Stevanato Group Delivers 7% Revenue Growth (9% at Constant Currency) for Fiscal Year 2025, Including Record Revenue from High-Value Solutions and Expanded Margins
Stevanato Group S.p.A. a leading global provider of drug containment, drug delivery, and diagnostic solutions to the pharmaceutical, biotechnology, and life sciences industries, today 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 €346.5 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 €0.17, and adjusted diluted earnings per share were €0.18 for the fourth quarter of 2025.
- For the fiscal year 2025, revenue increased 7% (9% on a constant currency basis) to €1.186 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 €0.51, and adjusted diluted earnings per share increased 13% to €0.54.
- The Company is establishing its fiscal 2026 guidance. The Company expects revenue in the range of €1.26 billion to €1.29 billion, adjusted EBITDA in the range of €331.8 million to €346.9 million, and adjusted diluted EPS in the range of €0.59 to €0.63.
Fourth Quarter 2025 Results
For the fourth quarter of 2025, total revenue increased 5% year-over-year (7% on a constant currency basis) to €346.5 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 €171.4 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 €47.6 million, with diluted earnings per share of €0.17, for the fourth quarter of 2025, and adjusted net profit was €49.8 million with diluted earnings per share of €0.18. For the fourth quarter of 2025, adjusted EBITDA increased to €97.7 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 €307.1 million for the fourth quarter of 2025, compared with the same period last year, driven by a 31% increase from high-value solutions to €171.4 million, which represented 56% of BDS Segment revenue. Revenue from other containment and delivery solutions decreased 9% to €135.7 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 €39.4 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 €130.6 million, and net debt of €337.7 million.
For fiscal year 2025, capital expenditures totaled €294.9 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 €286.1 million. Cash used for the purchase of property, plant, and equipment, and intangible assets totaled €275.1 million. Increased operational cash flow and reduced capital expenditures resulted in €18.4 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 €1.26 billion to €1.29 billion;
- Adjusted EBITDA in the range of €331.8 million to €346.9 million; and
- Adjusted diluted EPS in the range of €0.59 to €0.63.
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.”
Conference call: The Company will host a conference call and webcast at 8:30 a.m. (ET) on Wednesday, March 4, to discuss financial results. During the call, management will refer to a slide presentation which will be available on the morning of the call on the “Financial Results” page under the Investor Relations section of the Company’s website.
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