals of theGroup.
Measurement of Target Achievement and Payment
For each target parameter, the Supervisory Board has defined a formula that is used to calculate the amountto be paid out according to the degree of target achievement for the associated individual component. For
each of these components, the Supervisory Board also sets (i) a minimum target to be achieved below which
the amount that will be paid out is zero, and (ii) a maximum target to be achieved above which the amount thatwill be paid out will no longer increase. Therefore, the amount paid out for each subordinate target is cappedat the maximum percentage of the individual target amount. This cap is currently 120% for all subordinate targets.
For each of the individual components of short-term variable remuneration with a one-year assessment basis,the Supervisory Board sets a separate individual target amount for every Executive Board member before thebeginning of a fiscal year. This target amount is used as the basis to determine the specific amount to be paidout according to the particular target achievement of the relevant subordinate target for the fiscal year inquestion. The targets are weighted for the individual Executive Board members according to their area of responsibility and relate to the divisions and/or to the Group, respectively.
The Supervisory Board derives each target value of the subordinate financial targets from the approved annual
budget for a respective fiscal year and determines the degree of target achievement by comparing it with theactual result reported in the company’s consolidated financial statements audited and approved for the respective fiscal year. When it comes to the non-financial target parameters, the degree of target achievement
is determined by comparing the target values set by the Supervisory Board with the respective actual results.
The Supervisory Board ensures the comparability of target and actual figures by taking account of factors thatwere not included in operational planning. In fiscal year 2023, these related to the acquisition of Polyplus,
which was completed in July 2023.
Annual short-term variable remuneration is calculated for a fiscal year ended and paid in the following fiscal
year.

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The subordinate targets within the short-term variable remuneration are weighted for the Executive Board
members as follows:
Subordinate Target

Executive Board Chairman | Executive Board Members with DiChief Financial Officer
vision Responsibility

Related to the Sartorius Group
Average calculated from sales revenue | order intake

40%

10%

Underlying EBITDA

40%

10%

Ratio of net debt to underlying EBITDA

10%

10%

Employee Net Promoter Score (ENPS)

10%

3%

Average calculated from sales revenue | order intake

--

30%

Underlying EBITDA

--

30%

Employee Net Promoter Score (ENPS)--

7%

Related to the particular division

Subordinate Target “Average of Sales Revenue | Order Intake”
The subordinate target “Average of Sales Revenue | Order Intake” is a key performance indicator of growth andis derived from the budget for the Group or division, respectively. Target achievement is 100% if the actual
figure for the average of sales revenue | order intake equals the target amount. The minimum target achievement is 90% of the target amount, and this amount is capped at 104%. If 90% of the target amount is achieved,
50% of the associated individual target sum will be paid out; if the target is achieved at less than 90%, no payment is rendered for this subordinate target. If 104% of the target amount is achieved, an amount equal to120% of the corresponding individual target amount will be paid out; if the target is achieved in excess of thispercentage, this will not further increase the amount to be paid out. Intermediate values are interpolated linearly. Target achievement is measured on the basis of actual sales and order intake in constant currencies, asreported in the company’s consolidated financial statements audited according to the defined audit focal
points and approved. The figures were adjusted for effects from the acquisition of Polyplus during the reporting year. For fiscal year 2023, the target amount for the Group was €4,106 million. The Bioprocess Solutions
Division had a target of €3,216 million and the Lab Products & Services Division a target of €890 million.
Sales revenue | Order intake

Due to the company’s performance in 2023, the amounts achieved for the “Average of Sales Revenue | OrderIntake” subordinate target in the Group and in the two divisions – Bioprocess Solutions and Lab Products & Services – were below 90% of the target value. At the Group level, target achievement stood at 79.62%of the target value, resulting in a payout rate of 0% for the Chairman of the Executive Board and the Chief

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Financial Officer. In the Bioprocess Solutions Division, target achievement stood at 79.60% of the target value,corresponding to a payout rate of 0%, and in the Lab Products & Services Division at 79.71%, corresponding toa payout rate of 0%, resulting in no payout to the respective board member responsible for the division.
Subordinate Target “Underlying EBITDA”
The subordinate target “Underlying EBITDA” is a key indicator of the Group’s profitability, which can also be
used to present the Group’s operating performance in a more comparable way internationally. Underlying
EBITDA represents earnings before interest, taxes, depreciation, and amortization adjusted for extraordinary
effects. The target is derived from the budget and is defined by the Supervisory Board for the Group or division,respectively. Target achievement is 100% if the actual figure for underlying EBITDA equals this defined target
amount. The minimum target achievement is 70% of the target amount, and this amount is capped at 120%.
The level of the bonus payment is linear to the level of target achievement; i.e., if 70% of the subordinate target
is achieved, 70% of the related individual target amount will be paid out, or if 120% of the target is achieved,
120% of the related individual target amount will be paid out. If the target is achieved at less than 70%, no payment will be made for this subordinate target. By contrast, if the target is achieved by 120% or more, this will
not further increase the amount to be paid out. If the target is achieved at less than 70%, no payment will bemade for this subordinate target. By contrast, if the target is achieved by 120% or more, this will not further
increase the amount to be paid out. Target achievement is measured on the basis of the actual underlying
EBITDA figure, as reported in the company’s consolidated financial statements audited according to the defined audit focal points and approved, as well as by taking into account current exchange rates. The target
value for the Group in fiscal year 2023 was €1,448 million. The Bioprocess Solutions Division had a target of€1,210 million and the Lab Products & Services Division a target of €238 million.
Underlying EBITDA

In fiscal 2023, target achievement for the subordinate target "Underlying EBITDA" stood at 64.68% of the respective target value for the Group as a whole, 62.62% for the Bioprocess Solutions Division and 75.18% for the
Lab Products & Services Division, which translates into payout rates of 0% for the Group, 0% for the Bioprocess
Solutions Division and 75.18% for the Lab Products & Services Division, for payment to the members of the Executive Board in accordance with the respective weighting of the subordinate targets.

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Subordinate Target "Ratio of Net Debt to Underlying EBITDA"
The subordinate target “Ratio of Net Debt to Underlying EBITDA” is a key financial ratio regarding the Group’s
debt financing capacity. This ratio is calculated as the quotient of net debt and underlying EBITDA. The target
is derived from the budget and is defined by the Supervisory Board for the Group. Target achievement is 100%
if the actual figure for the ratio of net debt to underlying EBITDA equals this defined target amount. The levelof the bonus paid lies between 50% and 120% of the respective subordinate target amount. If the target ratio
is reached, the bonus level to be paid is 100%. If net debt to underlying EBITDA is above the target ratio, thebonus level will decrease proportionately down to 50% if the maximum amount defined by the Supervisory
Board for the ratio of net debt to underlying EBITDA is reached. If the ratio exceeds this maximum amount, nobonus will be paid for this subordinate target. By contrast, if net debt to underlying EBITDA is below the target
ratio, the bonus amount is capped at 120%, with the associated ratio of net debt to underlying EBITDA derived
mathematically on a linear proportional basis from the maximum and target values for this ratio as defined by
the Supervisory Board. Target achievement is measured on the basis of the actual ratio of net debt to underlying EBITDA as reported in the company’s consolidated financial statements audited according to the defined audit focal points and approved, taking into account current exchange rates and the inflows and outflows
entailed by strategic (capital) measures such as acquisitions, provided that such inflows and outflows are notincluded in the target ratio. The target in fiscal year 2023 was 1.43.
Ratio of Net debt to Underlying EBITDA

In fiscal 2023, target achievement for the subordinate target “Ratio of Net Debt to Underlying EBITDA” stood
at 0%, resulting in no payout for this subordinate target.
Subordinate Target “Employee Net Promoter Score (ENPS)”
The subordinate target “Employee Net Promoter Score (ENPS)” refers to the non-financial component of employee satisfaction. The focus is on a high or competitive recommendation rate, which is currently polled twicea year within the scope of global employee surveys. The target is defined by the Supervisory Board for theGroup or division, respectively. Target achievement is 100% if the actual average ENPS from the two polls
equals the target amount defined by the Supervisory Board. The minimum target achievement is 70% of thetarget amount, and this amount is capped at 120%. The level of the bonus payment is linear to the level oftarget achievement; i.e., if 70% of the subordinate target is achieved, 50% of the related individual target
amount will be paid out, or if 112% of the target is achieved, 120% of the related individual target amount will be
paid out. If the target is achieved at less than 70%, no payment will be made for this subordinate target. By
contrast, if the target is achieved by 112% or more, this will not further increase the amount to be paid out.
Target achievement is measured on the basis of the actual value achieved. The Supervisory Board set a targetof 35 for the Employee Net Promoter Score in fiscal year 2023.

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Employee Net Promoter Score (ENPS)

In fiscal 2023, target achievement for the subordinate target "Employee Net Promoter Score (ENPS)" stoodat 8.81% of the target value for the Group as a whole, -21.69% for the Bioprocess Solutions Division, and 71.47%
for the Lab Products & Services Division, which translates into payout amounts of 0% for the Group, 0% for the
Bioprocess Solutions Division and 52.50% for the Lab Products & Services Division, for payment to the members of the Executive Board in accordance with the respective weighting of the subordinate targets.
b) Long-Term Variable Remuneration Components
In the reporting year, the long-term variable remuneration components for all members of the Executive
Board consisted of the following three individual components: Each individual component is based on thedevelopment of consolidated net profit, the reduction in CO2 emissions intensity and the development of theSartorius AG preference share price over a four-year assessment period. As a result, the long-term variable
remuneration components are also aligned with target parameters that measure profitable growth and a sustainable and long-term increase in the value of the company and the achievement of the climate targets derived from the company’s sustainability strategy, and thus serve to implement the company’s overarching strategic objectives.
The aforementioned long-term variable remuneration components are weighted as follows: 25% each for consolidated net profit and reduction in CO2 -equivalent emission intensity and 50% for the phantom stock plan.
For each of the individual components, a separate individual target amount is set for each Executive Board
member, on the basis of which the specific payment amount is determined in each case based on the level atwhich the associated targets were achieved for the relevant fiscal years.
The Executive Board Chairman Dr. Joachim Kreuzburg was additionally granted share-based compensation
as a further long-term variable remuneration component. The long-term increase in the value of the company
as an overriding strategic objective of the company is also promoted by this share-based compensation andthe participation provided by this in the development of the price of the company’s shares. The respective
long-term variable remuneration components together generally represent the majority of the variable compensation components for each Executive Board member.
The “consolidated net profit” and “reduction in CO2 -equivalent emissions intensity” components of long-term
variable remuneration are each weighted at 25%. In contrast, the “development of preference share price”
component of long-term variable remuneration is weighted at 50%. As a result, the share-based portion ofvariable remuneration, in deviation from Recommendation G.10, sentence 1 of the GCGC, does not, in principle, constitute the predominant portion of Executive Board members’ variable remuneration. The Supervisory

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Board believes that even with the current weighting, an incentive structure is achieved which is geared to thesustainable and long-term development of the company. In the case of the Chairman of the Executive Board,
however, his variable remuneration is predominantly share-based in view of the additional share component
granted, in line with this Recommendation. In the reporting year, the Supervisory Board decided in future to
make use of the possibility of also providing a share-based component to all members of the Executive Board.
Consolidated Net Profit
The individual component based on consolidated net profit has an assessment period of four consecutive fiscal years (until 2021: three consecutive fiscal years) and begins with the fiscal year in which the tranche in question is granted. A new tranche is granted on a rolling basis for each fiscal year. The payout amount for the respective tranche is based on the total target achievement for the respective measurement period, which corresponds to the average target achievement for each of the four fiscal years of the relevant measurement period. For each fiscal year, the Supervisory Board annually defines a target for consolidated net profit in euros.
To determine the level of target achievement for a fiscal year, the consolidated net profit that is reported in
the company’s consolidated financial statements audited according to the defined audit focal points and approved and excluding amortization (impairment of the value of intangible assets due to business combinations
pursuant to IFRS 3) is compared with the respective target set by the Supervisory Board. For this component,
which is designed to make the calculation more objective, the Supervisory Board in fiscal year 2023 mainly
took into account the acquisition of Polyplus and the funding of this transaction.
The amount paid out is determined on the basis of the individual target amount and the formula defined by
the Supervisory Board. It establishes (i) a minimum target achievement level of 50%, below which the payout
is zero, and (ii) a maximum target achievement level, above which the payout amount no longer increases.
Therefore, the amount paid out for this remuneration target is capped at the maximum percentage of the individual target amount. This cap currently stands at 120% for all individual target amounts and is reached at atarget achievement level of 120%. This remuneration component is generally paid after the end of the last fiscal
year of the assessment period for the tranche in question, which was four years for tranches granted in thereporting year and three years for tranches granted in previous years.
Average net profit

Up to and including fiscal year 2021, in order to balance out the payout amounts over time, a partial payment
was paid out in the amount of 50% of the payout amount, determined on the basis of the level of target
achievement for the first fiscal year of the assessment period of a tranche in each case, based on the individual
subordinate target amount. This partial payment only still applied to Rainer Lehmann, whose contract predates the new remuneration policy coming into effect as it pertains to this component. Such a partial amountis calculated and paid out at the end of the first fiscal year of a respective assessment period based on the129Sartorius

Group Management Report Remuneration Reportcompany’s consolidated financial statements audited according to the defined audit focal points and approved. Any overpayment as a result of these partial payments will be offset against other remuneration components once the total target achievement level has been determined after the third or fourth fiscal year of
the relevant assessment period.
Target achievement for the “consolidated net profit” component for fiscal 2023 stood at 0% of the target
value. For the 2021 to 2023 multi-year assessment period, the target achievement level stands at 90.7%, meaning that a payout of 90.7% less the partial payment granted in 2021 will apply for this three-year period. The
complete target achievement for the multi-year assessment period beginning in 2023 cannot be determineduntil the consolidated financial statements audited and approved for 2026 are available.
Reduction CO2 -emission intensity
The individual component related to the reduction in CO2 emission intensity has an assessment period of four
fiscal years and begins with the fiscal year in which the tranche in question is granted. A new tranche is granted
on a rolling basis for each fiscal year. The amount paid out for a particular tranche depends on the individual
target amount and target achievement for the respective assessment period. The Supervisory Board sets atarget value for each tranche for the reduction in CO2 emission intensity during the assessment period. This isbased on the relevant target value from the company’s sustainability strategy (from the previous year’s audited
Non-financial Group Statement) and is currently 10% per fiscal year. To determine the target achievement of
this parameter, the final value used is based on the actual value of the CO2 emission intensity reached in thelast fiscal year of the respective four-year assessment period for the corresponding tranche, as reported in therespective audited Non-financial Group Statement. Corrections are made to base effects and recording inaccuracies to take into account progress in the quality of available data.
The amount paid out is determined on the basis of the individual target amount and the formula defined by
the Supervisory Board. It establishes (i) a minimum target achievement level of 50%, below which the payout
is zero, and (ii) a maximum target achievement level, above which the payout amount no longer increases.
Therefore, the amount paid out for this remuneration target is capped at the maximum percentage of the individual target amount. This cap stands at 120% and is reached at a target achievement level of 120%.
This remuneration component is paid out after the end of the fourth fiscal year of the assessment period forthe tranche in question.
CO2 emission intensity

Target achievement for the multi-year assessment period beginning in 2023 cannot be determined until theaudited and approved consolidated financial statements for 2026 are available.

