Stevanato Group (STVN) Q1 2026 earnings summary

Executive summary

• Achieved 10% revenue growth at constant currency (7% reported) in Q1 2026 to €273.6 million, driven by strong Biopharmaceutical and Diagnostic Solutions (BDS) segment performance and robust demand for prefillable syringes and cartridges.

• High-value solutions accounted for 47% of total revenue, with GLP-1s contributing 21–22% and biologics revenue up 15% year-over-year.

• Engineering segment revenue declined 31% as anticipated, but margins improved due to operational optimization and project mix.

• Progress at new sites in Fishers (US) and Latina (Italy) supports capacity expansion and customer demand, with commercial production expected by end of 2026 or early 2027.

• Converted underutilized vial line to cartridge line in Piombino Dese to meet rising cartridge demand; commercial production imminent.

Financial highlights

• Adjusted EBITDA increased 14% to €65.5 million, with margin up 150 basis points to 23.9%.

• Net profit totaled €28.0 million; adjusted net profit rose to €29.6 million.

• Diluted EPS was €0.10; adjusted diluted EPS grew 10% to €0.11.

• Gross profit margin increased 30 basis points to 27.5%; operating profit margin rose 70 basis points to 14.2% (adjusted 14.9%).

• Free cash flow for Q1 was €5.5 million; capital expenditures were €67.6 million, mainly for growth investments.

Outlook and guidance

• Maintains 2026 guidance: revenue €1.26–1.29 billion, adjusted EBITDA €331.8–346.9 million, adjusted diluted EPS €0.59–0.63.

• Expects high-value solutions to represent 47–48% of revenue for the year.

• Predicts mid-teens GLP-1 revenue growth in 2026, with volumes largely covered by contractual commitments.

• Anticipates stronger performance in the second half of 2026, especially in the engineering segment.

• Strategic investments and focus on high-value, scalable solutions expected to drive growth in biologics and injectable therapies.