UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2025

Commission File Number: 001-40618

Stevanato Group S.p.A.

(Translation of registrant’s name into English)

Via Molinella 17

35017 Piombino Dese – Padua

Italy

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40‑F.

Form 20-F ☒ Form 40-F ☐

Stevanato Group S.p.A.

Interim report

for the three and the nine months ended September 30, 2025

Table of Contents


	Page
Introduction	i
Cautionary Statements Regarding Forward-Looking Statements	ii
Unaudited Interim Condensed Consolidated Financial Statements	1
Management's Discussion and Analysis of Financial Condition and Results of Operations	39
Quantitative and Qualitative Disclosure About Market Risk	63
Controls and Procedures	67
Legal Proceedings	68
Risk Factors	68
Unregistered Sales of Equity Securities and Use of Proceeds	68
Defaults Upon Senior Securities	68
Other Information	68
Signatures	69

INTRODUCTION

The financial information of Stevanato Group included in this Interim Report is presented in Euro except that, in some instances, information is presented in U.S. Dollars. All references in this report to “Euro”, “EUR” and “€” refer to the currency introduced at the start of the third stage of European Economic and Monetary Union pursuant to the Treaty on the Functioning of the European Union, as amended, and all references to “U.S. Dollars”, “USD” and “$” refer to the currency of the United States of America (the “United States”).

Certain totals in the tables included in this document may not add due to rounding. The financial data in the Management Discussion and Analysis of Financial Condition and Results of Operations is presented in millions of Euro, while the percentages presented are calculated using the underlying figures in Euro.

This Interim Report is unaudited.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report on Form 6-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current views of Stevanato Group S.p.A. (“we”, “our”, “us”, “Stevanato Group”, the “Company” and, together with its subsidiaries, the “Group”). These forward-looking statements include, or may include, words such as “anticipate,” "assumes," "believe," "derive," "drive," "estimated," "forecast," "foreseeable," "future," "growing," "increase," "may," "plan," “potential,” “remain,” “to be,” “will,” "would," and other similar terminology. Forward-looking statements contained in this report include, but are not limited to, statements about: our future financial performance, including our revenue, operating expenses and our ability to maintain profitability and operational and commercial capabilities; our expectations regarding the development of our industry and the competitive environment in which we operate; the expansion of our plants and sites, and our expectations related to our capacity expansion; the global supply chain and our committed orders; customer demand and customers' ability to destock higher inventories accumulated during the COVID-19 pandemic; our expectation that most of the tariff-related costs will be absorbed by customers; the success of our initiatives to optimize the industrial footprint, harmonize processes and enhance supply chain and logistics strategies; our geographical and industrial footprint; and our goals, strategies and investment plans. These statements are neither promises nor guarantees but involve known and unknown risks, uncertainties and other important factors and circumstances that may cause Stevanato Group's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including conditions in the U.S. capital markets, negative global and domestic economic and political conditions, inflation, the impact of the conflict between Russia and Ukraine, the evolving events in Israel and Gaza, supply chain and logistical challenges and other negative developments in Stevanato Group’s business or unfavorable legislative or regulatory developments. The following are some of the factors that could cause our actual results to differ materially from those expressed in or underlying our forward-looking statements: (i) our product offerings are highly complex, and, if our products do not satisfy applicable quality criteria, specifications and performance standards, we could experience lost sales, delayed or reduced market acceptance of our products, increased costs and damage to our reputation; (ii) we must develop new products and enhance existing products, adapt to significant technological and innovative changes and respond to introductions of new products by competitors to remain competitive; (iii) if we fail to maintain and enhance our brand and reputation, our business, results of operations and prospects may be materially and adversely affected; (iv) we are highly dependent on our management and employees. Competition for our employees is intense, and we may not be able to attract and retain the highly skilled employees that we need to support our business and our intended future growth; (v) our business, financial condition and results of operations depend upon maintaining our relationships with suppliers and service providers; (vi) our business, financial condition and results of operations depend upon the availability and price of high-quality materials and energy supply and our ability to contain production costs; (vii) significant interruptions in our operations could harm our business, financial condition and results of operations; (viii) as a consequence of the COVID-19 pandemic, sales of vials to and for vaccination programs globally increased resulting in a revenue growth acceleration. The demand for such products may fluctuate, as the need for COVID-19 related solutions continue to decline; (ix) our manufacturing facilities are subject to operating hazards which may lead to production curtailments or shutdowns and have an adverse effect on our business, results of operations, financial condition or cash flows; (x) our business, financial condition and results of operations may be impacted by our ability to successfully expand capacity to meet customer demand; (xi) the loss of a significant number of customers or a reduction in orders from a significant number of customers, including through destocking initiatives or lack of transparency of our products held by customers, could reduce our sales and harm our financial performance; (xii) we may face significant competition in implementing our strategies for revenue growth in light of actions taken by our competitors; (xiii) our global operations are subject to international market risks that may have a material effect on our liquidity, financial condition, results of operations and cash flows; (xiv) we are required to comply with a wide variety of laws and regulations and are subject to regulation by various federal, state and foreign agencies; (xv) given the relevance of our activities in the healthcare sector, investments by non-Italian entities in the Company, as well as certain asset disposals by the Company, may be subject to the prior authorization of the Italian Government (so called "golden powers"); (xvi) if relations between China and the U.S. deteriorate (including in connection with the current trade policy of the U.S. government), our business in the U.S. and China could be materially and adversely affected; (xvii) the U.S. government recently imposed tariffs on certain products manufactured in several jurisdictions, including China and the European Union, and has made announcements regarding the potential imposition of tariffs on other jurisdictions. Such tariffs as well as other trade policies that the U.S. government may implement in the future and the restrictive trade measures that other countries may adopt in response thereto, could adversely affect our business by making it more difficult or costly to trade goods between different jurisdictions; (xviii) cyber security risks and the failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions, could result in damage to our reputation, data integrity and/or subject us to costs, fines or lawsuits under data privacy or other laws or contractual requirements; (xix) our trade secrets may be misappropriated or disclosed, and confidentiality agreements with directors, employees and third parties may not adequately prevent disclosure of trade secrets and protect other proprietary information; (xx) if we are unable to obtain and maintain patent protection for our technology, products and potential products, or if the scope of the patent protection obtained is not sufficiently broad, we may not be able to compete effectively in our markets; (xxi) we depend in part on proprietary technology licensed from others, and if we lose our existing licenses or are unable to acquire or license additional proprietary rights from third parties, we may not be able to continue developing our potential products; and (xxii) we are obligated to maintain proper and effective internal controls over financial reporting. Our internal controls were not effective for the year ended December 31, 2024, and in the future may not be determined to be effective, which may adversely affect investor confidence in us and, as a result, the value of our ordinary shares. This list is not exhaustive. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements.

