All sacraments work ex opere operato; this is part of the nature of a sacrament, and what distinguishes a sacrament from a sacramental, which works ex opere operantis (from the work of the worker).
It has been too long since I studied any Reformation theology, but I think Protestants who still affirm some notion of sacramentality would articulate sacraments’ efficacy in terms of the recipient’s response of faith. So in the Eucharist, for instance, the recipient is presented with God’s promise of salvation through the sacrifice of Christ - for Calvin, those who place their faith in this promise are led to feed spiritually upon Christ, for Luther (who does not have a single, systematic articulation of the Eucharist), the recipients who place their faith in this promise receive Christ’s Body and Blood present in the elements, whereas those who do not receive in faith do not receive that Body and Blood. In both cases, the effect of the sacrament depends not upon the work itself but upon the dispositions of the recipient, so we could call this theory similar to that of a Catholic sacramental (except in this case they work ex fide recipientis, not ex opere operantis).