Stevanato Group S.p.A. Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Segment Information

Segment Information

12 Months Ended

Dec. 31, 2025

Disclosure of operating segments [abstract]

5. Segment Information

Management identifies two operating segments, based on the internal organization and reporting structure of Stevanato Group. The criteria used to identify the Group’s operating segments are consistent with the way the chief operating decision-maker (identified as the Chief Executive Officer of Stevanato Group) assigns resources and monitors performances. They are:

Biopharmaceutical and Diagnostic Solutions, which includes the products, processes and services developed and provided in connection with the containment and delivery of pharmaceutical and biotechnology drugs and reagents

(such as vials, cartridges, syringes and drug delivery systems like pen injectors, auto injectors and wearables), as well as the production of diagnostic consumables. This Segment deals mainly with the development and manufacturing of Drug Containment Solutions (DCS), In-Vitro Diagnostic Solutions (IVD) and Drug Delivery Systems (DDS). The business model is particularly complex as it requires constant cooperation with each customer for the development of the specific products they need, and it is based on sophisticated technical and industrial processes. This Segment also delivers analytical and regulatory support services focused on investigating the physiochemical properties of primary packaging materials and components and studying the interactions between drug containment solutions and the drugs they will contain.

Engineering, which includes the equipment and technologies developed and provided to support the end-to-end pharmaceutical, biotechnology and diagnostic manufacturing processes (assembly, visual inspection, packaging and serialization and glass converting). The Engineering Segment designs, develops and produces equipment and machinery for our internal use and for external customers. The Group assembles equipment and machinery and develops the software necessary for its functioning in addition to working closely with the customers to install the machinery and equipment in their production sites, ensuring they are correctly calibrated and properly functioning. The after-sales services mainly consist in the provision of spare parts for our machinery and equipment as well as maintenance activity on the machines sold.

The operating segments described above are also identified as reportable segments.


	For the year ended December 31, 2025
	Biopharmaceutical and Diagnostic Solutions		Engineering		Total segments		Adjustments, eliminations and unallocated items			Consolidated
	(EUR thousand)

External customers		1,038,174		148,108		1,186,282		—			1,186,282
Inter-segment		2,163		132,901		135,064		(135,064	)		—
Total revenue		1,040,337		281,009		1,321,346		(135,064	)		1,186,282
Cost of sales		712,187		249,992		962,179		(119,773	)		842,406
Gross Profit		328,150		31,017		359,167		(15,291	)		343,876

Other operating income		8,434		—		8,434		(190	)		8,244
Selling and marketing expenses		23,568		2,691		26,259		1,960			28,219
Research and development expenses		19,585		5,978		25,563		(127	)		25,436
General and administrative expenses		73,005		13,019		86,024		13,640			99,664
Operating Profit		220,426		9,329		229,755		(30,954	)		198,801

of which amortization and depreciation and impairment of PPE		84,687		3,484		88,171		394			88,565


	For the year ended December 31, 2024
	Biopharmaceutical and Diagnostic Solutions		Engineering		Total segments		Adjustments, eliminations and unallocated items			Consolidated
	(EUR thousand)

External customers		933,742		170,294		1,104,036		—			1,104,036
Inter-segment		4,037		187,342		191,379		(191,379	)		—
Total revenue		937,779		357,636		1,295,415		(191,379	)		1,104,036
Cost of sales		668,997		301,466		970,463		(168,746	)		801,717
Gross Profit		268,782		56,170		324,952		(22,633	)		302,319

Other operating income		8,926		108		9,034		57			9,091
Selling and marketing expenses		20,847		3,591		24,438		415			24,853
Research and development expenses		23,292		7,308		30,600		1,068			31,668
General and administrative expenses		67,933		12,284		80,217		13,530			93,747
Operating Profit		165,636		33,095		198,731		(37,589	)		161,142

of which amortization and depreciation and impairment of PPE		75,747		3,808		79,555		1,097			80,652


	For the year ended December 31, 2023
	Biopharmaceutical and Diagnostic Solutions		Engineering		Total segments		Adjustments, eliminations and unallocated items			Consolidated
	(EUR thousand)

External customers		879,288		206,066		1,085,354		—			1,085,354
Inter-segment		2,049		166,741		168,790		(168,790	)		—
Total revenue		881,337		372,807		1,254,144		(168,790	)		1,085,354
Cost of sales		591,107		294,550		885,657		(140,196	)		745,461
Gross Profit		290,230		78,257		368,487		(28,594	)		339,893

Other operating income		10,630		16		10,646		(223	)		10,423
Selling and marketing expenses		20,970		3,948		24,918		60			24,978
Research and development expenses		27,653		7,420		35,073		599			35,672
General and administrative expenses		64,658		13,290		77,948		10,998			88,946
Operating Profit		187,579		53,615		241,194		(40,474	)		200,720

of which amortization and depreciation and impairment of PPE		75,320		3,821		79,141		(661	)		78,480

Inter-segment revenue and costs are eliminated upon consolidation and reflected in the “Adjustments, elimination and unallocated items” column. The most relevant adjustment in revenue relates to the sales of equipment manufactured by the Engineering segment to the Biopharmaceutical and Diagnostic Solutions segment. “Adjustments, elimination and unallocated items” also includes some corporate residual costs not allocated to the Biopharmaceutical and Diagnostic Solutions segment and Engineering segment.

The reconciliation from total segments operating profit to consolidated profit before tax is as follows:


	For the year ended December 31,
	2025			2024			2023
	(EUR thousand)
Segments Operating Profit		229,755			198,731			241,194
Finance income		12,971			13,495			6,763
Finance expense		22,666			14,349			17,930
Inter-segment elimination and unallocated items		(30,954	)		(37,589	)		(40,474	)
Profit Before Tax		189,106			160,288			189,553

For the year ended December 31, 2025, the Group served a customer who constituted 12.0% of consolidated revenue, equal to approximately EUR 142.7 million, realized in the Biopharmaceutical and Diagnostic Solutions segment.

For the year ended December 31, 2024, the Group served a customer who constituted 10.3% of consolidated revenue, equal to approximately EUR 113.2 million, realized both in the Biopharmaceutical and Diagnostic Solutions segment and in the Engineering segment.

For the year ended December 31, 2023, the Group served a customer who constituted 11.4% of consolidated revenue, equal to EUR 123.6 million, realized both in the Biopharmaceutical and Diagnostic Solutions Segment and in the Engineering Segment.