Stevanato S p A : Consolidated Financial Statements and Financial Statements at and for the Year Ended December 31, 2025 and 2024
STVN
Published on 04/30/2026 at 01:03 pm EDT
(Courtesy Translation)
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I $ip Slevanato Group
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Consolidated management report and management report of parent company as at and for the year ended December 31, 2025 and 2024 4
Consolidated Financial Statements at and for the year ended December 31, 2025 and 2024 32
Consolidated income statement 32
Consolidated statement of comprehensive income 33
Consolidated statement of financial position 34
Consolidated statement of changes in equity 35
Consolidated statement of cash flows 37
Notes to the consolidated financial statements 39
Financial statements at and for the year ended December 31, 2025 and 2024 118
Income statement 118
Statement of comprehensive income 119
Statement of financial position 120
Statement of changes in equity 121
Statement of cash flows 123
Notes to the financial statements 124
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Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
As allowed by Italian law decree February 2, 2007, no.32, with which the EU directive 2003/51/CE has transposed in our legal system, the Company avails itself of the possibility of drawing up the Management Report of the parent company Stevanato Group S.p.A. and the Consolidated Management Report in a single document, included in the Consolidated Financial Statements. It is therefore specified that this Consolidated Management Report also contains all of the information required by Article 2428 of the Civil Code, with reference to the Financial Statements of Stevanato Group S.p.A.
As being required to draw up the Consolidated Financial Statements, the Company avails itself of the longer time for the approval of the Financial Statements within 180 days, as allowed by Article 2364, paragraph 2, of Civil Code.
Stevanato Group S.p.A. (herein referred to as the "Company" and together with its subsidiaries the "Group") is headquartered in Italy and its registered office is located in via Molinella 17, Piombino Dese (Padua, Italy). The Group operates in the design, production and distribution of products and processes to provide integrated solutions for the bio-pharma and healthcare industries, leveraging on regular investment and the selected acquisition of skills and new technologies to maintain and enhance its status as a global leader in the bio-pharma industry. The Group's principal products include containment solutions, drug delivery systems, medical devices, diagnostic and analytical services, visual inspection machines, assembling and packaging machines, and glass forming machines.
At December 31, 2025, the Group operated 13 manufacturing facilities, consisting of: (i) ten plants dedicated to the manufacturing and assembly of bio-pharma and healthcare products (located in Italy, Germany, Slovakia, Brazil, Mexico, China and the United States); and (ii) three plants dedicated to machinery and equipment manufacturing (located in Italy and Denmark). The Group also operates two analytical service sites (in Italy and the United States) and five commercial sites (in Italy, China, Japan, and India, with the Indian entity incorporated on February 23, 2025).
The Group continues to expand its global industrial footprint, primarily to support high-value solutions production in Italy and the United States. In Latina (Italy), commercial production began in 2023, with ongoing ramp-up of high-value syringe output. The Group is also preparing the next phase of ready-to-use cartridge manufacturing, expected to become commercially operational in 2026. In the United States, the Group is progressing with the development of its new EZ-fill® manufacturing hub in Fishers, Indiana. Customer validations-initiated in late 2023-are expected to continue into 2026. Commercial production began in the third quarter of 2024, and additional production lines will continue to be installed, validated and commercialized throughout 2026. The facility is also preparing equipment for device contract-manufacturing activities expected to become commercially available by the end of 2026.
Stevanato Group operates with the objective of preserving the integrity of pharmaceutical products and contributing to patient safety, by creating a reliable ecosystem of systems, processes and services supporting the pharmaceutical industry and its end users. The Group works in close and long-term partnership with its customers, leveraging its expertise, resources and know-how to turn each project into a concrete achievement, with a strong focus on innovation, operational excellence and the creation of sustainable value over time.
The Group's activities are guided by a set of shared values that shape its way of working and decision-making: a) trust and respect everyone; b) listen humbly, communicate transparently, c) be accountable; d) be ethical, always; e) deliver results.
Stevanato Group business operations are organized in two segments:
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
Biopharmaceutical and Diagnostic Solutions, which includes the products, processes and services developed and provided for the containment and delivery of pharmaceutical and biotechnology drugs and reagents (such as vials, cartridges, syringes and drug delivery systems like pen injectors, auto injectors and wearables), as well as the production of diagnostic consumables;
Engineering, which includes all of the equipment and technologies developed and provided to support the end-to-end biopharmaceutical and diagnostic manufacturing processes (packaging and assembly, pharma visual inspection, glass converting, and after-sales support).
For further information, please refer to Company website: https://www.stevanatogroup.com.
Certain numerical figures, including financial data presented in millions and thousands, have been subject to rounding adjustments and, as a result, the totals of the data may vary slightly from the actual arithmetic totals of such information. In addition, as a result of such rounding, the totals of certain financial information presented in tabular form may differ from the information that would have appeared in such totals using the unrounded financial information.
In order to allow a better analysis about the management performance, additional economical and financial indicators are presented then those required by IFRS; these indicators have not considered as alternatives to those required by IFRS. In particular, the Non-GAAP Measures used in this report are:
EBITDA: EBITDA is defined as net profit before income taxes, finance income, finance expense, depreciation and amortization. EBITDA is an economic measurement used by the Group as financial target in internal reports and external presentations to financial and commercial partners; it is a useful unit of measure for the evaluation of operating performance at a Group level and at single business level too. This indicator is added to Operating Profit. EBITDA is an intermediate economic measure that derives from Operating Profit, gross of depreciation, amortization, and any impairment of tangible and intangible assets;
Adjusted EBITDA: it is calculated starting from EBITDA, adjusted of certain incomes and costs that are unrelated to the underlying performance of the business, and which management considers do not reflective of ongoing operational activities of the Company. Adjusted EBITDA is provided in order to present how the underlying business has performed excluding the impact of certain significant items that management considers not reflective of underlying operating activities and which may alter the underlying performance and impair comparability of results between periods;
Adjusted EBITDA Margin: it is calculated comparing the Adjusted EBITDA of a period and the revenues of the corresponding period;
Adjusted Operating Profit: it is represented by the Operating Profit, as adjusted for certain income and costs expected to occur infrequently, and that management considers not reflective of ongoing operational activities. Adjusted Operating Profit is provided in order to present how the underlying business has performed excluding the impact of the adjusting items, which may alter the underlying performance and impair comparability of results between the periods;
Adjusted Operating Profit margin: it is calculated by dividing Adjusted Operating Profit for a period by total revenue for the same period;
Net Working Capital: it represents the difference between current assets and current liabilities, excluding (i) current financial assets other than financial receivables related to the rent-to-buy agreement for our facility in Zhangjiagang, China, (ii) current financial liabilities and (iii) cash and cash equivalents, to which the non-current advances from customers and non-current assets held for sale are added;
Capital Employed: Capital Employed is defined as the sum of non-current assets (excluding the fair value of derivatives financial instruments) and net working capital, less the sum of provisions and non-current liabilities (excluding non-current advances from customers);
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
Net Financial Position: is a metric used by the management to analyze the financial stability of our business. Net (Debt)/ Cash is calculated as the sum of our current and non-current financial liabilities, less the sum of (i) other current financial assets, excluding financial receivables related to the rent-to-buy agreement for our facility in Zhangjiagang, China, (ii) other non-current financial assets - Fair value of derivatives financial instruments and (iii) cash and cash equivalents;
Return On Invested Capital (ROIC): is a measurement to measure the percentage return on invested capital, comparing operating profit to the sum of net financial position and equity.
The following tables set forth the calculation of EBITDA for the fiscal years ended December 31, 2025 and 2024 and provide a reconciliation of these non-GAAP measures to the most comparable IFRS measures, Net Profit. In addition, the following tables indicate the tracing of reported measures, as applicable, to the adjusted measures, with a brief description of the adjusting items considered as not reflective of ongoing operational activities of the Group.
For the year ended December 31, 2025
(EUR million)
Net Profit Income taxes
Net financial expenses
Operating Profit
Deprec. and impair.
EBITDA
Reported
139.8
49.3
9.7
198.8
88.6
287.4
Start-up costs
4.7
1.8
-
6.5
-
6.5
Restructuring and related charges
3.1
1.0
-
4.1
-
4.1
Adjusting items
7.8
2.8
-
10.6
-
10.6
Adjusted
147.6
52.1
9.7
209.4
88.6
298.0
For the year ended December 31, 2024
(EUR million)
Net Profit Income taxes
Net financial expenses
Operating Profit
Deprec. and impair.