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Development of the Preference Share Price (Phantom Stock Plan)As the third individual component of long-term variable compensation, Executive Board members receive virtual shares, known as phantom stock units. Through the issue of such phantom shares, Executive Board members are treated as if they were owners of a certain number of preference shares in Sartorius AG, without, however, being entitled to receive dividends. The development of the value of these phantom stocks is linked withthe development of the Sartorius preference share; both increases and decreases in the share price are taken
into account. Later, the value of these phantom stocks is assessed based on the share price at the time, and its
equivalent is paid out in cash, provided that the associated conditions are met. Phantom stocks cannot be
traded and do not confer any rights to purchase shares.
According to the Sartorius phantom stock plan, each Executive Board member is credited at the beginning of
every year with phantom stock units valued at an agreed monetary value. The value of these phantom stocks
can be paid out only as an entire annual tranche. Payment can be requested at the earliest after a period offour years and no later than after eight years. If a member is appointed to the Executive Board during a year,
this member will be assigned phantom stock units retroactively as of the beginning of this fiscal year (pro rata
temporis, if applicable).
An Executive Board member is entitled to receive payment for phantom stock units only if the share price atthe time of such payment request has appreciated at least 7.5% per year relative to the time the phantom stock
units were assigned or if the share price outperformed the TecDAX as a comparative index. In addition, thevalue of the phantom stock units must be at least 50% of the grant value. The phantom stock plan rules out
subsequent changes to the parameters used for comparative stock valuation.
Assignment of these phantom stock units and later payment of their monetary equivalent depend on themean value calculated from the average prices of the Sartorius AG preference share, with said prices quoted
in the closing auction of Xetra trading on the Frankfurt Stock Exchange (or a corresponding successor trading
system) over the last 20 days of trading of the previous year (in the case of granting) or over the last 20 days of
trading prior to submission of a payment request (in the case of payment). This serves to compensate for any
short-term fluctuations in the share prices.
The payout amount is capped at a maximum of 2.5 times the share price at the time the phantom stock units
were granted, based in each case on the individual annual tranche.
Under the current terms of the phantom stock plan, payment for phantom stock is blocked for the four weeks
preceding the scheduled publication date of quarterly results and for the 30 calendar days before the scheduled publication of the half-year results and preliminary year-end results, as well as for 20 days of trading on
the stock exchange following the actual publication of quarterly and preliminary year-end results. These blackout periods are intended to ensure that payments are only made during periods in which the most recent business results have already been processed in the capital market and the regular publication of further businessresults is still sufficiently far in the future.
The fair value grant price for this remuneration component is €356.09 for 2023. Target achievement for thissubordinate target is reported in the remuneration report after vesting or exercise by the Executive Board
members; i.e., between 2027 and 2031.
Share-Based Payment
In December 2019, Dr. Joachim Kreuzburg was additionally granted share-based payment in connection withthe fourth extension of his appointment as a member and Chairman of the Executive Board as well as CEO.
This was in the form of company shares with a grant date fair value totaling €5.0 million (based on the shareprice as of December 5, 2019, as the grant date); this corresponds to a pro-rated grant date fair value of€1.0 million for each year of his new five-year term of appointment. For this purpose, a corresponding number

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Group Management Report Remuneration Reportof treasury shares (27,570 treasury shares in total), consisting of equal proportions of the company’s own preference shares and own ordinary shares, were transferred to Dr. Joachim Kreuzburg at the beginning of his new
term in November 2020. The shares granted are subject to a holding period that will end on November 10,
2024. Should Dr. Joachim Kreuzburg leave the company prior to November 11, 2022, at his own request, his
entitlements to be granted said shares by transfer shall lapse in their entirety. If Dr. Joachim Kreuzburg leaves
the company after November 10, 2022, and before November 11, 2024, at his own request, half of his entitlements to be granted said shares shall lapse. For the purpose of the target total remuneration, the shares
granted for Dr. Joachim Kreuzburg’s current five-year term of appointment are recognized at their pro-rated
grant date fair value for each year of his term of appointment. Dr. Joachim Kreuzburg sold a total of 20,000
preference shares on November 14, 2022. This reported transaction was published on the Sartorius AG website.
Dr. Alexandra Gatzemeyer and Dr. René Fáber were granted share-based remuneration in December 2023 in
the form of company shares, which were transferred effective January 1, 2024. Dr. Alexandra Gatzemeyer was
granted 1,496 ordinary shares at an exercise price of €234.00 and 1,186 preference shares at an exercise priceof €295.10 for a contract period of two years and four months. The shares granted are subject to a holding
period that will end on December 31, 2027. Should Dr. Alexandra Gatzemeyer leave the company prior to December 31, 2024, at her own request, her entitlements to be granted said shares by transfer shall lapse in their
entirety. If Dr. Alexandra Gatzemeyer leaves the company after December 31, 2024, and before April 30, 2025,
at her own request, half of her entitlements to be granted said shares shall lapse. Dr. René Fáber was granted
1,923 ordinary shares at an exercise price of €234.00 and 1,525 preference shares at an exercise price of€295.10 for a contract period of three years. The shares granted are subject to a holding period that will end
on December 31, 2027. Should Dr. René Fáber leave the company prior to June 30, 2025, at his own request,
his entitlements to be granted said shares by transfer shall lapse in their entirety. If Dr. René Fáber leaves thecompany after June 30, 2025, and before December 31, 2025, at his own request, half of his entitlements tobe granted said shares shall lapse.
4. Pension Commitments
The members of the Executive Board generally receive pension commitments as defined-contribution plans
for their first reappointment. At the request of the Executive Board member concerned, the company will takeout an insurance policy for the term of their employment contract and pay the particular benefit contributions
into this insurance policy. The pension contribution consists of a base amount of 14% of the respective member’s annual fixed remuneration. If desired, the Executive Board member in question can pay in an additional
7% of the gross amount paid to the Executive Board member in the fiscal year in question as short-term variable compensation and as long-term variable compensation attributable to net profit as a personal contribution
by way of deferred compensation. If a member of the Executive Board exercises this right, the company will inturn make an additional contribution in the same amount (known as a matching contribution benefit). For the
purpose of determining the target total compensation and the relative share of the pension commitments ina member’s target total remuneration, only the basic amount to be paid by the company and the matching
benefit contribution were taken into account (based on 100% target achievement of the relevant variable remuneration components).
Pursuant to the insurance terms and conditions, the pension benefit can be granted in the form of a retirement
pension or a lump-sum payment for reaching the regular retirement age or needing to retire due to disability,
as well as in the form of surviving dependents’ benefits for widows and orphans, according to which particular
option an Executive Board member elects. The company does not guarantee the paid-in capital or an annualinterest rate.

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Furthermore, an earlier pension agreement granted to Dr. Joachim Kreuzburg provides that he will receive amonthly pension dependent on the basic salary of a German federal civil servant classified as grade 10 of salaryclass B for ministry officials according to the Federal Civil Service Remuneration Act (“Bundesbesoldungsgesetz”) in the respective version applicable. With each full year of service on the Executive Board,
5% of his full pension will be vested until his fully vested pension will have been reached after 20 years. In thiscase, these retirement benefits will have been fully vested, taking his years of service on the Executive Board
into account, at the end of December 31, 2021. His retirement benefits will be granted in the form of a pension
in the cases where he reaches the regular retirement age or needs to retire due to disability, as well as in theform of a pension for widows and orphans and shall correspond to 70% of the monthly pension benefits of a
German federal civil servant classified as grade 10 of salary class B for ministry officials according to the Federal
Civil Service Remuneration Act (“Bundesbesoldungsgesetz”). These additional pension commitments are
considered in the determination of Dr. Joachim Kreuzburg’s target total remuneration and of the relative proportion of his pension commitments in his target total remuneration along with the respective employee benefit expense attributable thereto.
The regular retirement age for all pension commitments is 65. There are no early retirement regulations, except
in the case of disability.
5. Other Remuneration Components
The remuneration policy provides that the Supervisory Board may grant special compensation at its reasonable discretion for extraordinary performance by a member of the Executive Board. This option was not used in
the reporting year.
II. Target Total Remuneration; Relative Percentages of Fixed and Variable Remuneration Components
The Supervisory Board determines a specific target total remuneration for each Executive Board member. The
target total remuneration is the sum of all remuneration components relevant for total remuneration. For thevariable components, the target amount is taken as a basis in each case of 100% target achievement, provided
that a target is measured. In the case of share-based compensation, which is granted as an additional variable
remuneration component only to the Executive Board Chairman, the prorated grant date fair value (= €1.0 million annually) is recognized for each year of the Chairman’s associated contract term to ensure transparent
and traceable reporting for the purposes of target total remuneration. Regarding pension commitments, it isfurther assumed that the Executive Board members will exercise their right to receive deferred compensationof their variable remuneration components (based on 100% achievement of targets) to the maximum extent
permitted and that the company will therefore also pay each member a corresponding additional amount as amatching contribution.
For the Executive Board Chairman, the relative percentage of fixed remuneration components (fixed annual
salary and fringe benefits) is roughly 29% and the percentage of the variable remuneration components as awhole roughly 62% of his target total remuneration. The proportion of short-term (target) compensation in histarget total remuneration is roughly 17% and that of long-term (target) compensation in his target total remuneration roughly 45%. Pension commitments for the Executive Board Chairman currently account for roughly
9% of his target total remuneration.
For the other Executive Board members, the relative percentage of the fixed remuneration components (fixedannual salary and fringe benefits) is between 37% and 42% of their respective total target remuneration andthe percentage of all variable remuneration components between roughly 51% and 60% of their corresponding target total remuneration. In this context, short-term (target) compensation accounts for between roughly
21% and 25% of total target compensation, while long-term (target) compensation accounts for between
roughly 30% and 35% of total target compensation. Pension commitments currently account for between 7%
and roughly 8% of total target compensation.

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The defined relative proportions of the remuneration components correspond in their respective amounts to
the requirements of the relevant remuneration policy.
III. Reclaiming or Reducing Variable Remuneration (Clawback)
All Executive Board employment contracts contain provisions specifying that the company is entitled to reclaim from Executive Board members variable remuneration components already paid out to them in the following cases described:
1. Performance Clawback
If the entitlement to payment of annual short-term variable remuneration and of remuneration with a multiyear assessment basis in relation to the individual component of consolidated net profit is based on audited
and approved consolidated financial statements that were objectively incorrect and therefore had to be subsequently corrected in accordance with the relevant accounting standards, and if no or a lower entitlement topayment of variable remuneration components would have arisen based on the corrected audited consolidated financial statements, the company may reclaim the corresponding amount of overpayment from therespective Executive Board member.
2. Compliance Clawback
If an Executive Board member commits, either through gross negligence or willful intent, any dereliction of the
duty to exercise the skill and care of a prudent manager faithfully complying with his or her duties in accordance with Section 93, Subsection 1, of the German Stock Corporation Law “AktG,” the company shall be entitled to reclaim from the respective Executive Board member the full or partial repayment of the annual shortterm variable remuneration paid out to him for the respective assessment period in which the breach of duty
occurred, the remuneration with a multi-year assessment basis related to the individual component of theconsolidated net profit, and of the liquidated phantom stock units and/or to declare that member’s forfeiturewith respect to tranches of phantom stock units yet to be granted.
The Executive Board member shall not be obligated to reimburse the company if more than three years haveelapsed as counted from the payment of the respective variable remuneration components up to the time aclaim against said member for reimbursement is asserted. The objection of disenrichment in accordance with
Section 818, Subsection 3, of the German Civil Code “BGB” is excluded under the remuneration policy. The
right to claim damages pursuant to Section 93 AktG shall remain unaffected.
3. Exercise
In fiscal 2023, none of the conditions for reclaiming or reducing remuneration under these clawback provisions
existed. Accordingly, no use was made of this right to exercise a clawback option.
IV. Remuneration-Related Legal Transactions
1. Terms and Prerequisites for Termination of Remuneration-Related Legal Transactions
The employment contracts of Executive Board members are concluded for the term of their respective appointments. Initial appointments are each for a maximum of three years; extensions of an appointment term
are for up to five years.
The current terms of the employment contracts of the incumbent members of the Executive Board are as follows: Dr. Joachim Kreuzburg: November 10, 2025
 Dr. René Fáber: December 31, 2026
 Dr. Alexandra Gatzemeyer: April 30, 2026

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Termination of their employment contracts by giving due and proper notice is excluded. For this reason, an
employment contract of an Executive Board member can only be terminated by mutual agreement based ona termination agreement or by termination for good cause with immediate effect. The company may terminate
an Executive Board member’s employment contract for good cause defined by the German Stock Corporation Law “AktG” as “grave cause,” particularly in the event that the Supervisory Board revokes this member’s
appointment for said grave cause pursuant to Section 84, Subsection 3 AktG. In this case, the statutory periodsof notice pursuant to Section 622 of the German Civil Code “BGB” shall apply, unless there is also a compelling
reason (“good cause”) for termination without notice pursuant to Section 626 of BGB.
Rainer Lehmann and John Gerard Mackay left the Executive Board during the reporting year.
Rainer Lehmann stepped down from the Executive Board early, effective October 31, 2023. The variable remuneration for fiscal year 2023 is calculated pro rata temporis, and the payout dates for the variable remuneration remain unchanged. Phantom stocks granted from previous fiscal years’ tranches will remain and will be
paid out after vesting or exercise. No settlement payment was agreed.
John Gerard Mackay stepped down from the Executive Board early, effective June 15, 2023. The calculationand payout dates for the variable remuneration for fiscal year 2023 remain unchanged. Phantom stocks
granted from previous fiscal years’ tranches will remain and will be paid out after vesting or exercise. No settlement payment was agreed.
2. Severance Payments
The employment contracts for Executive Board members provide that a member will receive a severance payment in the event the company terminates the employment contract of said member with immediate effect,
provided that said member is not responsible for any grave cause or compelling reason warranting said termination ahead of the regular contract expiration date. The maximum severance payment equals two years’ remuneration (including variable components), but no more than the amount of remuneration that would bepayable until the end of the contract term.
Furthermore, in the event of early termination of employment on the Executive Board by mutual agreement,
the company may also grant, or agree to grant, severance payments, the amount of which shall be limited, inturn, to a maximum of two years’ remuneration and shall not compensate for more than the remaining term of
the member’s employment contract.
3. Non-Competition Clause
The Executive Board employment contracts provide for a post-contractual non-competition clause for a duration of up to two years upon termination of employment with the company. In the event that this non-competition clause is not waived or is nullified, half of the remuneration last paid by the company shall be granted
to the respective Executive Board member as compensation for non-competition throughout the non-competition period. Any severance to be paid in connection with the termination of an employment contract to an
Executive Board member shall be deducted in full from said compensation for non-competition in accordancewith Recommendation G.13 of the GCGC dated December 16, 2019, provided that the employment contracts
concerned have been extended after the GCGC had entered into force.
V. Procedure for Establishing, Implementing and Reviewing the Remuneration Policy
The Supervisory Board establishes and regularly reviews the remuneration policy for the Executive Board. The
Executive Task Committee of the Supervisory Board prepares the remuneration policy for approval by the fullSupervisory Board and makes the respective suggestions.
In the process, the Supervisory Board also reviews the appropriateness of such remuneration in comparison
to the remuneration of the Executive Board within the peer group of the company (horizontal appropriateness). The peer group is defined by the Supervisory Board and/or its Executive Task Committee and is adapted

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Group Management Report Remuneration Reportas necessary. In 2022, the Supervisory Board conducted a benchmarking analysis of Executive Board remuneration with the assistance of a neutral external remuneration consultant and, in this context, reviewed andreconstituted the peer group. In determining the composition of the peer group, the Supervisory Board identified domestic and foreign companies that are comparable to the company in terms of industry, size and sales.
This updated peer group currently includes the following companies: Beiersdorf, Carl Zeiss Meditec, Drägerwerk, Gerresheimer, Qiagen, Symrise, SYNLAB, bioMérieux, Coloplast, Eurofins Scientific, Lonza Group,
Smith&Nephew, Steris and UCB.
In establishing the remuneration for the Executive Board members, the Supervisory Board further considers
both the compensation of senior management and that of the remaining workforce in relation to the German
Group companies (vertical appropriateness). For these purposes, the Supervisory Board defines senior management as the group of executives of the first two management levels below the Executive Board. The Supervisory Board looks not only at the current compensation ratio, but also at how it has developed over time.
If necessary, the Supervisory Board will engage an independent compensation consultant to review verticaland horizontal appropriateness; this was last carried out in 2022. Furthermore, the Supervisory Board also considers the requirements of the German Corporate Governance Code when determining and reviewing the
remuneration of the Executive Board.
Any conflict of interest in the establishment, implementation and review of the remuneration policy shall betreated by the Supervisory Board in the same way as other conflicts of interest in the person of a Supervisory
Board member. The Supervisory Board member concerned is therefore required to disclose any conflict ofinterest to the Chairman of the Supervisory Board and will not participate in the adoption of resolutions or in
the deliberations concerned. Disclosure of any conflicts of interest at an early stage ensures that the decisionsof the Supervisory Board are not influenced by inappropriate considerations.
The current Executive Board members’ employment contracts already complied with the new remuneration
policy in the reporting year, with only a few deviations as explained above. Insofar as discrepancies between
the Executive Board employment contracts and the Executive Board remuneration policy still exist beyond
the current year – this relates only to the partial payment for the consolidated net profit component of longterm variable remuneration and the lack of offsetting of the severance payment in the case of Rainer Lehmann– the Supervisory Board will examine, in consultation with the Executive Board member concerned, to what
extent and, if applicable, from what period onwards an adjustment can be made. As long as such discrepancies
continue to exist, they will be presented in the company’s Remuneration Report.
VI. Compliance with the Maximum Remuneration Limits for the Executive Board
Executive Board remuneration is capped in two respects. Under the new remuneration policy, the total remuneration consisting of a fixed salary including fringe benefits, employee benefit expense, and the short-termand long-term variable remuneration components for a fiscal year – irrespective of whether it is paid in thefiscal year in question or at another time – is limited to a maximum gross amount of €6 million for the Executive
Board Chairman and €3 million for each of the other Executive Board members. The maximum remuneration
covers the maximum possible non-performance-related fixed and performance-related variable remuneration components, including employee benefit expense. Benefits in kind granted as fringe benefits are recognized at their value for income tax purposes. Regarding the share-based compensation of the Executive Board
Chairman, this compensation paid as part of his maximum remuneration is calculated based on the pro-rated
grant value attributable to one year.
For all current Executive Board members, the individual components of their remuneration are already structured so that the total remuneration granted to each respective Executive Board member for a fiscal year –regardless of whether it is paid in the fiscal year in question or at another time – does not exceed the maximum
remuneration established in the new remuneration policy. For this purpose, a separate maximum amount is
set for each of the variable remuneration components. This maximum amount is currently 120% of the target

