Financial Data and Key Metrics Changes - The company reported a 9% revenue growth in the first quarter of 2025, reaching €256.6 million, with an 8% increase on a constant currency basis [16][17] - Gross profit margin improved by 80 basis points to 27.2%, driven by strong performance in the biopharmaceutical and diagnostic solutions (BDS) segment [6][17] - Net profit totaled €26.5 million, with diluted earnings per share at €0.10, and adjusted EBITDA increased to €57.4 million, with an adjusted EBITDA margin of 22.4% [19][22] Business Line Data and Key Metrics Changes - Revenue from the BDS segment increased by 11% to €220.8 million, driven by strong demand for high-value syringes, which grew by 25% [19][20] - The engineering segment experienced a 4% revenue decline to €35.7 million, primarily due to lower sales from legacy projects in Denmark [21][22] - High-value solutions accounted for 43% of total revenue, reflecting a favorable mix and increased capacity in Latina and Fishers [17][20] Market Data and Key Metrics Changes - The company noted signs of stabilization in vial demand as destocking effects subside, with expectations of mid to high single-digit growth in vials for the year [39][41] - The demand for engineering manufacturing lines is expected to grow due to rising patient adoption of drug delivery devices [10][30] Company Strategy and Development Direction - The company is focused on ongoing capacity expansion for high-value solutions to meet elevated market demand, particularly in biologics [29][30] - Investments in U.S. manufacturing are expected to reinforce the company's competitive position, mitigating tariff impacts [15][30] - The company aims for a return to low double-digit revenue growth and margin expansion in the long term [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for high-value solutions and the recovery in vial demand, indicating a positive trajectory for 2025 [29][39] - The company is actively working on mitigating tariff impacts through various strategies, including customer surcharges and supply chain optimization [14][26] Other Important Information - Capital expenditures for the first quarter totaled €69.7 million, with over 90% allocated to growth investments [23] - The company ended the quarter with cash and cash equivalents of €90.7 million and net debt of €300.2 million, indicating adequate liquidity for strategic priorities [22] Q&A Session Summary Question: Clarification on Tariffs and Guidance - Management confirmed that the guidance incorporates the gross impact of tariffs, with ongoing efforts to mitigate costs through various strategies [33][36] Question: Revenue Potential from New Facilities - The company anticipates significant revenue potential from the Latina and Fishers facilities, aiming for €500 million in revenue from Fisher by 2028 [46][47] Question: Engineering Segment Performance - Management acknowledged lower margins in the engineering segment due to legacy projects but expects sequential improvement throughout the year [56][59] Question: Vial Recovery and Demand - Management confirmed that both bulk and easy fill vials are showing positive growth, with expectations for continued recovery [66][67] Question: Free Cash Flow Outlook - The company reiterated guidance for negative free cash flow of €40 million to €60 million for the year, with fluctuations expected based on CapEx and tax payments [101]

Financial Data and Key Metrics Changes - The company reported a 9% revenue growth in Q1 2025, reaching €256.6 million, with an 8% increase on a constant currency basis [17] - Gross profit margin improved by 80 basis points to 27.2%, driven by strong performance in the BDS segment [17][18] - Net profit totaled €26.5 million, with diluted earnings per share at €0.10, and adjusted EBITDA increased to €57.4 million, with an adjusted EBITDA margin of 22.4% [19][24] Business Line Data and Key Metrics Changes - Revenue from the BDS segment increased by 11% to €220.8 million, driven by strong growth in high-value syringes [20] - High-value solutions revenue grew by 25% to €110.3 million, accounting for 43% of total revenue [17][21] - The engineering segment saw a 4% revenue decline to €35.7 million, primarily due to lower sales from legacy projects [22] Market Data and Key Metrics Changes - The company observed a stabilization in vial demand as destocking effects began to ease, with expectations of mid to high single-digit growth in vials for the year [39][41] - The demand for drug delivery devices is increasing, supporting long-term growth in engineering manufacturing lines [9][30] Company Strategy and Development Direction - The company is focused on ongoing capacity expansion for high-value solutions to meet elevated market demand, particularly in biologics [30] - Investments in U.S. manufacturing are expected to reinforce the company's competitive position amid tariff challenges [14][30] - The company aims for a return to low double-digit revenue growth and margin expansion in the long term [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for high-value solutions and the ongoing recovery in vial demand [29][30] - The company is committed to executing its key priorities and long-term objectives, with a robust pipeline of opportunities supported by favorable industry trends [30] Other Important Information - The company expects a tariff-related impact of approximately €4.5 million on operating profit for 2025, with mitigation strategies in place [26] - Capital expenditures for Q1 2025 totaled €69.7 million, with over 90% allocated to growth investments [24] Q&A Session Summary Question: Clarification on tariff impact and U.S. demand - Management confirmed that the guidance incorporates the gross impact of tariffs and that ongoing discussions with customers are constructive [33][35] Question: Outlook for vial demand recovery - Management reiterated expectations for mid to high single-digit growth in vials for 2025, supported by increasing order intake [39][41] Question: Revenue potential from new facilities - The company aims to generate €500 million in revenue from the Fisher facility by 2028, with Latina also progressing well [44][46] Question: Engineering segment performance and legacy projects - Management indicated that legacy projects are on track for completion in 2025, with expectations for sequential margin improvement [56][58] Question: Free cash flow outlook - The company expects negative free cash flow of €40 million to €60 million for the year, with fluctuations based on CapEx and tax payments [100]