These forward-looking statements speak only as at their dates. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible to predict all of these factors. Further, the Company cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statements.

For a description of certain additional factors that could cause the Company’s future results to differ from those expressed in any such forward-looking statements, refer to the risk factors discussed under “Risk Factors” below and “Item 3D. Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission on March 6, 2025.

iii

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AT AND FOR THE THREE AND THE NINE MONTHS ENDED SEPTEMBER 30, 2025

Stevanato Group S.p.A.

Interim consolidated income statement

for the three and the nine months ended September 30, 2025 and 2024

(Unaudited)


		For the three months ended September 30,						For the nine months ended September 30,
		2025			2024			2025			2024
		(EUR thousand)						(EUR thousand)
	Notes
Revenue	9		303,167			277,867			839,800			773,441
Cost of sales	10		214,667			203,423			602,823			569,276
Gross Profit			88,500			74,444			236,977			204,165

Other operating income	11		2,717			1,275			4,770			3,559
Selling and marketing expenses	12		7,065			5,769			20,346			18,950
Research and development expenses	12		7,648			6,609			19,624			26,103
General and administrative expenses	12		23,783			22,315			73,060			68,386
Operating Profit			52,721			41,026			128,717			94,285

Finance income	13		466			2,136			13,916			8,192
Finance expense	14		4,060			2,373			19,289			6,840
Profit Before Tax			49,127			40,789			123,344			95,637

Income taxes	15		13,065			10,768			31,065			26,181
Net Profit			36,062			30,021			92,279			69,456

Net Profit attributable to:
Equity holders of the parent			36,064			30,026			92,284			69,465
Non-controlling interests			(2	)		(5	)		(5	)		(9	)
			36,062			30,021			92,279			69,456

Earnings per share
Basic earnings per ordinary share (in EUR)	16		0.13			0.11			0.34			0.26
Diluted earnings per ordinary share (in EUR)	16		0.13			0.11			0.34			0.26

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements

Stevanato Group S.p.A.

