STVN · Stevanato Group S.p.A.

Stevanato Group's Q1 2026 results reflect solid execution, with revenue growing 7% (10% constant currency) to €273.6 million, driven by a 13% increase in the Biopharmaceutical and Diagnostic Solutions (BDS) segment. High-value solutions revenue rose 17% to €128.6 million, now representing 47% of total revenue, led by high-performance syringes and EZ-fill vials. The BDS segment benefited from strong demand across most product categories, including a 15% increase in biologics revenue, with GLP-1s contributing approximately 21-22% of total company revenue. Gross profit margin improved 30 basis points to 27.5%, supported by scaling at Fishers and Latina facilities, a favorable mix shift toward high-value solutions, and improved marginality in the Engineering segment, partially offset by higher depreciation and foreign currency headwinds. Adjusted EBITDA margin expanded 150 basis points to 23.9%, reflecting operational leverage. The Engineering segment saw a 31% revenue decline but gross margin improved 460 basis points to 15.3% due to restructuring benefits. Management maintained fiscal 2026 guidance, expecting revenue of €1.26-1.29 billion, adjusted EBITDA of €331.8-346.9 million, and adjusted diluted EPS of €0.59-0.63. The company generated positive free cash flow of €5.5 million despite €67.6 million in capex, and ended the quarter with €111.7 million cash and €337.7 million net debt. CEO Franco Stevanato highlighted the strong start to 2026 and confidence in supporting customer demand for biologics and injectable therapies.