27. Financial liabilities

On April 16, 2020 Stevanato Group entered into a note purchase and private shelf agreement with PGIM, Inc. and certain of its affiliates, pursuant to which, for a period of three years following the date of the agreement, Stevanato could have issued, and PGIM, Inc. or certain of its affiliates could have purchased, up to USD 69,540 thousand of Stevanato notes. Additionally, on the same date, Stevanato Group issued EUR 50,000 thousand of Senior Notes, Series A, due April 16, 2028 to PGIM, Inc., with a fixed interest rate of 1.4%. Repayment of the Notes is required to be made in two tranches, EUR 25,000 thousand on April 16, 2027, and the remainder at the expiration of the notes. Pursuant to the agreement, Nuova Ompi s.r.l. provided to PGIM, Inc. and its affiliates a subsidiary guarantee, guaranteeing the repayment of the notes. The balance outstanding at December 31, 2024 and 2023 was EUR 49,790 thousand and EUR 49,743 thousand respectively.

The Note Purchase Agreement imposes certain covenants on the Group, including: (i) the notes must always rank at least pari passu with all other unsecured and unsubordinated indebtedness of the company and the guarantor; (ii) any covenant included in a different financing agreement which is more favorable to the lenders must apply to the Note Purchase Agreement, as well; (iii) no merger or consolidation for any guarantor unless expressly permitted by the Note Purchase Agreement; (iv) no dealings with sanctioned entities; (v) the ratio of consolidated net debt to consolidated EBITDA not to be greater than 3.50 to 1.00 with an increase of up to 4.0x once; (vi) consolidated net debt to equity not to be greater than 2 to 1; (vii) no liens in excess of a certain amount except for, among others, (a) existing ones, (b) tax liens, (c) liens in the ordinary course of business, (d) judgment liens; (viii) no sale of assets in excess of a certain amount; (ix) no subsidiary indebtedness beyond a certain basket; and (x) no segregation of assets under Italian law.

At December 31, 2024 and 2023, all financial covenants are complied with.

At December 31, 2024, the bank loans amounted to a total of EUR 312,249 thousand compared to EUR 243,896 thousand at December 31, 2023 (excluding the financial liabilities for accrued interests). The increase was mainly due to the draw down of three loans including two with BPER Banca and one with Banca Intesa Sanpaolo, for a total of EUR 120,000 thousand. Two of these loans, overall amounting to EUR 80,000 thousand, are at floating rates linked to Euribor rates plus a mark up and have a five-year tenor with two years of interest-only payments and three years of amortizing period with quarterly repayment of the installments at constant principal portion. One of these loans, amounting to EUR 40,000 thousand, is at floating rates and has a six-year tenor with two years of interest-only payments and four years of amortizing period with quarterly repayment of the installments at constant principal portion. For the year ended December 31, 2024, the Group reimbursed bank loans for EUR 51,664 thousand.

The decrease in bank overdrafts and short term loans was mainly due to the repayment of some short-term financing.

Certain bank loans require compliance with certain covenants on the Group consolidated figures, including: (i) not to exceed certain consolidated net debt to consolidated EBITDA ratios (not greater than 4.0 to 1.0 in three of the loan agreements and not greater than 3.5 to 1.0, at 4.0x, in the remaining agreements); (ii) to maintain a consolidated net debt to equity ratio equal to or lower than 2 to 1 and at least amounting to EUR 200 million; (iii) not to sell assets having a value, or to grant liens

or loans to third parties, exceeding certain amounts; (iv) to ensure that the loans always rank at least pari passu with other debt of the company; (v) not to segregate assets (as defined under Italian law); and (vi) not to distribute dividends or reserves nor to carry out extraordinary transactions resulting in the breach of financial covenants.

At December 31, 2024 and 2023, all financial covenants are complied with.