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Group Management Report Remuneration Reportamount in the case of short-term variable compensation with a one-year assessment basis and 120% of thetarget amount in the case of the component of long-term variable compensation based on consolidated net
profit, and 250% of the granted amount in the case of participation in the phantom stock program. For the
purposes of calculating maximum remuneration, the Executive Board Chairman’s share-based compensation
is taken into account at the prorated grant value attributable to one year and thus at an amount fixed from theoutset (see above).
The following table shows the maximum limits for the variable remuneration components and the shares
granted. Compliance with the maximum limits for short-term variable remuneration and for the shares granted
can be reviewed already for fiscal 2023. For multi-year variable remuneration, compliance with the maximum
limits can only be reviewed retroactively as soon as these are vested or phantom stock units are exercised.
Dr. Joachim Kreuzburg€ in K

Dr. René Fáber

TargetMaximum
remuneration remuneration

TargetMaximum
Receipts remuneration remuneration

Short-term variable remuneration

640

768

375

450

Long-term variable remuneration

700

1,295

0

525

971

Consolidated net result 2023 (3 years)

175

210

131

158

175

210

131

158

263

656

-

-

Receipts
0Reduction CO2 -emission intensity(3 years)Phantom stock plan 2023
(exercisable from 2026)
Shares granted

350

875

1,000

1,000

1,000

-

Dr. Alexandra Gatzemeyer(as of May 1, 2023)€ in K

TargetMaximum
remuneration remuneration

Short-term variable remuneration

300

360

Long-term variable remuneration

420

777

Consolidated net result 2023 (3 years)

105

126

105

126

210

525

-

-

Receipts
53

Reduction CO2 -emission intensity(3 years)Phantom stock plan 2023
(exercisable from 2026)
Shares granted-

Rainer Lehmann (until Oct. 31, 2023)€ in K

TargetMaximum
remuneration remuneration

John Gerard Mackay (until June 15, 2023)

TargetMaximum
Receipts remuneration remuneration

Short-term variable remuneration

350

420

350

420

Long-term variable remuneration

490

907

0

490

907

Consolidated net result 2023 (3 years)

123

147

123

147

123

147

123

147

245

613

245

613

-

-

-

-

Receipts
92

Reduction CO2 -emission intensity(3 years)Phantom stock plan 2023
(exercisable from 2026)
Shares granted

-

-

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The amount of the fixed remuneration components and the target and/or grant date amounts of the variable
remuneration components for fiscal 2023 were selected for all Executive Board members so that even if the
maximum amounts of the variable remuneration components are reached, the total gross amount of fixed andvariable remuneration components of each Executive Board member will not exceed the highest sum definedby the maximum remuneration for this reporting year. The following table shows the maximum achievableamounts of the individual compensation components for 2023 and clearly shows that the maximum achievable compensation falls short of the defined maximum compensation of the Supervisory Board pursuant to
Section 87a, Subsection 1, sentence 2, item no. 1 of the German Stock Corporation Law (AktG).

€ in K
Fixed remuneration
Fringe benefits

Dr. Alexandra
Gatzemeyer
Rainer Leh- John Gerard(as of May 1,mann (until Mackay (until
2023) Oct. 31, 2023) June 15, 2023)

Dr. Joachim
Kreuzburg

Dr. René
Fáber

1,060

600

320

467

257

15

13

4

101

18

Total non-performance-based remuneration

1,075

613

324

568

275

Variable performance-based remuneration (1 year)

768

450

360

420

420

Short-term variable remuneration

768

450

360

420

420

Consolidated net result (3 years)

210

158

126

147

147

Reduction CO2 -emission intensity (3 years)

210

158

126

147

147

Phantom stock plan (4 -8 years)

875

656

525

613

613

Long-term variable remuneration

1,295

971

777

907

907

Shares granted

1,000

0

0

0

0

Other remuneration component

0

0

0

0

0

312

105

0

108

108

Maximum achievable remuneration

4,450

2,139

1,461

2,003

1,710

Maximum remuneration in accordance with Section 87a para. 1 sent. 2 No. 1 of the German Stock
Corporation Act

6,000

3,000

3,000

3,000

3,000

Post-employment benefits

The final review of compliance with the maximum remuneration for fiscal 2023 will be presented in the remuneration report for the fiscal year in which the last long-term remuneration component was vested and/or exercised. As Sartorius did not have any comparable policy for maximum remuneration in the past, no disclosureson compliance with maximum remuneration can be provided for an earlier business year.

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2. Remuneration of the Executive Board Members in
the Reporting Year
Total remuneration granted and owed for the active service of all Executive Board members together
amounted to €4,889 thousand in 2023, compared with €5,901 thousand in the previous year. The details of
the individual remuneration components are described in the following.

Remuneration Granted and Owed to the Executive Board Pursuant to
Section 162 of AktG
The following table shows the remuneration granted and owed, pursuant to Section 162 of the German Stock
Corporation Act (AktG), to current members of the Executive Board and those who left the Board in 2023.
Remuneration is deemed to be owed if it is due but has not yet been paid. In this case, remuneration granted
is assumed already at the time service is performed and not only at the point in time of payment. The figures
stated for variable remuneration components are the amounts "vested" in the respective fiscal year.
Dr. Joachim Kreuzburg

Dr. René Fáber€ in K

2023

in %

2022

in %

2023

in %

2022

in %

Fixed remuneration

1,060

59%

1,000

44%

600

66%

480

45%

15

1%

15

1%

13

1%

13

1%

1,075

60%

1,015

44%

613

68%

493

47%

0

0%

442

19%

0

0%

169

16%

295

17%

278

12%

100

11%

130

12%

Fringe benefits1
Fixed remuneration
Variable performance-based remuneration (1 year)2
Consolidated net profit (3 years)3
Phantom stock plan (4 -8 years)4

413

23%

555

24%

193

21%

266

25%

Components with a long-term incentive effect

708

40%

833

36%

293

32%

396

37%

Other remuneration component

0

0%

0

0%

0

0%

0

0%

Defined contribution plans5

0

0%

0

0%

0

0%

0

0%

1,783

100%

2,290

100%

906

100%

1,058

100%

Total remuneration

Dr. Alexandra Gatzemeyer(from 01.05.2023)€ in K

2023

in %

2022

in %

Fixed remuneration

320

85%

0

0%

4

1%

0

0%

Fixed remuneration

324

86%

0

0%

Variable performance-based remuneration (1 year)2

53

14%

0

0%

Consolidated net profit (3 years)3

0

0%

0

0%

Fringe benefits1

Phantom stock plan (4 -8 years)4

0

0%

0

0%

Components with a long-term incentive effect

0

0%

0

0%

Other remuneration component

0

0%

0

0%

Defined contribution plans5

0

0%

0

0%

377

100%

0

0%

Total remuneration

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John Gerard Mackay(until June 15, 2023)

Rainer Lehmann (until Oct. 31, 2023)€ in K
Fixed remuneration

2023

in %

2022

in %

2023

in %

2022

in %

467

44%

460

36%

257

33%

480

37%

Fringe benefits1

101

10%

124

10%

18

2%

50

4%

Fixed remuneration

568

54%

584

46%

275

36%

530

41%

0

0%

212

17%

92

12%

288

22%

Variable performance-based remuneration (1 year)2
Consolidated net profit (3 years)3

175

17%

210

17%

100

13%

130

10%

Phantom stock plan (4 -8 years)4

312

30%

266

21%

193

25%

266

21%

Components with a long-term incentive effect

487

46%

476

37%

293

38%

396

31%

Other remuneration component

0

0%

0

0%

0

0%

0

0%

Defined contribution plans5

0

0%

0

0%

108

14%

67

5%

1,055

100%

1,272

100%

768

100%

1,281

100%

Total remuneration

1 The amounts contributed to D&O insurance totaling €971 K (2022: €871 K) are not included, as these refer to the executive bodies of
all companies of the Sartorius Group and are not allocated to the individual insurees.
2 Recognized amount corresponds to actual target achievement.
3 Recognized amount corresponds to actual target achievement of the plan in which a fiscal year ended; i.e., for 2023, consolidated
net profits for 2021 – 2023 (2022: consolidated net profits for 2020 - 2022).
4 Fair value at the time granted.
5 Payments for a pension plan.

Until 2021, as part of the remuneration component based on the consolidated net profit of three consecutive
fiscal years, each Executive Board member received a partial compensation payment of 50% of their respective target achievement for the first fiscal year under review. Once the total target achievement has been determined after the third fiscal year, final payment is then effected by deducting the particular partial payment
already made. The amounts of the partial payments made in total at the end of the reporting year are shownas follows:€ in K

2023

2022

Balance as of Jan. 1 of a fiscal year

769

607

Partial payments deducted

– 442

– 280

0

442

327

769

Partial payments effected
Balance as of Dec. 31 of a fiscal year

Remuneration Granted and Owed to Former Executive Board Members
The following table shows the remuneration granted and owed, pursuant to Section 162 of the German Stock
Corporation Act (AktG), to former members of the Executive Board. For former Executive Board members
who have left the company within the last ten years, information is disclosed by name. For members who left
prior to that, only a combined, anonymized figure under “Other” is shown in accordance with Section 162, Subsection 5, sentence 2 AktG.
Reinhard Vogt (until Dec. 31, 2018)€ in K
Phantom stock plan (4 -8 years)1

Other

2023

2022

2023

2022

0

188

0

0

Annuity

0

0

528

526

Total remuneration

0

188

528

526

1 Fair value at the time granted.

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3. Disclosures on Share-Based Payments | Phantom
Stock Units
Fair value
Fair value
Number ofwhen granted Fair value at at year-end
phantom Price on as- on Jan. 1 of the year-end on on Dec. 31,
stock units
signment particular year Dec. 31, 2022
2023
in €
€ in K€ in K€ in K

ChangePaid in in value
fiscal in fiscal
2023
2023
€ in K € in K

StatusDr. Joachim Kreuzburg
Tranche for fiscal 2019

1,950

113.78

222

555

0

555

Tranche for fiscal 2020

1,240

190.30

236

455

413

0

– 42

Tranche for fiscal 2021

918

354.13

325

315

280

0

– 35 Not exercisable

Tranche for fiscal 2022

566

574.61

325

179

145

0

– 34 Not exercisable

Sum of the tranchesfrom the previous years

4,674

1,108

1,504

838

555

Tranche for fiscal 2023

983

Total sum of tranches

5,657

356.09

350

0

284

0

1,458

1,504

1,122

555

0 Paid out in 2023
exercisable– 111– 66 Not exercisable– 177

Dr. René Fáber
Tranche for fiscal 2019934

113.78

106

266

0

266

Tranche for fiscal 2020

578

190.30110

212.184

193

0

– 20

Tranche for fiscal 2021

311

354.13

110

106

94

0

– 12 Not exercisable

Tranche for fiscal 2022

365

574.61

210

116

94

0

– 22 Not exercisable

Sum of the tranchesfrom the previous years

2,188

536

700

381

266

Tranche for fiscal 2023

737

262

0

213

0

Total sum of tranches

2,925

798

700

594

266

356.090 Paid out in 2023
exercisable– 54– 49 Not exercisable– 103

Dr. Alexandra Gatzemeyer (as of May 1, 2023)
Tranche for fiscal 2023

393

Total sum of tranches

393

356.09

140

0

113

0

– 27 Not exercisable

140

0

113

0

– 27

Rainer Lehmann (until Oct. 31, 2023)
Tranche for fiscal 2019934

113.78

106

266

0

266

Tranche for fiscal 2020

936

190.30

178

344

312

0

– 32

0 Paid out in 2023

Tranche for fiscal 2021

544

354.13

193

186

166

0

– 20 Not exercisable

Tranche for fiscal 2022

350

574.61

201

111

90

0

– 21 Not exercisable

Sum of the tranchesfrom the previous years

2,764

678

907

568

266

Tranche for fiscal 2023

573

356.09

204

0

165

0

Total sum of tranches

3,337

882

907

733

266

exercisable– 73– 39 Not exercisable
– 112

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Fair value
Fair value
Number ofwhen granted Fair value at at year-end
phantom Price on as- on Jan. 1 of the year-end on on Dec. 31,
stock units
signment particular year Dec. 31, 2022
2023
in €
€ in K€ in K€ in K

ChangePaid in in value
fiscal in fiscal
2023
2023
€ in K € in K

StatusJohn Gerard Mackay (until June 15, 2023)
Tranche for fiscal 2019934

113.78

106

266

0

266

Tranche for fiscal 2020

578

190.30Tranche for fiscal 2021

311

354.13

Tranche for fiscal 2022

365

Sum of the tranchesfrom the previous years

2,188

Tranche for fiscal 2023

688

Total sum of tranches

2,876

0 Paid out in 2023

110

212

193

0

– 19

exercisable

110

106

94

0

– 12

nicht ausübbar

574.61

210

116

94

0

– 22

nicht ausübbar

536

700

381

266

– 53

356.09

245

0

198

0

781

700

579

266

75

188

0

188

0 Paid out in 2023

75

188

0

188

0

– 47 Not exercisable– 100

Reinhard Vogt (until Dec. 31, 2018)
Tranche for fiscal 2019661

Sum of the tranchesfrom the previous years

661

113.78142

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Group Management Report Remuneration Report

4. Pension Commitments
The projected pension payments, the present value of pension obligations and the service cost are shown in
the following table:
Projected pension
payment

Present value of the obligation (IFRS)Service cost (IFRS)€ in K

p.a.

Dec. 31, 2023

Dec. 31, 2022

2023

2022

Dr. Joachim Kreuzburg

294

4,250

3,959

110

113

Dr. René Fáber

75

354

236

0

0

Rainer Lehmann

17

659

523

0

0

387

5,263

4,718

110

113

In addition, a pension contribution of €199 thousand (2022: €189 thousand) was recognized in 2023 for Dr.
Joachim Kreuzburg, a pension contribution of €105 thousand (2022: €247 thousand) for Dr. René Fáber, anda pension contribution of €108 thousand (2022: €96 thousand) for Rainer Lehmann.

5. Comparative Table
2023 Change in
%

2022

in %

2021

Dr. Joachim Kreuzburg

1,783

– 22%

2,290

– 11%

Dr. René Fáber

906

– 14%

1,058

19%

Dr. Alexandra Gatzemeyer (as of May 1, 2023)

377€ in K

in %

2020

2,585

17%

2,202

890

25%

714

Managing Board Members

0

0

0

Former Managing Board Members
Rainer Lehmann (until Oct. 31, 2023)
John Gerard Mackay (until June 15, 2023)
Reinhard Vogt
Other

1,055

– 17%

1,272

– 1%

1,285

13%

768

– 40%

1,281

29%

990

27%

1,138
777

0

– 100%

188

– 44%

336

– 73%

1,246

528

0%

526

2%

517

3%

501

Earnings Development
Underlying EBITDA in millions of €

963

– 32%

1,410

20%

1,175

70%

692

Net profit of Sartorius AG in millions of €

115

– 26%

155

278%

41

– 64%

113

90

6%

85

– 4%

89

1%

88

Average Remuneration of Employees
Group employees in Germany only

In the presentation of the average remuneration of employees, all people employed by the German companies of the Sartorius Group (except for the Executive Board members) were included. In addition to wages andsalaries, average remuneration also includes social security contributions and pension expenses. If employees
simultaneously receive remuneration as members of the Supervisory Board of Sartorius AG, this compensation was not considered. Remuneration of part-time employees was extrapolated to full-time equivalents.

