Stevanato Group (STVN) Investor presentation summary

Strategic positioning and market trends

• Celebrating 70 years, the group is a global leader in biopharma solutions, serving 23 of the top 25 pharma companies and achieving a 13% revenue CAGR from FY19 to FY25.

• High Value Solutions (HVS) now represent 46% of revenue, up from 17% in FY19, driven by demand for injectable biologics and advanced drug delivery systems.

• The company operates 12 production sites worldwide, with ongoing investments to expand capacity and ensure supply security.

• Secular trends such as aging populations, growth in biologics, and increased self-administration of medicines are fueling demand.

• Integrated offerings across engineering and biopharma segments provide a competitive advantage and support sustainable growth.

Financial performance and outlook

• FY25 revenue reached €1,186M, with double-digit growth and expanding margins; adjusted EBITDA margin rose to 25.1%.

• Q2 2026 revenue grew 8% year-over-year to €302M, with HVS revenue up 16% and representing 45% of total revenue.

• Gross profit margin in Q2 2026 increased to 28.7%, and adjusted EBITDA margin rose to 26.0%.

• Updated FY26 guidance projects revenue of €1.26B–€1.28B, 8–10% organic growth, and adjusted EBITDA margin of 26.8%.

• Free cash flow for FY26 is expected to range from breakeven to €20M, with CapEx normalizing after a peak investment cycle.

Operational initiatives and investments

• Major capacity expansions in Italy and the US are underway, with new sites in Latina and Fishers ramping up production.

• The company divested a non-core California subsidiary in Q2 2026, incurring a one-time expense of €12.2M.

• Ongoing CapEx cycle prioritizes growth platforms, with ~70% of investments directed toward expansion projects.

• Return on invested capital is expected to grow from 2025 as new capacity comes online and temporary inefficiencies subside.

• Management incentives are aligned with return targets, and risk is mitigated through anchor customers and a diversified portfolio.