Stevanato Group (STVN) Q1 2026 earnings summary

Executive summary

• Revenue grew 10% at constant currency (7% reported) to €273.6 million in Q1 2026, driven by strong BDS segment performance and high-value solutions, especially syringes and cartridges.

• High-value solutions accounted for 47% of total revenue, with GLP-1s representing 21–22% and biologics revenue up 15% year-over-year.

• Engineering segment revenue declined 31%, but margins improved due to operational optimization and business efficiencies.

• Progress at new sites in Fishers (US) and Latina (Italy) supports capacity expansion and customer demand, with commercial production expected by end of 2026 or early 2027.

• Demand for cartridges, especially for biologics and large-volume applications, is accelerating, prompting conversion of underutilized vial lines to cartridge lines.

Financial highlights

• Adjusted net profit increased to €29.6 million; adjusted diluted EPS rose to €0.11.

• Adjusted EBITDA rose 14% to €65.5 million, with margin up 150 basis points to 23.9%.

• Gross profit margin increased 30 basis points to 27.5%; operating profit margin rose 70 basis points to 14.2%.

• Net profit was €28.0 million; diluted EPS €0.10.

• Free cash flow for Q1 was €5.5 million; capital expenditures totaled €67.6 million, mainly for growth investments.

Outlook and guidance

• 2026 guidance maintained: revenue €1.26–1.29 billion, adjusted EBITDA €331.8–346.9 million, adjusted diluted EPS €0.59–0.63.

• High-value solutions expected to represent 47–48% of revenue for the year.

• Strategic investments and focus on high-value, scalable solutions expected to drive growth in biologics and injectable therapies.

• Second half of 2026 anticipated to be stronger, with continued growth in BDS and margin improvement in engineering.

• Continued strong growth expected from injectable biologics, GLP-1s, and biosimilars.