143Sartorius

Group Management Report Remuneration Report

6. Main Features of the Remuneration Plan for theSupervisory Board
The remuneration for Supervisory Board members is defined in the Articles of Association of Sartorius AG andcomprises fixed remuneration, meeting attendance fees, and reimbursement of out-of-pocket expenses.
Members serving as chairperson and vice chairperson of the Supervisory Board receive higher fixed remuneration.
Members and chairpersons of Supervisory Board committees, except for those of Nomination Committee orthe committee pursuant to Section 27, Subsection 3, of the German Codetermination Law (MitBestG), are entitled to receive additional annual fixed amounts and meeting attendance fees as well as reimbursement of
their out-of-pocket expenses.
In addition, the members of the Supervisory Board are included in a directors and officers (D&O) liability insurance policy taken out by the company, the premiums for which are paid by Sartorius Aktiengesellschaft. This
D&O insurance policy covers the legal liability arising from Supervisory Board activities and is taken out atstandard market terms and conditions.
In line with prevailing market practice at listed companies in Germany, the remuneration of Supervisory Board
members is strictly fixed compensation along with meeting attendance fees and does not include any performance-related components. The Executive Board and Supervisory Board are of the opinion that strictly fixed
remuneration for Supervisory Board members is best suited to strengthening the independence of the Supervisory Board and fulfilling the latter’s advisory and supervisory functions, which are to be performed independently of the company’s success. The amount and structure of Supervisory Board remuneration ensurethat the company is able to attract qualified candidates for membership in the company’s Supervisory Board;in this way, Supervisory Board remuneration helps sustainably promote the business strategy and the longterm development of the company. The existing remuneration policy especially takes into account Recommendation G.17 and the Suggestion G.18, sentence 1, of the German Corporate Governance Code in the current version as amended.

144

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Group Management Report Remuneration Report

7. Remuneration Granted and Owed to theSupervisory Board Members€ in K

2023

2022

Remuneration for the Supervisory Board Members
Total remuneration

1,562

100%

1,017

100%

Fixed remuneration

994

64%

675

66%

Compensation for committee work

250

16%

120

12%

Meeting attendance fee

234

15%

154

15%

Total remuneration for the Sartorius Stedim Biotech subgroup

84

5%

68

7%

Remuneration from Sartorius Stedim Biotech S.A., Aubagne

84

5%

68

7%

€ in K

2023

2022

Dr. Lothar Kappich (Chairman)
Total remuneration

365

100%

256

100%

Fixed remuneration

175

48%

135

53%

Compensation for committee work

70

19%

33

13%

Meeting attendance fee

36

10%

20

8%

Remuneration from Sartorius Stedim Biotech S.A., Aubagne

84

23%

68

27%

€ in K

2023

2022

Manfred Zaffke (Vice Chairman)1
Total remuneration

201

100%

134

100%

Fixed remuneration

119

59%

90

67%

Compensation for committee work

50

25%

24

18%

Meeting attendance fee

32

16%

20

15%

€ in K

2023

2022

Annette Becker1
Total remuneration

120

100%

68

100%

Fixed remuneration

70

58%

45

66%

Compensation for committee work

20

17%

9

13%

Meeting attendance fee

30

25%

14

21%

€ in K

2023

2022

Prof. David Raymond Ebsworth, Ph.D.
Total remuneration

82

100%

54

100%

Fixed remuneration

70

85%

45

83%

Meeting attendance fee

12

15%

9

17%

€ in K

2023

2022

Dr. Daniela Favoccia
Total remuneration

82

100%

54

100%

Fixed remuneration

70

85%

45

83%

Meeting attendance fee

12

15%

9

17%

145

Sartorius

Group Management Report Remuneration Report€ in K

2023

2022

Petra Kirchhoff
Total remuneration

82

100%

54

100%

Fixed remuneration

70

85%

45

83%

Meeting attendance fee

12

15%

9

17%

€ in K

2023

2022

Dietmar Müller1
Total remuneration

118

100%

75

100%

Fixed remuneration

70

59%

45

60%

Compensation for committee work

30

25%

15

20%

Meeting attendance fee

18

15%

15

20%

€ in K

2023

2022

Ilke Hildegard Panzer
Total remuneration

82

100%

54

100%

Fixed remuneration

70

85%

45

83%

Meeting attendance fee

12

15%

9

17%

€ in K

2023

2022

Frank Riemensperger (as of Mar. 25, 2022)
Total remuneration

81

100%

43

100%

Fixed remuneration

70

86%

35

81%

Meeting attendance fee

11

14%

8

19%

€ in K

2023

2022

Hermann Jens Ritzau1
Total remuneration

82

100%

54

100%

Fixed remuneration

70

85%

45

83%

Meeting attendance fee

12

15%

9

17%

€ in K

2023

2022

Prof. Dr. Klaus Rüdiger Trützschler
Total remuneration

186

100%

104

100%

Fixed remuneration

70

38%

45

43%

Compensation for committee work

80

43%

39

38%

Meeting attendance fee

36

19%

20

19%

€ in K

2023

2022

Sabrina Wirth (as of Mar. 25, 2022)1
Total remuneration

81

100%

43

100%

Fixed remuneration

70

86%

35

81%

Meeting attendance fee

11

14%

8

19%

146

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Group Management Report Remuneration Report

Former Supervisory Board Members€ in K

2023

2022

Karoline Kleinschmidt (until Mar. 25, 2022)1
Total remuneration

0

12

100%

Fixed remuneration

0

10

83%

Meeting attendance fee

0

2

17%

€ in K

2023

2022

Prof. Dr. Thomas Scheper (until Mar. 25, 2022)
Total remuneration

0

12

100%

Fixed remuneration

0

10

83%

Meeting attendance fee

0

2

17%

1 The employee representatives declared that they donate their Supervisory Board remuneration to the foundation Hans-BöcklerStiftung according to the guidelines of the German Trade Union Association.

Supervisory Board members who are employees of the Sartorius Group receive compensation that is not related to their service on the Supervisory Board.

147

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Group Management Report Remuneration Report

8. Comparative Table
2023

Change in
%

2022

in %

2021

in %

2020

Dr. Lothar Kappich (Chairman)

365

43%

256

– 2%

261

0%

262

Manfred Zaffke (Vice Chairman)

201

50%

134

– 2%

137

– 2%

140

Annette Becker

120

76%

68

– 3%

70

30%

54

Prof. David Raymond Ebsworth, Ph.D.

82

52%

54

– 5%

57

2%

56

Dr. Daniela Favoccia

82

52%

54

– 5%

57

2%

56

Petra Kirchhoff

82

52%

54

– 5%

57

2%

56

Dietmar Müller

118

57%

75

0%

75

142%

31

Ilke Hildegard Panzer

82

52%

54

– 5%

57

2%

56

Frank Riemensperger (as of Mar. 25, 2022)

81

88%

43

Hermann Jens Ritzau (as of Mar. 1, 2021)

82

52%

54

10%

49

Prof. Dr. Klaus Rüdiger Trützschler

186

79%

104

– 4%

108

Sabrina Wirth (as of Mar. 25, 2022)

81

88%

43

Karoline Kleinschmidt (until Mar. 25,2022)

0– 100%

12

– 79%

57

2%

56

Prof. Dr. Thomas Scheper (until Mar. 25, 2022)

0– 100%

12

– 79%

56

0%

56

Underlying EBITDA in millions of €

963

– 32%

1,410

20%

1,175

70%

692

Net profit of Sartorius AG in millions of €

115

– 26%

155

277%

41

– 64%

113

90

6%

85

– 4%

89

1%

88

€ in K
Supervisory Board Members

0

0
0
0%

108

0

0

Former Supervisory Board Members

Earnings Development

Average Remuneration of Employees
Group employees in Germany only

In the presentation of the average remuneration of employees, all people employed by the German companies of the Sartorius Group (except for the Executive Board members) were included. In addition to wages andsalaries, average remuneration also includes social security contributions and pension expenses. If employees
simultaneously receive remuneration as members of the Supervisory Board of Sartorius AG, this compensation was not considered. Remuneration of part-time employees was extrapolated to full-time equivalents.

9. Requirements pursuant to Section 162, Subsection 1,
Sentence 2, No. 6 of the German Stock Corporation
Act (AktG)
The Annual General Meeting approved the Remuneration Report for fiscal 2022 at the Annual General Meeting on March 29, 2023 with 99.30% of the votes cast.

148

Sartorius

Error! No text of specified style in document.

Group Sustainability Indicators

149Sartorius

Group Sustainability Indicators Indicators of the Non-financial Group Statement

Indicators of the Non-financial GroupStatement
The following table presents a compilation of the specific sustainability indicators from the non-financial groupstatement.
Focus topic sustainability / indicator

FY 2019(base year)

FY 2022

FY 2023

13,529 4

17,939 4

13,103 3000Gross GHG emissions - scope 2 - location-based calculationin t CO2eq

30,689 4

53,886 4

48,388 3Gross GHG emissions - scope 2 - market-based calculationin t CO2eq725,777 4

28,714 426,823 3856,972

Climate1,2
Gross GHG emissions - scope 1 in t CO2eq5,6
Share of Scope 1 GHG emissions under regulated emission trading
schemes in %Gross GHG emissions – scope 3 t CO2eq

534,233

1,091,050

Category 1: "Purchased goods and services" in t CO2eq

238,446

521,912

318,901

Category 2: „Capital goods“ in t CO2eq

36,892

95,492

168,488.8

Category 3: „Fuel- and energy-related activities(nicht in Scope 1 und 2 enthalten)” in t CO2eq

6,553 4

11,323 4

7,297 3Category 4: „Upstream transportation and distribution” in t CO2eq

57,426

128,734

73,625

Category 5: „Waste generated in operations“ in t CO2eq

4,021 49,235 4

5,699 3Category 6: „Business travel“ in t CO2eq

26,09321,06721,065

Category 7: „Employee commuting“ in t CO2eq915,01922,05318,027

Category 8: „Uptream leased assets“ in t CO2eq
Category 9: „Downstream transportation and distribution” in t CO2eq
Category 10: „Processing of sold products” in t CO2eq10

0

0

0

4,881

10,942

6,258

0

0

0

Category 11: „Use of sold products” in t CO2eq11

108,626

222,138

185,564

Category 12: „End-of-life treatment of sold products” in t CO2eq

36,27648,15352,049Category 13: „Downstream leased assets“ in t CO2eq

0

0

0

Category 14: „Franchises“ in t CO2eq

0

0

0

Category 15: „Investments“ in t CO2eq12

0

0

0

Total gross GHG emissions (scope 1, 2 and 3) - location-based
calculation in t CO2eq

578,451

1,162,875

918,463

Total gross GHG emissions (scope 1, 2 and 3) - market-based
calculation in t CO2eq7573,539

1,137,703

896,898

Total GHG removals in t CO2eq

0

0

0

Total net GHG emissions (scope 1, 2 and 3) - location-based
calculation in t CO2eq

578,451

1,162,875

918,463

Total net GHG emissions (scope 1, 2 and 3) - market-based
calculation in t CO2eq7573,539

1,137,703

896,898

Gross GHG intensity - location-based calculation per net turnoverin t CO2eq / €0.000317

0.000279

0.000270

Gross GHG intensity - market-based calculation per net turnoverin t CO2eq / €70.000314

0.000273

0.000264

308

256

272

Adjusted gross GHG intensity - market-based calculation
per net turnover in g CO2eq / €13150

Sartorius

Group Sustainability Indicators Indicators of the Non-financial Group Statement

FY 2019(base year)
Average annual reduction compared to the base year 2019 in %(strategic consideration)
Total energy consumption in MWh14,15,16
Renewable energy consumption in MWh

FY 2022

FY 2023

n.r.

6.0

3.1

n.r.

200,715

196,403n.r.

63,54669,712

Purchased certified renewable electricity in MWh

n.r.

62,256

65,594Self-generated solar energy in MWh

n.r.

697

2,089

Purchased geothermal energy in MWh

n.r.

594

441

Other renewable energy in MWh

n.r.

0

0

Non-renewable energy consumption in MWh

n.r.

137,169

126,691

Purchased natural gas in MWh

n.r.

60,77453,884Purchased non-renewable electricity in MWh

n.r.

53,422

57,599Purchased district heating in MWh

n.r.

10,653

8,925

Purchased diesel in MWh

n.r.

8,797

4,459

Purchased heating oil in MWh

n.r.

2,490

1,199

Purchased district cooling in MWh

n.r.

815

625

Purchased LPG in MWh
Total share of renewable energy in %Certified management systems according to ISO 50001 -

n.r.

218

0

n.r.

31.7

35.5

n.r.

27.1

27.0

n.r.

18,581

10,003

Materials and Circularity
Total waste generated in t14,16
Waste diverted from disposal

n.r.

n.r.

4,625

Hazardous waste in t18

n.r.

3,593

409

Preparation for reuse

n.r.

n.r.

0

Recycling17

n.r.

456

409

Other recovery processes

n.r.

n.r.

0

Non-hazardous waste in t18

n.r.

14,9884,216

Preparation for reuse

n.r.

n.r.

0

Recycling17

n.r.

4,894

4,216

Other recovery processes

n.r.

n.r.

0

n.r.

n.r.

5,377

Hazardous waste 18

n.r.

n.r.

1,712

Incineration

n.r.

n.r.

1,363

Landfill

n.r.

n.r.

0

Other recovery processes

n.r.

n.r.

350

n.r.

n.r.

3,665

Incineration

n.r.

n.r.

741

Landfill

n.r.

n.r.

1,465

Other recovery processes

n.r.

n.r.

1,459

Proportion of non-recycled waste in %

n.r.

n.r.

53.8

Waste for disposal

Non-hazardous waste in t

Water and Wastewater
Total water withdrawal in m3 14,16

n.r.

701,568

699,562

Third-party water in m3

n.r.

672,630

671,825

Ground water in m3

n.r.

19,11915,973

Surface water in m3

n.r.

9,820

11,764

Total water withdrawal from water stress areas in %19

n.r.

12.7 20

12.9

Certified management systems according to ISO 14001 Employee coverage as of 31.12. in %

n.r.

53.6

50.6

151

Sartorius

Group Sustainability Indicators Indicators of the Non-financial Group Statement

FY 2019(base year)

FY 2022

FY 2023

Sociale Responsibility
Total employees as of 31.12. 21

n.r.

15,942

14,614

Women in %

n.r.

38.9

38.7

Age group ≤ 29 years in %

n.r.

20.8

16.4

Age group 30 -49 years in %

n.r.

58.8

61.7

Age group ≥ 50 years in %

n.r.

20.4

21.9

Part-time in %

n.r.

5.6

4.7

Average age

n.r.

39.2

40.2

Women in management positions in %

n.r.

32.9

32.3

n.r.

6.6

7.5

n.r.

6.1

7.1

Average years of tenure as of 31.12. 21
Women
Men

n.r.

6.8

7.8

< 5 years in %

n.r.

61.1

55.1

5 -15 years in %

n.r.

25.5

30.3

> 15 years in %

n.r.

13.4

14.7

n.r.

5

5

n.r.

38.5

17.1

External sustainability-related site audits (PSCI audits)
Employee coverage in %Certified management systems according to ISO 45001 Employee coverage as of 31.12. in %

n.r.

6.9

6.6

Work-related injuries 14,16,22

n.r.

159

122

Work-related injuries per million hours worked 14,16,22,23

n.r.

5.8

4.5

Work-related injuries with a serious outcome 14,16,22,24

n.r.

3

3

Fatal work-related injuries 14,16,22

n.r.

0

0

Total training hours 25

n.r.

232,699

276,758

Total average training hours per employee 25

n.r.

14.8

19.4
18.8

Women

n.r.

15.2

Men

n.r.

14.5

19.7

n.r.

9.2

14.0

Women

n.r.

10.1

15.3

Men

n.r.

8.5

13.2

Age group ≤ 29 years in %

n.r.

13.3

23.9

Age group 30 -49 years in %

n.r.

7.8

11.9

Age group ≥ 50 years in %

n.r.