Interim consolidated statement of comprehensive income

for the three and the nine months ended September 30, 2025 and 2024

(Unaudited)


		For the three months ended September 30,						For the nine months ended September 30,
		2025			2024			2025			2024
		(EUR thousand)						(EUR thousand)
	Notes
Net Profit			36,062			30,021			92,279			69,456

Gains/(losses) from remeasurement of employee defined benefit plans			(6	)		(112	)		139			164
Tax effect relating to those components of OCI			—			8			(9	)		(11	)
Other comprehensive income/(loss) that will not be classified subsequently to profit or loss			(6	)		(104	)		130			153

Exchange difference on translation of foreign operations	25		2,662			(31,858	)		(46,684	)		(36,962	)
Changes in the fair value of cash flow hedging instruments			837			(612	)		967			(1,380	)
Changes in the time value element - cost of hedge			(38	)		(167	)		46			(228	)
Tax effect relating to those components of OCI			(204	)		141			(302	)		356
Other comprehensive income that might be classified subsequently to profit or loss			3,257			(32,496	)		(45,973	)		(38,214	)

Total other comprehensive income, net of tax			3,251			(32,600	)		(45,843	)		(38,061	)

Total Comprehensive Income			39,313			(2,579	)		46,436			31,395

Attributable to:
Equity holders of the parent			39,315			(2,574	)		46,441			31,404
Non-controlling interests			(2	)		(5	)		(5	)		(9	)
			39,313			(2,579	)		46,436			31,395

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements

Stevanato Group S.p.A.

Interim consolidated statement of financial position

at September 30, 2025 and at December 31, 2024

(Unaudited)


		At September 30,		At December 31,
		2025		2024
		(EUR thousand)
Assets	Notes
Non-current assets
Goodwill			49,983		49,983
Intangible assets	17		33,513		33,590
Right of use assets	19		12,899		15,736
Property, plant and equipment	18		1,317,281		1,248,402
Financial assets - investments FVTPL			113		200
Other non-current financial assets	20		13,348		5,441
Deferred tax assets	15		102,395		95,344
			1,529,532		1,448,696
Current assets
Inventories	21		274,692		245,217
Contract assets	22		182,698		168,515
Trade receivables	22		266,824		295,951
Other current financial assets	20		7,759		1,329
Tax receivables	23		10,488		17,440
Other receivables	24		28,681		53,179
Cash and cash equivalents			113,333		98,270
			884,475		879,901
Non-current assets held for sale			—		222
			884,475		880,123
Total assets			2,414,007		2,328,819
Equity and liabilities
Equity
Share capital	25		22,232		22,232
Reserves and retained earnings	25		1,322,729		1,264,329
Net profit attributable to equity holders of the parent	25		92,284		117,778
Equity attributable to equity holders of the parent			1,437,245		1,404,339
Non-controlling interests	25		41		46
Total equity			1,437,286		1,404,385

Non-current liabilities
Non-current financial liabilities	26		368,086		317,678
Employees benefits	28		6,686		7,163
Non-current provisions	30		2,902		2,793
Deferred tax liabilities	15		13,252		12,560
Non-current advances from customers	33		63,213		44,046
Other non-current liabilities	31		55,159		62,720
			509,298		446,960
Current liabilities
Current financial liabilities	26		85,263		116,927
Current provisions	30		4,896		4,139
Trade payables	32		210,400		231,020
Contract liabilities	33		7,974		16,545
Advances from customers	33		38,014		16,622
Tax payables	23		43,093		25,431
Other current liabilities	32		77,783		66,790
			467,423		477,474
Total liabilities			976,721		924,434
Total equity and liabilities			2,414,007		2,328,819

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements

Stevanato Group S.p.A.

Interim consolidated statements of changes in equity

for the nine months ended September 30, 2025 and 2024

(Unaudited)


	Notes	Share capital		Share premium reserve		Treasury shares reserve			Cash flow hedge reserve			Cost of hedging reserve			Reserve for actuarial gains / (losses)			Foreign currency translation reserve			Retained earnings and other reserve			Equity attributable to equity holders of the parent			Non- controlling interests			Total equity
		(EUR thousand)
At January 1, 2025			22,232		559,565		(27,148	)		(1,029	)		(90	)		(53	)		(12,578	)		863,440			1,404,339			46			1,404,385
Other comprehensive income	25		—		—		—			676			35			130			(46,684	)		—			(45,843	)		—			(45,843	)
Net profit	25		—		—		—			—			—			—			—			92,284			92,284			(5	)		92,279
Total comprehensive income			—		—		—			676			35			130			(46,684	)		92,284			46,441			(5	)		46,436
Dividends	25		—		—		—			—			—			—			—			(14,737	)		(14,737	)		—			(14,737	)
Share-based incentive plans	25		—		—		69			—			—			—			—			1,064			1,133			—			1,133
Other	25		—		—		—			—			—			—			—			69			69			—			69
Total effects			—		—		69			—			—			—			—			(13,604	)		(13,535	)		—			(13,535	)
At September 30, 2025			22,232		559,565		(27,079	)		(353	)		(55	)		77			(59,262	)		942,120			1,437,245			41			1,437,286