EBITDA
Reported
117.8
42.5
0.9
161.1
80.7
241.8
Start-up costs
9.5
3.5
-
13.0
-
13.0
Restructuring and related charges
3.0
1.0
-
4.0
-
4.0
Other severance costs
0.3
0.1
-
0.4
-
0.4
Adjusting items
12.8
4.6
-
17.4
-
17.4
Adjusted
130.6
47.1
0.9
178.5
80.7
259.2
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
During the year ended December 31, 2025, the Group recorded the following adjusting items:
EUR 6.5 million of start-up costs for the new plants in Fishers, Indiana, United States, and in Latina, Italy. These costs primarily reflect labor expenses for training and travel of personnel who are in the learning and development phase and not yet active in the manufacturing of products, as well as the related recruitment costs.
EUR 4.1 million restructuring and related charges. These amounts mainly reflect employee-related costs associated with the reorganization of certain business functions.
During the year ended December 31, 2024, the Group recorded the following adjusting items:
EUR 13.0 million related to start-up costs for the new plants in Fishers, Indiana, United States, and in Latina, Italy. These costs are primarily related to labor costs incurred prior to commercial operation that are associated with recruiting, hiring, training and travel expenses of personnel.
EUR 4.0 million restructuring and related charges among cost of sales, research and development and general and administrative expenses. These are mainly employee costs related to the reorganization of certain business functions.
EUR 0.4 million related to personnel expenses, including other severance costs.
Performance indicators - Adjusted
For the years ended December 31,
EUR million 2025 % on
Revenues
2024 % on
Revenues
Net Profit
147.6
12.4%
130.6
11.8%
Income taxes
52.1
4.4%
47.1
4.3%
Net financial expenses
9.7
0.8%
0.9
0.1%
Adjusted Operating Profit
209.4
17.7%
178.5
16.2%
Adjusted Operating Profit Margin
17.7%
16.2%
Depreciation and impairment of PPE
88.6
7.5%
80.7
7.3%
Adjusted EBITDA
298.0
25.1%
259.2
23.5%
Adjusted EBITDA Margin
25.1%
23.5%
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
Overall, the macroeconomic environment in 2025 was characterized by moderate economic growth, declining inflationary pressures and elevated uncertainty, amid persistent geopolitical tensions, evolving trade policies and a gradual normalization of monetary conditions following the sharp tightening cycle of prior years.
Economic activity continued to adjust to still-restrictive financing conditions and a less predictable global policy environment. According to the International Monetary Fund's World Economic Outlook issued in October 2025, global economic growth was projected to moderate slightly to approximately 3.2% in 2025, compared with 3.3% in 2024, reflecting the fading of temporary supportive factors and the impact of policy uncertainty on investment and trade flows. Growth in advanced economies remained subdued, while emerging markets recorded higher growth rates, with increasing regional divergence. Over the same period, global inflation continued to decline, albeit unevenly across regions, remaining above target in certain economies and more subdued elsewhere. The International Monetary Fund noted that downside risks to the macroeconomic outlook prevailed, reflecting uncertainties related to geopolitical tensions, protectionist measures and global trade dynamics.
Within this context, central banks maintained a cautious and data-dependent approach to monetary policy. While inflationary pressures at a macroeconomic level gradually eased, financing conditions remained relatively tight, and uncertainty regarding the timing and pace of further monetary easing continued to influence corporate investment decisions and capital allocation.
The global operating environment also continued to expose companies to foreign exchange volatility, cost-related pressures on certain raw materials, and the potential effects of changes in trade regulations and tariff regimes, particularly for businesses with globally diversified manufacturing and supply chain structures.
In this setting, the healthcare and pharmaceutical supply chain was influenced by structural factors such as demographic trends, pharmaceutical innovation and increasing regulatory and quality requirements.
In the case of Stevanato Group, these sector-wide dynamics, together with the Group's internal decisions and execution priorities, contributed to shaping the business conditions and challenges experienced in 2025.
During the COVID-19 pandemic, high demand and long lead times for glass vials created an industry-wide temporary imbalance of supply and demand for glass vials, and customers stockpiled glass vials (both standard and ready-to-use) to mitigate risk and secure their supply chains. As a result of increased customer inventories for glass vials, the industry experienced a slowdown in demand for glass vials as market participants worked through their stockpiled inventories. As a consequence of our customers' inventory destocking, we experienced lower volumes and revenue attributable to glass vials throughout 2023 and 2024, which adversely impacted gross profit and operating profit margins. In 2025, the vial market stabilized in standard bulk vials and the Group's EZ-fill® ready-to-use vials returned to growth.
The Group is also experiencing temporary inefficiencies tied to the ramp-up phase of its capacity expansion projects, both in Italy and in the U.S., tempering gross profit margin, operating profit margin and EBITDA margin. Such inefficiencies reflect higher costs during the initial ramp-up phase and temporary under absorption of costs as volumes and revenue begin to increase during the ramp-up phase. These costs include, without limitations, implementation of industrial processes, hiring and training of new employees, the qualification and validation activities of new production lines, as well as the time ordinarily needed by newly validated lines to progressively increase productivity to reach target level. Moreover, as anticipated, throughout the ramp-up phase depreciation of new assets has further tempered gross profit margin and operating profit margin, as the productivity of the new assets has not yet reached target level. The Group expects that as the ramp-up activities progress, and are completed, those anticipated temporary inefficiencies will gradually abate. In the third quarter of 2024, the Group's new facility in Latina became profitable at the gross profit level and the new facility in Fishers generated its first commercial revenue. The Group remains focused on the installation and ramp-up of new lines in both Latina and Fishers and continues to expect that line installations and validations will continue into 2026. In Latina, the Group is preparing for the next phase of planned expansion for ready-to-use EZ-fill® cartridges and will begin line installations in 2026.
The Engineering Segment experienced a period of record orders in the second half of 2022. The operations scaled up to support this large volume of work but long lead times for components created execution challenges for the Group. The challenges are predominantly isolated to its Denmark operations where the Group has experienced increased costs on
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
certain highly customized projects in the later stages of development. In 2024, the Group implemented a business optimization plan designed to address the challenges that we were facing, to improve the overall health of the business, and position the segment to return to profitable growth. The main actions focused on optimizing our engineering footprint in alignment with the product strategy and product roadmap, right sizing the operational structure as certain activities are transitioning from Denmark to Italy, and harmonizing our industrial processes. The Group believes these initiatives will help the Group achieve a more optimized operational structure to maximize efficiencies to secure the success of projects going forward, and better position the Segment for long-term success. In 2025, the segment's operational performance improved as a result of initiatives under its optimization plan but financial performance is below the Group's expectation due to the current project mix which includes a higher proportion of revenue from the complex legacy projects in Denmark and a lower volume of new work.
In 2025, the U.S. dollar weakened primarily due a variety of factors such as a shift in monetary policy and the associated expectations of lower U.S. interest rates, increased policy uncertainty, and other considerations. The Group's 2025 reported financial results were unfavorably impacted by currency translation effects related to the consolidation of foreign subsidiaries. These movements do not reflect changes in the underlying operating performance of the business. In fiscal 2025, the Group's revenue grew 9.1% on a constant currency basis compared with 7.4% on a reported basis.
During 2025, the Group was also affected by external macroeconomic and regulatory factors that emerged in the United States. In April 2025, the Trump Administration issued an Executive Order titled "Regulating Imports With a Reciprocal Tariff to Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits". The new import tariffs increased the cost of certain materials sourced from outside the United States and also apply to a portion of the products the Group ships to U.S. customers. The tariffs for the Group primarily apply to goods shipping from Italy where the current tariff is currently set at 15%, and to a lesser extent, other European countries and Mexico. While the Group implemented targeted pricing actions and worked closely with customers to address tariff driven cost increases and engaged in other activities intended to mitigate the effects of tariffs, these measures only partially offset the impact, and the tariffs nevertheless tempered gross profit margin and operating profit margin.
The parent company direct or indirect (through the subsidiaries Stevanato Group International a.s., Balda Medical GmbH and Spami S.r.l.) controls the following companies:
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
Name Segment Description
Production of drug
Country of incorporation
Type of control
% equity interest 2025 2024
Nuova Ompi S.r.l.