8.9

12.4

n.r.

22.9

5.9

n.r.

24.2

6.4

Total fluctuation rate in %26

Total new hires rate in %27
Women
Men

n.r.

22.1

5.6

Age group ≤ 29 years in %

n.r.

44.2

14.1

Age group 30 -49 years in %

n.r.

20.1

4.7

Age group ≥ 50 years in %

n.r.

9.4

3.0

Employee Net Promoter Score

n.r.

29.2

3.1

n.r.

11,883

11,570

Corporate Governance16
Employees who completed training on Code of Conduct
Employee coverage in %Employees who completed training on anti-corruption code
Employee coverage in %

n.r.

75.6

81.1

n.r.

12,154

11,490

n.r.

77.4

80.5

152

Sartorius

Group Sustainability Indicators Indicators of the Non-financial Group Statement

FY 2019(base year)

FY 2022

FY 2023

n.r.

441

2,675

Sustainable Supply Chains
Suppliers having signed the Code of Conduct for
Business Partners 2023 28
Coverage purchasing volume in %Sustainability-related supplier self-assessments as of 31.12. 28,29
Coverage purchasing volume in %29
External sustainability-related supplier audits

n.r.

12

45

n.r.

654

1,779

n.r.

49

51

n.r.

0

0

n.r.

0

0

n.r.

125

62

Turnover of taxonomy-aligned activities (A.1.) in million €

n.r.

0

0

Proportion of taxonomy-aligned activities of turnover (A.1.) in %

n.r.

0

0

Turnover of taxonomy-eligible activities (Total A.1. + A.2.) in million €

n.r.

0

1,318

Proportion of taxonomy-eligible activities of turnover(Total A.1. + A.2.) in %

n.r.

0

39

Capital expenditures for taxonomy-aligned activities (A.1.) in million €

n.r.

110.5

77.9

Proportion of taxonomy-aligned activities of capital expenditures(A.1.) in %

n.r.

13

5

Capital expenditures for taxonomy-eligible activities(Total A.1. + A.2.) in million €

n.r.

298.5

429.6

Proportion of taxonomy-eligible activities of capital expenditures(Total A.1. + A.2.) in %

n.r.

34

27

Operating expenditures for taxonomy-aligned activities (A.1.) in million €

n.r.

2.1

2.9

Proportion of taxonomy-aligned activities of operating expenditures(A.1.) in %

n.r.

1

2

Operating expenditures for taxonomy-eligible activities(Total A.1. + A.2.) in million €

n.r.

33.0

67.4

Proportion of taxonomy-eligible activities of operating expenditures(Total A.1. + A.2.) in %

n.r.

19

42

Coverage purchasing volume in %Own quality-related supplier audits, which include sustainability aspects
EU-Taxonomy

1 The data presented contains uncertainties and, with regard to scope 3 emissions and in particular the values for individual categories, should currently be seen as an indication. Explanations on greenhouse gas accounting, including the data concepts and calculation methods used, can be found on page 148 seq. of the non-financial statement.
2 Based on the GHG Protocol (Corporate Accounting and Reporting Standard 2004 and Corporate Value Chain (scope 3)
Accounting and Reporting Standard 2011).
3 excluding the Polyplus companies newly acquired in the reporting year
4 based on the data reported by production sites and some administrative sites; excluding the companies newly acquired in thereporting year
5 excluding GHG emissions from the fuel consumption of the vehicle fleet
6 Recording of fugitive emissions currently only in Göttingen and Yauco
7 If no contract-specific emission factor was available for the market-based calculation method, the location-based emission factor
was used in accordance with the GHG Protocol
8 The figure for 2023 is only comparable with the previous year's figures to a limited extent, as the calculation basis for 2023 has been
expanded and now covers all capital expenditure. Adjustments to the previous year's figures have not been made due to materiality
assessments for total GHG emissions.
9 Excluding GHG emissions from commuting by trainees, interns and temporary workers
10 This category is reported as 0 t CO2eq in accordance with the GHG Protocol, as it cannot currently be adequately accounted for by
Sartorius due to the wide range of potential further processing options for the products, each with their own specific GHG profiles,
and, according to an assessment, is also not material for the Group's overall GHG balance.
11 GHG accounting currently only covers products whose use requires electricity.
12 This category is reported as 0 t CO2eq, as the most relevant company investment from a GHG perspective will be reported in thefinancial year 2023 has been classified as immaterial in the financial reporting and the GHG emissions associated with this equity investment have also been assessed as immaterial for the overall GHG balance.

153

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Group Sustainability Indicators Indicators of the Non-financial Group Statement

13 For the "Adjusted GHG intensity: gross GHG emissions per net sales - market-based calculation", only the goods and services actually consumed to produce the products and services sold in the financial year are accounted for in the GHG category "Purchased
goods and services" instead of those purchased. This means that the data is adjusted for inventories.
14 The key figures were prepared in accordance with the GRI Standards.
15 Excluding the fuel consumption of the vehicle fleet
16 excluding the Polyplus companies newly acquired in 2023
17 Recycling is defined as the reprocessing of products, components and materials.
18 Classification as hazardous waste is based on local legislation.
19 Water abstraction from water stress areas is defined as water abstraction that is classified as "high" (40 -80 %) or "very high"(> 80 %) according to the World Resources Institute (WRI) "Aqueduct Water Risk Atlas".
20 The previous year was based on the use of the updated World Resources Institute (WRI) "Aqueduct Water Risk Atlas"(version 4.0) from 67.7 % to 12.7 %.
21 Refers to all active employees excluding trainees, interns, temporary workers and inactive employees.
22 Counts all occupational accidents that go beyond first aid, i.e. where a visit to the doctor is required; excluding commuting
accidents; refers to all employees who have an employment contract with Sartorius.
23 Working hours refer to all active employees excluding trainees, interns and temporary workers
24 Serious occupational accidents are those that have caused or will cause more than 6 months of absence.
25 Refers only to companies consolidated for the full year.
26 Employee turnover includes voluntary, neutral and involuntary departures from the Group. Departures due to fixed-term contracts
and transfers within the Group are not taken into account.
27 New hires only include hires of employees who did not previously have a contract with a Sartorius company and the conversion ofcontracts of apprentices, trainees and temporary workers into permanent employment.
28 All suppliers entered in the ERP system on the purchasing side were considered. Subsidiaries are covered by the parent company.
This figure includes all newly signed documents since 01.10.2022, most of which relate to the updated Code of Conduct from 2022
and in some cases to the outdated Code of Conduct from 2019 as well as mutual recognitions of equivalent codes of conduct.
29 The available sustainability-related self-disclosures on recognized sustainability platforms that are valid according to the platform
on the reporting date or whose validity date is not older than two years were counted, provided that a minimum rating defined acrossall topics was achieved.

154

Sartorius

Group Sustainability Indicators GRI Sustainability Indicators

GRI Sustainability Indicators
The following table shows the sustainability indicators according to the GRI standard for the Sartorius Group
Reference Disclosure

102-4

102-5

102-7

Unit

FY 2022

FY 202336

37 1

Number of countries

Countries with at least one consolidated
company of the Sartorius Group
NumberShareholder Structure

Ordinary shares: Administered by an executor (related to ~34.2 million shares%
outstanding)

~ 55

~ 55

Ordinary shares: Bio-Rad Laboratories
Inc.(related to ~34.2 million shares outstanding)

%

~ 38

~ 38

Ordinary shares: Free float (related to~34.2 million shares outstanding)

%

~7

~7

Preference shares: Free float (related to%~34.2 million shares outstanding)

~ 72

~ 72

Preference shares: Bio-Rad Laboratories
Inc. (related to ~34.2 million shares outstanding)
%

~ 28

~ 28

Employees

Total number of employees

Number

15,942

14,614

Revenue

Revenue€ in mn

4,174.7

3,395.7

Sales revenue Biopreocess Solutions€ in mn

3,326.5

2,678.2

Sales revenue Lab Products & Services€ in mn

848.2

717.5

EquityEquity€ in mn

2,658.9

2,757.4

Liabilities

Non-current liabilities€ in mn

2,515.5

5,667.9

Current liabilities€ in mn

1,803.4

1,330.0

Non-current assets€ in mn

4,954.6

7,798.5

Current assets€ in mn

2,023.2

1,956.9

EMEA€ in mn

1,550.6

1,315.9

AssetsSales revenues by region

Employees by region and country

Americas€ in mn

1,543.8

1,280.4

Asia | Pacific€ in mn

1,080.3

799.4

Belgium

Number56

128

Germany

Number

5,391

5,004

FinlandNumber347

289

FranceNumber

1,615

1,590

IrelandNumber29

27

IsraelNumber

189

168

Italy

Number84

84

Netherlands

Number40

35Austria

Number31

28

PolandNumber20

21

RussiaNumber125

108

SwedenNumber102

89

Switzerland

Number137

109

Slovenia

Number

226

237

Spain

Number65

64

South Africa

Number

11

11

155

Sartorius

Group Sustainability Indicators GRI Sustainability Indicators

Reference Disclosure

102-8

Employees by Employment Contractby Gender

Employees by Employment Contract
by Region

Unit

FY 2022

FY 2023

663

546

Anzahl033

Number16

16

Tunisia

NumberTurkeyHungaryUK

Number

1,194

1,103

EMEA Total

Number10,341

9,690

Argentina

Number50

50

BrazilNumber55

57

CanadaNumber43

41

MexicoNumber82

76

Puerto Rico

Number

1,390

979

USA

Number

1,681

1,598

Americas Total

Number

3,301

2,801

Australia

Number

42

43

China

Number

1,016

895

Hong Kong

Number

7

6

India

Number

684

614

Japan

Number159

166

Malaysia

Number16

16Singapore

Number

119

115

South Korea

Number204

217

Taiwan, China

Number33

32

ThailandNumber13

13

VietnamNumber7

6

Asia| Pacific Total

Number

2,300

2,123

Total

Number

15,942

14,614

Unlimited contract (female)

Number

5,491

5,132

Unlimited contract (male)

Number

8,793

8,344

Unlimited contract Total

Number14,284

13,476

Limited contract (female)

Number714

523

Limited contract (male)

Number944

615

Limited contract Total

Number

1,658

1,138

Female Total

Number

6,205

5,655

Male Total

Number

9,737

8,959

Total

Number

15,942

14,614

Unlimited contract (EMEA)

Number

9,511

9,242

Unlimited contract (America)

Number

3,293

2,792

Unlimited contract (Asia|Pacific)

Number

1,480

1,442

Unlimited contract Total

Number14,284

13,476

Limited contract (EMEA)

Number830

448

Limited contract (America)

Number8

9Limited contract (Asia|Pacific)

Number820

681

Limited contract Total

Number

1,658

1,138

EMEA Total

Number10,341

9,690

America Total

Number

3,301

2,801

Asia|Pacific Total

Number

2,300

2,123

Total

Anzahl

15,942

14,614156

Sartorius

Group Sustainability Indicators GRI Sustainability Indicators

Reference Disclosure
Employees by Employment Typeby Gender

Workers That are not Employees
by Region

102-41

Employees under collective
bargaining agreements

Unit

FY 2022

FY 2023

Full-time (female)

Number

5,627

5,160

Full-time (male)

Number

9,429

8,768

Full-time total

Number

15,056

13,928Part-time (female)

Number578

495

Part-time (male)

Number308

191

Part-time total

Number886

686

Female total

Number

6,205

5,655

Male total

Number

9,737

8,959

Total

Number

15,942

14,614

Other employees (EMEA)

Number543

419

Other employees (America)

Number10

11

Other employees (Asia|Pacific)

Number4

3

Other employees Total

Number557

433

Contingent Workers (EMEA)

Number322

151

Contingent Workers (America)

Number125

41

Contingent Workers (Asia|Pacific)

Number

152

113

Contingent Workers Total

Number

599

305

EMEA Total

Number865

570

America Total

Number135

52

Asia|Pacific Total

Number

156

116

Total

Number1,156

738

Belgium

%

100

100

Germany%

83

82

Finland%

96

94

France

%

100

100

Ireland%00

Israel

%

0

0

Italy

%

100

100

Netherlands

%

0

0

Austria%00Poland%00Russia%00

Sweden

%

100

100

Switzerland

%

0

0

Slovenia

%

0

0

Spain

%

95

95

Südafrika%

00Tunisia%

68

68

Turkey%00Hungary

%

0

0

UK

%

0

0

EMEA Total

%

69

69

Argentina

%

38

38

Brazil

%

100

100

Canada%00

Mexico%00

Puerto Rico

%

76

72

157

Sartorius

Group Sustainability Indicators GRI Sustainability Indicators

Reference Disclosure

FY 2022

FY 2023

%

Unit

0

0

Americas Total

%

34

28

Australia

%

0

0

China

%

0

0

Hong Kong

%

0

0

India

%

11

12

Japan

%

0

0

Malaysia%

00Singapore

%

0

0

USA

South Korea

%

0

0

Taiwan, China

%

0

0

Thailand%00Vietnam%00Asia|Pacific Total

%

3

4

Total

%

53

52

302-1

Energy Consumption by energy souces

Total energy consumption

MWh200,715

196,403 2

303-3

Water Withdrawal by water sources

Total water withdrawal

m3

701,568

699,562 2305

GHG Emissions

Total GHG Emissions

tCO2eq

1,137,703

896,898 2

306

Total waste generation by type

Total wastet

18,733

10,003 2

Non-hazardous wastet

14,9884,216

Residual waste

t

2,410

2,279

Plastic waste

t

2,113

1,188

Paper and cardboard

t

1,567

1,491

Waste wood

t

1,262

995

Metal waste

t

392

416

Mixed recyclable materials

t

73

130

Electrical and electronic waste

t

26

41

Organic Waste

t

23

43

Waste Diverted from Disposal
by Composition

Waste Directed to Disposal
by Composition

Other Waste

t

7,274

1,301

Hazardous waste

t

3,593

2,122

Total waste diverted from disposal

t

5,502

4,627

Non-hazardous waste

t

5,046

4,218

Residual waste

t

158

333

Plastic waste

t

1,593

819

Paper and cardboard

t

1,567

1,468

Wood Waste

t

1,231

965

Metal waste

t

392

416

Mixed recyclable materials

t

73

129

Electrical and electronic waste

t

26

41

Organic Waste

t

0

22

Other Waste

t

7

26

Hazardous waste

t

456

409

Total waste directed to Disposalt

13,2305,378

Non-hazardous wastet

10,093

3,665

Residual waste

t

2,252

1,946

Plastic waste

t

520

369

Paper and cardboard

t

0

23

158

Sartorius

Group Sustainability Indicators GRI Sustainability Indicators

Reference Disclosure

Hazardous Waste Directed to Disposal
by Disposal

Non-Hazardous Waste Directed to
Disposal by Disposal Operation

401-1

New Hires by Region, Genderand Age GroupFY 2022

FY 2023

Waste wood

Unit
t

31

30

Metal waste

t

0

0

Mixed recyclable materials

t

0

1

Electrical and electronic waste

t

0

0

Organic Waste

t

23

20

Other Waste

t

7,267

1,276

Hazardous waste

t

3,137

1,713
1,712

Total hazardous waste directed to disposal by disposal method

t

3,137

Incineration (with energy recovery)

t

1,782

516

Incineration (without energy recovery)

t

1,236

847

Landfilling

t

7

0

Other disposal operations

t

113

350

Total non-hazardous waste directed todisposal by disposal methodt

10,094

3,554

Incineration (with energy recovery)

t

6,850

689

Incineration (without energy recovery)

t

48

52

Landfilling

t

1,439

1,454

Other disposal operations

t

1,757

1,359

Female (EMEA)

Number855

252≤ 29 (EMEA)

Number352

122

30–49 (EMEA)

Number432

113≥ 50 (EMEA)

Number71

17

Male (EMEA)

Number

1,337

313≤ 29 (EMEA)

Number543

119

30–49 (EMEA)

Number707

150≥ 50 (EMEA)

Number87

44

Total (EMEA)

Number2,192

565

Female (Americas)

Number399

61≤ 29 (Americas)

Number163

21

30–49 (Americas)

Number172

29≥ 50 (Americas)

Number64

11

Male (Americas)

Number492

109≤ 29 (Americas)

Number186

35

30–49 (Americas)

Number229

54≥ 50 (Americas)

Number77

20

Total (Americas)

Number891

170

Female (Asia|Pacific)

Number248

47≤ 29 (Asia|Pacific)

