STVN · Stevanato Group S.p.A.

Stevanato Group’s Q1 2026 results reflect continued execution on its strategic expansion while navigating near-term operational headwinds. Revenue growth of 6.6% YoY was underpinned by a 12.7% increase in the Biopharmaceutical and Diagnostic Solutions segment, where high-value solutions — particularly pre-fillable syringes and EZ-fill® vials — grew 16.6% and now constitute 47.0% of total revenue. This mix shift toward higher-margin, proprietary offerings helped lift gross profit 7.6% YoY despite elevated start-up costs (€1.8 million) tied to the ramp-up of new facilities in Fishers, Indiana and Latina, Italy. The Engineering segment delivered a notable turnaround: gross margin improved 460 bps to 15.3%, reversing prior-year pressure from legacy Denmark projects, aided by new order intake and cost containment actions under its optimization plan. Operating profit rose 11.9% to €38.7 million, though operating margin dipped slightly to 14.2% from 13.5% due to dilution from unallocated corporate costs and depreciation from newly commissioned assets. A key negative driver was the 30.4% YoY increase in income taxes, driven entirely by the discontinuation of Italy’s IRES premiale tax incentive for Nuova Ompi S.r.l., pushing the effective tax rate up to 28.6%. Liquidity remains sound but contracted: cash and cash equivalents fell €19.0 million to €111.7 million, primarily due to €70.4 million in capex — mostly for EZ-fill® production lines — and €24.9 million in net financing outflows, including €43.3 million in debt repayments. Management reaffirmed confidence in long-term demand drivers, citing multi-year secular trends in biologics, self-administration, and outsourcing, and expects ramp-up inefficiencies to abate as Fishers and Latina reach full commercial output through 2026. No forward guidance was provided in the filing.