Stevanato Group S.p.A.

In Q2 2026, revenue increased 8% year over year to EUR 302 million, both reported and at constant currency. Gross profit margin was 28.7%, up 60 basis points, while adjusted EBITDA rose 21% to EUR 78.7 million and adjusted EBITDA margin expanded to 26%, up 280 basis points. Reported net profit was EUR 23 million, or EUR 0.08 diluted EPS, while adjusted net profit increased 20% to EUR 37.6 million and adjusted diluted EPS was EUR 0.14. Revenue from high-value solutions grew 16% to EUR 135.9 million, and BDS revenue rose 9% to EUR 266.2 million; Engineering revenue fell 2% to EUR 35.8 million. The company recorded EUR 12.2 million of one-time expenses tied to the Balda C. Brewer sale. Cash and cash equivalents were EUR 78.6 million, net debt was EUR 360.3 million, operating cash flow was EUR 31.9 million, capex was EUR 52 million, and free cash flow was negative EUR 32 million. For FY2026, revenue guidance is EUR 1.260 billion to EUR 1.280 billion, adjusted EBITDA is EUR 335 million to EUR 345.2 million, adjusted diluted EPS is EUR 0.60 to EUR 0.62, and free cash flow is expected to be breakeven to positive EUR 20 million. Management also said BDS should grow high single digits reported, Engineering should decline mid-single digits to low double digits, and high-value solutions should be 47% to 48% of revenue.

Franco Stevanato said the quarter reflected the company’s strategy shifting toward biologics, GLP-1 therapies, and integrated drug delivery systems, which he described as the most attractive parts of the market. He emphasized that Alina’s European approvals validate Stevanato’s proprietary device strategy and support a move up the value chain, while Deora was introduced as a future opportunity for fixed-dose needs. His tone was confident and forward-looking, but still measured on Engineering and growth projects, repeatedly noting longer sales cycles, gradual ramps, and the need to keep investing for future demand.

Marco Dal Lago focused on the hard financials and the bridge to the updated outlook. He cited 8% revenue growth to EUR 302 million, gross margin of 28.7%, adjusted EBITDA of EUR 78.7 million, and the EUR 12.2 million of one-time divestiture costs that weighed on reported profit. He also highlighted the balance sheet and cash flow, ending with EUR 78.6 million of cash, EUR 360.3 million of net debt, EUR 52 million of capex, and negative free cash flow of EUR 32 million for the quarter, while saying liquidity remains adequate. On guidance, he noted the EUR 15 million revenue reduction from the Balda sale is partly offset by better FX and core growth, and that the divestiture should be margin-accretive at the midpoint of the 2026 plan.

Analysts focused on three areas: the change in BDS growth guidance, the pace and mix of GLP-1 versus broader biologics growth, and what the Alina approval means commercially. Management said the revised BDS outlook still implies double-digit organic growth, with the reported figure lowered mainly by the EUR 15 million divestiture impact and helped by about EUR 8 million of lower currency headwind. On GLP-1s, management said they remain a strong long-term tailwind, but biologics is the bigger strategic opportunity because it is broader and more durable across many therapeutic areas. On Alina, Franco said the approval was an important milestone that is already included in 2026 guidance, but it should unlock additional validations and support multi-year revenue growth in the device business.