Number79

15

30–49 (Asia|Pacific)

Number165

32≥ 50 (Asia|Pacific)

Number4

0

Male (Asia|Pacific)

Number321

76≤ 29 (Asia|Pacific)

Number141

25

30 (Asia|Pacific)

Number177

48≥ 50 (Asia|Pacific)

Number3

3

159

Sartorius

Group Sustainability Indicators GRI Sustainability Indicators

Reference Disclosure

Employee Turnover by Region,
Gender and Age GroupFY 2022

FY 2023

Total (Asia|Pacific)

Unit
Number569

123

Female (Total)

Number

1,502

360≤ 29 (Total)

Number594

158

30–49 (Total)

Number769

174≥ 50 (Total)

Number139

28

Male (Total)

Number2,150

498≤ 29 (Total)

Number870

179

30–49 (Total)

Number

1,113

252≥ 50 (Total)

Number

167

67

Total (Total)

Number3,652

858

Female (EMEA)

Number350

457≤ 29 (EMEA)

Number101

94

30–49 (EMEA)

Number174

261≥ 50 (EMEA)

Number75

102

Male (EMEA)

Number454

615≤ 29 (EMEA)

Number141

138

30–49 (EMEA)

Number207

326≥ 50 (EMEA)

Number106

151

Total (EMEA)

Number804

1,072

Female (Americas)

Number169

302≤ 29 (Americas)

Number56

118

30–49 (Americas)

Number74

134≥ 50 (Americas)

Number39

50

Male (Americas)

Number

211

387≤ 29 (Americas)

Number63

135

30–49 (Americas)

Number95

171≥ 50 (Americas)

Number53

81

Total (Americas)

Number308

689

Female (Asia|Pacific)

Number108

105≤ 29 (Asia|Pacific)

Number24

31

30–49 (Asia|Pacific)

Number78

69≥ 50 (Asia|Pacific)

Number6

5

Male (Asia|Pacific)

Number

167

182≤ 29 (Asia|Pacific)

Number54

57

30 (Asia|Pacific)

Number103

115≥ 50 (Asia|Pacific)

Number10

10

Total (Asia|Pacific)

Number275

287

Female (Total)

Number627

864≤ 29 (Total)

Number181

243

30–49 (Total)

Number326

464≥ 50 (Total)

Number120

157

Male (Total)

Number832

1,184≤ 29 (Total)

Number258

330

30–49 (Total)

Number405

612≥ 50 (Total)

Number169

242

Total (Total)

Number

1,459

2,048

160

Sartorius

Group Sustainability Indicators GRI Sustainability Indicators

Reference Disclosure
401-3

Employees that took parental leaveby Gender andRegion4

Unit
Number187

206

Americas (female)

Number48

45

Asia|Pacific (female)

Number36

25

Total (female)

Number

271

276

EMEA (male)

Number243

288

Americas (male)

Number62

47

Asia|Pacific (male)

Number29

1

Total (male)

Number

334

336

EMEA (Total)

Number430

494

Americas (Total)

Number110

92

Asia|Pacific (Total)

Number65

26

Total (Total)

Number605

612

Number170

185

Americas (female)

Number38

39

Asia|Pacific (female)

Number19

29

Total (female)

Number

227

253

EMEA (male)

Number238

256

Americas (male)

Number57

52

Asia|Pacific (male)

Number28

1

Total (male)

Number

323

309

EMEA (Total)

Number408

441

Americas (Total)

Number95

91

Asia|Pacific (Total)

Number47

30

Total (Total)

Number550

562

Number

125

140
26

Employees That Returned to Work After
Parental Leave Ended That Were Still
Employed 12 Months After Their Return
EMEA (female)to Work by Gender and Region4

Work-Related Injuries4

404-1

Average Training Hours by Region
and Gender4

FY 2023

EMEA (female)

Employees That Returned to Work in theReporting Period After Parental Leave
Ended by Gender and Region4
EMEA (female)403-9

FY 2022

Americas (female)

Number6

Asia|Pacific (female)

Number20

12

Total (female)

Number

151

178

EMEA (male)

Number202

232

Americas (male)

Number1

34

Asia|Pacific (male)

Number22

4

Total (male)

Number

225

270

EMEA (Total)

Number

327

372
60

Americas (Total)

Number7

Asia|Pacific (Total)

Number42

16

Total (Total)

Number376

448

Work-related injuries

Number

159

122

EMEA (female)

Number14.7

18.7

Americas (female)

Number

15.7

20.1

Asia|Pacific (female)

Number

17.3

17.4

161

Sartorius

Group Sustainability Indicators GRI Sustainability Indicators

Reference Disclosure

Unit

FY 2022

FY 2023

Number

15.2

18.8

EMEA (male)

Number15.0

19.1

Americas (male)

Number

13.8

20.5

Asia|Pacific (male)

Number

13.6

21.4

Total (male)

Number

14.5

19.7

EMEA (Total)

Number

14.9

19.0

Total (female)

405-1

Members of Governance Bodies
by Gender and Age Group5

Employees by Employee Category,
Gender and Age Group

Employees with disabilities

Americas (Total)

Number

14.6

20.3

Asia|Pacific (Total)

Number

14.9

20.1

Total (Total)

Number14.8

19.4≤ 29 (female)

%

0

0

30–49 (female)

%

0

100

≥ 50 (female)

%

0

0

≤ 29 (male)

%

0

0

30–49 (male)

%

50

33

≥ 50 (male)

%

50

67

Women (Management)

%

32.9

32.3

≤ 29 (female) (Management)

%

5.1

3.2

30–49 (female) (Management)

%

70.2

72.7

≥ 50 (female) (Management)

%

24.8

24.1

Men (Management)

%

67.1

67.7

≤ 29 (male) (Management)

%

3.1

2.3

30–49 (male) (Management)

%

67.3

67.7

≥ 50 (male) (Management)

%

29.6

30.0

Total (Management)

%

15.1

15.9

Women (Employees)

%

40.0

39.9

≤ 29 (female) (Employees)

%

25.3

20.8

30–49 (female) (Employees)

%

55.4

58.4

≥ 50 (female) (Employees)

%

19.3

20.8

Men (Employees)

%

60.0

60.1

≤ 29 (male) (Employees)

%

22.8

17.8

30–49 (male) (Employees)

%

58.4

61.5

≥ 50 (male) (Employees)

%

18.9

20.7

Total (Employees)

%

84.9

84.1

Women (Total)

%

38.9

38.7

≤ 29 (female) (Total)

%

22.7

18.5

30–49 (female) (Total)

%

57.2

60.3

≥ 50 (female) (Total)

%

20.0

21.3

Men (Total)

%

61.1

61.3

≤ 29 (male) (Total)

%

19.4

15.1

30–49 (male) (Total)

%

59.8

62.6

≥ 50 (male) (Total)

%

20.7

22.4

Total (Total)

%

100

100

Employees with disabilities

Number289

277

1 Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Denmark, Finland, France, Germany, Hong Kong, Hungary, India, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, Poland, Puerto Rico, Russia, Singapore, Slovenia, Spain, South Africa, South
Korea, Sweden, Switzerland, Taiwan, Thailand, Tunisia, Turkey, UK, USA, Vietnam Slowenien, Spanien, Südafrika, Südkorea, Taiwan,
Thailand, Tunesien, Ungarn, USA, Vereinigtes Königreich, Vietnam

162

Sartorius

Group Sustainability Indicators GRI Sustainability Indicators

2 For further information, see the “Indicators of the Non-financial Group Statement “ on page 148
3 Excluding expiring fixed-term contracts.
4 Excluding the companies newly acquired in the reporting year.
5 Members of the Supervisory Board and the Executive Board as at 31.12.

163

IndicesSartorius

Indices GRI Index

GRI Index
This report was created based on the GRI standards. The following index provides the page references for required disclosures.
Universal Disclosure Requirements
Referenz

Angabe

Page

102-1

Name of the Organization

8 seq.

102-2

Activities, Brands, Products, and Services

8 seq.

102-3

Location of Headquarters

8 seq.

102-4

Location of Operations

8 seq., 15

GRI 102: Organizational Profile 2016102-5

Ownership and Legal Form

8 seq.

102-6

Markets Served

8 seq.

102-7

Scale of the Organization

8 seq.

102-8

Information on Employees and Other Workers

102-9

Supply Chain

102-10Significant Changes to the Organization and its Supply Chain

8 seq.

102-11

Precautionary Principle or Approach

87 seq.

102-12External Initiatives

87 seq.

102-13

Membership of Associations

87 seq.

8 seq., 155 seq.
8 seq.

GRI 102: Strategy 2016
102-14

Statement from Senior Decision-Maker

87 seq.

102-15

Key Impacts, Risks, and Opportunities

87 seq.

102-16

Values, Principles, Standards, and Norms of Behavior

74 seq..

Mechanisms for Advice and Concerns about Ethics

74 seq..

GRI 102: Ethic and Integrity 2016
102-17

GRI 102: Governance 2016
102-18Governance Structure102-20Executive-Level Responsibility for Economic, Environmental and Social Topics

75 seq.
87

102-21

Consulting Stakeholders on Economic, Environmental, and Social Topics

87

102-22Composition of the Highest Governance Body and its Committees

75 seq.

102-23Chair of the Highest Governance Body

75 seq.

102-24

Nomination and Selection of the Highest Governance Body

75 seq.

102-25

Conflicts of Interest

75 seq.

102-29Identifying and Managing Economic, Environmental, and Social Impacts

75 seq.

102-30Effectiveness of Risk Management Processes

75 seq.

102-31

Review of Economic, Environmental, and Social Topics

75 seq.

102-32Highest Governance Body’s Role in Sustainability Reporting

75 seq.

102-33

Communication of Critical Concerns

102-35

Remuneration Policies

83, 122 seq.

102-36

Process to Determine Remuneration

83, 122 seq.

102-38Annual Total Compensation Ratio

83, 122 seq.

75 seq.

GRI 102: Stakeholder Engagement 2016
102-40

List of Stakeholder Groups

87102-41

Collective Bargaining Agreements

102-42

Identifying and Selecting Stakeholders

87102-43

Approach to Stakeholder Engagement87

155 seq.

165

Sartorius

Referenz
102-44

Indices GRI Index

AngabeKey Topics and Concerns Raised

Page
87

GRI 102: Reporting Practice 2016
102-45

Entities Included in the Consolidated Financial Statements

102-46

Defining Report Content and Topic Boundaries

66102-47

List of Material Topics

6

102-48

Restatement of Information

6

102-49Changes in Reporting6

102-50

Reporting Period

6102-51

Date of Most Recent Report

6102-52

Reporting Cycle

6

102-53

Contact Point for Questions Regarding the Report102-54Claims of Reporting in Accordance with the GRI Standards

186
6, 165102-55GRI Content Index

165

102-56External Assurance

6

Topic-specific Disclosure Requirements (based on materiality)
Economics
Referenz

AngabePage

GRI 203: Indirect Economic Impacts 2016
103

Management Approach203-2

Significant Indirect Economic Impacts

8 seq.
n.a.

GRI 205: Anti-Corruption 2016
103

Management Approach

205-2

Communications and Training about Anti-Corruption Policies and Procedures

205-3

Confirmed Incidents of Corruption and Actions Taken

74 seq.
74 seq., 103
n.a.

GRI 206: Anti-Competitive Behavior 2016
103

Management Approach

206-1

Legal Actions for Anti-Competitive Behavior, Anti-Trust, and Monopoly Practices

74 seq.
n.a.

166

Sartorius

Indices GRI Index

Ecology
Referenz

AngabePage

GRI 302: Energy 2016
103

Management Approach

93 seq.

302-1

Energy Consumption Within the Organization

93 seq.

302-3

Energy Intensity

93 seq.

103

Management Approach

98 seq.

303-3

Water Withdrawal

98 seq.

GRI 303: Water and Effluents 2018

GRI 303: Emissions 2016
103

Management Approach

90 seq.

305-1

Direct (Scope 1) GHG Emissions

90 seq.

305-2

Indirect (Scope 2) GHG Emissions

90 seq.

305-3

Other Indirect (Scope 3) GHG Emissions

90 seq.

305-4

GHG Emissions Intensity

90 seq.

103

Management Approach

306-3

Waste Generated

306-4

Waste Diverted From Disposal

94 seq., 155 seq.

306-5

Waste Directed To Disposal

94 seq., 155 seq.

103

Management Approach

103

Management Approach

103 seq.

308-2

Negative Impacts in Supply Chain and Actions Taken

103 seq.

GRI 306: Waste 2020
94 seq.
94 seq., 155 seq.

GRI 307: Environmental Compliance 201674 seq.

GRI 308: Supplier Environmental Assessment 2016167

Sartorius

Indices GRI Index

SocialReferenz

AngabePage

GRI 401: Employment 2016
103

Management Approach

401-1

New Employee Hires and Employee Turnover

401-2

Benefits Provided to Full-Time Employees That Are Not Provided to Temporary or Part-Time Employees

401-3

Parental Leave

99 seq.
99 seq., 155 seq.
n.a.
155 seq.

GRI 403: Occupational Health and Safety 2018
103

Management Approach

99 seq.

403-9Work-Related Injuries

99 seq.

GRI 404: Training and Education 2016
103

Management Approach

404-1

Average Hours of Training per Year per Employee

404-3

Percentage of Employees Receiving Regular Performance and Career Development Reviews

99 seq.
99 seq., 155 seq.
99 seq.

GRI 405: Diversity and Equal Opportunity 2016
103

Management Approach

99 seq.

405-1

Diversity of Governance Bodies and Employees

74 seq.

GRI 406: Non-Discrimination 2016
103
406-1

Management Approach

99 seq.

Incidents of Discrimination and Corrective Actions Taken

99 seq.

GRI 412: Human Rights Assessment
103

Management Approach

412-2

Employee Training on Human Rights Policies or Procedures

99 seq.
103

GRI 414: Supplier Social Assessment 2016
103

Management Approach

414-2

Schulungen für Angestellte zu Menschenrechtspolitik und -verfahren

103 seq.
103

GRI 415: Public Policy 2016
103
415-1

Management Approach

103

Political Contributions

Keine

GRI 419: Socioeconomic Compliance 2016
103

Management Approach

99 seq.

419-1

Non-Compliance with Laws and Regulations in the Social and Economic Area

99 seq.

168

Sartorius

Indices UN Global Compact Index

UN Global Compact Index
The following index presents the sustainability activities described in the context of the principles of the UN
Global Compact.
Topic area

Principle

Human Rights

1. Businesses should support and respect the protection of internationally proclaimed human rights

74 seq., 99 seq., 103 seq.

2. Make sure that they are not complicit in human rights abuses.

74 seq., 99 seq., 103 seq.

Labor

Environment

Corruption prevention

Page

3. Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining.

74 seq., 99 seq., 103 seq.

4. The elimination of all forms of forced and compulsory labor.

74 seq., 99 seq., 103 seq.

5. The effective abolition of child labor.

74 seq., 99 seq., 103 seq.

6. The elimination of discrimination in respect of employment and occupation.

74 seq., 99 seq., 103 seq.

7. Businesses should support a precautionary approach to environmental challenges.

87 seq., 90 seq., 99 seq., 103 seq.

8. Undertake initiatives to promote greater environmental responsibility

87 seq., 90 seq., 99 seq., 103 seq.

9. Encourage the development and diffusion of environmentally friendly
technologies.

11 seq., 87 seq., 90 seq., 99 seq., 103
seq.

10. Businesses should work against corruption in all its forms, including
extortion and bribery.

99 seq., 103 seq.

169

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Indices TCFD Index

TCFD Index
The following index shows the described sustainability activities of the Sartorius Group in the context of thedisclosure recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) for climate
reporting.
Disclosure

Page

Governance: Disclose the organization’s governance around climate related risks and opportunities.
a) Describe the board’s oversight of climate-related risks and opportunities.

52 seq., 88, 90 seq.

b) Describe management’s role in assessing and managing climate-related risks and opportunities.

52 seq., 88, 90 seq.

Strategy: Disclose the actual and potential impacts of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning where such information is material.
a) Describe the climate-related risks and opportunities the organization has identified over the short, medium, and longterm.

52 seq.

b) Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning.

52 seq.

c) Describe the resilience of the organization’s strategy, taking into consideration different climate-related
scenarios, including a 2°C or lower scenario.

52 seq., 90 seq.

