Stevanato Group Delivers 7% Revenue Growth (10% at Constant Currency) for the First Quarter of Fiscal 2026

- The Company Maintains Fiscal 2026 Guidance -PIOMBINO DESE, Italy--(BUSINESS WIRE)--Stevanato Group S.p.A. (NYSE: STVN), a leading global provider of drug containment, drug delivery, and diagnostic solutions to the pharmaceutical, biotechnology, and life sciences industries, today announced its financial results for the first quarter of 2026. First Quarter of 2026 Highlights (comparisons to prior-year period) For the first quarter of 2026, revenue increased 7% (10% on a constant currency basis) to €273.6 million, with high-value solutions representing 47% of total revenue. Gross profit margin increased 30 basis points to 27.5%. Adjusted EBITDA margin increased 150 basis points to 23.9%. Diluted earnings per share were €0.10, and adjusted diluted earnings per share were €0.11. The Company is maintaining its fiscal 2026 guidance and still expects revenue in the range of €1.26 billion to €1.29 billion, adjusted EBITDA in the range of €331.8 million to €346.9 million, and adjusted diluted EPS in the range of €0.59 to €0.63. First Quarter 2026 Results For the first quarter of 2026, total revenue increased 7% year-over-year (10% on a constant currency basis) to €273.6 million, driven by a 13% revenue increase (16% on a constant currency basis) from the Company's Biopharmaceutical and Diagnostic Solutions (BDS) Segment, which offset the revenue decline from the Engineering Segment. Revenue from high-value solutions increased 17%, year-over-year, to €128.6 million, and represented 47% of total revenue for the first quarter of 2026. In the first quarter of 2026, gross profit margin increased 30 basis points to 27.5% driven by: (i) the ongoing improvements in Fishers and Latina as the new facilities continue to scale, (ii) an increase in high-value solutions, and (iii) improved marginality in the Engineering Segment. These positive trends were partially offset by the expected higher depreciation and the effects of foreign currency translation in the first quarter of 2026. Operating profit margin improved 70 basis points to 14.2%. Net profit was €28.0 million for the first quarter of 2026, with diluted earnings per share of €0.10. For the first quarter of 2026, adjusted net profit increased to €29.6 million and adjusted diluted earnings per share increased to €0.11, compared with €0.10 for the same period last year. For the first quarter of 2026, adjusted EBITDA increased to €65.5 million, and adjusted EBITDA margin improved 150 basis points to 23.9%, compared with the same period last year. Franco Stevanato, Chief Executive Officer, commented, "The first quarter was a solid start to 2026, highlighted by strong momentum in the BDS Segment which delivered 16% growth at constant currency rates, driven by revenue increases across most product categories in both high-value and standard products. As expected, higher depreciation tempered gross profit margins in the quarter but results also reflect financial improvements in Fishers and Latina as we scale production, which in turn is driving the increase in high-value solutions. Revenue from biologics, which is our fastest growing end market, increased 15%, compared to the prior-year period, driven by GLP1s which accounted for approximately 21% to 22% of total Company revenue. Our success in this blockbuster treatment class demonstrates the trust and reliability that customers place on Stevanato Group to deliver high quality products at scale for their most valuable drug assets." Biopharmaceutical and Diagnostic Solutions (BDS) Segment Revenue grew 13% (16% on a constant currency basis) to €249.0 million for the first quarter of 2026, compared with the same period last year, driven by growth in high value and standard products. In the first quarter of 2026, revenue from high-value solutions increased 17% to €128.6 million, and represented 52% of BDS Segment revenue, driven predominantly by high-performance syringes and, to a lesser extent, EZ-fill® vials. Revenue from other containment and delivery solutions increased 9% to €120.3 million, compared with the same period last year, driven mostly by standard syringes and cartridges, which offset a lower revenue from IVD services. For the first quarter of 2026, gross profit increased €1.2 million driven by the ramp up in Fishers and Latina and the favorable mix shift in high-value solutions. This was partially offset by: (i) higher depreciation, which was the largest headwind to gross profit, as more manufacturing lines are put into commercial service, (ii) the unfavorable effects of foreign currency, (iii) lower revenue and profit from an accretive pilot project with an industry-leading customer for large-batch, Not for Human Use (NFHU) fill and finish services, which did not recur in the first quarter of 2026, and (iv) the unfavorable impact from tariffs. As a result, gross profit margin decreased 300 basis points to 28.3%. Engineering Segment Revenue from the Engineering Segment decreased 31% to €24.6 million for the first quarter of 2026, compared with the same period last year, driven by lower revenue from glass converting and assembly manufacturing, which offset growth in pharmaceutical visual inspection. For the first quarter of 2026, gross profit margin for the Engineering Segment increased 460 basis points to 15.3%, compared with the same period last year, as the Company begins to realize the benefits from the actions taken under its business optimization plan. This includes right-sizing operations and an improved labor cost structure which led to better financial performance in the Company's Denmark operations. While actions under the optimization plan are starting to gain traction, the Company remains cautious given the current slow pace of orders. Balance Sheet and Cash Flow As of March 31, 2026, the Company had cash and cash equivalents of €111.7 million, and net debt of €337.7 million. For the first quarter of 2026, capital expenditures totaled €67.6 million, as the Company continues to increase capacity in its new manufacturing facilities in Indiana and Italy. For the three-months ended March 31, 2026, cash flow from operating activities was €75.5 million and cash used for the purchase of property, plant, and equipment, and intangible assets totaled €70.7 million. As a result, the Company generated €5.5 million of positive free cash flow for the first quarter of 2026. The Company believes that it has adequate liquidity to fund its strategic priorities over at least the next twelve months through a combination of cash on hand, cash generated from operations, available credit lines, and the ability to access additional financing. 2026 Guidance The Company is maintaining its fiscal 2026 guidance and continues to expect: Revenue in the range of €1.26 billion to €1.29 billion; Adjusted EBITDA in the range of €331.8 million to €346.9 million; and Adjusted diluted EPS in the range of €0.59 to €0.63. Franco Stevanato concluded, "Looking ahead, our strategic investments and focus on high-value, scalable solutions position us to capitalize on the accelerating growth in biologics and injectable therapies. With our operational flexibility and competitive leadership in core product categories, we are confident in our ability to support customers and drive future success." Conference call: The Company will host a conference call and webcast at 8:30 a.m. (ET) on Thursday, May 7, to discuss financial results. During the call, management will refer to a slide presentation which will be available on the morning of the call on the “Financial Results” page under the Investor Relations section of the Company's website. Pre-registration: Participants who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. We encourage participants to pre-register for the conference call using the following link: Pre-registration for STVN Q1 2026 earnings webcast. Webcast: A live, listen-only webcast of the call will be available at the following link: STVN Q1 2026 webcast. Dial in: Those who are unable to pre-register may dial in by calling: Italy: +39 02 802 09 11 United Kingdom: +44 1 212 818004 United States: +1 718 705 8796 United States Toll Free: +1 855 265 6958 Questions during the call: Participants who wish to ask questions during the call should use the HD webphone link: STVN Q1 2026 Link for Questions Replay: The webcast will be archived for three months on the Company’s Investor Relations section of its website. Forward-Looking StatementsRead the full story here

Stevanato Group Delivers 7% Revenue Growth (10% at Constant Currency) for the First Quarter of Fiscal 2026

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