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements


	Notes	Share capital		Share premium reserve			Treasury shares reserve			Cash flow hedge reserve			Cost of hedging reserve			Reserve for actuarial gains / (losses)			Foreign currency translation reserve			Retained earnings and other reserve			Equity attributable to equity holders of the parent			Non- controlling interests			Total equity
		(EUR thousand)
At January 1, 2024			21,698		389,312			(27,233	)		2,241			(83	)		(287	)		(10,976	)		757,859			1,132,531			115			1,132,646
Other comprehensive income			—		—			—			(1,078	)		(173	)		153			(36,963	)		—			(38,061	)		—			(38,061	)
Net profit			—		—			—			—			—			—			—			69,465			69,465			(9	)		69,456
Total comprehensive income			—		—			—			(1,078	)		(173	)		153			(36,963	)		69,465			31,404			(9	)		31,395
Dividends			—		—			—			—			—			—			—			(14,457	)		(14,457	)		—			(14,457	)
Change in the consolidated group			—		—			—			—			—			—			—			56			56			(56	)		—
Capital increase	25		534		174,376			—			—			—			—			—			—			174,910			—			174,910
Accessory costs to capital increase	25		—		(5,425	)		—			—			—			—			—			—			(5,425	)		—			(5,425	)
Taxes relating to capital increase costs	25		—		1,302			—			—			—			—			—			—			1,302			—			1,302
Share-based incentive plans	25		—		—			85			—			—			—			—			1,801			1,886			—			1,886
Other	25		—		—			—			—			—			—			—			40			40			—			40
Total effects			534		170,253			85			—			—			—			—			(12,560	)		158,313			(56	)		158,257
At September 30, 2024			22,232		559,565			(27,148	)		1,163			(256	)		(134	)		(47,939	)		814,764			1,322,247			49			1,322,296

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements

Stevanato Group S.p.A.

Interim consolidated statements of cash flows

for the nine months ended September 30, 2025 and 2024

(Unaudited)


		For the nine months ended September 30,
		2025			2024
		(EUR thousand)
	Notes
Operating activities
Profit before tax			123,344			95,637
Adjustments:
- depreciation and impairment of property, plant and equipment	18		53,781			49,409
- amortization of intangible assets and right of use assets	17, 19		10,191			11,539
- allowance for doubtful accounts			182			275
- net interest expense			4,283			2,475
-(gain) from the disposal of non-current assets			(72	)		(112	)
Change in other provisions			4,305			2,081
Change in employee benefits			(347	)		111
Other non-cash expenses, net			8,412			(13,786	)
Working capital changes:
- inventories and contract assets			(51,921	)		(28,013	)
- trade receivables and other assets			49,395			26,367
- trade payables, contract liabilities, advances and other liabilities			10,021			(16,668	)
Interest paid			(4,924	)		(3,795	)
Interest received			1,189			1,724
Income tax paid			(15,869	)		(15,103	)
Net Cash Flows from operating activities			191,970			112,141
Cash Flow from investing activities
Purchase of property, plant and equipment	18		(174,409	)		(213,718	)
Proceeds from sale of property plant and equipment	18		1,627			3,133
Purchase of intangible assets	17		(6,031	)		(8,666	)
Proceeds from investments in financial assets			248			247
Acquisition of a subsidiary			—			(175	)
Net Cash Flows used in investing activities			(178,565	)		(219,179	)
Cash Flow from financing activities
Net proceeds from follow on offering of ordinary shares			—			169,772
Dividends paid	25		(14,737	)		(14,457	)
Payment of principal portion of lease liabilities			(4,592	)		(4,901	)
Proceeds from borrowings	26		120,000			100,171
Repayments of borrowings	26		(95,797	)		(133,683	)
Net Cash Flows (used in)/ from financing activities			4,874			116,902

Net change in cash and cash equivalents			18,279			9,864
Net foreign exchange differences on cash and cash equivalents			(3,216	)		(1,470	)
Cash and cash equivalents at January 1			98,270			69,602
Cash and cash equivalents at September 30			113,333			77,996