Risk Management: Disclose how the organization identifies, assesses, and manages climate-relatedrisks.
a) Describe the organization’s processes for identifying and assessing climate-related risks.

52 seq., 90 seq.

b) Describe the organization’s processes for managing climate-related risks.

52 seq., 90 seq.

c) Describe how processes for identifying, assessing, and managing climate-related risks are integrated
into the organization’s overall risk management.

52 seq., 90 seq.

Metrics and Targets: Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.
a) Disclose the metrics used by the organization to assess climaterelated risks and opportunities in linewith its strategy and risk management process.

90 seq.

b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks.

90 seq.

c) Describe the targets used by the organization to manage climate-related risks and opportunities andperformance against targets.

90 seq.

170

Sartorius

Indices SDG Index

SDG Index
The following index shows the sustainability activities of the Sartorius Group in the context of the United Nations Sustainable Development Goals (SDGs).
Goal

Page

SDG 3

Good health and well-being

11 seq.

SDG 4

Quality education

99 seq.

SDG 5

Gender equality

99 seq.

SDG 6Clean water and sanitation

98 seq.

SDG 8

Decent work and economic growth

SDG 9

Industry, innovation and infrastructure

SDG 12

Responsible consumption and production

SDG 13

Climate action

SDG 17

Partnerships for the goals

99 seq., 103 seq.
90 seq., 94 seq., 98 seq., 103 seq.
8 seq., 90 seq., 94 seq., 98 seq., 103 seq.
90 seq., 103 seq.
8 seq., 90 seq., 94 seq., 98 seq., 103 seq.

171

Sartorius

Information on Sartorius Stedim
Biotech Subgroup

Sartorius

Information on Sartorius Stedim Biotech Subgroup Indicators of the Non-financial Group Statement

Indicators of the Non-financial GroupStatement
The Sartorius Stedim Biotech subgroup falls under the non-financial group statement of Sartorius AG and is
exempt from preparing its own non-financial statement. The following table breaks down the specific sustainability indicators from the non-financial group statement for the Sartorius Stedim Biotech subgroup. The GHG
emissions in Scope 3 were allocated based on sales.
Focus topic sustainability / indicator

FY 2019(base year)

FY 2022

FY 2023

11,943 4

16,035 4

9,926 3000Gross GHG emissions - scope 2 - location-based calculationin t CO2eq

26,217 445,929 4

38,405 3Gross GHG emissions - scope 2 - market-based calculationin t CO2eq722,253 4

24,283 4

22,937 3Gross GHG emissions – scope 3 t CO2eq

400,674

872,840

700,146

Category 1: "Purchased goods and services" in t CO2eq

178,835

417,529

260,542

Category 2: „Capital goods“ in t CO2eq

27,66976,394

137,654

Climate1,2
Gross GHG emissions - scope 1 in t CO2eq5,6
Share of Scope 1 GHG emissions under regulated emission trading
schemes in %Category 3: „Fuel- and energy-related activities(nicht in Scope 1 und 2 enthalten)” in t CO2eq

4,915

9,058

5,962

43,069102,988

60,152Category 5: „Waste generated in operations“ in t CO2eq

3,016

7,388

4,656

Category 6: „Business travel“ in t CO2eq

19,57016,854

17,210Category 7: „Employee commuting“ in t CO2eq911,264

17,642

14,728Category 4: „Upstream transportation and distribution” in t CO2eq

Category 8: „Uptream leased assets“ in t CO2eq
Category 9: „Downstream transportation and distribution” in t CO2eq
Category 10: „Processing of sold products” in t CO2eq10

0

0

0

3,661

8,754

5,113

0

0

0

Category 11: „Use of sold products” in t CO2eq11

81,470177,710

151,606

Category 12: „End-of-life treatment of sold products” in t CO2eq

27,20738,52342,524

Category 13: „Downstream leased assets“ in t CO2eq

0

0

0

Category 14: „Franchises“ in t CO2eq

0

0

0

Category 15: „Investments“ in t CO2eq12

0

0

0

Total gross GHG emissions (scope 1, 2 and 3) - location-based
calculation in t CO2eq

438,835

934,804

748,477

Total gross GHG emissions (scope 1, 2 and 3) - market-based
calculation in t CO2eq7434,871913,158

733,0090

0

0

Total net GHG emissions (scope 1, 2 and 3) - location-based
calculation in t CO2eq

438,835

934,804

748,477

Total net GHG emissions (scope 1, 2 and 3) - market-based
calculation in t CO2eq7

Total GHG removals in t CO2eq

434,871913,158

733,009

Gross GHG intensity - location-based calculation per net turnoverin t CO2eq / €0.000320

0.000281

0.000220

Gross GHG intensity - market-based calculation per net turnoverin t CO2eq / €70.000317

0.000275

0.000216

n.r.

n.r.

n.r.

Adjusted gross GHG intensity - market-based calculation
per net turnover in g CO2eq / €13

173

Sartorius

Information on Sartorius Stedim Biotech Subgroup Indicators of the Non-financial Group Statement

FY 2019(base year)
Average annual reduction compared to the base year 2019 in %(strategic consideration)
Total energy consumption in MWh14,15,16
Renewable energy consumption in MWh

FY 2022

FY 2023

n.r.

n.r.

n.r.

n.r.

170,318

195,522n.r.

52,85969,228Purchased certified renewable electricity in MWh

n.r.

51,75965,110Self-generated solar energy in MWh

n.r.

506

2,089

Purchased geothermal energy in MWh

n.r.

594

441

Other renewable energy in MWh

n.r.

0

1,589

Non-renewable energy consumption in MWh

n.r.

117,459

126,294

Purchased natural gas in MWh

n.r.

51,51953,884Purchased non-renewable electricity in MWh

n.r.

47,42257,289Purchased district heating in MWh

n.r.

6,287

8,872

Purchased diesel in MWh

n.r.

8,792

4,459

Purchased heating oil in MWh

n.r.

2,406

1,199

Purchased district cooling in MWh

n.r.

815

590

Purchased LPG in MWh

n.r.

218

0

n.r.

31.0

35.4

n.r.

29.3

29.2

n.r.

16,991

8,555

Waste diverted from disposal

n.r.

n.r.

3,809

Hazardous waste in t18

n.r.

n.r.

219

Preparation for reuse

n.r.

n.r.

0

Recycling17

n.r.

n.r.

219

Other recovery processes

n.r.

n.r.

0

Non-hazardous waste in t18

n.r.

n.r.

3,590

Preparation for reuse

n.r.

n.r.

0

Recycling17

n.r.

n.r.

3,590

Other recovery processes

n.r.

n.r.

0

n.r.

n.r.

4,746

Hazardous waste 18

n.r.

n.r.

1,441

Incineration

n.r.

n.r.

1,341

Landfill

n.r.

n.r.

0

Other recovery processes

n.r.

n.r.

100

n.r.

n.r.

3,305

Incineration

n.r.

n.r.

640

Landfill

n.r.

n.r.

1,231

Other recovery processes

n.r.

n.r.

1,433

Proportion of non-recycled waste in %

n.r.

n.r.

55.5

Total water withdrawal in m3 14,16

n.r.

667,255

699,777

Third-party water in m3

n.r.

638,317672,040

Ground water in m3

n.r.

19,11915,973

Surface water in m3

n.r.

9,820

11,764

Total water withdrawal from water stress areas in %19

n.r.

11.1

11.5 20

Certified management systems according to ISO 14001 Employee coverage as of 31.12. in %

n.r.

60.4

57.4

Total share of renewable energy in %Certified management systems according to ISO 50001 Materials and Circularity
Total waste generated in t14,16

Waste for disposal

Non-hazardous waste in t

Water and Wastewater

174

Sartorius

Information on Sartorius Stedim Biotech Subgroup Indicators of the Non-financial Group Statement

FY 2019(base year)

FY 2022

FY 2023

Sociale Responsibility
Total employees as of 31.12. 21

n.r.

11,934

10,662

Women in %

n.r.

38.9

38.7

Age group ≤ 29 years in %

n.r.

22.9

18.0

Age group 30 -49 years in %

n.r.

58.3

61.8

Age group ≥ 50 years in %

n.r.

18.8

20.3

Part-time in %

n.r.

5.6

4.4

Average age

n.r.

38.5

39.5

Women in management positions in %

n.r.

34.2

33.6

n.r.

5.9

6.9

n.r.

5.6

6.6

Average years of tenure as of 31.12. 21
Women
Men

n.r.

6.1

7.1

< 5 years in %

n.r.

64.3

57.8

5 -15 years in %

n.r.

24.6

29.8

> 15 years in %

n.r.

11.1

12.4

n.r.

5

5

External sustainability-related site audits (PSCI audits)

n.r.

38.5

17.1

Certified management systems according to ISO 45001 Employee coverage as of 31.12. in %Employee coverage in %

n.r.

7.6

7.4

Work-related injuries 14,16,22

n.r.

141

96

Work-related injuries per million hours worked 14,16,22,23

n.r.

6.9

5.3

Work-related injuries with a serious outcome 14,16,22,24

n.r.

2

4

Fatal work-related injuries 14,16,22

n.r.

0

0

Total training hours 25

n.r.

175,579

205,697

Total average training hours per employee 25

n.r.

15.0

19.8

Women

n.r.

15.2

18.4

Men

n.r.

14.8

20.6

n.r.

9.3

16.1

Women

n.r.

10.3

17.6

Men

n.r.

8.7

15.1

Age group ≤ 29 years in %

n.r.

13.3

27.1

Age group 30 -49 years in %

n.r.

8.0

13.5

Age group ≥ 50 years in %

n.r.

8.7

14.1

n.r.

22.8

5.2

n.r.

24.2

5.7

Total fluctuation rate in %26

Total new hires rate in %27
Women
Men

n.r.

21.9

4.9

Age group ≤ 29 years in %

n.r.

40.7

12.7

Age group 30 -49 years in %

n.r.

19.9

3.9

Age group ≥ 50 years in %

n.r.

10.0

2.5

Employee Net Promoter Score

n.r.

n.r.

n.r.

n.r.

8,785

8,352

Corporate Governance16
Employees who completed training on Code of Conduct
Employee coverage in %Employees who completed training on anti-corruption code
Employee coverage in %

n.r.

74.8

80.3

n.r.

8,998

8,297

n.r.

76.6

79.8

175

Sartorius

Information on Sartorius Stedim Biotech Subgroup Indicators of the Non-financial Group Statement

FY 2019(base year)

FY 2022

FY 2023

n.r.

n.r.

n.r.

n.r.

n.r.

n.r.

n.r.

n.r.

n.r.

n.r.

n.r.

n.r.

Sustainable Supply Chains
Suppliers having signed the Code of Conduct for
Business Partners 2023 28
Coverage purchasing volume in %Sustainability-related supplier self-assessments as of 31.12. 28,29
Coverage purchasing volume in %29
External sustainability-related supplier audits

n.r.

0

0

n.r.

0

0

n.r.

96

38

Turnover of taxonomy-aligned activities (A.1.) in million €

n.r.

0

0

Proportion of taxonomy-aligned activities of turnover (A.1.) in %

n.r.

0

0

Turnover of taxonomy-eligible activities (Total A.1. + A.2.) in million €

n.r.

0

843

Proportion of taxonomy-eligible activities of turnover(Total A.1. + A.2.) in %

n.r.

0

30

Capital expenditures for taxonomy-aligned activities (A.1.) in million €

n.r.

103.1

77.7

Proportion of taxonomy-aligned activities of capital expenditures(A.1.) in %

n.r.

14

5

Capital expenditures for taxonomy-eligible activities(Total A.1. + A.2.) in million €

n.r.

244.1

344.6

Proportion of taxonomy-eligible activities of capital expenditures(Total A.1. + A.2.) in %n.r.

Operating expenditures for taxonomy-aligned activities (A.1.) in million €

n.r.

n.r.

2.5

Proportion of taxonomy-aligned activities of operating expenditures(A.1.) in %

n.r.

n.r.

2

Operating expenditures for taxonomy-eligible activities(Total A.1. + A.2.) in million €

n.r.

n.r.

45.1

Proportion of taxonomy-eligible activities of operating expenditures(Total A.1. + A.2.) in %

n.r.

n.r.

36

Coverage purchasing volume in %Own quality-related supplier audits, which include sustainability aspects
EU-Taxonomy

24

1 The data presented contains uncertainties and, with regard to scope 3 emissions and in particular the values for individual categories, should currently be seen as an indication. Explanations on greenhouse gas accounting, including the data concepts and calculation methods used, can be found on page 148 seq. of the non-financial statement.
2 Based on the GHG Protocol (Corporate Accounting and Reporting Standard 2004 and Corporate Value Chain (scope 3)
Accounting and Reporting Standard 2011).
3 excluding the Polyplus companies newly acquired in the reporting year
4 based on the data reported by production sites and some administrative sites; excluding the companies newly acquired in thereporting year
5 excluding GHG emissions from the fuel consumption of the vehicle fleet
6 Recording of fugitive emissions currently only in Göttingen and Yauco
7 If no contract-specific emission factor was available for the market-based calculation method, the location-based emission factor
was used in accordance with the GHG Protocol
8 The figure for 2023 is only comparable with the previous year's figures to a limited extent, as the calculation basis for 2023 has been
expanded and now covers all capital expenditure. Adjustments to the previous year's figures have not been made due to materiality
assessments for total GHG emissions.
9 Excluding GHG emissions from commuting by trainees, interns and temporary workers
10 This category is reported as 0 t CO2eq in accordance with the GHG Protocol, as it cannot currently be adequately accounted for by
Sartorius due to the wide range of potential further processing options for the products, each with their own specific GHG profiles,
and, according to an assessment, is also not material for the Group's overall GHG balance.
11 GHG accounting currently only covers products whose use requires electricity.
12 This category is reported as 0 t CO2eq, as the most relevant company investment from a GHG perspective will be reported in thefinancial year 2023 has been classified as immaterial in the financial reporting and the GHG emissions associated with this equity
investment have also been assessed as immaterial for the overall GHG balance.

176

Sartorius

Information on Sartorius Stedim Biotech Subgroup Indicators of the Non-financial Group Statement

13 For the "Adjusted GHG intensity: gross GHG emissions per net sales - market-based calculation", only the goods and services
actually consumed to produce the products and services sold in the financial year are accounted for in the GHG category "Purchased
goods and services" instead of those purchased. This means that the data is adjusted for inventories.
14 The key figures were prepared in accordance with the GRI Standards.
15 Excluding the fuel consumption of the vehicle fleet
16 excluding the Polyplus companies newly acquired in 2023
17 Recycling is defined as the reprocessing of products, components and materials.
18 Classification as hazardous waste is based on local legislation.
19 Water abstraction from water stress areas is defined as water abstraction that is classified as "high" (40 -80 %) or "very high"(> 80 %) according to the World Resources Institute (WRI) "Aqueduct Water Risk Atlas".
20 The previous year was based on the use of the updated World Resources Institute (WRI) "Aqueduct Water Risk Atlas"(version 4.0) from 76.4 % to 11.1 %.
21 Refers to all active employees excluding trainees, interns, temporary workers and inactive employees.
22 Counts all occupational accidents that go beyond first aid, i.e. where a visit to the doctor is required; excluding commuting
accidents; refers to all employees who have an employment contract with Sartorius.
23 Working hours refer to all active employees excluding trainees, interns and temporary workers
24 Serious occupational accidents are those that have caused or will cause more than 6 months of absence.
25 Refers only to companies consolidated for the full year.
26 Employee turnover includes voluntary, neutral and involuntary departures from the Group. Departures due to fixed-term contracts
and transfers within the Group are not taken into account.
27 New hires only include hires of employees who did not previously have a contract with a Sartorius company and the conversion ofcontracts of apprentices, trainees and temporary workers into permanent employment.
28 All suppliers entered in the ERP system on the purchasing side were considered. Subsidiaries are covered by the parent company.
This figure includes all newly signed documents since 01.10.2022, most of which relate to the updated Code of Conduct from 2022
and in some cases to the outdated Code of Conduct from 2019 as well as mutual recognitions of equivalent codes of conduct.
29 The available sustainability-related self-disclosures on recognized sustainability platforms that are valid according to the platform
on the reporting date or whose validity date is not older than two years were counted, provided that a minimum rating defined acrossall topics was achieved.

