📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Stevanato Group S.p.A. engages in the design, production, and distribution of products and processes to provide solutions for biopharma and healthcare industries in Europe, the Middle East, Africa, North America, South America, and the Asia Pacific.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly used specific quantitative achievements (8% revenue growth, 42% high-value mix, 210 bps margin expansion) and reiterated full-year guidance. They acknowledged engineering headwinds but framed them as temporary timing issues, actively citing SAT improvements and legacy project completions.

Q3 2025

Confident Specific

Management described results as 'solid' and 'exceeded our expectations', provided specific revenue growth figures (9% overall, 14% BDS) and raised high-value solutions guidance (43-44% from 40-42%). They also gave concrete updates on Fishers and Latina ramp-up timelines and reiterated full-year guidance, indicating confidence in execution despite acknowledged headwinds.

Q4 2025

Confident Specific

Management provided specific growth percentages (9% constant currency, 29% HVS growth, 50% GLP-1 growth) and gave detailed 2026 guidance ranges (EUR 1.26-1.29B revenue, adjusted EBITDA EUR 331.8-346.9M). Language was direct and data-rich.

Q1 2026 latest

Confident Specific

Management used specific metrics (10% constant currency revenue growth, 21-22% GLP-1 share, 150 bps adjusted EBITDA margin expansion) and repeated phrases like 'solid momentum', 'in line with our expectations', and 'encouraged by margin improvement' while acknowledging engineering segment 'not where we want it to be'.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis remains largely intact with BDS segment performing strongly (10% revenue growth, high-value solutions expanding, GLP-1 exposure durable). The key change is the engineering segment's slower-than-expected order conversion, though its margin trajectory is improving. The reiteration of full-year guidance and management's confidence in H2 engineering recovery provide some reassurance. Offsetting positives are currency headwinds, tariff impacts, and higher depreciation weighing on BDS margins. Next quarter, investors should watch engineering order intake and whether BDS gross margins can hold while absorbing these costs. Overall, the thesis is unchanged but with engineering risk slightly elevated; the core BDS franchise remains the growth engine.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Stevanato Group: Q1 revenue EUR 273.6M (+10% CC), GLP-1s 21-22% of total

Revenue & Profitability

First quarter 2026 revenue was EUR 273.6 million, up 10% on a constant currency basis and 7% reported. BDS revenue grew 13% to EUR 249 million, while Engineering declined 31% to EUR 24.6 million. Gross profit margin improved 30 bps to 27.5%, adjusted EBITDA increased 14% to EUR 65.5 million (23.9% margin, +150 bps). Net profit was EUR 28 million, diluted EPS EUR 0.10; adjusted net profit EUR 29.6 million, adjusted diluted EPS EUR 0.11.

Outlook

Management sees strong secular tailwinds for injectable biologics, driven by GLP-1s, biosimilars, and monoclonal antibodies. GLP-1s are expected to grow in the mid-teens in 2026, with oral formulations seen as market-expanding rather than cannibalizing injectables. Annex 1 regulations are viewed as a long-term accelerator for ready-to-use adoption. Cartridge demand is outpacing expectations due to a shift to home-based subcutaneous injections.

Growth Drivers

Key growth levers include prefillable syringes (up over 20% in Q1), biologics end market (up 15%), and GLP-1s (21-22% of revenue). High-value solutions grew 17%. Cartridge capacity is being expanded via a converted line coming into commercial production in Q2 2026 and new RTU 400 lines in Latina by early 2027. Engineering segment improvements are expected from a more selective project mix and stronger order intake in H2.

Balance Sheet & CapEx

In Q1 2026, capital expenditures were EUR 67.6 million, with over 90% related to growth investments for high-value solutions in Fishers (U.S.) and Latina (Italy). A ready-to-use vial line was converted to a cartridge line at the Piombino Dese headquarters. The next phase in Latina will install next-generation RTU 400 EZ-fill cartridge lines, targeting commercial production in early 2027.

Margins

BDS gross profit margin is expected to be in line or slightly better than 2025, despite headwinds from higher depreciation, currency (EUR 18 million top-line impact), and temporary tariffs (EUR 1.7 million impact in Q1). Engineering gross margin improved 460 bps to 15.3% due to optimization and better project mix. Overall adjusted EBITDA margin expanded 150 bps to 23.9% in Q1, in line with the guidance trajectory.

Key Risks

Management flagged several risks: currency headwinds (EUR 18 million expected for full year), temporary tariff impacts (EUR 1.7 million in Q1, expected to be recovered), and inflationary pressures on energy and transportation. In engineering, the slow pace of converting new orders and a lengthened customer decision cycle are key concerns. Higher depreciation from capacity ramp-ups and the discontinuation of an Italian tax incentive also affect margins.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-04

Second quarter 2026 saw 8% revenue growth, margin expansion, and strong high-value solutions performance, especially in biologics and GLP-1 therapies. The Balda C. Brewer divestiture and Alina pen approval support a strategic shift toward integrated, premium drug delivery systems.

Q1 2026 Q1 2026 2026-05-07

Q1 2026 saw 10% constant currency revenue growth, led by high-value solutions and strong BDS segment performance, while engineering margins improved despite lower revenue. Guidance for 2026 is maintained, with robust demand for cartridges and biologics, and ongoing investments in capacity expansion.

Q4 2025 Q4 2025 2026-03-04

Fiscal 2025 saw strong revenue and margin growth, led by high-value solutions and robust GLP-1 demand. 2026 guidance anticipates continued BDS growth, margin expansion, and high-value solutions reaching up to 48% of revenue, despite currency and engineering headwinds.

Q3 2025 Q3 2025 2025-11-06

Q3 revenue grew 9% year-over-year, led by high-value solutions and strong BDS segment growth. Margins expanded, guidance for 2025 was reiterated, and capacity investments continue to support robust demand in biologics and ready-to-use products.

Q2 2025 Q2 2025 2025-08-05

Q2 2025 saw 8% revenue growth, margin expansion, and strong BDS segment performance, offsetting engineering declines. High-value solutions rose to 42% of revenue, and guidance for 2025 is reiterated, with ongoing investments and market tailwinds supporting long-term growth.

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