Stevanato Group S.p.A. Morgan Stanley 24th Annual Global Healthcare Conference

2026 is in line with our expectations. We are growing quite significantly our BDS segment. We are growing double digit on a constant currency rate. We plan to move to the end of the year with a double-digit growth on a constant currency rate, 9% on a reported basis. On the engineering side, same way, we are in line with our expectation. The expectation are to decline our overall revenue with third parties in 2026, moving from EUR 138 million to a range between EUR 130 million to EUR 140 million. Today, engineering is representing approximately 11%-12% of our revenue. We are doing improvements in operations and reducing the risk in that type of the business. The core business is strong. We have very good visibility. Again, we are growing double digit, driven by demand, particularly in high-value products. We are growing significantly in high-value syringes.

Next, a configuration with high mechanical resistance are very suitable for the self-administration devices. We are growing in EZ-fill® cartridges. We see a good traction also in EZ-fill® vials that are growing more significantly than anticipated. Overall, the value solutions are gaining traction. We recently launched also the validation of our pen injector proprietary product, Alina®. It's a good omen also for the future to continue with this trajectory to further expand the value products. I didn't mention Alba®, but it's very important because despite is still not the most sold product, probably the best product we have in our portfolio, the most sophisticated one, and we can see very good growth also in Alba® syringes.

Yes. As we were saying, the main driver of growth is in high-value products that are representing today between 46% and 47% in the first half of the year of our overall revenue, above 50% within the BDS segment. In the first half of the year, the main driver has been in syringes, in Nexa® syringes. We see very good demand also in the second part of the year. I mentioned before, we can see an acceleration in EZ-fill® vials, where today the market, there is low penetration in sterile configuration. It is below 5%, but we see very good demand in EZ-fill® cartridges. We are investing accordingly to expand our capacity. Anchored to a big customer that is shifting some container from bulk to sterile cartridges, but we see many other customer approaching us for our EZ-fill® cartridges.

We are full cover for 2027, and we are investing accordingly to expand our capacity. Beginning of 2027, we will be installing our RTU 400 machine for the sterilization of the cartridges. It is an opportunity for us to further expand capacity in high-value products with much higher price per unit compared with the bulk configuration.

We expect to further increase the share of high-value products. In fact, if we look at the investment we have been doing since IPO, we are investing predominantly in high-value products in Piombino Dese, in Latina and Fishers. We are installing lot of capacity in prefilled syringes, Alba® syringes, and now more and more in EZ-fill® cartridges to expand our capacity in high-value products. That is matching exactly the customers demand and where market is going with respect of the growth in biologics. Our products are very, very suitable for the biologics needs, where we can see more aggressive drugs and where the need of more sophisticated products is present.

No, this is a very important point. So beside the higher price per unit, high-value solutions are also more accretive compared with other containment and delivery solutions. We disclosed the range of gross profit margin for high-value products that is between 40%-70%. 70% is for some specific products, but all overall is well above 40%. On the other side, in other containment and delivery solution, typical the bulk configuration, the gross profit margin range is between 15%-35%. So the mix shift is helping a lot to expand profitability. We are moving more and more of the mix to our high-value products, and we are expanding the margin consistently. This year, the plan is to expand 170 basis point adjusted EBITDA compared to 2025. 2025, we grew significantly compared to 2024. So we are keeping on expanding profitability.