Stevanato Group (STVN) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue grew 8% year-over-year to €280 million, led by a 10% increase in the BDS segment and offsetting a 2% decline in Engineering.

• High-value solutions accounted for 42% of total revenue, driven by syringes, easy fill cartridges, and vials.

• Gross and operating margins expanded, supported by favorable product mix and operational improvements at new facilities.

• Ongoing investments and capacity expansions in Latina and Fishers are supporting near-term growth and meeting rising biologics demand.

• Optimization initiatives and commercial strategy enhancements are positioning the company for long-term growth.

Financial highlights

• Q2 2025 revenue increased 8% year-over-year to €280 million; BDS segment up 10%, Engineering down 2%.

• High-value solutions revenue grew 13% to €116.8 million, representing 42% of total revenue.

• Consolidated gross profit margin rose 210 basis points to 28.1%; operating profit margin increased to 14.8% (adjusted: 15.5%).

• Net profit was €29.7 million (adjusted: €31.3 million); diluted EPS €0.11 (adjusted: €0.11).

• Adjusted EBITDA reached €65.1 million, with a 23.2% margin (up 240 basis points year-over-year).

• Free cash flow improved to negative €13 million from negative €46.1 million a year ago.

Outlook and guidance

• Fiscal 2025 guidance reiterated: revenue €1.16–€1.19 billion, adjusted EBITDA €288.5–€301.8 million, adjusted EPS €0.50–€0.54.

• BDS segment expected to grow high single digits; Engineering segment to decline low double digits versus 2024.

• High-value solutions mix raised to 40–42% of total revenue.

• Guidance reflects headwinds from FX rates and tariffs, but margin expansion is still anticipated.

• Operating profit margin expansion of ~150 basis points expected, offset by a higher tax rate of 25.8%.