Stevanato Group Delivers 8% Revenue Growth for the Third Quarter of Fiscal 2026

The Company Maintains Fiscal Year 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 third quarter of 2026.

Third Quarter of 2026 Highlights (comparisons to prior-year period)

• Revenue increased 8% to €326.1 million, and on an organic basis* revenue increased 8%.
• Revenue from high-value solutions represented 46% of total revenue.
• Gross profit was €95.0 million and gross profit margin was 29.1%.
• Adjusted EBITDA margin increased 150 basis points to 27.2%.
• Diluted earnings per share grew 15% to €0.15 and adjusted diluted earnings per share grew 14% to €0.16.
• The Company is maintaining its fiscal 2026 guidance and continues to expect revenue in the range of €1.260 billion to €1.280 billion, adjusted EBITDA of €335.0 million to €345.2 million, and adjusted diluted EPS of €0.60 to €0.62.

*Organic revenue is defined as reported revenue excluding the effects from divestments and/or acquisitions, and the impacts of foreign currency translation. Please refer to the financial table titled "Reconciliation of Revenue to Organic Revenue" included in the Non-GAAP Financial Information provided in this press release.

Third Quarter 2026 Results

For the third quarter of 2026, revenue increased 8% to €326.1 million, and 8% organically, compared to the same period last year. This was driven by an 11% revenue increase, on an organic basis, from the Company's Biopharmaceutical and Diagnostic Solutions (BDS) Segment, which offset a 12% revenue decline from the Engineering Segment. Revenue from high-value solutions increased 1%, year-over-year, to €149.4 million, and 1% on an organic basis, and represented 46% of total revenue for the third quarter of 2026. In the third quarter of 2026, revenue from GLP-1 therapies represented approximately 17% to 18% of total revenue.

In the third quarter of 2026, gross profit margin decreased 10 basis points to 29.1% primarily due to increased utility costs, the expected higher depreciation, and lower gross profit from the Engineering Segment, which were partially offset by the expected combined margin improvements in Latina and Fishers and a better mix compared to the same period last year.

Operating profit margin increased by 110 basis points to 18.5% and adjusted operating profit margin increased by 90 basis points to 19.4%. Net profit increased 16% to €41.8 million, with diluted earnings per share of €0.15. For the third quarter of 2026, adjusted net profit increased 14% to €44.0 million and adjusted diluted earnings per share increased to €0.16, compared with €0.14 for the same period last year.

For the third quarter of 2026, adjusted EBITDA increased 14% to €88.8 million, and adjusted EBITDA margin improved 150 basis points to 27.2%, compared with the same period last year.

Franco Stevanato, Chairman and Chief Executive Officer, commented, “Third-quarter results were in line with our expectations, with 8% organic revenue growth and a 150-basis-point expansion in adjusted EBITDA margin. Solid growth in our Biopharmaceutical and Diagnostics Solutions Segment and continued demand in non-GLP-1 biologics, which grew over 30% in the third quarter, helped offset lower GLP-1 revenue and softer performance in the Engineering Segment. Looking to next year, we now anticipate lower volumes and revenue from GLP-1s than previously expected which we believe will temporarily moderate growth in 2027. We have already made meaningful progress in backfilling the expected lower revenue and we remain confident in our ability to grow low single digits next year, based on what we know today.”

Biopharmaceutical and Diagnostic Solutions (BDS) Segment

Revenue of €294.0 million, grew 10% and increased 11% organically, compared with the same period last year, driven by growth in high-value solutions and other containment and delivery solutions.

In the third quarter of 2026, revenue from high-value solutions increased 1% to €149.4 million, and also grew 1% organically, and represented 51% of BDS Segment revenue, driven predominantly by EZ-fill^® syringes and EZ-fill^® cartridges. Revenue from other containment and delivery solutions of €144.6 million, grew 22% and increased 23% organically, compared with the same period last year, driven by growth in bulk syringes and cartridges, and variable compensation tied to lower GLP-1 volumes.

For the third quarter of 2026, gross profit grew €8.9 million to €94.6 million, and gross profit margin increased by 10 basis points to 32.1%, compared to the prior-year period. This was primarily driven by higher revenue, the combined improvements in Fishers and Latina as we continue to scale operations and gain efficiencies, and a better portfolio mix, which was partially offset by increased utility costs and the expected higher depreciation.

Engineering Segment

Revenue from the Engineering Segment decreased 12% to €32.0 million for the third quarter of 2026, compared with the same period last year, driven primarily by lower revenue from pharma visual inspection, and assembly and packaging, which offset growth in after sales services.

For the third quarter of 2026, gross profit margin for the Engineering Segment decreased 20 basis points to 10.2%, compared with the same period last year, due to lower revenue, the timing of order intake, and project execution.

Balance Sheet and Cash Flow

As of September 30, 2026, the Company had cash and cash equivalents of €114.9 million, and net debt of €353.7 million.