The accompanying notes are an integral part of the Interim Condensed Consolidated Financial Statements

Stevanato Group S.p.A.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

(Unaudited)

Corporate information

Stevanato Group S.p.A. (herein referred to as the “Company” and together with its subsidiaries the “Group”) is headquartered in Italy and its registered office is located at via Molinella 17, Piombino Dese (Padova, Italy). The Group is active in the design, production and distribution of products and processes to provide integrated solutions for the bio-pharma and healthcare industries, leveraging on regular investment and the selected acquisition of skills and new technologies to maintain and enhance its status as a global leader in the bio-pharma industry. Principal products are containment solutions, drug delivery systems, medical devices, diagnostic and analytical services, visual inspection machines, assembling and packaging machines, and glass forming machines.

The Group has 13 manufacturing plants, including: (i) ten production plants for manufacturing and assembly of bio-pharma and healthcare products (in Italy, Germany, Slovakia, Brazil, Mexico, China, United States), and (ii) three plants for the production of machinery and equipment (in Italy and Denmark). In addition to the manufacturing plants the Group has two sites for analytical services (in Italy and United States) and two commercial sites (in Japan and India, which was incorporated on February 23, 2025). The Group is expanding its global capacity primarily for its high-value solutions products in Italy and the United States. In Latina, the Group launched commercial production in 2023, and the site is currently ramping its production for high-value syringes. The Group is preparing for the next phase of ready-to-use cartridge production with commercial activities expected in 2026 in Latina. In the United States, the Group is advancing the build out of its new EZ-fill® manufacturing hub in Fishers, Indiana. In late 2023, the Group launched customer validations, which are expected to continue into 2026, and in the third quarter of 2024 the Group initiated commercial production in Fishers. The Group will continue to install, validate, and commercialize additional manufacturing lines in Fishers throughout 2025 and 2026. The Fishers hub is also preparing the equipment for device contract manufacturing activities which are expected to be commercially available at the end of 2026. The global footprint allows the Group to sell products and provide services in approximately 70 countries worldwide.

Stevanato Group S.p.A. is controlled by Stevanato Holding S.r.l. which holds 73.73% of its share capital.

On July 16, 2021, Stevanato Group began trading on the New York Stock Exchange under the symbol "STVN".

Authorization of Unaudited Interim Condensed Consolidated Financial Statements and compliance with international financial reporting standards

These Unaudited Interim Condensed Consolidated Financial Statements of Stevanato Group S.p.A. were authorized for issuance on November 5, 2025 and have been prepared in accordance with IAS 34 - Interim Financial Reporting. These Unaudited Interim Condensed Consolidated Financial Statements should be read in conjunction with the Group’s consolidated financial statements at and for the year ended December 31, 2024 (the “Consolidated Financial Statements”), which have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS”). The accounting policies adopted are consistent with those used at December 31, 2024, except as described in Note 3 - Basis of preparation for the Unaudited Interim Condensed Consolidated Financial Statements “New standards, amendments and interpretations”.

Basis of preparation for Unaudited Interim Condensed Consolidated Financial Statements

The preparation of the Unaudited Interim Condensed Consolidated Financial Statements requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities as well as disclosures of contingent liabilities. If in the future such estimates and assumptions, which are based on management’s best judgment at the date of these Unaudited Interim Condensed Consolidated Financial Statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change. Reference should be made to the section “Use of estimates” in the Consolidated Financial Statements for a detailed description of the more significant valuation procedures used by the Group.

Impairment tests of non-current assets (including goodwill and assets with an indefinite useful life for which impairment tests are performed for the preparation of the annual Consolidated Financial Statements) are not performed for the preparation of the Unaudited Interim Condensed Consolidated Financial Statements unless impairment indicators have been identified.

The actuarial valuations that are required for the determination of employee benefit provisions are also usually carried out during the preparation of the annual consolidated financial statements, except in the event of significant market fluctuations or significant plan amendments, curtailments or settlements. IAS 34 also requires the disclosure of the nature and amount of items affecting net income that are unusual due to their nature, size or significance.

These Unaudited Interim Condensed Consolidated Financial Statements include the interim condensed consolidated income statement, the interim condensed consolidated statement of comprehensive income, the interim condensed consolidated statement of financial position, the interim condensed consolidated statement of changes in equity, the interim condensed consolidated cash flow statement and the accompanying condensed notes. The Unaudited Interim Condensed Consolidated Financial Statements are presented in Euro, which is the functional and presentation currency of the Company, and amounts are stated in thousands of Euros, unless otherwise indicated.

