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)]

Revenue from Contract with Customers

Revenue from Contract with Customers

12 Months Ended

Dec. 31, 2025

Revenue [abstract]

Revenue from contract with customers

6. Revenue from contract with customers

Disaggregated revenue information

The table below shows the disaggregation of the Group’s revenue from contracts with external customers:


	For the year ended December 31, 2025
	Biopharmaceutical and Diagnostic Solutions		Engineering		Total
	(EUR thousand)
Nature of goods or service
Revenue from high-value solutions		546,374		—		546,374
Revenue from other containment and delivery solutions		491,800		—		491,800
Revenue from engineering		—		148,108		148,108
Total revenue from contracts with customers		1,038,174		148,108		1,186,282

Geographical markets
EMEA		585,194		105,148		690,342
APAC		87,715		13,764		101,479
North America		335,404		26,658		362,062
South America		29,861		2,538		32,399
Total revenue from contracts with customers		1,038,174		148,108		1,186,282

Timing of revenue recognition
Goods and services transferred at a point in time		1,008,476		26,751		1,035,227
Goods and services transferred over time		29,698		121,357		151,055
Total revenue from contracts with customers		1,038,174		148,108		1,186,282


	For the year ended December 31, 2024
	Biopharmaceutical and Diagnostic Solutions		Engineering		Total
	(EUR thousand)
Nature of goods or service
Revenue from high-value solutions		422,351		—		422,351
Revenue from other containment and delivery solutions		511,391		—		511,391
Revenue from engineering		—		170,294		170,294
Total revenue from contracts with customers		933,742		170,294		1,104,036

Geographical markets
EMEA		556,324		111,506		667,830
APAC		83,293		12,942		96,235
North America		267,520		41,429		308,948
South America		26,605		4,417		31,022
Total revenue from contracts with customers		933,742		170,294		1,104,036

Timing of revenue recognition
Goods and services transferred at a point in time		895,157		23,890		919,047
Goods and services transferred over time		38,585		146,404		184,989
Total revenue from contracts with customers		933,742		170,294		1,104,036


	For the year ended December 31, 2023
	Biopharmaceutical and Diagnostic Solutions		Engineering		Total
	(EUR thousand)
Nature of goods or service
Revenue from high-value solutions		366,433		—		366,433
Revenue from other containment and delivery solutions		512,855		—		512,855
Revenue from engineering		—		206,066		206,066
Total revenue from contracts with customers		879,288		206,066		1,085,354

Geographical markets
EMEA		523,681		110,366		634,047
APAC		76,436		26,465		102,901
North America		253,870		63,666		317,536
South America		25,301		5,569		30,870
Total revenue from contracts with customers		879,288		206,066		1,085,354

Timing of revenue recognition
Goods and services transferred at a point in time		861,551		16,235		877,786
Goods and services transferred over time		17,737		189,831		207,568
Total revenue from contracts with customers		879,288		206,066		1,085,354

Revenue is disclosed by nature according to the goods and services provided by our operating segments. Revenue realized by the Biopharmaceutical and Diagnostic Solutions segment includes:

High-value solutions: wholly owned, internally developed products, processes and services for which the Group holds intellectual property rights or has strong proprietary know-how and which are characterized by particular complexity or high performance; and

Other containment and delivery solutions.

The reported geographical markets are EMEA (Europe, Middle East, Africa), North America (United States, Canada, Mexico), South America and APAC (Asia Pacific). Revenue by geographical markets is based on the end customer location.

Revenues generated in Italy, which is the Group’s country of domicile, amounted to EUR 93,334 thousand for the year ended December 31, 2025 (EUR 72,065 thousand for 2024 and EUR 77,839 thousand for 2023).

Contract balances, Trade Receivables and Advances from Customers

The following table provides information on contractual assets and liabilities from contracts with customers as well as on trade receivables and advances from customers:


	At December 31,			At December 31,
	2025			2024
	(EUR thousand)
Trade receivables		302,688			295,951
Contract assets		180,459			168,515
Contract liabilities		(10,414	)		(16,545	)
Advances from customers		(33,425	)		(16,622	)
Non-current advances from customers		(98,848	)		(44,046	)

The contract assets mainly relate to the Group’s right to consideration from construction contracts not yet invoiced at the reporting date. The amounts recognized as contract assets are reclassified to trade receivable when the Group obtains an unconditional right to consideration.

Revenue recognized in the current reporting period which relates to carried-forward contract liabilities amounts to EUR 13,959 thousand in 2025 (respectively EUR 22,306 thousand in 2024 and EUR 14,847 thousand in 2023).