Stevanato Group S.p.A.

Good afternoon, this is the Coruscall Conference Operator. Welcome and thank you for joining the Stevanato Group Half Year 2026 Financial Results Conference Call. As a reminder, all participants are in listen-only mode and after the presentation there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mayor Lisa Miles, Chief Communication and IR Officer. Please go ahead, Madam.

Good morning, and thank you for joining us. With me today is Franco Stevanato, Chairman and Chief Executive Officer, and Marco Dal Lago, Chief Financial Officer. We have posted a presentation to accompany today's results on the Investor Relations page of our website, which can be located under the Financial Results tab. I want to remind everyone that some statements being made today are forward-looking and based on current expectations. Actual results may differ materially due to risks outlined in Item 3D, Risk Factors, of our most recent annual report on Form 20F filed with the SEC. Please review the Safe Harbor Statement included at the beginning of today's presentation and in our press release. The company undertakes no obligation to revise or update these forward-looking statements except as required by law. Today's presentation may include non-GAAP financial information. Management uses these measures internally to assess performance and believes they may be helpful for investors in evaluating the quality of our financial results, for a reconciliation of these non-GAAP measures, please refer to the company's most recent earnings press release. And with that, I'll hand the call over to Franco Stevanato.

Thank you for joining us. Today, we review our second quarter performance, share an update on market trends in our two segments, including our investment projects, and discuss the current environment. Our second quarter financial results were largely in line with our expectations, highlighted by solid revenue growth and a better mix of high value solutions that drove expanded margins and adjusted EBITDA of 26%. Revenue grew 8% year over year, driven by a 9% revenue increase in the biopharmaceutical and diagnostics solution segment, which offset a slight decline in the engineering segment. Revenue from high-value solutions grew 16% and represented 45% of the total company revenue in the second quarter of 2026, driven by a 30% increase in revenue from biologics, the fastest growing end market. Revenue, related to GLPs, was approximately 22-23% of total company revenue. As we disclosed this morning, we completed the divestiture of our California-based subsidiary Barda Sea Brewer, which specializes in contra-manufacturing services primarily for consumables and point-of-care diagnostic applications. This initiative represents another step consistent with our long-term goal to continue optimizing our footprint and accelerating the transition towards more complex, differentiated, and integrated drug delivery systems. On behalf of management, I would like to thank the Balda team for their dedication and contribution to our group over the years. Demand for injectable biologics remains strong. with more than 9,000 injectable assets in the global drug pipeline undergoing clinical evaluation or registration. And more than 60% of those are biologics. Our strategy is firmly anchored in the higher value subsets of the market, and the business is positioned as a leader in biologic applications. The rapid growth of biologics, GLP therapies, and the increase in patient adoption of the self-administration of medicines is reshaping how pharmaceutical companies approach product development and commercialization. Drug delivery systems are playing an increasingly strategic role in the success of injectable therapies. As a result, we see strong customer demand for integrated solutions that combine device innovation, manufacturing expertise, and supply chain reliability. We believe our broad portfolio of drug delivery platforms and our end-to-end capabilities position Stevanato Group well to support this evolution. With this goal in mind, we are extremely happy that one of our pharmaceutical customers has received regulatory approval in several European countries for a liragutide-based therapy that incorporates our proprietary Lina variable dose pen platform The approval represents an important commercial milestone for our proprietary drug delivery systems and includes two Alina variants for both diabetes and weight management applications. This important customer project also embeds our world-class cartridge technology into the Alina Pen platform, harnessing the power of our integrated capabilities. Our proprietary devices are manufactured at our facility in Germany, which plays a pivotal role in serving our global pharma and biotech partners. While Alina addresses the need for a variable dose PEN platform, we also see a growing market opportunity for treatments that require strict patient adherence to dosing regimens. In response to customer feedback, we recently introduced DIORA to meet this need, Diora is a novel multi-use, fixed-dose pen injector system compatible with pre-filled cartridges delivering volume up to 3ml. This new product will take time to get to commercial stage, but we see this as a promising future opportunity. Our customer needs are clear, pointed at solutions that enhance patient usability and adherence, The Rix Supply Chain provides a better answer to new drug product requirements of modern formulation and, lastly, increase the combination product sustainability and cost efficiency profile. We believe we have the right set of expertise and competencies to support our customers with a broad and unique value proposition. Let's turn our attention to the engineering segment. We are pleased with the continued operational and financial progress in the business. Our second quarter results demonstrate that the initiatives taken under the optimization plan are yielding positive results. Overall, the operations have stabilized and we are continuing to execute our optimization plan. As we mentioned last quarter, the teams are laser focused on sales and marketing efforts to expand our opportunity set. We made good progress during the second quarter in winning new orders. We are consciously optimistic, but sales cycles are longer today than in previous years. Let's turn to updating our growth projects in the US and Italy. In the second quarter, we remain focused on scaling and executing our growth investments with a disciplined approach, strengthening our operational maturity while expanding capacity to meet customer demand. Starting from fishers, We recently completed the initial performance qualification on the first easy fill via line, and we expect to launch customer validation in the near term. The build-out for our first device program remains on track, and we continue to expect commercial production to begin later this year. As these initiatives come together in features, we are expanding our commercial capabilities and reinforcing our position for future growth. Turning to Latina, the syringe ramp-up is ongoing as we continue to validate new customers. In addition, our next generation RTU-400 cartridge line is expected to be completed and installed in the next couple of months, with commercial production expected in 2027. In summary, our second quarter results were in line with our expectations, reflecting the continuous strength of our strategy. We are positioning the business around the most attractive areas of the market, particularly biologics, GP1 therapies, and integrated drug delivery systems. The divested Rovalda C. Brewer and our continued investment in platforms such as Alina and other premium products reinforces our focus on higher value, differentiated solutions that address the evolving needs of our pharmaceutical customers. At the same time, we are making progress in improving the engineering segment and advancing our growth investments. I'll turn the call over to Marco for a review of our financial performance.