PIOMBINO DESE, Italy - Stevanato Group S.p.A. (NYSE: STVN), a leading global provider of drug containment, drug delivery, and diagnostic solutions to the pharmaceutical, biotechnology, and life sciences industries, announced its financial results for the fourth quarter and full year 2025.
Fourth Quarter and Full Year 2025 Highlights (comparisons to prior-year periods)
For the fourth quarter of 2025, revenue increased 5% (7% on a constant currency basis) to EUR346.5 million, and high-value solutions represented 49% of total revenue.
Gross profit margin increased 120 basis points to 30.9%, and adjusted EBITDA margin increased 70 basis points to 28.2%, for the fourth quarter of 2025.
Diluted earnings per share were EUR0.17, and adjusted diluted earnings per share were EUR0.18 for the fourth quarter of 2025.
For the fiscal year 2025, revenue increased 7% (9% on a constant currency basis) to EUR1.186 billion, and high-value solutions represented 46% of total revenue.
Gross profit margin increased 160 basis points to 29.0%, and adjusted EBITDA margin increased 160 basis points to 25.1% for the fiscal year 2025.
For the fiscal year 2025, diluted earnings per share grew 19% to EUR0.51, and adjusted diluted earnings per share increased 13% to EUR0.54.
The Company is establishing its fiscal 2026 guidance. The Company expects revenue in the range of EUR1.26 billion to EUR1.29 billion, adjusted EBITDA in the range of EUR331.8 million to EUR346.9 million, and adjusted diluted EPS in the range of EUR0.59 to EUR0.63.
Fourth Quarter 2025 Results
For the fourth quarter of 2025, total revenue increased 5% year-over-year (7% on a constant currency basis) to EUR346.5 million, driven by a 10% (13% on a constant currency basis) revenue increase from the Company's Biopharmaceutical and Diagnostic Solutions (BDS) Segment, which offset the anticipated revenue decline from the Engineering Segment. Revenue from high-value solutions increased 31%, year-over-year, to a record EUR171.4 million, representing 49% of total revenue for the fourth quarter of 2025.
In the fourth quarter of 2025, strong performance in the BDS Segment led to a 120 basis-point increase in gross profit margin to 30.9%, compared with the same period last year, and operating profit margin was 20.2%, consistent with the same period last year.
Net profit was EUR47.6 million, with diluted earnings per share of EUR0.17, for the fourth quarter of 2025, and adjusted net profit was EUR49.8 million with diluted earnings per share of EUR0.18. For the fourth quarter of 2025, adjusted EBITDA increased to EUR97.7 million, and the adjusted EBITDA margin improved 70 basis points to 28.2%, compared with the same period last year.
Franco Stevanato, Chief Executive Officer, commented, 'We concluded fiscal year 2025 with another solid quarter that led to positive full-year performance underpinned by strong top-line growth, a favorable mix of high value solutions, and expanded margins. Biologics remain an important tailwind and in 2025 GLP1s represented approximately 19% to 20% of total Company revenue. There's no doubt that we have been successful in winning our fair share of the GLP1 market. This success is rooted in our long history of being a trusted partner to customers, our global footprint which provides supply chain security, and the quality of our products which have characteristics that resonate with our customers.'
Biopharmaceutical and Diagnostic Solutions (BDS) Segment
Revenue grew 10% (13% on a constant currency basis) to EUR307.1 million for the fourth quarter of 2025, compared with the same period last year, driven by a 31% increase from high-value solutions to EUR171.4 million, which represented 56% of BDS Segment revenue. Revenue from other containment and delivery solutions decreased 9% to EUR135.7 million, compared with the same period last year, due to a decline in certain lower-value bulk products, as the Company transitions to a larger portfolio of high-value products aligned with its strategic investments.
For the fourth quarter of 2025, gross profit margin increased 50 basis points to 31.6%, and operating profit margin rose 50 basis points to 23.8%, compared with the same period last year, driven by: (i) a favorable mix of high value solutions, (ii) improvements as the Company scales commercial production in its new facilities, which remain dilutive to the corporate margin, and (iii) an improved vial market which led to higher vial production and better utilization. These positive trends were partially offset by the unfavorable impact from foreign currency translation and tariffs.
