Stevanato (STVN) Q4 2025 Earnings Call Transcript

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Wednesday, March 4, 2026 astatine 8:30 a.m. ET

• Chief Executive Officer — Franco Stevanato

• Chief Financial Officer — Marco Dal Lago

• Head of Investor Relations — Lisa Miles

Franco Stevanato: Thank you, Lisa, and acknowledgment for joining us. Today, we volition reappraisal our 2025 performance, code existent marketplace dynamics, sermon our 4th fourth results and supply 2026 guidance. We finished fiscal 2025 with different coagulated 4th that led to affirmative afloat twelvemonth show and affirmative momentum arsenic we commencement 2026. For the fiscal 2025, full institution gross accrued by 9% astatine changeless currency rates and 7% connected a reported ground compared with 2024. This maturation was accordant with our expectations and reflects the execution of our strategical priorities passim 2025. The biopharmaceutical and Diagnostic Solutions conception delivered different coagulated twelvemonth with double-digit apical enactment maturation for fiscal 2025. This offset the expected gross diminution from the Engineering segment.

Revenue maturation successful the BDS conception was driven chiefly by beardown marketplace request for high-value solutions, which accrued 29% successful fiscal 2025, and represented 46% of the full institution gross for the year. The beardown show successful High Value Solutions was besides the main operator for borderline enlargement successful the twelvemonth with gross nett borderline rising by 160 ground points compared to 2024. These results show the company's quality to execute against our strategical priorities and to turn our innovative premium offerings positioning the concern for sustained occurrence successful the evolving marketplace environment.

At the aforesaid time, arsenic we proceed to determination up the worth chain, we are pivoting distant from definite non-high-value merchandise categories that we see not aligned with our strategy, and we whitethorn see further enactment successful the future. Since our IPO successful 2021, we stay committed to gathering lawsuit request for high-value solutions, which meant investing successful cardinal projects successful Fishers, Indiana and Latin Italy to walk capableness for high-value syringes. In 2025, the Nexa syringe was our fastest-growing merchandise driven chiefly by maturation from GLP1s. This should travel arsenic nary astonishment arsenic the syringe is by acold the astir prevalent format for GLP-1s successful United States today.

There's nary uncertainty that we've been palmy successful winning our just stock of the GLP-1 market. This occurrence is rooted successful our agelong past of being a trusted spouse to customers. Our planetary footprint, which provides proviso concatenation information and the prime of our products, which person a diagnostic that resonate with our customers. For example, our Nexa level diagnostic precocious mechanical resistance. It tin beryllium produced astatine scale, and it is ideally suited for an auto-injector. In fiscal 2025, our gross from GLP-1s accounted for astir 19% to 20% of full institution revenue. increasing much than 50% compared with 2024.