Q3 FY2026
Filed Nov 3, 2026Stevanato Group Delivers 8% Revenue Growth for the Third Quarter of Fiscal 2026 - The Company Maintains Fiscal Year 2026 Guidance
Revenue, adjusted EBITDA, net profit and diluted EPS increased, while BDS growth and margin improvement offset a 12% Engineering revenue decline. The company maintained 2026 guidance but said it anticipates lower GLP-1 volumes and revenue in 2027 than previously expected.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30, 2026other | €326.1M | – | 8% |
| Organic revenue, three months ended September 30, 2026non-GAAP | €324.1M | – | 8.2% |
| Cost of sales, three months ended September 30, 2026other | €231.1M | – | – |
| Gross profit, three months ended September 30, 2026other | €95M | – | – |
| Gross profit margin, three months ended September 30, 2026other | 29.1% | – | decreased 10 basis points |
| Other operating income, three months ended September 30, 2026other | €3M | – | – |
| Selling and marketing expenses, three months ended September 30, 2026other | €8.1M | – | – |
| Research and development expenses, three months ended September 30, 2026other | €6.1M | – | – |
| General and administrative expenses, three months ended September 30, 2026other | €23.5M | – | – |
| Operating profit, three months ended September 30, 2026other | €60.3M | – | 14.5% |
| Operating profit margin, three months ended September 30, 2026other | 18.5% | – | increased by 110 basis points |
| Adjusted operating profit, three months ended September 30, 2026non-GAAP | €63.2M | – | – |
| Adjusted operating profit margin, three months ended September 30, 2026non-GAAP | 19.4% | – | increased by 90 basis points |
| Finance income, three months ended September 30, 2026other | €1.8M | – | 280.2% |
| Finance expense, three months ended September 30, 2026other | €2.6M | – | (37.1)% |
| Profit before tax, three months ended September 30, 2026other | €59.6M | – | – |
| Income taxes, three months ended September 30, 2026other | €17.7M | – | 35.7% |
| Net profit, three months ended September 30, 2026other | €41.8M | – | 16% |
| Net profit margin, three months ended September 30, 2026other | 12.8% | – | – |
| Diluted earnings per ordinary share, three months ended September 30, 2026other | €0.15 | – | 15% |
| Adjusted net profit, three months ended September 30, 2026non-GAAP | €44M | – | 14% |
| Adjusted diluted EPS, three months ended September 30, 2026non-GAAP | €0.16 | – | 14% |
| EBITDA, three months ended September 30, 2026non-GAAP | €85.9M | – | 15.3% |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | €88.8M | – | 14% |
| Adjusted EBITDA margin, three months ended September 30, 2026non-GAAP | 27.2% | – | increased 150 basis points |
| Revenue, nine months ended September 30, 2026other | €901.6M | – | – |
| Organic revenue, nine months ended September 30, 2026non-GAAP | €908.7M | – | 8.7% |
| Gross profit, nine months ended September 30, 2026other | €256.9M | – | – |
| Gross profit margin, nine months ended September 30, 2026other | 28.5% | – | – |
| Operating profit, nine months ended September 30, 2026other | €138.1M | – | 7.3% |
| Net profit, nine months ended September 30, 2026other | €92.8M | – | 0.6% |
| Diluted earnings per ordinary share, nine months ended September 30, 2026other | €0.34 | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | €233M | – | – |
| Adjusted EBITDA margin, nine months ended September 30, 2026non-GAAP | 25.8% | – | – |
| Adjusted operating profit, nine months ended September 30, 2026non-GAAP | €158.5M | – | – |
| Adjusted net profit, nine months ended September 30, 2026non-GAAP | €111.1M | – | – |
| Adjusted diluted EPS, nine months ended September 30, 2026non-GAAP | €0.41 | – | – |
| CAPEX, three months ended September 30, 2026non-GAAP | €44.8M | – | €(10.1) million |
| Free cash flow, three months ended September 30, 2026non-GAAP | €21.7M | – | – |