Engineering Segment
As expected, revenue from the Engineering Segment decreased 23% to EUR39.4 million for the fourth quarter of 2025, compared with the same period last year, driven by lower revenue from our glass converting and assembly lines businesses.
For the fourth quarter of 2025, gross profit margin for the Engineering Segment decreased 280 basis points to 15.8%, compared with the same period last year, and continued to be impacted by an unfavorable project mix and a lower volume of new work.
Balance Sheet and Cash Flow
As of December 31, 2025, the Company had cash and cash equivalents of EUR130.6 million, and net debt of EUR337.7 million.
For fiscal year 2025, capital expenditures totaled EUR294.9 million, as the Company continues to increase capacity in its new manufacturing facilities in Indiana and Italy. Cash flow from operating activities for fiscal year 2025 was EUR286.1 million. Cash used for the purchase of property, plant, and equipment, and intangible assets totaled EUR275.1 million. Increased operational cash flow and reduced capital expenditures resulted in EUR18.4 million of positive free cash flow for the year ended 2025.
The Company believes that it has adequate liquidity to fund its strategic priorities over the next twelve months through a combination of cash on hand, cash generated from operations, available credit lines, and the ability to access additional financing.
2026 Guidance
The Company is establishing its fiscal 2026 guidance and expects: Revenue in the range of EUR1.26 billion to EUR1.29 billion; Adjusted EBITDA in the range of EUR331.8 million to EUR346.9 million and Adjusted diluted EPS in the range of EUR0.59 to EUR0.63.
Franco Stevanato, Chief Executive Officer, concluded, 'We enter 2026 with positive momentum and a clear focus on disciplined execution. We operate in attractive, growing end markets with favorable secular tailwinds. Innovation across the industry continues to advance patient care and we remain mission critical to the delivery of innovative biologics. Biologics are expected to remain our fastest growing end market and a key driver to top-line growth and margin expansion as we continue to move up the value chain. In Latina and Fishers, we expect to increasingly benefit from improved utilization, efficiencies, and operating leverage, as we support our customers with quality and reliability.'
Forward-Looking Statements
This press release may include forward-looking statements. The words 'establishing,' 'continued,' 'remain,' 'expected,' 'improved,' 'transitions,' 'scales,' 'believes,' 'expects,' 'continues,' 'growing,' 'expect,' and other similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's future financial performance, including revenue, operating expenses and ability to maintain profitability, and operational and commercial capabilities; the Company's expectations regarding the development of the industry and the competitive environment in which it operates; the expansion of the Company's plants and sites, and our expectations related to our capacity expansion; the global supply chain and the Company's committed orders; customer demand; the success of the Company's initiatives to optimize the industrial footprint, harmonize processes and enhance supply chain and logistics strategies; the Company's geographical and industrial footprint and the Company's goals, strategies, and investment plans. The forward-looking statements in this press release are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties, and contingencies because they relate to events and depend on circumstances that may or may not occur in the future, and may cause the actual results, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as conditions in the U.S. capital markets, negative global and domestic economic and political conditions, inflation, trade war and global tariff policies, the impact of the conflict between Russia and the Ukraine, the evolving events in Israel and Gaza, supply chain and logistical challenges and other factors such as the Company's ability to continue to obtain financing to meet its liquidity needs, changes in the geopolitical, social and regulatory framework in which the Company operates or in economic or technological trends or conditions. For a description of the risks that could cause the Company's future results to differ from those expressed in any such forward looking statements, refer to the risk factors discussed in our most recent annual report on Form 20-F, and our most recent filings with the U.S. Securities and Exchange Commission. Readers should therefore not place undue reliance on these statements, particularly not in connection with any contract or investment decision.
About Stevanato Group
Founded in 1949, Stevanato Group is a leading global provider of drug containment, drug delivery and diagnostic solutions to the pharmaceutical, biotechnology, and life sciences industries. The Group delivers an integrated, end-to-end portfolio of products, processes, and services that address customer needs across the entire drug life cycle at each of the development, clinical and commercial stages. Stevanato Group's core capabilities in scientific research and development, its commitment to technical innovation, and its engineering excellence are central to its ability to offer value added solutions to clients.
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Taylor Gerrells
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Lisa Miles
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Giacomo Guiducci
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