Stevanato Group(US:STVN)2025-03-06 21:05Revenue Performance - FY 2024 revenue grew by 2% year-over-year, driven by a 6% increase in the BDS Segment, which offset a decline in the Engineering Segment[12]. - HVS revenue increased by 15%, representing 38% of total revenue for FY 2024, with a 24% increase in revenue from biologics[12]. - Total revenue for FY 2024 was €1.104 billion, with a reported revenue of €330.6 million for Q4 2024, reflecting a 3.0% increase from Q4 2023[47]. - In Q4 2024, revenue increased by 3% to €201 million, with a 7% growth in the BDS Segment offsetting a 16% decline in the Engineering Segment[28]. - The Biopharmaceutical and Diagnostic Solutions segment reported organic revenue of €937.5 million for FY 2024, while the Engineering segment reported €170.4 million[47]. Profitability Metrics - Net profit for Q4 2024 was €48.3 million, or €0.18 of diluted EPS, with adjusted net profit of €51.5 million, or €0.19 of adjusted diluted EPS[29]. - Net profit for Q4 2024 was €48.3 million, a 6.8% increase compared to €45.2 million in Q4 2023, while FY 2024 net profit decreased by 19.2% to €117.8 million from €145.7 million in FY 2023[49]. - The company reported a net profit guidance for 2025 ranging from €138.3 million to €148.5 million, indicating potential growth in profitability[65]. EBITDA and Margins - Adjusted EBITDA for Q4 2024 increased by 5% to €90.9 million, with an adjusted EBITDA margin of 27.5%[29]. - Adjusted EBITDA for FY 2025 is projected to be between €293.0 million and €306.3 million, with an expected gross profit margin expansion of 100 to 140 basis points[37][39]. - Adjusted EBITDA for 2025 is expected to be between €293.0 million and €306.3 million, suggesting a focus on operational efficiency[65]. - Gross profit margin decreased by 210 basis points to 29.7% due to vial destocking and lower margins in the Engineering Segment[29]. Future Outlook - Continued market stabilization is expected in FY 2025, with a gradual recovery in vial demand anticipated[12]. - The company expects FY 2025 revenue guidance between €1.160 billion and €1.190 billion, implying a growth rate of 5% to 8%[37]. - The company aims to return to double-digit growth and expand margins through strategic investments in high-value solutions (HVS) and operational improvements in the Engineering segment[42]. Capital Expenditures and Cash Flow - The company plans to increase capital expenditures to between €310 million and €340 million for FY 2025, net of customer contributions[39]. - Free cash flow for FY 2025 is anticipated to be negative, ranging from €40 million to €60 million[39]. - Free cash flow for the year ended December 31, 2024, was negative €148.5 million, compared to negative €333.9 million in 2023, showing an improvement of 55.6%[64]. - Total CAPEX for the year 2024 was €286.6 million, down from €453.3 million in 2023, a decrease of 36.7%[60]. Asset and Debt Management - Capital employed increased to €1,739.4 million as of December 31, 2024, up from €1,457.1 million in 2023, representing a growth of 19.4%[58]. - Net debt increased slightly to €335.0 million as of December 31, 2024, compared to €324.4 million in 2023, reflecting a change of 2.0%[62]. - Trade working capital improved to €401.6 million as of December 31, 2024, compared to €367.2 million in 2023, an increase of 9.4%[58]. - Non-current assets excluding the fair value of derivative financial instruments rose to €1,448.7 million as of December 31, 2024, from €1,209.2 million in 2023, a growth of 19.7%[58]. Operational Developments - The Latina project in Italy turned profitable at the gross profit margin level in Q3 2024, with ongoing capacity expansion for PFS and EZ-fill cartridges[12]. - Commercial production in Fishers, Indiana, began in Q3 2024, supporting U.S. customers in the biologics market[12]. - The Engineering Optimization Plan aims to improve performance and is on track to complete previously delayed projects in 2025[18]. - The company recorded start-up costs of €3.8 million for new plants in Q4 2024, totaling €13.0 million for FY 2024[54]. Taxation - The tax rate for FY 2025 is estimated to be approximately 23%[39].