Stevanato Group S.p.A. (NYSE:STVN) Q4 2021 Results Earnings Conference Call March 8, 2022 8:30 AM ET Company Participants Lisa Miles - Head of Investor Relations Franco Stevanato - Executive Chairman Franco Moro - Chief Executive Officer and Chief Operating Officer Marco Dal Lago - Chief Financial Officer Conference Call Participants David Windley - Jefferies Paul Knight - KeyBanc Capital Markets Derik De Bruin - Bank of America Elizabeth Speyer - Citigroup Timothy Daley - Wells Fargo Drew Ranieri - Morgan ...

Fourth Quarter and Year End 2021 Financial Results March 8, 2022 Safe-Harbor Statement Forward-Looking Statements This presentation contains certain forward-looking statements which include, or may include, words such as "future "expect", "expected", "progress", "intended", "will", "planned", "on track", "targeted", "estimate", "estimating", "anticipate", "anticipated", "may", "consider", "believe" and other similar terminology. Forward-looking statements contained in this prospectus include, but are not li ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission File Number: 001-40618 Stevanato Group S.p.A. ( ...

[Overall Financial and Operational Performance](index=1&type=section&id=Stevanato%20Group%20Reports%20Record%202021%20Revenue) [Fourth Quarter and Full Year 2021 Highlights](index=1&type=section&id=Fourth%20Quarter%20and%20Full%20Year%20Highlights) Stevanato Group reported strong Q4 and full-year 2021 growth, driven by high-value solutions, margin expansion, and increased order backlog Key Financial Metrics for Q4 & Full Year 2021 | Metric | Q4 2021 | Full Year 2021 | | :--- | :--- | :--- | | Revenue | €232.6M (+12.5% YoY) | €843.9M (+27.5% YoY) | | Diluted EPS | €0.17 | €0.53 | | Adjusted Diluted EPS | €0.13 (+18.2% YoY) | €0.48 (+54.8% YoY) | | Adjusted EBITDA Margin | 25.3% | 25.9% | - The company's order backlog increased to **€880 million**, indicating strong future demand[5](index=5&type=chunk) - Revenue related to Covid-19 represented approximately **14.3%** of revenue in Q4 and **14.7%** for the full year[4](index=4&type=chunk)[5](index=5&type=chunk) [Management Commentary and Strategic Priorities](index=2&type=section&id=Management%20Commentary) Management outlined 2022 strategic priorities focusing on capacity expansion, global footprint growth, R&D, and leveraging secular trends - CEO Franco Moro emphasized a sharp focus on executing operational priorities: increasing capacity in Italy, expanding globally in the U.S. and China, and investing in R&D[6](index=6&type=chunk) - Executive Chairman Franco Stevanato affirmed strategic goals of driving double-digit growth, expanding margins, and increasing the mix of high-value solutions[15](index=15&type=chunk) - The company expects to benefit from favorable multi-year secular trends, including pharmaceutical innovation, growth in biologics and biosimilars, and the acceleration of vaccination programs[15](index=15&type=chunk) [Business Segment Performance](index=2&type=section&id=Business%20Segment%20Performance) [Biopharmaceutical and Diagnostic Solutions (BDS) Segment](index=2&type=section&id=Biopharmaceutical%20and%20Diagnostic%20Solutions%20Segment%20(BDS)) The BDS segment achieved robust revenue growth and significant margin expansion in 2021, driven by high-value solutions demand BDS Segment Revenue Performance | Period | Revenue (Third Party) | YoY Growth | | :--- | :--- | :--- | | Q4 2021 | €185.9 million | +9.3% | | Full Year 2021 | €694.0 million | +22.9% | - High-value solutions were a key growth driver, accounting for **35.7%** of segment revenue in Q4 and **29.9%** for the full year[7](index=7&type=chunk) BDS Segment Full Year 2021 Margin Expansion | Margin | FY 2021 | Basis Point Increase YoY | | :--- | :--- | :--- | | Gross Profit Margin | 33.1% | +350 bps | | Operating Profit Margin | 21.4% | +330 bps | [Engineering Segment](index=2&type=section&id=Engineering%20Segment) The Engineering segment delivered substantial revenue growth across all business lines, driven by strong customer capital deployment Engineering Segment Revenue Performance | Period | Revenue (Third Party) | YoY