177

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Information on Sartorius Stedim Biotech Subgroup GRI Sustainability Indicators

GRI Sustainability Indicators
The following table shows the sustainability indicators according to the GRI standard for the Sartorius Stedim
Biotech subgroup.
Reference Disclosure

Unit

FY 2022

FY 2023

28

29 1

73.6

73.6

102-4

Number of countries

Countries with at least one consolidated
company of the Sartorius Group

102-5

Shareholder structure

Sartorius AG
Free float

%

26.4

26.4

102-7

Employees

Total number of employees

Number

11,934

10,662

Revenue

Revenue€ in mn

3,492.7

2,775.5

Number%EquityEquity€ in mn

2,514.2

2,673.2

Liabilities

Non-current liabilities€ in mn

1,515.3

4,129.4

Current liabilities€ in mn

1,035.9

937.3

AssetsNon-current assets€ in mn

3,394.2

6,324.8

Current assets€ in mn

1,671.2

1,415.1

Sales revenues by region

Employees by region and country

EMEA€ in mn

1,318.8

1,093.4

Americas€ in mn

1,277.8

1,054.0

Asia | Pacific€ in mn

896.2

628.1

Austria

Number17

17

Belgium

Number40

111

FinlandNumber17

15

FranceNumber

1,502

1,467

Germany

Number

3,768

3,385

Hungary

Number4

5

IrelandNumber24

21

IsraelNumber

162

143

Italy

Number44

43

Netherlands

Number23

18

PolandNumber9

10

RussiaNumber41

34

Slovenia

Number

226

237

Spain

Number45

42

SwedenNumber102

89

Switzerland

Number137

109

Tunisia

Number663

546

TurkeyNumber0

33

UK

Number

1,060

970

EMEA Total

Number

7,884

7,295

Puerto Rico

Number

1,390

979

USA

Number

1,030

965

America Total

Number

2,420

1,944

Australia

Number

21

24

China

Number

610

454

India

Number

614

549

Japan

Number62

64

Malaysia

Number55178

Sartorius

Information on Sartorius Stedim Biotech Subgroup GRI Sustainability Indicators

Reference Disclosure

102-8

Employees by Employment Contractby Gender

Employees by Employment Contract
by Region

Employees by Employment Typeby Gender

Workers That are not Employees by Region

Unit

FY 2022

FY 2023

Singapore

Number88

84

South Korea

Number197

211

TaiwanNumber33

32

Asia | Pacific Total

Number

1,630

1,423

Total

Number

11,934

10,662

Unlimited contract (female)

Number

4,134

3,798

Unlimited contract (male)

Number

6,542

6,079

Unlimited contract Total

Number

10,676

9,877

Limited contract (female)

Number512

327

Limited contract (male)

Number746

458

Limited contract Total

Number1,258

785

Female Total

Number

4,646

4,125

Male Total

Number

7,288

6,537

Total

Number

11,934

10,662

Unlimited contract (EMEA)

Number

7,204

6,924

Unlimited contract (America)

Number

2,416

1,940

Unlimited contract (Asia|Pacific)

Number

1,056

1,013

Unlimited contract Total

Number

10,676

9,877

Limited contract (EMEA)

Number680

371

Limited contract (America)

Number4

4

Limited contract (Asia|Pacific)

Number574

410

Limited contract Total

Number

1,258

785

EMEA Total

Number

7,884

7,295

America Total

Number

2,420

1,944

Asia|Pacific Total

Number

1,630

1,423

Total

Number

11,934

10,662Full-time (female)

Number

4,214

3,776

Full-time (male)

Number

7,046

6,412

Full-time total

Number11,260

10,188Part-time (female)

Number432

349

Part-time (male)

Number242

125Part-time total

Number674

474

Female total

Number

4,646

4,125

Male total

Number

7,288

6,537

Total

Number

11,934

10,662Other employees (EMEA)

Number224

119

Other employees (America)

Number0

3

Other employees (Asia|Pacific)

Number3

2

Other employees Total

Number227

124

Contingent Workers (EMEA)

Number305

149

Contingent Workers (America)

Number95

22

Contingent Workers (Asia|Pacific)

Number

136

101

Contingent Workers Total

Number

536

272

EMEA Total

Number529

268

America Total

Number

95

25

179

Sartorius

Information on Sartorius Stedim Biotech Subgroup GRI Sustainability Indicators

Reference Disclosure102-41

302-1

Employees under collective bargaining
agreements

Energy Consumption by energy souces

Unit

FY 2022

FY 2023

Asia|Pacific Total

Number

139

103

Total

Number763

396

Austria%00Belgium

%

100

100

Finland%

53

40

France

%

100

100

Germany%

84

83

Hungary%00

Ireland%00

Israel

%

0

0

Italy

%

100

100

Netherlands

%

0

0

Poland%00Russia%0

0

Slovenia

%

0

0

Spain

%

100

100

Sweden

%

100

100

Switzerland

%

0

0

Tunisia%

68

68

Turkey

%

0

0

UK

%

0

0

EMEA Total

%

68

67

Puerto Rico

%

76

72

USA

%

0

0

Americas Total

%

44

36

Australia

%

0

0

China

%

0

0

India

%

13

14

Japan

%

0

0

Malaysia%

00Singapore%00South Korea

%

0

0

Taiwan%00Asia | Pacific Total

%

5

5

Total

%

54

53

Total energy consumption

MWh170,318

195,522 2

667,255

699,777 2

934,804

748,477 2

303-3

Water Withdrawal by water sources

Total water withdrawal

m3

305

GHG Emissions

Total GHG Emissions

tCO2eq306

Total waste generation by type

Total wastet

16,991

8,555 2Non-hazardous wastet

13,6096,894

Residual waste

t

1,748

1,934

Plastic waste

t

1,826

1,088

Paper and cardboard

t

1,268

1,158

Waste wood

t

1,204

963

Metal waste

t

211

263

Mixed recyclable materials

t

49

129

Electrical and electronic waste

t

21

30

Organic Waste

t

8

29

180

Sartorius

Information on Sartorius Stedim Biotech Subgroup GRI Sustainability Indicators

Reference Disclosure

Waste Diverted from Disposal
by Composition

Waste Directed to Disposal
by Composition

Hazardous Waste Directed to Disposal
by Disposal

Non-Hazardous Waste Directed
to Disposal by Disposal Operation

401-1

New Hires by Region, Genderand Age GroupUnit

FY 2022

FY 2023

Other Waste

t

7,274

1,300

Hazardous waste

t

3,382

1,661

Total waste diverted from disposal

t

4,508

3,809

Non-hazardous waste

t

4,235

3,590

Residual waste

t

76

299

Plastic waste

t

1,425

751

Paper and cardboard

t

1,268

1,135

Wood Waste

t

1,178

936

Metal waste

t

211

263

Mixed recyclable materials

t

49

129

Electrical and electronic waste

t

21

30

Organic Waste

t

0

23

Other Waste

t

7

24

Hazardous waste

t

273

219

Total waste directed to Disposalt

12,483

4,746

Non-hazardous waste

t

9,374

3,304

Residual waste

t

1,672

1,635

Plastic waste

t

401

337

Paper and cardboard

t

0

23

Waste wood

t

26

27

Metal waste

t

0

0

Mixed recyclable materials

t

0

0

Electrical and electronic waste

t

0

0

Organic Waste

t

8

6

Other Waste

t

7,267

1,276

Hazardous waste

t

3,109

1,442

Total hazardous waste directed to disposal
by disposal method
t

3,109

1,442

Incineration (with energy recovery)

t

1,782

516

Incineration (without energy recovery)

t

1,210

826

Landfilling

t

7

0

Other disposal operations

t

110

100

Total non-hazardous waste directed todisposal by disposal method

t

9,374

1,433

Incineration (with energy recovery)

t

6,716

0

Incineration (without energy recovery)

t

7

0

Landfilling

t

927

0

Other disposal operations

t

1,723

1,433

Female (EMEA)

Number659

175≤ 29 (EMEA)

Number266

96

30–49 (EMEA)

Number337

71≥ 50 (EMEA)

Number56

8

181

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Information on Sartorius Stedim Biotech Subgroup GRI Sustainability Indicators

Reference Disclosure

Employee Turnover by Region, Genderand Age GroupUnit

FY 2022

FY 2023
193

Male (EMEA)

Number982≤ 29 (EMEA)

Number404

82

30–49 (EMEA)

Number512

85≥ 50 (EMEA)

Number66

26

Total (EMEA)

Number

1,641

368

Female (Americas)

Number303

30≤ 29 (Americas)

Number133

12

30–49 (Americas)

Number124

13≥ 50 (Americas)

Number46

5Male (Americas)

Number370

66≤ 29 (Americas)

Number152

22

30–49 (Americas)

Number165

32≥ 50 (Americas)

Number53

12

Total (Americas)

Number673

96

Female (Asia|Pacific)

Number

162

29≤ 29 (Asia|Pacific)

Number52

11

30–49 (Asia|Pacific)

Number108

18≥ 50 (Asia|Pacific)

Number2

0

Male (Asia|Pacific)

Number243

60≤ 29 (Asia|Pacific)

Number105

21

30 (Asia|Pacific)

Number136

36≥ 50 (Asia|Pacific)

Number2

3

Total (Asia|Pacific)

Number405

89

Female (Total)

Number

1,124

234≤ 29 (Total)

Number451

119

30–49 (Total)

Number569

102≥ 50 (Total)

Number104

13

Male (Total)

Number

1,595

319≤ 29 (Total)

Number661

125

30–49 (Total)

Number813

153≥ 50 (Total)

Number121

41

Total (Total)

Number2,719

553

Female (EMEA)

Number282

384≤ 29 (EMEA)

Number85

83

30–49 (EMEA)

Number

142

215≥ 50 (EMEA)

Number55

86

Male (EMEA)

Number352

499≤ 29 (EMEA)

Number118

122

30–49 (EMEA)

Number

166

273≥ 50 (EMEA)

Number68

104

Total (EMEA)

Number634

883

Female (Americas)

Number

125259≤ 29 (Americas)

Number49

108

30–49 (Americas)

Number50

111≥ 50 (Americas)

Number26

40

Male (Americas)

Number

155

337

182

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Information on Sartorius Stedim Biotech Subgroup GRI Sustainability Indicators

Reference Disclosure

401-3

Employees that took parental leave by
Gender and Region4

Unit

FY 2022

FY 2023≤ 29 (Americas)

Number49

124

30–49 (Americas)

Number69

144≥ 50 (Americas)

Number37

69

Total (Americas)

Number280

596

Female (Asia|Pacific)

Number72

82≤ 29 (Asia|Pacific)

Number18

28

30–49 (Asia|Pacific)

Number51

53≥ 50 (Asia|Pacific)

Number3

1

Male (Asia|Pacific)

Number127

153≤ 29 (Asia|Pacific)

Number

44

54

30 (Asia|Pacific)

Number77

94≥ 50 (Asia|Pacific)

Number6

5

Total (Asia|Pacific)

Number199

235

Female (Total)

Number479

725≤ 29 (Total)

Number

152219

30–49 (Total)

Number243

379≥ 50 (Total)

Number84

127

Male (Total)

Number634

989≤ 29 (Total)

Number211

300

30–49 (Total)

Number

312

511≥ 50 (Total)

Number111

178

Total (Total)

Number

1,113

1,714

EMEA (female)

Number156

165

Americas (female)

Number37

31

Asia|Pacific (female)

Number26

16

Total (female)

Number

219

212

EMEA (male)

Number

195

200

Americas (male)

Number48

34

Asia|Pacific (male)

Number28

1

Total (male)

Number

271

235

EMEA (Total)

Number351

365

Americas (Total)

Number85

65

Asia|Pacific (Total)

Number54

17

Total (Total)

Number490

447

Number133

155

Americas (female)

Number28

26

Asia|Pacific (female)

Number14

21

Employees That Returned to Work in theReporting Period After Parental Leave
Ended by Gender and Region4
EMEA (female)

Total (female)

Number

175

202

EMEA (male)

Number188

177

Americas (male)

Number45

37

Asia|Pacific (male)

Number27

1

Total (male)

Number

260

215

EMEA (Total)

Number

321

332

183

Sartorius

Information on Sartorius Stedim Biotech Subgroup GRI Sustainability Indicators

Reference Disclosure

Employees That Returned to Work After
Parental Leave Ended That Were Still
Employed 12 Months After Their Return
to Work by Gender and Region4

Unit

FY 2022

FY 2023
63

Americas (Total)

Number73

Asia|Pacific (Total)

Number41

22

Total (Total)

Number

435

417

EMEA (female)

Number92

108

Americas (female)

Number3

18

Asia|Pacific (female)

Number16

10

Total (female)

Number

111

136

EMEA (male)

Number

147

181
22

Americas (male)

Number1

Asia|Pacific (male)

Number18

3

Total (male)

Number

166

206

EMEA (Total)

Number239

289

Americas (Total)

Number4

40

Asia|Pacific (Total)

Number34

13

Total (Total)

Number

277

342

141

96

403-9

Work-Related Injuries4

Work-related injuries

Number404-1

Average Training Hours by Region and
Gender4

EMEA (female)

Number

14.7

18.1

Americas (female)

Number

14.2

19.4

Asia|Pacific (female)

Number

19.9

18.8

405-1

Total (female)

Number

15.2

18.4

EMEA (male)

Number

15.5

20.0
20.6

Americas (male)

Number

12.5

Asia|Pacific (male)

Number

14.6

23.1

Total (male)

Number14.8

20.6

EMEA (Total)

Number

15.2

19.3

Americas (Total)

Number

13.2

20.1

Asia|Pacific (Total)

Number

16.3

21.8

Total (Total)

Number

15.0

19.8

Members of Governance Bodies by Gender and Age Group5≤ 29 (female)

Employees by Employee Category,
Gender and Age Group

%

n.r.

n.r.

30–49 (female)

%

n.r.

n.r.

≥ 50 (female)

%

n.r.

n.r.

≤ 29 (male)

%

n.r.

n.r.

30–49 (male)

%

n.r.

n.r.

≥ 50 (male)

%

n.r.

n.r.

Women (Management)

%

34.2

33.6

≤ 29 (female) (Management)

%

5.7

3.5

30–49 (female) (Management)

%

70.2

73.5

≥ 50 (female) (Management)

%

24.1

23.0

Men (Management)

%

65.8

66.4

≤ 29 (male) (Management)

%

3.9

2.8

30–49 (male) (Management)

%

68.4

68.8

184

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Reference Disclosure

Employees with disabilities

Unit

FY 2022

FY 2023
28.4≥ 50 (male) (Management)

%

27.7

Total (Management)

%

15.1

15.9

Women (Employees)

%

39.8

39.7

≤ 29 (female) (Employees)

%

28.1

23.1

30–49 (female) (Employees)

%

53.5

56.8

≥ 50 (female) (Employees)

%

18.4

20.1

Men (Employees)

%

60.2

60.3

≤ 29 (male) (Employees)

%

25.0

19.2

30–49 (male) (Employees)

%

58.3

62.4

≥ 50 (male) (Employees)

%

16.7

18.4

Total (Employees)

%

84.9

84.1

Women (Total)

%

38.9

38.7

≤ 29 (female) (Total)

%

25.1

20.4

30–49 (female) (Total)

%

55.7

59.1

≥ 50 (female) (Total)

%

19.2

20.5

Men (Total)

%

61.6

61.3

≤ 29 (male) (Total)

%

21.5

16.4

30–49 (male) (Total)

%

59.9

63.5

≥ 50 (male) (Total)

%

18.5

20.1

Total (Total)

%

100

100

Employees with disabilities

Number210

195

1 Australia, Austria, Belgium, China, Finland, France, Germany, Hungary, India, Ireland, Israel, Italy, Japan, Malaysia, Netherlands, Poland, Puerto Rico, Russia, Slovenia, Sweden, Switzerland, Singapore, Spain, South Korea, Taiwan, Tunisia, Turkey, UK, USA
2 For further information, see “Indicators of the Non-financial Group Statement” on page 171.
3 Excluding expiring fixed-term contracts.
4 Excluding the companies newly acquired in the reporting year.
5 Members of the Supervisory Board and the Executive Board as at 31.12.

185

Sartorius

Imprint
Published by
Sartorius AG
Corporate Sustainability
37079 Goettingen, Germany
Contact
Katharina Tillmanns-Pelzer
Head of Corporate Sustainability
sustainability@sartorius.com
Editorial deadline
16.02.2024
Published on
22.04.2024
This is a translation of the original German-language report.

Imprint

186

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Phone: +49.551.308.0
Fax: +49.551.308.3289
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