Biopharmaceutical and Diagnostic Solutions
containment solutions and development of integrated solutions for the pharmaceutical industry
Italy Direct 100% 100%
Spami S.r.l. Engineering Production plant and machinery
Production of consumables and
Italy Direct 100% 100%
Perugini S.r.l. Engineering mechanical Italy
components for industrial machines
Indirect***
-
100%
Stevanato Group Holding Service/ Subholding Slovakia
Direct
100%
100%
Biopharmaceutical Production of drug
Medical Glass a.s. and Diagnostic containment solutions Slovakia
Indirect*
99.74%
99.74%
Solutions
Biopharmaceutical Production of drug
Direct
30.76%
30.76%
Ompi N.A. S. de RL de CV and Diagnostic containment solutions Mexico
Indirect*
69.24%
69.24%
Biopharmaceutical Production and sale of
Ompi of America inc. and Diagnostic drug containment USA
Solutions solutions and
Direct Indirect*
97%
3%
96.15%
3.85%
analytical services
Ompi do Brasil Industria e Biopharmaceutical Production of drug
Comercio de Embalagens and Diagnostic containment solutions Brazil
Direct Indirect*
72.14%
27.86%
72.14%
27.86%
Ompi Pharmaceutical Biopharmaceutical Production of drug
Packing Technology Co. Ltd and Diagnostic containment solutions China
Indirect*
100%
100%
Stevanato Group Denmark Engineering Production plant and Denmark
Indirect*
100%
100%
Biopharmaceutical Research and
Medirio SA en liquidation and Diagnostic development Switzerland
Indirect**
100%
100%
Biopharmaceutical Production of in-vitro
Balda Medical GmbH and Diagnostic diagnostic solutions Germany Solutions and DDS
Direct
100%
100%
Biopharmaceutical Production of in-vitro
Balda C. Brewer Inc. and Diagnostic diagnostic solutions USA
Indirect**
100%
100%
Biopharmaceutical Production of metal
Balda Precision Inc. and Diagnostic components USA
Indirect**
100%
100%
Biopharmaceutical Sale of drug
Ompi of Japan Co., Ltd. and Diagnostic containment solutions Japan
Direct
100%
100%
Stevanato India Private Biopharmaceutical Sale of drug
Limited and Diagnostic containment solutions India
Direct
100%
-
International a.s. company
Solutions
Farmaceutica Ltda Solutions
Solutions
A/S machinery
Solutions
Solutions
Solutions
Solutions
Solutions
* Stevanato Group indirectly controls these companies through Stevanato Group International a.s.
** Stevanato Group indirectly controls these companies through Balda Medical GmbH
*** At December 31, 2024, Stevanato Group indirectly controlled this company through Spami S.r.l. The merger of Perugini S.r.l. into Spami S.r.l. was completed and effective on January 1, 2025.
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
During 2025, the Group continued to execute several strategic and operational initiatives. In particular, the Group progressed in the expansion and ramp-up of its manufacturing footprint, advancing the installation, qualification and validation of new production lines at its facilities in Latina (Italy) and Fishers (United States). These activities formed part of the Group's multi-year investment program aimed at expanding capacity for high-value solutions and strengthening its global supply chain.
Within the Engineering segment, the Group continued to implement its business optimization plan during 2025, advancing initiatives aimed at improving execution quality, standardizing industrial and project management processes and realigning the operational footprint.
On February 23, 2025, Stevanato India Private Limited was incorporated as a wholly-owned subsidiary of Stevanato Group S.p.A., with the purpose of supporting the commercialization of the Group's products and solutions in India.
The Group revenues are represented through these divisions, based on the segments identified:
Biopharmaceutical and Diagnostic Solutions: which includes all the products, processes and services developed and provided for the containment and delivery of pharmaceutical and biotechnology drugs and reagents, as well as the production of diagnostic consumables. This segment is split into two sub-categories:
High-value solutions: wholly owned, internally developed products, processes and services for which the Group hold intellectual property rights or have strong proprietary know-how and are characterized by particular complexity or high performance;
Other containment and delivery solutions.
Engineering: which includes all of the equipment and technologies developed and provided to support the end-to-end biopharmaceutical and diagnostic manufacturing processes (assembly, visual inspection, packaging and serialization and glass converting).
The following table sets forth the consolidated revenue for the years ended December 31, 2025 and 2024 broken down by segments:
For the years ended December 31,
EUR million
2025
2024
Change
Change %
Biopharmaceutical and Diagnostic Solutions
1,038.2
933.7
104.5
11.2%
Engineering
148.1
170.3
(22.2)
(13.0%)
Revenue (*)
1,186.3
1,104.0
82.3
7.4%
(*) Revenue by each segment represents only revenue from third parties' sales and excludes the revenue from the sales generated from the transactions with other segments.
For the years ended December 31, 2025 and 2024, the Biopharmaceutical and Diagnostic Solutions Segment represented 88% and 85% of revenue, respectively, while our Engineering Segment represented and 12% and 15% of revenue, respectively.
Revenue increased by EUR 82.3 million, or 7.4 %, to EUR 1,186.3 for the year ended December 31, 2025 compared to EUR 1,104.0 million for the year ended December 31, 2024. On a constant currency basis, revenue increased 9.1% for the year ended December 31, 2025. Growth was driven by a revenue increase of EUR 104.5 million from the
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
Biopharmaceutical and Diagnostic Solutions Segment, which offset a revenue decline of EUR 22.2 million in the
Engineering Segment.
Consolidated revenues for the years ended December 31, 2025 and 2024 broken down by type of product are as follows:
For the years ended December 31,
EUR million
2025
2024
Change
Change %
Revenue from sale of High-value solutions
546.4
422.3
124.1
29.4%
Revenue from sale of Other containment and delivery
491.8
511.4
(19.6)
(3.8%)
solutions
Revenue from sale of Engineering
148.1
170.3
(22.2)
(13.0%)
Revenue
1,186.3
1,104.0
82.3
7.4%
For the year ended December 31, 2025, revenue from High-value solutions increased to 46.0% of our total revenue, compared with 38.3% for the year ended December 31, 2024, resulting primarily from increased customer demand for high performance syringes, and to a lesser extent EZ-fill® vials and EZ-fill® cartridges.
Revenue generated by the Biopharmaceutical and Diagnostic Solutions segment, which includes sales of High-value solutions and Other containment and delivery solutions, increased by EUR 104.5 million, or 11.2%, to EUR 1,038.2 million for the year ended December 31, 2025 compared to EUR 933.7 million in the year ended December 31, 2024. Revenue growth on a constant currency basis was 13.1% for the year ended December 31, 2025.
For the year ended December 31, 2025, a higher mix of revenue from High-value solutions offset the revenue decrease in other containment and delivery solutions. Revenue generated from our high-value solutions increased by EUR 124.1 million, or 29.4%, to EUR 546.4 million for the year ended December 31, 2025, compared to EUR 422.3 million for the year ended December 31, 2024, driven primarily by high performance syringes and, to a lesser extent, EZ-fill® vials and EZ-fill® cartridges. Revenue generated by other containment and delivery solutions decreased by EUR 19.6 million, or 3.8%, to EUR 491.8 million for the year ended December 31, 2025, compared to EUR 511.4 million for the year ended December 31, 2024 and such decrease mainly reflects a decrease in revenue from low-value syringes and in-vitro diagnostics, as the Group transitions to a larger portfolio of high-value projects, which was partially offset by an increase in revenue attributable to device contract manufacturing activities.
On a constant currency basis, revenue generated from High-value solutions increased by EUR 133.4 million, or 31.6%, to EUR 555.7 million for the year ended December 31, 2025, compared to EUR 422.3 million for the year ended December 31, 2024, and revenue generated by other containment and delivery solutions decreased by EUR 11.2 million, or 2.2%, to EUR 500.2 million for the year ended December 31, 2025, compared to EUR 511.4 million for the year ended December 31, 2024.
The following tables present revenue by geographical markets for the years ended December 31, 2025, and 2024. Revenue by geographical markets is based on the end customer location. The reported geographical markets are EMEA (Europe, Middle East, Africa), North America (United States, Canada, Mexico), South America and APAC (Asia Pacific).