For the third quarter of 2026, capital expenditures totaled €44.8 million, primarily related to the new plants in Italy and Indiana, and the device programs in Germany. For the three-months ended September 30, 2026, net cash flow from operating activities was €57.6 million and cash used for the purchase of property, plant, and equipment, and intangible assets totaled €36.3 million. In the third quarter of 2026, the Company generated free cash flow of €21.7 million.

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.

Full Year 2026 Guidance

The Company is maintaining its full-year 2026 guidance and still expects revenue to range between €1.260 billion and €1.280 billion, adjusted EBITDA of €335.0 million to €345.2 million, and adjusted diluted EPS of €0.60 to €0.62.

Franco Stevanato, concluded, "The demand environment for injectable biologics remains structurally strong, supported by scientific innovation, the expansion of biosimilars and the shift toward self-administered therapies. We continue to invest with discipline in high-value containment and delivery solutions, expand capacity across our global network, and advance differentiated platforms such as our groundbreaking Alba^® syringes to our integrated device platforms such as our Alina^® pen injector. These capabilities position Stevanato Group to support customers across the drug lifecycle and deliver sustainable, profitable long-term growth."

Conference call: The Company will host a conference call and webcast at 8:30 a.m. (ET) on Tuesday, November 3, 2026, 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 Q3 2026 earnings webcast.

Webcast: A live, listen-only webcast of the call will be available at the following link: STVN Q3 2026 webcast.

Dial in: Those who are unable to pre-register may dial in by calling:

Questions during the call: Participants who wish to ask questions during the call should use the HD webphone link: STVN Q3 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 Statements

This press release may include forward-looking statements. The words "expects," "scale," "driving," "increase," "begins," "are starting," "remains," "continues," "believes," "expect," "position," "accelerating," "drive," "anticipate," "confident," "guidance," "maintain," and other similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's future financial performance, including revenue, operating expenses and ability to maintain profitability, and operational and commercial capabilities; the Company's expectations regarding the development of the industry and the competitive environment in which it operates; the expansion of the Company's plants and sites, and our expectations related to our capacity expansion; the global supply chain and the Company's committed orders; customer demand; the success of the Company's initiatives to optimize the industrial footprint, harmonize processes and enhance supply chain and logistics strategies; the Company's geographical and industrial footprint; and the Company's goals, strategies, and investment plans. The forward-looking statements in this press release are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future, and may cause the actual results, performance, or achievements of the Company to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as conditions in the U.S. capital markets, negative global and domestic economic and political conditions, inflation, trade war and global tariff policies, the impact of the conflict between Russia and Ukraine, the evolving events in Israel and Gaza, the Iran regional conflict (including U.S. participation), supply chain and logistical challenges and other factors such as the Company's ability to continue to obtain financing to meet its liquidity needs, changes in the geopolitical, social and regulatory framework in which the Company operates or in economic or technological trends or conditions. For a description of the risks that could cause the Company’s future results to differ from those expressed in any such forward-looking statements, refer to the risk factors discussed in our most recent annual report on Form 20-F, and our most recent filings with the U.S. Securities and Exchange Commission. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision. Except as required by law, the Company assumes no obligation to update any such forward-looking statements.

Non-GAAP Financial Information

This press release contains non-GAAP financial measures. Please refer to the tables included in this press release for a reconciliation of non-GAAP financial measures.

Management monitors and evaluates our operating and financial performance using several non-GAAP financial measures, including Constant Currency Revenue, Organic Revenue and Change in Organic Revenue, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Profit, Adjusted Operating Profit Margin, Adjusted Income Taxes, Adjusted Net Profit, Adjusted Diluted EPS, CAPEX, Free Cash Flow, Net Cash/(Debt), and Capital Employed. The Company believes that these non-GAAP financial measures provide useful and relevant information regarding its performance and improve its ability to assess our financial condition. While similar measures are widely used in the industry in which the Company operates, the financial measures it uses may not be comparable to other similarly titled measures used by other companies, nor are they intended to be substitutes for measures of financial performance or financial position as prepared in accordance with IFRS.

About Stevanato Group

Founded in 1949, Stevanato Group is a leading global provider of drug containment, drug delivery and diagnostic solutions to the pharmaceutical, biotechnology, and life sciences industries. The Group delivers an integrated, end-to-end portfolio of products, processes, and services that address customer needs across the entire drug life cycle at each of the development, clinical and commercial stages. Stevanato Group’s core capabilities in scientific research and development, its commitment to technical innovation, and its engineering excellence are central to its ability to offer value added solutions to clients. To learn more, visit: www.stevanatogroup.com.

Non-GAAP Financial Information

This press release contains non-GAAP financial measures. Please refer to "Non-GAAP Financial Information" and the tables included in this press release for a reconciliation of non-GAAP financial measures.