STVN · Stevanato Group S.p.A.

Stevanato Group delivered Q1 2026 results in line with expectations, with revenue of €273.6 million reflecting 10% constant currency growth primarily from the Biopharmaceutical and Diagnostic Solutions (BDS) segment, which rose 13% to €249 million. High-value solutions, including pre-fillable syringes (up over 20% YoY), EZ-fill cartridges, and vials, drove 17% growth to €128.6 million or 47% of total revenue, bolstered by biologics demand where GLP1s represented 21-22%. Management highlighted ongoing capacity ramps in Latina and Fishers plants, with recent cartridge demand exceeding expectations, prompting conversion of a vial line to RTU cartridges in Piombino Dese for near-term production. Gross margin expanded 30 bps to 27.5% from facility improvements, high-value mix, and Engineering efficiencies, despite higher depreciation and FX headwinds. Adjusted EBITDA margin improved 150 bps to 23.9%, and adjusted net profit grew 5% to €29.6 million. The Engineering segment saw 31% revenue decline to €24.6 million due to low backlog, but gross margin rose 460 bps to 15.3% from optimization efforts including right-sizing Denmark operations. Balance sheet remains solid with €111.7 million cash; capex of €67.6 million focused on US/Italy expansions, yielding €5.5 million free cash flow. CEO Franco Stevanato was absent due to appendectomy recovery, with CFO Marco Dal Lago and Head of IR Lisa Miles hosting. Full-year guidance reaffirmed at €1.26-1.29 billion revenue, signaling confidence amid resilient BDS demand and Engineering turnaround focus.