For the years ended December 31,
EUR million
2025
% Revenue
2024
% Revenue
Change
Change %
EMEA
690.3
58.2%
667.8
60.5%
22.5
3.4%
APAC
101.5
8.6%
96.2
8.7%
5.3
5.4%
North America
362.1
30.5%
309.0
28.0%
53.1
17.2%
South America
32.4
2.7%
31.0
2.8%
1.4
4.4%
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
Total Revenue 1,186.3 100.0% 1,104.0 100.0% 82.3 7.4%
Management identifies two operating segments, based on the internal organization and reporting structure of Stevanato Group. The operating segments are:
Biopharmaceutical and Diagnostic Solutions (BDS), which includes all the products and services developed and provided for the containment and delivery of pharmaceutical and biotechnology drugs and reagents, as well as the production of diagnostic consumables. This segment comprises Drug Containment Solutions (DCS), In-Vitro Diagnostic (IVD) solutions and Drug Delivery Systems (DDS) and analytical services;
Engineering, which includes all the equipment and technologies developed and provided to support end-to-end pharmaceutical, biotechnology and life science manufacturing processes (visual inspection, assembly packaging and serialization and glass converting).
The criteria used to identify the Group's operating segments are consistent with the way the chief operating decision-maker (identified as the Chief Executive Officer of Stevanato Group) assigns resources and monitors performances, as well as with aggregation criteria and quantitative threshold as per IFRS 8 - Operating Segments.
For further information about operating segments please refer to the paragraph "5. Segment Information" of
Consolidated Financial Statements for the year ended December 31, 2025. Group results for each operating segment are resumed in the table below:
EUR million
BDS Eng.
For the year ended December 31, 2025
Adjustments, eliminations and unallocated items
Consolidated BSD Eng.
For the year ended December 31, 2024
Adjustments, eliminations and unallocated items
Consolidated
1,040.3
281.0
(135.1)
1,186.3
937.8
357.6
(191.4)
1,104.0
102.6
(76.6)
56.3
82.3
10.9%
(21.4%)
(29.4%)
7.4%
328.1
31.0
(15.3)
343.9
268.8
56.2
(22.6)
302.3
59.4
(25.2)
7.3
41.6
31.5%
11.0%
11.3%
29.0%
28.7%
15.7%
11.8%
27.4%
220.4
9.3
(31.0)
198.8
165.6
33.1
(37.6)
161.1
54.8
(23.8)
6.6
37.7
21.2%
3.3%
22.9%
16.8%
17.7%
9.3%
19.6%
14.6%
Revenue
Change 2025/2024
Change %
Gross Profit
Change 2025/2024
% margin on Revenue
Operating Profit
Change 2025/2024
% margin on Revenue
Inter-segment revenue and costs are eliminated upon consolidation and reflected in the "Adjustments, elimination and unallocated items" column. The most relevant adjustment in revenues relates to the sales of the Engineering's equipment to the Biopharmaceutical and Diagnostic Solutions segment. "Adjustments, elimination and unallocated items" also includes some corporate residual costs not allocated to the Biopharmaceutical and Diagnostic Solutions Segment and Engineering Segment.
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
Revenue generated by the Biopharmaceutical and Diagnostic Solutions segment, including inter-segment transactions, increased by EUR 102.6 million, or 10.9%, to EUR 1,040.3 million for the year ended December 31, 2025 compared to EUR 937.8 million in the year ended December 31, 2024, driven primarily by strong revenue growth in high performance syringes.
For the year ended December 31, 2025, gross profit margin for the Biopharmaceutical and Diagnostic Solutions segment amounted to 31.5% compared to 28.7% for the year ended December 31, 2024. The increase in gross profit margin was driven by (i) a more favorable product mix, reflecting a higher contribution from high-value solutions, (ii) operating improvements at the Fishers and Latina facilities as the Group continues to scale its multiyear investments, and (iii) improved profitability in vials, both in bulk and EZ-fill® formats. These positive factors were partially offset by the impact of tariffs and unfavorable foreign exchange effects.
For the year ended December 31, 2025, the operating profit margin for the Biopharmaceutical and Diagnostic Solution segment was 21.2%, compared to 17.7% for the year ended December 31, 2024. The improvement in operating profit margin primarily reflects the increase in gross profit margin, as well as improved operating leverage on operating expenses.
Revenue generated by the Engineering segment, including inter-segment transactions, decreased by EUR 76.6 million, or 21.4%, primarily due to lower revenue from intercompany projects and a decline in revenue from external customers related to glass converting manufacturing lines and pharmaceutical visual inspection systems. These decreases more than offset the increase in revenue from after-sales activities.
For the year ended December 31, 2025, gross profit margin for the Engineering segment decreased to 11.0% compared to 15.7% for the year ended December 31, 2024. The decline in gross profit margin primarily reflects lower revenue and an unfavorable project mix, driven by a higher proportion of complex legacy projects, mainly within our Danish operations, and a lower intake of more accretive new work. Although the Group continued to advance its business optimization plans, and observed improving trends in its key performance operational metrics, including site acceptance tests, financial performance in the Engineering segment remains below the Group's expectations due to these factors.
For the year ended December 31, 2025, Engineering operating profit margin was 3.3%, compared to 9.3% for the year ended December 31, 2024. The decrease in operating profit margin was mainly driven by the decrease in gross profit margin.
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
For the years ended December 31,
EUR million
2025
% Revenue
2024
% Revenue
Revenue
1,186.3
100.0%
1,104.0
100.0%
Change 2025/2024
7.4%
1.7%
Cost of Sales
(842.4)
(71.0%)
(801.7)
(72.6%)
Gross Profit
343.9
29.0%
302.3
27.4%
Change 2025/2024
13.7%
(11.1%)
Other operating income
8.2
0.7%
9.1
0.8%
Selling and Marketing expenses
(28.2)
(2.4%)
(24.9)
(2.3%)
Research and Development expenses
(25.4)
(2.1%)
(31.7)
(2.9%)
General and Administrative expenses
(99.7)
(8.4%)
(93.7)
(8.5%)
Operating Profit
198.8
16.8%
161.1
14.6%
Change 2025/2024
23.4%
(19.7%)
Finance income
13.0
1.1%
13.5
1.2%
Finance expense
(22.7)
(1.9%)
(14.3)
(1.3%)
Profit before tax
189.1
15.9%
160.3
14.5%
Income taxes
(49.3)
(4.2%)
(42.5)
(3.9%)
Net Profit
139.8
11.8%
117.8
10.7%
Attributable to non-controlling interests
0.0
0.0%
0.0
0.0%
Net Profit attributable to equity holders of the parent
139.8
11.8%
117.8
10.7%
As allowed by IAS 1, in the Consolidated Financial Statements the Income Statement is presented on Cost of Goods Sold structure, in which costs are detailed as per function (Analysis of expenses by function). According to IAS 1 requirements, the necessary details related to the nature of the costs are reported in the Accompanying Notes of the Financial Statements.
Revenue increased by EUR 82.3 million, or 7.4%, to EUR 1,186.3 for the year ended December 31, 2025 compared to EUR 1,104.0 million for the year ended December 31, 2024, driven by 11.2% growth in the Biopharmaceutical and Diagnostic Solutions segment, which was offset by a 13% decline from the Engineering segment.
Cost of sales increased by EUR 40.7 million, or 5.1%, to EUR 842.4 million for the year ended December 31, 2025 compared to EUR 801.7 million for the year ended December 31, 2024. The increase was primarily driven by (i) higher industrial costs, including labor and utilities, tied to the ongoing ramp-up of our new manufacturing plants in the U.S. and Italy, to support new sales volumes, (ii) higher industrial depreciation following the recent availability for use of the machinery installed to expand production capacity (with depreciation and amortization included in cost of goods sold amounting to EUR 74.8 million in 2025 compared to EUR 65.2 million in 2024) and (iii) tariffs. For the year ended December 31, 2025, cost of sales included an impairment loss of EUR 1.2 million associated with (i) machinery that has
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
been retired from active use in our production processes and (ii) a project previously classified within assets under construction that will no longer be carried forward. For the year ended December 31, 2024, cost of sales included an impairment loss of EUR 2.6 million resulting from the write-down of the facility in Zhangjiagang, China, to its estimated recoverable amount.
