Stevanato Group (STVN) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 9% year-over-year to EUR 256.6 million, driven by strong Biopharmaceutical and Diagnostic Solutions (BDS) segment performance and high-value solutions accounting for 43% of total revenue, offsetting a 4% decline in the engineering segment.

• Gross profit margin improved by 80 basis points to 27.2%, with adjusted EBITDA margin up 100 basis points to 22.4%.

• Diluted and adjusted diluted EPS were EUR 0.10, up from EUR 0.07 in Q1 2024.

• Ongoing capacity expansions at Fishers (U.S.) and Latina (Italy) are progressing to meet growing demand, especially for biologics.

• Operational improvements and business optimization plans are on track, with legacy engineering projects in Denmark expected to complete by mid-2025.

Financial highlights

• Net profit for Q1 2025 was EUR 26.5 million (adjusted: EUR 28.1 million), up from EUR 18.8 million year-over-year.

• Operating profit margin increased to 13.5% (adjusted: 14.3%), up from 10.7% in Q1 2024.

• Adjusted EBITDA reached EUR 57.4 million, with a margin of 22.4%.

• Free cash flow improved to EUR 29.7 million, compared to negative EUR 30.6 million in Q1 2024.

• Cash and cash equivalents stood at EUR 90.7 million, with net debt at EUR 300.2 million as of March 31, 2025.

Outlook and guidance

• Fiscal 2025 revenue guidance remains EUR 1,160–1,190 million; adjusted EBITDA EUR 288.5–301.8 million; adjusted diluted EPS EUR 0.50–0.54.

• Revenue expected to be stronger in the second half of 2025; BDS segment to grow mid- to high-single digits, engineering segment neutral to low-single digit growth.

• High-value solutions projected to comprise 39–41% of total revenue.

• Tariffs estimated to impact operating profit by EUR 4.5 million and diluted EPS by EUR 0.01 in 2025, with mitigation strategies in place.

• Free cash flow for 2025 expected to be negative EUR 40–60 million due to ongoing investments.