Stevanato Group (STVN) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 8% year-over-year to €302 million, driven by 9% growth in the Biopharmaceutical and Diagnostic Solutions (BDS) segment and strong high-value solutions, especially in biologics and GLP-1 therapies, now 45% of total revenue.

• Divestiture of the California-based Balda C. Brewer subsidiary was completed, incurring €12.2 million in one-time expenses and accelerating the shift toward integrated, higher-value drug delivery systems.

• Regulatory approval in Europe for a liraglutide-based therapy using the proprietary AlinaⓇ pen platform marks a significant commercial milestone.

• Investments in proprietary platforms (AlinaⓇ, Deora™) and capacity expansion in Fishers (US) and Latina (Italy) support growth in biologics and complex injectables.

Financial highlights

• Revenue grew 8% year-over-year to €302 million in Q2 2026; BDS segment up 9% to €266.2 million, Engineering segment down 2% to €35.8 million.

• High-value solutions revenue increased 16% to €135.9 million, representing 45% of total revenue and 51% of BDS revenue.

• Gross profit margin rose 60 basis points to 28.7%; adjusted EBITDA up 21% to €78.7 million, with margin up 280 basis points to 26.0%.

• Net profit was €23 million (reported EPS €0.08); adjusted net profit rose 20% to €37.6 million (adjusted EPS €0.14).

• One-time expenses of €12.2 million related to the Balda C. Brewer sale impacted reported results.

Outlook and guidance

• Full-year 2026 revenue expected between €1.26–€1.28 billion, reflecting the Balda divestiture and higher organic growth.

• Adjusted EBITDA guidance raised to €335–€345.2 million; adjusted diluted EPS expected at €0.60–€0.62.

• BDS segment to grow high single digits; Engineering to decline mid-single to low double digits.

• High-value solutions projected to comprise 47–48% of total revenue; free cash flow expected between breakeven and €20 million.

• Tax rate for 2026 updated to 28.2%.