In 2025, the Group reassessed the expected useful life of certain injection molding machinery used in the production of plastic parts taking into consideration the elapsed life of the assets, factors affecting their useful life, production cycles, and technical and functional obsolescence. Based on a technical appraisal, the expected useful lives for the injection molding machines were extended from a range of 6 to 11 years, depending on the specific asset, to 12 years. The change in expected useful lives was accounted for as a change in accounting estimate starting from January 1, 2025. The resulting reduction in depreciation expense for the year ended 2025 was approximately EUR 2.5 million. In addition, in the second quarter 2024, the Group reassessed the expected useful life of certain machinery installed in the Italian facilities considering the limited impact of extraordinary maintenance performed over time on these assets, their first installation and their continuing functioning. Effective April 1, 2024, the expected useful lives for the machinery pertaining to our bulk production and to our EZ-fill® production were extended from 6.7 years to 15 years and 12 years, respectively, resulting in an estimated reduction in depreciation expense of approximately EUR 14.5 million in 2024 and approximately EUR 4.5 million in 2025.
For the year ended December 31, 2025, cost of sales included EUR 4.9 million of start-up costs mainly related to the new facilities in Fishers, Indiana, U.S., and in Latina, Italy, compared to EUR 12.3 million of start-up costs for the year ended December 31, 2024. These costs are primarily related to labor costs for training and travel of personnel who are in the learning and development phase and not active in the manufacturing of products. For the year ended December 31, 2025 and 2024 cost of sales included also EUR 1.1 million and EUR 0.5 million, respectively, of restructuring and related charges primarily consisting of severance payments and other costs related to our business optimization plan regarding our Denmark operations.
For the year ended December 31, 2025, gross profit increased by EUR 41.6 million, or 13.7%, to EUR 343.9 million compared to EUR 302.3 million for the year ended December 31, 2024. Gross profit margin increased to 29.0% for the year ended December 31, 2025 compared to 27.4% for the year ended December 31, 2024, resulting from an increase in gross profit margin from the Biopharmaceutical and Diagnostic Solutions Segment which was partially offset by a decrease in gross profit margin from Engineering Segment.
Other operating income decreased by EUR 0.9 million, or 9.3%, to EUR 8.2 million for the year December 31, 2025, compared to EUR 9.1 million for the year ended December 31, 2024. Other operating income is a component of income which varies yearly depending on the specific agreements in place at the time and mainly includes (i) contributions received from customers and other business partners under collaboration agreements related to development projects, where both parties typically share in the risks and benefits, (ii) certain insurance refunds, (iii) government grants, and
(iv) lease income. Based on the assessment performed, the Group does not consider these transactions to be part of the ordinary revenue generating activities.
Selling and marketing expenses increased by EUR 3.3 million, or 13.5%, to EUR 28.2 million for the year ended December 31, 2025 and compared to EUR 24.9 million for the year ended December 31, 2024. The year-over-year increase primarily reflects higher personnel costs across our commercial organizations, including an increase in headcount and associated costs, and certain severance payments related to the reorganization of specific functions aimed at improving operational efficiency and strengthening customer-facing capabilities. In addition, selling and marketing expenses were impacted by a higher accrual to the bad debt provision recognized during the year. For the year ended December 31, 2025 selling and marketing expenses included EUR 0.6 million for restructuring and related charges, which contained the aforementioned severance payments.
Research and development expenses decreased by EUR 6.3 million, or 19.7%, to EUR 25.4 million for the year ended December 31, 2025, compared to EUR 31.7 million for the year ended December 31, 2024. These expenses primarily relate to research and development activities aimed at advancing innovation within our high value solutions portfolio, including drug containment and drug delivery systems (such as pen-injectors, auto-injectors and on-body delivery systems) as well as amortization and depreciation of EUR 3.7 million for the year ended December 31, 2025 (EUR 3.4 million for the year ended December 31, 2024). The year-over-year decrease was mainly driven by lower external consultants's and personnel costs, reflecting the Group's decision to prioritize certain strategic activities and better align
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
its R&D structure with long-term objectives through a more focused project portfolio. The reduction also reflects the natural progression of programs currently in more advanced stages of development, which are now incurring fewer costs. In addition, research and development expenses for the year ended December 31, 2024 included EUR 1.3 million for restructuring and related charges, including severance payments, which did not repeat for the year ended December 31, 2025.
General and administrative expenses increased by EUR 6.0 million, or 6.3%, to EUR 99.7 million for the year ended December 31, 2025, compared to EUR 93.7 million in the year ended December 31, 2024. These expenses include depreciation and amortization of EUR 8.3 million (compared to EUR 8.9 million for the year ended December 31, 2024). The increase in general and administrative expenses was primarily driven by (i) higher personnel recruiting costs and other personnel-related expenses incurred to support business growth, (ii) increased IT expenses, mainly related to software licenses, (iii) higher operating and property taxes, particularly for our new facility in Fishers, Indiana as construction activities progressed, and (iv) increased compensation for the Board of Directors which has been adjusted consistent with market rates. These costs were partially offset by decreased insurance costs and lower depreciation.
For the year ended December 31, 2025, general and administrative expenses included EUR 1.6 million of start-up costs primarily related to recruiting activities for the new facility in Fishers, Indiana, and EUR 2.4 million for restructuring and related charges, including severance costs. For the year ended December 31, 2024, general and administrative expenses included EUR 0.8 million of start-up costs principally related to the new Fishers facility, and EUR 2.3 million for restructuring and related charges, and EUR 0.2 million including other severance costs.
Operating profit increased by EUR 37.7 million, or 23.4%, to EUR 198.8 million for the year ended December 31, 2025, compared to EUR 161.1 million for the year ended December 31, 2024. Operating profit margin for the year ended December 31, 2025 increased to 16.8% compared to 14.6% for the year ended December 31, 2024, mostly due to the increase of gross profit margin, as well as improved operating leverage on operating expenses.
Finance expenses, net of finance income, increased by EUR 8.8 million to a net expense of EUR 9.7 million for the year ended December 31, 2025, compared to a net expense of EUR 0.9 million for the year ended December 31, 2024. The year-over-year change was primarily driven by unfavorable exchange rate movements resulting from the devaluation of the U.S. Dollar against the Euro during the period. In addition, net finance expense reflected lower interest income from bank deposits amounted to EUR 0.9 million for the year ended December 31, 2025, compared to EUR 1.7 million for the year ended December 31, 2024. These effects were partially offset by a reduction in interest expense on loans and borrowings, which decreased to EUR 5.6 million for the year ended December 31, 2025, compared to EUR 6.1 million for the year ended December 31, 2024.
Income taxes increased by EUR 6.8 million, or 15.9%, to EUR 49.3 million for the year ended December 31, 2025, compared to EUR 42.5 million for the year ended December 31, 2025.
The effective tax rate for the year ended December 31, 2025, decreased to 26.1% compared to 26.5% for the year ended December 31, 2024. The decrease is mainly attributable to our Italian legal entity, Nuova Ompi S.r.l., which met the requirements to qualify for a tax incentive known as "IRES premiale". This incentive provides for a 4% reduction in the Italian statutory corporate income tax rate for fiscal year 2025 only, subject to the fulfillment of certain requirements, including investments in new equipment and increases in the labor force; regional income tax (IRAP) is not affected. This favorable impact was largely offset by a lower level of deferred tax benefits on net operating losses recognized during the year, as well as the downward remeasurement of deferred tax assets in our German subsidiary to reflect the new notional corporate income tax rate applicable in that jurisdiction.
Current taxes increased by EUR 1.5 million, or 2.5%, to EUR 59.2 million for the year ended December 31, 2025, compared to EUR 57.7 million for the year ended December 31, 2024. The increase primarily reflects the higher taxable income generated by the Italian legal entities for the year ended December 31, 2025, partially mitigated by the "IRES premiale" effect.
For the year ended December 31, 2025, we recorded a deferred tax benefit of EUR 9.9 million, compared to the EUR
15.2 million deferred tax benefit for the year ended December 31, 2024. The decrease primarily reflects the deferred tax benefit recognized in the prior year in connection with intercompany sales of certain R&D projects that did not recur in 2025. This decrease effect was partially offset by our German subsidiary, where the utilization of tax losses resulted
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
in a deferred tax expense in the prior year, while a deferred tax benefit was recognized in 2025. Lower deferred tax benefits recognized on net operating losses in 2025 also contributed to the decrease.
