Stevanato Group S.p.a. · NYSE:STVN
Stevanato — Q3 2024 Earnings Presentation
22 slides from Stevanato's earnings presentation, Nov 5, 2024
Slide 1: Stevanato Group Q3 2024 Financial Results
Exhibit 99.1 Stevanato Group Q3 2024 Financial Results November 5, 2024
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current views of Stevanato Group S.p.A. (“we”, “our”, “us”, “Stevanato Group” or the “Company”) a
Slide 3: Third Quarter 2024 Financial Results Earnings Call
Stevanato Group Third Quarter 2024 Financial Results Earnings Call Franco Marco Lisa Stevanato Dal Lago Miles Chairman & CEO CFO IR Q3 2024 Financial Results 3
Slide 4: Franco Stevanato, Chairman & Chief Executive Officer
x Franco Stevanato Chairman & Chief Executive Officer Q3 2024 Financial Results
Slide 5: Third Quarter 2024 Performance Update
Third Quarter 2024 Performance Update Q3 Revenue in line, but margins were below our expectations • Lowering FY 2024 guidance for adj. EBITDA and adj. DEPS • Main factors: higher costs in Engineering as we continue to implement our business optimization plan, and to a lesser extent, higher costs in
Slide 6: Achieved Key Milestones in Demand-Driven Capacity Expansion
Achieved Key Milestones in Demand-Driven Capacity Expansion Fishers (IN), U.S. Latina, Italy • In Q3 2024, successfully commenced commercial • Advancing as planned: production generating our first commercial revenue − scaling production, • Completed the installation of our second high-speed line − i
Slide 7: Business and Other Recent Developments
Business and Other Recent Developments Advancing on wider HVS portfolio • Initiative aimed at educating the industry as customers • Recently won a strategic supply agreement to support consider transition to sterilized vials and cartridges the commercialization of a groundbreaking, needle-free • Ove
Slide 8: Marco Dal Lago, Chief Financial Officer
x Marco Dal Lago Chief Financial Officer Q3 2024 Financial Results
Slide 9: Q3 2024: Financial Highlights
Q3 2024: Financial Highlights Q3 2024 : Revenue Q3 2024: Margins (€ Million) HVS non-HVS • Gross profit margin decreased to 26.8% +2% • Temporary headwinds impacting margins in 3Q include: 271 278 † − Vial Destocking, including the underutilization of vial lines and lower revenue from more accretive
Slide 10: Typical Path to Profitability of New Manufacturing Facility
Typical Path to Profitability of New Manufacturing Facility Example of Timing and Phasing of a New Facility* ILLUSTRATIVE New Latina Site (Cisterna di Latina) % Target GPM • Site acquisition (brownfield): Q1 2022 • Commercial production start: Q4 2023 Group’s GPM Full capacity ramp • In Q3 2024, new
Slide 11: Q3 2024 Segment Trends
Q3 2024 Segment Trends Biopharmaceutical and Diagnostic Solutions Segment (BDS) REVENUE Q3 2024 revenue increased 6% (7% at cc), driven by HVS syringes and other products 219 233 (€ Million) • Growth offset by 38% revenue decline in vials (more pronounced in EZ-fill® vials) Q3 2023 Q3 2024 • Revenue
Slide 12: Balance Sheet and Cash Flow Items
Balance Sheet and Cash Flow Items At Quarter Ended September 30, 2024 € 78.0M € 284.3M Total Cash and Cash Net Debt* Equivalents In Third Quarter 2024 € 58.8M € 18.3M (€ 28.4M) CapEx* Net Cash Generated Free Cash Flow* from Operations __________ *Net Debt, CapEx, Free Cash Flow are non-GAAP financia
Slide 13: Maintaining FY24 Revenue guidance. Updating Adj. EBITDA and DEPS
Maintaining FY24 Revenue guidance. Updating Adj. EBITDA and DEPS PRIOR Guidance UPDATED Guidance Trajectory for 2025 Our expectations for 2025 remain unchanged, and we remain Revenue € 1.090B - € 1.110B - cautious in the near term Implied Revenue Growth 0.4% - 2% - Still expect that the pace of reco
Slide 14: Franco Stevanato, Chairman & Chief Executive Officer
x Franco Stevanato Chairman & Chief Executive Officer Q3 2024 Financial Results
Slide 15: Fundamentals Remain Strong with Favorable Secular Tailwinds
Fundamentals Remain Strong with Favorable Secular Tailwinds Focused on execution and achieving long-term objectives. FY 2024 presented challenges, but several reasons to be confident in our strategic direction: 1. Continue to deliver organic growth, primarily driven by HVS, indicating we are investi
Slide 16: Thank You
Stevanato Group Q3 2024 Financial Results Thank You
Slide 17: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Please refer to the tables included in this presentation for a reconciliation of non-GAAP measures. Management monitors and evaluates our operating and financial performance using several non-GAAP f
Slide 18: Reconciliation of Non-GAAP Financial Measures (1/5)
Reconciliation of Non-GAAP Financial Measures (1/5) Reconciliation of Revenue to Constant Currency Revenue Reconciliation of EBITDA (Amounts in € millions) (Amounts in € millions) Biopharmaceutical and For the three months For the nine months Change Change Three months ended September 30, 2024 Diagn
Slide 19: Reconciliation of Non-GAAP Financial Measures (2/5)
Reconciliation of Non-GAAP Financial Measures (2/5) Reconciliation of Reported and Adjusted EBITDA, Operating Profit, Income Taxes, Net Profit, and Diluted EPS (Amounts in € millions, except per share data) Three months ended September 30, Operating Income Nine months ended September 30, Operating I
Slide 20: Reconciliation of Non-GAAP Financial Measures (3/5)
Reconciliation of Non-GAAP Financial Measures (3/5) Capital Employed As of (Amounts in € millions) September 30, As of December 2024 31, 2023 - Goodwill and intangible assets 83.1 81.0 - Right of Use assets 16.8 18.2 - Property, plant and equipment 1,157.7 1,028.5 - Financial assets - investments FV
Slide 21: Reconciliation of Non-GAAP Financial Measures (4/5)
Reconciliation of Non-GAAP Financial Measures (4/5) CAPEX Net (Debt) / Net Cash (Amounts in € millions) (Amounts in € millions) As of September 30, As of December 31, For the three months For the nine months 2024 2023 Change Change Non-current financial liabilities (289.4) (255.6) ended September 30
Slide 22: Reconciliation of Non-GAAP Financial Measures (5/5)
Reconciliation of Non-GAAP Financial Measures (5/5) Reconciliation of 2024 Guidance (Updated) Reported and Adjusted EBITDA, Operating Profit, Net Profit, Diluted EPS (Amounts in € millions, except per share data) Operating Revenue EBITDA Net Profit * Diluted EPS Profit Reported 1,090.0 - 1,110.0 239