Stevanato Group (STVN) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 delivered 9% constant currency (7% reported) revenue growth, driven by strong execution in high-value solutions (HVS) and Biopharmaceutical and Diagnostic Solutions (BDS), with HVS reaching 46% of total revenue.

• GLP-1-related products accounted for 19–20% of total revenue, growing over 50% year-over-year, and are expected to remain a key growth driver.

• The company is investing in capacity expansion in Fishers (US) and Latina (Italy) to meet rising demand for high-value syringes and cartridges.

• Engineering segment revenue declined, but optimization efforts and growth in pharma visual inspection partially offset the decline.

• Gross profit and EBITDA margins expanded, with diluted EPS for FY 2025 up 19% to €0.51 and adjusted diluted EPS up 13% to €0.54.

Financial highlights

• Q4 2025 revenue grew 7% at constant currency and 5% reported to €346.5 million; BDS segment up 10%, Engineering down 23%.

• Q4 gross profit margin increased 120 bps to 30.9%; Q4 operating profit margin was 20.2%; net profit €47.6 million; adjusted net profit €49.8 million; adjusted diluted EPS €0.18.

• Adjusted EBITDA for Q4 rose 7% to €97.7 million, with margin up 70 bps to 28.2%.

• FY 2025 net profit was €139.8 million, up 18.7% year-over-year; adjusted EBITDA €298.0 million (25.1% margin).

• Full-year CapEx was €294.9 million, with 89% for growth projects; free cash flow improved to €18.4 million.

Outlook and guidance

• FY 2026 revenue guidance: €1.26–1.29 billion (reported), or €1.278–1.308 billion (constant currency), with 6–10% growth expected.

• Adjusted EBITDA guidance: €331.8–346.9 million; adjusted diluted EPS: €0.59–0.63.

• HVS expected to comprise 47–48% of 2026 revenue; BDS segment to grow high single to low double digits, Engineering to decline mid- to low double digits.

• CapEx for 2026 forecasted at €270–290 million (gross), €240–260 million (net); free cash flow modeled at breakeven to €20 million.

• Management expects continued growth in biologics and improved utilization and efficiencies at new facilities.