The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. The Company’s management considers that there are currently no material uncertainties that may cast significant doubts over this assumption. Management has formed a judgment that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than one year after the date the financial statements are approved to be issued.

As the Group is not including the full set of disclosures, as required in a complete set of financial statements, the interim financial statements of the Group are regarded as ‘condensed’, as per IAS 34.

Starting in 2025, the Group elected to present gains and losses arising from the change in foreign currency exchange rates on a net basis in the Interim Consolidated Income Statements as the Group believes that this presentation provides more relevant information. This information was previously presented on a gross basis with foreign currency exchange rate gains included in finance income while foreign currency exchange rate losses were included in finance expense. In order to ensure comparability between periods, the Group has reclassified finance income and finance expenses for the three and the nine months ended September 30, 2024.

New standards, amendments and interpretations

The accounting policies adopted in the preparation of the Unaudited Interim Condensed Consolidated Financial Statements are consistent with those followed in the preparation of the Consolidated Financial Statements for the year ended December 31, 2024, except for the adoption of new standards and amendments effective from January 1, 2025. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

The following amendments and new standards effective from January 1, 2025 were adopted for the first time in 2025 and did not have a material impact on the Unaudited Interim Condensed Consolidated Financial Statements of the Group:

In August 2023, the IASB issued amendments to IAS 21 — The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, to clarify how an entity has to apply a consistent approach to assessing whether a currency is exchangeable into another currency and, when it is not, to determine the exchange rate to use and the disclosures to provide. These amendments became effective on or after January 1, 2025.

The standards, amendments and interpretations issued by the IASB that will have mandatory application in 2026 or subsequent years are listed below:

In April 2024, the IASB issued the new standard IFRS 18 — Presentation and Disclosure in Financial Statements, with the aim to give investors more transparent and comparable information about companies' financial performance through the introduction of three sets of new requirements: improved comparability in the income statement; enhanced transparency of management-defined performance measures; more useful grouping of information in the financial statements. The new standard will affect all companies using IFRS Accounting Standards and will replace IAS 1 — Presentation of Financial Statements (while some of its requirements will be carried forward in IFRS 18). The standard is effective on or after January 1, 2027 but early adoption is possible. The Group is currently assessing the impacts from the adoption of this standard.

In May 2024, the IASB issued amendments to IFRS 9 — Financial Instruments and IFRS 7 — Financial Instruments-Disclosure,

with the aim to set financial liabilities using an electronic payment system and to assess contractual cash flow characteristics of financial assets, including those with environmental, social and governance (ESG)-linked features. They also amended disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income and added disclosure requirements for financial instruments with contingent features that do not relate directly to basic lending risks and costs. The amendments are effective for annual reporting periods beginning on or after January 1, 2026, but early adoption is possible. The Group is currently assessing the impacts from the adoption of this standard.

In July 2024, the IASB published 'Annual Improvements to IFRS Accounting Standards — Volume 11'. It contains amendments to five standards as a result of the IASB's annual improvements project (IFRS 1 — First-time Adoption of International Financial Reporting Standards, IFRS 7 — Financial Instruments: Disclosures, IFRS 9 — Financial Instruments, IFRS 10 — Consolidated Financial Statements, IAS 7 — Statement of Cash Flows). The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted.

Scope of consolidation

Stevanato Group S.p.A. is the parent company of the Group and it holds, directly and indirectly, interests in the Group’s operating companies. The only change in the scope of consolidation for the nine months ended September 30, 2025 compared to previous periods presented in this Unaudited Interim Condensed Consolidated Financial Statements is related to the inclusion of Stevanato India Private Limited, incorporated on February 23, 2025.