| Free cash flow, nine months ended September 30, 2026non-GAAP | −€4.8M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Biopharmaceutical and Diagnostic Solutions, three months ended September 30, 2026Growth in high-value solutions and other containment and delivery solutions. | €294M | – | 10% |
| Engineering, three months ended September 30, 2026Lower revenue from pharma visual inspection and assembly and packaging offset growth in after sales services. | €32M | – | (12)% |
| Biopharmaceutical and Diagnostic Solutions, nine months ended September 30, 2026Organic revenue change was 12.2%. | €809.2M | – | – |
| Engineering, nine months ended September 30, 2026Organic revenue change was (14.8)%. | €92.4M | – | – |
Full Year 2026 outlook
- Revenue€1.260 billion to €1.280 billion
- NoteAdjusted EBITDA of €335.0 million to €345.2 million
- NoteAdjusted diluted EPS of €0.60 to €0.62
- NoteReported EBITDA of €311.5 million to €321.7 million
- NoteReported operating profit of €209.6 million to €219.8 million
- NoteReported net profit of €143.3 million to €150.3 million
- NoteReported diluted EPS of €0.53 to €0.55
- NoteAdjusted operating profit of €233.1 million to €243.3 million
- NoteAdjusted net profit of €163.6 million to €170.8 million
What drove it
- Revenue from high-value solutions was €149.4 million, increased 1%, and represented 46% of total revenue.
- Revenue from GLP-1 therapies represented approximately 17% to 18% of total revenue.
- BDS high-value solutions revenue was €149.4 million, increased 1%, and represented 51% of BDS Segment revenue.
- BDS other containment and delivery solutions revenue was €144.6 million, grew 22%, and increased 23% organically.
- Non-GLP-1 biologics grew over 30% in the third quarter.
- BDS gross profit was €94.6 million and gross profit margin was 32.1%, compared with €85.7 million and 32.0%.
- BDS operating profit was €67.7 million and operating profit margin was 23.0%, compared with €59.0 million and 22.1%.
- Engineering gross profit margin was 10.2%, compared with 10.4%.
- Engineering operating profit was €0.6 million and operating profit margin was 1.1%, compared with €(0.7) million and (1.1)%.
- Combined margin improvements in Fishers and Latina and a better portfolio mix partially offset higher utility costs and depreciation.
Concerns
- The company now anticipates lower volumes and revenue from GLP-1s than previously expected in 2027.
- Engineering Segment revenue declined 12%, driven primarily by pharma visual inspection and assembly and packaging.
- Consolidated gross profit margin decreased 10 basis points to 29.1%, primarily due to increased utility costs, expected higher depreciation, and lower gross profit from Engineering.
- Nine-month net profit was €92.8 million versus €92.3 million, while the period included a €12.2 million loss on sale of the subsidiary Balda C. Brewer Inc. and related transaction costs.
- Net debt was €353.7 million as of September 30, 2026, compared with €337.7 million as of December 31, 2025.
What to watch
- The pace at which the company backfills expected lower GLP-1 revenue for 2027.
- Demand in non-GLP-1 biologics and BDS other containment and delivery solutions.
- The timing of Engineering order intake and project execution.
- Margin progression at the Fishers, Indiana, and Latina, Italy, plants.
- Capital spending related to new plants in Italy and Indiana and device programs in Germany.
- Delivery against full-year revenue guidance of €1.260 billion to €1.280 billion and adjusted EBITDA guidance of €335.0 million to €345.2 million.
Balance sheet and cash flow
- Cash and cash equivalents as of September 30, 2026: €114.9 million.
- Net debt as of September 30, 2026: €353.7 million.
- Net debt as of December 31, 2025: €337.7 million.
- Net cash flow from operating activities, three months ended September 30, 2026: €57.6 million, compared with €47.2 million.
- Cash flow used in investing activities, three months ended September 30, 2026: €(32.4) million, compared with €(48.2) million.
- Cash flow generated from financing activities, three months ended September 30, 2026: €10.3 million, compared with €19.4 million.