Growth | | :--- | :--- | :--- | | Q4 2021 | €46.7 million | +27.2% | | Full Year 2021 | €149.9 million | +54.3% | Engineering Segment Full Year 2021 Margins | Margin | FY 2021 | | :--- | :--- | | Gross Profit Margin | 19.3% | | Operating Profit Margin | 10.5% | [Financial Position and Guidance](index=2&type=section&id=Financial%20Position%20and%20Guidance) [Liquidity and Balance Sheet](index=2&type=section&id=Liquidity%20and%20Balance%20Sheet) The company maintained a strong liquidity position in 2021, with positive net financial position and significant capital expenditures Key Balance Sheet and Liquidity Metrics (as of Dec 31, 2021) | Metric | Amount | | :--- | :--- | | Net Financial Position | €189.8 million | | Cash and Cash Equivalents | €411.0 million | | Full Year Capital Expenditures | €122.1 million | - For the full year, net cash generated from operating activities was **€133.3 million**, and the company achieved a positive free cash flow of **€25.1 million**[12](index=12&type=chunk) [Full Year 2022 Guidance](index=2&type=section&id=Full%20Year%202022%20Guidance) Stevanato Group provided 2022 financial guidance, projecting continued revenue and profitability growth for the upcoming fiscal year Fiscal Year 2022 Guidance | Metric | Guidance Range | | :--- | :--- | | Revenue | €935.0M - €945.0M | | Adjusted Diluted EPS | €0.49 - €0.51 | | Adjusted EBITDA | €248.0M - €253.0M | [Financial Statements and Reconciliations](index=5&type=section&id=Financial%20Statements%20and%20Reconciliations) [Consolidated Income Statement](index=5&type=section&id=Consolidated%20Income%20Statement) The consolidated income statement reflects significant revenue and net profit growth in 2021, driven by improved gross and operating margins Full Year Income Statement Highlights (2021 vs 2020) | Metric | 2021 | 2020 | % Change | | :--- | :--- | :--- | :--- | | Revenue | €843.9M | €662.0M | +27.5% | | Gross Profit | €265.4M | €194.2M | +36.7% | | Operating Profit | €162.2M | €103.1M | +57.3% | | Net Profit | €134.3M | €78.6M | +70.8% | | Diluted EPS | €0.53 | €0.33 | +60.6% | [Cash Flow Statement](index=8&type=section&id=Cash%20Flow%20Statement) The company generated positive cash flow from operations and free cash flow in 2021, with significant financing inflows primarily from its IPO Full Year Cash Flow Summary (2021 vs 2020) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Cash flow from operating activities | €133.3M | €155.7M | | Cash flow used in investing activities | (€96.4M) | (€96.1M) | | Cash flow from/(used in) financing activities | €254.8M | (€26.5M) | | Net change in cash and cash equivalents | €291.7M | €33.1M | - Free cash flow for the full year 2021 was **€25.1 million**, compared to **€64.4 million** in 2020[45](index=45&type=chunk) [Non-GAAP Reconciliations](index=8&type=section&id=Non-GAAP%20Reconciliations) This section reconciles IFRS to non-GAAP financial measures, detailing key adjustments for 2021 related to operational and financial items Full Year 2021 Reconciliation of Net Profit to Adjusted Net Profit | Metric | Amount | | :--- | :--- | | **Reported Net Profit** | **€134.3M** | | Restructuring Charges | +€0.8M | | Incentive Plans Settlement | -€5.1M | | Out-of-cycle bonus | +€4.8M | | Gain from sale of associate | -€12.3M | | Patent Box tax saving | -€7.6M | | Other Adjustments | +€5.6M | | **Adjusted Net Profit** | **€120.5M** | Full Year 2021 Reconciliation of Diluted EPS to Adjusted Diluted EPS | Metric | Amount | | :--- | :--- | | **Reported Diluted EPS** | **€0.53** | | Adjustments (net) | -€0.05 | | **Adjusted Diluted EPS** | **€0.48** |

Stevanato Group S.p.A. (NYSE:STVN) Q3 2021 Earnings Conference Call November 9, 2021 8:30 AM ET Company Participants Lisa Miles - Head of Investor Relations Franco Stevanato - Executive Chairman Franco Moro - Chief Executive Officer and Chief Operating Officer Marco Dal Lago - Chief Financial Officer Conference Call Participants Paul Knight - KeyBanc Capital Markets Patrick Donnelly - Citi John Kreger - William Blair David Windley - Jefferies Derik De Bruin - Bank of America John Sourbeer - UBS Lisa Miles G ...