Subsidiaries

The Unaudited Interim Condensed Consolidated Financial Statements of the Group include the following companies controlled by the parent company Stevanato Group S.p.A. directly or indirectly through the subsidiaries Stevanato Group International a.s. and Balda Medical GmbH.:


				% equity interest
Name	Segment	Description	Country of incorporation	September 30, 2025	December 31, 2024
Nuova Ompi S.r.l.	Biopharmaceutical and Diagnostic Solutions	Production of drug containment solutions and development of integrated solutions for the pharmaceutical industry	Italy	100%	100%
Spami S.r.l.	Engineering	Production plant and machinery	Italy	100%	100%
Perugini S.r.l. (*)	Engineering	Production of consumables and mechanical components for industrial machines	Italy	-	100%
Stevanato Group International a.s.	Holding	Service/ Subholding company	Slovakia	100%	100%
Medical Glass a.s.	Biopharmaceutical and Diagnostic Solutions	Production of drug containment solutions	Slovakia	99.74%	99.74%
Ompi N.A. S. de RL de CV	Biopharmaceutical and Diagnostic Solutions	Production of drug containment solutions	Mexico	100%	100%
Ompi of America inc.	Biopharmaceutical and Diagnostic Solutions	Production and sale of drug containment solutions and analytical services	USA	100%	100%
Ompi do Brasil I. e C. de Em. Far. Ltda	Biopharmaceutical and Diagnostic Solutions	Production of drug containment solutions	Brazil	100%	100%
Ompi Pharm. Packing Techn. Co. Ltd	Biopharmaceutical and Diagnostic Solutions	Production of drug containment solutions	China	100%	100%
Stevanato Group Denmark A/S	Engineering	Production plant and machinery	Denmark	100%	100%
Medirio SA en liquidation	Biopharmaceutical and Diagnostic Solutions	Dormant company	Switzerland	100%	100%
Balda Medical Gmbh	Biopharmaceutical and Diagnostic Solutions	Production of in-vitro diagnostic solutions	Germany	100%	100%
Balda C. Brewer Inc.	Biopharmaceutical and Diagnostic Solutions	Production of in-vitro diagnostic solutions	USA	100%	100%
Balda Precision Inc.	Biopharmaceutical and Diagnostic Solutions	Production metal components	USA	100%	100%
Ompi of Japan Co., Ltd.	Biopharmaceutical and Diagnostic Solutions	Sale of drug containment solutions	Japan	100%	100%
Stevanato India Private Limited	Biopharmaceutical and Diagnostic Solutions	Sale of drug containment solutions	India	100%	-

*The merger of Perugini S.r.l. into Spami S.r.l. was completed and effective on January 1, 2025.

Non-controlling interests

The equity and the net profit attributable to non-controlling interests at September 30, 2025 relate to Medical Glass a.s. in which the Group holds a 99.74% interest.

Financial Risk Factors

The Group is exposed to the following financial risks connected with its operations:

•

financial market risk, mainly related to foreign currency exchange rates and interest rates;

•

liquidity risk, mainly related to difficulties in meeting the obligations associated with financial liabilities that are settled in cash or other financial assets, and to the availability of funds and access to the credit market, should the Group require it, and to financial instruments in general;

•

credit risk, arising both from its normal commercial relations with customers, and its financing activities;

•

commodity risk, arising from the fluctuation in commodities prices, driven by external market factors, especially for natural gas and electricity. Such fluctuations in commodities price can cause significant business challenges that can, in turn, affect production costs, product pricing, margins and cash flows, value of assets and liabilities.

These risks could significantly affect the Group’s financial position, results of operations and cash flows. Therefore, the Group identifies and monitors these risks to identify potential negative effects in advance and takes action to mitigate them, primarily

through its operating and financing activities and, if required, through the use of derivative financial instruments.

The Unaudited Interim Condensed Consolidated Financial Statements do not include all the information and notes on financial risk management required in the annual consolidated financial statements. For a detailed description of the financial risk factors and financial risk management of the Group, reference should be made to Note 39 of the Consolidated Financial Statements at and for the year ended December 31, 2024.

Foreign currency exchange

The principal foreign currency exchange rates used to translate other currencies into Euro were as follows:


COUNTRY	ISO CODE	Average for the nine months ended September 30,		At September 30,		Average for the nine months ended September 30,		At September 30,		At December 31,
		2025		2025		2024		2024		2024
CHINA	CNY		8.0745		8.3591		7.8248		7.8511		7.5833
UNITED STATES	USD		1.1188		1.1741		1.0871		1.1196		1.0389
MEXICO	MXN		21.7927		21.5314		19.2951		21.9842		21.5504
DENMARK	DKK		7.4617		7.4649		7.4589		7.4560		7.4578
BRAZIL	BRL		6.3187		6.2432		5.6978		6.0504		6.4253
SWITZERLAND	CHF		0.9393		0.9364		0.9581		0.9439		0.9412
JAPAN	JPY		165.6325		173.7600		164.2864		159.8200		163.0600
INDIA	INR		96.8089		104.2548		90.6822		93.8130		88.9335

Seasonality of operations

The Group is not impacted by seasonality.

