Stevanato Group S.p.a Stock Earnings Reports

Stevanato Group started fiscal 2026 with solid momentum: consolidated revenue grew 10% at constant currency (7% reported) to EUR 273.6m, driven by strong performance in the Biopharmaceutical and Diagnostic Solutions (BDS) segment. High-value solutions (HVS) accounted for 47% of revenue and grew 17% YoY; GLP1-related sales represent ~21–22% of total revenue and are a major growth driver. Pre-fillable syringes were the largest contributor ( >20% growth), with cartridges and vials also contributing. Management converted an underutilized ready-to-use (RTU) vial line in Piombino Dese into an RTU cartridge line to address stronger-than-expected cartridge demand; that converted line is expected to enter commercial production imminently. Key growth projects (Fishers, Latina) continue on schedule: Fishers ramp/validations and device assembly buildout aim for commercial production end-2026/early-2027; Latina is ramping high-value syringe capacity and preparing next-generation RTU 400 EZ-fill cartridge lines for early-2027. The Engineering segment revenue declined 31% (expected) but margins improved as optimization actions take hold; management is focused on winning new orders and growing backlog, while noting longer sales/decision cycles from customers. Financials: gross profit margin +30 bps to 27.5%; adjusted EBITDA +14% to EUR 65.5m with margin +150 bps to 23.9%; adjusted EPS up ~10% to EUR 0.11. Q1 capex was EUR 67.6m (90%+ for growth at Fishers/Latina); ending cash EUR 111.7m and net debt EUR 337.7m. Free cash flow was modest at EUR 5.5m in Q1. Management reiterated full-year 2026 guidance: revenue EUR 1.260–1.290bn, adjusted EBITDA EUR 331.8–346.9m, adjusted diluted EPS EUR 0.59–0.63. Risks/headwinds called out: FX translation, higher depreciation from recent ramp-ups, tariffs (some temporary), inflationary energy/logistics pressures, and slow conversion of Engineering orders. Management believes the company is well positioned to capture long-term biologics/GLP tailwinds and to scale cartridge capacity via targeted investments and asset reconfigurations.