The next is the reclassified Consolidated Statement of Financial Position compared with the previous year (in EUR million):
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
Consolidated Statement of Financial Position - Reported data
EUR million
December 31,
2025
December 31,
2024
Change
- Goodwill and other intangible assets
86.8
83.6
3.3
- Right of use assets
12.4
15.7
(3.4)
- Property, plant and equipment
1,391.5
1,248.4
143.1
- Financial assets - investments FVTPL
0.2
0.2
(0.0)
- Other non-current financial assets
5.5
5.4
0.0
- Deferred tax assets
103.9
95.3
8.5
Non-current assets excluding FV of derivatives financial instruments
1,600.3
1,448.7
151.6
- Inventories
268.2
245.2
23.0
- Contract assets
180.5
168.5
11.9
- Trade receivables
302.7
296.0
6.7
- Trade payables
(263.3)
(231.0)
(32.3)
- Advances from customers
(33.4)
(16.6)
(16.8)
- Non-current advances from customers
(98.8)
(44.0)
(54.8)
- Contract liabilities
(10.4)
(16.5)
6.1
Trade working capital
345.4
401.6
(56.2)
- Tax receivables and other receivables
50.6
70.6
(20.0)
- Current financial receivables - rent to buy agreement
8.6
-
8.6
- Non-current assets held for sale
-
0.2
(0.2)
- Tax payables and other liabilities
(100.8)
(92.2)
(8.6)
- Current provisions
(4.4)
(4.1)
(0.3)
Net working capital
299.3
376.1
(76.8)
- Deferred tax liabilities
(13.3)
(12.6)
(0.7)
- Employees benefits
(6.8)
(7.2)
0.4
- Non-current provisions
(3.2)
(2.8)
(0.4)
- Other non-current liabilities
(52.1)
(62.7)
10.7
Total non-current liabilities and provisions
(75.4)
(85.3)
9.9
Capital employed
1,824.2
1,739.4
84.8
Net debt
(337.7)
(335.0)
(2.7)
Equity
(1,486.5)
(1,404.4)
(82.1)
Total equity and net debt
(1,824.2)
(1,739.4)
(84.8)
Property, plant and equipment increased by EUR 143.1 million as the Group continues to advance its strategic growth investments in capacity expansion mainly for high-value solutions to meet growing customer demand, as well as to
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
other capital expenditures aimed at supporting future DDS commercial activities. The yearly increase is mainly related to investments for the development and expansion of the Group's manufacturing footprint, including the ongoing construction and further development of the EZ-Fill® facility in Fishers (U.S.), the construction and expansion of production facilities and production lines in the U.S., China, Germany and Italy, the acquisition of molding machines for in-vitro diagnostic container solutions and manufacturing equipment for microvials, high-value syringes and EZ-Fill® cartridges, as well as the real estate complex near Bologna acquired in late 2025 to support the optimization of the Group's engineering footprint.
The increase in inventories by EUR 23.0 million mainly reflects the progressive ramp-up of production activities at recently commissioned manufacturing sites, primarily Fishers, as well as higher advances to suppliers in connection with long-term projects recognized over time.
Non-current advances from customers increased mainly due to the receipt of customer contributions supporting the development and reservation of future production capacity.
The decrease in other receivables mainly reflects the collection of VAT receivables claimed for refund by Italian legal entities, as well as the collection of proceeds relating to an investment tax credit receivable that was transferred to a third party.
The table below sets forth the Net working capital as a percentage of Net sales:
Net working capital
EUR million December 31,
2025
% Revenue December 31,
2024
% Revenue
Trade receivables
302.7
25.5%
296.0
26.8%
Inventories and contract assets
448.7
37.8%
413.7
37.5%
Trade payables
(263.3)
(22.2%)
(231.0)
(20.9%)
Advances from customers and contract liabilities
(142.7)
(12.0%)
(77.2)
(7.0%)
Trade working capital
345.4
29.1%
401.6
36.4%
Other net receivables (liabilities)
(50.3)
(4.2%)
(21.6)
(2.0%)
Current financial receivables - rent to buy agreement
8.6
0.7%
-
0.0%
Non-current assets held for sale
-
0.0%
0.2
0.0%
Current provisions
(4.4)
(0.4%)
(4.1)
(0.4%)
Net working capital
299.3
25.2%
376.1
34.1%
At December 31, 2025, Trade working capital on revenue decreased to 29.1% compared to 36.4% as at December 31, 2024.
Trade receivables on revenue decrease from 26.8% at December 31, 2024 to 25.5% at December 31, 2025. The average day sales outstanding for 2025 has been approximately 61 days compared to approximately 75 days for 2024.
The incidence of trade payables on revenue increased to 22.2% at December 31, 2025 from 20.9% at December 31, 2024. The change in accounts payable mainly reflects differences in the timing of payments related to construction activities and capital equipment, as well as higher trade payables in line with the level of operating activity year over year.
The table below contains the main details about Net financial position composition at December 31, 2025 and at December 31, 2024.
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
Net financial position: details
EUR million December 31,
2025
December 31,
2024
Change
Cash and cash equivalents
(130.6)
(98.3)
(32.3)
Derivatives financial assets - current portion
(1.9)
(0.7)
(1.2)
Current financial assets
(0.2)
(0.6)
0.4
Derivatives financial liabilities - current portion
0.6
3.4
(2.8)
Financial debt - current portion
122.9
113.5
9.4
Total current net financial position
(9.3)
17.3
(26.6)
Derivatives financial assets - non-current portion
(0.3)
-
(0.3)
Derivatives financial liabilities - non-current portion
0.2
0.6
(0.4)
Financial debt - non-current portion
347.2
317.0
30.1
Total non-current net financial position
347.0
317.7
29.3
Net financial position
337.7
335.0
2.7
Of which:
-bank loans and other lenders
284.4
265.6
18.9
-bond loans
49.9
49.8
0.1
-leasing liabilities
13.8
16.9
(3.1)
-derivatives
(1.5)
3.4
(4.8)
-current financial assets
(8.8)
(0.6)
(8.2)
Net financial position at December 31, 2025 amounted to EUR 337.7 million net debt compared to EUR 335.0 million net debt at December 31, 2024.
The ROIC (Return on Capital Invested) at December 31, 2025 and as at December 31, 2024 is as follows:
Return on Capital Invested
2025
2024
ROIC
8.2%
7.4%
ROIC is calculated as Net Operating Profit After Taxes divided by Average Invested Capital (average of the beginning and end of each fiscal year).
As at December 31, 2025, ROIC increased to 8.2%, from 7.4% in the previous year, mainly driven by the increase in net operating profit after tax (NOPAT). The improvement in NOPAT was supported by higher gross profitability, particularly within the Biopharmaceutical and Diagnostic Solutions segment, reflecting a more favorable product mix and operating efficiencies achieved as the Group continues to scale its recent investments. Overall, the change reflects the progressive contribution of the Group's investment programs, including capacity expansion initiatives in EZ-Fill® products.
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
The prospectus below is the reconciliation between equity and net profit of the parent company Stevanato Group S.p.A. and consolidated equity and net profit:
EUR thousand
Equity at December 31,
Net profit 2025 Equity at
December 31,
Net profit 2024
2025 2024
Parent company Equity
702,913
13,530
702,101
33,825
Equity and net profit attributable to Group
companies, netted of investments in subsidiaries
897,960
166,113
810,260
154,037
and affiliates values
Elimination of intra-group dividend
-
(28,000)
-
(42,291)
Deferred taxes on retained earnings
(2,260)
-
(2,260)
-
Elimination of intercompany profit in machinery built within the Group
(103,211)
(10,799)
(92,412)
(17,902)
Elimination of intercompany profit in stock
(2,437)
(307)
(2,130)
(71)
Reversal of R&D capitalization sold within the
(18,922)
(476)
(18,446)
(14,661)
Group
Reversal of Intercompany Patent capitalized
(976)
(976)
-
-
Reversal of Intercompany Know-how capitalized
(4,423)
(4,423)
-
-
Borrowing costs capitalization under IAS 23
11,744
5,172
6,572
4,832
Other consolidation adjustments
6,095
5
655
9
Equity attributable to equity holders of the parent
1,486,483
139,839
1,404,339
117,778
Equity attributable to non-controlling interests
38
(8)
46
(12)
Consolidated Equity
1,486,521
139,831
1,404,385
117,766
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
In this section, the relevant information is reported referring to the Financial Statements of Stevanato Group S.p.A.
Main economic data
The values reported in this section, some percentages included, are rounded to the nearest EUR value. Therefore, some totals might not match with the single values sum.