Segment Information

Management identifies two operating segments, based on the internal organization and reporting structure of the Group. The criteria used to identify the Group’s operating segments are consistent with the way the chief operating decision-maker (identified as the Chief Executive Officer of Stevanato Group S.p.A.) assigns resources and monitors performance. The two operating segments are:

•

Biopharmaceutical and Diagnostic Solutions, which includes the products, processes and services developed and provided in connection with the containment and delivery of pharmaceutical and biotechnology drugs and reagents (such as vials, cartridges, syringes and drug delivery systems like pen injectors, auto injectors and wearables), as well as the production of diagnostic consumables. This segment deals mainly with the development and manufacturing of Drug Containment Solutions (DCS), In-Vitro Diagnostic Solutions (IVD) and Drug Delivery Systems (DDS). The business model is complex and requires constant cooperation with each customer for the development of the specific products they need, and it is based on sophisticated technical and industrial processes. This segment also delivers analytical and regulatory support services focused on investigating the physiochemical properties of primary packaging materials and components and studying the interactions between drug containment solutions and the drugs they will contain;

•

Engineering, which includes the equipment and technologies developed and provided to support the end-to-end pharmaceutical, biotechnology and diagnostic manufacturing processes (assembly, visual inspection, packaging and serialization and glass converting). The Engineering segment designs, develops and produces equipment and machinery for our internal use and for external customers. The Group assembles equipment and machinery and develops the software necessary for its functioning in addition to working closely with the customers to install the machinery and equipment in their production sites, ensuring that the machines are correctly calibrated and properly functioning. The after-sales services mainly consist of providing spare parts for our machinery and equipment as well as maintenance activity on the machines

sold.

The operating segments described above are also identified as reportable segments.


	For the three months ended September 30, 2025
	Biopharmaceutical and Diagnostic Solutions		Engineering			Total segments		Adjustments, eliminations and unallocated items			Consolidated
	(EUR thousand)

External customers		266,744		36,423			303,167		—			303,167
Inter-segment		744		26,882			27,626		(27,626	)		—
Revenue		267,488		63,305			330,793		(27,626	)		303,167
Cost of sales		181,762		56,718			238,480		(23,813	)		214,667
Gross Profit		85,726		6,587			92,313		(3,813	)		88,500

Other operating income		2,646		—			2,646		71			2,717
Selling and marketing expenses		6,481		982			7,463		(398	)		7,065
Research and development expenses		4,534		3,223			7,757		(109	)		7,648
General and administrative expenses		18,369		3,049			21,418		2,365			23,783
Operating Profit		58,988		(667	)		58,321		(5,600	)		52,721

of which amortization and depreciation		20,822		942			21,764		14			21,778


	For the three months ended September 30, 2024
	Biopharmaceutical and Diagnostic Solutions		Engineering		Total segments		Adjustments, eliminations and unallocated items			Consolidated
	(EUR thousand)

External customers		233,024		44,843		277,867		—			277,867
Inter-segment		1,840		48,557		50,397		(50,397	)		—
Revenue		234,864		93,400		328,264		(50,397	)		277,867
Cost of sales		168,994		78,791		247,785		(44,362	)		203,423
Gross Profit		65,870		14,609		80,479		(6,035	)		74,444

Other operating income		1,051		33		1,084		191			1,275
Selling and marketing expenses		5,304		765		6,069		(300	)		5,769
Research and development expenses		5,577		996		6,573		36			6,609
General and administrative expenses		16,333		3,430		19,763		2,552			22,315
Operating Profit		39,707		9,451		49,158		(8,132	)		41,026

of which amortization and depreciation and impairment of PPE		17,017		867		17,884		551			18,435


	For the nine months ended September 30, 2025
	Biopharmaceutical and Diagnostic Solutions		Engineering		Total segments		Adjustments, eliminations and unallocated items			Consolidated
	(EUR thousand)

External customers		731,118		108,682		839,800		—			839,800
Inter-segment		1,996		96,999		98,995		(98,995	)		—
Revenue		733,114		205,681		938,795		(98,995	)		839,800
Cost of sales		501,929		186,537		688,466		(85,643	)		602,823
Gross Profit		231,185		19,143		250,328		(13,352	)		236,977

Other operating income		4,916		—		4,916		(146	)		4,770
Selling and marketing expenses		18,012		2,370		20,382		(36	)		20,346
Research and development expenses		14,821		4,839		19,660		(36	)

Stevanato Group S.p.A. 6-K