Second Quarter 2021 Financial Results August 19, 2021 Safe-Harbor Statement Forward-Looking Statements This presentation contains certain forward-looking statements which include, or may include, words such as "raising", "believe", "potential", "increased", "future", "remain", "growing", "expect", "foreseeable", "expected", "to be", "includes", "estimated", "assumes", "would provide", and other similar terminology. Forward-looking statements contained in this prospectus include, but are not limited to, stat ...

Financial Data and Key Metrics Changes - Revenue for the first half of 2021 grew 33% and adjusted EBITDA increased 58% compared to the same period last year [6][7] - Total company revenue for Q2 increased 26% to €204 million, with a 28.5% increase on a constant currency basis [33] - Gross margin improved by 100 basis points to 31.2%, driven by a focus on high-value solutions [37] - Adjusted operating profit margin improved by 240 basis points to 19.1% [38] - Adjusted diluted earnings per share for Q2 was €0.14, with adjusted diluted earnings per share at €0.12 [39] Business Line Data and Key Metrics Changes - High-value solutions accounted for approximately 24% of total revenue in Q2, with expectations for full-year contribution between 25% and 26% [34] - Revenue in the Biopharmaceutical and Diagnostic Solutions segment increased 23% year-over-year, with high-value solutions growing by 27% [40] - Revenue from the Engineering Segment grew by 50% to €29.1 million, benefiting from growth across all business lines [41] Market Data and Key Metrics Changes - Approximately 15% of gross revenue in Q2 was linked to the COVID-19 pandemic, with expectations for this contribution to remain consistent throughout the year [35][36] - The company experienced a 79% revenue increase in the Asia Pacific region and a 38% increase in North America during the first half of the year [94] Company Strategy and Development Direction - The company’s top three investment priorities are geographical expansion, research and development, and selected M&A to drive long-term shareholder value [9][46] - Current expansion plans in the U.S. and China are aimed at addressing high levels of customer demand, with approximately €300 million planned for these investments [25][26] - The company aims to replicate its successful investment strategy from Italy in new facilities in the U.S. and China, targeting high-value EZ-Fill products [77] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue guidance for 2021, supported by a strong backlog of €739 million [15][60] - The company anticipates a transition to a normal business environment post-COVID, while maintaining a strong position in the vaccine space [50][56] - Management highlighted favorable macro trends, including an aging population and increasing complexity in health conditions, as drivers for long-term growth [30] Other Important Information - The company ended Q2 with cash and cash equivalents totaling €100.8 million, with free cash flow of €31.3 million [43] - The net debt ratio improved to 1 compared to 1.3 at the end of March 2021, indicating a solid financial position [44][45] Q&A Session Summary Question: Can you talk about the demand for high-value solutions and the backlog? - Management noted strong trends and a robust backlog, allowing for efficient capacity planning to meet customer demand [49][50] Question: How is COVID influencing high-value solutions sales? - Management indicated that their established relationships with major players allow for adjustments in production to meet future demands [55][56] Question: What is the current backlog compared to last year? - The backlog increased from €396 million in Q2 2020 to €739 million in Q2 2021, providing better visibility for revenue [60] Question: What is the expected tax rate for 2021? - The normalized tax rate is expected to be 24% [64] Question: What is the current average level of capacity utilization? - Capacity utilization is in the range of 80% to 85% across different production lines [72] Question: Can you discuss future M&A areas of interest? - The company is exploring opportunities in intellectual property, technologies in injection molding, and molecular diagnostics, but is not under pressure to execute any M&A [101][102]