The following table sets forth the Income Statements of the Company compared with the previous year (in EUR million):
Income Statements
EUR million
2025
For the years ended
% Revenue
December 31,
2024
% Revenue
Net Sales
58.6
100.0%
56.8
100.0%
Change 2025/2024
3.0%
3.9%
Cost of Sales
(4.9)
(8.3%)
(4.2)
(7.5%)
Gross Profit
53.7
91.7%
52.6
92.5%
Change 2025/2024
2.1%
4.2%
Other operating income
2.9
4.9%
2.6
4.7%
Selling and Marketing expenses
(11.0)
(18.8%)
(10.5)
(18.5%)
Research and Development expenses
(1.6)
(2.8%)
(2.4)
(4.3%)
General and Administrative expenses
(58.6)
(100.0%)
(55.6)
(97.9%)
Operating Profit
(14.7)
(25.1%)
(13.3)
(23.4%)
Change 2025/2024
10.4%
(5.8%)
Finance income
46.1
78.7%
62.2
109.5%
Finance expense
(20.6)
(35.2%)
(16.3)
(28.7%)
Profit before tax
10.7
18.3%
32.6
57.5%
Income taxes
2.8
4.8%
1.2
2.1%
Net Profit
13.5
23.1%
33.8
59.%
Net Sales increased by EUR 1.8 million, or 3.0%, to EUR 58.6 million for the year ended December 31, 2025, compared to EUR 56.8 million for the year ended December 31, 2024, mainly reflecting higher management fees for services provided by the Parent Company to its subsidiaries.
General and administrative expenses increased by EUR 3.0 million, or 5.3%, to EUR 58.6 million for the year ended December 31, 2025, compared to EUR 55.6 million for the year ended December 31, 2024. The increase mainly reflects higher personnel-related costs incurred to support business growth, including recruiting activities, increased IT expenses primarily related to software licenses, and higher compensation for the Board of Directors, aligned with prevailing market practices. These increases were partially offset by lower insurance costs and reduced depreciation.
Finance income decreased by EUR 16.2 million, or 26.0%, to EUR 46.1 million for the year ended December 31, 2025 compared to EUR 62.2 million for the year ended December 31, 2024 The decrease mainly reflects lower dividends
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
received from subsidiaries (EUR 28.0 million in 2025 compared to EUR 42.3 million in 2024), as well as a reduction in interest income from affiliates (EUR 12.5 million compared to EUR 15.7 million in the prior year).
Finance expense increased by EUR 4.3 million, or 26.7%, to EUR 20.6 million for the year ended December 31, 2025 compared to EUR 16.3 million for the year ended December 31, 2024. The increase mainly reflects higher foreign exchange losses and increased interest expense compared to the prior year.
Reclassified Statement of Financial Position
EUR million
December 31,
2025
December 31,
2024
Change
- Goodwill and other intangible assets
15.6
10.0
5.6
- Right of use assets
1.8
2.6
(0.8)
- Property, plant and equipment
65.8
65.9
(0.1)
- Equity investments
742.1
664.3
77.9
- Financial assets - investments FVTPL
0.1
0.1
(0.0)
- Other non-current financial assets
4.3
4.1
0.3
- Deferred tax assets
0.2
1.5
(1.3)
Non-current assets excluding FV of derivatives financial instruments
830.0
748.5
81.5
- Trade receivables
0.3
0.2
0.1
- Trade payables
(17.4)
(12.1)
(5.3)
- Advances from customers
(7.1)
(6.1)
(1.0)
- Non-current advances from customers
(29.8)
(27.3)
(2.5)
Trade working capital
(54.0)
(45.3)
(8.8)
- Tax receivables and other receivables
79.8
101.2
(21.4)
- Tax payables and other liabilities
(19.4)
(53.0)
33.6
Net working capital
6.3
2.9
3.4
- Employees benefits
(3.0)
(3.5)
0.5
Total non-current liabilities and provisions
(3.0)
(3.5)
0.5
Capital employed
833.3
748.0
85.4
Net debt
(130.4)
(45.9)
(84.6)
Equity
(702.9)
(702.1)
(0.8)
Total equity and net debt
(833.3)
(748.0)
(85.4)
The main variances of the year refer to:
Equity investments increased by EUR 77.9 million, to EUR 742.1 million at December 31, 2025 from EUR 664.3 million at December 31, 2024, primarily due to the capital contribution made to Ompi of America Inc. and, to a lesser extent, the incorporation of Stevanato Group India.
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
Tax receivables and other receivables decreased by EUR 21.4 million, to EUR 79.8 million at December 31, 2025 from EUR 101.2 million at December 31, 2024 mainly due to a decrease in receivables from subsidiaries, primarily related to management fees. In addition, tax receivables decreased primarily due to the payment made by Stevanato Holding S.r.l., as the parent company of the consolidated tax group, relating to the tax losses transferred by Stevanato Group S.p.A. for fiscal years 2023 and 2024, partially offset by the accrual of corporate income tax credits for fiscal year 2025.
Tax payables and other liabilities decreased by EUR 33.6 million, to EUR 19.4 million at December 31, 2025 from EUR 53.0 million at December 31, 2024, primarily reflecting lower payables to Nuova Ompi S.r.l. related to Group VAT.
Instead, the net financial position variances are described in the next section.
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
Main financial data
The next one is the net financial position of the Company compared with the last year (in EUR million):
Net financial position
EUR million December 31,
2025
December 31,
2024
Change
Cash and cash equivalents
(58.4)
(24.8)
(33.5)
Short-term financial receivables from affiliates
(78.7)
(98.1)
19.3
Short-term derivatives financial instruments
(0.2)
(0.7)
0.5
Short-term financial receivables from affiliates - cash pooling
(279.9)
(287.3)
7.4
Short-term financial assets
(0.2)
(0.6)
0.3
Total cash and short-term financial assets
(417.5)
(411.5)
(6.0)
Short-term bank loans
117.9
107.8
10.1
Short-term financial liabilities to affiliates - cash pooling
90.4
41.2
49.2
Short-term derivatives financial instruments
0.6
1.0
(0.4)
Short-term financial liabilities - Leasing
0.7
1.0
(0.3)
Short-term financial liabilities
209.6
151.0
58.6
Short-term net financial position
(207.9)
(260.5)
52.6
Medium-long term derivatives financial instruments
(0.3)
-
(0.3)
Medium-long term financial assets
(0.3)
-
(0.3)
Medium-long term bank loans
287.3
254.3
33.1
Medium-long term bond loans
49.9
49.8
0.1
Medium-long term derivatives financial instruments
0.2
0.6
(0.4)
Medium-long term financial liabilities - Leasing
1.3
1.7
(0.4)
Medium-long term financial liabilities
338.7
306.4
32.3
Medium-long term net financial position
338.4
306.4
32.0
Net financial position
130.4
45.9
84.6
Net financial position at December 31, 2025 amounted to EUR 130.4 million net debt compared to EUR 45.9 million net debt at December 31, 2024. The change in the short-term net financial position, amounting to EUR 52.6 million, was primarily driven by higher short-term financial liabilities, mainly reflecting higher balances within the intra-group cash pooling arrangement, partially offset by changes in cash and cash equivalents and short-term financial receivables from affiliates, including loans granted to subsidiaries.
The medium-long term net financial position changed by EUR 32.0 million, mainly as a result of increased medium-long term bank borrowings, partially offset by movements in leasing liabilities and derivatives.
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
Intra-group short-term financial receivables and liabilities mainly relate to exposures toward subsidiaries participating in a cash pooling arrangement, which has been in place since February 2021. The system provides for centralized treasury management at corporate level, with Stevanato Group acting as the holder of the master account.
The average composition of Group workforce for title is reported:
2025
2024
Change
Executives
77
80
(3)
Managers
244
220
24
Employees
1,330
1,348
(18)
Workers
4,144
3,934
210
Total
5,795
5,582
213
The average composition of Stevanato Group S.p.A. stand-alone workforce for title is reported:
2025
2024
Change
Executives
31
31
-
Managers
43
36
7
Employees
183
176
7
Total
257
243
14
During the year, additions have been carried out by the Group in these areas (in EUR million):
Year additions
EUR million
2025
Land and buildings
7.5
Plant and machinery
68.9
Industrial and commercial equipment
4.8
Other tangible assets
0.2
Assets under constructions and advances
202.2
Intangible assets
11.3
Total additions
294.9
During the fiscal year ended December 31, 2025, capital expenditure amounted to EUR 294.9 million. Capital expenditure for growth and capacity expansion (defined as all investments related to existing capacity increase, i.e. new industrial lines, new buildings, warehouse/production unit expansion) was EUR 262.0 million, which included (i) EUR
173.1 million for new EZ-Fill® production lines and related buildings expansion, principally in Fishers, U.S., (EUR 65.6 million) and in Latina, Italy, (EUR 100.8 million), (ii) EUR 66.4 million for infrastructure and new machinery for high precision plastic injection molding and assembly for container in-vitro diagnostic solutions, (iii) EUR 17.5 million for the completion of our drug containment solutions capacity expansion and molds and (iv) EUR 5.0 million for the new facility in Bologna for Engineering operations.