- Net change in cash and cash equivalents, three months ended September 30, 2026: €35.5 million, compared with €18.4 million.
- Net cash flow from operating activities, nine months ended September 30, 2026: €165.0 million, compared with €192.0 million.
- CAPEX, nine months ended September 30, 2026: €164.3 million, compared with €193.7 million.
- Free cash flow, nine months ended September 30, 2026: €(4.8) million, compared with €16.9 million.
Analysis
Stevanato reported Q3 2026 revenue of €326.1 million, up 8%, with organic revenue also up 8%. BDS revenue of €294.0 million grew 10%, supported by high-value solutions and other containment and delivery solutions. High-value solutions revenue rose 1% to €149.4 million, while other containment and delivery solutions rose 22% to €144.6 million. Management said non-GLP-1 biologics grew over 30%, helping offset lower GLP-1 revenue and a 12% decline in Engineering revenue to €32.0 million.
Profitability improved below the gross-profit line. Gross profit margin was 29.1%, down 10 basis points as higher utility costs, higher depreciation, and lower Engineering gross profit outweighed favorable mix and plant improvements. Operating profit margin increased to 18.5% from 17.4%, while adjusted operating profit margin increased to 19.4% from 18.5%. Adjusted EBITDA increased 14% to €88.8 million and adjusted EBITDA margin expanded 150 basis points to 27.2%. Net profit increased 16% to €41.8 million, and diluted EPS increased 15% to €0.15.
Cash generation improved in the quarter, with operating cash flow of €57.6 million and free cash flow of €21.7 million, compared with €0.3 million in the prior-year quarter. Quarterly CAPEX was €44.8 million, primarily for new plants in Italy and Indiana and device programs in Germany. For the nine months, operating cash flow was €165.0 million and free cash flow was €(4.8) million. Cash and cash equivalents were €114.9 million and net debt was €353.7 million as of September 30, 2026.
The company maintained full-year 2026 guidance for revenue of €1.260 billion to €1.280 billion, adjusted EBITDA of €335.0 million to €345.2 million, and adjusted diluted EPS of €0.60 to €0.62. The central change in the outlook discussion is management's expectation for lower GLP-1 volumes and revenue in 2027 than previously expected, which it said will temporarily moderate growth. The reported outlook therefore leaves 2026 guidance intact but places greater importance on BDS mix, non-GLP-1 biologic demand, Engineering execution, and the company's ability to backfill anticipated GLP-1 revenue.
Management, verbatim
Third-quarter results were in line with our expectations, with 8% organic revenue growth and a 150-basis-point expansion in adjusted EBITDA margin. Solid growth in our Biopharmaceutical and Diagnostics Solutions Segment and continued demand in non-GLP-1 biologics, which grew over 30% in the third quarter, helped offset lower GLP-1 revenue and softer performance in the Engineering Segment. Looking to next year, we now anticipate lowerer volumes and revenue from GLP-1s than previously expected, which we believe will temporarily moderate growth in 2027. We have already made meaningful progress in backfilling the expected lower revenue and, we remain confident in our ability to grow low-single digits next year, based on what we know today.
Franco Stevanato, Chairman and Chief Executive Officer
The demand environment for injectable biologics remains structurally strong, supported by scientific innovation, the expansion of biosimilars and the shift toward self-administered therapies. We continue to invest with discipline in high-value containment and delivery solutions, expand capacity across our global network, and advance differentiated platforms such as our groundbreaking Alba ® syringes to our integrated device platforms such as our Alina ® pen injector. These capabilities position Stevanato Group to support customers across the drug lifecycle and deliver sustainable, profitable long-term growth.
Franco Stevanato, Chairman and Chief Executive Officer
Not in the filing
stated, not guessed- Previous-release outlook was not provided, so no comparison of reported results with prior guidance is available.
- Quarterly sequential comparisons were not reported.
- Full-year 2026 guidance for gross margin, operating expenses, and tax rate was not reported.
- Share repurchases, dividends, and other capital-return activity were not reported.
- A CFO commentary was not provided.
- A Q3 tax rate was not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.