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
As at December 31, 2025 committed supplier orders related to the ongoing investments equaled approximately EUR 94 million, net of the expected contribution from the U.S. government's Biomedical Advanced Research and Development Authority (BARDA).
Capital expenditures for maintenance, increasing quality, improving our IT systems, improving efficiency of our production processes, improving safety and energy management of our plants and production sites amounted to EUR
26.7 million. Capital expenditures for research and development, including laboratory equipment, molds, and other related equipment, amounted to EUR 6.2 million.
Pursuant article 2428, paragraph 2, 6-bis, of Civil Code, the following is noted:
The Group is exposed to credit risk due to its commercial relationships. Where customers fail to meet payment deadlines, the Group's financial position may deteriorate. In addition, socio-political events (or country risks) and the general economic performance of individual countries or geographical regions may assume significance also in relation to this aspect. The trade receivable risk is, however, mitigated by consolidated commercial relations with high-standing pharma companies and Group guidelines drawn up for the selection and evaluation of the client portfolio, for the definition of bank overdraft limits, for the monitoring of expected cash flow and eventual collecting actions. These ones may require, where possible and appropriate, further guarantees from customers. Administration, Finance and Controlling function (AFC) manages and monitors Group credit risk.
Transaction exchange risk
The Group is exposed to risks arising from fluctuations in foreign exchange rates related to certain currencies in which it conducts business. In managing foreign currency transactions, the Group has adopted a hedging policy approved by the Board of Directors of Stevanato Group S.p.A., implemented through appropriate instruments and procedures and excluding any speculative purposes. Hedging activities are mainly carried out at a centralized level, based on information collected through a structured reporting system, by dedicated resources and using tools and policies that are consistent with international accounting standards. The objective of the hedging activity is to mitigate foreign exchange risk at individual company level when purchases or sales are denominated in currencies other than the functional currency, also taking into account forecasted revenues and costs included in the budget. Notwithstanding these hedging activities, unexpected movements in exchange rates or variances between forecasted and actual exposures may result in limited effects on the Group's economic results.
Translation exchange risk
The Group holds controlling interests in subsidiaries that prepare their financial statements in currencies other than the Euro and is therefore subject to translation risk, arising from fluctuations in exchange rates between such currencies and the Group's consolidation currency, which may affect the amounts reported in the consolidated financial statements. With respect to this risk, the Group does not implement specific hedging activities.
The Group is subject to interest rate risk arising from the presence of variable rate loans. Accordingly, fluctuations in interest rates may affect the Group's economic results. The monitoring of this risk is carried out at corporate level, using governance structures and processes consistent with those adopted for the management of foreign exchange risk. To manage exposure to interest rate movements, the Group has entered into hedging contracts covering approximately
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
56% of its financial debt and also maintains a portion of its financial debt at fixed rates, representing approximately 11% of total financial debt. The remaining 33% of financial debt is subject to floating interest rates and is not hedged.
Liquidity risk refers to the risk that the Group may not have sufficient financial resources to meet its payment obligations arising from its ordinary business activities. To manage this risk, the Group primarily relies on medium-long term sources of financing to support its medium-long term activities.
In addition, the Group adopts a policy of substantially centralizing the procurement of medium and long-term financial resources through the capital markets. Any covenants associated with the financing arrangements are carefully monitored.
These measures are considered adequate, under normal operating conditions and in the absence of extraordinary events, to ensure sufficient financial flexibility to support working capital requirements, investment activities and financial flows in general.
From an operating point of view, the Group manages liquidity risk by monitoring cash flows and keeping an adequate level of funds at its disposal. The main funding operations and investments in cash and marketable securities of the Group are centrally managed or supervised by the treasury department with the aim of ensuring effective and efficient management of the Group's liquidity. The Group undertakes medium/long term loans to fund medium/long term operations. The Group undertakes a series of activities centrally supervised with the purpose of optimizing the management of funds and reducing liquidity risk, such as:
centralizing liquidity management
centralizing cash through cash pooling techniques
maintaining a conservative level of available liquidity
diversifying sources of funding of medium and long-term financing
obtaining adequate credit lines
monitoring future liquidity requirements on the basis of budget forecast and cash flow planning
monitoring covenants on indebtedness
The future performance of the Group will also depend on its ability to meet payment obligations as they fall due, through cash flows generated from operating activities, available liquidity, and the renewal or renegotiation of bank credit lines or access to other sources of financing.
Should the Group experience constraints in accessing such resources, this could affect the management of its business activities. Based on the Group's current level of profitability, as well as the structure and size of its financing sources, the occurrence of such circumstances is currently considered unlikely.
Commodity risk arises from fluctuations in commodity prices driven by external market factors, particularly with respect to natural gas and electricity. Such price movements may influence production costs, product pricing, margins, cash flows, and the carrying values of assets and liabilities.
The Group consumes significant volumes of natural gas and electricity in connection with its operating activities. In order to manage the volatility associated with price fluctuations of these utilities, the Group has entered into commodity swap contracts. Hedging the price volatility of forecasted natural gas and electricity consumption is consistent with the risk management strategy approved by the Board of Directors.
Consolidated Financial Statements at and for the Year Ended December 31, 2025
Management Report
It should be noted there are no significant transactions with related parties except for the transactions of treasury shares highlighted below and as reported in paragraph "36. Related party disclosure" of the Accompanying Notes to the Consolidated Financial Statements as at December 31, 2025.
Treasury shares
The details of the treasury shares are reported below:
Shares movement
Year
Number
Share capital %
Amount
Treasury shares
2012
10,623,600
7,019,298
Treasury shares
2013
10,841,520
8,913,608
Treasury shares
2014
2,846,580
3,003,957
Treasury shares
2015
2,846,580
3,003,957
Treasury shares
2016
4,767,000
6,516,300
Treasury shares
2017
(3,432,240)
(2,267,773)
Treasury shares
2021
2,710,380
1,790,821
Treasury shares
2021
(362,864)
(239,754)
Treasury shares
2023
(767,462)
(507,083)
Treasury shares
2024
(129,182)
(85,354)
Treasury shares
2025
(105,069) (69,422)
Total
29,838,842 9.85% 27,078,555
On June 10, June 13, and September 11, 2025 the Company transferred n. 105,069 ordinary shares to the beneficiaries of the "Stock Grant Plan 2023-2027" and to some employees based on individual share-based compensation agreements for overall EUR 69 thousand.
Evolution
Looking ahead to 2026, the Group expects business conditions to remain influenced by a combination of structural demand drivers in the healthcare and pharmaceutical markets, the ongoing normalization of certain end markets, the execution of internal strategic and operational initiatives, and the progressive availability of production capacity as ramp-up activities continue. Based on current visibility and assumptions, the outlook for the year reflects both opportunities and challenges across the Group's businesses.
In 2026, the Group expects business activity to remain supported by existing growth drivers, with performance anticipated to be stronger in the second half of the year compared with the first half. The Biopharmaceutical and Diagnostic Solutions segment is expected to continue to grow, supported by demand for high-value solutions and continued customer activity across existing platforms.
While the Engineering segment continues to reflect the effects of lower order intake in prior periods, management anticipates a gradual improvement in margin performance in 2026 compared to 2025, supported by a more favorable project mix. The optimization measures implemented across the segment are intended to support execution quality and operational efficiency.
From a profitability perspective, margin evolution in 2026 is expected to reflect a combination of factors, including the continued ramp-up of new production capacity, productivity improvements at the Group's facilities in Latina and Fishers, a higher proportion of high-value solutions within the overall revenue mix, higher depreciation associated with growth investments, and the impact of foreign currency translation.
Capital expenditures are expected to remain elevated, primarily to support growth initiatives and capacity expansion. In this context, the Group expects free cash flow to be broadly neutral to moderately positive for the year.
Disclaimer
Stevanato Group S.p.A. published this content on April 30, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 30, 2026 at 17:02 UTC.